/raid1/www/Hosts/bankrupt/TCRAP_Public/230728.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, July 28, 2023, Vol. 26, No. 151
Headlines
A U S T R A L I A
48 WATT: Collapses Leaving Brides and Grooms AUD10K Out of Pocket
A TEAM PROPERTY: ASIC Seeks to Wind Up Group, Associated Trusts
GCB CONSTRUCTIONS: Placed in Administration; Constructions Halted
HAMPTON BOWLS: First Creditors' Meeting Set for Aug. 2
HE CO: First Creditors' Meeting Set for Aug. 2
MAMAN BAR: First Creditors' Meeting Set for Aug. 3
SELECT AFSL: First Creditors' Meeting Set for Aug. 3
SPICEJET: DGCA Removes Carrier From Enhanced Surveillance Regime
TRYON MARKET: First Creditors' Meeting Set for Aug. 1
I N D I A
AKLAVYA INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
AURANGABAD MUNICIPAL: ICRA Lowers Issuer Rating to B+
G.M. FABRICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
GLOBAL INSTITUTE: ICRA Keeps B+ Debt Rating in Not Cooperating
GREEN POLYTUBES: ICRA Keeps B Debt Ratings in Not Cooperating
GREENLANDS (A&M): ICRA Cuts Rating on INR18.50cr LT Loan to D
HAREKRUSHNA COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
HOTEL VAKRATUNDA: CRISIL Keeps B- Debt Rating in Not Cooperating
IL&FS WIND: ICRA Keeps D Debt Rating in Not Cooperating Category
INDIAN FOODTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
JAGDAMBA POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating
JAYARAMA AUTOMOTIVES: ICRA Cuts Rating on INR21cr LT Loan to B+
JAYARAMA MOTORS: ICRA Lowers Rating on INR10cr LT Loan to B+
KHOSLA ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating
LILASONS ALCO: CRISIL Lowers Rating on INR12cr Cash Loan to B-
MOHIT ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
NASSCO TRADING: CRISIL Keeps D Debt Rating in Not Cooperating
NEEL KANTH: CRISIL Keeps B Debt Ratings in Not Cooperating
OVERSEAS TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
PANAMA WIND: ICRA Withdraws B Rating on INR310cr Term Loan
PANCHDEO FLOUR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PARI AGRI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PRISTINE COMMERCIALS: ICRA Keeps B+ Ratings in Not Cooperating
RAM PULSE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SANGAMNER TALUKA: ICRA Keeps B Debt Rating in Not Cooperating
SHL AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
SHUBH SWASTIK: ICRA Keeps B Debt Rating in Not Cooperating
SUSHEEL MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
VINAYAK COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating
I N D O N E S I A
AGUNG PODOMORO: Fitch Lowers LongTerm IDR to 'C'
J A P A N
RAKUTEN GROUP: JPY1.8 Trillion Debt Fuels Concern Despite Funding
TOSHIBA CORP: Shareholders Re-Elect Board Members Promoting Buyout
M A L A Y S I A
TH HEAVY: Ordered to Pay JV Partner for Shareholders Deal Breach
N E W Z E A L A N D
ABBEY INTERNATIONAL: Court to Hear Wind-Up Petition on Aug. 4
AESS LIMITED: Court to Hear Wind-Up Petition on Aug. 4
CHEW CONSTRUCTION: Court to Hear Wind-Up Petition on Aug. 11
CROWNSTON LINE: Court Enters Wind-Up Order
FORESTLANDS NZ: Director Receives 4 Months' Community Detention
FOREVER BUILT: Court to Hear Wind-Up Petition on Aug. 7
ICART GROUP: Creditors' Meetings Set for Aug. 17
OPUM TECHNOLOGIES: Placed in Receivership
STAR ENTERPRISE: Court to Hear Wind-Up Petition on Aug. 4
STREAMERS TYRES: Waterstone Insolvency Appointed as Receivers
S I N G A P O R E
MEGAMOON DEVELOPMENT: Commences Wind-Up Proceedings
- - - - -
=================
A U S T R A L I A
=================
48 WATT: Collapses Leaving Brides and Grooms AUD10K Out of Pocket
-----------------------------------------------------------------
Jade Hobman at Daily Mail Australia reports that a wedding company
has collapsed and suddenly closed the doors to its popular venue
leaving couples thousands of dollars out of pocket.
Wellsman, which runs the popular 48 Watt Street site in Newcastle's
CBD, in NSW, went into liquidation on July 17 cancelling upcoming
weddings and events, the report says.
The shock decision has 'devastated' soon-to-be brides and grooms
who have no idea if they will get their deposits back, according to
the report.
Emily Mursa, 22, said the company was paid more than $10,000 to
secure her nuptials with partner Ben Pears for December this year.
But the business recently notified her of it being potentially
sold.
'It was a long email and it didn't really make sense,' Ms Mursa
told ABC.
'I emailed back and asked if I could get confirmation that we would
have the venue for December and what the issue was.
'They responded saying they didn't have any more details and we
just needed to sit and wait.'
The couple have not been told whether they will get their money
back, the report relates.
According to Daily Mail, the 48 Watt Street website said it had
gone into liquidation at the bottom of its homepage.
'Mitch Griffiths of Rapsey Griffiths was appointed Liquidator of
Wellsman Pty Limited trading as 48 Watt Street on July 17, 2023,'
the statement read.
It instructed creditors to email the liquidator's office who would
get back to them 'in due course', the report relays.
The company has been contacting customers and cancelling other
events with 'stressed' brides and grooms taking to social media
demanding refunds.
It is believed Wellsman, which had a male stripper and drag show
lined up for this month, went into liquidation due to declining
revenue, news.com.au said.
A TEAM PROPERTY: ASIC Seeks to Wind Up Group, Associated Trusts
---------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
taken civil action against director Sasha Hopkins and his company,
The A Team Property Group, for alleged unlicensed conduct and
operating numerous unregistered managed investment schemes.
ASIC has also applied to the Federal Court for the winding up of
The A Team Property Group, five of the investment schemes and
associated companies and trusts used by Mr. Hopkins. Additionally,
ASIC seeks to disqualify Mr. Hopkins from managing corporations.
ASIC alleges that Mr Hopkins and The A Team Property Group marketed
its business online and on social media, offering clients property
investment opportunities either personally or through their
self-managed superannuation fund (SMSF) into a 'joint venture'
development program for the purchase and development of real
estate. At no time did Mr. Hopkins or The A Team Property Group
hold an Australian Financial Services License (AFSL) that permitted
them to engage in this conduct.
ASIC's investigation revealed that Mr. Hopkins and The A Team
Property Group promoted at least 25 property development joint
ventures, which raised over AUD32 million from clients.
ASIC seeks from the Federal Court:
* civil penalty orders against Mr. Hopkins for allegedly
conducting a financial services business without an AFSL and
operating unregistered managed investment schemes in breach
of the law;
* an order to appoint a liquidator and wind up The A Team
Property Group;
* orders to appoint liquidators and wind up the five Special
Purpose Vehicles and schemes that remain on foot, including;
- Ludlow St Hamilton Pty Ltd
- Hunter Hopkins Project 2 Pty Ltd
- Hunter Hopkins Project 6 Pty Ltd
- Hunter Hopkins Project 7 Pty Ltd
- Hunter Hopkins Project 8 Pty Ltd
* orders disqualifying Mr. Hopkins from managing corporations
and restraining him from carrying out a financial services
business.
Mr. Hopkins has also provided undertakings in relation to the
disbursement of sale proceeds from the sale of property
developments managed by the five Special Purpose Vehicles.
This action comes after ASIC obtained interim orders in June 2022
to freeze the assets of Mr. Hopkins, The A Team Property Group and
Sash Investment Holdings Pty Ltd.
Moneysmart helps Australians take control of their money with free
tools, tips and guidance. Find out more about investing in listed
and unlisted property schemes and the rules, costs and risks of
setting up an self-managed super fund (SMSF) to invest in
residential property.
GCB CONSTRUCTIONS: Placed in Administration; Constructions Halted
-----------------------------------------------------------------
News.com.au reports that a Gold Coast construction company
responsible for the building of hundreds of apartments has
collapsed into administration. GCB Constructions entered
administration on July 26, just one day after it had its building
licence suspended.
The Queensland Building and Construction Commission (QBCC)
suspended the company's licence after it allegedly failed to pay
debts, the report says.
Construction on approximately 500 units has been halted in the wake
of that decision.
Workers from GCB were stood down this morning when it was announced
that the company was entering administration.
David Stimpson and Adam Kersey of SV Partners have been appointed
as administrators of the embattled construction company.
"It's very early days, we're doing a million things at once,
communicating with the major stakeholders including creditors,
employees, principals on the projects," Mr Stimpson said.
"We're crunching the numbers to figure out what the asset-liability
is. We'll do what we can to recover funds for creditors."
Less than a week ago, GCB's managing director Trent Clark defended
the company, saying he was "determined and confident" that it would
overcome its financial struggles.
"Court actions are regularly taken against builders and we are
working through these in an orderly fashion," he said in a
statement to Gold Coast Bulletin.
"We have had court adjudications in our favour and we are looking
forward to others also being ruled in our favour so we can get on
with servicing our clients and customers."
HAMPTON BOWLS: First Creditors' Meeting Set for Aug. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Hampton
Bowls Club Inc. will be held on Aug. 2, 2023, at 11:00 a.m. at the
offices of Pitcher Partners at Level 13, 664 Collins Street in
Docklands and via virtual meeting technology.
Andrew Reginald Yeo and Timothy James Bradd of Pitcher Partners
were appointed as administrators of the company on July 24, 2023.
HE CO: First Creditors' Meeting Set for Aug. 2
----------------------------------------------
A first meeting of the creditors in the proceedings of He Co Pty
Ltd will be held on Aug. 2, 2023, at 10:00 a.m. via Zoom video
conference.
Michael Hogan of HoganSprowles was appointed as administrator of
the company on July 21, 2023.
MAMAN BAR: First Creditors' Meeting Set for Aug. 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of Maman Bar
and Kitchen Pty Ltd will be held on Aug. 3, 2023, at 11:00 a.m. by
teleconference.
John Maxwell Morgan of BCR Advisory was appointed as administrator
of the company on July 24, 2023.
SELECT AFSL: First Creditors' Meeting Set for Aug. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Select AFSL
Pty Limited will be held on Aug. 3, 2023, at 10:00 a.m. via virtual
meeting.
Michael Gregory Jones of Jones Partners was appointed as
administrator of the company on July 24, 2023.
SPICEJET: DGCA Removes Carrier From Enhanced Surveillance Regime
----------------------------------------------------------------
Business Today reports that the Directorate General of Civil
Aviation (DGCA) on July 25 said that it has removed SpiceJet from
its enhanced surveillance regime. The airline, which has been
facing multiple headwinds, was placed under enhanced surveillance
recently.
On July 27, 2022, the civil aviation regulator asked SpiceJet to
cut the total number of flights by 50 per cent for eight weeks
after repeated safety incidents with the airline, Business Today
recalls. During this period, the airline was subject to "enhanced
surveillance". The restrictions were lifted on October 30 last
year.
Thereafter, DGCA had put the low-cost carrier under "enhanced
surveillance" again after it was facing multiple financial
headwinds in recent months. Various lessors were seeking
repossession of aircraft leased to SpiceJet and some of the cases
have been settled by the airline. On July 11, DGCA had placed
SpiceJet under the enhanced surveillance regime.
Following this, the civil aviation regulator conducted 51 spot
checks across 11 locations on the airline's Boeing 737 & Q-400
after it raised concerns about inadequate maintenance by the
airline following multiple incidents during the monsoon season last
year, Business Today relays.
According to Business Today, the DGCA in the recent surveillance
inspected 23 aircraft, and made 95 observations in this regard,
which were mostly routine in nature. The enhanced surveillance
includes increased night surveillance and spot checks.
Suitable maintenance action was taken by the airline to address the
findings in accordance with DGCA guidelines, the civil aviation
regulator noted.
As a result of the airline's actions and compliance with the DGCA's
requirements, SpiceJet has been removed from the enhanced
surveillance regime, the report says.
Business Today relates that a senior DGCA official said that in
view of the observations made in the past concerning inadequate
maintenance and in view of the incidents during the monsoon season
last year, SpiceJet was placed under enhanced surveillance.
"Accordingly 51 spot checks were conducted across 11 locations pan
India, on the Boeing 737 and Bombardier DHC Q-400 fleet of
aircraft, where in a total 23 aircraft were inspected and 95
observations were made by the DGCA teams," the official said.
"Suitable maintenance action was taken by the airline to address
the findings in accordance with DGCA guidelines. As a consequence,
SpiceJet has been taken off the enhanced surveillance regime by
DGCA," the official, as cited by Business Today, said.
In July, the Supreme Court had asked SpiceJet to pay the entire
arbitral amount of Rs 380 crore to its former promoter Kalanithi
Maran. The business must be carried out with 'commercial morality',
the top court said.
However, the Sun Group has rejected any possibility of an amicable
settlement with the other party.
On July 24, the Delhi High Court asked SpiceJet Managing Director
Ajay Singh to be present in person at the next hearing in the case
of non-compliance of its 2020 order asking for an affidavit of the
company's assets.
The order was passed on an application filed by Sun Group Chairman
Kalanithi Maran, alleging that the low-cost airline did not file an
affidavit of assets and liabilites as per the court order. Maran
had appealed to execute the arbitral award against SpiceJet. Senior
advocate Maninder Singh represented Maran in the case.
Singh argued that Order 21 of the Civil Procedure Code 1908
mandates that a person not filing as affidavit of assets and
liabilities as per the court order should be detained in a civil
prison.
TRYON MARKET: First Creditors' Meeting Set for Aug. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Tryon Market
Holdings Pty Ltd will be held on Aug. 1, 2023, at 11:00 a.m. via
Zoom virtual meeting.
Desmond Teng and John Refalo of Byrons Recovery were appointed as
administrators of the company on July 21, 2023.
=========
I N D I A
=========
AKLAVYA INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Aklavya
Industries Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.49 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 0.0045 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Short Term- (2.65) [ICRA]A4 ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
AIPL was originally incorporated in 1998 as Sheetal Dyeing &
Printing Mills Pvt. Ltd. The name of the company was changed to
Aklavya Industries Private Limited in February 2007, when Mr.
Abhishek Kanodia and Mr. Kamal Bhutra took over the company. At
present, Mr. Kanodia and Mr. Bhutra look after the operations of
the company. AIPL is engaged in the processing of synthetic,
polyester cotton and viscose fabrics on a job-work basis. Its head
office and manufacturing unit is in
Surat.
AURANGABAD MUNICIPAL: ICRA Lowers Issuer Rating to B+
-----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Aurangabad Municipal Corporation, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable) ISSUER NOT
COOPERATING; Downgraded
from [ICRA]BB+ (Stable) ISSUER
NOT COOPERATING and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding Aurangabad Municipal Corporation performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade. As part of its process and in
accordance with its rating agreement with Aurangabad Municipal
Corporation, ICRA has been trying to seek information from the
entity so as to monitor its performance and ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.
The Aurangabad Municipal Corporation, an urban local body (ULB) was
initially established in 1936 as a Municipal Council, with an area
of about 54.50 km2. Later in 1982, the status of the ULB was
upgraded to a Municipal Corporation. Gradual addition of peripheral
villages and new areas under its jurisdiction has now led to an
overall expansion, covering a total area of 175.65 km2 at present
and a population of 11.75 lakh (Census 2011). The ULB provides
municipal services to the city of Aurangabad, situated in the
Aurangabad division (also known as Marathwada region) of
Maharashtra. The city houses many small/medium scale industries and
is also a popular tourist hub with the historical sites of the
Ajanta/Ellora caves situated nearby. The ULB is administered by the
Urban Development Department of the Government of Maharashtra (GoM)
as per provisions of the Maharashtra Municipal Corporations Act
1949. The ULB jurisdiction is divided into 115 municipal wards and
is governed by an elected body (Council), headed by a Mayor, while
the Commissioner acts as the chief executive, overseeing its
everyday functioning.
G.M. FABRICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-term rating of G.M.
Fabrics Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 58.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.53 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 80.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Fund Based Rating Continues to remain
Cash Credit under issuer not cooperating
category
Long Term/ 20.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Promoted by Mr. Gurcharan Singh and his family, GMFPL was
incorporated in 1985 as Hartex Silk Mills Private Limited, and
renamed in December 2009. The company manufactures a wide range of
fabrics for upholstery and drapery. The key variants offered
include jacquard decorative fabrics, plain sheer, embroidery on
sheer, digitally printed plain, velvet and others. It has
manufacturing facilities at Sarigam (Gujarat) and Tarapur
(Maharashtra). The plants have a combined installed capacity of 215
lakh metre per annum for upholstery and drapery fabrics.
GLOBAL INSTITUTE: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Global Institute of Medical
Science & Health Care in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in November 2011, GIMSH is a closely held company
registered under section 25 (not for profit company) that is
setting up a 300-bedded multi-speciality hospital in Jabalpur,
(Madhya Pradesh). The promoters of the company are Mr. Rajeev
Baderia and Mr. Saurabh Baderia, who are currently running a130
bedded hospital in Jabalpur, Madhya Pradesh. They are also managing
the affairs of medical and engineering institutes located in Madhya
Pradesh. The promoters of the company already have extensive
experience in the healthcare sector. The key project details are
summarised in the adjoining table. The project is estimated to cost
INR34.55 crore and is being funded in a debt: equity ratio of 1.4:1
(considering unsecured loans as equity). The proposal of the Term
loan has been submitted to the Allahabad Bank which under appraisal
process. The banker has confirmed that the term loan will be
disbursed in tranches. The term loan will be sanctioned by the end
of February'2016. The term loan will have a door- 2 to-door tenure
of 120 months (including 24 months of moratorium), the repayment is
expected to commence from April'2018 i.e., from the schedule
commercial operation date (SCOD).
GREEN POLYTUBES: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Green
Polytubes Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.80 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 4.60 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 0.40 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1998, Green Polytubes Pvt Ltd is engaged in the
manufacturing of PVC & UPVC Pipes with present installed capacity
of 3,000 MTPA. GPPL's production facility is set-up in Hazipur,
Bihar. GPPL sells its product under the registered brand name of
'Green'.
GREENLANDS (A&M): ICRA Cuts Rating on INR18.50cr LT Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Greenlands (A&M) Corporation, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 18.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Short-term– 1.25 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
[ICRA]A4 and continues to remain
under 'Issuer Not Cooperating'
category
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated in September 2022. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
GLC started operations in 1950 with the Tractors and Farm Equipment
Limited (TAFE) dealership. The firm's promoters have since then
added dealerships of other OEMs across different segments, namely,
TVS Motors Limited (since 1985), Force Motors (since 2008), Atul
Auto Limited (2010) and VE Commercial Vehicles Limited (2010). GLC
also provides transportation services to India Yamaha Motor Private
Limited and TVS.
HAREKRUSHNA COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Harekrushna Cottex in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.22 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.20 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in April 2015 as a partnership firm, Harekrushna Cottex
('HC' or 'the firm') is in the business of ginning and pressing of
raw cotton. HC's manufacturing facility is located at Rajkot
(Gujarat) and is equipped with 24 ginning machines and one pressing
machine with annual processing capacity of 12,442 metric tonnes
(MT) of raw cotton. The operations commenced from February 2016.
HOTEL VAKRATUNDA: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hotel
Vakratunda - Naddi (HVN) continues to be 'CRISIL B-/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 6.25 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HVN 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 HVN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HVN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HVN continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
A proprietorship firm of Ms Sucheta Thakur, HVN operates a hotel at
Naddi, Himachal Pradesh. Commercial operations began partially in
November 2015.
IL&FS WIND: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Non-Convertible Debenture Programme of IL&FS Wind
Energy Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 200.00 [ICRA]D; ISSUER NOT COOPERATING;
Debenture Rating continues to remain under
Programme 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
IWEL is a 100% subsidiary of IL&FS Energy Development Company
Limited (IEDCL). It owned 51% controlling stake in seven operating
wind SPVs namely Khandke Wind Energy Private Limited, Ratedi Wind
Power Pvt. Ltd., Tadas Wind Energy Pvt. Ltd., Lalpur Wind Energy
Pvt. Ltd., Wind Urja India Private Limited, Etesian Urja Limited
and Kaze Energy Limited. The remaining 49% stake in operating wind
SPVs was held by Orix Corporation, Japan. On October 15,2020, Orix
Corporation, acquired the entire 100% stake in these 7 entities.
INDIAN FOODTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indian
Foodtech Limited (IFL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with IFL 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 IFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IFL continues to be 'CRISIL D Issuer Not Cooperating'.
IFL is a closely held public-limited company incorporated in 2010.
It processes and packages ready-to-eat, ready-to-cook,
ready-to-serve food and frozen peas under its own brand, Ruhils,
and for other brands also. The company is managed by Mr. Ashok
Ruhil. It has its processing plant in Bajpur (Uttarakhand) and
started full scale of operations in 2012-13 (refers to financial
year, April 1 to March 31).
JAGDAMBA POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Shree Jagdamba Poultry
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 11.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under 'Issuer Not
Cash credit Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2001 and promoted by Mr. Rakesh Singh, Shree
Jagdamba Poultry Private Limited (SJP) is a family managed company
engaged in the production of table eggs and trading of paddy,
maize, wheat, rice, animal and poultry feed. Based in Nagpur, the
company operates six sheds on a five-acre land and has a capacity
of around 0.66 lakh layers and produces about 0.59 lakh eggs in a
day. In the trading segment, the company sources trading products
from across India which are sold to distributors and traders based
in Nagpur.
JAYARAMA AUTOMOTIVES: ICRA Cuts Rating on INR21cr LT Loan to B+
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Sri
Jayarama Automotives Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term- 21.00 [ICRA]B+(Stable) ISSUER NOT
Fund based COOPERATING; Rating downgraded
limits from [ICRA]BB (Stable) and
moved to the 'Issuer Not
Cooperating' category
Short-term 4.00 [ICRA]A4; ISSUER NOT
Non Fund based COOPERATING Rating moved to
the 'Issuer Not Cooperating'
category
Rationale
The rating downgrade is because of lack of adequate information
regarding Sri Jayarama Automotives Private Limited performance and
hence the uncertainty around its credit risk. ICRA assesses whether
the information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Sri Jayarama Automotives Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.
Sri Jayarama Automotives Private Limited (SJAPL) was incorporated
in the year 2005 as a private limited company. SJAPL is a sole
authorised dealer of Mahindra & Mahindra tractors and spare parts
in Mahbubnagar district of Telangana. The company has presence in
Mahabubnagar, Rangareddy, Wanaparthy, Gadwal, Narayanpet and Nagar
Kurnool districts of Telangana. It is also an authorised dealer for
Exide batteries, CEAT tyres and ELF lubricants in Mahbubnagar
district. SJAPL serves as a distributor for tractor trailers and
agricultural implements manufactured by its group concern Sri Rama
Engineering Company. The company had 19 showrooms and workshops as
on December 31, 2021.
JAYARAMA MOTORS: ICRA Lowers Rating on INR10cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Sri
Jayarama Motors Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; downgraded from
Cash Credit [ICRA]BB(Stable) and moved to
the 'ISSUER NOT COOPERATING'
category
Long Term/ 2.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Long-term rating downgraded
from [ICRA]BB(Stable) and
moved to the 'Issuer Not
Cooperating' category; Short-
term rating moved to ISSUER
NOT COOPERATING category
Rationale
The rating downgrade is because of lack of adequate information
regarding Sri Jayarama Motors Private Limited performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Sri Jayarama Motors Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.
Sri Jayarama Motors Private Limited was incorporated in 2011 and is
holds the dealership of passenger cars of MSIL. The company is the
exclusive distributor of MSIL in Mahabubnagar district, Telangana.
It is promoted by Mr. Ram Reddy Bekkari (Managing Director) and his
wife Mrs. Jayalaxmi Bekkari. The managing director has more than a
decade of experience indealership business. SJMPL operates through
eight showrooms and workshops located in Mahabubnagar.
KHOSLA ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Khosla
Engineering Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.75 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 5.32 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 7.40 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Long Term/ (10.50) [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain
under issuer not cooperating
category
Short Term- 1.53 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1966, KEPL manufactures solder wires, zinc wires
and aluminium wires. The company supplies zinc wires to reputed
domestic ductile iron (DI) pipe manufacturers, while solder wires
are sold to leading electronic component manufacturers across
India. The manufacturing facilities of the company are located at
Dhandore (near Pune) in Maharashtra. The overall production
capacity of KEPL stands at ~19,200 MTPA (FY2020), with the company
planning to expand its capacity over the near to medium term.
LILASONS ALCO: CRISIL Lowers Rating on INR12cr Cash Loan to B-
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Lilasons Alco Bev Private Limited to 'CRISIL
B-/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Long Term Loan 3.5 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Long Term Loan 2.2 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Long Term Loan 1.3 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Long Term Loan 7.7 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Proposed Long Term 6.3 CRISIL B-/Stable (Downgraded
Bank Loan Facility from 'CRISIL B/Stable')
The downgrade reflects deteriorated performance of the company on
year-on-year basis from INR24.4 crores in fiscal 2019 to estimated
revenue of INR17.36 crores in fiscal 2023 with operational losses
over the years along with negative networth of around INR31 crore
and in fiscal 23.
Further dependency on the working capital lines remains high on the
account of working capital-intensive operations leading to high
limit utilization at 99% over the last 12 months till March' 23.
The rating continues to reflect LABPLs large working capital
requirement and exposure to stringent controls and regulations in
the liquor industry. These weaknesses are partially offset by the
extensive experience of the promoters in the brewery industry
Analytical Approach:
Unsecured loans from promoters and the parent company of around
INR57.68 crore are treated as NDNE.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital requirement: The working capital cycle may
remain stretched over the medium term and will be closely
monitored. Gross current assets (GCAs) were sizeable at 513 days as
on March 31, 2022, driven by debtors of 126 days. However, payables
of 210 days partially support working capital cycle.
* Exposure to stringent controls and regulations in the liquor
industry: The Indian alcohol industry is highly regulated at almost
every stage in the value chain. Moreover, every state has its set
of guidelines with respect to distribution and retail channels,
registration, taxation and pricing of alcohol.
Strength:
* Extensive experience of the promoters: The decade-long experience
of the promoters in the brewery industry, their strong
understanding of market dynamics and healthy relationships with
suppliers and customers should continue to support the business.
Liquidity: Stretched
Bank limit utilisation is high at around 99.32 percent for the past
thirteen months ended April 2023. Cash accrual are expected to be
negative which are insufficient against term debt obligation of
INR1-2 crores over the medium term. Unsecured loans from the
promoters and ICD's from the parent company is used for the
repayment of term debt obligations
Current ratio are moderate at 1.05 times on March 31, 2022. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations. Negative net worth limits its financial
flexibility and restrict the financial cushion available to the
company in case of any adverse conditions or downturn in the
business
Outlook: Stable
CRISIL Ratings believes LABPL will continue to benefit from the
extensive experience of its management team.
Rating Sensitivity factors
Upward factors:
* Steady annual revenue growth and operating margin above 10%,
leading to higher-than expected positive cash accrual.
* Significant improvement in the working capital cycle.
Downward factors:
* Further stretch in the working capital cycle, with GCAs rising
over 350 days.
* Withdrawal of funds by the promoters.
LABPL was acquired by American Craft Brew Pvt Ltd in September 2017
and began operations in February 2018. LABPL manufactures beer at
its facility in Sangareddy Medak, Telangana.
MOHIT ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Mohit Ispat Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 21.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 17.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 35.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1997, MIL is engaged in the manufacture of mild
steel ingots, billets and thermo mechanically treated (TMT) bars at
its integrated facility at Navelim, Goa. The company has an
integrated manufacturing facility to manufacture billets and TMT
bars with installed capacity of 90,000 MTPA and 84,000 MTPA
respectively. The company also has an ingot manufacturing facility
at Kundaim (Goa), which is leased out from its group company, West
Coast Ingots Limited (WCIL), with
an installed capacity of 36,000 MTPA. MIL sells its TMT bars under
'Kamdhenu' brand with exclusivity in the states of Goa,
Maharashtra, Karnataka, and Kerala.
NASSCO TRADING: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nassco Trading
India Private Limited (NTIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NTIPL 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 NTIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NTIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NTIPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in April 2010, NTIPL trades in tiles, marbles, and
granites. It is based in Attingal (Kerala), and is promoted by Mr.
Nazar Mohamed Ellias and his wife Ms Raheena Jalaudeen.
NEEL KANTH: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neel Kanth
Agrofood Products Private Limited (NAPPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 3.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NAPPL 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 NAPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NAPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 2012 as a private limited company by Mr. Abhay Kumar and
Ms. Poonam Kumari, NAPPL processes wheat products such as maida,
suji, atta, rava, and bran and sells them under its brand,
Navmanthan. The company's flour mill in Patna started operations in
May 2014.
OVERSEAS TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Overseas
Traders (OT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Export Packing 12 CRISIL D (Issuer Not
Credit & Export Cooperating)
Bills Negotiation/
Foreign Bill
discounting
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with OT 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 OT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of OT
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
OT, set in 1977 in Mumbai, trades beedi leaves, tobacco, spices,
onion and potatoes. OT is owned & managed by Mr. Sunil Katharani,
Mr. Anil Katharani, Mr. Amit Katharani and Mr. Amar Katharani.
PANAMA WIND: ICRA Withdraws B Rating on INR310cr Term Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B (Stable) on the
bank facilities of Panama Wind Energy Private Limited, based on the
withdrawal request from the company, the no-objection confirmation
from the lender and in line with ICRA's withdrawal policy. ICRA
does not have adequate information to suggest that the credit risk
has changed since the time the
rating was last reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term–
Fund based-
Term loan 310.00 [ICRA]B (Stable); withdrawn
PWEPL operates a 70.4-MW (reduced from 72 MW due to damage to a
1.6-MW WTG in FY2015) wind power plant in Satara district,
Maharashtra. The plant consists of 45 WTGs of 1.6 MW each and was
commissioned in February 2013. The entire engineering, procurement
and construction (EPC) services, including operations and
maintenance (O&M), are provided by GE. PWEPL was acquired by O2
Power SG Pte Limited (O2 Power Group's holding company, domiciled
in Singapore) with effect from December 24, 2022. O2 Power is a
renewable energy platform jointly established by EQT Infrastructure
and Temasek with an equity commitment of USD 500 million to develop
and execute renewable energy projects in India across the utility
and C&I segments. Prior to the acquisition by the O2 Power Group,
PWEPL was a subsidiary company of M/s Berkeley Energy Wind
Mauritius Limited (BEWML), which held a 94.08% stake in the
company. The remaining 5.92% was held by M/s Indo Magnus Wind
Energy Private Limited, which is promoted by the Ladkat family.
PANCHDEO FLOUR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Panchdeo
Flour Mills Llp (PFM) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 3.5 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Term Loan 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Working 6 CRISIL B+/Stable (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with PFM 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 PFM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PFM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PFM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2019, PFM is currently setting up mills for milling
wheat, gram, other grains and cereals, dal, besan, maida, atta,
sooji and other allied products with an installed capacity of 4500
MT per month. The plant is expected to be commissioned in May 2021
in fiscal 2022. PFM is owned & managed by Mrs. Neetu Singhania and
her relatives.
PARI AGRI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pari Agri
Grain Industries Private Limited (PAGIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with PAGIPL 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 PAGIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PAGIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of PAGIPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Established as Jai Shree Balaji Warehousing and Real Estate Pvt Ltd
in December 2011, PAGIPL got its current name in 2015. PAGIPL
trades chickpeas, wheat, jowar and soyabean and its registered
office is situated at Dewas, Madhya Pradesh. The company has also
forayed into exports recently.
PRISTINE COMMERCIALS: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Pristine
Commercials Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- (9.75) [ICRA]B+ (Stable) ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 30.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- (2.00) [ICRA]A4 ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2007, Pristine Commercials Private Limited (PCPL)
is involved in the trading of steel products viz. flat products
like gal valume coils, hot-rolled coils/sheets, cold-rolled
coils/sheets and long products like TMT bars, mild steel beams,
stainless steel pipes etc. The operations of the company are
collectively managed by Mr. Nar Narayan Saraf and his son Mr.
Nikunj Saraf who have over a decade of experience in the steel
trading business. The registered office of the company is located
at Nariman Point, Mumbai.
RAM PULSE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Shree Ram Pulse Mills in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING"
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2003 as a partnership firm, SRPM processes and sells
pigeon peas (tuver dal), black gram pulse (urad dal) and gram pulse
(chana dal). The firm's plant at Gondal (Gujarat) is equipped with
sortex and processing machines that have an annual processing
capacity of 9,000 metric tonnes (MT) of pulses. It markets the
pulses under 'Ram Platinum', 'Ram Gold' and 'Ram Silver' brand
names to differentiate the various grades processed by it. The
partners of the firm have extensive
experience in the pulse processing industry through their
association with other Group concerns, namely Shree Ram Traders,
Shree Ram Cleaning, Shree Ram Agro Industries and Jay Siyaram
Traders. In FY2017, the firm reported a net profit of INR0.34 crore
on an operating income (OI) of INR46.12 crore, as compared to a net
profit of INR0.31 crore on an OI of INR48.08 crore in the previous
year.
SANGAMNER TALUKA: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Sangamner Taluka Sahakari
Dudh Utpadak And Prakriya Sangh Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sangamner Taluka Sahakari Dudh Utpadak and Prakriya Sangh Ltd
(SSDUPL) was incorporated in Sangamner in 1977 under the
co-operatives movement in agriculture farming in Maharashtra. The
Dairy was started by Mr. Bhausaheb Santuji Thorat, a senior social
and political leader, banker and freedom fighter. The dairy is
fully integrated dairy with processing capacity of 6.0 lakh litres
of milk per day. SSDUPL is present across the supply chain of milk
procurement, processing and marketing of liquid milk and milk
products under its brand - 'Rajhans'. The dairy products
manufactured and marketed by the company include milk, pouch milk,
flavored milk, paneer, lassi, ghee, shrikhand, dahi, chhas, pedha
and gulab jamun.
SHL AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of SHL Agro Foods Inc in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 7.19 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SHL Agro Foods Inc is a partnership firm located in Chandigarh. It
was established in 2013 by Mr. Surjit Singh Kohli. The firm is into
poultry processing and supplies fresh and frozen raw-ready to cook
chicken products packaging material.
SHUBH SWASTIK: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Shubh Swastik Dal Mill Co.
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Shubh Swastik Dal Mill Company Private Limited (SSDMCPL) processes
red gram (arhar dal), red lentil (masoor dal), bengal gram (chana
dal), yellow peas (matar dal), corn flakes, soya bean nuggets among
others at its facility in Raipur, Chhattisgarh, with an installed
capacity of 50 metric tonnes (MT) per day. Promoted by the
Raipur-based Sachdev family, the entity was
set up in 2002 as a proprietorship concern named Swastik
Industries, and was converted into a private limited company in
2011. The promoters have a long experience in the pulses-processing
industry.
SUSHEEL MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Susheel Motors Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated as a private limited company in 2011 by Mr.
Satyanarayana Goud and Mr. Satyanarayana Reddy, SMPL is the
authorised dealer of TVS Motors Limited for the sale of motor
cycles, mopeds, scooters along with spares and services in
Hyderabad, Telangana.
VINAYAK COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Vinayak Cottex in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.67 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in February 2013 as a partnership firm, Vinayak Cottex
(VC) is into the business of ginning and pressing of raw cotton and
crushing of cotton seed. Its manufacturing facility is located at
Amreli (Gujarat) and is equipped with 24 ginning machines, 1
pressing machine and 6 crushing machines with production capacity
of 60 cotton bales per day and 38 MT oil per day. The firm is
promoted and managed by Mr. Kamlesh B. Bokarvadiya, Mr. Kantilal B.
Bokarvadiya, Khimji G. Virpara, Mr. Narendra M. Patel, Mr. Natha
Virpara and Mr. Vikas N. Patel. The promoters have a prior
experience in the cotton industry by virtue of their earlier
association as partners/employee in cotton ginning and pressing
entities.
=================
I N D O N E S I A
=================
AGUNG PODOMORO: Fitch Lowers LongTerm IDR to 'C'
------------------------------------------------
Fitch Ratings has downgraded Indonesia-based developer PT Agung
Podomoro Land Tbk's (APLN) Long-Term Issuer Default Rating (IDR) to
'C' from 'CCC-'. Fitch has also downgraded the rating on APLN's
USD300 million 5.95% notes due June 2024 to 'C', from 'CCC-', with
a Recovery Rating of 'RR4'. The notes are issued by APLN's wholly
owned subsidiary, APL Realty Holdings Pte. Ltd., and are guaranteed
by APLN and several of its subsidiaries. All ratings have been
removed from Rating Watch Negative, on which they were placed on
July 14, 2023.
The downgrade follows APLN's announcement that the tender offer
will proceed subject to the satisfaction of the conditions in the
offering memorandum. Fitch believe the tender offer constitutes a
distressed debt exchange (DDE), as the transaction will lead to a
material reduction in terms and, in Fitch view, is being conducted
to avoid a default.
APLN said on July 25 that it received valid tenders on USD168
million of notes (56% of outstanding notes) and valid consents to
remove material covenants on 79% of outstanding notes. The minimum
participation condition of 65% has been waived by the company.
Fitch will downgrade APLN's IDR to 'Restricted Default' (RD) on
completion of the DDE, and reassess the ratings in line with the
post-restructuring capital structure.
KEY RATING DRIVERS
Material Reduction in Terms: The tender offer represents a material
reduction in terms, as it proposes to repurchase the notes at
USD600 per USD1,000 and is being combined with a consent
solicitation to remove key restrictive covenants. APLN has signed a
secured IDR1.8 trillion (around USD120 million), 18-month bridge
loan from a local bank that will be used to fund the offer.
Declining Presales, High Cancellations: Fitch forecasts
consolidated net presales, excluding bulk sales, to fall by around
10% to IDR1.5 trillion in 2023 (2022: IDR1.7 trillion), driven by
an increase in cancellations. Cancellations remained high in 1H23
although they have slowed from the peak in 4Q22. Presales could
decline further than Fitch expectations if cancellations do not
normalise in 2H23 or if APLN fails to launch new projects. The
majority of cancellations have taken place at two of APLN's largest
projects, Podomoro City Medan and Podomoro Park Bandung.
Weak Holdco Interest Coverage: APLN's holding company (holdco)
liquidity will remain under pressure even if the tender offer
successfully reduces total debt. The holdco will most likely have
to rely on higher dividends from subsidiaries to meet interest
payments this year, even as cash flow tightens amid weakening
presales. This is because the holdco no longer benefits from rental
income (2022: IDR222 billion) after the sale of its Central Park
mall last year.
High Refinancing Risk: The completion of the tender offer will
reduce, but not eliminate, refinancing risk in the next 12-18
months. When the tender offer is completed, APLN will have around
USD132 million of unsecured notes due in June 2024. APLN has two
unpledged properties valued at around IDR3.1 trillion (around
USD200 million), based on the company's share. Fitch believe these
assets could be sold or pledged as collateral against a new loan,
to repay the remaining US dollar notes. However, APLN's partial
ownership of these assets exposes both these options to material
execution risk.
Parental Linkage Considerations: Fitch no longer apply Fitch Parent
and Subsidiary Linkage (PSL) Rating Criteria to assess the linkage
between APLN and its majority parent, PT Indofica, a private
company controlled by the Agung Podomoro Group's CEO. APLN's rating
is driven by the tender offer and concurrent consent solicitation
which constitute a DDE.
DERIVATION SUMMARY
APLN's Long-Term IDR of 'C' and the 'C' rating on its senior
unsecured notes reflect the company's announced tender offer on its
outstanding unsecured notes. Fitch believes the tender offer
constitutes a DDE.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer:
-- Consolidated presales of IDR1.5 trillion in 2023 and IDR1.5
trillion in 2024 (attributable: IDR1.2 trillion and IDR1.2
trillion, respectively);
-- EBITDA margin of about 28% in 2023 and 2024;
-- Cash outflow for construction of IDR1.7 trillion in 2023;
-- Capex on fixed assets and investment properties of IDR200
billion in 2023 and 2024;
-- Consolidated negative free cash flow of about IDR130 billion
in 2023 and IDR320 billion in 2024.
RECOVERY RATING ASSUMPTIONS
Fitch assume APLN will be liquidated in a bankruptcy rather than
continue as a going concern, because it is an asset-trading
company. In estimating APLN's liquidation and distribution value,
Fitch have made the following adjustments and assumptions:
-- Fitch use a 75% advance rate against the value of trade
receivables.
-- Fitch use a 60% advance rate against the value of inventory,
net of advances. This reflects Fitch assumption of a 100%
advance rate against the value of completed buildings and
land, and a 50% advance rate against buildings under
construction.
-- Fitch use a 100% advance rate against investment properties
as well as property, plant and equipment, mainly related to
shopping mall and hotel assets. Fitch believe a 100% advance
rate is reasonable as these assets are recognised at
historical cost, including depreciation, while the market
value is considerably higher.
-- Fitch deducted the carrying value of the Pluit City and Green
Lake Sunter assets from investment property due to the
uncertainty around the development of these projects.
-- Fitch deducted 10% of the resulting liquidation value for
administrative claims.
These assumptions result in a recovery rate corresponding to a
'RR1' Recovery Rating for APLN's unsecured notes. However, Fitch
acknowledges that there is material uncertainty regarding the
ability to realise the sale of these assets. Fitch rate the senior
unsecured notes at 'C' with a Recovery Rating of 'RR4' because,
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, Indonesia falls into Group D of creditor friendliness.
Instrument ratings of issuers with assets in this group are subject
to a soft cap at the issuer's IDR and a 'RR4' Recovery Rating.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Fitch will reassess APLN's capital structure and cash flow
after the completion of the DDE, to determine the Long-Term
IDR and senior unsecured rating.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Fitch will downgrade APLN's Long-Term IDR to 'RD' (Restricted
Default) when the DDE is completed, and then reassess the
company's IDR based on the post-restructuring capital
structure.
LIQUIDITY AND DEBT STRUCTURE
Insufficient Liquidity: APLN's tender offer will reduce the notes
maturing in June 2024 to around USD132 million, from USD300
million. Fitch believe APLN will have to rely on additional debt or
the sale of assets to fund this maturity, as the holdco's cash
(1Q23: IDR125 billion) and cash flow from subsidiaries will be
insufficient. In addition, the short 18-month tenor of the secured
bridge loan means refinancing concerns have only been temporarily
addressed.
Fitch therefore believe the tender offer is vital to addressing the
notes' maturity, and that alternative options are limited. In
particular, APLN's weakening operational performance is likely to
hamper its access to funding.
ISSUER PROFILE
APLN is an Indonesian property developer with exposure to
residential and commercial properties. It has presales from key
projects in Jakarta, Bandung and Medan, and also owns and operates
malls, hotels and offices.
ESG CONSIDERATIONS
APLN has ESG Relevance Scores of '4' for Management Strategy and
Governance Structure due to the company's high development risk
profile, a key part of its strategy. This hampers financial
flexibility and leads to an impending risk of default, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity.
Fitch's ESG Relevance Scores are not inputs in the rating process;
they are an observation on the relevance and materiality of ESG
factors in the rating decision.
=========
J A P A N
=========
RAKUTEN GROUP: JPY1.8 Trillion Debt Fuels Concern Despite Funding
-----------------------------------------------------------------
The Japan Times reports that the market is signaling lingering
concern that Rakuten Group isn't doing enough to reduce debt risk
and make its key mobile business profitable, judging by the tepid
response to its latest fundraising step.
According to the report, the Japanese e-commerce firm's perpetual
dollar bonds fell for a ninth day July 26, following news on July
25 that Rakuten's brokerage arm had applied to go public in Tokyo.
And the cost to insure its debt against nonpayment using
credit-default swaps stayed around record levels, CMA data showed.
The Japan Times says the competitor to Amazon.com Inc. in its home
market has racked up four years of losses as its mobile-phone
business drains cash. The market value of the firm founded by
Harvard Business School graduate Hiroshi Mikitani in 1997 has
halved, due in part to measures such as a new stock sale diluting
the value of its equities.
The Japan Times relates that Rakuten said the securities unit's
listing is part of a drive to speed up decision-making at each of
its various businesses that range from online shopping to finance
and wireless services, in a statement Tuesday.
"Based on our policy to balance investment and financial soundness
without over-reliance on interest-bearing liabilities, we do not
intend to increase gross debt in the future, but rather aim to
reduce the balance of interest-bearing debt by implementing
equity-related financing," Rakuten's corporate communications
department said.
"Potential sources for the redemption of interest-bearing debt are
cash flow from non-financial businesses, dividends and management
fees from our Fintech business, and equity-related financing," it
said.
Rakuten's debt load increased after it decided in 2017 to enter
Japan's mobile carrier market - a year when its fortunes were
flying high after starting a now-ended sponsorship deal with FC
Barcelona, the report relays.
The company's bonds and borrowings from financial institutions for
its nonfinancial businesses rose 27% to JPY1.83 trillion (US$12.7
billion) in January-March from the same period a year earlier, The
Japan Times discloses citing Rakuten's latest financial statement.
The Tokyo-based firm, which has about 40 million active customers -
roughly a third of Japan's population — has also listed its
banking unit, as well as the share sale, since April in a bid to
ease its financing woes.
"Similar to the listing of Rakuten Bank, the Rakuten Securities
listing might help ease the funding pressure of the group, but it
is probably just a stopgap," the report quotes Marvin Lo, an
analyst at Bloomberg Intelligence, as saying. "The underlying
problem of the company is how to improve its cash-bleeding mobile
business."
The Rakuten perpetual bonds fell 0.6 U.S. cent to 63.5 cents on
July 26, extending declines. Generally in credit markets, prices
under 70 cents indicate distress, and more than a quarter of the
company's dollar, euro and yen notes have dropped to these levels
recently.
A Japanese credit ratings firm downgraded Rakuten last month,
citing uncertainty about the outlook for profitability at the
mobile phone business, while shareholder Japan Post Holdings said
it will book an impairment charge on its stake, the report notes.
S&P Global Ratings cut Rakuten deeper into junk territory late last
year because of slow improvement in the mobile business. It still
has investment-grade ratings from Japanese credit assessors.
"I think the money raised will be relatively small compared to
their most recent new share offering or the Rakuten Bank listing
before that," said Amir Anvarzadeh, market strategist at Asymmetric
Advisors, The Japan Times relays. "So it won't make a big
difference to Rakuten's balance sheet."
Japan-based Rakuten Group provides e-commerce, fintech, digital
content, and communications products and services.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-January, S&P Global Ratings affirmed its 'BB' issue credit
rating to Rakuten Group Inc.'s (BB/Negative/--) U.S.
dollar-denominated senior unsecured bonds ($500 million; issued in
November 2022; due in 2024) following the company's announcement of
a potential additional issuance.
TOSHIBA CORP: Shareholders Re-Elect Board Members Promoting Buyout
------------------------------------------------------------------
The Japan Times reports that Toshiba Corporation shareholders on
July 20 approved the reappointment of all 11 directors who backed a
tender offer made by a consortium led by Japan Industrial Partners
(JIP), although some investors criticized the offer as being "too
cheap."
The Japan Times relates that the effective investor approval for
the JPY2 trillion ($14 billion) buyout plan is expected to move
forward the planned privatization of the struggling tech
conglomerate, with the tender offer starting as early as late next
month.
If the tender offer is agreed on and Toshiba becomes private, the
company will be able to cut ties with overseas activist
shareholders seeking short-term shareholder returns, the report
says.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific in early
July, S&P Global Ratings has kept its 'BB+' long-term issuer credit
rating on Toshiba Corp. on CreditWatch with negative implications.
S&P also affirmed at 'B' its short-term issuer credit rating and
commercial paper program rating.
===============
M A L A Y S I A
===============
TH HEAVY: Ordered to Pay JV Partner for Shareholders Deal Breach
----------------------------------------------------------------
The Edge Malaysia reports that TH Heavy Engineering Bhd (THHE) has
been ordered by the High Court in Malaysia to pay US$63.42 million
(MYR288.72 million) to its joint venture partner Global Mariner
Offshore Services, for damages Global Mariner claimed it suffered
as a result of THHE's refusal to honour a shareholders agreement
between them to transfer its 80% stake in Floatech (L) Ltd to
Global Mariner, following THHE's default of its loans.
The Edge relates that Global Mariner holds the remaining 20% in
Floatech - a Labuan-based company that owns and leases floating,
production, storage and offloading (FPSO) vessels to upstream oil
and gas companies.
According to The Edge, THHE, the 66.45%-owned unit of Urusharta
Jamaah Sdn Bhd (UJSB) that was delisted in September last year, was
also ordered to pay MYR1.9 million as costs, including MYR800,000
to Global Mariner.
UJSB is a Ministry of Finance special-purpose vehicle that took
over Tabung Haji's shareholding in THHE in 2018, together with more
than 100 listed companies that the pilgrim fund had invested in but
whose shares underperformed, the report says. The move was part of
an initiative to rehabilitate the fund, as its investments
deteriorated to the point it was illegal for the pilgrim fund to
continue to pay dividends to its contributors.
The verdict was delivered on July 21 by judge Adlin Abdul Majid,
who allowed Global Mariner's claim against THHE, The Edge relays.
She also dismissed THHE's counterclaim that its financial position
was made worse by Global Mariner's failure to carry out its
obligations as a shareholder in Floatech, and that Global Mariner
had misrepresented the viability of the acquisition of FPSO DP 1
when it recommended that Floatech purchase the vessel, according to
The Edge.
THHE alleged that Global Mariner only made partial payment of its
shareholding obligation to fund Floatech's operations, based on the
20% stake it owns, which resulted in THHE having to put up MYR64.7
million as advance to the joint venture, including MYR17.97 million
on behalf of its partner. In the suit, THHE also named Global
Mariner's shareholders - Zahar Mohd Hashim Zainuddin, Abdul Rahman
Mohd Shariff and Nor Badli Munawir Mohamad Alias Latfi — as
defendants.
Global Mariner's counsel, David Matthews, confirmed the outcome of
the case when contacted, the report notes. He was assisted by
Olivia Loh and Ann Lai. Messrs Izral Partnership represented THHE,
while counsels Chetan Jethwani and Alan Wong appeared for the
individual defendants named in THHE's counterclaim.
Global Mariner, which is involved in the marine consultancy
business, inked the shareholders agreement with THHE on Feb. 18,
2014 to take up the 20% stake in Floatech, with THHE holding the
remaining 80%.
According to the agreement, if either of the partners becomes
insolvent, the financially distressed partner would have to offer
its stake to the other partner within 60 days of a default event
— Global Mariner claimed.
Global Mariner claimed that it discovered THHE had become insolvent
in 2016 and was unable to pay its debts, with four winding up
petitions filed by its debtors - Orwell Offshore Ltd, MIB Italiana
SPA, Nusapetro Sdn Bhd and Six Tee Engineering Group Pte Ltd - for
the non-payment of over MYR45 million owed.
According to The Edge, Global Mariner also claimed that THHE's
insolvency was obvious based on a company search it conducted, as
THHE had a net liability of MYR702.8 million at the time, while its
net assets only totalled MYR297 million.
Subsequently, Global Mariner issued a default sale notice to THHE
in July 2016 to buy over THHE's stake, citing THHE's insolvency.
However, THHE denied that it was insolvent in a letter issued by
its lawyers in September that year.
This prompted Global Mariner to threaten legal action against THHE,
claiming that THHE was refusing to abide by the shareholders
agreement to sell its stake in Floatech despite having received the
default sale notice to do so.
In the countersuit filed, THHE claimed that Badli, together with
Abdul Rahman as the alleged alter ego of Global Mariner, had relied
on the actions of Orwell, MIB and Nusapetro to create an event of
default, and disputed the winding up petitions filed against it. It
also wanted to claim MYR17.97 million from Global Mariner which
THHE alleged it had paid on the partner's behalf as funding for
Floatech.
In addition, it had sought to have the 2014 shareholders agreement
declared null and void, the report adds.
About TH Heavy
TH Heavy Engineering Berhad is an investment holding company. The
Company is engaged in the provision of management services. The
Company is engaged in the fabrication of offshore steel structures
and the provision of other related offshore oil and gas engineering
services in Malaysia.
TH Heavy slipped into Practice Note 17 (PN17) status in April 2017
after the company's independent auditors expressed a disclaimer
opinion on its accounts for the financial year ended Dec. 31,
2016.
The company is currently formulating a regularisation plan that
includes a scheme that would demonstrate the company's ability to
generate adequate cashflow from operations.
=====================
N E W Z E A L A N D
=====================
ABBEY INTERNATIONAL: Court to Hear Wind-Up Petition on Aug. 4
-------------------------------------------------------------
A petition to wind up the operations of Abbey International Pte Ltd
will be heard before the High Court of Singapore on Aug. 4, 2023,
at 10:00 a.m.
Kataman Metals LLC filed the petition against the company on July
13, 2023.
The Petitioner's solicitors are:
Messrs. Robert Wang & Woo LLP
9 Temasek Boulevard
#41-01 Suntec Tower 2
Singapore 038989
AESS LIMITED: Court to Hear Wind-Up Petition on Aug. 4
------------------------------------------------------
A petition to wind up the operations of Aess Limited will be heard
before the High Court at Auckland on Aug. 4, 2023, at 10:00 a.m.
Body Corporate 203344 filed the petition against the company on
June 16, 2023.
The Petitioner's solicitor is:
Christopher Patrick Browne
Boutique Body Corporates Ltd
Building B, Level 2
8 Nugent Street
Grafton
Auckland 1023
CHEW CONSTRUCTION: Court to Hear Wind-Up Petition on Aug. 11
------------------------------------------------------------
A petition to wind up the operations of Chew Construction &
Plumbing Pte Ltd will be heard before the High Court of Singapore
on Aug. 11, 2023, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on July 21,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
CROWNSTON LINE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on July 14, 2023, to
wind up the operations of Crownston Line Pte. Ltd.
Cars & Coffee Gem Pte Ltd filed the petition against the company.
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
FORESTLANDS NZ: Director Receives 4 Months' Community Detention
---------------------------------------------------------------
Amy Ridout at Stuff.co.nz reports that the director of a failed
group of forestry companies has been left "financially destitute";
and has borrowed money from his adult children to bankroll new
business ventures.
On July 20, founder and sole director of the failed Forestlands
group of companies Rowan Kearns was sentenced to four months'
community detention in Nelson District Court, Stuff relates. About
a dozen shareholders watched proceedings via an audiovisual link.
In January, Mr. Kearns pleaded guilty to a representative charge of
making a false statement under the Financial Reporting Act relating
to the non-disclosure of financial details when taking out a bank
loan, two representative charges of failing to deliver financial
statements, and a representative charge of failing to lodge
financial statements.
The Forestlands group invested in forests, raising money from "mum
and dad" investors.
However, forests owned by the group were not harvested before the
companies were put into liquidation in 2018 by the High Court in
Nelson at the request of the Financial Markets Authority Te Mana
Tātai Hokohoko (FMA), after investors protested to the regulator.
Instead, the forests were sold in 2015 without the knowledge of
investors who owned non-voting shares in the Forestland companies.
Stuff reported in 2019 that Mr. Kearns said he didn't tell
shareholders at the time because he feared that if the general
market found out he would never obtain the price he did for the
forests in Southland, Hawke's Bay and Wairarapa.
In court on July 20, Judge Jo Rielly questioned Mr. Kearns' lawyer,
Kyle Simonsen, and FMA Crown prosecutor Sam McMullan about the
companies' structure, and the ongoing liquidation process that had
no end in sight, leaving shareholders dangling.
"No one (investors) will get back what they thought they would from
their investment, but possibly they will receive something in the
future, it depends on how the liquidation is resolved," Stuff
quotes Mr. McMullan as saying.
Mr. Kearns' actions meant he failed "vulnerable" investors, many of
whom were approaching retirement, Mr. McMullan said.
According to Stuff, Judge Rielly referred to affidavits from Mr.
Kearns and his wife saying they were "financially destitute". "New
business ventures have been funded by their adult children by way
of a loan," she added.
Stuff relates that Judge Rielly said although the FMA's position
was that there was "no identifiable financial loss" for investors,
the lack of reporting, the discovery of the false statements, and
the uncertainty of their investment took a toll on shareholders.
Mr. Kearns was in a "position of trust", and the two victim impact
statements expressed "anger, frustration and betrayal" over what
shareholders perceived as "dishonesty and greed", Judge Rielly
said.
On the false statement charges, Judge Rielly sentenced Mr. Kearns
to four months' community detention, and 100 hours of community
work. On the other charges, he was convicted and discharged.
Stuff adds that Judge Rielly declined Mr. Kearns' bid for a
discharge without conviction, which he had applied for in part due
to a requirement to travel overseas for business.
About Forestlands
Forestlands claimed to have owned 1,934 hectares of forest land on
the east coast of the North Island and in the south-west of the
South Island.
After the Forestlands group ran into financial difficulty, a sale
process was commenced in mid-2015, but investors were not notified
or consulted.
Investors began to raise concerns about the lack of financial
information and rumors around the sale of the forestry assets and
the associated treatment of investor funds. In October 2016, the
forestry assets were sold for approximately NZD23.5 million and in
early 2017, at the direction of the FMA, NZD18 million was placed
in trust to secure the interests of investors.
In September 2018, the FMA successfully applied for the 18 numbered
Forestlands companies (which raised money from the public) to be
placed into liquidation after determining that insufficient
progress had been made towards completing the shareholder
distribution process. The liquidation process is ongoing and the
FMA has not sought costs.
Investor updates can be found on the liquidators' (Calibre
Partners) website.
Forestlands New Zealand Ltd was liquidated separately as it was not
a financial markets participant.
FOREVER BUILT: Court to Hear Wind-Up Petition on Aug. 7
-------------------------------------------------------
A petition to wind up the operations of Forever Built Homes Limited
will be heard before the High Court at Hamilton on Aug. 7, 2023, at
10:45 a.m.
The Commissioner of Inland Revenue, filed the petition against the
company on June 21, 2023.
The Petitioner's solicitor is:
C. D. Walmsley
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
ICART GROUP: Creditors' Meetings Set for Aug. 17
------------------------------------------------
Icart Group Pte Ltd will hold a meeting for its creditors on Aug.
17, 2023, at 3:00 p.m., via electronic means.
Agenda of the meeting includes:
a. to receive a statement of the Company’s affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to confirm the appointment of Luke Anthony Furler as
Liquidator appointed by the Shareholders of the Company;
c. to resolve that the Liquidator be at liberty to open,
maintain and operate any bank account or an account for
monies received by him as Liquidator of the Company, with
such bank as the Liquidator sees fit;
d. to appoint a Committee of Inspection of not more than 5
members, if thought fit;
e. should no Committee of Inspection be formed, fixing the
renumeration of the Liquidator based on his scale of fees;
f. should no Committee of Inspection be formed, resolving that
the books, accounts, and records of the Company and of the
Liquidator be destroyed one day after the dissolution of the
Company pursuant to Section 195(3) of the Insolvency,
Restructuring and Dissolution Act 2018;
g. should no Committee of Inspection be formed, approval of the
Liquidator’s powers pursuant to Sections 144(1)(b), (c),
(d), (e) and (f) of the Insolvency, Restructuring and
Dissolution Act 2018; and
h. any other business.
Luke Anthony Furler of Quantuma (Singapore) on July 18, 2023, was
appointed as provisional liquidator of Icart Group Pte Ltd.
OPUM TECHNOLOGIES: Placed in Receivership
-----------------------------------------
Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly
Staples Rodway Auckland on July 25, 2023 were appointed as
receivers and managers of Opum Technologies Limited.
The receivers and managers may be reached at:
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
STAR ENTERPRISE: Court to Hear Wind-Up Petition on Aug. 4
---------------------------------------------------------
A petition to wind up the operations of Star Enterprise Limited
will be heard before the High Court at Auckland on Aug. 4, 2023, at
10:45 a.m.
Fill Limited filed the petition against the company on June 21,
2023.
The Petitioner's solicitor is:
Prudence Mary Miller
Tom Evatt & Co Limited
Level 1, 151 High Street
Christchurch Central
Christchurch 8011
STREAMERS TYRES: Waterstone Insolvency Appointed as Receivers
-------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on July
18, 2023 were appointed as receivers and managers of Streamers
Tyres And Automotive Limited and Christopher William Streamer.
The receivers and managers may be reached at:
Waterstone Insolvency
16 Piermark Drive
Rosedale
Auckland 0632
=================
S I N G A P O R E
=================
MEGAMOON DEVELOPMENT: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Megamoon Development Pte Ltd, on July 18, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Ng Hoe Kiat Keith
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***