/raid1/www/Hosts/bankrupt/TCRAP_Public/230807.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
Monday, August 7, 2023, Vol. 26, No. 157
Headlines
A U S T R A L I A
ADMIKIRI PTY: First Creditors' Meeting Set for Aug. 10
ALLURA HOMES: Collapses Into Liquidation; 39 Homes in Limbo
AVANTI AU 2023-1: Moody's Assigns (P)B2 Rating to AUD4.5MM F Notes
DIXON ADVISORY: ASIC Sues Director for Breaches of Duties
JOESTARR HOMES: Court Orders Builder Into Liquidation
KALIUM LAKES: In Administration; First Meeting Set Aug. 15
M R CAGNEY: First Creditors' Meeting Set for Aug. 14
OZ PROPERTY: First Creditors' Meeting Set for Aug. 10
TITANIUM SECURITY: Goes Into Liquidation
TRUCK HUB: First Creditors' Meeting Set for Aug. 10
UN1TED CONCRETE: Second Creditors' Meeting Set for Aug. 9
C H I N A
COUNTRY GARDEN: Moody's Lowers CFR & Senior Unsecured Notes to B1
FLJ GROUP: Raises Going Concern Doubt Amid Losses
I N D I A
ALCHEMIST LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
ARDENT MASCHINFABRIK: Insolvency Resolution Process Case Summary
AUTOCREATES SERVICES: CRISIL Keeps D Rating in Not Cooperating
BLUE MUSHROOM: Insolvency Resolution Process Case Summary
BYJU: Lenders Accused of Using Bogus Loan-Default Claims
CINEMA VENTURES: Insolvency Resolution Process Case Summary
DISHNET WIRELESS: ICRA Keeps D Debt Ratings in Not Cooperating
DOLPHIN OFFSHORE: Insolvency Resolution Process Case Summary
EARTHBUILD GREENCITY: Insolvency Resolution Process Case Summary
EASTMAN METTCAST: ICRA Keeps C+ Debt Ratings in Not Cooperating
ETHICS POLYSACK: ICRA Keeps D Debt Ratings in Not Cooperating
HINDUSTAN FLUOROCARBONS: CRISIL Keeps C Ratings in Not Coop.
INFINITI TECHLAB: Liquidation Process Case Summary
JMT AUTO: ICRA Keeps D Debt Ratings in Not Cooperating Category
KAANHA SHIPPING: Insolvency Resolution Process Case Summary
LOOCUST INCORP: Insolvency Resolution Process Case Summary
LYPSA GEMS: ICRA Keeps D Debt Ratings in Not Cooperating Category
MANN MEDICITI: ICRA Keeps D Debt Ratings in Not Cooperating
MEENAKSHI CARGO: Insolvency Resolution Process Case Summary
RAI ISPAT: Liquidation Process Case Summary
RAJSHREE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
SAI CAR SALES: Insolvency Resolution Process Case Summary
SAI KALYAN: CRISIL Moves D Debt Ratings to Not Cooperating
SH INFRATECH: ICRA Keeps D Debt Ratings in Not Cooperating
SHIV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVA LOKENATH: CRISIL Keeps D Debt Ratings in Not Cooperating
SHREEOM PRIME: Liquidation Process Case Summary
SSG TECHNO: CRISIL Lowers Rating on LT/ST Debts to D
TRANS TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
TRANSPORT SOLUTIONS: CRISIL Keeps D Ratings in Not Cooperating
TRIDENT SUGARS: ICRA Lowers Rating on INR28cr Cash Loan to D
TRIPATHI HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
UDAY STRUCTURALS: CRISIL Keeps D Debt Ratings in Not Cooperating
USASHI REALSTATES: Insolvency Resolution Process Case Summary
UTOPIAN SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating
VE-7 CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
VEETEEJAY MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
VIJAYA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
VINDHYAVASINI BUILDCON: Insolvency Resolution Process Case Summary
VISTAR METAL: Liquidation Process Case Summary
VRUNDAVAN CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
WHITE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating
M A L A Y S I A
TOP BUILDERS: Taps Mercury Securities as Adviser for Revamp Plan
N E W Z E A L A N D
HAPPY VALLEY: Administrators Recommend Liquidation of Company
HUA HOLDINGS: Creditors' Proofs of Debt Due on Sept. 21
LOG TOUGH: Court to Hear Wind-Up Petition on Aug. 14
RAINCELL LIMITED: Court to Hear Wind-Up Petition on Aug. 14
SHREE BALAJEE: Grant Bruce Reynolds Appointed as Liquidator
VCSK LIMITED: Creditors' Proofs of Debt Due on Sept. 28
P A K I S T A N
PAKISTAN: Court Sentences Imran Khan to Three Years in Jail
S I N G A P O R E
CLEARSTREAM INVESTMENTS: Commences Wind-Up Proceedings
FIRELAND ENGINEERING: Court Enters Wind-Up Order
KENZ FIGEE: Creditors' Proofs of Debt Due on Sept. 4
MMC (SINGAPORE): Creditors' Proofs of Debt Due on Sept. 4
PMS CONSULTANTS: Commences Wind-Up Proceedings
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A U S T R A L I A
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ADMIKIRI PTY: First Creditors' Meeting Set for Aug. 10
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A first meeting of the creditors in the proceedings of Admikiri Pty
Ltd will be held on Aug. 10, 2023, at 2:00 p.m. virtually via
Zoom.
Nathan Lee Deppeler and Matthew James Jess of Worrells were
appointed as administrators of the company on July 31, 2023.
ALLURA HOMES: Collapses Into Liquidation; 39 Homes in Limbo
-----------------------------------------------------------
News.com.au reports that homeowners and tradies have been left
reeling by the news that yet another construction firm -- Allura
Homes -- has collapsed, leaving them thousands out of pocket.
On July 24, NSW building company Allura Homes Pty Ltd went into
liquidation.
News.com.au relates that the firm, which was based on Sydney's
lower north shore in Lane Cove, had 39 residential projects
underway, which have now been placed in jeopardy.
The appointed liquidator, Dane Skinner of insolvency firm Raft
Consulting, said these homes were at varying stages of completion,
news.com.au relays.
"There is a variety - from initial deposits with letters of
intention to construction phase and practical completion, subject
to defect claims," he told news.com.au.
All 11 employees of the firm lost their jobs on the spot, although
it's understood four had quit before liquidators were called in.
This marks the third construction company in as many days
news.com.au has revealed to have gone bust, as the building
industry continues to struggle in the current inflationary
environment.
AVANTI AU 2023-1: Moody's Assigns (P)B2 Rating to AUD4.5MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited as trustee of Avanti AU Auto ABS 2023-1 Trust in respect of
Series 2023-1.
Issuer: Perpetual Corporate Trust Limited as trustee of Avanti AU
Auto ABS 2023-1 Trust in respect of Series 2023-1
AUD206.25 million Class A Notes, Assigned (P)Aaa (sf)
AUD15.00 million Class B Notes, Assigned (P)Aa2 (sf)
AUD6.25 million Class C Notes, Assigned (P)A1 (sf)
AUD6.25 million Class D Notes, Assigned (P)Baa2 (sf)
AUD4.25 million Class E Notes, Assigned (P)Ba1 (sf)
AUD4.50 million Class F Notes, Assigned (P)B2 (sf)
The AUD7.50 million Class G Notes are not rated by Moody's.
Avanti AU Auto ABS 2023-1 Trust in respect of Series 2023-1 is a
cash securitisation of receivables backed by motor vehicles. The
receivables were originated and are serviced by Branded Financial
Services Pty Limited (BFS, unrated), a wholly owned and operated
subsidiary of Avanti Finance Limited (Avanti Finance, unrated).
This is Avanti Finance's inaugural auto loan ABS transaction.
The receivables are extended either to commercial (53.8%) or
consumer (46.2%) obligors based in Australia. Loans backed by
passenger and light commercial vehicles represent 63.0% and 37.0%
of the securitised pool, respectively.
BFS is a finance company offering auto loans to consumer and
commercial obligors in Australia and New Zealand. BFS was
established in 2010 by Ateco Automative Group and was acquired by
Avanti Finance in 2019. As of May 2023, BFS's Australian retail
receivables portfolio was approximately AUD455 million.
RATINGS RATIONALE
The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 3.50% of the rated notes balance, the legal structure,
the experience of BFS as servicer and presence of the back-up
servicing arrangements.
According to Moody's, the transaction benefits from relatively high
weighted average seasoning of 11.2 months.
The back-up servicer in this transaction, Verofi Pty Limited
(Verofi, unrated), is a small entity, which is a challenge. While
Verofi's team is experienced, the company employs a limited number
of core staff, posing key-person risk. This weakens the back-up
servicing arrangements. The ability of the Trustee to promptly
appoint a replacement servicer should Verofi be unable for any
reason to step in as the servicer somewhat mitigates this risk.
Furthermore, the risk of payment disruption is mitigated by the
liquidity facility, covering around six months of stressed fees and
interest payments.
Key transactional features are as follows:
-- Initially, the principal will be allocated sequentially. Once
step-down conditions are satisfied, all notes, other than Class G
Notes, will receive their pro-rata share of principal. Step-down
conditions include, among others, 32.5% subordination to the Class
A Notes and no unreimbursed charge-offs.
-- Westpac Banking Corporation (Aa3/P-1/Aa2(cr)/P-1(cr)) will
provide an interest rate swap in the transaction, hedging the
interest rate mismatch between the assets bearing a fixed rate of
interest, and floating rate liabilities. The notional balance of
the swap will follow a schedule based on amortisation of the pool
assuming a certain prepayment rate.
Key model and portfolio assumptions:
Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 16%. Moody's mean default for
this transaction is 3.6%. The assumed recovery rate is 35%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.
Key pool features are as follows:
-- Interest rates in the portfolio range from 4.4% to 17.8%, with
a weighted average interest rate of 8.0%.
-- Loans with balloon payments at the end of the term represent
around 22.1% of the pool.
-- The weighted average seasoning of the portfolio is 11.2 months.
The weighted average remaining term is 52.3 months.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Up
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.
Down
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.
DIXON ADVISORY: ASIC Sues Director for Breaches of Duties
---------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
commenced civil penalty proceedings in the Federal Court against
Paul Ryan, director of Dixon Advisory & Superannuation Services Pty
Limited, for alleged breaches of directors' duties.
ASIC alleges Mr. Ryan breached his duties as a director by his
involvement in decisions ASIC alleges were to the advantage of
Dixon Advisory's holding company, E&P Operations Pty Ltd, and by
failing to properly consider the interests of Dixon Advisory's
creditors. Mr. Ryan was also a director of E&P Operations.
ASIC Deputy Chair Sarah Court said: 'Directors have
responsibilities under the law to act in the best interests of
their company, and this includes considering the interests of
creditors when the company is facing insolvency.
'The creditors included thousands of financial advice clients who
had invested in the US Masters Residential Property Fund and
financial products operated by entities related to Dixon Advisory.
These creditors suffered significant losses.'
ASIC alleges that Mr Ryan was involved in:
- amending the constitution of Dixon Advisory on December 22,
2021 to expressly authorise its directors to act in the
interest of E&P Operations; and
- executing a deed of acknowledgement of debt (Deed) on
December 24, 2021 between Dixon Advisory and E&P Operations to
the advantage of E&P Operations and to the detriment of
Dixon Advisory.
ASIC further alleges that at the time the Deed was entered:
- E&P Operations owed Dixon Advisory over AUD19 million;
- Dixon Advisory was approaching insolvency and therefore its
directors were obligated to consider the interests of
creditors;
- the Deed imposed conditions which adversely affected Dixon
Advisory's right to recover this AUD19 million debt.
'These proceedings underline our commitment to ensure directors
meet their governance obligations, including where they serve on
the boards of multiple companies in a corporate group,' concluded
Ms Court.
Both Dixon Advisory and E&P Operations were wholly owned
subsidiaries of E&P Financial Group Limited.
Dixon Advisory previously held an Australian Financial Services
licence and operated a financial advice business focused on
providing financial advice, investment advice, portfolio management
and superannuation administration services to retail clients.
In the period from 2020, Dixon Advisory faced claims arising from
the provision of financial advice to clients who were advised to
invest in the US Masters Residential Property Fund (URF) and
URF-related products, which were issued and operated by related
companies to Dixon Advisory. These included:
- a proceeding issued by ASIC in the Federal Court which resulted
in orders for Dixon Advisory to pay a AUD7.2 million penalty
and AUD1 million towards ASIC's costs.
- complaints made to the Australian Financial Complaints
Authority; and
- three court proceedings in the Federal Court, including two
class action proceedings.
On Jan. 19, 2022, after Dixon Advisory amended its Constitution and
entered into the Deed with E&P Operations, the directors of Dixon
Advisory resolved to appoint voluntary administrators to DASS.
On April 8, 2022, the AFS licence held by DASS was suspended by
ASIC and subsequently cancelled, effective April 5, 2023.
On Dec. 16, 2022, a deed of company arrangement (DOCA) was passed
by Dixon Advisory's creditors, which among other things required
E&P Operations to pay an amount of AUD17,662,489 to Dixon Advisory
less a settlement adjustment for expenses incurred by E&P
Operations during the administration period. Further details
regarding the DOCA can be found on the administrators' website.
JOESTARR HOMES: Court Orders Builder Into Liquidation
-----------------------------------------------------
News.com.au reports that a court has ordered building company
Joestarr Homes Pty Ltd to go into liquidation after it failed to
pay back its debts.
On Aug. 2, the Victorian Supreme Court placed Joestarr Homes in
liquidation after failing to pay an excavation contractor
AUD73,000, with the unpaid invoices dating back as far as May
2021.
According to news.com.au, Judicial registrar Kim Woronczak ordered
the company into liquidation on the grounds of insolvency under the
Corporations Act. Mathew Dieter Windsor Blum has been appointed as
liquidator.
No representative showed up for Joestarr Homes so the wind-up was
initiated unopposed.
News.com.au says Melbourne-based Joestarr Homes traded under the
name Joestarr Group and was expecting the outcome, having sent a
blunt email to customers last month warning them that the company
would soon liquidate.
Joestarr Group, which is registered under the name Joestarr Homes
Pty Ltd and has been a registered company since 2008, said on its
website most of its builds are done "in and around Melbourne".
News.com.au understands at least 30 homes have been impacted.
The company's director, Joe Frazzica, told news.com.au in a
statement: "It is an unfortunate situation for everyone involved.
"This was not something I wanted to happen and I tried absolutely
everything to save my business. Unfortunately the price rises
during covid have impacted the building industry and my business."
KALIUM LAKES: In Administration; First Meeting Set Aug. 15
----------------------------------------------------------
miningweekly.com reports that administrators have been appointed to
ASX-listed sulphate of potash (SoP) producer Kalium Lakes.
The administrators will call a first meeting of creditors on August
15.
Kalium Lakes in June suspended share trading and announced a
strategic process to explore potential strategic and corporate
opportunities to reposition the company and its capital structure,
with the company appointing an independent financial adviser to
conduct the process and evaluate all opportunities to maximise
shareholder value, the report recalls.
At the time, Kalium Lakes was given access to the remaining
AUD10-million of a AUD20-million liquidity facility, the report
relates. Following the first AUD5-million drawdown of the liquidity
facility, the company's drawn senior debt amounted to
AUD201-million, with an additional undrawn debt capacity of
AUD5-million from the liquid facility and a further AUD2.6-million
available under the project term facility provided by KfW IPEX-Bank
GmbH.
According to miningweekly.com, the administrators on Aug. 4 said
that the strategic process announced by Kalium Lake would continue
and the receivers would immediately pursue the conclusion of a
transaction.
Kalium Lakes earlier this year revealed that the company would
require additional long-term funding for its Beyondie SoP project
over the next two financial years, to achieve its targeted
production rate of between 90 000 t/y and 100 000 t/y, the report
recalls.
Kalium Lakes is targeting a 55 000 t/y production rate during the
December 2023 quarter, and a yearly production rate of 50 000 t/y
to 60 000 t/y for the 2024 financial year.
Kalium Lakes Ltd. is an exploration and development company, which
engages in the exploration and evaluation of mineral resources.
M R CAGNEY: First Creditors' Meeting Set for Aug. 14
----------------------------------------------------
A first meeting of the creditors in the proceedings of M R Cagney
Pty Ltd will be held on Aug. 14, 2023, at 10:00 a.m. at the offices
of Mcleods Accounting at Level 9, 300 Adelaide Street in Brisbane
and via Microsoft Teams.
Bill Karageozis of Mcleods Accounting was appointed as
administrator of the company on Aug. 2, 2023.
OZ PROPERTY: First Creditors' Meeting Set for Aug. 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of OZ Property
Investment Centre Pty Ltd will be held on Aug. 10, 2023, at 10:00
a.m. at the offices of Mcleods Accounting at Level 4, 89
Scarborough Street in Southport and via conference telephone call.
Nick Keramos and Bill Karageozis of Mcleods Accounting were
appointed as administrators of the company on July 31, 2023.
TITANIUM SECURITY: Goes Into Liquidation
----------------------------------------
Brett Lackey for Daily Mail Australia reports that a prominent
South Australian security company employing up to 80 staff and
serving more than 2,300 customers has collapsed.
Titanium Security based in Elizabeth South in Adelaide's northern
suburbs has gone into liquidation after the business was unable to
pay debts, Daily Mail relates citing The Adelaide Advertiser.
It is the second time business owner Daniel Grotegoed has seen the
company go under after it was placed into administration in 2021
and was narrowly saved by a Deed of Company Arrangement.
According to documents filed with the Australian Securities and
Investments Commission (ASIC), a company meeting on August 1
resolved to wind up the business.
Charles Morton from Morton + Lee Insolvency has been appointed as
the liquidator, Daily Mail discloses.
Daily Mail notes that the extent of the companies current debts has
not been revealed but in 2021, when it was put under
administration, creditors were owed AUD6.6 million, RevenueSA was
owed AUD3 million and the Australian Taxation Office was owed
AUD2.5 million.
Back wages were also owed to staff to the tune of about AUD600,000
but these are understood to have been paid as part of the agreement
to allow Mr. Grotegoed to continue the business, the report adds.
About Titanium Security
Titanium Security provides security services for ATMs, cash
transit, events and private security including guards, patrols and
alarm response to businesses or government clients.
Some of the clients listed on their website include several
Adelaide councils, SA Water, ElectraNet, Lendlease and Santos.
The website also states Titanium are a member of the Defence
Industry Security Program (DISP) which allowed them to provide
government defence department cleared personnel.
TRUCK HUB: First Creditors' Meeting Set for Aug. 10
---------------------------------------------------
A first meeting of the creditors in the proceedings of Truck Hub
Pty Limited will be held on Aug. 10, 2023, at 11:30 a.m. at 22
Market Street in Brisbane and via Microsoft Teams.
Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of the company on July 31, 2023.
UN1TED CONCRETE: Second Creditors' Meeting Set for Aug. 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Un1ted Concrete
Solutions Pty Ltd has been set for Aug. 9, 2023 at 11:00 a.m. at
the offices of SV Partners at Level 17, 200 Queen Street in
Melbourne.
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. 8, 2023 at 5:00 p.m.
Michael Carrafa and Peter Gountzos of SV Partners were appointed as
administrators of the company on July 5, 2023.
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C H I N A
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COUNTRY GARDEN: Moody's Lowers CFR & Senior Unsecured Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's corporate family rating and senior unsecured
rating to B1 from Ba3.
The rating outlook remains negative.
"The downgrade reflects Moody's expectation that Country Garden's
credit metrics and liquidity buffer will weaken due to its
declining contracted sales, still-constrained funding access and
sizable maturing debt over the next 12-18 months," says Kaven
Tsang, a Moody's Senior Vice President.
"The negative outlook reflects uncertainties over the company's
ability to stabilize its declining contracted sales and to recover
its funding access over the next 6-12 months due to the weak
operating environment in low-tier cities and volatile capital
markets," adds Tsang.
RATINGS RATIONALE
Moody's expects Country Garden's contracted sales will continue to
underperform the market by dropping to around RMB210 billion in
2023 and around RMB180 billion in 2024 from RMB357 billion in 2022
due to its high exposure to low-tier cities. The company's scaled
down operations to preserve liquidity will also constrain its
sales. The company's contracted sales declined 30% to RMB128.8
billion over the first six months of 2023. This performance is
weaker than the 3.7% growth in national contracted sales over the
same period.
The lower contracted sales amount will in turn suppress the
company's operating cash flow and future revenue recognition and
profitability, as reflected in the company's recent profit
warning.
The expected declines in revenue and EBITDA will more than offset
the impact of the company's debt reduction over the same period. As
a result, Moody's expects Country Garden's credit metrics to weaken
over the next 12-18 months, with its EBIT/interest coverage falling
towards 2.0x over the next 12-18 months from 3.1x in 2022. Its
debt/EBITDA will also rise above 7.0x from 5.4x over the same
period. These projected metrics are more comparable with its
B1-rated Chinese property peers.
While Country Garden's liquidity will remain adequate over the next
12-18 months, its liquidity buffer will reduce because of its
declining sales and sizable refinancing needs. Specifically,
Country Garden will have around RMB17 billion of onshore bonds and
around RMB14 billion of offshore bonds due or becoming puttable
through the end of 2024.
Moody's believes Country Garden will continue to use its internal
resources to repay part of its maturing debt over the next 12-18
months. This is because its access to onshore and offshore capital
markets will remain constrained amid volatile debt capital markets
for property developers, especially privately-owned developers.
Moody's notes that the company issued RMB1.7 billion through
onshore medium-term notes in May 2023.
Moody's also notes that Country Garden has recently completed a
syndicated loan of HKD6.6 billion equivalent for refinancing and a
term loan of USD35 million from an offshore bank. However, its
access to offshore bank markets could expose to uncertainties, as
banks' risk aversion could increase if the company's operations
continue to stay weak.
Country Garden's B1 CFR also reflects the company's track record of
developing mass-market residential properties in China. On the
other hand, the rating is constrained by the company's large
exposure to low-tier cities, modest credit metrics and weakened
access to funding.
Country Garden's B1 senior unsecured bond rating is not affected by
the subordination to claims at the operating company level. This is
because despite its status as a holding company with most claims at
the operating subsidiaries, creditors of Country Garden benefit
from the group's diversified business profile, with cash flow
generation across a large number of operating subsidiaries with
high geographic diversification. Such diversification mitigates
structural subordination risk.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered Country Garden's concentrated ownership by
its key shareholder, Yang Huiyan, who held a 52.6% stake in the
company as of the end of July 2023. The concentrated shareholder
ownership indicates that influence from the largest shareholder
could materially change its financial policy and strategy. The
risks are counterbalanced by the company's managing down its debt
leverage and track record of maintaining adequate liquidity, and
the largest shareholder's provision of funding support to the
company.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the ratings is unlikely in the near term, given the
negative outlook.
However, Moody's could revise Country Garden's rating outlook to
stable if the company strengthens its access to long-term funding,
improves sales performance, enhances its credit metrics and
maintains good liquidity through the downcycle.
Credit metrics supportive of a stable outlook include EBIT/interest
above 2.25x and adjusted debt/EBITDA below 7.25x, all on a
sustained basis.
However, Moody's could downgrade the ratings if the company's
first-half 2023 results turn out to be weaker than the agency
expected, while its liquidity, funding access, contracted sales or
financial metrics worsen over the next 6-12 months.
Credit metrics that could lead to a downgrade include EBIT/interest
falling below 2.0x or debt/EBITDA rising above 8.0x. A material
decline in the company's cash holding would also pressure the
company's ratings.
Moody's could also downgrade Country Garden's senior unsecured bond
rating if the company raises large amount of secured financing,
thereby increasing the legal subordination risk.
The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.
Country Garden Holdings Company Limited, founded in 1992 and listed
on the Hong Kong Stock Exchange, is a leading Chinese integrated
property developer. As of the end of 2022, the company had an
attributable land bank of 201.5 million square meters (sqm) by
gross floor area (GFA), spanning across different cities in China.
FLJ GROUP: Raises Going Concern Doubt Amid Losses
-------------------------------------------------
China-based FLJ Group Limited said in its Form 6-K report filed
with the Securities and Exchange Commission that the Company has
been incurring losses from operations since inception. Accumulated
deficits amounted to RMB3,558,667 and RMB3,601,992 as of September
30, 2022 and March 31, 2023, respectively. Net cash used in
operating activities were RMB27,545 and RMB25,478 for the six
months ended March 31, 2022 and 2023, respectively. As of September
30, 2022 and March 31, 2023, current liabilities exceeded current
assets by RMB597,242 and RMB848,038, respectively.
"These factors raise substantial doubt about our ability to
continue as a going concern," the Company said.
"We have adopted a defensive strategy after a prudent assessment of
the broader macroeconomic downturn since COVID-19 by consolidating
internal resources, further improving operating efficiencies and
focusing on asset quality improvement rather than aggressive
expansion," the Company said. "Our number of rental units
contracted as well as number of available rental units decreased by
48.5% from March 31, 2022 to March 31, 2023, as we continued to
optimize our rental asset portfolio. On the other hand, our total
operating cost and expenses decreased by 56.2% from RMB553.3
million (US$87.3 million) in the six months ended March 31, 2022 to
RMB242.4 million (US$35.3 million) in the six months ended March
31, 2023 and our net loss narrowed by 82.2% from RMB243.2 million
(US$38.4 million) in the six months ended March 31, 2022 to RMB43.3
million (US$6.3 million) in the six months ended March 31, 2023."
"We intend to meet the cash requirements for the next 12 months . .
. through a combination of bank loans and short-term loan from
certain third parties, issuance of ordinary shares or other
equity-linked securities. In addition, we have continued to adopt
the defensive strategy mentioned above and optimize our rental
asset portfolio. Our number of rental units contracted and our
available rental units decreased from 55,177 as of March 31, 2022
to 28,400 as of March 31, 2023 during the same period, whereas our
loss from operation decreased from RMB 189.0 million in the six
months ended March 31, 2022 to RMB42.7 million in the six months
ended March 31, 2023.
"These plan and initiatives cannot alleviate the substantial doubt
of our ability to continue as a going concern. There can be no
assurance that we will be successful in achieving its strategic
plans, that our future capital raises will be sufficient to support
its ongoing operations, or that any additional financing will be
available in a timely manner or with acceptable terms, if at all.
If we are unable to raise sufficient financing or events or
circumstances occur such that we are not able to achieve ideal
optimization of our rental asset portfolio, we will be required to
reduce certain discretionary spending, or be unable to fund capital
expenditures, which would have a material adverse effect on our
financial position, results of operations, cash flows, and ability
to achieve our intended business objectives."
A copy of the Company's Form 6-K report is available at
https://tinyurl.com/yzxpps6x
About FLJ Group
Based in Shanghai, PRC, FLJ Group Limited is a technology-driven
long-term apartment rental platform in China, offering young,
emerging urban residents conveniently located, ready to move in,
and affordable branded apartments as well as facilitating a variety
of value-added services. The Company is one of the pioneers in
providing branded rental apartments in China.
As of March 31, 2023, FLJ reported $75 million in total assets
against $163 million in total liabilities.
=========
I N D I A
=========
ALCHEMIST LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alchemist
Limited (AL) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 21.82 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7.18 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AL
continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of AL and its subsidiaries
Alchemist Infrastructures Pvt Ltd (AIPL), and Alchemist Hospitality
Group Ltd (AHGL). This is because these subsidiaries, collectively
referred to as the Alchemist group, are wholly owned by AL, and all
the companies are under a common management.
AL was initially established in 1988 at as Toubro Infotech &
Industries Ltd, a private-limited company by Dr K D Singh; it got
reconstituted as AL when it came out with its initial public
offering in 1994. AL has grown into a diversified corporation with
operations in chemical trading, pharmaceuticals, food-processing,
floriculture, and steel.
ARDENT MASCHINFABRIK: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Ardent Maschinfabrick Private Limited
T.J. Road, Hirji Baug,
Opp. Sunder Tower Sewri-West
Mumbai Maharashtra-400015, India
Insolvency Commencement Date: July 11, 2023
Estimated date of closure of
insolvency resolution process: January 7, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Shreyansh Jain
505 SilverCoin Apartment,
Behind Aakashwani,
Paota C Road, Jodhpur,
Rajasthan, 342001
Email: shreyansh.jain@mail.com
B-Wing 601-604, Raylon Arcade,
RK Mandir Road,
Near Pidilite Kondivita,
Andheri (East), Mumbai-400059
Email: cirp.ardentmaschinfabrick@gmail.com
Last date for
submission of claims: July 25, 2023
AUTOCREATES SERVICES: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Autocreates
Services Private Limited (ASPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Lease Rental 15 CRISIL D (Issuer Not
Discounting Loan Cooperating)
CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2006, ASPL is a subsidiary of AIPL, which has 90%
stake in ASPL; while the remaining is equally owned by promoters of
AIPL, Mr Gurinder Singh Arora and Ms Tarvinder Kaur Arora. ASPL has
a dedicated parking yard in Panvel (Maharashtra), on the
Mumbai-Pune highway.
BLUE MUSHROOM: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Blue Mushroom Infozone Private Limited
437/438/439, UMMA Complex
Behind Goregaon Sports Club,
Link Road Malad (W) Mumbai 400054
Insolvency Commencement Date: July 10, 2023
Estimated date of closure of
insolvency resolution process: January 6, 2024
Court: National Company Law Tribunal, Allahabad Bench
Insolvency
Professional: Ms. Dipti Amit Thite
Flat No. 9 B Building,
Ramyanagari Housing Society,
Bibwewadi, Pune 411037
Email: dipti@csdpthite.com
Off. Office No. 204,
Severnist Apartment Condominium
Sacashiw Peth, Pune 411030
Email: dipti@csdpthite.com
Last date for
submission of claims: July 26, 2023
BYJU: Lenders Accused of Using Bogus Loan-Default Claims
--------------------------------------------------------
Bloomberg News reports that lenders to one of India's hottest tech
startups, Byju's, created bogus default claims tied to a $1.2
billion loan as part of a scheme to gain control of the
education-technology provider, the firm's lawyer told a judge.
The distressed-debt lenders are "playing hardball" to create
leverage in negotiations to restructure the loan and causing
problems for Byju's executives, Sheron Korpus, a lawyer for the
Bengaluru-base company, said at a hearing in state-court in
Delaware on Aug. 4, Bloomberg relays.
Lenders, including US investment firms Redwood Investments LLC and
Silver Point Capital LP, are "making extortionate demands" of
Byju's, putting the ed-tech firm "under a lot of pressure," Korpus
told Delaware Chancery Court Judge Morgan Zurn, Bloomberg relays.
Byju's wants the judge to rebuff the lenders' default claims. Zurn
said she'd rule later on the case.
An attorney for the lenders on Aug. 4 waved away Korpus's claims,
noting Byju's had repeatedly violated the loan agreement's terms
and acknowledged the defaults, Bloomberg relates. Filing suit over
the loans "is not predatory behavior," Brock Czeschin, the
creditors' lawyer, told Zurn.
According to Bloomberg, the dispute is another complication for the
high-flying startup founded by Byju Raveendran in 2011. Byju's had
already been working to appease creditors trying to restructure the
$1.2 billion loan when government investigators searched company
offices in April. The fight also has prompted some investors to
write down their stakes in the firm.
Also on Aug. 4, Aakash Educational Services - Byju's tutoring
business unit - agreed to add two independent directors to its
board at the behest of creditor Davidson Kempner Capital Management
LP, Bloomberg News reported. Davidson Kempner, which manages more
than $38 billion, forced the changes in Aaksah's board as the
borrower was in breach of some covenants on a $250 million loan,
according to people familiar with the deal.
Byju's officials are in ongoing talks with lenders to amend the
loan's terms and Korpus said the firm "still wants to make a deal"
to resolve the dispute. But lenders are trying to use the bogus
default claims to wrongfully "seize control" of Byju's from its
founder, Korpus added, Bloomberg relays.
According to Bloomberg, the ed-tech company failed to sign off on
an amendment by an Aug. 3 deadline that would have ended legal
action in the US. For months now, Byju's and lenders have been
negotiating over the loan, after the company breached debt
covenants. A steering committee of creditors - who together own
more than 85% of the loan - and Byju's had agreed to seek a
compromise.
The lawsuit over the loan was filed by Glas Trust Co., which serves
as trustee for the lenders, Bloomberg discloses. Ex-lawyer Timothy
Pohl has been appointed to oversee Byju's on behalf of the
creditors. Korpus said Pohl had been paid $375,000 in his role as
Byju's director-designee for the lenders. He's slated to be paid
$75,000 per month while he oversees lenders' Byju's interests,
according to court filings.
Czeschin, a Wilmington, Delaware-based lawyer for the lenders,
didn't immediately return a call for comment Aug. 4 on Pohl's
compensation for serving as the creditors' Byju's overseer,
Bloomberg notes.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
CINEMA VENTURES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Cinema Ventures Private Limited
Carnival House, Gen. A K Vaidya Marg,
Off Western Express Highway,
Dindoshi, Malad East, Mumbai 400097
Insolvency Commencement Date: July 14, 2023
Estimated date of closure of
insolvency resolution process: January 10, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Ajay Amrutlal Mutha
Raj-Prem, Imarat Company, M. G. Road,
Ahmednagar, Maharashtra 414001
Email id: caajaymutha@gmail.com
Incorp Restructuring Services LLP
405-407, Hind Rajasthan Building
D. S. Phalke Road,
Dadar East, Mumbai 400014
Email: cirp.cinemaventures@gmail.com
Last date for
submission of claims: July 28, 2023
DISHNET WIRELESS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Dishnet Wireless Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 13,729 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 3,750 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others '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.
Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering
services in the Tamil Nadu circle in April 1999. Over the years, it
won licences and launched services in all the 22 telecom circles in
the country. Later in 2006, Maxis Communications Berhad, Malaysia
(Maxis), acquired majority stake in the company. Maxis, through
Global Communication Services Holdings Ltd and Deccan Digital
Networks Private Limited, effectively has
approximately 73.99% equity interest in Aircel Limited. The balance
equity is held by the Sindya Securities & Investments Private
Limited. Maxis also has a substantial shareholding in Maxis Berhad,
the leading telecommunication operator in Malaysia.
DOLPHIN OFFSHORE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Dolphin Offshore Shipping Limited
Registered Office:
1001, Raheja Centre 214,
Nariman Point, NA
Mumbai MH 400021 India
Principal Office:
701/702 Lakhani Centrium,
Plot No. 27, Sector 15,
CBD Belapur (East)
Navi Mumbai MH - 400614 India
Insolvency Commencement Date: July 11, 2023
Estimated date of closure of
insolvency resolution process: January 2, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Kedar Somnath Pande
Flat No. 7, Surbhi Apartment,
Jadhavmandi, Kuwarfali, Rajabajar,
Opp. Vimalnath Jain Mandir, Aurangabad,
Maharashtra, 431001
Email: kedarpande@gmail.com
Email: dolphincirp@gmail.com
Last date for
submission of claims: July 25, 2023
EARTHBUILD GREENCITY: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Earthbuild Greencity Private Limited
Plot No. 108 A, 108 B Railway Colony
Balaganj, Lucknow,
Uttar Pradesh - 226003
Insolvency Commencement Date: July 11, 2023
Estimated date of closure of
insolvency resolution process: January 7, 2024
Court: National Company Law Tribunal, Allahabad Bench
Insolvency
Professional: Mr. Ankit Goel
E-10A, Kailash Colony,
South National Capital Territory of Delhi, 110048
Email: ankitgoel@aaainsolvency.in
Email: earthbuildgreencity.ibc@gmail.com
Last date for
submission of claims: July 28, 2023
EASTMAN METTCAST: ICRA Keeps C+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Eastman Mettcast Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]C+; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 15.00 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
EML, initially promoted by Mr. Jagdeep Singal and his family, was
incorporated in June 2006, as Swift Mettcast Limited and
manufactures casting parts for the automotive ancillary industry.
EML manufactures aluminum high pressure die cast and precision
machined sand cast parts for auto ancillaries, at its manufacturing
facility located in Hambran, Ludhiana, Punjab. In December 2013,
the company was taken over by Mr. Subhash Goel and his family and
currently both the families are jointly managing the operations of
the company.
ETHICS POLYSACK: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term ratings of Ethics Polysack LLP in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.60 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 1.40 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit '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.
Ethics Polysack LLP was established in March 2016 as a limited
liability partnership with Mr. Darshan Jivani, Mr. Jaysukh Jivani,
Mr. Mitesh Patel, Mr. Jayesh Fefar and Mr. Piyush Fefar as
partners. It is setting up a greenfield project at Tankara, Gujarat
and proposes to engage in manufacture of woven sacks, fabrics and
tarpaulin. The facility will be equipped with 1 extrusion plant, 33
looms, 1 lamination plant and 2 heat sealing machines with a
proposed installed capacity of manufacturing 1500 tonnes of PP/HDPE
laminated fabric per annum. The company's commercial operational
are expected to commence by April 2017, as against the planned
commissioning in January 2017 owing to non-availability of
machinery with its suppliers, who in turn import it from Germany
and USA.
HINDUSTAN FLUOROCARBONS: CRISIL Keeps C Ratings in Not Coop.
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hindustan
Fluorocarbons Limited (HFL) continue to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 5.15 CRISIL C (Issuer Not
Cooperating)
Letter of Credit 0.38 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 5.97 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with HFL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HFL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
HFL is a Hyderabad-based company manufacturing poly tetra fluoro
ethylene (PTFE), an engineering plastic in India. HFL was
incorporated in 1983 as a subsidiary of Hindustan Organic Chemicals
Limited (HOCL).
INFINITI TECHLAB: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Infiniti Techlabs LLP
Plot No. 65, Gun Rock Enclave,
Staff Road N A Secunderabad,
Telangana. PIN- 500009
Liquidation Commencement Date: July 7, 2023
Court: National Company Law Tribunal, Hyderabad Bench-II
Liquidator: Rachamallu Ramachandra Reddy
Flat No 508, Block A1, TVS Lakeview Apts,
Road No. 10, Panchavati Colony,
Manikonda, Hyderabad-500089
Email: umarachmallul12081961@gmail.com
Flat No. 403, Block B2, TVS Lakeview Apts,
Road No. 10, Panchavati Colony,
Manikonda, Hyderabad 500089
Email: inifinititechlabs.cirp@gmail.com
Last date for
submission of claims: August 8, 2023
JMT AUTO: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of JMT Auto
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 39.57 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 87.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 4.27 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term– 1.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 35.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 3.16 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated 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.
JMT Auto Limited (JMT) is a 66.77% subsidiary of Amtek Auto Ltd.
(AAL) and manufactures machined components for automobile, tractor
and farm equipment, oil and natural gas and construction equipment
sectors. The company was incorporated in 1987 as Jamshedpur Metal
Treat Private Ltd. and operated as a dedicated ancillary to the
erstwhile Tata Engineering and Locomotive Company Ltd. (Telco),
supplying various machined components. The company's shares were
listed in 1994 and are traded on both the Bombay Stock Exchange and
the National Stock Exchange. Over the years, JMT has enhanced its
manufacturing capabilities by backward integrating into forging and
casting components. JMT has eight production units, located in
Jamshedpur, Dharwad and Lucknow.
KAANHA SHIPPING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kaanha Shipping Private Limited
Door No. 15-14-4/2, Buddhavarapu Gardens
Krishna Nagar,
Maharanipet Visakhapatnam
Andhra Pradesh - 530002
Insolvency Commencement Date: July 4, 2023
Estimated date of closure of
insolvency resolution process: December 30, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Mr. Gopikrishna Byadigera
2-2-271/73/1 Plot No 73, Lakshmi Enclave, Phase-2,
Near Sanjive Reddy Garden, Macha Bolarum,
Hyderabad, Telangana-500010
Email: bgopikrishna2000@gmail.com
Email: kaanha.cirp2gmail.com
Last date for
submission of claims: July 18, 2023
LOOCUST INCORP: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Loocust Incorp Apparel Export Private Limited
28/13 M G R Nagar, Fourth Street, Tirupur,
Coimbatore, Tamil Nadu 641602, India
Insolvency Commencement Date: July 10, 2023
Estimated date of closure of
insolvency resolution process: January 6, 2024
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Mutharasapuram Ganesan Chandrasekaran
Flat No. 104, Tiana, House of Hiranandani,
5/63 OMR, Egattur, Navalur (Post),
Chengalpattu (District),
Near Marina Mall,
Chennai, Tamil Nadu, 600130
Email: sekaranirp@gmail.com
BKC Centre
31-E, Laxmi Industrial Estate, New Link Road,
Andheri (W), Mumbai - 400053
Email: loocustincorp.cirp@gmail.com
Last date for
submission of claims: July 24, 2023
LYPSA GEMS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short- Term rating of Lypsa Gems
and Jewellery Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 50.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term– COOPERATING; Rating moved to
the
Fund Based/ 'Issuer Not Cooperating'
Non Fund Category
Based-Others
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 on November 30, 1995, Maloo Polymers Limited, a public
limited company, was listed on Ahmedabad Stock Exchange in the year
1997. In the year 2008-09, it was taken over by Mr. Dipan Patwa and
Mr. Manish Janani. Subsequently the name of the company was also
changed to Maloo Gems and Jewellery Ltd. on January 12, 2010. The
name of the company was further changed to Lypsa Gems & Jewellery
Limited (LGJL) on March 07, 2012. LGJL was listed on the Bombay
Stock Exchange (BSE) on July 02, 2012. At present, LGJL is in the
business of manufacturing and trading of polished diamonds and has
two manufacturing facilities at Navsari and Palanpur respectively.
The company specialises in manufacturing of small sized diamonds
ranging from 0.005 to 0.75 cents. The company exports to various
countries including Hong Kong, USA, UAE, and Belgium.
MANN MEDICITI: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Mann Mediciti Wellness Centre
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- 1.50 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 5.80 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit '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.
Mann Mediciti Wellness Centre Pvt. Ltd. (MMWCPL) incorporated in
the year 1999 by Dr. J.S. Mann operates a hospital by the name of
"Mann Mediciti Super Specialty Hospital (MMSSH)". MMSSH established
in the year 2009 is currently a 100 bedded facility located in
Jalandhar city of Punjab. MMSSH specializes in Medicine,
Cardiology, Neurology, Orthopedics and plastic and reconstructive
surgery among other branches of Medical Science. MMSSH is empaneled
with Ex-Servicemen Contributory Health Scheme (ECHS), Employees
State Insurance scheme (ESI) and Food Corporation of India (FCI).
MEENAKSHI CARGO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Meenakshi Cargo Forwarders Private Limited
Plot No. 1, Door No. 10A, S2, Second Floor,
Chozha Residency, North Raja Street
Alandur, Chennai - 600 016
Insolvency Commencement Date: July 10, 2023
Estimated date of closure of
insolvency resolution process: January 6, 2024
Court: National Company Law Tribunal, Coimbatore Bench
Insolvency
Professional: R. Thamodharan
Door No. 19/Site 24, 2nd Cross Street, Kalluri Nagar,
Peelamedu, Coimbatore - 641 012
Email: meenakshicargocirp@gmail.com
Tel No: 0422-2492454
Last date for
submission of claims: July 24, 2023
RAI ISPAT: Liquidation Process Case Summary
-------------------------------------------
Debtor: Rai Ispat Private Limited
Old No. 13, New No. 6, Park Avenue,
Kesavaperumal Puram,
Off Greenways Road,
Chennai-600028
Liquidation Commencement Date: July 10, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Mr. M.Asir Raja Selvan
Old No. 376/New No. 9, 30th Street, 6th Sector,
K.K Nagar, Chennai, Tamil Nadu 600078
Email: raiispatliquidation@gmail.com
Email: asir.cs@gmail.com
Tel No: 9500003636
Last date for
submission of claims: August 5, 2023
RAJSHREE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Rajshree Sugars & Chemicals Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 334.42 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 82.84 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit '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.
Rajshree Sugars & Chemicals Limited (RSCL), founded in 1985 by Late
Shri. G. Varadaraj, is an integrated sugar company with three units
at Theni, Villupuram, and Gingee in Tamil Nadu. It also earlier had
a subsidiary sugar mill, namely Trident Sugars (TSL), at Zaheerabad
in the Medak district of Andhra Pradesh. The company has a combined
crushing capacity of 11,500 TCD.
It also has a total distillery capacity of 125 kilo litres per day
(KLPD; 45 KLPD in Theni unit and 80 KLPD in Gingee unit) and a
total cogeneration capacity of 54.5 MW (12 MW in Theni unit, 22 MW
in Villupuram unit and 20.5 MW in Gingee unit).
SAI CAR SALES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sri Sai Car Sales Private Limited
Room No. 4, Flat No. –L/62/0506, Building No-L(62-63),
Phase -4, Spriha Block, Sukhobrishti,
Phase-2A, New Town, Kolkata 700235 WB
Insolvency Commencement Date: July 12, 2023
Estimated date of closure of
insolvency resolution process: January 8, 2024
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Birendra Kumar Tripath
60/2/1 Hari Padda Dutta Lane,
GolfView Apartment,
Flat No-7, 3rd Floor Kolkata-700033, West Bengal
Email: bkt9000@gmail.com
C/O Maroti Corporate Advisors Pvt.Ltd.
Diamond C Heritage,
5TH Floor Unit No, N503, 16 Strand Road
Kolkata-700001
Email: cirpsrisaicarsales@gmail.com
Last date for
submission of claims: July 26, 2023
SAI KALYAN: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sai
Kalyan Builders And Developers Private Limited (SKBDPL) to 'CRISIL
D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 48 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 27 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SKBDPL for
obtaining information through letter and email dated June 16, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKBDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SKBDPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SKBDPL to 'CRISIL D Issuer not cooperating'.
SKBDPL is developing residential real estate in Bengaluru. The
company is promoted by Mr Yerraguntla Venkatesulu Choudary and his
family members.
SH INFRATECH: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of SH Infratech 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– 1.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund Rating continues to remain under
Based-Others '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.
SHIL was incorporated in December 2009 and is engaged in civil
construction projects comprising mainly of road construction
activities in Uttar Pradesh. The clients of the firm are mostly
government organizations such as Public Works Departments (PWD).
The directors of the company have been engaged in the civil
construction business for past twenty years through their
proprietorship concern Shakeel haider Engineers and Contractors
(SHEC), rated [ICRA]D. However, all the projects in SHEC are now
complete and the new contracts are bid in the company SHIL.
SHIV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Jyoti
Furnace Private Limited (SJFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.75 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.75 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SJFPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SJFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SJFPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2010 by Mr. Harikishan Goel and Mr. Gurvinder Garg,
SJFPL manufactures mild steel ingots. Its manufacturing facility is
in Abu Road (Rajasthan).
SHIVA LOKENATH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva
Lokenath Rice Mills Private Limited (SLRMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
Proposed Bank 1 CRISIL D (Issuer Not
Guarantee Cooperating)
Proposed Cash 5 CRISIL D (Issuer Not
Credit Limit Cooperating)
Proposed Fund- 0.16 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
Proposed Term Loan 9.54 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SLRMPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SLRMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SLRMPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
SLRMPL, which was set up in 1998, processes non-basmati rice, and
trades in wheat and rice. Daily operations are managed by the
director, Mr Ranjan Paul.
SHREEOM PRIME: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Shreeom Prime Foods Private Limited
F-243 Industrial Growth Center,
Khara Bikaner Rj 334601
Liquidation Commencement Date: July 4, 2023
Court: National Company Law Tribunal, Jaipur Bench
Liquidator: Satyendra Prasad Khorania
402, 4th Floor, OK Plus, DP Metro,
Opp. Pillar No. 94,
New Sanganer Road,
Jaipur, Rajasthan, 302019
Email: skhorania@live.com
Email: ip.shreeom@gmail.com
Last date for
submission of claims: August 3, 2023
SSG TECHNO: CRISIL Lowers Rating on LT/ST Debts to D
----------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
SSG Techno Services Private Limited (SSGTSPL) to 'CRISIL D/CRISIL
D' from 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
'CRISIL B/Stable')
Short Term Rating - CRISIL D (Downgraded from
'CRISIL A4')
The downgrade reflects the continuous delay in repaying interest
because of weak liquidity. The ratings also reflect below-average
financial risk profile and large working capital requirement.
However, the company benefits from the extensive experience of its
promoters.
Key rating drivers & detailed description
Weaknesses:
* Delays in meeting debt obligation: Stretched liquidity has
resulted in continuous delays in paying interest obligation on the
loans.
* Small scale of operations: Revenue is expected to remain subdued
at INR6.7 crore for fiscal 2023 due to intense competition in the
civil construction industry. The company is also exposure to risks
inherent in tender-based business, which is likely to continue to
constrain business risk profile.
* Large working capital requirement: Gross current assets have been
690-550 days over the three fiscals ended March 31, 2023, because
of large work-in-progress and raw material inventory of 700-750
days. However, this is supported by credit of 150 days from the
suppliers and low receivables of up to 30 days. Improvement in
working capital management will remain a key monitorable.
Strength:
* Extensive experience of the promoters: Presence of over two
decades in the construction industry has enabled the promoters to
develop a strong understanding of market dynamics and establish
healthy relationships with suppliers and customers.
Liquidity: Poor
Net cash accrual is likely to be low at INR0.15 crore over the
medium term. Unencumbered cash and bank balance were minimal while
bank limit was fully utilised for the 12 months through March 2023.
Current ratio is expected at around 2 times over the medium term.
Rating Sensitivity Factors
Upward Factors
* Track record of timely debt servicing for at least over 90 days
* Significant improvement in liquidity with substantial improvement
in operating performance, restructuring of debt or equity infusion
SSGTSPL was established in 2002 as a proprietorship firm (SSG
Enterprise) by Mr Subrata Sengupta and was reconstituted as a
private limited company with the current name in 2010. The company
constructs railway bridges, road over bridges, reinforced concrete
bridges, and screw pile bridges in West Bengal, Bihar and
Jharkhand.
TRANS TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trans Tech
Turnkey Private Limited (TTTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Letter of credit 60 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Letter of credit 135 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Short Term 10 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TTTPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TTTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TTTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TTTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up by Mr. Suranjan Chatterjee, Mr. Sugato Majumdar, Mr. A N
Ghosh, and Mr. Ulhas V Pradhan, TTTPL offers engineering,
procurement and construction services, ranging from design and
civil construction to mechanical, electrical, and plumbing work.
Its large-scale turnkey division caters to industrial units and
commercial buildings, while its heating, ventilation, and air
conditioning division provides design and engineering, supply, and
installation services, mainly to pharmaceutical.
TRANSPORT SOLUTIONS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Transport
Solutions India Private Limited (TSIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with TSIPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSIPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of HLM India Pvt Ltd (HIPL),
Lohr India Automotive Pvt Ltd (LIAPL), and TSIPL. This is because
the three companies, together referred to as the TSI group, are in
similar lines of business and have significant intercompany
transactions. Also, TSIPL has extended corporate guarantee for bank
loan facilities of LIAPL and HIPL.
The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of over
four decades.
TRIDENT SUGARS: ICRA Lowers Rating on INR28cr Cash Loan to D
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Trident
Sugars Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 28.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from [ICRA]C
Cash Credit and continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 13.95 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from [ICRA]C
Term Loan and continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade is due to default compliant filed against
Trident Sugars Limited by the operational creditor NSL Krishnaveni
Sugars Ltd to National Company Law Tribunal. The rating is based on
limited information on the entity's performance since the time it
was last rated on May 26, 2022. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Trident Sugars Limited commenced its operation as a cooperative
mill and was acquired by Ganapati Sugar Mills in 2002. TSL was then
acquired by Rajshree Sugars and Chemicals Limited in 2006, further
it was subsequently acquired by Natems Sugar Private Limited (NSPL)
in April 2017 and now is a 100% subsidiary of NSPL. The standalone
sugar mill of TSL, having crushing capacity of 2500 tons of cane
per day, is located in Zaheerabad Tq. of Andhra Pradesh.
TRIPATHI HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tripathi
Hospital Private Limited (THPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with THPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of THPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on THPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
THPL continues to be 'CRISIL D Issuer Not Cooperating'.
Tripathi Hospital Private Limited, incorporated in November 2001,
provides medical services in the fields of orthopaedics and
gynaecology/obstetrics. It was originally established as a
partnership firm in 2000 and was reconstituted as a private limited
company in 2001. The company is managed by Mr B K Tripathi and his
wife Ms. Nidhi Tripathi. It has a 100-bed hospital at Noida in
Uttar Pradesh.
UDAY STRUCTURALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Uday
Structurals and Engineers Private Limited (USEPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with USEPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of USEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on USEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
USEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
USEPL, based in Mumbai (Maharashtra), was set up in 2010 by Mr.
Uday Patil and his wife. The company manufactures scaffoldings and
also undertakes real estate construction on contractual basis.
USASHI REALSTATES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Usashi Realstates Private Limited
(fka Dreamparadise Properties Private Limited)
86 Golaghata Road, Jamuna Apartment,
Kolkata, WB 700048
Insolvency Commencement Date: July 6, 2023
Estimated date of closure of
insolvency resolution process: January 2, 2024
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Arun Kumar Gupta
P-15 Bentinck Street, 3rd Floor
Kolkata - 700001
Email: guptaarunkumar2001@yahoo.com
Email: usashirealstates.ibc@gmail.com
1. Mr. Abhit Kumar Singh
Email: abhit1981@hotmail.com
2. Mr. Nitin Daga
Email: daga.nitin.cs@gmail.com
3. Mr. Sanjay Khandelwal
Email: sanjay.pfs@gmail.com
Last date for
submission of claims: July 20, 2023
UTOPIAN SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Utopian
Sugars Limited (USL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Sugar Pledge 13 CRISIL D (Issuer Not
Cash Credit Cooperating)
Term Loan 20.01 CRISIL D (Issuer Not
Cooperating)
Term Loan 21.66 CRISIL D (Issuer Not
Cooperating)
Term Loan 30.51 CRISIL D (Issuer Not
Cooperating)
Term Loan 14.82 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with USL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative. 'The investors, lenders and
all other market participants should exercise due caution with
reference to the rating assigned/reviewed with the suffix 'ISSUER
NOT COOPERATING' as the rating is arrived at without any management
interaction and is based on best available or limited or dated
information on the company. Such non co-operation by a rated entity
may be a result of deterioration in its credit risk profile. These
ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking
component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of USL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on USL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
USL continues to be 'CRISIL D Issuer Not Cooperating'.
USL was incorporated in March, 2010 and is managed by Mr. Umesh
Paricharak and Mr. Mahesh Paricharak. The company processes sugar,
and molasses in Solapur, Maharashtra. It also has co-gen power
capacity. The company recently completed its distillery unit
project. The capacity of distillery unit is 45KLPD.
VE-7 CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VE-7 Ceramic
(VEC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.65 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.00 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 6.95 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VEC for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VEC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VEC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2014 and promoted by members of Morbi-based Patel
family, VEC manufactures wall tiles.
VEETEEJAY MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Veeteejay
Motors Private Limited (VMPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Fund Based 10.0 CRISIL D (Issuer Not
Facilities- LT Cooperating)
CRISIL Ratings has been consistently following up with VMPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VMPL continues to be 'CRISIL D Issuer Not Cooperating'.
The company is an authorized dealer of passenger vehicles of
Hyundai Motor India Ltd (HMIL) and is based in Kochi, Kerala. It
operates two 3S (sales, service and spares) showrooms and three
sales outlets in Kochi. It is promoted by Mr Thomas J.
VIJAYA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijaya
Krishna Agro Food Processing Private Limited (VKAFPL) continue to
be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.75 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.75 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5.00 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VKAFPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VKAFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
VKAFPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of VKAFPL continues to be 'CRISIL D Issuer Not
Cooperating'.
Incorporated in 2014, VKAFPL, promoted by Mr G Vijaya Kumar and
family, is engaged in processing and sale of guava and mango pulp.
Its pulp processing unit near Vijayawada, Andhra Pradesh.
VINDHYAVASINI BUILDCON: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s. Vindhyavasini Buildcon Private Limited
Flat No. 101, OG-III, Oberoi Garden,
Thakur Village Off Western Express Highway,
Kandivali (E), Mumbai City MH 400101 IN
Insolvency Commencement Date: July 11, 2023
Estimated date of closure of
insolvency resolution process: January 7, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: CA Naren Sheth, B. Com (Hons.)
1014-1015, Prasad Chamber,
Tata Road No. 1, Opera House,
Charni Road (East) Mumbai 400004
Mobile No: 09821133426
Tel No: 022-66322870
Email: mkindia58@gmail.com
Email: cirp.vvbpl@gmail.com
Last date for
submission of claims: July 27, 2023
VISTAR METAL: Liquidation Process Case Summary
----------------------------------------------
Debtor: Vistar Metal Industries Private Limited
401,402 & 403 Coral Classic Co.op. Soc, Road No. 20,
Near Ambedkar Garden,
Chembur( East), Mumbai, Maharashtra - 400071.
Liquidation Commencement Date: July 10, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Sunil Kumar Agarwal
Tower-6, Flat No 603, Devnandan Heights,
Near Podar School,
New C G Road, Chandkheda,
Ahmeddabad, Gujarat, 382424
Email: anil91111@hotmail.com
Office No.#3, Dilkap Center,
Near Safed Pul,
Saki Naka,
Andheri Kurla Road,
Mumbai, Maharashtra - 400072
Email: liq.vistarmetals@gmail.com
Last date for
submission of claims: August 9, 2023
VRUNDAVAN CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vrundavan
Ceramic Private Limited (VCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9.75 CRISIL D (Issuer Not
Cooperating)
Funded Interest 3.30 CRISIL D (Issuer Not
Term Loan Cooperating)
Proposed Long Term 0.70 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 9.00 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with VCPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
VCPL, incorporated in Morbi (Gujarat) as a limited company in 2000,
was promoted by Mr. O T Patel. It was reconstituted as a private
limited company in 2003. VCPL manufactures floor and wall tiles
that are sold under the Vrundavan and Spaniso brands. Gangotri is a
partnership firm engaged in the same line of business.
WHITE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of White Lotus
Cotyledon Private Limited (WLCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.05 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 10.45 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with WLCPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of WLCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WLCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
WLCPL continues to be 'CRISIL D Issuer Not Cooperating'.
WLCPL, established by Shah family in Aurangabad (Maharashtra), is
engaged in ginning and pressing of raw cotton. The company's unit,
located at Vaijapur in Aurangabad, has a manufacturing capacity of
1500 quintals per day.
===============
M A L A Y S I A
===============
TOP BUILDERS: Taps Mercury Securities as Adviser for Revamp Plan
----------------------------------------------------------------
Free Malaysia Today reports that Top Builders Capital Bhd appointed
Mercury Securities Sdn Bhd on Aug. 2 as its principal adviser
relating to the company's Practice Note 17 (PN17) regularisation
plan.
According to the report, the piling and engineering company had
failed to submit its regularisation plan to the Securities
Commission Malaysia or Bursa Securities for approval within the
extended timeframe of June 29 this year.
Its application for a further extension of time until Dec. 29 this
year to submit its regularisation plan had also been rejected by
Bursa Securities, Free Malaysia Today relates.
"The company will make the necessary announcement(s) in regard to
the development on the matter accordingly," Top Builders said in a
filing with Bursa Malaysia on Aug. 3.
Trading in Top Builders' shares will be suspended with effect from
Aug. 4, and its securities de-listed on Aug. 8 unless an appeal
against the de-listing is submitted to Bursa Securities by Aug. 3.
Apart from announcing Mercury Securities' appointment as its
adviser, Top Builders' filing did not indicate if it will submit an
appeal against its de-listing by Aug. 3's deadline, the report
relates.
If an appeal is submitted, the de-listing will be deferred pending
the decision on the company's appeal, according to a filing on July
27.
About Top Builders
Top Builders Capital Berhad specializes in engineering and
construction services. The Company designs, engineers, and
constructs piling and foundation, bridges, and buildings.
Top Builders was classified as a Practice Note 17 (PN17) company in
January 2022 after Bursa Malaysia Securities Bhd rejected the
company's request for a six-month extension of the exemption
period.
Top Builder first triggered the PN17 criteria in June, 2020. Known
as Ikhmas Jaya at the time, its external auditor Messrs KPMG PLT
raised doubt about the company's ability to continue as a going
concern, as the loss-making company's current liabilities had
exceeded its current assets by MYR21.6 million. At the same time,
its shareholders' equity on a consolidated basis was 25% or less of
the share capital (excluding treasury shares), and such
shareholders' equity was less than MYR40 million. But thanks to
the relief measures introduced by Bursa and the Securities
Commission Malaysia, Ikhmas Jaya was not classified as a PN17
listed issuer for a period of 18 months, theedgemarkets.com said.
The company is still in the midst of formulating a regularisation
plan to address its financial condition. It has been a loss-making
company since FY18.
=====================
N E W Z E A L A N D
=====================
HAPPY VALLEY: Administrators Recommend Liquidation of Company
-------------------------------------------------------------
Stuff.co.nz reports that administrators of Happy Valley Nutrition
have urged the board to vote for the liquidation of the company.
According to Stuff, Happy Valley Nutrition had plans to be a
business-to-business supplier of nutritional powders and fully
formulated products derived from A2 or organic milks to
businesses.
But in July, Andrew Grenfell and Kare Johnstone of McGrathNicol
were appointed as administrators after the aspiring milk processor
failed to raise funds to build a dairy factory in Waikato, Stuff
relays.
In an administrators' report last week creditors were advised that
in the absence of a deed of company arrangement (DOCA), and with
the businesses insolvent, the administrators recommended creditors
vote for the company to be placed into liquidation.
"There would be no other viable options at this time," the report
said.
According to Stuff, the administrators received two expressions of
interest to potentially recapitalise the business that might result
in a DOCA.
The expressions were received with insufficient time to apply for a
court extension of the convening period, the report said.
Stuff relates that Mr. Grenfell said there were no updates on the
expressions of interest.
Happy Valley Nutrition listed on the ASX in January 2020 after
raising AUD12.5 million in an initial public offering to fund
planning for the project.
It anticipated it would need to raise a further AUD328 million
within a year to fund the factory.
According to Stuff, the company failed to secure ongoing investment
because the closure of borders due to Covid limited potential
investors' ability to travel to New Zealand and the directors'
ability to travel to meet investors.
Also to blame were increasing interest rates, forecasts of a global
recession and a tightening of the Chinese economy and its demand
for New Zealand milk, a tightening of the milk supply in Europe and
an expanding Chinese domestic milk market.
"The above factors have impacted the international dairy industry
and in turn translated to higher returns being sought by industry
investors," the report, as cited by Stuff, said.
The ASX suspended the company's shares from trading on June 29 due
to concerns regarding the company's financial condition. The shares
initially sold at AUD20 cents, but last traded at AUD1.2 cents.
On June 30, the company's lender agreed to extend an AUD11 million
facility for six weeks until August 16.
Stuff notes that the loan was part of a AUD20 million funding
package agreed in February 2021 to settle the purchase of Woolly
Farm, Waipa Meadows and Lot 2, 5 Redlands Road for wastewater
irrigation from the facility.
Headquartered in Auckland, New Zealand, Happy Valley Nutrition
Limited (ASX:HVM) -- https://www.hvn.co.nz/ -- engages in the
production and sale of infant milk formula and other nutritional
products in New Zealand and internationally. The company was
formerly known as Happy Valley Milk Limited and changed its name to
Happy Valley Nutrition Limited in September 2019.
HUA HOLDINGS: Creditors' Proofs of Debt Due on Sept. 21
-------------------------------------------------------
Creditors of Hua Holdings Limited are required to file their proofs
of debt by Sept. 21, 2023, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on July 21, 2023.
LOG TOUGH: Court to Hear Wind-Up Petition on Aug. 14
----------------------------------------------------
A petition to wind up the operations of Log Tough Limited will be
heard before the High Court at Taurunga on Aug. 14, 2023, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 30, 2023.
The Petitioner's solicitor is:
T. Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
RAINCELL LIMITED: Court to Hear Wind-Up Petition on Aug. 14
-----------------------------------------------------------
A petition to wind up the operations of Raincell Limited will be
heard before the High Court at Tauranga on Aug. 14, 2023, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 26, 2023.
The Petitioner's solicitor is:
T. Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
SHREE BALAJEE: Grant Bruce Reynolds Appointed as Liquidator
-----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on July 25,
2023, was appointed as liquidator of Shree Balajee Pvt Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
VCSK LIMITED: Creditors' Proofs of Debt Due on Sept. 28
-------------------------------------------------------
Creditors of VCSK Limited are required to file their proofs of debt
by Sept. 28, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 28, 2023.
The company's liquidator is:
C/- Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road
PO Box 15543
Tauranga 3144
===============
P A K I S T A N
===============
PAKISTAN: Court Sentences Imran Khan to Three Years in Jail
-----------------------------------------------------------
The Financial Times reports that a Pakistani court has sentenced
opposition leader Imran Khan to three years in jail over corruption
allegations, threatening to remove the country's popular former
prime minister from politics ahead of national elections due later
this year.
A large contingent of police arrested Khan at his Lahore home and
took him to jail shortly after the verdict by an Islamabad lower
court on Aug. 5, which found him guilty of illegally profiting from
the sale of gifts that he received while in office from 2018 to
2022, the FT relates.
It is the second time in less than three months that Pakistani
authorities have arrested Khan, who has repeatedly clashed verbally
not only with Prime Minister Shehbaz Sharif's government but the
country's powerful military, according to the FT.
The FT says Khan's Pakistan Tehreek-e-Insaf party decried the
conviction and arrest as a politically motivated attempt to prevent
him from contesting Pakistan's general elections, which are
expected in October or November.
They alleged that Khan is being targeted because of his criticism
of the army, which controls much of the country's politics from
behind the scenes.
The decision was "reached at haste to keep [Khan] out of [the]
electoral race," the PTI said, the FT relays. It added that Khan,
who is facing a series of other cases ranging from graft to
terrorism allegations, has appealed against the judgment in the
Islamabad High Court and Supreme Court.
According to the FT, analysts said that the latest action against
Khan threatens to escalate Pakistan's political tensions ahead of
the elections.
They argue that Khan, who was removed from office in a
no-confidence vote last year, probably remains the country's most
popular politician and would be a favourite to become prime
minister again if allowed to run.
"We have seen such instances in the past against politicians and it
hasn't worked," the FT quotes Huma Baqai, a Karachi-based analyst,
as saying. "If anything, a steroid has been injected today into
Imran Khan's politics. His support will only grow. There are strong
grounds to challenge his arrest in higher courts."
Khan's previous arrest in May, over allegations that he engaged in
a corrupt land deal, triggered furious protests around the country
in which several people were killed and a number of military
installations were vandalized, the FT recalls.
Though Khan was soon granted bail, authorities went on to arrest
thousands of his supporters while many senior PTI leaders quit the
party under pressure in a crackdown analysts said was driven by the
military.
Khan decried it "undeclared martial law", telling the Financial
Times in June that the authorities "will only hold elections when
they think that my party is crushed".
Sharif, whose government has struggled with a painful economic
crisis, is expected to step down in the coming days and hand over
power to a caretaker government ahead of the polls, the FT notes.
On July 30, a suicide bombing killed more than 60 people at a rally
held by the Jamiat Ulema-e-Islam (F) party, a hardline Sunni Muslim
group that is part of Sharif's ruling coalition, the FT reports. A
local ISIS offshoot claimed responsibility for the attack.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch typically
does not assign Outlooks to sovereigns with a rating of 'CCC+' or
below.
In March 2023, Moody's Investors Service downgraded the Government
of Pakistan's local and foreign currency issuer and senior
unsecured debt ratings to Caa3 from Caa1. Moody's has also
downgraded the rating for the senior unsecured MTN programme to
(P)Caa3 from (P)Caa1. Concurrently, Moody's has also changed the
outlook to stable from negative. The decision to downgrade the
ratings is driven by Moody's assessment that Pakistan's
increasingly fragile liquidity and external position significantly
raises default risks to a level consistent with a Caa3 rating.
=================
S I N G A P O R E
=================
CLEARSTREAM INVESTMENTS: Commences Wind-Up Proceedings
------------------------------------------------------
Members of Clearstream Investments Pte Ltd, on July 31, 2023,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Ms. Eunice Hooi Lai Fann
1 Harbourfront Avenue
#14-07, Keppel Bay Tower
Singapore 098632
FIRELAND ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on July 28, 2023, to
wind up the operations of Fireland Engineering Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Leow Quek Shiong
c/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
KENZ FIGEE: Creditors' Proofs of Debt Due on Sept. 4
----------------------------------------------------
Creditors of Kenz Figee Singapore Pte. Ltd. are required to file
their proofs of debt by Sept. 4, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 27, 2023.
The company's liquidators are:
Lin Yueh Hung
Goh Wee Teck
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
MMC (SINGAPORE): Creditors' Proofs of Debt Due on Sept. 4
---------------------------------------------------------
Creditors of MMC (SINGAPORE) Holdings Pte. Ltd. are required to
file their proofs of debt by Sept. 4, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 28, 2023.
The company's liquidators are:
Aaron Loh Cheng Lee
Ee Meng Yen Angela
EY Corporate Advisors
One Raffles Quay
North Tower 18th Floor
Singapore 048583
PMS CONSULTANTS: Commences Wind-Up Proceedings
----------------------------------------------
Members of PMS Consultants Singapore Pte Ltd, on July 28, 2023,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Chee Fung Mei
Lum Inn Han Elizabeth
Loke Chiew Mun
110 Middle Road #05-03
Singapore 188968
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***