/raid1/www/Hosts/bankrupt/TCRAP_Public/230810.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, August 10, 2023, Vol. 26, No. 160
Headlines
A U S T R A L I A
AUDIU ONLINE: Second Creditors' Meeting Set for Aug. 14
GYMPRO PTY: First Creditors' Meeting Set for Aug. 16
LYGON 1B: Second Creditors' Meeting Set for Aug. 15
NATURAL HIGH: PharmaCare Buys Bounce Foods Out of Administration
TOPLACE PTY: Lenders Set to Sell Assets After Developer Collapse
UNITED CAPITAL: First Creditors' Meeting Set for Aug. 16
VITAE COLLECTIVE: First Creditors' Meeting Set for Aug. 15
C H I N A
COUNTRY GARDEN: Denies Rumor Local Gov't Team Is at Developer
MISSFRESH LTD: Gets New Funding to Focus on Digital Marketing
TEXHONG INT'L: Sells Vietnamese Unit to Texwinca for USD78MM
[*] CHINA: 38 Developers Brace for Losses of Up to USD2.3B in H1
I N D I A
ACQUA GREEN: Voluntary Liquidation Process Case Summary
ADHIKARI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
AL-SAQIB EXPORTS: CARE Lowers Rating on INR30cr LT/ST Loan to D
ASHOKA MANUFACTURING: CRISIL Keeps D Ratings in Not Cooperating
AVEENA MILK: CARE Keeps D Debt Rating in Not Cooperating Category
BALAJI POLYSACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
BALLAVPUR PAPER: CRISIL Withdraws D Rating on INR8cr LOC
C P ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
CABLE CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
COLUMBUS OVERSEAS: CARE Lowers Rating on INR9.90cr LT Loan to D
DAMUL TRADING: Voluntary Liquidation Process Case Summary
E C BOSE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
EXPLO MEDIA: Liquidation Process Case Summary
GAJRAJ HOTEL: CARE Keeps D Debt Rating in Not Cooperating
GIRINDRA HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating
GJS INFRATECH: CARE Moves D Debt Rating to Not Cooperating
GUJARAT EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
GUPTA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KONARK SYNTHETIC: CRISIL Keeps D Debt Ratings in Not Cooperating
LEGEND ARTISTS: Insolvency Resolution Process Case Summary
LOGON INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
MAL-SAQIB EXPORTS: Insolvency Resolution Process Case Summary
MANJEERA CONSTRUCTIONS: Insolvency Resolution Process Case Summary
MELSTAR INFORMATION: CRISIL Keeps D Ratings in Not Cooperating
MISHAL CONSTRUCTION: CARE Cuts Rating on INR10cr LT Loan to D
MUMBAI METRO: SBI Files Insolvency Plea Against Metro Project
RAJDEEP DISTRIBUTORS: Insolvency Resolution Process Case Summary
TAGORE EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
TAMILNADU JAI: CRISIL Keeps D Debt Ratings in Not Cooperating
TRIDENT SUGARS: CRISIL Lowers Rating on LT/ST Debts to D
VIRAT GLOBAL: Insolvency Resolution Process Case Summary
[*] INDIA: Banks Write Off INR14.56 Lakh Crore NPAs in 9 Years
M A L A Y S I A
PERAK CORP: Sells Agricultural Land for MYR5.5MM as Part of Plan
N E W Z E A L A N D
BROTHERS BEER: PricewaterhouseCoopers Appointed as Administrator
CHIMBUSCO INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 1
FLAWLESS FLOOR: Creditors' Proofs of Debt Due on Aug. 30
FOOTHILLS CONTRACTING: Court to Hear Wind-Up Petition on Aug. 14
RUSSWHANAU LIMITED: Court to Hear Wind-Up Petition on Aug. 14
W. C. N. LIMITED: Khov Jones Limited Appointed as Administrator
S I N G A P O R E
BIOCARBON GROUP: Members' Final Meeting Set for Sept. 8
EL DEVELOPMENT: Members' Final Meeting Set for Sept. 8
GCC (CUE) SHIPOWNING: Members' Final Meeting Set for Sept. 8
HARMONY CREATIVE: Members' Final Meeting Set for Sept. 8
HAWKER QSR: Final Meeting Set for Sept. 7
- - - - -
=================
A U S T R A L I A
=================
AUDIU ONLINE: Second Creditors' Meeting Set for Aug. 14
-------------------------------------------------------
A second meeting of creditors in the proceedings of Audiu Online
Pty Ltd, Audiu Music Pty Ltd, and Chive Music Pty Ltd has been set
for Aug. 14, 2023 at 11:00 a.m. at Gisborne and Macedon Room,
Mantra Tullamarine Hotel, 2 Trade Park Drive in Tullamarine and via
virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 11, 2023 at 4:00 p.m.
Glenn Livingstone and Alan Walker of WLP Restructuring were
appointed as administrators of the company on July 10, 2023.
GYMPRO PTY: First Creditors' Meeting Set for Aug. 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Gympro Pty
Ltd will be held on Aug. 16, 2023, at 11:00 a.m. via teleconference
facilities.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Aug. 4, 2023.
LYGON 1B: Second Creditors' Meeting Set for Aug. 15
---------------------------------------------------
A second meeting of creditors in the proceedings of Lygon 1B Pty
Ltd has been set for Aug. 15, 2023 at 11:00 a.m. via virtual
meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 14, 2023 at 4:00 p.m.
Geoffrey Trent Hancock of Hamilton Murphy was appointed as
administrator of the company on June 2, 2023.
NATURAL HIGH: PharmaCare Buys Bounce Foods Out of Administration
----------------------------------------------------------------
News.com.au reports that the parent company of embattled health
food brand Bounce - known for its range of protein balls - will
have a new home, after it was bought out by another health
company.
Last month, documents revealed that Natural High Co Pty Ltd - which
operates Bounce Foods - entered administration "due to a heavy debt
burden".
But on August 2, the Bounce brand "and related IP" was sold to
PharmaCare Laboratories Pty Ltd, news.com.au discloses citing
9news.com.au.
"Shortly after commencement of the administration, an expressions
of interest sale campaign was conducted to find a buyer for the
company's business and assets, which included the "Bounce" brand,"
a spokesperson for auditing firm Grant Thornton told the
publication.
"As administrators we are glad to have been able to support the
brand during the voluntary administration process and to find a
suitable buyer who appears motivated to see the brand continue,"
the spokesperson said.
News.com.au relates that PharmaCare – which owns Nature's Way,
Sambucol, Bioglan, SUP Supplements – released a statement on the
purchase, calling it an "exciting acquisition" that highlights the
parent company's "commitment to grow through local acquisition".
According to news.com.au, PharmaCare CEO Glenn Cochran said in the
statement: "We have a strong team of experts in the natural health
sector who are already putting their collective minds behind the
success of the brand to support Bounce customers to achieve a
seamless transition of ownership."
Mr. Cochran said the first priority would be to review the Bounce
range and focus on 11 core products, including the popular Bounce
Protein Balls, news.com.au relays.
"The Bounce brand has a strong and loyal customer base,
particularly with female shoppers across grocery, petrol and
convenience," the report quotes Mr. Cochran as saying.
"Our team is excited to continue supplying the beloved Bounce balls
and more to Australians across the country who enjoy healthy
snacking on-the-go."
On July 14, documents published by the Australian Securities and
Investments Commission (ASIC) revealed that Natural High Co Pty Ltd
entered administration.
John McInerney and Philip Campbell-Wilson were appointed as
administrators.
Mr. McInerney told 7News the company went into voluntary
administration due to a debt "largely due to a failed attempt to
successfully launch in the US in 2016, which cost the company
(approximately) AUD6 million," news.com.au recalls.
"This heavy debt burden inhibited the company's ability to access
necessary working capital to fund its Australian operations," he
said.
The company has operated in Australia since 2004, leaving it with a
"strong presence in the market", Mr. McInerney said.
"An urgent expression of interest sale campaign has been commenced
by the administrator to find a buyer to take over the business and
continue supply to customers," the report quotes Mr. McInerney as
saying.
"The founders, Paula and Andy Hannagan, are willing to support the
brand, under the control of a purchaser, to ensure that it remains
available to customers and reaches its full potential."
Despite the announcement Bounce's online food store and social
media are still up and running and its products are still available
in supermarkets, the report notes.
TOPLACE PTY: Lenders Set to Sell Assets After Developer Collapse
----------------------------------------------------------------
News.com.au reports that more than AUD500 million worth of Sydney
housing development projects are set to hit the market as fugitive
property developer Jean Nassif's empire crumbles.
News.com.au, citing The Sydney Morning Herald, relates that
thousands of apartment owners living in Toplace buildings are
concerned that there will be no money left to fix millions of
dollars worth of defects as major lenders move to sell Toplace
assets to recoup their losses.
"The owners' worst fear . . . is that any legitimate claim or
opportunity to claw back funds for defective work is gobbled up by
secured creditors," said a source close to one of the owner's
corporations told the publication.
According to the SMH, court documents revealed Mr. Nassif's
collapsed property empire has debts of more than AUD1.24 billion,
including AUD88.5 million to suppliers and tradespeople.
A source close to one of the lenders told the publication that,
having taken control of the assets, the receivers are preparing to
go to sale and "that process is expected to commence soon,"
news.com.au relays.
News.com.au relates that the lenders are also concerned that they
will be charged default penalty interest rates of up to 30 per cent
now that Toplace has gone into administration.
In March, insolvency firm KordaMentha was appointed as the receiver
and manager of the firms run by Jean Nassif, news.com.au
discloses.
The companies are responsible for the giant Skyview apartment
complex in Sydney's north west.
Tenants were initially barred from moving into the 900 unit block
built by Mr. Nassif in Castle Hill after signs of cracking were
found in the complex's basement.
Mr. Nassif is listed as a director of both 51 OCHR and JKN Finance
which are the owners and developers of the Skyview towers. Toplace
was the builder of Skyview, news.com.au notes.
Last month it was revealed, Mr. Nassif's building firm Toplace Pty
Ltd had collapsed into administration with ASIC.
The company filed for voluntary administration through lawyers in
contact with Mr Nassif.
Antony Resnick and Suelen McCallum of insolvency firm DVT Group are
the appointed administrators, news.com.au notes.
They are only in charge of the building arm of Toplace Group, not
any of the other streams of the business.
Toplace Pty Ltd has been in operation since 1992 and claims to have
built 30,000 abodes over those years, including residential houses
and apartments, shopping centres and commercial offices.
The firm reportedly has not been able to function as a company for
some time after losing its building licence due to failing to fix
serious defects at a Sydney apartment complex, news.com.au says.
The NSW Civil and Administrative Tribunal (NCAT) stripped it of its
licence after failing to comply with a court order.
In June, NSW Police issued an arrest warrant for Mr. Nassif in
relation to fraud-related charges, news.com.au recalls.
Mr. Nassif is understood to be living overseas, the report adds.
UNITED CAPITAL: First Creditors' Meeting Set for Aug. 16
--------------------------------------------------------
A first meeting of the creditors in the proceedings of United
Capital Australia Pty Ltd will be held on Aug. 16, 2023, at 3:30
p.m. via virtual meeting technology.
Simon John Cathro and Declan Morgan George Lane of Cathro &
Partners were appointed as administrators of the company on Aug. 4,
2023.
VITAE COLLECTIVE: First Creditors' Meeting Set for Aug. 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Vitae
Collective Pty Ltd will be held on Aug. 15, 2023, at 11:00 a.m. via
Zoom meeting.
Desmond Teng and John Refalo of Byrons Recovery were appointed as
administrators of the company on Aug. 3, 2023.
=========
C H I N A
=========
COUNTRY GARDEN: Denies Rumor Local Gov't Team Is at Developer
-------------------------------------------------------------
Yicai Global reports that a source at Country Garden Holdings
dismissed an online rumor that a local government team is stationed
at China's largest property developer, it has been reported. This
is the third time that the builder has shot down a recent rumor
about its operating conditions.
Information claiming that a working team led by a deputy mayor of
Foshan city in Guangdong province is encamped at Country Garden is
untrue, The Paper reported on Aug. 7, citing an unidentified person
at the Foshan-based builder, Yicai Global relates.
According to the information circulating on social media on Aug. 5,
local government officials had entered Country Garden and asked the
company to provide saleable onshore and offshore assets before
considering supporting its bond issuance, Yicai Global relays.
Yicai Global says Country Garden has been the subject of
unconfirmed negative online information recently. According to a
July 25 report by ET Net, a Hong Kong-based financial news outlet,
auditor KPMG has been invited to carry out due diligence on the
firm's assets and liabilities for unknown reasons. It cited unnamed
market sources.
A rumor the day before said Country Garden will collapse soon, as
founder Yang Guoqiang and his daughter Yang Huiyan, its
chairperson, had left the country, Yicai Global reports. Country
Garden has denied both claims.
About Country Garden
Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's corporate family rating and senior unsecured
rating to B1 from Ba3.
MISSFRESH LTD: Gets New Funding to Focus on Digital Marketing
-------------------------------------------------------------
Yicai Global reports that shares in Missfresh Ltd almost quadrupled
on the last day of trading last week after the struggling Chinese
online grocery startup said that it has received USD27 million in
fresh financing which it will use to transform itself into a
digital marketing company.
Missfresh's share price surged 284.5 percent on Aug. 4 to close at
USD1.98. But the firm is in danger of being delisted from the
Nasdaq due to its low market capitalization and for failing to
release its 2022 financial report on time, Yicai Global notes.
Missfresh can still request a hearing with the Nasdaq Hearing Panel
to plead its case.
Two unnamed investors are buying 5.4 billion of Missfresh's Class B
ordinary shares, equivalent to 88.1 percent of its outstanding
share capital, the Beijing-based company said on Aug. 3, Yical
Global relays. Their voting rights will be delegated to Xu Zheng,
the founder, chairman and chief executive of Missfresh, it added.
As part of the deal, Missfresh will acquire Mejoy Infinite, a Hong
Kong-based digital marketing solutions provider, for USD12 million,
to develop its digital marketing business, according to Yical
Global.
Missfresh, which is backed by internet behemoth Tencent Holdings
and US investment firm Tiger Global, has fallen on hard times amid
stiff competition in the e-grocer sector, the report notes. In July
last year it shut down its primary on-demand grocery business and
laid off many employees.
The loss of its main source of income caused revenue to plunge 60
percent last year from 2021 to CNY2.8 billion (USD400.4 million)
while net losses narrowed 64 percent to CNY1.5 billion (USD220.9
million), Yical Global discloses citing the company's annual report
released Aug. 4.
Yical Global relates that the change in direction might not be
enough to prevent Missfresh from being kicked off the Nasdaq, said
Pan Helin, a researcher at Zhejiang University's International
Business School. The fallout from the failure of its on-demand
retail business is still ongoing and competition in the digital
marketing sector is fierce.
TEXHONG INT'L: Sells Vietnamese Unit to Texwinca for USD78MM
------------------------------------------------------------
Yicai Global reports that Texhong International Group, one of the
world's largest cotton fabric makers, is selling its loss-making
textile subsidiary in Vietnam to Hong Kong garment group Texwinca
Holdings for USD78 million to prevent further losses amid a complex
and uncertain macro business environment.
Yicai Global relates that the sale will allow Texhong to
concentrate its resources and manpower on more profitable
businesses with better potential, the Hong Kong-based company said.
Texhong, which bought the facility in 2019 for CNY106 million
(USD14.7 million), still retains a presence in Vietnam.
The acquisition will allow Texwinca, which owns apparel brand
Baleno, to expand its production base, reduce geopolitical risks
and establish a more flexible and diversified business environment,
Texwinca said, Yicai Global relays.
Weak overseas demand for fabric has resulted in lower prices and
fewer sales, all of which have affected Texhong's gross profit
margin and unit production cost, it said. The company expects to
rack up losses of CNY800 million (USD111 million) in the first six
months, compared with net profit of CNY 1 billion (USD138.7
million) the same time last year, Yicai Global notes.
And last year Texhong's net profit plummeted 90 percent from the
year before to CNY201.2 million (USD27.9 million), while revenue
plunged 10 percent to CNY23.8 billion (USD3.3 billion), Yicai
Global discloses.
But the situation has begun to improve as cotton prices stabilize,
so the company's profitability is expected to pick up, it added.
The firm will gradually adjust its industrial layout and
organizational structure to adapt to changes in the macro
environment, says Yicai Global.
Global consumer confidence is recovering as the pandemic ends,
Texwinca said. In order to reduce the impact of higher production
costs on its gross margin, the company believes that it is
important to expand production capacity and improve operational
efficiency, the report adds.
[*] CHINA: 38 Developers Brace for Losses of Up to USD2.3B in H1
----------------------------------------------------------------
Yicai Global reports that 38 Chinese real estate companies, almost
one third of those listed on the Shanghai and Shenzhen stock
exchanges, are predicting they will run up combined losses of as
much as CNY17 billion (USD2.3 billion) in the first six months as a
subdued property market squeezes their profit margins and keeps
sales slow.
Thirty-eight out of the 116 developers listed on the mainland
predict losses of between CNY12 billion (USD1.7 billion) and CNY17
billion in the six months ended June 30, Yicai Global discloses
citing data provider Wind Information. Yet only 68 of these have
released their performance forecasts so far.
Beijing Capital Development is bracing for the biggest losses at
between CNY1.7 billion (USD236.6 million) and CNY2.2 billion,
followed by Jinke Property Group and Yango Group with over CNY2
billion each, Wind said, Yicai Global relays.
Overseas Chinese Town Group and China Fortune Land Development
expect to each lose between CNY1 billion (USD139 million) and
CNY1.7 billion, and another 10 companies including Financial Street
Holdings will run up a deficit of between CNY100 million (USD14
million) and CNY900 million each, according to Yicai Global.
Yicai Global relates that the 38 firms attributed their losses to
fewer houses delivered, a shrinking gross profit margin due to
reduced prices, as well as rising expenses and a decline in asset
value.
Financial Street, for example, slashed prices in the first half,
Yicai Global says. As a result, the number of transactions jumped
30 percent year on year and payments received soared 60 percent.
But the Beijing-based company still lost money as its gross profit
margin shrivelled, it said.
Only seven expect to return to profit in the first half, after
losing money in the same period last year, Yicai Global noticed.
RiseSun Real Estate Development and Shenzhen New Nanshan Holding
managed to turn losses into gains due to an uptick in business, but
the other five did so thanks to a jump in non-operating income and
better returns on investment.
Developers are struggling because of sluggish sales, Yicai Global
notes. The sales area plunged 5.3 percent in the first six months
from a year earlier to 595.2 million square meters, according to
data released by the National Bureau of Statistics last month. Of
this, the sales area of residential homes sank 2.8 percent
But total transactions climbed 1.1 percent to CNY6.3 trillion
(USD882.2 billion), of which residential homes advanced 3.7
percent, the NBS said.
=========
I N D I A
=========
ACQUA GREEN: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: M/s. Aqua Green Realty Private Limited
Plot No 339 c/o Unicorn Boiler India Private Limited,
Shivaji Nagar, Indore MP 452007
Liquidation Commencement Date: July 14, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: CA Rajesh S Jain
101-A, Press House, Saptahik Malav Anchal Building,
22 Press Complex, A B Road Indore 452001
Email: rajeshjain1962@yahoo.com
Last date for
submission of claims: August 14, 2023
ADHIKARI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Adhikari
Brothers Television Network Limited (SABTNL) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 25 CRISIL D (Issuer Not
Cooperating)
Term Loan 21 CRISIL D (Issuer Not
Cooperating)
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
Term Loan 9 CRISIL D (Issuer Not
Cooperating)
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SABTNL 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 SABTNL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SABTNL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SABTNL continues to be 'CRISIL D Issuer Not
Cooperating'.
SABTNL was incorporated on December 19, 1994 by Mr. Gautam Adhikari
and Mr. Markand Adhikari, to take over the business of partnership
firm - Sri Adhikari Brothers. SABTNL is engaged in the business of
content production and syndication for television. The company is
listed on the Bombay and National Stock Exchanges.
AL-SAQIB EXPORTS: CARE Lowers Rating on INR30cr LT/ST Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Al-Saqib Exports Private Limited (AEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 30.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; continues to
Bank Facilities remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable/
CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 29, 2023,
placed the rating(s) of AEPL under the 'issuer non-cooperating'
category as AEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requeste d to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of AEPL have been revised
on account of non–availability of requisite information. The
revision also considers the ongoing delays in debt servicing as
recognized from publicly available information i.e., lender's
feedback.
Al-Saqib Exports Private Limited (Al-Saqib) was incorporated in
April, 1996 as a private Limited company. The company is currently
being managed by Mohd. Shahid Qureshi, Mohd. Sajid, Mohd. Saliq
Qureshi and Mohd. Wali Akhlaq. The co mpany operates as an
integrated cold chain and preservation facility and is engaged in
the processing and supplying of frozen buffa lo meat. The
processing facility of the company is located at Meerut, Uttar
Pradesh and has its own slaughter house. The company is having two
associate concerns namely; "Al-Akhlaq Exports Limited"
(incorporated in 2011) and "AL-Aqsa Frozen Food Exports" engaged in
similar line of business.
ASHOKA MANUFACTURING: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashoka
Manufacturing Private Limited (AML) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.85 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.9 CRISIL D (Issuer Not
Cooperating)
Proposed Fund-
Based Bank Limits 0.66 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.24 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AML 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 AML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AML continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1997, AML manufactures and supplies spare parts
used for defence arms and ammunition. The company is promoted by
Kolkata-based Mr Anil Patodia and family.
AVEENA MILK: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aveena
Milk Products (AMP) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 18, 2022,
placed the rating(s) of AMP under the 'issuer non-cooperating'
category as AMP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AMP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers ongoing
delays in debt servicing recognised from publicly available
information i.e., E- auction notice issued by the lender.
Delhi based, Aveena Milk Products (AMP) is a partnership firm
established i n January, 2014 and commenced its operations in
April, 2017. The current partners are Mr. Avdesh Mittal and
Hrishikesh Farms Private Limited sharing profit and losses in the
ratio 99:1. AMP was established with an aim to operate a milk dairy
plant. The dairy unit is located in Bhagwanpur, Uttarakhand.
BALAJI POLYSACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji
Polysacks Private Limited (BPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
Standby Letter 1 CRISIL D (Issuer Not
of Credit Cooperating)
Term Loan 0.95 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BPPL for
obtaining information through letter and email dated June 30, 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 BPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
BPPL, incorporated in 1995 by Mr. Sajjan Kumar Agarwal, Mr. Sushil
Agarwal, and Mr. Naresh Kumar Agarwal, manufactures high-density
polyethylene (HDPE) bags, used primarily in the fertilizer industry
and in packaging grains. The company commenced commercial
production in 2000 and has capacity of 5400 tonne per annum. Its
operations are managed by Mr. Sushil Agarwal.
BALLAVPUR PAPER: CRISIL Withdraws D Rating on INR8cr LOC
--------------------------------------------------------
CRISIL Ratings has withdrawn its rating on INR7.5 Crore Term Loan,
INR4 Crore Cash Credit, INR1.5 Crore Standby Line of Credit and
INR8 Crore Letter of Credit on the bank facilities of Ballavpur
Paper Mfg. Limited (BPML) on the request of the company
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating) (Withdrawn)
Letter of Credit 8 CRISIL D (Issuer Not
Cooperating) (Withdrawn)
Letter of Credit 6 CRISIL D (Issuer Not
Cooperating)
Standby Line 1.5 CRISIL D (Issuer Not
of Credit Cooperating) (Withdrawn)
Term Loan 7.5 CRISIL D (Issuer Not
Cooperating) (Withdrawn)
CRISIL Ratings has been consistently following up with BPML for
obtaining information through letters and emails dated March 29,
2022 and May 24, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BPML, which restricts CRISIL
Rating's ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPML continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
CRISIL Ratings has withdrawn its rating on INR7.5 Crore Term Loan,
INR4 Crore Cash Credit, INR1.5 Crore Standby Line of Credit and
INR8 Crore Letter of Credit on the bank facilities of BPML on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL Rating's
policy on withdrawal of its rating on bank loan facilities.
BPML, incorporated in 2006, is promoted by Mr Ujjal Kumar Upadhyay.
The company, which commenced commercial operations from 2009,
manufactures kraft paper using waste paper. Kraft paper is
primarily used in industrial packaging. The manufacturing unit is
at Ranigunj, West Bengal. The company also has a coal-based captive
power plant. Mr Amarendra Nath Bhattacharjee, who has decades of
experience in the paper industry, is the managing director and
overseas operations.
C P ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of C P Ispat
Private Limited (CPIPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CPIPL for
obtaining information through letter and email dated June 30, 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 CPIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
CPIPL, incorporated in 2006, manufactures sponge iron. The company
commenced commercial production in July 2009 at its facility in
Durgapur, West Bengal. CPIPL was promoted by the Kolkata-based
Chawla family and was earlier managed by Mr. Amarjeet Chawla.
However, in September 2013, the Chawla family leased out the plant
to the Durgapur-based Jayshree group owned by Mr. Amit Agarwal and
his family. Since September 15, 2013, operations of the plant have
been managed by the Jayshree group. In February 2014, the Jayshree
group entered into an agreement with the Chawla family to purchase
CPIPL with effect from April 2014.
CABLE CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Cable
Corporation of India Limited (CCOIL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 38.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 112.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 11, 2022,
placed the rating(s) of CCOIL under the 'issuer non-cooperating'
category as CCOIL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CCOIL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 27, 2023, June 6, 2023, June 16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
CCOIL was incorporated on November 11, 1957 and was promoted by Mr.
Hiten Khatau. The company manufactures low tension, high tension,
and extra high voltage power cables (23kv to 400kv). The company
also executes turnkey cable contracts and provides solutions. The
manufacturing facility is located at Nashik (Maharashtra).
COLUMBUS OVERSEAS: CARE Lowers Rating on INR9.90cr LT Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Columbus Oversea s LLP (COL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.90 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 12, 2022,
placed the rating(s) of COL under the 'issuer non-cooperating'
category as COL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. COL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2023, June 7, 2023, June 17, 2023 and July 27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The revision further considers the delays in
debt servicing as recognized from publicly available information
i.e., NCLT order.
Jaipur (Rajasthan) based Columbus Overseas LLP (COL) was formed as
a limited liability partnership concern in January 2015 by Sawalka
family and is engaged into real estate business.
DAMUL TRADING: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Damul Trading Private Limited
No. 83, Sadananda Sadana 6th Cross,
Malleshwaram Bangalore Bangalore Ka 560003 India
Liquidation Commencement Date: July 19, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Pranav Damania
407, Sanjar Enclave,
Above Mahindra Showroom,
Opposite Milap Cinema,
S.V Road, Kandivali
West Mumbai – 400067
Email: pranav@winadvisors.co.in
Email: pranav@consultantinsolvency.com
Cell No: +919820469825
Last date for
submission of claims: August 19, 2023
E C BOSE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of E C Bose and
Co Private Limited (ECBPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ECBPL for
obtaining information through letter and email dated June 30, 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 ECBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ECBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ECBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ECBPL was incorporated in 1851, promoted by the late Mr. Eshan
Chandra Bose, and is currently managed by his family. The company
offers stevedoring and forwarding services, besides other allied
services such as comprehensive shipping and logistical services,
customs clearance, shipping, chartering and freight forwarding, and
warehousing.
EXPLO MEDIA: Liquidation Process Case Summary
---------------------------------------------
Debtor: Explo Media Private Limited
78A, 1st Floor, Zamrudpur,
Greater Kailash Part 1,
New Delhi 110048 ( India)
Liquidation Commencement Date: July 5, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Mr. Rakesh Takyar
UGF, 1/15, Tilak Nagar
New Delhi-110018
Email: rtakyar.rt@gmail.com
Email: cirp.explomedia@gmail.com
Tel No: 011-35000319
Mobile: +91-9868503531
Last date for
submission of claims: August 4, 2023
GAJRAJ HOTEL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gajraj
Hotel Private Limited (GHPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.03 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 27, 2022,
placed the rating(s) of GHPL under the 'issuer non-cooperating'
category as GHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 12, 2023, June 22, 2023, July 2, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the bes t available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
GHPL was incorporated on November 6, 1992, by Mr Chand Ram, his
wife Ms Krishna Devi and his son, Mr Gajraj Singh. The company
commenced operations with its first hotel named 'Hotel Gajraj' (HG)
established in the year 1992. GHPL has set up another hotel by the
name of 'Motel Gajraj Continental' (GC) in Bahadurgarh, Haryana,
which commenced its full-fledged operations from April 2013. From
April 2016 onwards, the company has discontinued the operations of
'Hotel Gajraj'.
GIRINDRA HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Girindra
Hospitality Private Limited (GHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 6.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GHPL for
obtaining information through letter and email dated June 30, 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 GHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GHPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2013, GHPL is setting up a 50-room five-star hotel,
The Garuda Hotel, in Thrissur, Kerala. The hotel is currently in
the final stage of construction and is expected to be operational
from November 2015. The company is promoted by Mr. Girijavallaban V
K.
GJS INFRATECH: CARE Moves D Debt Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of GJS
Infratech Private Limited (GIPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING category
Short Term Bank 92.50 CARE D; ISSUER NOT COOPERATING;
Facilities Rating moved to ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from GIPL to monitor
the rating(s) vide e-mail communications dated May 19, 2023, June
1, 2023, June 13, 2023, June 28, 2023, July 3, 2023, July 18, 2023,
July 24, 2023, and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE Ratings Ltd. has reviewed the rating based on the
best available information which however, in CARE Ratings Ltd.'s
opinion is not sufficient to arrive at a fair rating. The rating on
GJS Infratech Private Limited bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING/CARE D; ISSUER NOT COOPERATING.
Analytical approach: Standalone
Detailed description of the key rating drivers:
At the time of the last rating on July 14, 2022, the following were
the rating strengths and weaknesses:
Key rating weaknesses
* Delays in debt servicing: The lender has classified the credit
facilities availed by the company which were rated by CARE Ratings
as NPA since May 29, 2022. The company had relied on working
capital limits for capex, instead of term loans/construction
finance leading to asset-liability mismatch, thereby resulting in
strain in liquidity and delay in debt servicing obligations.
Liquidity: Poor
Poor liquidity of the company is characterized by a mismatch in
cash flow due to funding of long terms using short-term working
capital limits, leading to delays in debt servicing.
GJS Infratech Private Limited (GIPL) was incorporated in October
2009, and promoted by Mr. Jangam Gopi and Mr. Jangam Vishwanath.
Mr. Jangam Gopi, the Managing director of GIPL has about two and a
half decades of experience in the construction industry. He is ably
supported by Mr. Jangam Vishwanath, another director; an MBA
graduate who has around four years of experience and is actively
involved in day-to-day operations. The company is engaged in the
execution of civil works for Government and private entities.
GUJARAT EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gujarat
Export Company (GEC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 15 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 10 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with GEC for
obtaining information through letter and email dated June 30, 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 GEC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GEC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1998, as a proprietorship firm by Kansagra family
of Rajkot, GEC trades in soybean meal, rapeseed, groundnut
extraction meal, oil seeds, wheat, and other agricultural
products.
GUPTA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gupta Global
Resources Private Limited (GGRPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with GGRPL 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 GGRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GGRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GGRPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2001, GGRPL is engaged in the business of coal
washing and coal trading. It is a closely held company promoted by
Mr. Padmesh Gupta. Presently, this Company has 8 state-of-the-art
Coal Washeries, located in the State of Maharashtra & Madhya
Pradesh, Chhattisgarh, Jharkhand and Andhra Pradesh. It has a
capacity of 38.75 million per annum.
KONARK SYNTHETIC: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Konark
Synthetic Limited (KSL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9.25 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3.25 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5.50 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KSL 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 KSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
KSL, incorporated in 1984, manufactures specialty yarn and fabrics;
trades in processed fabric; and undertakes job work for readymade
garments. The company has three facilities - a yarn unit in
Silvassa, a fabric unit in Sarigram (Gujarat) and a garment
manufacturing unit in Bengaluru. Mr Prakash Dalmia and Mr Ram
Tibrewala are the promoters.
LEGEND ARTISTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Legend Artists Private Limited
603/1 IA, 19th Main, 3rd Sector HSR Layout,
Bangalore - 560102 KA India
Insolvency Commencement Date: July 4, 2023
Estimated date of closure of
insolvency resolution process: January 15, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency
Professional: TV S Siva Prasad
Flat # C-339, Mahaveer zephyr Kodi Chikkanahalli
Off Bannerghatta Road
Bengaluru-560076
Email: cirp.lapl@gmail.com
Last date for
submission of claims: August 1, 2023
LOGON INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Logon India
Infrastructure Private Limited (Logon) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.11 CRISIL D (Issuer Not
Cooperating)
Secured Overdraft 2 CRISIL D (Issuer Not
Facility Cooperating)
Working Capital 14.03 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with Logon for
obtaining information through letter and email dated June 30, 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 Logon, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Logon
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Logon continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 2011, LIIPL undertakes civil construction of
warehouses, residential projects, and roads for various
infrastructure companies on a sub-contract basis. The company is
promoted by Mr. Daljit Singh Chadda and Mr. P Swaminathan.
MAL-SAQIB EXPORTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Al Saqib Exports Private Limited
12, New Rajdhani Enclave, Preet Vihar,
Delhi – 110092
Insolvency Commencement Date: July 11, 2023
Estimated date of closure of
insolvency resolution process: November 19, 2023 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Ms. Neha Bhasin
C-4-E/135, Janak Puri,
New Delhi- 110058
Email: neha@primusresolutions.in
D-58, 3rd Floor, Defence Colony,
New Delhi-110024
Email: cirpalsaqib@gmail.com
Last date for
submission of claims: August 1, 2023
MANJEERA CONSTRUCTIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Manjeera Constructions Limited
#711, Manjeera Trinity Corporate,
Beside Manjeera Mall,
JNTU-Hitech City Road,
Kukatpally Hyderabad TG 50072 IN, India,
Insolvency Commencement Date: July 18, 2023
Estimated date of closure of
insolvency resolution process: January 14, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: CA. Sri Vamsi Kambhammettu
Plot No. A85, Flat DX4, Sri Varasiddhi Nivas,
Level 2, Road No. 11, Film Nagar,
Jubilee Hills, Hyderabad – 500 033
Email: casrivamsi@gmail.com
Email: cirp.mcl@gmail.com
Last date for
submission of claims: August 1, 2023
MELSTAR INFORMATION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Melstar
Information Technologies Limited (MITL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MITL for
obtaining information through letter and email dated June 30, 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 MITL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MITL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MITL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MITL, part of the Yash Birla group of companies, primarily provides
staffing services to large information technology (IT) companies
and IT divisions of large corporations. MITL also provides
application development and implementation services, albeit on a
modest scale. MITL is listed on the Bombay Stock Exchange and the
National Stock Exchange.
MISHAL CONSTRUCTION: CARE Cuts Rating on INR10cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mishal Construction Private Limited (MCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C; Stable
Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 11, 2022,
placed the rating(s) of MCPL under the 'issuer non-cooperating'
category as MCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 27, 2023, June 6, 2023, June 16, 2023, July 28, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers ongoing
delays in debt servicing as recognized from publicly available
information i.e., lender feedback.
Incorporated in 2008, Mishal Construction Private Limited (MCPL) is
engaged in real estate developments in Mumbai. The company was
founded by Mr. Ajit Kumar Jain & Mr. Navin Kumar Jain and has been
primarily focusing on redevelopment project in and around Mumbai.
MUMBAI METRO: SBI Files Insolvency Plea Against Metro Project
---------------------------------------------------------------
The Free Press Journal reports that State Bank of India has filed
corporate insolvency proceedings against Reliance Infrastructure
(RInfra)-led Mumbai Metro One Private Limited (MMOPL), which
operates Versova - Andheri - Ghatkopar Metro Rail, to recover
around INR416.08 crore.
According to the report, the petition has been moved by India's
largest bank under the Insolvency and Bankruptcy Code (IBC). MMOPL
is a joint venture between RInfra and Mumbai Metropolitan Region
Development Authority (MMRDA). RInfra holds 74% of the equity share
and the balance 26% is held by the MMRDA.
This is India's first metro project to be financed by Indian banks
and also the first such metro project in the country to be awarded
on Public – Private Partnership basis, the report notes.
"SBI has filed a petition under section 7 of IBC against MMOPL ...
before the NCLT Mumbai for recovery of INR416.08 crore," RInfra
announced in a regulatory filing.
Section 7 of IBC permits the financial creditor or a ground of
creditors to file an application for Corporate Insolvency
Resolution Process (CIRP) against the debtor if a default has
occurred.
On the future course of action, RInfra stated that "MMOPL is
seeking appropriate legal advice and will take all appropriate
steps to protect its interest in the aforesaid matter. The
financial implication on the company cannot be ascertained and is
contingent upon the final outcome of the said proceedings and
subsequent legal challenges."
Other than the State Bank of India, the other lenders of MMOPL are
Canara Bank being the lead bank, IDBI Bank, Indian Bank, Bank of
Maharashtra, IDBI Bank and India Infrastructure Finance Company
(UK), the report notes.
Ever since the start of commercial operations on June 8, 2014,
Mumbai Metro 1, MMOPL representatives have been giving out feelers
about financial stress the special purpose vehicle has been in, the
report notes. They have been demanding higher fares, which has been
a bone of contention between MMOPL and the state government. MMOPL
has also been seeking non-fare box revenue through commercial
exploitation of certain areas of the metro assets, however, the
plan did not go through.
According to The Free Press Journal, the equity partners are at
loggerheads over the construction cost as well as valuation of the
11.4 km long metro line. On March 7, 2007, concession agreement
between the MMRDA and RInfra was inked for an estimated
construction cost of INR2,356 crore, towards the end of
construction, MMOPL claimed that the cost escalated to INR4,321
crore, hence permitted to levy higher fares. This was contested in
the Bombay High Court, the report states.
Additionally, in 2014-15, MMOPL had filed for an arbitration claim
to the tune of INR2,830 crore, including interest up to June 2020
for "various defaults by MMRDA under the Concession Agreement." To
counter it, the MMRDA had filed counterclaims of INR1,644 crore.
Back in January 2021, MMRDA had floated a request for proposal to
appoint a consultant, however, not much headway has been made on
the same, the report recalls.
RAJDEEP DISTRIBUTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Rajdeep Distributors Private Limited
356/357, Shukrawar Peth, Shivaji Nagar,
Pune, Maharashtra - 411002
Insolvency Commencement Date: July 17, 2023
Estimated date of closure of
insolvency resolution process: January 16, 2024
Court: National Company Law Tribunal, Jalna Bench
Insolvency
Professional: Mr. Arun Nandlal Agrawal
Opp. Kshrisagar Hospital,
R P Road, Jalna Maharashtra – 431203
Email: irparun@gmail.com
Email: rajdeep.cirp@gmail.com
Last date for
submission of claims: August 8, 2023
TAGORE EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tagore
Educational Trust (TET) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 41.34 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 13, 2022,
placed the rating(s) of TET under the 'issuer non-cooperating'
category as TET had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TET continues to be
non -cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2023, June 8, 2023, June 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
TET was founded in January 1997 under Indian Trust Act as a Telugu
minority institution, by Prof. Mala Jagathrakshagan (Chairperson)
with the main objective of rendering philanthropic and educational
services. The trust manages six institutions in Chennai, comprising
Tagore Engineering College (TEC), Tagore Arts & Science College
(TASC), Tagore Dental College & Hospital (TDCH), Tagore Medical
College & Hospital (TMCH), Hilton Higher Secondary School (HHSS)
and Hilton Teacher Training Institution (HTTI). TET's board of
trustees comprises of close family members of its chairperson.
TAMILNADU JAI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tamilnadu Jai
Bharath Mill Limited (TNJBL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 26 CRISIL D (Issuer Not
Cooperating)
Key Loan 10 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 9 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 25.45 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with TNJBL 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 TNJBL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TNJBL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TNJBL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 1989, TNJBL is part of the Ramalinga group of companies,
which has diversified interests in businesses such as spinning and
cargo transportation. The company manufactures cotton yarn and
operations are currently managed by Mr TR Dhinakaran and his son,
Mr D Senthilkumar.
TRIDENT SUGARS: CRISIL Lowers Rating on LT/ST Debts to D
--------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Trident Sugars Limited
(TSL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with TSL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 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 TSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSL
is consistent with 'Assessing Information Adequacy Risk'.
Based on the latest publicly available information, CRISIL Ratings
has downgraded the ratings to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. As per information available in the public domain,
there remains delinquency in company account and clarity about the
same from the management and bankers is continuing to remain
awaited.
CRISIL Ratings also notes that one of the trade creditors has filed
for initiation of corporate insolvency resolution Process (CIRP)
against TSLs.
Based in Zaheerabad (Telanagana), TSL was incorporated in 2002 is
into manufacturing of sugar and has a crushing capacity of 5000 TCD
(tonnes of cane per day).
VIRAT GLOBAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Virat Global Logistics Private Limited
403, 4th Floor, Thakkar Heights,
Subhash Nagar, Bhandup West,
Mumbai, Maharashtra 400078
Insolvency Commencement Date: July 18, 2023
Estimated date of closure of
insolvency resolution process: January 16, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Harshad Deshpande
403, Kumar Millennium, Shivatirtha Nagar Kaman,
Opp Krishna Hospital,
Paud Road, Kothrud,
Pune, Maharashtra - 411038
Email: harshad_de@hotmail.com
Email: cirp.vglpl@gmail.com
Last date for
submission of claims: August 3, 2023
[*] INDIA: Banks Write Off INR14.56 Lakh Crore NPAs in 9 Years
--------------------------------------------------------------
Press Trust of India reports that banks have written off bad loans
worth INR14.56 lakh crore in the last nine financial years starting
2014-15, Parliament was informed on Aug. 7.
Out of the total INR14,56,226 crore, written off loans of large
industries and services stood at INR7,40,968 crore.
Scheduled Commercial Banks (SCBs) have recovered an aggregate
amount of INR2,04,668 crore in written-off loans, including
corporate loans, since April, 2014 and up to March, 2023, Minister
of State for Finance Bhagwat Karad said in a written reply to Lok
Sabha, PTI relays.
Loans written-off during the financial year, net of recovery in
written-off loans during the financial year (net write-off) in
public sector banks (PSBs) was INR1.18 lakh crore in the FY18,
which has declined to 0.91 lakh crore in FY22 and to INR0.84 lakh
crore (RBI provisional data) in FY23, he said in another reply.
Net write-off loans by private sector banks stood at INR73,803
crore (RBI provisional data) in FY23, he said.
Net write-off as percentage of opening gross loans and advances in
private sector banks was 1.25 per cent and 1.57 per cent in FY18
and FY23 respectively, and it was 2 per cent and 1.12 per cent for
PSBs during the same period, PTI discloses.
Comprehensive steps have been taken by the government and RBI to
recover and to bring down NPAs, enabled by which, gross NPAs of
PSBs have declined to INR4.28 lakh crore as on March 31, 2023 from
INR8.96 lakh crore as on March 31, 2018, he said.
Talking about various steps taken by the government, he said, the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002, has been amended to
make it more effective, according to PTI.
The pecuniary jurisdiction of debt recovery tribunals (DRTs) was
increased from INR10 lakh to INR20 lakh to enable the DRTs to focus
on high-value cases, resulting in higher recovery for the banks and
financial institutions, the minister, as cited by PTI, said.
In addition, he said, National Asset Reconstruction Company Limited
(NARCL) has been set up as an asset reconstruction company with an
aim to resolve stressed assets above INR500 crore each.
PTI says the government has also approved extending a guarantee of
up to INR30,600 crore to back Security Receipts issued by NARCL to
lending institutions for acquiring stressed loan assets, he said.
Replying to another question, Karad said the board of State Bank of
India (SBI) in its meeting held on June 9, 2023 had accorded
approval for raising up to an amount of INR50,000 crore which
constitutes Basel III compliant AT-1 bonds up to an amount of
INR20,000 crore, Tier-2 bonds up to an amount of INR10,000 crore
and infrastructure bonds up to an amount of INR20,000 crore by the
bank during FY24.
As per SBI, the purpose of raising capital bonds (AT-1 and Tier-2)
is to replace the existing capital bonds which are due for call up
during FY24, further strengthen the capital base of the bank and
support asset growth, he said.
Banks are exempted from maintaining Cash Reserve Ratio and
Statutory Liquidity Ratio on long-term bonds for lending to
infrastructure sector, he said, adding, the raising of long-term
infrastructure bonds helps the bank in better asset liability
management.
In a separate reply, he said, Pradhan Mantri Mudra Yojana (PMMY)
was launched on April 8, 2015 and has been implemented across the
country.
As on June 30, 2023, he said, more than INR42.20 crore loans
amounting to INR24.34 lakh crore have been sanctioned to borrowers
under the scheme, PTI adds.
===============
M A L A Y S I A
===============
PERAK CORP: Sells Agricultural Land for MYR5.5MM as Part of Plan
----------------------------------------------------------------
theedgemalaysia.com reports that PN-17 status Perak Corporation Bhd
is disposing of a piece of agricultural land in Perak to Kim Poh
Sitt Tat Feedmill Sdn Bhd (KPSTF)for MYR5.5 million cash as part of
its regularisation plan.
In a filing with Bursa Malaysia on August 9, the company said it
had entered into a Sale and Purchase Agreement with KPSTF for the
disposal, which is expected to be completed by year-end,
theedgemalaysia.com relates.
The directors and shareholders of KPSTF are Tan Kuang Liang with
50.05% and Tan Kwang How with a 49.95% stake.
Perak Corp acquired the land on Sept. 23, 2013, at the cost of
MYR2.39 million. The net book value of the property at MYR2.41
million is based on its latest audited financial statements as at
December 31, 2022.
According to the report, the proposed disposal is an interim
measure to raise the necessary cash proceeds required for the
group's business regularisation plans, which are still being
finalised.
The proposed disposal is expected to result in an estimated net
gain arising from the disposal of MYR2.35 million at the company
and group levels.
The estimated net gain of MYR2.35 million is derived based on the
consideration of less land cost and other costs and estimated tax
expenses at 24%.
The actual gain arising from the proposed disposal of the property
will vary depending on the net book value of the property as at the
time of completion of the disposal.
theedgemalaysia.com says the proposed disposal is expected to
contribute positively to the earnings per share by approximately
2.35 sen per share while the proforma effect on the net assets per
share of the company is expected to increase by approximately 2 sen
and will reduce the group's gearing ratio by 1%.
Perak Corporation's shares closed unchanged at 28.5 sen, valuing
the company at MYR28.5 million.
=====================
N E W Z E A L A N D
=====================
BROTHERS BEER: PricewaterhouseCoopers Appointed as Administrator
----------------------------------------------------------------
Stephen White and John Fisk of PricewaterhouseCoopers New Zealand
New Zealand on Aug. 7, 2023, were appointed as administrators of
Brothers Beer Holdings Limited, Brothers Beer Limited, and Brothers
Wholesale Limited.
The administrators may be reached at:
c/- PricewaterhouseCoopers New Zealand
Private Bag 92162
Auckland 1142
CHIMBUSCO INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 1
-----------------------------------------------------------------
Creditors of Chimbusco International Limited (formerly QNZ Limited)
are required to file their proofs of debt by Sept. 1, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Aug. 2, 2023.
The company's liquidators are:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany, Auckland 0752
FLAWLESS FLOOR: Creditors' Proofs of Debt Due on Aug. 30
--------------------------------------------------------
Creditors of Flawless Floor Finishes Limited are required to file
their proofs of debt by Aug. 30, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 2, 2023.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour, Auckland 0751
FOOTHILLS CONTRACTING: Court to Hear Wind-Up Petition on Aug. 14
----------------------------------------------------------------
A petition to wind up the operations of Foothills Contracting
Limited will be heard before the High Court at Auckland on Aug. 14,
2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 16, 2023.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
RUSSWHANAU LIMITED: Court to Hear Wind-Up Petition on Aug. 14
-------------------------------------------------------------
A petition to wind up the operations of Russwhanau Limited will be
heard before the High Court at Timaru on Aug. 14, 2023, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 6, 2023.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
W. C. N. LIMITED: Khov Jones Limited Appointed as Administrator
---------------------------------------------------------------
Steven Khov and Kieran Jones on Aug. 7, 2023, were appointed as
administrators of W. C. N. Limited.
The administrators may be reached at:
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
=================
S I N G A P O R E
=================
BIOCARBON GROUP: Members' Final Meeting Set for Sept. 8
-------------------------------------------------------
Members of Biocarbon Group Pte. Limited will hold their final
general meeting on Sept. 8, 2023, at 9:00 a.m., at 6 Battery Road,
#16-01/02, in Singapore.
At the meeting, Chew Ee Ling, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
EL DEVELOPMENT: Members' Final Meeting Set for Sept. 8
------------------------------------------------------
Members of El Development (Yishun) Pte. Ltd. will hold their final
general meeting on Sept. 8, 2023, at 3:00 p.m., at 380 Jalan Besar,
#06-06 ARC 380, in Singapore.
At the meeting, Koh Geok Hoon and Koh Ee Koon, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
GCC (CUE) SHIPOWNING: Members' Final Meeting Set for Sept. 8
------------------------------------------------------------
Members of GCC (CUE) Shipowning Pte. Ltd. will hold their final
general meeting on Sept. 8, 2023, at 9:30 a.m., at 10 Anson Road,
#29-16 International Plaza, in Singapore.
At the meeting, Mick Aw and Juay Sze Sin, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
HARMONY CREATIVE: Members' Final Meeting Set for Sept. 8
--------------------------------------------------------
Members of Harmony Creative Solutions Private Limited will hold
their final general meeting on Sept. 8, 2023, at 10:00 a.m., at 6
Shenton Way, OUE Downtown 2, #33-00, in Singapore.
At the meeting, Lau Chin Huat, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
HAWKER QSR: Final Meeting Set for Sept. 7
-----------------------------------------
Members and creditors of Hawker QSR Pte. Ltd. will hold their final
meeting on Sept. 7, 2023, at 11:00 a.m., via video conferencing
platform (Microsoft Teams).
At the meeting, Chan Yee Hong, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
*********
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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***