/raid1/www/Hosts/bankrupt/TCRAP_Public/230719.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, July 19, 2023, Vol. 26, No. 144
Headlines
A U S T R A L I A
111 CONTRACTING: Landscaping Company Placed Into Liquidation
BOUNCE FOODS: Falls Into Voluntary Administration
CHAMPION FIRE: Second Creditors' Meeting Set for July 24
CULLEN INVESTMENTS: Liquidators Start Eric Watson Bankruptcy
FAMOUS RENOVATIONS: First Creditors' Meeting Set for July 24
PREMIER ENERGY: Second Creditors' Meeting Set for July 24
SUCCESS HIRE: Second Creditors' Meeting Set for July 24
TREM DESIGNS: Second Creditors' Meeting Set for July 25
C H I N A
CHINA EVERGRANDE: Posts USD81 Billion in Losses Over Two Years
SINO-OCEAN GROUP: Warns of Impending Default on USD278-Mil. Bond
[*] CHINA: Murky $9-Trillion Debt Corner Faces Funding Squeeze
I N D I A
A P FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
A.G.S. RATHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
AARVEE INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
AGASTHYACODE RUBBER: CRISIL Keeps D Rating in Not Cooperating
AGRI VENTURE: CARE Keeps D Debt Ratings in Not Cooperating
AJIT SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
AL-NOOR EXPORTS: CRISIL Lowers Rating on INR30cr Loan to D
ALAYNA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
ALPEX SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating
APL MACHINERY: CRISIL Keeps D Debt Rating in Not Cooperating
APOLLO ENTERPRISES: CRISIL Keeps C Ratings in Not Cooperating
ARISTOCRAFT PAPERS: CRISIL Keeps D Ratings in Not Cooperating
ARUNACHALA TRADING: CRISIL Keeps D Ratings in Not Cooperating
AS NUTRA: CARE Keeps D Debt Rating in Not Cooperating Category
ASO AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
AZURE POWER: Moody's Lowers Rating on Senior Unsecured Debt to B2
BADRI KEDAR: CRISIL Keeps D Debt Ratings in Not Cooperating
C. R. JEWELLERY: CRISIL Lowers Rating on INR12cr Cash Loan to D
EXCEL OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
EXCEL TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
GODOLO AND GODOLO: CRISIL Keeps D Debt Ratings in Not Cooperating
LATHA RICE: CARE Keeps D Debt Rating in Not Cooperating Category
LAXMI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
MAHESHWARI TECHNOCAST: CARE Lowers Rating on INR6.90cr Loan to C
MEHADIA AND SONS: CARE Keeps C Debt Rating in Not Cooperating
NAGARJUNA FERTILIZERS: CARE Keeps D Ratings in Not Cooperating
PASUPATI AQUATICS: CARE Cuts Rating on INR20cr LT Loan to D
PROPUS DESIGNS: CARE Keeps C Debt Rating in Not Cooperating
RELIANCE BROADCAST: CARE Keeps D Debt Ratings in Not Cooperating
SILVERSTREAM PLASTICS: CRISIL Cuts Rating on LT/ST Debt to D
SURYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
SWAROOP HOMES: CARE Keeps D Debt Rating in Not Cooperating
N E W Z E A L A N D
ENERGIZE ELECTRICAL: Creditors' Proofs of Debt Due on Aug. 18
MICROGEM NZ: Court to Hear Wind-Up Petition on July 27
NGS ROOFING: BDO Tauranga Appointed as Liquidator
PUTNEY ROOFING: Court to Hear Wind-Up Petition on July 27
RESQUE CORPORATION: Creditors' Proofs of Debt Due on Sept. 12
S I N G A P O R E
BLUE PEARL: Court Enters Wind-Up Order
DATA CENTER: Creditors' Proofs of Debt Due on Aug. 15
KEPPEL INVESTMENT: Creditors' Proofs of Debt Due on Aug. 14
KITCHEN CULTURE: Receives Letter of Demand Due to Event of Default
KONCORD SHIPPING: Creditors' Proofs of Debt Due on Aug. 14
QL LIAN: Creditors' Proofs of Debt Due on Aug. 14
TA CORPORATION: Unit Placed Under Provisional Liquidation
- - - - -
=================
A U S T R A L I A
=================
111 CONTRACTING: Landscaping Company Placed Into Liquidation
------------------------------------------------------------
News.com.au reports that a South Australia landscaping business has
collapsed into liquidation, just days after customers raised the
alarm to news.com.au and consumer authorities issued a public
wanning.
On July 13, Joshua Jones, the director of Adelaide-based 111
Contracting Pty Ltd, trading as 111 Earthworks and Landscapes,
placed the company into liquidation.
Mark Lieberenz of insolvency firm Heard Phillips Lieberenz is the
appointed liquidator, news.com.au discloses.
Customers learned late on July 14 and have been distraught over the
weekend, with very little hope of seeing their money again.
News.com.au knows of two people - one a disabled war veteran on a
pension, and the other a new mother with a baby in the special care
ward - who had paid Mr. Jones thousands of dollars as a deposit.
But the work they paid him for nearly a year ago was never
started.
Margaret Hodson, 63, a disabled pensioner who used to work in the
navy, is now $9500 worse off, without the fence that should have
been completed in November last year.
"Who can afford to be without that kind of money?" she told
news.com.au.
Earlier this month, South Australia’s Consumer and Business
Services issued a public warning over Joshua Jones as they deemed
it would be in the public interest to alert customers not to engage
with him because of his failure to complete jobs.
The Acting Commissioner for Consumer Affairs, Fraser Stroud said:
"Based on the information we have received to date, I feel it is
only proper to issue a public warning, as our investigations into
this trader continue.
"In at least two cases the work was never started, with another two
complainants telling us that the work was both incomplete and
substandard."
The warning also pointed out Mr. Jones was an unlicensed builder.
"I cannot stress the importance of checking the register to ensure
that the individual you're dealing with is licensed to do the job
you're considering hiring them for," Mr. Stroud continued.
"I would also urge any consumers who have dealt with this
individual who have not contacted us already to do so on 131 882."
News.com.au adds that the Commissioner said there was "reasonable
grounds" to suspect that Mr. Jones' conduct had contravened
Australian Consumer Law (SA) and the Building Work Contractors Act
1995.
Just a week later, the company officially collapsed, news.com.au
relates.
In an email to customers on July 17, Consumer and Business Services
said they would continue to investigate Mr. Jones even though the
company was in liquidation.
"While the company has now been placed into liquidation, our
investigation will continue in relation to Joshua Jones, and
whether he is personally liable for any breaches of legislation
administered by the Commissioner for Consumer Affairs," the email,
obtained by news.com.au, read.
Mr. Jones, who isn't accused of any criminal wrongdoing, declined
to comment when contacted by news.com.au.
BOUNCE FOODS: Falls Into Voluntary Administration
-------------------------------------------------
SmartCompany reports that Bounce Foods, an Australian pioneer in
the protein bar and 'energy ball' market, has fallen into voluntary
administration, owing to significant debts from an unsuccessful
foray into the American market.
SmartCompany, citing documents published by the the Australian
Securities and Investments Commission (ASIC) on July 14, discloses
that Natural High Co Pty Ltd, trading as Bounce Foods, has
appointed John McInerney and Philip Campbell-Wilson of Grant
Thornton as joint administrators.
Speaking to SmartCompany on July 18, Mr. McInerney said the
administrators have launched an urgent expression of interest
campaign, in the hopes of finding a buyer to take over the business
and continue trading the two-decade-old Bounce Foods brand.
While the Bounce Foods online store remains online at time of
writing, and its products remain stocked in supermarkets
nationwide, Mr. McInerney confirmed all staff have been stood down
through the administration process, SmartCompany relays.
"While the management team are staying on to support the voluntary
administration process, due to limited available cashflow, all
staff contracts were terminated on the date of the Administrator's
appointment," the report quotes Mr. McInerney as saying.
Founded in 2004 by Bondi husband-and-wife duo Andrew and Paula
Hannagan, Bounce Foods was among the first Australian companies to
bring high-end protein snacks, geared towards health and fitness
aficionados, to the local market.
According to the couple's website, Paula was inspired by the
fitness-focused snacks she discovered on a trip to New York City,
SmartCompany relays.
She worked with Andrew to find a US manufacturer to develop
products for the Australian market, with the pair initially
marketing the brand's protein balls to health food shops, juice
bars and gyms.
The brand grew onshore as local appetite for protein snacks
increased.
The Hannagans relocated from Australia to Oregon to explore an
expansion into the US market itself in 2014, SmartCompany recalls.
That move proved too ambitious, Andrew Hannagan wrote on LinkedIn,
given the "mature and well established" competition abroad, and the
way Bounce Foods "completely underestimated" the challenges of
raising capital abroad.
According to SmartCompany, Mr. McInerney said the attempted US
expansion cost $6 million, leaving a "heavy debt burden" on the
business, which has limited Bounce Foods' ability to access working
capital for its domestic operations.
Despite the setback, Bounce Foods transitioned to local
manufacturing after retreating from the US market, and has secured
distribution in Woolworths and Coles, alongside independent grocers
and convenience stores.
Recent partnerships include a collaboration with major Australian
frozen treats brand Weis, now owned by Unilever.
SmartCompany understands the administrators are confident in the
strength of the brand and its underlying revenue performance,
despite the debt burden carried by the business.
According to their website, the Hannagans said they have "come to
deeply understand and appreciate the entrepreneurial journey - a
sometimes stressful, often messy, yet exhilarating rollercoaster
ride - for the personal growth it delivers".
The pair is now "willing to support the brand, under the control of
a purchaser to ensure that it remains available to customers and
reaches its full potential," Mr. McInerney said on July 18.
CHAMPION FIRE: Second Creditors' Meeting Set for July 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of Champion Fire
Pty. Ltd. has been set for July 24, 2023 at 11:00 a.m. at the
offices of Cor Cordis, at One Wharf Lane, Level 20, 171 Sussex
Street in Sydney.
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 July 21, 2023 at 4:00 p.m.
Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of the company on June 19, 2023.
CULLEN INVESTMENTS: Liquidators Start Eric Watson Bankruptcy
------------------------------------------------------------
Stuff.co.nz reports that liquidators have started bankruptcy
proceedings against Eric Watson after he failed to repay NZD57
million borrowed from his company, Cullen Investments.
In February, Justice Neil Campbell ordered the former high-flying
Kiwi businessman to pay almost NZD60 million to KPMG, liquidators
of his failed Cullen Group, Stuff says.
The amount included NZD57 million owing as a result of advances
made to Watson while he was a director of Cullen Investments, as
well as interest and costs.
According to Stuff, the liquidators' eighth and most recent report,
filed on July 17, said Mr. Watson had failed to pay or settle the
outstanding balance and solicitors had been instructed to begin
bankruptcy proceedings.
Cullen Group went into liquidation in December 2019. The group had
been involved in a long-running court dispute with Inland Revenue,
but costs associated with that battle pushed it into liquidation.
Inland Revenue assessed Cullen Group as having avoided NZD59.5
million of non-resident withholding tax.
In March 2019, Justice Matthew Palmer ruled Cullen Group was part
of a "web of entities" associated with Watson and designed to
reduce his tax bill, Stuff recounts.
Since their appointment, the liquidators had put many of the
group's entities into liquidation and recovered assets including
NZD30,388 from the Cullen Investments' bank account and NZD9353
from the Batty Road Holdings' solicitor's trust account.
Stuff relates that liquidators had also located and sold physical
assets of Watson Bloodstock, a company for which Cullen Investments
was the biggest creditor, and BRHL including two horses and
artwork, receiving NZD167,322 after costs of sales.
In 2021, the United States Securities and Exchange Commission (SEC)
charged Mr. Watson with insider trading after passing non-public
information about a drinks company to a friend before its share
price skyrocketed.
In 2020, the former rich-lister was found guilty of contempt of
court after withholding information about his assets from
philanthropist and former business partner Sir Owen Glenn, who was
pursuing Mr. Watson for NZD57 million.
Mr. Watson served four months in London's Pentonville Prison as a
result, Stuff notes.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2019, BusinessDesk said nine other Eric Watson-linked
companies have been moved into liquidation following the collapse
of Cullen Group. According to BusinessDesk, Cullen Group was moved
into liquidation by court order earlier in December 2019 after a
High Court judge refused to halt insolvency proceedings against it.
KPMG's Vivian Fatupaito was appointed liquidator by associate judge
Hannah Sargisson on Dec. 17, 2019. Since then, nine other entities
linked to Watson have also gone under.
FAMOUS RENOVATIONS: First Creditors' Meeting Set for July 24
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Famous
Renovations Pty Ltd will be held on July 24, 2023, at 11:00 a.m. at
the offices of O'Brien Palmer at Level 9, 66 Clarence Street in
Sydney.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on July 12, 2023.
PREMIER ENERGY: Second Creditors' Meeting Set for July 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of Premier Energy
Resources Pty Ltd has been set for July 24, 2023 at 11:00 a.m. at
the offices of PKF at 755 Hunter Street in Newcastle West.
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 July 21, 2023 at 4:00 p.m.
Simon Thorn of PKF was appointed as administrator of the company on
June 20, 2023.
SUCCESS HIRE: Second Creditors' Meeting Set for July 24
-------------------------------------------------------
A second meeting of creditors in the proceedings of Success Hire
Pty Ltd has been set for July 24, 2023 at 3:30 p.m. at the offices
of Worrells at Level 2, AMP Building, 1 Hobart Place in Canberra.
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 July 21, 2023 at 4:00 p.m.
Stephen John Hundy of Worrells was appointed as administrator of
the company on June 19, 2023.
TREM DESIGNS: Second Creditors' Meeting Set for July 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Trem Designs
Pty Ltd has been set for July 25, 2023 at 11:00 a.m. via Microsoft
Teams.
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 July 24, 2023 at 4:00 p.m.
Mohammad Mirzan Bin Mansoor and Damien Mark Hodgkinson of Olvera
Advisors were appointed as administrators of the company on June
26, 2023.
=========
C H I N A
=========
CHINA EVERGRANDE: Posts USD81 Billion in Losses Over Two Years
--------------------------------------------------------------
Bloomberg News reports that China Evergrande Group posted combined
losses of more than USD81 billion over two years as the world's
most-indebted developer releases its long-delayed results in a bid
to resume stock trading and complete one of the country's biggest
debt restructurings.
The company reported a loss attributable to shareholders of
CNY105.9 billion (USD14.8 billion) for the full year in 2022,
adding to a CNY476 billion loss the previous year, Bloomberg
discloses citing Hong Kong stock exchange filings late on July 17.
According to Bloomberg, the results underscore how much Evergrande
has struggled amid a housing crisis that has rocked the world's
second-largest economy over the past two years after the government
restricted borrowing by developers and consumers curbed home
purchases. The earnings marked the company's first two full-year
losses since its 2009 listing.
Evergrande's revenue plunged by half in 2021 to about CNY250
billion, before falling further last year to CNY230 billion,
largely missing the average estimate of six analysts surveyed by
Bloomberg. While the loss narrowed last year from 2021, it
represented a sharp reversal from a profit of almost CNY8 billion
in 2020.
The developers' debt pile meanwhile has soared, with total
liabilities reaching CNY2.58 trillion at the end of 2021, or almost
$360 billion, Bloomberg discloses. That figure fell slightly to
CNY2.44 trillion as of December last year.
Bloomberg notes that the results give offshore bondholders
something more to digest as they consider the company's debt
restructuring proposal. Evergrande said it seeks to convene
meetings on July 24 and 25 with various classes of holders. In
April, the developer said investors holding 77% of its Class A
bonds backed the plan, while just 30% of Class C holders endorsed
it.
Evergrande could be closer to resuming trading of its shares after
reporting results, and there's potential for approval of its
debt-restructuring plan, according to Bloomberg Intelligence
analysts Daniel Fan and Adrian Sim. The firm's tight cash of CNY4.3
billion as of year-end, compared with short-term debt of about
CNY587 billion, could explain its imminent need for a debt plan,
they said.
Bloomberg relates that the results provide a long-awaited update on
the financial status of the defaulted developer, whose woes have
come to symbolize the crisis afflicting China's slumping housing
industry. New-home prices started declining again in June for the
first time this year, underscoring the lack of buyer interest.
The financial results were audited by Prism, a small accounting
firm named as Evergrande's auditor in January after the resignation
by PricewaterhouseCoopers, Bloomberg says. After working as
Evergrande's auditor since its 2009 Hong Kong listing, PwC resigned
months after it was put under investigation by Hong Kong's
accounting regulator for its work on Evergrande and its services
arm.
Prism added a disclaimer of opinion to Evergrande's accounts,
saying it's unable to obtain sufficient and appropriate audit
evidence, adds Bloomberg.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.
SINO-OCEAN GROUP: Warns of Impending Default on USD278-Mil. Bond
----------------------------------------------------------------
Yicai Global reports that shares in Sino-Ocean Group Holding
plunged on July 18 after the Chinese state-owned real estate
company, which has not defaulted on its debt in the past two years,
said it is unable to repay the principal and interest on CNY2
billion (USD278.8 million) worth of bonds that will mature next
month.
Sino-Ocean's stock price [HKG:3377] closed down 9.2 percent at
HKD0.39 (USD0.05), the report notes.
Sino-Ocean has insufficient available funds to pay the principal
and interest of its five-year '18 SOG 01' bonds, which have a
coupon rate of 4 percent and are due on Aug. 2, and there remain
significant uncertainties as to when these will be repaid, the
Beijing-based company said July 18, Yicai Global relays.
Sino-Ocean intends to negotiate with bond holders to adjust the
repayment timetable, it said. To safeguard the interests of
investors, the trading of the bonds has been suspended from July
18, it added. The prices of some of its bonds have fallen below
CNY30 (USD4.18).
According to the report, Sino-Ocean has been experiencing
lower-than-expected sales and difficulties in refinancing since
2022, it said. The developer logged losses of CNY15.7 billion
(USD2.2 billion) last year, its first deficit in nearly five years.
And its gross profit margin contracted to a record low of 5.15
percent, down from 22.5 percent in 2021.
Yicai Global notes that the firm does not have enough cash to even
cover its short-term debt. Sino-Ocean's money in the bank shrank
65.3 percent at the end of last year from a year earlier to CNY9.4
billion (USD1.3 billion).
The company is making every effort to raise funds and to improve
liquidity by accelerating asset disposal and cash collection,
Sino-Ocean said. It will continue to hold discussions with bond
holders and will convene a meeting with investors to negotiate a
debt repayment plan, so as to protect their legitimate rights and
interests, Yicai Global relays.
About Sino-Ocean Group
Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings
Limited, is an investment holding company principally engaged in
property development and property investment in the People's
Republic of China (the PRC). The Company is engaged in property
development in Beijing-Tianjin-Hebei, Northeast, Central and
Southern.
As recently reported in the Troubled Company Reporter-Asia, Fitch
Ratings has downgraded China-based homebuilder Sino-Ocean Group
Holding Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'CCC+' from 'B-' and its senior unsecured rating to 'CCC+'
with a Recovery Rating of 'RR4', from 'B-'. Fitch has also
downgraded Sino-Ocean's USD600 million subordinated perpetual debt
to 'CCC-', with a Recovery Rating of 'RR6', from 'CCC'. Fitch has
removed all the ratings from Rating Watch Negative. Fitch has
simultaneously withdrawn the ratings.
[*] CHINA: Murky $9-Trillion Debt Corner Faces Funding Squeeze
--------------------------------------------------------------
Lorretta Chen at Bloomberg News reports that the $9 trillion of
Chinese local government bonds that helped drag the rest of the
world out of the 2008 financial crisis are a growing risk this time
around.
The bonds funded an economic boom in China more than a decade ago,
as local authorities borrowed heavily to invest in everything from
roads to subways. But one of China's biggest state-run investors
advised asset managers overseeing its money to sell some of the
debt, Bloomberg News recently reported, intensifying pressure on
the securities.
It's left authorities with the tricky balancing act of defusing a
huge risk to the country's lenders without triggering defaults and
destabilizing the financial system, Bloomberg says. Any implosion
of bonds from local government financing vehicles would ripple
through the local banking system, further pressuring overall growth
in the second largest economy in the world.
According to Bloomberg, Goldman Sachs estimates that CNY34 trillion
(US$4.75 trillion) of local government debt sits on the balance
sheets of banks it covers. The potential headwinds to growth would
hit an economy whose recovery after the pandemic has already been
relatively tepid.
Bloomberg relates that the increased risk is highlighted by the
jump in the average coupon on LGFV yuan bonds to 4.39 percent in
the first six months of the year from 3.94 percent last year
despite the fact that China is easing monetary policy.
"The direct impact of LGFV default would be borne almost completely
by domestic investors, but the indirect impact should be
far-ranging," Bloomberg quotes Brock Silvers, managing director at
private equity firm Kaiyuan Capital, as saying. "If China's
downturn eventually runs longer or deeper because the old playbook
has finally expired, the impact of LGFV profligacy will then be
felt on a global economic scale."
Bloomberg says the latest developments add to hurdles for strained
local governments in China. A nationwide property slump slashed
their income from land sales while public spending jumped during
the pandemic.
In a survey published last month, investors across Asia said the
ballooning levels of municipal borrowing were the region's number
one financial risk this year, Bloomberg notes. One of the concerns
is that the money raised by the LGFVs was used on projects that
typically don't earn enough returns to cover their debts, leaving
many reliant on refinancing or injections of government cash to
stay afloat.
Adding to the difficulties, many LGFVs have been essentially shut
out of the free trade zone bond market after recent guidance from
the People's Bank of China, a significant blow to the vehicles
because they were the most prevalent issuers of those securities.
According to Bloomberg, the guidance shows that Beijing "continues
to hold a tight grip on local debt risks and they wouldn't want a
financing channel that lacks regulatory oversight," said Sherry
Zhao, senior director, international public finance at Fitch
Ratings.
It's also left issuers from poorer provinces in particular with
fewer financing options at a time when investors are souring on
risk, Bloomberg states. That's left them facing higher borrowing
costs just as the average maturity for onshore LGFV bond issuance
falls to the lowest since the data series began in 1999,
reinforcing the pressure on regulators to defuse the trouble.
"As you get closer and closer to the center of China's government
guarantees, LGFVs are right there on that border line," Bloomberg
quotes Logan Wright, head of China markets research at Rhodium
Group LLC in New York, as saying. "They're important because if you
start questioning the commitment to LGFVs, then what else are you
questioning government credibility to defend?"
=========
I N D I A
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A P FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A P Fashions
Private Limited (APFPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Packing Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Packing Credit 21 CRISIL D (Issuer Not
Cooperating)
Standby Letter 1 CRISIL D (Issuer Not
of Credit Cooperating)
Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APFPL for
obtaining information through letter and email dated June 15, 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 APFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
APFPL was incorporated in 1991 in Kolkata, West Bengal. The company
manufactures home furnishings, textiles and ready-made garments,
which are sold domestically as well as exported. It is promoted by
Mr Ashok Kumar Jhunjhunwala and his family members.
A.G.S. RATHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A.G.S. Rathna
Stores Private Limited (AGS) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 0.75 CRISIL D (Issuer Not
Cooperating)
Secured Overdraft 6 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with AGS for
obtaining information through letter and email dated June 15, 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 AGS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AGS continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2013 by Mr S Ganesh, AGS runs two retail stores in
Chennai that sells consumer durables, household steel vessels, and
furniture.
AARVEE INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aarvee
International (AI) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 2 CRISIL D (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with AI for
obtaining information through letter and email dated June 15, 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 AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AI
continues to be 'CRISIL D Issuer Not Cooperating'.
AI was established in 2012 by the Sorthaiya family based in Rajkot
(Gujarat). The firm trades in agri-based commodities such as
soyabean meal, grapeseed and groundnut extraction meal, and wheat.
AGASTHYACODE RUBBER: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Agasthyacode
Rubber Traders (ART) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ART for
obtaining information through letter and email dated June 15, 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 ART, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ART
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ART continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2000 as a partnership between Mr Biju Lal and Mr Baiju
Lal, Kollam-based ART trades in rubber sheets and scrap rubber.
AGRI VENTURE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agri
Venture (AV) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 5.95 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 22, 2022,
placed the rating(s) of AV under the 'issuer non-cooperating'
category as AV had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AV continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2023, May 18, 2023, May 28, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rajkot-based (Gujarat), Agri Venture was incorporated in 2014. Agri
Venture is merchant exporter of Agri commodities such as Sesame
Seeds, Turmeric Finger, Groundnut and Cumin seeds. Mr. Chirag
Mahesh Sangani, proprietor, aged 38 years who has an experience of
more than thirteen years, manages the overall operations of the
company. The y majorly export to countries like Vietnam, Greece,
Turkey, Israel and Egypt.
AJIT SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ajit Singh
Malik and Co Owners (ASMC) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 7.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ASMC for
obtaining information through letter and email dated June 15, 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 ASMC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASMC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASMC continues to be 'CRISIL D Issuer Not Cooperating'.ASMC is a
partnership concern established in 2014 by Ajit Singh Malik and
friends in Haryana. The firm offers warehouse space on lease to
HAFED for storage of food grains.
AL-NOOR EXPORTS: CRISIL Lowers Rating on INR30cr Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Al-Noor Exports (ANE) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL A4+ Issuer Not Cooperating' due to delays in servicing of
debt and as a result account has been classified under
non-performing asset (NPA) category with the bank, as per publicly
available information.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 30 CRISIL D (ISSUER NOT
Credit COOPERATING; Downgraded from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Export Packing 10 CRISIL D (ISSUER NOT
Credit COOPERATING; Downgraded from
'CRISIL A4+ ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with ANE for
obtaining information through letters and emails dated April 29,
2022, May 10, 2022 and May 13, 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, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ANE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANE
is consistent with 'Assessing Information Adequacy Risk'.
Established in 1992 as a partnership firm by Mr Sunil Sood and Mr
Ajay Sood, ANE processes and exports buffalo meat and meat
products. It has two plants, one each at Muzaffarnagar and Meerut
in Uttar Pradesh.
ALAYNA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alayna
Industries (AI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.4 CRISIL D (Issuer Not
Cooperating)
Funded Interest 0.41 CRISIL D (Issuer Not
Term Loan Cooperating)
Proposed Long Term 1.86 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.33 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AI for
obtaining information through letter and email dated June 15, 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 AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AI
continues to be 'CRISIL D Issuer Not Cooperating'.
AI is owned & managed by Mr Gaurav Pachouri and Ms Nishita
Pachouri.AI operate a rice mill. Its manufacturing facility is
located in Mandideep, Bhopal, Madhya Pradesh.
ALPEX SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alpex Solar
Private Limited (ASPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Import Letter of 11 CRISIL D (Issuer Not
Credit Limit Cooperating)
Inland/Import 11 CRISIL D (Issuer Not
Letter of Credit Cooperating)
CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letter and email dated June 15, 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/CRISIL D Issuer Not Cooperating'.
Incorporated in 1993 and promoted by Delhi-based Sehgal family,
ASPL manufactures Solar PV modules, solar power plants, and AC/DC
water pumps. It also undertakes EPC (engineering, procurement,
construction) projects in the segment. Moreover, ASPL trades in
circular knitting needles, yarn, air purifiers, water pumps, and
solar panels.
APL MACHINERY: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of APL Machinery
Private Limited (APL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APL for
obtaining information through letter and email dated June 15, 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 APL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1995, APL is promoted by Mr Chander Prakash Paul
and his wife Mrs Swati Paul. The company manufactures screen
printing machines and ultra violet curing machinery at its facility
is in Faridabad, Haryana.
APOLLO ENTERPRISES: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apollo
Enterprises (AE) continue to be 'CRISIL C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL C (Issuer Not
Cooperating)
Cash Credit/
Overdraft facility 1 CRISIL C (Issuer Not
Cooperating)
Rupee Term Loan 3.5 CRISIL C (Issuer Not
Cooperating)
Rupee Term Loan 3 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AE for
obtaining information through letter and email dated June 15, 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 AE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AE
continues to be 'CRISIL C Issuer Not Cooperating'.
AE was incorporated in 2005 as a partnership firm by Mr. Avinash
Virkar, Mr. Ankur Agarwal and Mr. Pawan Agarwal. The firm is in the
business of providing crane rental services.
ARISTOCRAFT PAPERS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aristocraft
Papers Private Limited (APPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APPL for
obtaining information through letter and email dated June 15, 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 APPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APPL continues to be 'CRISIL D Issuer Not Cooperating'.
APPL was incorporated in 2008, promoted by Mr. Sanjay Kumar Jain,
Mr. Praveen Kumar Jain, Mr. Praveen Kumar Singhal, and Mr. Naresh
Kumar Jain. The company manufactures kraft paper at its facility in
Muzzafarnagar (Uttar Pradesh).
ARUNACHALA TRADING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arunachala
Trading Company (ATC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ATC for
obtaining information through letter and email dated June 15, 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 ATC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 2015 as a partnership entity, ATC trades in paper and
board. The firm, based in Sivakasi (Tamil Nadu), deals in two major
categories of paper - printing and writing Paper and copier paper.
The operations are managed by Mr. Chiranjeevi Rathnam.
AS NUTRA: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AS Nutra
Tech Private Limited (ANTPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 9, 2022,
placed the rating(s) of ANTPL under the 'issuer non-cooperating'
category as ANTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ANTPL continues to
be no ncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 25, 2023, May 5, 2023, May 15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ANTPL, incorporated in February 2010, is p romoted by Shrishrimal
family of Raipur. The company has a soya nuggets manufacturing unit
which is non-operational since the past three years and the company
has been trading soya DOC since then. The company has set up a
refinery plant (9000 MTPA) and sol vent extraction plant for
manufacturing refined soya oil (27000 MTPA) and refined rice bran
oil (18000 MTPA) in April 2015 (within the scheduled time). The
estimated project cost for the facilities has been INR17.67 crore
funded through debt of INR10 crore and promoter's contribution of
INR7.67 crore. ANTPL is headed by Mr. Amit Shrishrimal who is
looking after the financial, administrative and marketing
activities of the company since its incorporation. He is also
director of group company Progressive Exim Ltd which is having
solvent extraction plant of capacity 60,000 TPA and refinery plant
at Raipur.
ASO AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aso Agro
Private Limited (AAPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 22, 2022,
placed the rating(s) of AAPL under the 'issuer non-cooperating'
category as AAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2023, May 18, 2023, May 28, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in April 2017, Aso Agro Private Limited (AAPL) was
promoted by the Agarwal family of West Bengal to set up a rice
milling and processing plant. The company has successfully set up
its milling and processing plant and started its commercial
operations from March 2019. The plant of the company is located at
Gurap, West Bengal. The company procures its raw material from
local farmers and traders and finished products sells to the local
traders and wholesales.
AZURE POWER: Moody's Lowers Rating on Senior Unsecured Debt to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded Azure Power Energy Ltd's
(APE) senior unsecured rating to B2 from B1 and Azure Power Solar
Energy Private Limited's (APSEP) backed senior unsecured rating to
B1 from Ba3.
At the same time, Moody's has changed the outlooks on the ratings
to negative from ratings under review.
Subsequent to the rating action, the agency will also withdraw
APE's senior unsecured rating and APSEP's backed senior unsecured
rating.
This concludes the rating review that was initiated on May 29,
2023.
APE is a special-purpose vehicle that used USD note proceeds to
subscribe to senior secured denominated bonds and loans denominated
in Indian rupee, as external commercial borrowings issued by 16
restricted subsidiaries in the restricted group (RG-3). APE is also
part of RG-3.
APSEP is a special-purpose vehicle that used USD note proceeds to
subscribe to senior secured INR-denominated bonds and loans, as
external commercial borrowings issued by 10 restricted subsidiaries
in the restricted group (RG-2). APSEP is also a part of RG-2.
RG-3 and RG-2 represent around 43% of Azure Power Global Limited's
(APGL) operational capacity, and their operational and financial
metrics are significant to APGL's performance. APGL is also a
guarantor for the notes issued by APSEP.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.
The one-notch downgrade of APE's and APSEP's debt ratings is driven
by governance issues related to APGL's internal controls and
compliance, which have delayed the filing of the audited financials
for the two RGs and APGL whistleblower complaints; high senior
management turnover and the resignation of the auditors for APGL
and the two RGs. The downgrade also considers the increasing
probability of a technical default on the bonds and the potential
delisting of APGL if the company ceases to file periodic reports
with the US Securities and Exchange Commission (SEC).
The negative outlook reflects heightened refinancing risks and
governance considerations related to uncertainty regarding the
timelines for the filing of audited financials for APGL and both
the rated entities. APGL is currently listed on the New York Stock
Exchange (NYSE), which has given the company a second extension to
file its financials for the fiscal year ended March 31, 2023
(fiscal 2022) by July 15, 2023 and to update all filings including
its fiscal 2023 financials by August 15, 2023.
Governance risks are material to the rating action.
Moody's scores APE's and APSEP's environmental, social and
governance (ESG) credit impact scores at CIS-5, which indicates the
rating is lower than it would have been if ESG risk exposures did
not exist. Both APE and APSEP are exposed to material governance
risks stemming from their weak internal controls and compliance, as
well as the management's inability to file their audited financials
and provide guidance on their financials.
The principal methodology used in these ratings was Power
Generation Projects published in June 2023.
Azure Power Energy Ltd (APE) is a special-purpose vehicle
incorporated in Mauritius in 2017 as a wholly-owned subsidiary of
Azure Power Global Limited (APGL). The restricted subsidiaries
under the US dollar senior notes issuance are wholly or ultimately
majority owned by APGL. APE is also a part of Azure RG-3. The
restricted subsidiaries operate solar power plants with a total
capacity of 611 megawatts (MW) as of June 2023.
Azure Power Solar Energy Private Limited (APSEP) is a
special-purpose vehicle incorporated in Mauritius in 2018 as a
wholly-owned subsidiary of APGL. The restricted subsidiaries under
the USD notes issuance are ultimately majority owned by APGL. They
operate solar power plants with a total capacity of 647.5 MW as of
June 2023.
Listed on the NYSE, APGL is a leading solar power company in India
with a total capacity of 7,425 MW (4,470 MW committed solar plants)
across 23 states as of April 2023.
BADRI KEDAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Badri
Kedar Papers Private Limited (SBKPPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.33 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.99 CRISIL D (Issuer Not
Cooperating)
Term Loan 5.68 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBKPPL for
obtaining information through letter and email dated June 15, 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 SBKPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SBKPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SBKPPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
SBKPPL was set up as a closely held company by Mr Arvind Kumar
Agarwal and his family in 1994. It manufactures kraft paper, and
has a capacity of 27,000 tonne per annum. The company utilised 78%
of the capacity in fiscal 2019. The manufacturing unit is in
Najibabad (Uttar Pradesh).
C. R. JEWELLERY: CRISIL Lowers Rating on INR12cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
C. R. Jewellery (CRJ) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating' due to delays in servicing
of debt obligation.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with CRJ for
obtaining information through letter and email dated March 25,
2023, July 11, 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 CRJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CRJ
is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
downgraded its rating on the bank facilities of CRJ to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' due to delays in servicing of debt obligation.
Established in 2000, CRJ is a partnership firm promoted by Mr.
Anandmal Challani and his family members. The firm manufactures and
trades in silver jewellery, mainly on a wholesale basis; it also
trades in bullion on a retail basis.
EXCEL OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Excel
Overseas Private Limited (EOPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 4.6 CRISIL D (Issuer Not
Cooperating)
Packing Credit 5 CRISIL D (Issuer Not
Cooperating)
Packing Credit 13.63 CRISIL D (Issuer Not
Cooperating)
Packing Credit 10.76 CRISIL D (Issuer Not
Cooperating)
Post Shipment 25.1 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 6.63 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 27.28 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 15 CRISIL D (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with EOPL for
obtaining information through letter and email dated June 15, 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 EOPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EOPL continues to be 'CRISIL D Issuer Not Cooperating'.
EOPL was set up in 1988 as a proprietary concern in 1988 by Mr.
Ramesh Shah, and was reconstituted as a private limited company in
2007. The company trades in rough and polished diamonds and is also
engaged in cutting and polishing of diamonds.
EXCEL TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Excel Timbers
Private Limited (ETPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ETPL for
obtaining information through letter and email dated June 15, 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 ETPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ETPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ETPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Based in Kozhikode (Kerala), ETPL primarily trades in timber logs.
GODOLO AND GODOLO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Godolo And
Godolo Exports Private Limited (GGEPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with GGEPL for
obtaining information through letter and email dated June 15, 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 GGEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GGEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GGEPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1995, GGEPL trades in fabrics, such as non-woven
interlinings, suit and shirt interlinings, and cloth accessories,
such as polyurethane tape, water soluble backings, embroidery
felts, and marking products. Mr Ved Pal Kapur, the promoter,
manages operations along with Mr Sandeep Kapur and Mr Vishal
Kapur.
LATHA RICE: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Latha Rice
Industries (LRI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.39 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 28, 2022,
placed the rating(s) of LRI under the 'issuer non-cooperating'
category as LRI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LRI continues to be
non -cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 14, 2023, May 24, 2023, June 3, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Latha Rice Industries (LRI) was established as a partnership firm
in the October 2015 by Mr. Mahendra Muppavarappu and Mr. Nagayya
Muppavarappu. The processing facilities are located at Nagpur,
Maharashtra with rice milling capacity of 48000 tonnes per annum
(TPA). The finished product of LRI is sold under the brand name
Bahubali.
LAXMI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Laxmi
Traders (LT) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 29, 2022,
placed the rating(s) of LT under the 'issuer non-cooperating'
category as LT had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2023, May 25, 2023, June 4, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Laxmi Traders (LT) based out of Nagpur, Maharashtra is a
proprietorship concern promoted by Mr. Ramanarao Bholla and
commenced operation in January, 2013. Since inception, the firm has
been engaged in the trading of food grains i.e. rice, dal, chana,
wheat etc.
MAHESHWARI TECHNOCAST: CARE Lowers Rating on INR6.90cr Loan to C
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Maheshwari Technocast Limited (MTL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.90 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Short Term Bank 2.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 7, 2022,
placed the rating(s) of MTL under the 'issuer non-cooperating'
category as MTL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MTL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 23, 2023,
May 3, 2023, May 13, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MTL have been
revised on account of non-availability of requisite information.
The revision also considers incurred losses during FY21.
Maheshwari Technocast Limited (MTL), promoted by Mr Suresh Kumar
Mantri, was originally set up as a partnership firm in 1974 and the
same was converted into limited company with effect from August 14,
1996.MTL is the ancillary unit of Bhilai Steel Plant, a unit of
Steel Authority of India Limited. Since its inception, MTL has been
engaged in manufacturing of rolling mill spare parts. The
manufacturing facility of the company is located at Bhilai,
Chhattisgarh with an aggregate installed capacity of 3000 MTPA of
foundry and 1500 MTPA of fabrications.
MEHADIA AND SONS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mehadia
and Sons C and F Division (MSCFD) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.80 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.20 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 27, 2022,
placed the rating(s) of MSCFD under the 'issuer non-cooperating'
category as MSCFD had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MSCFD continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 13, 2023, May 23, 2023, June 2, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in the year 1981, MCF, is a partnership firm promoted
by Mrs. Sharda Ramshankar Mehadia, Mrs. Nisha Pradeep Mehadia, Mrs.
Sunita Kamal Agarwal and Mrs. Sarita Vimal Agarwal. The firm is
engaged in diverse trading business namely trading of
pharmaceuticals medicines and fabrics. The firm also acts as
clearing and forwarding agent for 'Peter England'.
NAGARJUNA FERTILIZERS: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nagarjuna
Fertilizers and Chemicals Limited (NFCL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1,276.14 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 1,179.67 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 16, 2020,
placed the ratings of NFCL under the 'issuer non-cooperating'
category as NFCL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. NFCL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated May 31, 2023, June 10, 2023 and
June 20, 2023. In line with the extant SEBI guidelines,
CARE Ratings Ltd. has reviewed the rating on the basis of the best
available information which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating factors in delays in servicing of debt obligations on
account of stretched liquidity position of the company.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers:
At the time of last rating on July 15, 2022, the following were the
rating strengths and weaknesses (updated for the information
available from Stock exchange):
Key weaknesses
* Stretched liquidity position: The company has been witnessing
subdued operational and financial performance led by slower receipt
of fertilizer subsidy, absence of adequate working capital to run
the plants and high debt servici ng obligation. Consequently, there
has been net loss and cash loss for the past 5 years (FY19-FY23)
resulting in stretched liquidity position and delays in debt
servicing.
* Regulated nature of industry: The Indian Fertilizer industry is
highly energy and capital intensive, besides being a highly
regulated industry. Urea, the most consumed fertilizer in the
country, remains under the Government control with the selling
price fixed by the Government and the excess of the cost of
production over the selling price, allowing for a suitable return,
given as subsidy to the units.
Key strengths
* Long-track record of the company: NFCL belongs to the Nagarjuna
group of Hyderabad, promoted by the late Mr. K.V.K. Raju. The group
is an established south India based industrial house with major
focus on agricultural fertilizers & chemicals business since the
last three decades.
* Raw material and fuel sourcing arrangement: Natural gas is key
feedstock & fuel and NFCL has long -term contract for procuring the
same from GAIL (India) Limited and Reliance Industries Limited
which are received through pipelines at NFCL's receiving station at
its plant.
NFCL is the flagship company of the Hyderabad based Nagarjuna group
, promoted by late Shri. K.V.K. Raju. Along with Mr. Raju, Andhra
Pradesh State Government and FIIs are the major shareholders of
NFCL. NFCL has two Urea plants (capacity – 2,300 MT per day each)
located at Kakinada, Andhra Pradesh. While Plant-I operates
entirely on natural gas as the feedstock, Plant –II can use both
natural gas (NG) and naphtha. Besides manufacturing, NFCL is also
involved in trading of Urea (Government Pool Urea), Specialty
Fertilizers and Agriinputs [viz. Muriate of Potash (MOP),
Diammonium Phosphate (DAP), NPK etc.) A small proportion of NFCL's
revenue also comes from micro irrigation business and manufacturing
of PVC Pipes.
PASUPATI AQUATICS: CARE Cuts Rating on INR20cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pasupati Aquatics Private Limited (PAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B; Stable
Long Term/ 7.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable/
CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 16, 2022,
placed the rating(s) of PAPL under the 'issuer non-cooperating'
category as PAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 2, 2023, May 12, 2023, May 22, 2023 and July 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of PAPL have been
revised on account of delays in debt servicing recognized from
Audit report of FY22, available from registrar of the companies.
PAPL was incorporated in August 2007 by Mr. Chintamoni Mo ndal of
Kolkata, West Bengal. Since inception, the company was into
processing and trading of sea fish, primarily shrimps to the
exporters of West Bengal. Later in the year 2015, Mr. Subha jit
Mondal and Dr. Saikat Mondal, with the help of their father Mr.
Chintamoni Mondal had started their direct exports business of
processed sea foods of different varieties of shrimps mainly to
Japan, Vietnam, Malaysia, Middle East countries, European
countries, USA and Canada. PAPL has its processing facility at
Kalikapur, Kolkata in West Bengal (owned by Razban Sea Foods
private Ltd) with aggregate processing capacity of 45000 metric ton
per annum. The company has Star Export House status from the
Government of India. The company has its owned water ponds spreads
in an a rea of around 1000 acres which is used for cultivation of
various export quality shrimps. The company also procures shrimps
from farmers and traders.
PROPUS DESIGNS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Propus
Designs and Displays Private Limited (PDDPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 21, 2022,
placed the rating(s) of PDDPL under the 'issuer non-cooperating'
category as PDDPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PDDPL continues to
be non-cooperative despite repeated requests for submission of
information through e -mails, phone calls and a letter/email dated
May 7, 2023, May 17, 2023, May 27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The rating revision also negligible scale of
operations coupled with net loss and a highly leveraged capital
structure vis-à-vis low net worth base in FY22 compared to
FY21.
Incorporated in May 2016 by Mr. Manan Bansal and Mrs. Niddhi
Mittal, Propus Designs and Displays Private Limited (PDDPL) is
engaged in providing consultancy services in the field of
manufacturing of telecom panels, chimneys and meta l racks for
warehousing.
RELIANCE BROADCAST: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reliance
Broadcast Network Ltd. (R BNL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 83.69 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 50.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 66.80 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 50.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 65.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 18, 2022,
placed the rating(s) of R BNL under the 'issuer non-cooperating'
category as RBNL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RBNL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls dated June 3, 2023, June
13, 2023, June 23, 2023, July 4, 2023, and July 6, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Detailed description of the key rating drivers:
At the time of last rating on July 18, 2022, the following were the
rating strengths and weaknesses (updated for the information
available from MCA and company website):
Key weaknesses
* Ongoing delays/default in debt servicing: As confirmed by the
banker, the account is NPA with IndusInd Bank since May 2020 and
further as per the annual report of FY22 there are delays and
defaults. Moreover, the company has filed for Corporate Insolvency
Resolution Process.
* Termination of proposed acquisition of RBNL by Music Broadcast
Ltd (MBL): RBNL had entered into Share Subscription Agreement,
Share Purchase Agreement and Shareholding Agreements, dated June
12, 2019, with Reliance Entertainment Networks Private Limited
(formerly known as Reliance Land Private Limited), Reliance Capital
Limited and Music Broadcast Ltd. (MBL). Pursuant to these
agreements MBL would acquire 24% equity share capital in RBNL by
way of a preferential allotment and thereafter subject to the
receipt of all regulatory approvals value of INR1,050 crores.
During FY21, MBL terminated INR1,050 crore acquisition deal with
RBNL, since the parties did not received approval from the Ministry
of Information and Broadcasting (MIB) and long stop date under the
definitive agreements has expired.
* Weak financial performance coupled with weak capital structure:
During FY22, the Total Operating Income of the company increased by
around 16% to INR141.91 crore in FY22 as against INR122.04 crore in
FY21. And continuous losses over the past few years have eroded the
net-worth of the company. Despite the equity infusion of INR600
crore in FY20, the net-worth stood at a negative value of INR778.76
crore as on March 31, 2022, and negative value of INR684.45 crore
as on March 31, 2021. Accordingly, the overall gearing and total
debt to GCA ratios remain weak.
* Operates in competitive and regulated industry segment: Operates
in competitive and regulated industry segment: The competition is
ever increasing with availability of different broadcasting
channels and large number of players entering the broadcasting
industry. Moreover, technological changes have laid new
distribution platforms inviting competition from newer players. To
maintain its competitive edge i n such a scenario, the company will
need to anticipate preferences to create, acquire, commission, and
produce compelling content across platforms favoured by the
consumers.
Reliance Broadcast Network Limited (RBNL), a public limited company
(unlisted), incorporated on December 27, 2005, is a part of the
Anil Ambani-led Reliance Group. RBNL operates FM radio broadcasting
stations in 58 Indian cities under the brand name 'BIG FM'.
SILVERSTREAM PLASTICS: CRISIL Cuts Rating on LT/ST Debt to D
------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Silverstream Plastics & Chemicals (SPC) to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'
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 SPC for
obtaining information through letters and emails dated September
16, 2022, November 15, 2022 and July 11, 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 SPC, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPC
is consistent with Assessing Information Adequacy Risk.
Based on the last available information, CRISIL Ratings has
downgraded the ratings on bank facilities of SPC to 'CRISIL
D/CRISIL D Issuer Not Cooperating'.from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
The firm is engaged in manufacturing of PVC pipes and markets it
under the brand name 'Hycount'. The firm is based out of Ernakulam,
Kerala.
SURYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya
Industries (SI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.02 CRISIL D (Issuer Not
Cooperating)
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 6.58 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SI for
obtaining information through letter and email dated June 15, 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 SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SI hulls and mills paddy and processes basmati rice. It was founded
by a group of locals in Ghubaya village in Jalalabad (Punjab) in
2000. In 2009, it was taken over by Mr. Subhash Chander and his
family members. Currently, it is being managed by Mr. Anil Josan
and Mr. Raman Josan.
SWAROOP HOMES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swaroop
Homes LLP (SHL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 21.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 30, 2022,
placed the rating(s) of SHL under the 'issuer non-cooperating'
category as SHL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SHL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 16, 2023, May 26, 2023, June 5, 2023 and July 11, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating o n the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The revision further considers the ongoing
delays in debt servicing as recognized from publicly available
information i.e. CIBIL filings.
Swaroop Homes LLP (SHL) is a Pune based firm, established in year
2017, and is proposed to be engaged in the business of real estate
development. The firm is jointly promoted by Sai Essen94 LLP (SEL),
Ms. Jidnyasa Chetan Patil and Ms. Priyanaka Alande. Furthermore,
SEL is jointly owned by the Sai Group & Esson group.
=====================
N E W Z E A L A N D
=====================
ENERGIZE ELECTRICAL: Creditors' Proofs of Debt Due on Aug. 18
-------------------------------------------------------------
Creditors of Energize Electrical Limited are required to file their
proofs of debt by Aug. 18, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 10, 2023.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington, Business Restructuring
Level 1, 50 Customhouse Quay
Wellington 6011
MICROGEM NZ: Court to Hear Wind-Up Petition on July 27
------------------------------------------------------
A petition to wind up the operations of Microgem NZ Limited will be
heard before the High Court at Dunedin on July 27, 2023, at 10:0
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 30, 2023.
The Petitioner's solicitor is:
David Tasker
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
NGS ROOFING: BDO Tauranga Appointed as Liquidator
-------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga Limited
on July 12, 2023, were appointed as liquidators of NGS Roofing
Limited.
The liquidators may be reached at:
C/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
PUTNEY ROOFING: Court to Hear Wind-Up Petition on July 27
---------------------------------------------------------
A petition to wind up the operations of Putney Roofing Limited will
be heard before the High Court at Invercargill on July 27, 2023, at
11:45 a.m.
Stratco (N.Z.) Limited filed the petition against the company on
June 15, 2023.
The Petitioner's solicitor is:
Frazer Barton
Anderson Lloyd
Level 12, Otago House
477 Moray Place
Dunedin 9016
RESQUE CORPORATION: Creditors' Proofs of Debt Due on Sept. 12
-------------------------------------------------------------
Creditors of Resque Corporation 20/20 Limited are required to file
their proofs of debt by Sept. 12, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 12, 2023.
The company's liquidator is:
Thomas Lee Rodewald
C/- Rodewald Consulting Limited
Level 1, The Hub, 525 Cameron Road
PO Box 15543
Tauranga 3144
=================
S I N G A P O R E
=================
BLUE PEARL: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on July 7, 2023, to
wind up the operations of Blue Pearl Discovery Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Leow Quek Shiong
c/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
DATA CENTER: Creditors' Proofs of Debt Due on Aug. 15
-----------------------------------------------------
Creditors of Data Center First Pte. Ltd. are required to file their
proofs of debt by Aug. 15, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 7, 2023.
The company's liquidator is:
Ong Kok Yeong David
c/o Tricor Singapore Pte. Ltd.
80 Robinson Road #02-00
Singapore 068898
KEPPEL INVESTMENT: Creditors' Proofs of Debt Due on Aug. 14
-----------------------------------------------------------
Creditors of Keppel Investment Limited are required to file their
proofs of debt by Aug. 14, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 10, 2023.
The company's liquidators are:
Gary Loh Weng Fatt
Leow Quek Shiong
Seah Roh Lin
c/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
KITCHEN CULTURE: Receives Letter of Demand Due to Event of Default
------------------------------------------------------------------
The Business Times reports that Kitchen Culture on July 17 received
a letter of demand from the lawyers of private investor Tan Gin Tat
to repay a SGD1.5 million loan.
This is due to an event of default relating to the change in the
composition of its board of directors, for which Tan's consent was
not obtained, BT says.
In August 2022, Tan - a personal contact of Kitchen Culture's
executive director Lim Wee Li - entered into a redeemable loan
agreement with the company, where he granted it a loan in the
principal amount of SGD1 million, BT recalls.
He then entered into a supplemental loan agreement with the company
in December 2022, granting it a further principal amount of
SGD500,000. The group said the loans would be used to help meet its
general working capital requirements.
Last month, Kitchen Culture announced that its current board of
directors comprising Steven Lau, Lim Wee Li, William Teo, Ang Lian
Kiat and Peter Lim - with the exception of Hao DongTing - would
step down and be replaced by five new directors, BT says.
James Rogers, Yip Kean Mun, Lam Kwong Fai, Tan Meng Shern and
Cheung Wai Man Raymond took over their positions. Hao was later
redesignated non-executive chairperson of the board.
BT, citing the letter of demand sent by Tan's lawyers on July 17,
says the change in composition of the existing board of directors
as at Nov. 1, 2022 - such as the removal of any existing director
or addition of a new director - without Tan's prior written consent
amounted to an event of default.
This is in accordance with the redeemable loan agreement and
supplemental loan agreement Tan had previously entered into with
Kitchen Culture, the report states.
Upon the occurrence of the event of default, Tan is demanding
repayment of the loan lent and/or extended to the company,
amounting to SGD1.5 million in aggregate within 30 days from the
date of the letter of demand, BT relates. If the loan is not repaid
by this time, he will commence legal proceedings against the
company.
Kitchen Culture said it will be seeking legal advice in relation to
the letter of demand, adds BT.
In March, it received a letter of demand from CDL Properties'
lawyer for allegedly owing SGD250,970 in rent for four months.
Trading in the shares of Catalist-listed Kitchen Culture has been
suspended since July 2021, the report notes.
About Kitchen Culture
Based in Singapore, Kitchen Culture Holdings Ltd. --
https://www.khlmktg.com/ -- sells and distributes imported kitchen
systems, kitchen appliances, wardrobe systems, and household
furniture and accessories under the Kitchen Culture brand name. It
operates through Residential Projects, and Distribution and Retail
segments.
Kitchen Culture reported three consecutive net losses of SGD3.87
million, SGD4.77 million and SGD11.51 million for years ended June
30, 2019, 2020, and 2021, respectively.
KONCORD SHIPPING: Creditors' Proofs of Debt Due on Aug. 14
----------------------------------------------------------
Creditors of Koncord Shipping Pte. Ltd. are required to file their
proofs of debt by Aug. 14, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 14, 2023.
The company's liquidators are:
Masao Yamashika
Yiong Kok Kong
180 Cecil Street, #12-04
Singapore 069546
QL LIAN: Creditors' Proofs of Debt Due on Aug. 14
-------------------------------------------------
Creditors of QL Lian Hoe (S) Pte Ltd are required to file their
proofs of debt by Aug. 14, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 7, 2023.
The company's liquidators are:
Victor Goh
Khor Boon Hong
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
TA CORPORATION: Unit Placed Under Provisional Liquidation
---------------------------------------------------------
The Business Times reports that TA Corporation's wholly-owned
subsidiary, Tiong Aik Construction, has been placed under
provisional liquidation as it is unable to pay its debts, the group
said in a bourse filing on July 17.
Tiong Aik Construction is principally engaged in building and
construction works. Both Lin Yueh Hung and Ng Kian Kiat from RSM
Corporate Advisory have been appointed as joint and several
provisional liquidators, BT discloses.
According to BT, TA Corporation noted that the board of directors
of Tiong Aik Construction resolved to appoint provisional
liquidators after assessing that its financial condition was such
that it was "presently unable to pay its debts as and when they
fall due".
Tiong Aik Construction is currently experiencing an "acute
tightening" of cash flow arising from difficulties in collecting
payments and retention monies, partly due to potential liquidated
damages claims, the company said.
At the same time, the subsidiary has had to meet increasing demands
for additional costs and funding to address labour and material
price hikes, BT relates.
Heightened interest rates have also led to higher borrowing costs
and an unfavourable financing environment, the company noted.
These circumstances, coupled with a "slower-than-expected" take-up
of available-for-sale properties developed by the group, have
"limited the extent to which the group is able to continue
supporting the cash-flow requirements for Tiong Aik Construction
and its ability to secure new projects in light of its current
financial condition", it said.
TA Corporation has also requested voluntary suspension of the
trading of its shares as a matter of "prudence", pending engagement
with its stakeholders and clarity on the financial position of the
company, as well as the group.
It noted that the group plans to "engage in a broader and more
holistic manner with its lenders, noteholders, business partners,
suppliers and customers in relation to the provisional liquidation
and its consequent implications on the group".
In addition, the company has "exposure from parent guarantees and
other forms of financial support for Tiong Aik Construction and
projects undertaken by it in its ordinary course of business, and
(there is) the possibility of cross-defaults being triggered by the
provisional liquidation for loan facilities taken by the other
members of the group," BT relays.
"As the board and management are still in the midst of evaluating
the situation, the trading suspension seeks to allow disclosure and
dissemination of relevant information prior to trading resumption
and avoid market confusion," it said.
TA Corporation's board of directors has appointed Deloitte & Touche
Financial Advisory Services – led by Tan Wei Cheong - as
financial adviser and Reed Smith Resource Law Alliance - led by
Johnny Lim - as legal adviser to assist the board with a review of
the financial position of the group, as well as advice on the next
steps to be taken, BT adds.
Shares of TA Corporation last closed at SGD0.073 on July 14, before
trading was suspended.
Singapore-based TA Corporation is a real estate company that
provides real estate investment, construction, and real estate
development services.
*********
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,
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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.
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