/raid1/www/Hosts/bankrupt/TCRAP_Public/230803.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, August 3, 2023, Vol. 26, No. 155
Headlines
A U S T R A L I A
EARTHMOVING LABOUR: First Creditors' Meeting Set for Aug. 8
G & P INVESTMENTS: First Creditors' Meeting Set for Aug. 7
MJK (BATHURST): Second Creditors' Meeting Set for Aug. 7
PANORAMA AUTO 2023-2P: Fitch Assigns 'B+(EXP)sf' Rating to F Notes
PERTH GLORY: A-League Club Placed Into Receivership
PHARMAUST LTD: Placed Wholly-Owned Unit Into Voluntary Liquidation
SOMMER PTY: First Creditors' Meeting Set for Aug. 8
STAR ENTERTAINMENT: Fined for Illegal Activity at QLD Casinos
WYLIE LEARNING: Second Creditors' Meeting Set for Aug. 7
[*] Moody's Ups Ratings on 71 Notes From Australian RMBS/ABS Deals
[*] White & Case Launches Insolvency Practice in Australia
H O N G K O N G
THEVELIA HOLDINGS: Fitch Hikes LT Foreign Currency IDR to 'B+'
VISTRA GROUP: S&P Withdraws 'B+' LongTerm Issuer Credit Rating
I N D I A
AAACORP EXIM: CARE Keeps D Debt Ratings in Not Cooperating
ANAGHA STEEL: Liquidation Process Case Summary
ARCHIT PLYWOOD: CARE Keeps B- Debt Rating in Not Cooperating
ARYA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
ASHA ENTRADE: CARE Keeps B- Debt Rating in Not Cooperating
AVEXA CORPORATION: CARE Lowers Rating on INR30cr Loan to D
BESTO MINING: ICRA Keeps B+ Debt Ratings in Not Cooperating
BHAGAWATI ESTATE WHSE: CARE Keeps B- Rating in Not Cooperating
BHAGAWATI ESTATE: CARE Keeps B- Debt Ratings in Not Cooperating
BONCON TRADE: CARE Keeps B- Debt Rating in Not Cooperating
COFFEE DAY: ICRA Keeps D Debt Rating in Not Cooperating Category
DERIV IT: Voluntary Liquidation Process Case Summary
DRN INFRASTRUCTURE: Ind-Ra Cuts LongTerm Issuer Rating to 'BB'
FRUGAL DEVELOPERS: Insolvency Resolution Process Case Summary
GANPAT RAI: CARE Keeps B- Debt Rating in Not Cooperating Category
HANSRAJ AGROFRESH: Liquidation Process Case Summary
HEMALI INVESTMENT: Ind-Ra Withdraws BB+ LT Issuer Rating
HI-TECH FROZEN: ICRA Keeps B Debt Ratings in Not Cooperating
IDEA BUILDERS: Insolvency Resolution Process Case Summary
INDESYS EQUIPMENTS: CARE Lowers Rating on INR4.50cr Loan to B-
INDIA: Admitted Corp. Insolvency Cases Up 41% in 2022-2023
JAK ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating
KAPCO ELECTRIC: CARE Keeps C Debt Ratings in Not Cooperating
KAYA KNITS: ICRA Keeps B Debt Ratings in Not Cooperating Category
KRISHNA NATURAL: ICRA Keeps B Debt Ratings in Not Cooperating
LANGTA BABA: CARE Keeps B+ Debt Rating in Not Cooperating
LUCKY STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
MAA KALI: CARE Keeps B- Debt Rating in Not Cooperating Category
MACIN REMEDIES: Insolvency Resolution Process Case Summary
MACRO INFRA: Insolvency Resolution Process Case Summary
MADHAV COTEX: CARE Keeps B Debt Rating in Not Cooperating
MADHUVAN TIEUP: Insolvency Resolution Process Case Summary
MILLENNIUM EDUCATION: Insolvency Resolution Process Case Summary
MOBILE ATHLETICS: Voluntary Liquidation Process Case Summary
MUMS MEGA: ICRA Keeps B Debt Rating in Not Cooperating Category
NASH FASHION: CARE Keeps B- Debt Ratings in Not Cooperating
PADMASHREE CHARITABLE: CARE Keeps B- Rating in Not Cooperating
PIVOTAL INFRASTRUCTURE: CARE Cuts Rating on INR22.35cr Loan to B+
REWA LEISURE: CARE Keeps D Debt Ratings in Not Cooperating
ROSHA ALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating
RSG EXPORTS: CARE Lowers Rating on INR31.94cr LT Loan to B
S.P. SORTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHAKTI POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating
SILOS HAMIRPUR: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
SPECTRA INDUSTRIES: Insolvency Resolution Process Case Summary
TATA UNISTORE: Ecommerce Platform Annual Loss Rises in FY2022-23
THESAURUS PROJECT: Liquidation Process Case Summary
TRANS-FAB POWER: Liquidation Process Case Summary
TRANSSTADIA TECHNOLOGIES: CARE Keeps C Rating in Not Cooperating
UTTARAYAN FOODS: CARE Keeps C Debt Rating in Not Cooperating
ZETA INDUSTRIAL: ICRA Keeps B- Debt Ratings in Not Cooperating
I N D O N E S I A
PAN BROTHERS: Fitch Affirms 'CCC-' LongTerm Issuer Default Rating
N E W Z E A L A N D
DYNAMIC DIGITAL: Creditors' Proofs of Debt Due on Aug. 26
GOOD SPIRITS: To Sell Bar Business for NZD20.7MM to Pay Down Debt
IMPERIAL PROPERTY: Court to Hear Wind-Up Petition on Aug. 11
NBL (NEW ZEALAND): Court to Hear Wind-Up Petition on Aug. 25
NEW ERA: Creditors' Proofs of Debt Due on Aug. 26
TORK ENGINEERING: Court to Hear Wind-Up Petition on Aug. 11
S I N G A P O R E
CALZEDONIA SINGAPORE: Creditors' Proofs of Debt Due on Aug. 28
NT RIG: Creditors' Meetings Set for August 8
SANGUINE HOLDINGS: Creditors' Proofs of Debt Due on
SWIMMING TEACHER: Court to Hear Wind-Up Petition on Aug. 18
TJ HOLDINGS: Commences Wind-Up Proceedings
V I E T N A M
MILITARY COMMERCIAL: Moody's Affirms Ba3 Deposit & Issuer Ratings
- - - - -
=================
A U S T R A L I A
=================
EARTHMOVING LABOUR: First Creditors' Meeting Set for Aug. 8
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Earthmoving
Labour Solutions Pty Ltd will be held on Aug. 8, 2023, at 10:00
a.m. via virtual meeting only.
Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of the company on July 27, 2023.
G & P INVESTMENTS: First Creditors' Meeting Set for Aug. 7
----------------------------------------------------------
A first meeting of the creditors in the proceedings of G & P
Investments (NSW) Pty Limited will be held on Aug. 7, 2023, at
11:00 a.m. at the offices of AL Restructuring at Level 29, Chifley
Tower, 2 Chifley Square in Sydney.
Andre Lakomy of AL Restructuring was appointed as administrator of
the company on July 26, 2023.
MJK (BATHURST): Second Creditors' Meeting Set for Aug. 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of MJK (Bathurst)
Pty Ltd has been set for Aug. 7, 2023 at 10:30 a.m. at the offices
of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney and via
virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 4, 2023 at 12:00 p.m.
Christopher John Palmer and Liam Bailey of O'Brien Palmer were
appointed as administrators of the company on July 3, 2023.
PANORAMA AUTO 2023-2P: Fitch Assigns 'B+(EXP)sf' Rating to F Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Panorama Auto Trust
2023-2P's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive lease and loan
receivables originated by Angle Auto Finance Pty Ltd (AAF). The
notes will be issued by Perpetual Corporate Trust Limited as
trustee for Panorama Auto Trust 2023-2P.
AAF was formed in June 2021 through a joint venture between
Cerberus Capital Management, L.P. (80%) and Deutsche Bank AG,
Sydney Branch (20%). In March 2022, AAF completed the acquisition
of Westpac Banking Corporation's (WBC, A+/Stable/F1) motor vehicle
dealer finance and novated leasing business.
The acquisition included front book origination relationships with
dealer groups and novated leasing introducers, as well as the
majority of the business's employees in the areas of sales and
distribution, credit, underwriting and risk. Origination processes,
underwriting policies and procedures, and collections processes are
consistent with those that were in place at WBC.
ENTITY/DEBT RATING
---------- ------
Panorama Auto Trust 2023-2P
A LT AAA(EXP)sf Expected Rating
B LT AA+(EXP)sf Expected Rating
C LT A+(EXP)sf Expected Rating
Commission LT AAA(EXP)sf Expected Rating
D LT BBB+(EXP)sf Expected Rating
E LT BB+(EXP)sf Expected Rating
F LT B+(EXP)sf Expected Rating
G1 LT NR(EXP)sf Expected Rating
G2 LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
The total collateral pool at the May 31, 2023 cut-off date was
AUD772.0 million and consisted of 19,721 receivables with a
weighted-average (WA) seasoning of 6.9 months, WA remaining
maturity of 50.6 months and an average contract balance of
AUD39,146.
KEY RATING DRIVERS
Stress Commensurate with Ratings: Fitch have assigned base-case
default expectations and 'AAAsf' default multiples for novated
leases, consumer loans and commercial loans, respectively, for each
sub-pool. Fitch base-case gross-loss expectations and 'AAAsf'
default multiples are as follows:
Novated: 1.00% (7.5x)
Consumer: 3.00% (5.5x)
Commercial: 2.75% (6.0x)
The recovery base case is 35.0%, with a 'AAAsf' recovery haircut of
50.0% across all sub-pools. The WA base-case default assumption was
2.0% and the 'AAAsf' default multiple was 6.1x.
Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite increasing
interest rates. GDP growth for the year to March 2023 was 2.3% and
unemployment was 3.5% in June 2023. Fitch expect GDP growth to slow
to 1.5% in 2023, with unemployment reaching 4.0%, reflecting high
inflation combined with a slowdown in consumer spending.
Limited Residual Value Exposure: Residual value (RV) losses of 0.2%
of the total portfolio balance are applied under the 'AAAsf'
scenario. Of the portfolio balance, 0.91% is linked to loans on
which borrowers have the option to deliver the vehicle to discharge
the final balloon instalment (ie RV). The WA residual value is
45.2% of the receivables, and accounts for 0.41 % of the pool
portfolio.
There is no historical performance of AAF sale proceeds, but the RV
loss has been calibrated assuming car sale proceeds of 80% of the
final balloon instalments in a base-case scenario and applied upper
haircuts to derive rating stresses. This reflects the nature of the
asset class, RV setting policy of AAF, the distribution of
scheduled maturities, manufactured diversification and the RV
performance history of other auto receivable transactions.
Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, and will amortise in line with an amortisation
schedule. Its repayment limits the availability of excess spread to
cover losses, as it ranks senior in the interest waterfall, above
the class B to F notes.
Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The class A to F notes
will receive principal repayments pro rata upon satisfaction of the
stepdown criteria. The percentage of credit enhancement provided by
the G1 and G2 notes will increase as the A to F notes amortise.
Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing. All notes have passed their relevant rating
stresses.
Low Operational and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
back-up servicing arrangements. The nominated back-up servicer is
Perpetual Corporate Trust. Fitch undertook an operational and found
that the operations of the originator and servicer were comparable
with those of other auto lenders.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions; these include increasing WA defaults and decreasing
the WA recovery rate.
Downside Sensitivities
Note: Commission / A / B / C / D / E / F
Expected Rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf /
B+sf
Rating Sensitivity to Increased Default Rates
Increase defaults by 10%: AAAsf / AA+sf / AAsf / Asf / BBBsf / BBsf
/ B+sf
Increase defaults by 25%: AA+sf / AA+sf / A+sf / A-sf / BBB-sf /
BB-sf / Bsf
Increase defaults by 50%: AAsf / AA-sf / Asf / BBBsf / BB+sf / B+sf
/ below Bsf
Rating Sensitivity to Reduced Recovery Rates
Recoveries decrease 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf
/ B+sf
Recoveries decrease 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ B+sf
Recoveries decrease 50%: AAAsf / AA+sf / AAsf / Asf / BBBsf / BBsf
/ Bsf
Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates
Defaults increase 10%/recoveries decrease 10%: AAAsf / AA+sf /
AA-sf / Asf / BBBsf / BBsf / Bsf
Defaults increase 25%/recoveries decrease 25%: AA+sf / AAsf / A+sf
/ BBB+sf / BB+sf / BB-sf / below Bsf
Defaults increase 50%/recoveries decrease 50%: AA-sf / A+sf / A-sf
/ BBB-sf / BBsf / Bsf /below Bsf
Reduce sale proceeds by 10%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf
/ BB+sf / B+sf
Reduce sale proceeds by 25%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf
/ BB+sf / B+sf
Reduce sale proceeds by 50%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf
/ BB+sf / B+sf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Economic conditions, loan performance and credit losses that are
better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.
Upgrade Sensitivities
The commission and class A notes are at the highest level on
Fitch's scale and cannot be upgraded.
Note: B / C / D / E / F
Expected Rating: AA+sf / A+sf / BBB+sf / BB+sf / B+sf
Reduce defaults by 10% and increase recoveries by 10%: AA+sf /
AA-sf / A-sf / BBB-sf / BB-sf
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information and concluded that there were no
findings that affected the rating analysis.
Overall, and together with any assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis,
according to its applicable rating methodologies, indicates that it
is adequately reliable.
ESG CONSIDERATIONS
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.
PERTH GLORY: A-League Club Placed Into Receivership
---------------------------------------------------
Reuters reports that Perth Glory have been placed into receivership
because of financial difficulties, ending businessman Tony Sage's
15-year sole ownership of the club, governing body Australian
Professional Leagues (APL) said on July 22.
According to Reuters, APL said advisory firm KordaMentha has been
appointed to oversee the transition of the club's license to new
owners, adding that it expected the process to be concluded "within
the next 10 weeks".
Mr. Sage has ceased his ownership of the club with immediate
effect, APL said.
Mr. Sage took a stake in the club as part of a consortium in 2007
before taking sole control two years later after buying out fellow
investor Brett McKeon. He began seeking new investment in the club
in 2018.
Reuters relates that the 63-year-old said he battled to keep Perth
afloat during the COVID-19 pandemic and the club's finances were
also hit by a forced relocation from the Perth Oval, which
underwent upgrades to stage Women's World Cup group stage games.
"My family has invested millions into the club to put competitive
men's, women's and youth teams on the pitch," Reuters quotes Mr.
Sage as saying.
"This investment was increased greatly and unsustainably by the
impact of COVID-19, which decimated the club's income streams, and
then further compounded by our forced relocation last season for 10
of 13 home games.
"The culmination of these events and the damage they caused has
made it all but impossible for us to continue financing the club
and led directly to the position we find ourselves in today."
Perth's men's team won the A-League Premiership in 2019 and reached
two Grand Finals, while the women's team secured the 2019
Premiership and competed in three Grand Finals, Reuters notes.
The clubs' former players include Matildas captain Sam Kerr and
ex-England and Liverpool striker Robbie Fowler.
PHARMAUST LTD: Placed Wholly-Owned Unit Into Voluntary Liquidation
------------------------------------------------------------------
@AuManufacturing reports that clinical-stage cancer therapeutics
company PharmAust has announced that it is putting wholly-owned
subsidiary Epichem, a contract research organisation, into
voluntary liquidation.
According to @AuManufacturing, ASX-listed PharmAust in a statement
on Aug. 1 explained that a big contributor to Epichem's success was
a long-standing research contract with the Drugs for Neglected
Diseases Initiative (DNDi.) This was not renewed past March this
year, and PharmAust had been covering Epichem's losses since then.
Bentley-based Epichem has won multiple Western Australian export
awards and according to one company profile has served customers in
35 countries.
David Hodgson and Andrew Hewitt of Grant Thornton Australia have
been appointed liquidators, following a review by eternal advisors
on whether to restructure, recapitalise or exit Epichem, the report
discloses.
@AuManufacturing says PharmAust explained that recent years had
seen a shift in the local pharmaceutical industry since COVID-19
towards overseas operation, largely due to the costs of running a
contract research organisation in Australia, with many CROs
electing "to shift or expand their manufacturing facilities,
research and development centres, and clinical trial operations" to
lower-cost nations.
"It follows that this shift has led to a decline in local
opportunities for contracts and a reduction in domestic employment
opportunities within the industry," it said.
"While Epichem has remained operational through these times, the
increasing overseas presence raises challenges in terms of securing
ongoing contracts when competing against overseas CRO's who can
operate at a lower cost.
"This can be seen through the loss of Epichem's longstanding
contract with DNDi. Funding for the research in this sector has
dried up in Australia with much of the work being awarded to
overseas CRO's who can produce similar work for a reduced cost."
According to its website, Epichem was founded in 2003, originally
operating out of Curtin University "to solve difficult synthetic
chemistry problems and to provide jobs for home grown PhD organic
chemists."
It added that decision was not expected to impact on PharmAust's
operations, and that the company would be able to focus all its
resources "on the clinical development of monepantel in human
diseases and the canine anti-cancer and licensing activities,"
@AuManufacturing relays.
PharmAust Limited, a clinical-stage company, develops targeted
cancer therapeutics for humans and animals. The company develops
drugs for the treatment of various cancers, and viral and
neurological diseases. Its lead candidate is Monepantel (MPL), a
small molecule drug for the treatment of cancer.
SOMMER PTY: First Creditors' Meeting Set for Aug. 8
---------------------------------------------------
A first meeting of the creditors in the proceedings of Sommer Pty
Ltd, Rusty Knife Pty Ltd, and Rusty Dolphin Pty Ltd will be held on
Aug. 8, 2023, at 11:00 a.m. via virtual meeting only.
Mervyn Kitay of Worrells was appointed as administrator of the
company on July 27, 2023.
STAR ENTERTAINMENT: Fined for Illegal Activity at QLD Casinos
-------------------------------------------------------------
ABC News reports that Star Entertainment has been fined AUD140,000
for offences including illegally helping patrons use credit cards
to gamble at its Brisbane and Gold Coast casinos.
The ABC says the embattled operator pleaded guilty to 11 charges in
the Brisbane Magistrates Court on Aug. 2.
Seven charges related to sections of Queensland's casino
legislation that prohibit the purchase of gambling chips with a
credit card.
A number of patrons were able to obtain chips on credit at
Brisbane's Treasury Casino and the Star Gold Coast, the court
heard.
The breaches occurred in 2017, 2018 and 2022, the report says.
The other four charges related to sending promotional material to
excluded patrons.
Star faced a maximum fine of more than AUD1 million after
self-reporting the offences.
According to the ABC, Magistrate Shane Elliott said there were
elements of human error in all the offences and that there were no
systemic problems at the casinos or "flagrant breaches" of
Queensland's Casino Control Act.
Apart from the fine, Star was also ordered to pay AUD3,250 in
costs.
No conviction was recorded, the report notes.
The latest financial penalty comes months after the operator was
hit harder in the pocket, the ABC states.
The NSW gaming regulator suspended Star's Sydney licence in October
2022, slapping a record AUD100 million fine on the company after an
inquiry found the casino had allowed money laundering to take place
inside private rooms and identified numerous compliance failures,
the ABC recounts.
A similar review in Queensland last December also fined Star AUD100
million, finding it unfit to hold the two casino licences in the
state after the company neglected anti-money laundering and
responsible gaming duties in the state.
The ABC adds that shareholders have separately launched a class
action against the group over its failure to disclose money
laundering links to organised crime.
A spokesperson for Star Entertainment said they took compliance
obligations very seriously.
"We are absolutely focused on improving and returning to
suitability in Queensland and NSW, with the goal of earning back
the trust of our regulators, governments, shareholders, team
members, guests and community," they said.
About The Star Entertainment
The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.
WYLIE LEARNING: Second Creditors' Meeting Set for Aug. 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of Wylie Learning
and Development Pty Ltd has been set for Aug. 7, 2023 at 10:30 a.m.
at the offices of BRI Ferrier WA at Level 1, Unit 3, 99-101 Francis
Street in Nothbridge and via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 6, 2023 at 4:00 p.m.
Shaun William Boyle and Giovanni Maurizio Carrello of BRI Ferrier
WA were appointed as administrators of the company on July 3,
2023.
[*] Moody's Ups Ratings on 71 Notes From Australian RMBS/ABS Deals
------------------------------------------------------------------
Moody's Investors Service, on July 28, 2023, announced that it has
upgraded its ratings on 71 notes ("Notes") issued by 21 Australian
RMBS and 4 Australian ABS transactions. The Notes upgraded include
10 notes issued by 4 prime RMBS transactions, 49 notes issued by 17
near-prime/non-conforming RMBS, and 12 notes issued by 4 ABS
transactions with "mixed pools".
A list of Affected Credit Ratings is available at
https://urlcurt.com/u?l=TG4bbr
The Issuers involved in the rating action are:
Liberty Series 2020-1
Liberty Series 2020-3
Liberty Series 2020-4
Liberty Series 2022-2
Liberty Series 2023-1
Liberty Series 2023-2
Liberty Series 2023-3
Liberty Series 2021-1 SME
Liberty Series 2022-1 SME
Liberty PRIME Series 2021-1
Liberty PRIME Series 2022-1
RedZed Trust Series 2020-2
RedZed Trust Series 2021-1
RedZed Trust Series 2021-2
RedZed Trust STC Series 2022-1
La Trobe Financial Capital Markets Trust 2022-1
La Trobe Financial Capital Markets Trust 2021-1
La Trobe Financial Capital Markets Trust 2021-2
RESIMAC Bastille Trust Series 2022-2NC
RESIMAC Bastille Trust in respect of the RESIMAC Series 2023-1NC
Sapphire XXII Series 2019-2 Trust
DBL Funding Trust No. 1 Salute Series 2021-1
Pepper NC Mortgage Revolver Trust No.1
Firstmac Mezzanine Pty Ltd
RATINGS RATIONALE
-- Principal Methodologies and Models Used
The rating actions result from the update to Moody's methodology
for rating Australian RMBS, the associated updates to the MILAN
Stressed Loss assumption for these transactions, as well as updates
to the cash flow modelling. The rating actions also incorporate
deleveraging and performance considerations.
Details of the MILAN Stressed Loss and Expected Loss assumptions
related to the actions can be found in the List of Affected Credit
Ratings associated with this press release. Moody's previously used
mean expected loss values for the calibration of the lognormal loss
distribution for the transactions. The Expected Loss assumptions
now refer to median values.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
[*] White & Case Launches Insolvency Practice in Australia
----------------------------------------------------------
Global law firm White & Case LLP has established its Global
Financial Restructuring and Insolvency (FRI) Practice in Australia
with the addition of Timothy Sackar and Jillian McAleese as
partners in Sydney.
"In today's ever shrinking world, large corporate and financial
restructuring projects cross multiple jurisdictional boundaries
more often than not," said White & Case partner Tom Lauria, head of
the Firm's Global Financial Restructuring and Insolvency Practice.
"As a recognized leader in the space, we have long been focused on
building global expertise and capacity, and we regularly advise
clients around the world in a wide variety of business and industry
sectors on all aspects of complex restructurings, workouts and
insolvencies. Turbulent markets are driving an increase in
corporate liability management and restructuring activities. The
addition of two new members to our restructuring team in Australia,
with strong expertise throughout the Pacific Rim, marks an
important next step in our continuing commitment to serve our
clients across the full spectrum of the distressed continuum."
White & Case partner Eugene Man, Regional Section Head,
Asia-Pacific Banking & Capital Markets, said: "We are launching our
FRI practice in Australia with two highly regarded lawyers with
stellar market reputations built on strong and successful practices
that have exciting synergies with our existing capabilities in
Asia-Pacific and globally. Timothy is a recognized restructuring
leader with a market leading practice who has advised on some of
the most significant matters in Australia and other key global
markets. Jillian is a talented senior lawyer and rising star of the
Australian restructuring market with a track record of advising on
some of the most important recent cross-border and domestic
restructurings."
Timothy's practice focuses on financial restructuring, distressed
investing and insolvency. He has been involved in numerous
significant matters in Australia, the wider Asia-Pacific region and
in the UK, advising debtors, financial creditors, sponsors,
bondholders and directors on all aspects of restructurings,
workouts and cross-border insolvencies. Timothy's extensive
experience includes advising on distressed investments and
restructuring strategies generally, voluntary and compulsory
insolvency regimes and the sale of non-performing loan portfolios.
He joins White & Case from Clayton Utz, where he was a partner,
national practice group leader for the restructuring & insolvency
group as well as leader of the alternate investments funds
practice. He brings 25 years of experience.
Jillian's practice focuses on financial restructuring and
insolvency. She has been involved in some of the most significant
cross-border and domestic restructuring deals in recent years,
advising both debtors and creditors on distressed investment and
debt trading, security analysis and contingency planning and debt
recovery. Her extensive experience includes formal insolvency
administrations and litigation and dispute resolution, and Jillian
also advises alternate capital providers on distressed investments
and other Australian investment opportunities. She also joins White
& Case from Clayton Utz, where she was special counsel, and brings
more than ten years of experience.
"The arrival of Timothy and Jillian represents another significant
broadening of our capabilities in Australia and a further
strengthening of our bench in Sydney, as White & Case continues to
invest in the Australian market," said Kate Perumal, White & Case
Office Executive Partner in Sydney. "It follows the recent launch
in Sydney of our Australian antitrust practice and our Australian
debt finance practice, as well as the expansion in Sydney of our
mergers and acquisitions capabilities in Australia."
White & Case partner Don Baker, a member of the Firm's global
Executive Committee, said: "White & Case continues to develop its
impressive presence in Australia, where our leading project
development and finance practice is complemented by sophisticated
corporate, disputes, antitrust and leveraged finance capabilities.
Adding a first class financial restructuring practice is an
important extension to our platform as we continue to expand the
services we provide to our clients in Australia and the wider
Asia-Pacific region."
=================
H O N G K O N G
=================
THEVELIA HOLDINGS: Fitch Hikes LT Foreign Currency IDR to 'B+'
--------------------------------------------------------------
Fitch Ratings has upgraded Thevelia Holdings Limited's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'B+' from 'B'. The
Outlook is Stable. Fitch has also upgraded the rating of its USD760
million senior first-lien secured term loan B (TLB) to 'BB-' with a
Recovery Rating of 'RR3' from 'B+'. All ratings have been removed
from Rating Watch Positive.
Fitch has assigned a final rating of 'BB-' with a Recovery Rating
of 'RR3' to the USD600 million and EUR816 million senior first-lien
secured TLB issued by Thevelia (US) LLC and Thevelia Finance,
S.a.r.l., respectively. Both companies are wholly owned by
Thevelia. The assignment of the final ratings follows the
completion of the incremental TLB issuance and the acquisition of
corporate, trust and outsourcing services provider Vistra, in line
with Fitch's expectations. The final ratings are the same as the
expected ratings assigned on March 16, 2023.
The upgrade reflects the stronger post-acquisition credit profile,
with an enhanced platform of service offerings, recurring revenue
from a diverse customer base, and high profitability. The ratings
are constrained by high leverage following the transaction but
Fitch expects strong cash flow generation to support deleveraging.
KEY RATING DRIVERS
Enhanced Post-Acquisition Market Position: Fitch expect Thevelia to
fortify its market position after its acquisition of Vistra in July
2023, whose operation it intends to merge with Tricor Group. This
will create a market-leading platform with enlarged geographical
and service coverage, expanding beyond Tricor's specialisation in
Asia. The wider multi-jurisdictional platform of complementary
service offerings should solidify Thevelia's one-stop shop value
proposition amid the fragmented fund and corporate services
market.
Deleveraging Capacity: The immediate post-transaction leverage is
likely to be high, but Fitch expect cost synergies to boost EBITDA
and result in lower leverage. Pro forma 2023 EBITDA net leverage,
assuming a full-year contribution from Vistra, may reach around
7.0x, but should fall towards 5.5x in 2024. Fitch believe this is
appropriate for a 'B+' rating, considering the improved
post-acquisition business profile.
Fitch expect the USD1.7 billion in proceeds from the newly issued
TLBs to partially fund the Vistra acquisition and repay Vistra's
existing TLB balance of USD1.0 billion. As such, Fitch estimate
post-transaction debt of USD2.7 billion, with USD350 million in
revolving credit facilities (RCFs) and a beginning balance of
USD250 million in readily available cash.
Cash-Generative Business Model: Fitch believe the asset-light
nature of the post-merger entity's operations should allow for high
cash conversion. Fitch forecast free cash flow (FCF) margin of
7%-16% for 2023-2025 is higher than that of many Fitch-rated
business services peers. This should ensure Thevelia is
well-capitalised, help buffer against any further interest-rate
rises, offer flexibility for debt repayment, and fund smaller
bolt-on acquisitions. However, this could be negated by significant
changes in the capital structure, such as debt-funded M&A or
shareholder distributions.
High Profitability: Fitch believe the post-merger operations will
achieve an EBITDA margin of 35%-40%. Each company's advantages,
including global service centres and automation, can be mutually
beneficial for the operating margin upon roll-out and reduction in
overlapping functions. Slower implementation or higher integration
costs could lead to a lower EBITDA than Fitch estimate, but Fitch
think such risks are mitigated by Tricor and Vistra being managed
by the same sponsor.
Stronger Organic Growth: Fitch believe there is high visibility for
organic growth following the merger. Fitch expect Tricor's and
Vistra's wider platform of complementary services and expanded
customer base to create immediate cross-selling opportunities and
expansion under the common sponsor. The current challenging
economic environment could cause uncertainty in business activity,
but Fitch expect the company to generate at least modest growth
with its diversified service offerings and strong customer
relationships.
Resilient and Visible Revenue: Tricor and Vistra both benefit from
defensive business models with resilient demand through economic
cycles, supported by a consistent customer base and a high
proportion of recurring services. The combined operation will serve
over 50,000 customers with low attrition, and will be spread across
a range of industries, with over 90% of revenue being recurring or
re-occurring.
DERIVATION SUMMARY
Fitch compares Thevelia with relevant peers in the business
services sector. Apex Structured Intermediate Holdings Limited
(B/Stable) is a global provider of services to alternative
investment management and corporate sectors, but Fitch think
Thevelia's greater EBITDA scale after combining Vistra and more
favourable post-acquisition deleveraging trajectory justify the
high post-acquisition rating differential. Apex's leverage is also
higher following several partly debt-funded acquisitions.
Intermediate Dutch Holdings B.V. (NielsenIQ, B+/Stable) will
potentially have a stronger combined company with Germany's GfK SE
to create a market leader in the retail measurement sector. Pro
forma leverage should remain modest for the rating, despite
increased debt for the merger, and be lower than Thevelia's
following its Vistra acquisition. However, Thevelia's higher
profitability and integration execution should accelerate its
deleveraging path.
US-based EmployBridge Holding Co (B+/Stable) has a weaker business
profile than Thevelia, with concentrated production, a lack of
contracted sales and end-market cyclicality. However,
EmployBridge's lower leverage justifies a similar rating to
Thevelia after combining Vistra.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Pro Forma
Post-Merger Entity
-- Annual revenue growth of 6%-7% in 2023-2026
-- EBITDA margin of 35%-43% in 2023-2026, excluding one-off costs
related to acquisition integration
-- Capital intensity of 3%-4% in 2023-2026
-- Restricted cash of USD50 million as a buffer against
integration cost overruns and benchmark-rate volatility
-- Bolt-on acquisition spending of USD30 million annually from
2025
-- Repayment of Vistra's prior debt upon completion of the merger
in 2023
-- No restricted payment dividend upstreaming to sponsor
-- 1% loan amortisation of the existing TLB and incremental
first-lien TLB denominated in US dollars and Hong Kong dollars
annually
Key Recovery Rating Assumptions
-- Thevelia (after combining Tricor and Vistra) would be
reorganised as a going-concern in bankruptcy rather than
liquidated, given its asset-light business model.
-- Fitch estimate a post-restructuring pro forma going-concern
EBITDA of around USD282 million. In this scenario, stress on EBITDA
could result from a weakened standalone operation for Tricor and
Vistra amid intense competition and issues of customer attrition.
-- An enterprise value multiple of 6.0x is applied to the
going-concern EBITDA to calculate a post-reorganisation enterprise
value. The multiple is in line with that of similar peers. This
reflects Thevelia's enlarged market position following the merger,
high revenue visibility combined with geographic and customer
diversification, and a strong cash-generative business.
-- Fitch deducted 10% of administrative claims from the enterprise
value to account for bankruptcy and associated costs.
-- The total amount of first-lien secured debt for claims includes
USD2.4 billion in equivalent senior secured first-lien TLBs and an
equally ranking USD350 million RCF that Fitch assume to be fully
drawn. This results in the senior secured first-lien debt
instrument rating of 'BB-' with a Recovery Rating 'RR3', one notch
above the IDR of 'B+'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- EBITDA net leverage sustained below 4.5x;
-- Significant increase in market scale and share without further
deterioration in the operating model.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Failure to integrate and extract synergies or operational
deterioration leading to sustained weaker EBITDA margin and FCF
generation;
-- Substantial debt-funded acquisitions or restricted payments,
including dividends, preventing deleveraging;
-- EBITDA net leverage sustained above 5.5x;
-- EBITDA interest coverage sustained below 2x.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: After the merger completion, Fitch expect the
combined cash flow from Tricor and Vistra to be used to fund
Thevelia's interest payments on the existing and newly issued TLBs.
Fitch expect a minimum post-merger cash balance of USD250 million,
sufficient to buffer operational needs. In addition, USD220 million
has been added to the RCF following the acquisition compared with
USD130 million for Tricor alone, resulting in a total of USD350
million.
ISSUER PROFILE
Thevelia is an investment vehicle set up by BPEA EQT to acquire and
hold Tricor and Vistra. Tricor is a business expansion specialist
with operations across Asia. It provides business, corporate,
investor and other services to corporate customers. Vistra is a
leading provider of corporate, trust and outsourcing services in 46
jurisdictions.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch restricts USD50 million in cash as unavailable
post-acquisition to account for an additional buffer against higher
benchmark rates, cost overruns to realise synergies as well as
working-capital outflow.
ESG CONSIDERATIONS
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.
VISTRA GROUP: S&P Withdraws 'B+' LongTerm Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit rating
on Vistra Group Holdings (BVI) I Ltd. at the company's request. The
outlook was stable at the time of the withdrawal.
Vistra provides integrated services in international incorporation,
trust, fiduciary, and fund administration globally. Thevelia
Holdings Ltd. completed its acquisition of the company in July
2023.
Thevelia has also raised new debt to fully repay Vistra's debt that
consists of a revolver credit facility and first-lien term loan.
=========
I N D I A
=========
AAACORP EXIM: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of AAACorp
Exim India Private Limited (AEIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 19.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 5, 2022,
placed the rating(s) of AEIPL under the 'issuer non-cooperating'
category as AEIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AEIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 21, 2023, May 31, 2023, June 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
AAACorp Exim India Pvt Ltd (formerly known as Aishwarya Plast
Exports Private Limited) is a private limited company incorporated
with the main objective of undertaking manufacturing activity of
plastic bags, refuse bags, bags on rolls and reprocessed granules
(using primary waste & secondary waste) at Vadodara, Gujarat and
Kalamgaon, Thane.
ANAGHA STEEL: Liquidation Process Case Summary
----------------------------------------------
Debtor: Anagha Steel Marketing Limited
141/1, Malasawa, Burujpada, Vikramgad Thane
Thane MH-401605 India
Liquidation Commencement Date: July 28, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Surendranath Karat Thazhethethil Nair
Flat No 504, Udyan Building-3,
B Wing, Udyan Complex,
Andheri (East) Mumbai, 400072
Email: surendranathnair@gmail.com
Stellar Insolvency Insolvency Professionals LLP,
Suite No. 5, 8th Floor, 207, Embassy Centre
Jamnalal Bajaj Marg, Nairman Point,
Mumbai, Maharashtra 400021
Email: cirpnagha@gmail.com
Tel No: 02235119215/9216
Last date for
submission of claims: July 28, 2023
ARCHIT PLYWOOD: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Archit
Plywood Private Limited (APPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.25 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 1, 2022,
placed the rating(s) of APPL under the 'issuer non-cooperating'
category as APPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. APPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 17, 2023, May 27, 2023, June 6, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based Archit Plywood Private Limited (APPL) was incorporated
in 2011 by Mr. Sushil Kumar and Mrs. Suchitra Goel. APPL is engaged
in manufacturing of wood and wood products mainly plywood using
timber mainly procured from traders located domestically. Also, the
company imports timber and teak mainly from Singapore. The company
sells its products to wholesalers and retailers located on pan
India basis.
ARYA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arya
Educational and Cultural Society (AECS) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 14, 2022,
placed the rating(s) of AECS under the 'issuer non-cooperating'
category as AECS had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AECS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 30, 2023, June 9, 2023, June 19, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the bas is of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Arya Educational and Cultural Society (AECS) was registered in
April 2015 under the Societies Registration Act, 1860 for
establishing and operating educational institute in Purnia, Bihar
with an objective to provide education services. AECS is setting up
a school from pre-nursery up to VII standard and has applied for a
franchisee with 'Delhi Public School Society, Delhi' (DPS)wherein
the society will manage the school in accordance with the
guidelines (relating to fees, infrastructure, teacher student
ratio, faculty etc.) issued by DPS and the day-to-day management of
the school will be looked after by the society. The school will be
affiliated to Central Board of Secondary Education (CBSE) and would
commence its first academic session (2019- 20) up to Class VII with
effect from Apr. 2019 and expansion up to standard XII will take
place in the subsequent years. The initial intake capacity will be
950 students and it will gradually increase in line with extension
of the higher classes.
ASHA ENTRADE: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Asha
Entrade Private Limited (AEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.86 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 6, 2022,
placed the rating(s) of AEPL under the 'issuer non-cooperating'
category as AEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 22, 2023, June 1, 2023, June 11, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1996 by Mr. Suresh Jain and Mr. Rajesh Kumar Surana,
Asha Entrade Private Limited (AEPL) is engaged into development of
residential and commercial projects in Mumbai, Thane and Navi
Mumbai.
AVEXA CORPORATION: CARE Lowers Rating on INR30cr Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Avexa Corporation Private Limited (ACPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.00 CARE D; ISSUER NOT COOPERATING
Facilities Revised from CARE BB; Negative
and moved to ISSUER NOT
COOPERATING category
Long Term/ 120.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Revised from
Bank Facilities CARE BB; Negative/CARE A4
and moved to ISSUER NOT
COOPERATING category
Rationale and key rating drivers
Avexa Corporation Private Limited (ACPL) has not paid the
surveillance fees for the rating exercise agreed to in its Rating
Agreement. Further, CARE has taken cognizance of delays in
repayment of GECL loans and irregularities observed in working
capital facilities.
In line with the extant SEBI guidelines, CARE Ratings Ltd.'s rating
on ACPL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING/CARE D'; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
The revision in the ratings assigned to the bank facilities of
Avexa Corporation Private Limited (ACPL) is on account of stretched
liquidity position owing to delay in recoveries of dues leading to
overdrawals in fund based working capital limit which are being
regularised within a month and delays observed in repayment of GECL
loans .
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers:
Key weaknesses
* Delay in debt servicing and instances of overdrawals: ACPL has
been irregular in repayment of debt obligation and instances of
overdrawals were observed in CC account and delays in payment of
GECL loans. Irregularities are due to an unbridged working capital
gap which has impacted the liquidity profile along with H1FY23
accruals being lower, the liquidity position of the company
stretched further. Lower working capital availability has resulted
in high reliance on existing limits with instances of overdrawing.
* Withdrawal of unsecured loans in FY22: During 7MFY22, promoters
had infused additional unsecured loans of about INR22.00 crore to
support the liquidity position and to meet the working capital
requirements of ACPL. However, during the same year, these
unsecured loans to the same extent have been withdrawn. The
unsecured loans have been repaid with receipt of bills in last
quarter of FY22.
* Deterioration in financial performance during FY22 albeit
improved margins: The total operating income of the company
witnessed decline by 10.36% from INR101.70 crore in FY21 to
INR91.16 crore in FY22. The similar trend can be seen in previous
years as well which was mainly due to cancellation of majority of
orders post change in government of Andhra Pradesh during May
2019-20 and few slow-moving orders in Karnataka pertaining to
OFCONS. The PBILDT and PAT margins improved from 15.91% and 2.44%
in FY21 to 19.27% and 3.23% in FY22. Increase in operating margin
is due to booking of revenue in FY22 for the projects where the
execution was finished in previous years i.e. in FY20 and FY21.
During H1FY23, ACPL has achieved revenue of INR44.46 crore with
PBILDT margin of 9.87% and GCA of INR1.54 (P.Y. INR5.35 crore).
ACPLs execution of works on hand in H2FY23 is expected to be on a
higher side which is in general seen in al l construction
companies. Further, few bills are also expected to be realised in
Q4FY23 which is likely to result in better financial performance in
H2 when compared to H1.
* Volatile input costs and reliance on sub-contracting: Concrete,
steel and cement are the major inputs for any construction entity,
the prices of which are volatile. Most of the projects in the order
book are awarded based on price adjusted bid, thereby giving
protection in cost escalation. To execute the orders within the
envisaged time lines and costs, the company sub-contracts 50% of
the works and balance 50% using its own resources. Due to change in
order book and reduced level of revenue for FY21 and FY22, the
dependence of subcontracting was skewed, however, in H1FY23 the
same has de creased and is further expected to stabilize at similar
levels for full year FY23 thereby enabling the company to achieve
operating profit margins in the range bound 11%-12%.
* Elongated working capital cycle: Working capital cycle of ACPL
has remained stretched due to large debtors, retention money and
slow movement of large sized projects. ACPLs reliance on working
capital borrowings increased considerably due to stretched
operating cycle leading to instances of overdraws. The same are
however being regularised within 30 days. Going forward, timely
realization of debtors is critical from credit perspective.
* Geographic and segmental concentration of the order book: Order
book has been diversified across various segments Railways
(24.61%), Irrigation (9.93%), Building (42.16%), Roads (21.68%) and
Drinking water (1.62%), which is INR941.40 crore as on January
31,2023. Work orders are spread across Chhattisgarh (21.62%), Tamil
Nadu (17.28%), Andhra Pradesh (51.56%), Uttar Pradesh (3.38),
Telangana (6.09%) and balance at Jharkhand (0.07%).
* Fragmented nature of construction sector with tender-based nature
of operations and execution challenges: The infrastructure sector
in India is highly fragmented and competitive with many small and
mid-sized players. This coupled with tendering process in order
procurement results in intense competition within the industry,
fluctuating revenues and restrictions in profitability.
Additionally, continued increase in execution challenges including
delays in land acquisition, regulatory clearances, aggressive
bidding, interest rate risk and delays in project due to
environmental clearance are other external factors that affect the
credit profile of industry players. All these are tender- based and
the revenues are dependent on the ability of the company to bid
successfully for these tenders. Profitability margins come under
pressure because of competitive nature of the industry. However,
the promoter's long industry experience of nearly five decades
mitigates this risk to some extent.
Key strengths
* Experienced promoter and long track record of operations in civil
construction industry: ACPL started operations in 1998 as a small
sized construction company at Hyderabad in the state of erstwhile
United Andhra Pradesh with major focus on construction of tunnels
for dams in Uttaranchal. The company later diversified into public
health projec ts, works related to mining, construction of roads
and rail over bridge. Furthermore, the company has also diversified
geographically over the years. Mr. Jogeswara Rao, (Director) is a
graduate in Automobile Engineering, has almost a decade of
experience i n execution of various infrastructure projects. He is
ably supported by experienced professionals from the construction
sector. Furthermore, the promoters have supported operations as &
when required through infusion of funds. As on September 30, 2022,
the promoters have infused INR10.67 crore by way of interest
free-unsecured loans (Rs 10.37 crore as on March 31, 2022).
* Satisfactory order book, however, presence of slow-moving orders:
Satisfactory active order book of INR776.70 crore and non-moving
orders of INR164.40 crore, which stands at INR941.10 crore as on
January 31, 2023, thereby providing medium term revenue visibility.
Active order book to sales provides visibility of 11.74x. Company
has added about INR121.50 crore of work orders during 9MFY23 and
all are funded by central government institutions. About 93% of the
total active order book of INR776.70 crore are funded by central
government institutions and multilateral agencies and balance 7% is
from state government (Govt. of Andhra Pradesh and Govt. of Tamil
Nadu). Company has closed certain orders from previous years
nonmoving orders of INR266.69 crore which pertains to Project with
OFCONS in Karnataka bringing the total slow-moving orders for
current year down to INR164.40 crore. As on Sept 30, 2022, the
company has mobilization advance liability of INR23.83 crore and
security deposit of INR7.45 crore.
* Moderate capital structure: The debt profile of the company
attributes to unsecured loan, covid -19 relief loan, mobilization
advance & working capital limits. Overall gearing continues to
remain below unity for the last 3 years with 0.54x as on March 31,
2022.The debt coverage indicators, PBILDT-interest coverage remains
comfortable at 1.46x in FY22. Further, total debt to
GCA despite improvement remain high at 14.38x in FY22 due to
moderate cash accruals albeit decline in scale of operations.
* Stable Industry outlook: The construction industry contributes
around 8% to India's Gross domestic product (GDP). Growth in
infrastructure is critical for the development of the economy and
hence, the construction sector assumes an important role.
Enforcement of nationwide lockdown against the spread of Covid -19
pandemic has adversely impacted the financial and liquidity profile
of players in the industry. Government of India has undertaken
several steps for boosting the infrastructure development and
revives the investment cycle. The same is expected to gradually
result in increased order inflow and movement of passive orders in
existing order book. The focus of the government on infrastructure
development is expected to translate into huge business potential
for the construction industry in the long run. Massive outlay of
USD1.97 trillion under The National Infrastructure Pipeline (NIP)
and large budgetary allocation corroborate the same. Union budget
2021 allocates capital outlay of INR5.5 trillion includes
allocation of INR1.2 trillion to Roads, Rs, 1.1 trillion to
Railway, 0.69 trillion to Marine, 0.37 trillion to urban
infrastructure. The same is expected to gradually result in
increased order inflow and movement of passive orders in existing
order book. The construction sector is likely to grow at 10.7
percent in FY22 in a rebound from a contraction of 8.6 percent last
year, according to the Ministry of Statistics and Programme
Implementation.
Liquidity: Stretched
Stretched Liquidity of the company is stretched with low GCA level
reported in FY22 and H1FY23. GCA stood at INR5.35 crore in FY22 as
against fixed repayment obligations in FY23. However, with delay in
realisation of bills for work executed and high inventory levels,
the reliance on working capital borrowings to fund the operations
increased leading to overdraws in CC account. The free cash balance
as on March 31,2022 stood at INR0.49 crore. This apart, the company
had given advances to suppliers & sub-contractors towards
works-in-hand during the period FY17-FY19 that continues to remain
struck, which stood at INR52.94 crore as on March 31,2022. During
FY22, company had realized INR10 crore and as on September 30,
2022, INR3.50 crore.
Avexa Corporation Private Limited (ACPL, erstwhile Siva Swathi
Constructions Private Limited) was started in 1998 as partnership
concern. Later in 2005, the firm was converted into a private
limited company. The company's name was changed to the current
nomenclature in June 2017. ACPL gradually expanded its scope of
activities to irrigation works which includes construction of
barrages on rivers, building up of canals, water and sewage
treatment plants, coal and manganese ore mining, roads, and
construction of Road over Bridges (ROB) etc. ACPL executes projects
as a principal contractor as well as a sub - contractor and in
joint venture. ACPL has prequalification criteria to bid work
orders of INR200 crore in railways, INR100 crore in roads and
INR300 crore through Joint Ventures.
BESTO MINING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-term ratings of Besto Mining India
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- 13.53 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.07 [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.
Besto Mining (India) Private Ltd. (BMPL) was incorporated as
private concern by Mr. Manoj Shetty, Mr. Roy Kurian, Mr. Alex PJ
and Mr. Vincent Joseph in 2014. The company produces M
(Manufactured) Sand & Aggregate from its 5 stage 300 tonnes per day
(tpd) plant located at Yalganhalli village in Chikballapur district
(Bangalore).
BHAGAWATI ESTATE WHSE: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhagawati
Estate Warehouse (Ashoknagar) (BEW) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.27 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.10 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 7, 2022,
placed the rating(s) of BEW under the 'issuer non-cooperating'
category as BEW had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BEW continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 23, 2023, June 2, 2023, June 12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bhagawati Estate Warehouse (Ashoknagar) (BEW) was formed as a
proprietorship firm in May 2011 by M r. Vikram Singh to undertake
the business of warehousing and trading of agro-commodities like
potatoes and wheat. The firm has two warehouses having an aggregate
storage capacity of 10,000 Metric Tonnes (MT) at Ashok Nagar in
Gwalior district of Madhya Pradesh. BEW(A) commenced its operation
from December 2012.
BHAGAWATI ESTATE: CARE Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhagawati
Estate Warehouse (Kolaras) (BEW) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.77 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 4.00 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.45 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 7, 2022,
placed the rating(s) of BEW under the 'issuer non-cooperating'
category as BEW had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Ra ting Agreement. BEW continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 23, 2023, June 2, 2023, June 12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bhagawati Estate Warehouse (Kolaras) (BEW) was formed as a
proprietorship firm in January 2009 by Mrs. Lata Singh to undertake
business of warehousing and trading of agro-commodities like
potatoes, wheat, pea, chickpea and lentil. BEW has two associate
concerns namely Bhagawati Development Services Private Limited and
Bhagawati Cools Private Limited which are engaged in similar line
of business and also have distributorship of Indo Farm tractors and
Mahindra and Mahindra (M&M) tractors respectively in Madhya
Pradesh.
BONCON TRADE: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Boncon
Trade Private Limited (BTPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 21, 2022,
placed the rating(s) of BTPL under the 'issuer non-cooperating'
category as BTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 7, 2023, May 17, 2023, May 27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in the year 2013, BTPL is a part of Calyx Group based
out of Pune, Maharashtra and is currently engaged in wholesale
trading of mobile handsets for Lenovo, Gionee and Samsung (no
contract). The company is registered with Amazon India, Flipkart
and Snapdeal for online selling.
COFFEE DAY: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the Long-term rating of Coffee Day Enterprises
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 315.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan '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.
Coffee Day Enterprises Limited is the holding company for Coffee
Day group, promoted by Mr. V G Siddhartha. The key companies of the
group are – Coffee Day Global Limited (coffee business), Sical
Logistics Limited (integrated logistics), Tanglin Development
Limited (real estate), Way2Wealth (financial services) and Coffee
Day Hotels and Resorts Limited (Hospitality).
DERIV IT: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: Deriv It Solutions Private Limited (DSPL)
Office No#88. Borewelt Road,
Opposite Whitefield Post Office
Whitefiled, Bangalore 560066 KA
Liquidation Commencement Date: July 3, 2023
Court: National Company Law Tribunal, Bangalore Bench
Liquidator: Raghunathan Krishnasany
90'180 Second Main Karyanna Palya
Bangalore - 560084 KA
Office Address:
Raghu Associates
S-212, Second Floor South Block,
Manipal Centre, Dickerison Road,
Bangalore 560 042
Mobile: 95350-66902
Email: cmaraghu@gmail.com
Last date for
submission of claims: August 1, 2023
DRN INFRASTRUCTURE: Ind-Ra Cuts LongTerm Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded DRN
Infrastructure Private Limited's (DRN Infra) Long-Term Issuer
Rating to 'IND BB' and placed it on Rating Watch with Negative
Implications.
The instrument-wise rating actions are:
-- INR0.75 mil. Proposed non-fund-based limits assigned; Placed
on Rating Watch with Negative Implications with IND BB/Rating
Watch with Negative Implications/IND A4+/Rating Watch with
Negative Implications rating;
-- INR1.50 mil. Fund-based limits downgraded; Placed on Rating
Watch with Negative Implications with IND BB/Rating Watch
with Negative Implications/IND A4+/Rating Watch with Negative
Implications rating; and
-- INR4.75 mil. (reduced from INR5.50 mil.) Non-fund-based limits
downgraded; Placed on Rating Watch with Negative Implications
with IND BB/Rating Watch with Negative Implications/IND
A4+/Rating Watch with Negative Implications.
The downgrade reflects a decline in DRN Infra's operating
performance in FY23, along with its continued high leverage. The
slow progress in the hybrid annuity model (HAM) projects and
limited funding from the lenders have further tightened its
liquidity position.
Ind-Ra has placed the ratings on Rating Watch with Negative
Implications, owing to its poor liquidity position and high
leverage.
Key Rating Drivers
Decline in Revenue and EBITDA in FY23: As per FY23 provisional
financials, DRN Infra's revenue declined to INR6.3 billion (FY22:
INR10.2 billion), owing to slower execution of its ongoing
projects, particularly its self-HAM projects and Versova sewage
treatment plant (STP) project, which is in preliminary stages. The
EBITDA margins improved to 16.4% in FY23 (FY22: 12.1%); however,
its overall EBITDA declined to INR1.0 billion (INR 1.2 billion),
due to its lower operating revenue.
Deterioration in Credit Metrics: DRN Infra's outstanding external
debt slightly reduced to INR4.2 billion in FY23 (FY22: INR4.5
billion); however, the company further raised debt from its group
company, particularly DRN Hospitality Private Limited, with group
debt outstanding of INR1.3 billion at FYE23 (FYE22: INR0.2
billion). The net leverage (net debt/EBITDA) increased to 5.1x in
FY23 (FY22: 3.4x) and the net leverage (external debt) remained
high at 3.88x (3.2x). The gross interest coverage (EBITDA/gross
interest) declined to 1.2x in FY23 (FY22: 2.1x).
Liquidity Indicator – Poor: DRN Infra had free cash and cash
equivalents of around INR0.21 billion at FYE23 (FYE22: 0.33
billion) while the company has debt repayment obligations of
INR0.54 billion for FY24. The average monthly utilization of
fund-based working capital limits was 99.2% during the 12-months
ended March 2023. Furthermore, the company availed overdraft
facilities from banks worth INR1.45 billion, of which INR0.55
billion has a tenor of six months. As per the management, the
tenure was extended in the past and it expects a further extension.
The management also expects to receive a mobilization advance of
around INR0.70 billion from Hassan-Adilhalli engineering,
procurement and construction (EPC)-project over the next
six-to-nine months which may provide some liquidity support. The
company stated that it is in the process of signing a share
purchase agreement with a potential investor for the divestment of
its stake in Yashodhan Highways Private Limited (YHPL, 'IND
BBB-'/Stable) upon the project completion. The management expects
to receive about INR1.6 billion from this transaction after the
completion of the project construction.
Sizeable, albeit Concentrated Order Book: As of March 31, 2023,
the company had a total orderbook of INR34,982 million, comprising
47% of Versova STP, 21% of self-HAM projects (developer mode), 20%
of National Highways Authority of India's ('IND AAA'/Stable) Hassan
Adilhalli (Karnataka) EPC project, and Veerabhadreshwara lift
irrigation scheme (6.9%). Except Hassan-Adilhalli EPC project,
which has been recently awarded, the majority of its projects are
progressing slowly, partially due to delays in land acquisition,
work-front unavailability as well as financial crunch at the sites,
leading to manpower and material shortage.
HAM Project Progress and Debt Tie-up: The company had infused
INR1,724 million (including entire sponsor contribution of INR1,620
million) towards its HAM projects YHPL and the project lender has
also disbursed INR690 million. In the case of Karnataka State
Highways Improvement Project HAM - KN Highways Development Private
Limited ('IND BB+'/Stable), the company has received fresh sanction
of a medium-term high-cost debt sanction of INR2 billion for
funding the project debt (its existing lender is proposed to be
replaced), including a certain condition precedent regarding the
monetization arrangement of YHPL. The receipt of such funds is
likely to shore up liquidity.
Rating Sensitivities
The Rating Watch with Negative Implications indicates that the
ratings may be either downgraded or affirmed upon resolution. The
Rating Watch will be resolved upon clarity in the progress of HAM
projects and an improvement in its liquidity position within the
next six months.
Company Profile
DRN Infra (formerly R.N. Nayak & Sons), an EPC, was founded in 1983
as a partnership firm. It was converted into a private limited
company in April 2019. It has a corporate office in Hubli and
branches in Mumbai, Nagpur and Bengaluru. DRN Infra undertakes
civil engineering projects for state governments and mainly
operates in Karnataka and Telangana.
FRUGAL DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Frugal Developers Private Limited
Chander Mal Complex, Plot No-9,
Office No. 9, First Floor, Dharamvir Market,
Badarpur, New Delhi - 110044
Insolvency Commencement Date: July 3, 2023
Estimated date of closure of
insolvency resolution process: December 30, 2023
Court: National Company Law Tribunal, New Delhi Bench-II
Insolvency
Professional: Anil Kumar Singhal
A2/10, DLF, Sector 11,
Faridabad – 121001, Haryana
Email: anilsinghalca@gmail.com
Email: ip.frugaldevelopers@gmail.com
Last date for
submission of claims: July 17, 2023
GANPAT RAI: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ganpat Rai
Kewal Ram Trading Co. Private Limited (GRKRTCPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 8, 2022,
placed the rating(s) of GRKRTCPL under the 'issuer non-cooperating'
category as GRKRTCPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Ra ting Agreement.
GRKRTCPL continues to be non-cooperative despite repeated requests
for submission of information through e -mails, phone calls and a
letter/email dated May 24, 2023, June 3, 2023, June 13, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ganpat Rai Kewal Ram Trading Company Private Limited (GRK) was
incorporated in 2007. The company is currently being managed by Mr
Nitin Mittal, Ms Adesh Rani Mittal, Ms Chhaya Rungta and Ms Beena
Singh. GRK is engaged in trading of coal.
HANSRAJ AGROFRESH: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Hansraj Agrofresh Private Limited
C-23, 2nd Floor, Swastik Gardenia,
Shivpur, Varanasi, Uttar Pradesh 221003
Liquidation Commencement Date: July 6, 2023
Court: National Company Law Tribunal Allahabad Bench
Liquidator: Dev Vrat Rana
Shop No. 5, B.S.M. Tiraha, Roorkee, Hari Singh Market,
Hardwar, Uttarakhand-247667
Email: cadevrana@gmail.com
Email: cirp.hapl@gmail.com
Last date for
submission of claims: August 5, 2023
HEMALI INVESTMENT: Ind-Ra Withdraws BB+ LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Hemali Investment
& Finance Private Limited's Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)'.
The instrument-wise rating actions are:
-- The 'IND BB+' on the INR650 mil. Term loan due on March 31,
2022 is withdrawn.
Key Rating Drivers
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.
Company Profile
Incorporated in 1981, Hemali Investment & Finance executes
residential real estate projects in the Mumbai region.
HI-TECH FROZEN: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Hi-Tech Frozen Facilities
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- 1.80 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 10.00 [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.
Hi-Tech Frozen Facilities Private Limited (HTFFPL) was incorporated
by Mr. Vijay Shah for setting up a frozen & cold chain facility in
Surat, Gujarat. The cold chain facility commenced operations in FY
2010-11 and has an installed cold storage capacity of 10,000 MT.
The company also has two refrigerated trucks of 7 MT and 9 MT
capacities for transporting the farm produce to cold storage
facility and then to the consumption centres. The cold storage
facility was set up under the aegis of the "Integrated Cold Chain
Infrastructure Project Scheme" launched by the Ministry of Food
Processing Industries, Govt. of India under which financial
assistance in the form of grant-in-aid @ 50% of the total cost of
plant and machinery and technical civil works is given to the
company (subject to a maximum grant of INR10.00 crore). HTFFPL
received a total grant of INR7.20 Cr under the scheme.
IDEA BUILDERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Idea Builders Private Limited
C-294, 1st Floor,
Nr. Park Vivek Vihar
New Delhi East Delhi 110095
Insolvency Commencement Date: July 8, 2023
Estimated date of closure of
insolvency resolution process: January 4, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Rakesh Bhatia
123 New Lajpat Rai Market Delhi-06
Email: iprakeshbhatia@gmail.com
22, 1ST Floor Baldev Park Delhi-110051
Email: cirp.ideabuilderspl@gmail.com
Last date for
submission of claims: July 22, 2023
INDESYS EQUIPMENTS: CARE Lowers Rating on INR4.50cr Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Indesys Equipments Private Limited (IEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/Short 4.50 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B; Stable/CARE A4
Short Term Bank 2.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 5, 2022,
placed the rating(s) of IEPL under the 'issuer non-cooperating'
category as IEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 21, 2023, May 31, 2023, June 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised o n account of non-availability of
requisite information. Further the revision considers the decline
in scale of operations and profitability.
Analytical approach: Standalone
Outlook: Stable
Indesys Equipments Private Limited (IEPL) was incorporated in
February 1995 and is based out of Lonavla (Pune). Prior to 2012,
the company was known as "Intel Design Systems India Private
Limited" (IDSPL). IEPL is engaged in the trading of CBRN (chemical,
biological, radiological and nuclear) protection systems and
manufacturing of CBRN (chemical and nuclear) protection systems.
The company is engaged in designing, developing, manufacturing and
supply of electronic, electrical, electro mechanical systems,
automatic fire detection systems and others for various defence
applications.
INDIA: Admitted Corp. Insolvency Cases Up 41% in 2022-2023
----------------------------------------------------------
The Telegraph reports that insolvency cases have started to rise in
India once again after a two-year hiatus when the filing of fresh
cases dipped because of the pandemic and a series of measures taken
by the authorities including a loan moratorium to help companies
endure the crisis.
But there is a difference this time round: the rash of new IBC
cases comes at a time when creditors are showing a greater
willingness to explore other ways to resolve the financial crises
that companies are facing outside the rigid confines of the
Insolvency & Bankruptcy Code, 2016, the report says.
The Telegraph, citing data available with Insolvency & Bankruptcy
Board of India (IBBI), discloses a 41 per cent rise in the number
of cases admitted for corporate insolvency resolution process
(CIRP) in 2022-23 over the previous year. Stacked against the year
before (FY21), when the pandemic was raging, the jump amounts to
133 per cent.
The Telegraph says lawyers, resolution professionals and bankers
attributed the spike to the clearance of a backlog. There were many
cases pending before the NCLT which were finally admitted in FY23,
they said.
"In 2020-21, section 10A was introduced suspending fresh cases to
IBC. Courts were also not scrambling to send companies into
insolvency, giving them some time to put their house in order
asthere was general stress in the economy. But now that overall
economic scenario has normalised and growth indicators are back on
track, the courts are being less considerateto arguments against
admission to insolvency," The Telegraph quotes Kumar Saurabh Singh,
partner at Khaitan & Co, as saying.
Even as the number of IBC cases has spiralled higher, financial
creditors have also realised more from the resolution of cases in
FY23, The Telegraph notes. They realised 36 per cent of the
admitted claims in the last fiscal, compared with 23 per cent and
17 per cent in FY22 and FY21 respectively. The realisation was even
higher than the combined realisation of 32 per cent since the
inception of IBC.
Till March 31, creditors have recovered INR2.86 lakh crore against
a fair value of INR2.65 lakh crore, a liquidation value of INR1.7
lakh crore and admitted claims of INR8.99 lakh crore, The Telegraph
relays.
The Telegraph says the sector profile has also undergone some
changes. While manufacturing firms and steel companies were under
stress and admitted to NCLT, they are now in the pink of health. At
the same time, more and more consumer-facing entities and real
estate firms are being wheeled into the insolvency process, the
report notes. A number of smaller companies, representing the MSME
sector, are also being sucked into insolvency.
While the numbers reflect an uptick, people associated with the
sector caution that the pipeline of fresh cases could dry up going
forward, the report relates. Most observers say the inordinate
delay in the resolution process and the spate of litigation are the
main reasons that have sapped creditors' enthusiasm for the IBC
process.
"There is a great deal of trepidation among bankers. They are not
happy with the outcome of recent resolutions and the time taken for
the same," the report quotes Sumit Khanna, partner and head
corporate finance and restructuring services at Deloitte India, as
saying.
He argued that banks are slowly moving away from filing insolvency
pleas against corporate debtors and exploring other ways to address
debt woes outside insolvency.
"Lenders have understood that insolvency may not give them the best
outcome in all situations. IBC is not their first preference as you
may have seen earlier between 2017 and 2020," Singh added.
As on December 31, 2022, 64 per cent of the ongoing cases missed
the 270-day deadline for resolution stipulated under the IBC
process, The Telegraph notes.
The Telegraph adds that bankers said the option of a one-time
settlement (OTS) is being preferred in many cases. "We speak to the
existing promoters and look for ways to recover from the account
outside the ambit of IBC and OTS," said a senior executive of a
public sector bank.
JAK ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term ratings of Jak Associates in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.46 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 3.54 [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.
JAK Associates is a partnership firm, established in 2008. The firm
owns and maintains a 4-star hotel property in Domlur, Bangalore. It
has been promoted by Mrs. Kamalamma, Mr. A.S.N. Raju, Mrs. J.
Sridevi, Mr. J. Krishna Chaitanya Varma and Mr. J.S.R. Raju. The
latter four partners are members of the founder family of NCC
Limited (formerly Nagarjuna Construction Company Limited). The
hotel is a G+7 structure, spread over a land area of ~16,700 sft
and having a built-up area of ~5,600 0sft. The hotel has a
franchisee agreement with Ramada International Inc. for 15 years.
Ramada Encore has an inventory of 88 rooms, one restaurant, a bar,
a lobby lounge, a conference room and a gym. The hotel is
operational since April 2014.
KAPCO ELECTRIC: CARE Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kapco
Electric Private Limited (KEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.09 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 7.00 CARE C; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 19, 2022,
placed the rating(s) of KEPL under the 'issuer non-cooperating'
category as KEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 4, 2023, June 14, 2023, June 24, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi-based Kapco Electric Private limited (KEPL); a private
limited company was incorporated in 1983 and is currently being
managed by Mr Shantanu Kulkarni, Mr Sharad Damodar Kulkarni and Mrs
Shashi Kulkarni. KEPL is engaged in manufacturing of power &
distribution transformers.
KAYA KNITS: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Kaya Knits 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- 9.90 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.10 [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.
Kaya Knits was established as a partnership firm in April, 2014 and
commenced operations in December, 2014. The firm initially
undertook trading of knitted fabrics and commenced commercial
production of knitted fabrics at its manufacturing facility from
February, 2015. The operations of the firm are managed by the
partners - Mr. Manish Khurana, Mr.Piyush Khurana and Mr.
Prabhodchandra Patel who collectively have an experience of over
two decades in the textile industry. The manufacturing facility of
the firm located at Surat, spans across 13,000 square feet and has
an installed production capacity of 150 tons per month.
KRISHNA NATURAL: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Krishna Natural Fibre Private Limited in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.90 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.05 [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 October 1999, Krishna Natural Fibre Private Limited
(KNFPL) is engaged in the business of cotton ginning and pressing.
KNFPL's manufacturing facility is located at Borisana, Kadi in
Gujarat and is currently equipped with 24 ginning machines and 1
pressing machine. The promoters of KNFPL have long experience in
cotton cultivation and ginning business and are also involved in
the operations of a few other cotton ginning companies, either as
directors or partners.
LANGTA BABA: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Langta
Baba Steels Private Limited (SLBSPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 22, 2022,
placed the rating(s) of SLBSPL under the 'issuer non-cooperating'
category as SLBSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SLBSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2023, May 18, 2023, May 28, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sri Langta Baba Steels Pvt. Limited (SLBSPL) incorporated in the
year March 2005, was promoted by Shri Mohan Prasad Saw and Shri Raj
Kumar of Giridih, Bihar with Shri Mohan Prasad Saw being the main
promoter. The company commenced operation since August, 2008.SLBSPL
is engaged in manufacturing M.S. ingots, M.S. bars and M.S. coils
at its facility in Giridih (Jharkhand) and is currently running
with an installed capacity of 15 Mtper hour for M.S. ingots and
M.S. bars and 8 MT per hour for M.S. coils. SLBSPL sells its entire
production in Jharkhand and Bihar.SLBSPL is also engaged in trading
of iron and steel related products and the same accounted for
around 53% of total operating income in FY17, albeit manufacturing
activity being the primary activity of SLBSPL. Mr. Mohan Kumar Saw
(Managing director) having more than two decades of experience in
the same line of industry, looks after the day to day operations of
the company.
LUCKY STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Lucky Steel Industries (Ship Breaking Division) 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- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 74.15 [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.
Lucky Steel Industries (Ship Breaking Division) (LSISBD) was
incorporated as a proprietorship firm in 1995 by Ashfaqhusen S.
Masani, as part of the Bhavnagar based Lucky Group which is closely
held by the Masani Family. The Company is engaged in the business
of ship breaking and scrap trading. The business operations are
carried out from Bhavnagar and the ship breaking activity is
conducted at the plot leased by Gujarat Maritime Board (GMB) in the
Alang Ship Recycling Yard (ASRY).
MAA KALI: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree Maa
Kali Polymers (SMKP) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 13, 2022,
placed the rating(s) of SMKP under the 'issuer non-cooperating'
category as SMKP had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SMKP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2023, June 8, 2023, June 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shree Maa Kali Polymers (SMKP), established on November 15, 2017,
was promoted by Mr. Rajesh Kumar Agarwal, Mr. Rahul Agarwal, Mr.
Ashwani Prasad and Mr. Devank Agarwal for setting up a
manufacturing plant for Polypropylene Woven Sacks.
MACIN REMEDIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Macin Remedies India Limited
Money Multivision, Ishwar Chowk,
Majestic Road, Moga, PB
Insolvency Commencement Date: July 4, 2023
Estimated date of closure of
insolvency resolution process: December 31, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Ms. Pooja Damir Miglani
House No. 83, New Fateh Singh Nagar,
Ludhiana Punjab - 141013
Email: ipcspdm@gmail.com
Email: macinremedies.cirp@gmail.com
Last date for
submission of claims: July 18, 2023
MACRO INFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Macro Infra Constructors Private Limited
The Crest, FJ4 101, Plot No. A-4, Airport Encarvo Scheme,
Dangapura Tank Road, Jaipur Rajasthan 302108
Insolvency Commencement Date: July 4, 2023
Estimated date of closure of
insolvency resolution process: December 31, 2023
Court: National Company Law Tribunal, Dangapura Bench
Insolvency
Professional: Babu Lal Sharma
M/s B. Lal Sharma & Co. Chartered Accountants,
308, 3rd Floor, Dunga Business Centre
(DBC) Near Pink City Petrol Pump, MLL Road,
Jaipur, Rajasthan 302001
Email: tejganonyahoo.com
Last date for
submission of claims: July 18, 2023
MADHAV COTEX: CARE Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Madhav
Cotex Private Limited (MCPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 14, 2022,
placed the rating(s) of MCPL under the 'issuer non-cooperating'
category as MCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 30, 2023, June 9, 2023, June 19, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based Madhav Cotex Private Limited (MCPL), was incorporated
in January, 1997. The company is currently being managed by Sanjay
Kumar Jain and Vipin Jain. MCPL is engaged in trading and
manufacturing of flexible polyurethane foam (PU Foam) which is used
in cushions, mattresses, pillows, automobiles, furniture,
packaging, quilting etc. MCPL sells its product across India
through its distributor's network.
MADHUVAN TIEUP: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Madhuvan Tieup Pvt. Ltd
Registered Office:
House No. 28, Pocket-1,
Paschin Puri
New Delhi-110063
Old Registered Address:
504, First Portion, Neka Tower-2
C-1/14, Nani Wala Bagh, Commercial Complex Azadpur,
New Delhi - 110033
Insolvency Commencement Date: July 5, 2023
Estimated date of closure of
insolvency resolution process: January 1, 2024
Court: National Company Law Tribunal, New Delhi Bench-II
Insolvency
Professional: Umesh Gupta
Ground Floor, 221-A/19, Orikar Nagar B,
Tri Nagar, Delhi-110035
Email: umesh@vamindia.in
Immaculate Resolution Professionals Private Limited
Unit No. 112, First Floor, Tower-A,
Spazedge Commercial Complex, Sector-47 Schna Road,
Gurgaon-122018
Email: cirp.madhuvantieup@gmail.com
Last date for
submission of claims: July 19, 2023
MILLENNIUM EDUCATION: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Millennium Education Foundation
Flat No. 633, T/F.LIG, Sector 18, Phase 2,
Dwarka New Delhi-110078
Insolvency Commencement Date: July 4, 2023
Estimated date of closure of
insolvency resolution process: December 31, 2023
Court: National Company Law Tribunal, Delhi Bench
Insolvency
Professional: Hans Raj Chugh
E-24, (Basement), Lajpat Nagar-II,
New Delhi-110024
Email: hansrajchugh@ashm.in
Email: milleniumfip@gmail.com
Last date for
submission of claims: July 19, 2023
MOBILE ATHLETICS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Mobile Athletics League Technology Private Limited
Unit No. 208, Tower B4, 2ND Floor,
Spaze I Tech Park, Sector-49, Sohna Road,
Gurgaon-122018 Haryana
Liquidation Commencement Date: June 30, 2023
Court: National Company Law Tribunal Chandigarh Bench
Liquidator: Mr. Anil Rustgi
H. No-524, Tower-6, H E W O-1, Sector-56,
Gurgaon, Haryana, 122011
Email: anil_rustgi@yahoo.co.in
Tel No: 9873333343
Last date for
submission of claims: July 30, 2023
MUMS MEGA: ICRA Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Mums Mega Food Park 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- 95.00 [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.
Mums Mega Food Park Pvt. Ltd. (MMFPPL) is a special purpose vehicle
(SPV) which was incorporated, in January 2012, to undertake Mega
Food Park project in Buxar district of Bihar under the Ministry of
Food Processing Industries (MoFPI)' Mega Food Parks Scheme. The
SPV, based on its Expression of Interest submitted to MoFPI, has
been accorded In-principle Approval by the Ministry for
implementing the said project. The company is promoted by Amrapali
group which is a well-established real estate player in Delhi with
execution track record of residential and commercial project across
NCR. The directors of the company are Mr. Sanjeev Kumar Singh and
Mr. Chandan Kumar.
NASH FASHION: CARE Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nash
Fashion (India) Limited (NFL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.60 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 15.00 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 9.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 5, 2022,
placed the rating(s) of NFL under the 'issuer non-cooperating'
category as NFL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. N FL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 21, 2023, May 31, 2023, June 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaipur (Rajasthan) based Nash Fashion (India) Limited (NFIL) was
incorporated in 1998 by Mr. Jai Singh Sethia, Mr Ramesh Chand
Nischal and Mr. Dashrath Singh. NFIL is engaged in the business of
manufacturing of lady's readymade garments and made-ups like bed
sheets, pillow covers, etc. as well as trading of grey, finished
and readymade garments.
PADMASHREE CHARITABLE: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Padmashree
Charitable Trust (PCT) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 5, 2022,
placed the rating(s) of PCT under the 'issuer non-cooperating'
category as PCT had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PCT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 21, 2023, May 31, 2023, June 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Bangalore(Karnataka) based Padmashree Charitable Trust (PCT) is a
trust which was incorporated in early June, 1994 by three trustees
Dr. CS Ravi, Dr. Ashwath Narayan C N and Mr. Satish Narayanappa
which was later reconstituted on March, 2015 by three trustees Mr.
T K Narayanappa, Mr. Satish Narayanappa and Ms. Shruthi H.S with
the objective to establish, promote, set up, run, maintain, as
sist, financial support and help in setting up running schools and
institution for orphanage, widow homes, lunatic asylums, poor
houses. PCT has various educational institutes such as Padmashree
Institute of Physiotherapy, Padmashree Institute of Medical Lab
Technology, Padmashree Institute of Clinical Research, Padmashree
College of Hospital Administration, Padmashree School of Public
Health (which are affiliated to Rajiv Gandhi University of Health
Sciences recognized by Government of Karnataka), Padmashree
Institute of Management & Science (affiliated to Bangalore
University recognized by Research Centre of Bangalore University
and approved by AICTE and Government of Karnataka and recognized by
UGC u/s 2(f) and 12(b)), Padmashree School of Nursing and Pad
mashree Institution of Nursing. All the educations institutes are
offering post graduate and graduate degrees in health science and
management discipline.
PIVOTAL INFRASTRUCTURE: CARE Cuts Rating on INR22.35cr Loan to B+
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pivotal Infrastructure Private Limited (PIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.35 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 13, 2022,
placed the rating(s) of PIPL under the 'issuer non-cooperating'
category as PIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to i n its Rating Agreement. PIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2023, June 8, 2023, June 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The ratings also consider a decline in scale
of operations coupled with net loss reported in FY22 compared to
FY21.
PIPL was incorporated on June 7, 2006 to carry on real estate
development and ancillary services (maintenance of buildings,
rental services, etc.) business in the areas of Gurgaon, Faridabad,
etc.
REWA LEISURE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rewa
Leisure Private Limited (RLPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.21 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 3.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 28, 2022,
placed the rating(s) of RLPL under the 'issuer non-cooperating'
category as RLPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RLPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 14, 2023, May 24, 2023, June 3, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
RLPL, a special purpose vehicle (SPV) of Ruchi Realty Holdings Ltd
(RRHL), was incorporated in November 2013 to set up an ecotourism
and adventure park in the city of Rewa, Madhya Pradesh. The
contract has been concessioned on a publicprivatepartnership (PPP)
basis by Madhya Pradesh Ecotourism Development Board (concessioning
authority) to RLPL (concessionaire) and includes development of
facilities on two islands in the river 'Beehar' along with a
suspension bridge. The concession agreement was signed on April 28,
2014 for a period of 30 years, including two years of construction.
The project was largely completed in April 2016; however,
'Construction Completion Certificate' was not received till July
2016 from M.P Ecotourism Development Board due to pending
construction of minor facilities. Meanwhile, the project
infrastructure and suspension bridge was affected during September
2016 due to heavy rainf all and the project was expected to be
completed by around September 2019. The total project cost of
around INR9.80 crore is financed with a term loan of INR4.72 crore
and the balance through promoter funding (equity and unsecured
loans).
ROSHA ALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Rosha Alloys 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- 1.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 7.50 [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.
M/S Rosha Alloys Private Limited (RAPL) was set up in 2002 and
manufactures Iron ingots and trading of Iron products. The
registered office of the company is at Mandi Gobindgarh, which is
one of the most famous Iron/steel markets in India. It has an
annual production capacity of 20,000 tons. RAPL acquires the raw
material locally and mainly deals with rolling mills located within
Mandi Gobindgarh. The company's is professionally managed by Mr.
Harinder Pal Singh and Hardev Singh Rosha.
RSG EXPORTS: CARE Lowers Rating on INR31.94cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
RSG Exports Private Limited (REPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.94 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Short Term Bank 40.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 14, 2022,
placed the rating(s) of REPL under the 'issuer non-cooperating'
category as REPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. REPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2023, May 10, 2023, May 20, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of REPL have been revised
on account of non – availability of requisite information.
Incorporated in 2013, RSG Exports Private Limited (REPL) is engaged
in the processing of paddy to produce basmati and nonbasmati rice
as well as its by-products like rice bran, khudi phak and chilka
etc. The company commenced it operations in March, 2015 and
operates from its sole facility located at Ferozepur, Punjab. The
company is also engaged in the export of basmati rice.
S.P. SORTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of S.P. Sortex Rice Exports
India 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- 14.45 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 2.75 [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.
SP Sortex Rice Exports India Ltd. (SPS) is a private limited
company, was set up in 2010 by Mr. Shiv Poojan. SPS is engaged in
processing and selling of non-basmati rice to different traders and
millers in Andhra Pradesh and Telangana. It has a plant at Naini
(Allahabad) which has a milling capacity of 28800 tonnes per annum
and a sortex machinery of similar capacity.
SHAKTI POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Shakti Polytex Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.85 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 18.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 3.15 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SPPL was incorporated in August 2010, and is engaged in the
manufacturing of RPSF using waste polyethylene terephthalate (PET)
bottles as raw material. The company is based in Agra, Uttar
Pradesh and has a production capacity of 35 tons per day (TPD)
currently. SPPL belongs to the Shakti Group which has been promoted
by Mr. Suresh Chand Agarwal and includes other companies engaged in
manufacturing PVC pipes, hand pumps, rubber powder and PET bottles.
SILOS HAMIRPUR: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated UGR Silos Hamirpur
Private Limited's term loan as follows:
-- INR360 mil. Term loan due on March 2042 assigned with IND BB/
Stable rating.
Key Rating Drivers
The rating reflects the initial stage of construction of UGRSHPL's
proposed storage silo with an annual installed capacity of 50,000
metric tons in Hamirpur, Bundelkhand. About 23.5% of the
construction work has been completed. The management has informed
the agency that the commercial operations will begin from FY25.
The company has entered into a 32-year concessional agreement with
U.P. State Warehouse Corporation (UPSWC) for the storage silo
facility. As part of the agreement, UGRSHPL will receive fixed
charges for 50,000MT capacity, variable charges based on the
capacity utilization and handling charges as per the actual storage
and handling on a monthly basis. Ind-Ra, however, expects the scale
of operations to remain small over the medium term owing to the
fixed payment receipt, resulting in a limited scope for growth.
Liquidity Indicator - Stretched: The rating also factor in time and
cost overruns, and funding risks associated with the proposed
project. The total project cost of INR526 million will be funded
through a term loan of INR360 million and promoters' contribution
of INR166 million. As of 15 May 2023, INR75.3 million of the term
loan has been disbursed and the promoters have infused INR48.8
million. Of the total project cost, UGRSHPL has incurred INR124.1
million for purchase of land, making advance payments for purchase
of plant and machinery, and for other preliminary expenses. The
agency expects the remaining capex to be completed by FY25. In the
event of a delay in the completion of remaining capex, the expenses
will be funded by promoters' contribution. The term loan repayment
is likely to commence from FY26. UGRSHPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements.
However, the rating is supported by the promoters' experience of
more than three decades in the construction industry and execution
of engineering, procurement and construction projects, which helped
in securing contract for UPSWC.
The rating also benefits from the project's locational advantages
as there are few storage facilities available in Bundelkhand.
Rating Sensitivities
Negative: Any delay in the commencement of operations and achieving
stable operating performance after the commencement of commercial
operations, and weaker-than-expected credit metrics, could be
negative for the ratings.
Positive: The timely commencement of operations and the subsequent
achievement of a stable operating profitability will be positive
for the ratings.
Company Profile
Incorporated in July 2020, UGRSHPL is setting up a silo for grain
storage in Hamirpur district. The company's registered office is in
New Delhi.
SPECTRA INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Spectra Industries Limited
Plot No.9, Spectra Compound,
Kanchpada-2, Malad (W),
Mumbai - 400064
Insolvency Commencement Date: June 16, 2023
Estimated date of closure of
insolvency resolution process: December 13, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Kamal Kishor Gurnani
Flat No. 402, Building No. 23E,
Palazzio CHS Ltd.,
Mahada Housing Society,
Powai, Mumbai-400076.
Email: kamalgurnaniip@gmail.com
Renascence Insolvency Resolution Professionals
Private Limited
101, Kanakia Atrium 2, Cross Road A,
Chakala MIDC, Andheri East,
Mumbai - 400093
Email: cirp.spectra@rirp.co.in
Email: kamal@rirp.co.in
Last date for
submission of claims: July 30, 2023
TATA UNISTORE: Ecommerce Platform Annual Loss Rises in FY2022-23
----------------------------------------------------------------
The Economic Times reports that the Tata Group is continuing to
burn money on its first ecommerce platform, Tata Cliq.
ET relates that Tata UniStore, which owns and runs Tata Cliq,
posted a 16% increase in net loss at INR874.7 crore for fiscal
2022-23, even as its turnover dropped to less than half at INR407.7
crore compared with INR844.6 crore the year before, as per its
latest regulatory disclosures.
THESAURUS PROJECT: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Thesaurus Project Private Limited
12/481-5, 2nd Floor, Puthur Road,
Koppam, Palakkad, Kerala - 678001
Liquidation Commencement Date: July 5, 2023
Court: National Company Law Tribunal, Kochi Bench
Liquidator: Mr.K.J.Vinod
Flat No. 9, 3rd Floor, Block-A, Trident Serenity,
Nanjundapuram Road, Ramanathpuram,
Coimbatore - 641 036
Tel No: 97899 02841
Email: tppl.liquidation@gmail.com
Last date for
submission of claims: August 4, 2023
TRANS-FAB POWER: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Trans-Fab Power India Private Limited
Flat No. 3, Shrinivas Palace,
40/30, Erandwane Bhonde Colony,
Near Kalmadi School
Liquidation Commencement Date: July 4, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Ani Seetaram Vaidya
Plot No. 107, Survey No. 62/65, Mahatma Society,
Bhusari Colony, Kothrud, Pune-411038
Email: anilvaidya38@gmail.com
Email: liq.transfab@gmail.com
Last date for
submission of claims: August 3, 2023
TRANSSTADIA TECHNOLOGIES: CARE Keeps C Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Transstadia Technologies Private Limited (TTPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.25 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 6, 2022,
placed the rating(s) of TTPL under the 'issuer non-cooperating'
category as TTPL had failed to provide information for monito ring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 22, 2023, June 1, 2023, June 11, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Transstadia Technologies Pvt Ltd (TTPL) was incorporated in
November 2010 by the promoters of Setco group, led by Mr. Harish K
Sheth and is involved in the business of manufacturing, selling and
leasing of Modular are na systems (T-Box). Manufacturing plant of
the company is situated at Kalol, Gujrat.
UTTARAYAN FOODS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Uttarayan
Foods Private Limited (UFPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.86 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.16 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 20, 2022,
placed the rating(s) of UFPL under the 'issuer non-cooperating'
category as UFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. UFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 6, 2023, May 16, 2023, May 26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in December 2008, Uttarayan Foods Private Limited
(UFPL) was promoted by Mr. Madhab Chandra Pal, Mr. Uttam Kumar Das,
Mr. Anil Paul and Mr. Amit Baran Pramanick for setting up a cold
storage facility. The company has been engaged in cold storage
services for beat root, carrot, apple and dry fruits (like date,
raisins etc.) to farmers and traders on a rental basis. The
cold-storage facility of the company is located at Nadia, West
Bengal with a storage capacity of 5000 MTPA (metric tonne per
annum).
ZETA INDUSTRIAL: ICRA Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Zeta Industrial Corporation
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- 4.50 [ICRA]B- (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [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.
ZICPL is involved in the business of assembling switchgears. It was
set up by Mr. Sanjay Gujral and is now managed by his two sons,
Siddharth and Karan Gujral, who have several years of experience in
the industry. The company's facility is located at Ghaziabad (Uttar
Pradesh).
=================
I N D O N E S I A
=================
PAN BROTHERS: Fitch Affirms 'CCC-' LongTerm Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based garment manufacturer PT
Pan Brothers Tbk's Long-Term Issuer Default Rating (IDR) at 'CCC-'.
Fitch has also affirmed the rating on Pan Brothers' USD171 million
senior unsecured notes due December 2025, issued by PB
International B.V., at 'CCC-' with a Recovery Rating of 'RR4'. At
the same time, Fitch Ratings Indonesia has affirmed Pan Brothers'
National Long-Term Rating at 'CCC-(idn)'.
The affirmation reflects the liquidity pressure from USD124 million
syndication loan maturity in December 2023. Fitch expects Pan
Brothers to refinance the loan as Fitch do not expect the company
will generate sufficient cash flow to repay the loan. Pan Brothers
has started discussing refinancing with potential lenders and plans
to conclude the process by the end of 3Q23.
'CCC' National Ratings denote a very high level of default risk
relative to other issuers or obligations in the same country or
monetary union.
KEY RATING DRIVERS
Imminent Debt Maturity: Pan Brothers faces a USD124 million
maturity in December 2023 as part of its USD138 million syndicated
loan. The company has started discussions with various banks to
refinance the facility and plans to conclude the process by the end
of 3Q23. Successful refinancing that extends the maturity would
alleviate immediate liquidity constraints, as the next large debt
repayment will only mature in 2025.
Negative Cash Flow from Operations: Fitch expect cash flow from
operations to remain negative in 2023 (1Q23: negative USD37
million), due to the company's large working-capital requirements.
Liquidity pressure is exacerbated by maintenance and efficiency
capex needs, which Fitch estimate at around USD5 million in 2023,
despite the absence of a capacity expansion plan.
Limited Financial Flexibility: Fitch estimate that available cash
and internal cash flow generation, excluding the December 2023 debt
repayment, is sufficient to cover operational expenses, taxes,
interest expense, working capital and capex until end-2023. This is
supported by a USD48 million rights issues in 2023 and some
repayments on existing loans in 4Q22 and 1Q23 following additional
equity inflows. However, the company's ability to obtain additional
bank facilities to sustain its operation is subject to execution
risk following its debt-restructuring with bank lenders and bond
holders.
Flat Revenue Growth: Fitch expect revenue growth to stay flat in
2023, as the company's ability to invest in capacity expansion is
limited. The steady revenue forecast is supported by Fitch
expectations of improved sales for the remainder of 2023, despite a
weak 1Q23 amid low customer demand. Fitch also expect the EBITDA
margin to decline to below the 8% level in 2023 due to rising wage
pressure.
ESG - Management Strategy: Improvement in its cash generation is
dependent on Pan Brothers' strategy development and implementation
in terms of working-capital and debt maturity management. Its debt
repayment and refinancing capacity relies on its ability to attract
new bank lenders beyond its previous and current lenders, or other
alternative sources of funding.
DERIVATION SUMMARY
Pan Brothers' rating is driven by near-term liquidity pressure,
with the maturity of a USD124 million syndication loan in 4Q23.
Fitch believes the available cash balance and internal cash flow
generation are insufficient to meet the repayment schedule.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer:
-- Flat revenue growth in 2023, followed by low single-digit
growth in 2024
-- EBITDA margin of below 8% in 2023, before recovering to around
8% in 2024
-- Capex of around USD5 million in 2023, then doubling in 2024 as
the company invests in capacity growth
-- No dividend in 2023-2024
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that Pan Brothers would be
reorganised as a going-concern in bankruptcy rather than
liquidated. Fitch assume a 10% administrative claim.
Going-Concern Approach
-- The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch base
the enterprise valuation.
-- Fitch estimate EBITDA at USD62 million to reflect industry
conditions and competitive dynamics.
-- An enterprise value multiple of 5x EBITDA is applied to the
going-concern EBITDA to calculate a post-reorganisation enterprise
value. The multiple factors in Pan Brothers' customer quality and
stable demand, despite Covid-19 pandemic-related disruption. The
multiple also applies a discount from the median of around 8x of
comparable Asian apparel peers, which are generally larger than Pan
Brothers.
-- The going-concern enterprise value corresponds to a 'RR3'
Recovery Rating for the senior unsecured notes after adjusting for
administrative claims. Nevertheless, Fitch has rated the senior
unsecured bonds at 'CCC-' with a Recovery Rating of 'RR4' because,
under Fitch Country-Specific Treatment of Recovery Ratings
Criteria, Indonesia is classified under the Group D of countries in
terms of creditor friendliness, and instrument ratings of issuers
with assets located in this group are subject to a soft cap at the
issuer's IDR and a Recovery Ratings of 'RR4'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Improved liquidity that includes continued access to bank
funding
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Inability to refinance the upcoming syndicated loans by the end
of 3Q23
LIQUIDITY AND DEBT STRUCTURE
Insufficient Liquidity: Pan Brothers had USD36 million of available
cash and no committed undrawn facilities at end-March 2023. This is
insufficient to cover short-term debt maturities, which largely
constitute a USD124 million syndicated loan that matures in
December 2023. Fitch also estimate that free cash flow will be
negative in 2023, driven by a weaker working capital position,
which will further drag on liquidity. The short time until the
syndicated loan matures heightens the risk that Pan Brothers will
be unable to find a solution to address the debt maturity.
ISSUER PROFILE
Pan Brothers is one of Indonesia's largest garment manufacturers,
with Adidas and Uniqlo as its main customers. The company has a
production capacity of up to 117 million pieces a year and exports
represented around 95% of total sales in 2022.
ESG CONSIDERATIONS
Pan Brothers has an ESG Relevance Score of '5' for Management
Strategy, due to the impact of its strategy development and
implementation in terms of working-capital management and funding,
which has a negative impact on the credit profile, and is highly
relevant to the rating, resulting in the weak liquidity position
and high refinancing risk that underpins the rating.
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.
=====================
N E W Z E A L A N D
=====================
DYNAMIC DIGITAL: Creditors' Proofs of Debt Due on Aug. 26
---------------------------------------------------------
Creditors of Dynamic Digital Publishing Limited, Monty’s
Automotive Limited, and PFC Limited are required to file their
proofs of debt by Aug. 26, 2023, to be included in the company's
dividend distribution.
Dynamic Digital Publishing Limited and Monty’s Automotive Limited
commenced wind-up proceedings on July 25, 2023.
PFC Limited commenced wind-up proceedings on July 26, 2023.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
GOOD SPIRITS: To Sell Bar Business for NZD20.7MM to Pay Down Debt
-----------------------------------------------------------------
Tina Morrison at Stuff.co.nz reports that unprofitable pub owner
Good Spirits Hospitality has agreed to sell its nine bars,
including the Cav and Danny Doolan's, for NZD20.7 million and plans
to delist from the sharemarket.
According to Stuff, the hospitality group reported accumulated
losses of NZD41 million in its latest accounts after Covid-19
lockdowns and border closures hurt trading. An earlier plan to
merge with restaurant owner Nourish Group, which would have given
it better economies of scale and seen it expand to other centres,
fell through last year and Nourish was later sold.
In a statement to the NZX on Aug. 2, Good Spirits Hospitality said
it had reached a conditional sale agreement with Brew on Quay,
which owns and operates three venues in Auckland and Waiheke
Island, Stuff relays.
Brew On Quay's owners include Good Spirits Hospitality's chief
executive Geoff Tuttle and chairperson Matt Adams, as well as
industry veteran Richard Sigley, who owned Auckland's Euro
restaurant and founded the Nourish Group, and Jaime Dutton.
Stuff relates that Good Spirits Hospitality said the deal was
conducted at arm's length.
Chairperson of the hospitality group's independent transaction
committee, John Seton, said the sale process was independent and
robust and the price was at the upper end of its expectations.
"We are satisfied that it is the best outcome for all our
stakeholders," Stuff quotes Mr. Seton as saying.
Stuff says the pub group had been struggling to stay afloat and
came under pressure from its lender Pacific Dawn to improve its
finances. Pacific Dawn has a 24.99% stake in the company and
supported its sale.
Proceeds from the sale would be used to part repay loans to Pacific
Dawn, the report notes. The hospitality company's 2022 annual
report showed it owed Pacific Dawn NZD32 million.
According to the report, Good Spirits Hospitality plans to seek
shareholder approval for the sale at a special meeting in the
fourth quarter of this year.
The sale is also subject to key supplier approvals from liquor
companies Lion NZ and DB Breweries related to pourage agreements.
Good Spirits Hospitality expects to complete the sale this year,
which will see it delist from the NZX, Stuff adds.
Shares in Good Spirits last traded at 2.4 cents, giving it a market
capitalisation of NZD1.4 million. The shares have halved over the
past year and have lost 71% over the past three years, the report
notes.
IMPERIAL PROPERTY: Court to Hear Wind-Up Petition on Aug. 11
------------------------------------------------------------
A petition to wind up the operations of Imperial Property Makeover
Limited will be heard before the High Court at Auckland on Aug. 11,
2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 15, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
NBL (NEW ZEALAND): Court to Hear Wind-Up Petition on Aug. 25
------------------------------------------------------------
A petition to wind up the operations of NBL (New Zealand) Limited
will be heard before the High Court at Auckland on Aug. 25, 2023,
at 10:00 a.m.
J. Chen Electrical Limited filed the petition against the company
on July 3, 2023.
The Petitioner's solicitor is:
Chris Patterson
Barrister Limited
Level 4, 26 Hobson Street
Auckland
NEW ERA: Creditors' Proofs of Debt Due on Aug. 26
-------------------------------------------------
Creditors of New Era Glazing Limited are required to file their
proofs of debt by Aug. 26, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 26, 2023.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
TORK ENGINEERING: Court to Hear Wind-Up Petition on Aug. 11
-----------------------------------------------------------
A petition to wind up the operations of Tork Engineering Limited
will be heard before the High Court at Auckland on Aug. 11, 2023,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 14, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
CALZEDONIA SINGAPORE: Creditors' Proofs of Debt Due on Aug. 28
--------------------------------------------------------------
Creditors of Calzedonia Singapore Pte. Ltd. are required to file
their proofs of debt by Aug. 28, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 26, 2023.
The company's liquidators are:
Mr. Yiong Kok Kong
Avic DKKY Pte. Ltd.
180 Cecil Street, #12-04
Singapore 069546
NT RIG: Creditors' Meetings Set for August 8
--------------------------------------------
NT Rig Holdco Pte Ltd will hold a meeting for its creditors on Aug.
8, 2023, at 9:30 a.m., at 10 Anson Road, #29-07 International
Plaza, in Singapore.
Agenda of the meeting includes:
a. to receive a full statement of the Company’s affairs
together with a list of its creditors and the estimated
amount of their claims;
b. to nominate liquidator(s) or to confirm member’s nomination
of liquidator(s);
c. That pursuant to Section 169(1) of the Insolvency,
Restructuring and Dissolution Act 2018 (Act 40 of 2018), to
consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. Any other business.
Bernard Juay of Complete Corporate Services on July 17, 2023, was
appointed as provisional liquidator of NT Rig Holdco Pte Ltd.
SANGUINE HOLDINGS: Creditors' Proofs of Debt Due on
---------------------------------------------------
Creditors of Sanguine Holdings (SG) Pte. Ltd. are required to file
their proofs of debt by Aug. 29, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 21, 2023.
The company's liquidators are:
Mr. Don M Ho
Mr. David Ho
c/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
SWIMMING TEACHER: Court to Hear Wind-Up Petition on Aug. 18
-----------------------------------------------------------
A petition to wind up the operations of Swimming Teacher Institute
Asia Pte Ltd will be heard before the High Court of Singapore on
Aug. 18, 2023, at 10:00 a.m.
United Overseas Bank Limited filed the petition against the company
on July 25, 2023.
The Petitioner's solicitors are:
Adsan Law LLC
300 Beach Road
#26-00 The Concourse
Singapore 199555
TJ HOLDINGS: Commences Wind-Up Proceedings
------------------------------------------
Members of TJ Holdings (V) Pte Ltd, on July 25, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company appointed Mr. Farooq Ahmad Mann of M/s Mann &
Associates PAC as liquidator.
=============
V I E T N A M
=============
MILITARY COMMERCIAL: Moody's Affirms Ba3 Deposit & Issuer Ratings
-----------------------------------------------------------------
Moody's Investors Service has affirmed Military Commercial Joint
Stock Bank's (MB) Ba3 long-term (LT) foreign currency (FC) and
local currency (LC) bank deposit and issuer ratings, its Ba2 LT FC
and LC Counterparty Risk Ratings (CRR), its ba3 Baseline Credit
Assessment (BCA) and Adjusted BCA, as well as its Not Prime (NP)
short-term (ST) FC and LC bank deposit and issuer ratings and CRR.
Moody's also affirmed MB's Ba2(cr) and NP(cr) LT and ST
Counterparty Risk Assessments, respectively.
The outlook on the ratings, where applicable, remains stable.
RATINGS RATIONALE
The affirmation of MB's ratings reflects Moody's view that the
weakening trend in the bank's asset quality will be buffered by its
loan loss reserves and profits. Its capital will be stable while
funding will remain a credit strength. The Ba3 rating is at the
same level as the ba3 BCA, reflecting a moderate level of
government support in times of need.
MB's standalone credit profile or BCA could be downgraded over the
next 12-18 months to b1 from ba3 if its asset quality deteriorates
materially because of the weaker economic momentum in Vietnam or
the continued stress in the real estate sector, pressuring the
bank's profitability and capital. However, a lower BCA will likely
not lead to a rating downgrade because the government support
uplift will be increased to one notch from the current zero, even
as the assumed level of support remains unchanged. Hence, the
rating has been affirmed with a stable outlook.
MB's asset quality weakened in the first half of 2023, reflecting
the longer-than-expected recovery from the pandemic. The bank's
gross nonperforming loan (NPL) ratio increased to 1.4% at the end
of June 2023 from 1.1% at the end of 2022, while its special
mention loan (SML) ratio rose to 3.6% from 1.7% over the same
period. Its loan loss coverage declined to 156% at the end of June
2023 from 238% at the end of 2022 but remained higher compared to
other Vietnamese banks rated by Moody's. Moody's expects MB's asset
quality to continue weakening over the next 12–18 months, which
will translate into higher credit costs and pressure its
profitability.
MB's capital will likely remain stable over the next 12–18 months
as its internal capital generation supports asset growth. Its
tangible common equity to total assets increased to 10.2% at the
end of 2022 from 9.6% a year earlier, broadly in line with its
similarly rated peers. The bank announced that it will be paying
cash dividends in 2023 amounting to 12% of its 2022 net income.
Excluding the cash dividends, its tangible common equity/total
assets will be 9.9%.
Funding has been a credit strength of MB although its reliance on
market funds has increased since 2020. Its high-quality liquid
assets, such as cash, balances with the central bank and government
securities, were 12% of its tangible assets at the end of 2022,
higher compared to other Vietnamese banks rated by Moody's.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade in the bank's ratings is unlikely in the near term,
given the weaker economic momentum in Vietnam, continued stress in
the real estate sector, and the bank's modest loss absorbing
buffers against a material deterioration in its asset quality.
Moody's would downgrade MB's long-term ratings if its BCA is
downgraded by more than one notch due to a deterioration in the
bank's credit fundamentals. Specifically, an NPL plus SML ratio of
more than 5% over a sustained period, which would strain
profitability and capital, will be credit negative. A significant
deterioration in the bank's funding and liquidity would also be
negative for the BCA.
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
Military Commercial Joint Stock Bank is headquartered in Hanoi. It
reported total assets of VND806 trillion as of June 30, 2023.
*********
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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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***