/raid1/www/Hosts/bankrupt/TCRAP_Public/230821.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 21, 2023, Vol. 26, No. 167
Headlines
A U S T R A L I A
AGC GROUP: First Creditors' Meeting Set for Aug. 23
BLUE STAR: First Creditors' Meeting Set for Aug. 24
DAWN ENTERPRISE: Second Creditors' Meeting Set for Aug. 23
DLG RESOURCES: First Creditors' Meeting Set for Aug. 25
HUON VALLEY: Merchants Advisory Appointed as Liquidators
RESIMAC TRIOMPHE 2020-3: S&P Assigns BB+(sf) Rating on Cl. F Notes
XING FU: First Creditors' Meeting Set for Aug. 24
C A M B O D I A
ADVANCED BANK OF ASIA: S&P Affirms 'B+' LT ICR, Outlook Stable
C H I N A
CHINA EVERGRANDE: Chapter 15 Case Summary
CHINA EVERGRANDE: Says Bankruptcy Filing Does Not Involve Petition
COUNTRY GARDEN: To Be Cut From Hong Kong's Hang Seng Index
[*] CHINA: Extends Loan Support for Ailing Developers
I N D I A
AMBANI PAPER: Ind-Ra Assigns BB+ Debt Rating, Outlook Stable
ARK INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
ARUN SPINNING: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
CHANDRA MOULISHVAR: CRISIL Keeps D Ratings in Not Cooperating
EVERSMILE PROPERTIES: Ind-Ra Withdraws BB+ NCDs Rating
FASHION EQUATION: Liquidation Process Case Summary
GO FIRST: NCLAT Allows Lessor to Conduct Inspection
GREEN HABITAT: Ind-Ra Keeps B+ NCDs Rating in NonCooperating
HIRANMAYE ENERGY: BHEL Challenges REC's Plea for Insolvency
JAGRITI SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
JHARKHAND ROAD: Ind-Ra Affirms D Non-Convertible Debts Rating
NAVNEETA STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
NICOMET INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
PARCOS TILES: Ind-Ra Assigns BB Bank Loan Rating
PERFECT ENGINE: Insolvency Resolution Process Case Summary
PERFECT ENGINEERING: Insolvency Resolution Process Case Summary
R.S.V. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAM ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMNANDI ESTATE: CRISIL Keeps D Debt Ratings in Not Cooperating
RELIABLE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
RENU PROPTECH: Insolvency Resolution Process Case Summary
RUBBER O: CRISIL Keeps D Debt Ratings in Not Cooperating Category
S.A.M APPARELS: ICRA Keeps D Debt Ratings in Not Cooperating
S.B. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
S.S.S. RICE: CRISIL Lowers Rating on LT/ST Debts to D
SAIDEEP CARS: CRISIL Keeps C Debt Ratings in Not Cooperating
SAINARAYAN PLASTICS: CRISIL Keeps D Ratings in Not Cooperating
SHEETAL AGROFOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
SIDDHESHWAR CONSTRACTION: CRISIL Keeps D Rating in Not Cooperating
SION STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
SPARK GREEN: Liquidation Process Case Summary
SPARSH INFRATECH: Ind-Ra Affirms & Withdraws BB+ Term loan Rating
SUNDERBAN BREWERIES: CRISIL Lowers Rating on INR96cr Loan to D
SUNRISE GINNING: Insolvency Resolution Process Case Summary
TAKUSHO INDIA: Voluntary Liquidation Process Case Summary
VYAS MERCANTILE: Liquidation Process Case Summary
J A P A N
BIGMOTOR CO: Banks Reject Refinancing Plea After Scandal
N E W Z E A L A N D
BLACK STAG: Court to Hear Wind-Up Petition on Aug. 31
CORPORATE SECURITY: Creditors' Proofs of Debt Due on Oct. 6
INDUSTRIAL AND COMMERCIAL: Court to Hear Wind-Up Bid on Sept. 1
NORSELANDS TAUPO: Creditors' Proofs of Debt Due on Sept. 10
RICALARA LIMITED: Creditors' Proofs of Debt Due on Sept. 26
S I N G A P O R E
ALL MEASURE: Court Enters Wind-Up Order
BON VITE: Commences Wind-Up Proceedings
FXR BUSINESS: Commences Wind-Up Proceedings
GYM ALLIANCE: Placed Under Provisional Liquidation
PST INVESTMENTS: Court to Hear Wind-Up Petition on Sept. 8
VIOLET OON: Judge Mulls Winding-Up Option for Restaurant Group
ZETA ONE: Court to Hear Wind-Up Petition on Sept. 8
- - - - -
=================
A U S T R A L I A
=================
AGC GROUP: First Creditors' Meeting Set for Aug. 23
---------------------------------------------------
A first meeting of the creditors in the proceedings of AGC Group
Pty Ltd will be held on Aug. 23, 2023, at 11:00 a.m. via Zoom
videoconferencing facility.
Grahame Ward and Domenico Calabretta of Mackay Goodwin were
appointed as administrators of the company on Aug. 11, 2023.
BLUE STAR: First Creditors' Meeting Set for Aug. 24
---------------------------------------------------
A first meeting of the creditors in the proceedings of Blue Star
Care Pty Ltd will be held on Aug. 24, 2023, at 10:00 a.m. via
Microsoft Teams teleconference.
Richard Albarran and Brent Kijurina of Hall Chadwick were appointed
as administrators of the company on Aug. 11, 2023.
DAWN ENTERPRISE: Second Creditors' Meeting Set for Aug. 23
----------------------------------------------------------
A second meeting of creditors in the proceedings of Dawn Enterprise
Pty Ltd has been set for Aug. 23, 2023 at 11:00 a.m. via Microsoft
Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 22, 2023 at 4:00 p.m.
Mohammad Mirzan Bin Mansoor and Michael James Billingsley of Olvera
Advisors were appointed as administrators of the company on July
25, 2023.
DLG RESOURCES: First Creditors' Meeting Set for Aug. 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of DLG
Resources Pty Ltd will be held on Aug. 25, 2023, at 10:00 a.m. at
the offices of Mcleods Accounting at Level 9, 300 Adelaide Street
in Brisbane.
Jonathan McLeod and Bill Karageozis of Mcleods Accounting were
appointed as administrators of the company on Aug. 14, 2023.
HUON VALLEY: Merchants Advisory Appointed as Liquidators
--------------------------------------------------------
News.com.au reports that a Tasmanian seafood giant has collapsed
amid a "significant falling out" between the company's founders and
a mainland investor who recently took control of the firm.
Huonville-based Huon Valley Seafoods, a vertically integrated
company involved in the sourcing, processing, packaging,
distribution, wholesaling and export of a variety of seafoods -
including scallops, abalone, sea urchin, oysters, squid and salmon
- entered liquidation on July 24, news.com.au discloses citing ASIC
records.
Louisa Sijabat from Merchants Advisory in Sydney has been appointed
as the liquidator.
According to news.com.au, Ms. Sijabat told the Mercury creditor
claims so far totalled about AUD3 million, noting that the amounts
were yet to be assessed and thus highly contingent.
She said that the collapse occurred in the context of an ongoing
dispute between the company's founders, local duo Ambrose Coad and
Stephen Oates, respectively the former chief executive and chief
operating officers, and a Melbourne-based investor that first came
aboard in late 2021, news.com.au relays.
"Over the last couple of years, the company had been in the process
of being sold to some investors in Melbourne and there appears to
have been a significant falling out between the former directors of
the company, who are based in Huonville, and the new directors in
Melbourne," Ms Sijabat told the newspaper.
"As far as I understand it, operations have declined in the last
couple years."
Since the appointment of Ms Sijabat in July, Mr. Coad and Mr. Oates
returned temporarily to run Huon Valley Seafoods at a reduced
capacity in order to offer the business for sale.
"I'm here right now doing scallops. What good work we can do, we're
doing," Mr. Coad told the Mercury.
"We still own the property, so we're trying to get out of it what
we can. I'm not the laid-back retired guy I should've been."
Mr Coad said he was unable to share details of the falling out.
"I'm still not in a position to say anything," he said.
"At the end of the day, it is what it is."
The seafood company's website has been deleted since the shock
collapse, news.com.au reports citing 7 News.
RESIMAC TRIOMPHE 2020-3: S&P Assigns BB+(sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings raised its ratings on two classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2020-3. At the same time,
S&P affirmed its ratings on six classes of notes issued out of the
same trust.
The rating actions reflect S&P's view of the credit support
available, which is sufficient to withstand the stresses it
applies. Credit support comprises note subordination for all rated
notes, which has increased compared to on closing, lenders'
mortgage insurance covering 23.7% of the loans in the pool, and
excess spread, if any.
The overall credit quality of the underlying collateral pool, which
as of June 30, 2023, has a pool factor of 35.2%, has been mixed,
with weighted-average loan seasoning of five years and a current
weighted-average loan-to-value ratio of 60.3%. These positive
factors have been partly offset by an increase in delinquent
loans.
Since November 2022, loans in arrears greater than 30 days have
been rising and have performed worse that the Standard & Poor's
Performance Index. As of June 30, 2023, loans greater than 90 days
in arrears make up 1.3% of the pool. There have been no losses to
date.
The transactions' cash flows support the timely payment of interest
and ultimate payment of principal to the rated classes of notes
under S&P's rating stress assumptions.
The rated classes of notes are currently paying on a pro-rata basis
because all stepdown conditions have been met. These include
meeting performance triggers and a call-option trigger.
S&P's expectation is that the various mechanisms to support
liquidity within the transaction, including principal draws, and an
amortizing liquidity facility are sufficient to ensure timely
payment of interest.
Ratings Raised
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-3
Class B: to AAA (sf) from AA+ (sf)
Class C: to AA (sf) from AA- (sf)
Ratings Affirmed
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-3
Class A1: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
Class D: A (sf)
Class E: BBB (sf)
Class F: BB+ (sf)
XING FU: First Creditors' Meeting Set for Aug. 24
-------------------------------------------------
A first meeting of the creditors in the proceedings of Xing Fu Tang
Pty Ltd will be held on Aug. 24, 2023, at 10:00 a.m. at the offices
of GTS Advisory at Level 2, 68 St Georges Terrace in Perth and via
teleconference facility.
Mathieu Tribut of GTS Advisory was appointed as administrator of
the company on Aug. 14, 2023.
===============
C A M B O D I A
===============
ADVANCED BANK OF ASIA: S&P Affirms 'B+' LT ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on Advanced Bank of Asia Ltd. (ABA). The outlook is stable. At the
same time, S&P affirmed its 'B' short-term issuer credit rating on
the bank.
S&P Global Ratings revised its assessment of ABA's group status
within NBC subsidiaries to moderately strategic from nonstrategic.
The credit rating is unchanged, reflecting the economic risks of
Cambodia, where ABA is based.
ABA is the largest bank in Cambodia. ABA's digital platforms for
loans and transactions have enabled the lender to offer fast loan
disbursement, support credit analytics, and reduce incremental
operating costs at the bank. These capabilities form the
cornerstone of its business expansion. In addition, these platforms
attract low-cost transaction deposits, which support the bank's
pricing power. This has helped the bank grow strongly especially
since 2015 and increase its contribution to more than 10% of the
net income of the parent NBC. NBC has increased its stake in ABA
steadily since it first invested in 2014. Its latest capital
infusion was in June 2023. NBC has infused US$470 million since
2018. ABA's branches, ATMs, and website carry the NBC branding. The
wider group dominates the ABA board (the group owns 99.99% of ABA).
NBC conducts weekly, monthly, and quarterly reporting and
monitoring. This underscores NBC's commitment to ABA, as well as
its brand association, and close oversight.
However, ABA remains relatively small. It has an asset size of less
than 5% compared with the group. NBC is a domestically focused bank
in Canada with no material operations outside the country. The
importance of ABA to the group could strengthen if the group sought
to demonstrate its commitment to external diversification by
expanding in Asia. Also, it could improve if ABA was to continue to
perform in line with the group expectations; and at the same grow
sustainably with manageable asset quality and avoid latent asset
quality issues that arise from rapid growth.
S&P said, "The stable outlook on ABA reflects our view that ABA
will sustainably manage rapid loan and deposit growth over the next
12-18 months. We believe the bank's asset quality will deteriorate
given the global macroeconomic conditions but will remain
manageable. We also believe that the bank will remain a moderately
strategic subsidiary of NBC over our outlook horizon.
"We see a downgrade as unlikely over the next 12-18 months as it
would require deterioration of two notches in the stand-alone
credit profile (SACP).
"The SACP could come under pressure if ABA's asset quality, as
measured by the nonperforming loan (NPL) ratio or credit costs,
weakened well beyond our base case. This would be particularly
likely if the deterioration coincided with a much weaker economic
recovery than we expect."
The SACP could also face pressure if ABA's loan growth is well
above the industry average, leading to a material build-up of risks
or stresses on the risk management capabilities of the bank.
S&P could upgrade ABA if economic risks in Cambodia ease.
=========
C H I N A
=========
CHINA EVERGRANDE: Chapter 15 Case Summary
-----------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
China Evergrande Group (Lead Case) 23-11332
Ugland House
309
Grand Cayman, KY1-1104
Cayman Islands
Tianji Holdings Limited 23-11333
Scenery Journey Limited 23-11334
Vistra Corporate Services Centre
Wickhams Cay II
Road Toan, Tortola
British Virgin Islands
Business Description: China Evergrande Group is a Chinese property
developer.
Chapter 15 Petition Date: August 17, 2023
Court: United States Bankruptcy Court
Southern District of New York
Judge: Hon. Michael E. Wiles
Foreign Proceedings: Scheme proceedings under sections 670,
673, and 674 of the Hong Kong Companies
Ordinance
- and -
Scheme proceedings under section 179A of
the BVI Business Companies Act, 2004
Foreign Representatives: Jimmy Fong
15th Floor, YF Life Centre
38 Gloucester Road
Wanchai
Hong Kong
- and -
Anna Silver
FFP (BVI) Limited
2nd Floor Water's Edge Building
Wickham's Cay II
Road Town, Tortola
British Virgin Islands
Foreign
Representatives'
Counsel: Anthony Grossi, Esq.
SIDLEY AUSTIN LLP
787 Seventh Avenue
New York NY 10019
Tel: (212) 839-5599
Email: agrossi@sidley.com
Estimated Assets: Unknown
Estimated Debt: Unknown
Full-text copies of two of the Debtors' Chapter 15 petitions are
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/2WHAMHY/China_Evergrande_Group_and_Jimmy__nysbke-23-11332__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BVVLLGY/Scenery_Journey_Limited_and_Anna__nysbke-23-11334__0001.0.pdf?mcid=tGE4TAMA
CHINA EVERGRANDE: Says Bankruptcy Filing Does Not Involve Petition
------------------------------------------------------------------
Reuters reports that China Evergrande Group said on Aug. 18 its
application to the U.S. Court for bankruptcy protection is a normal
procedure for offshore debt restructuring and does not involve a
bankruptcy petition.
Reuters relates that the company clarified that its U.S.
dollar-denominated notes are governed by New York law and it has
applied to the U.S. Court under Chapter 15 of the United States
Code for approval of the arrangement under the offshore debt
restructuring.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2023, China Evergrande Group, the second largest real estate
developer in China, and certain of its affiliates sought creditor
protection in the United States under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Thursday, Aug.
17.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
COUNTRY GARDEN: To Be Cut From Hong Kong's Hang Seng Index
----------------------------------------------------------
Bloomberg News reports that Country Garden Holdings will be removed
from Hong Kong's benchmark Hang Seng Index, while Sinopharm Group
will be added, according to a statement on Aug. 18.
According to Bloomberg, Hang Seng Indexes unveiled the changes -
which take effect Sept 4 - after its latest quarterly review and
part of its ongoing effort to boost representation of new-economy
stocks. The number of HSI members remains unchanged at 80.
Bloomberg relates that the index provider also announced that
Country Garden Services Holdings will be removed from the Hang Seng
China Enterprises Index, while Trip.com Group will be added. The
number of constituents remains unchanged at 50.
Market watchers expected this revamp would expand the index's
health coverage as the sector remains underrepresented, the report
says.
Bloomberg notes that the Hang Seng Index has plunged almost 11 per
cent this month as market confidence remains fragile over China's
weaker-than-expected economic recovery. The gauge is heading for
its fourth consecutive annual loss.
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 to Caa1 from B1 and its
senior unsecured rating to Caa2 from B1. The rating outlook
remains negative.
[*] CHINA: Extends Loan Support for Ailing Developers
-----------------------------------------------------
Caixin Global reports that China's central bank said it will extend
until May 2024 a special loan program designed to support embattled
real estate developers in completing stalled projects as the
country's property market crisis drags on.
Caixin relates that the People's Bank of China pledged to use
policy tools more effectively to ensure healthy development of the
property market and continue support to help developers deliver
projects, according to the bank's quarterly monetary policy report
published on Aug. 17.
=========
I N D I A
=========
AMBANI PAPER: Ind-Ra Assigns BB+ Debt Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) assigned Ambani Paper LLP's
(AP) debt instruments 'IND BB+'. The Outlook is Stable.
The detailed rating actions are:
-- INR300 mil. Cash credit assigned with IND BB+/Stable/IND A4+
rating; and
-- INR550 mil. Term loan due on September 2029 assigned with IND
BB+/Stable rating.
Key Rating Drivers
The rating reflects AP's medium scale of operations, with its
revenue at INR1,335 million in FY23, which is the first year of
operations of its business. The company's commercial operation
started in early May 2022. Until 4MFY24, AP achieved revenue of
INR746.48 million. The company had outstanding orders of around
INR200 million as on 15 July 2023, which need to be executed by
end-August 2023. AP exports 50% of its products to Africa, the
Middle East and Sri Lanka. In FY24, Ind-Ra expects the revenue to
further improve as FY23 was the first year of operations. Its FY23
numbers are provisional in nature.
Liquidity Indicator - Stretched: AP's debt obligations are INR87.1
million and INR72.6 million in FY24 and FY25, respectively. AP's
does not have any capital market exposure. The average maximum
monthly utilization of the fund-based working capital limits was
around 84.17% over the 12 months ended June 2023. In FY23, the cash
flow from operations stood at negative INR294.21 million, mainly on
account of its working capital requirements. Moreover, the free
cash flow turned to negative INR257.40 million in FY23. The cash
and cash equivalents stood at INR66.85 million in FYE23. The
networking cycle stood elongated at 125 days in FY23.
AP has modest credit metrics with its gross interest coverage
(operating EBITDA/gross interest expenses) at 2.38x in FY23 and the
net leverage (total adjusted net debt/operating EBITDAR) at 5.98x.
Ind-Ra expects the credit metrics to remain at the similar level in
FY24 and FY25, due to the absence of any debt-funded capex plans.
The rating is supported by AP's healthy EBITDA margin of 13.33% in
FY23, due to high margins of orders. Its return on capital employed
stood at 15.8%. Ind-Ra expects the EBITDA margin to be range-bound
in FY24 and FY25, due to the similar nature of orders in hand.
The rating is supported by the promoters' nearly 15 years of
experience in paper manufacturing, leading to established
relationships with customers as well as suppliers.
Rating Sensitivities
Positive: A significant increase in the scale of operations, along
with an improvement in the overall credit metrics with the net
leverage remaining below 3.5x and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and the liquidity
profile, all on a sustained basis, could lead to a negative rating
action.
Company Profile
Morbi, Gujarat-based AP, a partnership firm, commenced its
operations in May 2022. The company manufactures white duplex
paper, which is used in packaging industry. Its plant has a
capacity of 1,050 metrics tons per annum.
ARK INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ARK
Industries Private Limited (Ark; part of the Delta group) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 10 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 11 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 14 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Ark for
obtaining information through letter and email dated July 19, 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 Ark, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Ark
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Ark continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Delta Iron and Steel
Private Limited (Delta) and Ark. This is because the two companies,
together referred to as the Delta group, have a common management
and are in the same business. Moreover, Delta holds 20.62% equity
share in Ark.
The Delta group is promoted by Mr Akshay Jain and Mr Dhanesh Mehta.
Based in Mumbai and incorporated in 1996, Delta trades in
hot-rolled coils and sheets, and plates. Ark, established in 2004,
processes, warehouses, and trades in hot-rolled and cold-rolled
steel products.
ARUN SPINNING: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Arun Spinning
Mills Private Limited's (ASMPL) Long-Term Issuer Rating of 'IND
BB-' to the non-cooperating category and has simultaneously
withdrawn it.
The instrument-wise rating actions are:
-- INR35 mil. Term loan* due on March 2028 migrated to non-
cooperating category and withdrawn; and
-- INR115 mil. Fund-based** facilities migrated to non-
cooperating category and withdrawn.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
*Migrated to 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn
**Migrated to 'IND BB- (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn
Key Rating Drivers
Ind-Ra has migrated the ratings to the non-cooperating category
because issuer did not participate in the rating exercise despite
requests by the agency and has not provided information pertaining
to the latest sanction letter, management certificate, operational
performance etc. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a No objection certificate and no dues certificate
from the lenders and withdrawal request from ASMPL. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
Company Profile
Incorporated in 1997, ASMPL is managed by P. Subbaraman. The
company manufactures combed carded and open-ended cotton yarn.
Located in Rajapalayam (Tamil Nadu), the company's spinning units
have a combined installed capacity of 22,176 spindles and 608
rotors manufacturing cotton yarn of counts 20s to 80s.
CHANDRA MOULISHVAR: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Chandra
Moulishvar Spinning Mills Private Limited (SCMSM) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.09 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 7.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCMSM for
obtaining information through letter and email dated July 19, 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 SCMSM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCMSM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCMSM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in September 2004 by Mr M Ravichandran, SCMSM
manufactures hosiery yarn in Tirupur (Tamil Nadu).
EVERSMILE PROPERTIES: Ind-Ra Withdraws BB+ NCDs Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn rating of
Eversmile Properties Private Limited's (EPPL) proposed
non-convertible debentures (NCDs) as follows:
-- The IND BB+/Stable rating on the INR1.80 bil. Proposed NCDs is
withdrawn.
Key Rating Drivers
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request from issuer to withdraw the ratings as the
company did not raise the proposed NCDs as envisaged. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for EPPL.
Company Profile
EPPL is a real estate development company that is executing a
project - Shrishti Namah - at Mira Road, Mumbai. The project is
scheduled to be developed in several phases.
FASHION EQUATION: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Fashion Equation Private Limited
Door No. 6, Plot No. 1, 1st Cross Street,
Lakshmi Nagar, Porur,
Chennai 600103
Liquidation Commencement Date: July 24, 2023
Court: National Company Law Tribunal Chennai Bench
Liquidator: Satyadevi Alamuri
No. 23, Lake Area, 3rdCross Street,
Nungambakkam, Chennai 600034
Email: satyadevifcs@gmail.com
Email: cirp.fashionequation@gmail.com
Last date for
submission of claims: August 23, 2023
GO FIRST: NCLAT Allows Lessor to Conduct Inspection
---------------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal (NCLAT) on Aug. 18 allowed Engine Lease Finance BV to
inspect four of its engines leased to insolvent airline Go First.
According to the report, the NCLAT gave the airlines resolution
professional (RP) 10 days to inform the engine lessor of the date
of the inspection.
Business Standard says the NCLAT modified an interim order by the
National Company Law Tribunal (NCLT), which said lessors were not
allowed to inspect Go First's aircraft or parts.
"The Adjudicating Authority (NCLT) refusing inspection is not
approved. Inspection of engines is allowed," said the NCLAT. It
said other issues raised by the parties would be addressed by the
NCLT in the next hearing on September 1.
Business Standard relates that the lessors told the NCLAT each
engine was valued at $15 million and needs upkeep. It said the RP
had written to them on June 5 on the inspection of engines but no
date was specified for it.
The lessors said while the NCLT had disallowed it to inspect
engines, the Delhi High Court had permitted it, the report relays.
The company pointed out the moratorium given to Go First should not
apply to the engines but the NCLT had ruled otherwise.
Meanwhile, counsel for the RP said that since the main matter was
pending before the NCLT, the NCLAT should not get involved in this,
Business Standard reports.
According to Business Standard, the NCLT on July 26 said Go First
could fly aircraft in its possession if those planes were still
registered with the civil aviation regulator.
"It is pertinent to mention that the Directorate General of Civil
Aviation (DGCA) has not deregistered the aircraft, which means that
they are available to the corporate debtor (Go First in this case)
to resume operations. Therefore, as long as the aircraft/engines
are registered, they can be used for operating or flying to keep
the corporate debtor as a going concern, however, within
safeguards/safety norms prescribed by the regulators," said the
NCLT's interim order.
Business Standard says the tribunal was hearing a plea filed by
lessors - Bluesky 31 Leasing Company, Bluesky 19 Leasing Company,
Jackson Square Aviation Ireland, SMBC Aero Engine Lease, Engine
Lease Finance, and BOC Aviation (Ireland) - mainly to refrain Go
First from operating the aircraft owned by them for commercial use.
The tribunal said that to keep Go First alive, the aircraft leased
to it must be flown.
Business Standard adds that the NCLT had also observed that
allowing inspection (by lessors) would only act as an impediment to
the effective discharge of the duties of the RP.
About Go First
Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra. Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.
Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.
The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.
Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.
On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition. The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.
GREEN HABITAT: Ind-Ra Keeps B+ NCDs Rating in NonCooperating
------------------------------------------------------------
Ind-Ra has maintained NCL Green Habitats Private Limited's
non-convertible debentures (NCDs) in the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website. Therefore, investors and other users are advised
to take appropriate caution while using these ratings.
The detailed rating action is:
-- INR392.19 mil. NCDs* maintaining in non-cooperating category
with IND B+ (ISSUER NOT COOPERATING) rating.
*Details in annexure
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information. The rating was last reviewed on
August 25, 2021. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.
Company Profile
Incorporated in 2001, NCL Green purchases and sells land and real
estate. It is wholly owned by NCL Holdings (A&S) Ltd, which also
operates in the similar line of business.
HIRANMAYE ENERGY: BHEL Challenges REC's Plea for Insolvency
-----------------------------------------------------------
The Economic Times reports that state-run Bharat Heavy Electricals
has challenged an insolvency petition filed against West
Bengal-based coal power producer Hiranmaye Energy, as it will
"stall" BHEL's efforts to enforce a INR388.4 crore arbitration
award against the company.
According to ET, BHEL has filed an application before the Kolkata
bench of the National Company Law Tribunal (NCLT), seeking
cancellation of the insolvency petition filed by REC.
"Admission of REC's application against HEL would bring moratorium
and the execution petition of BHEL would get stalled," a person
aware of the developments told ET. "The only remedy in such a
situation would be to file its claim before the resolution
professional, which is unlikely to be converted to cash."
REC's petition under Section 7 of the Insolvency and Bankruptcy
Code pertains to default on repayment of INR2,500 crore debt, ET
notes.
ET relates that BHEL's case against HEL is related to encashment of
bank guarantees tendered by BHEL for an award of commissioning
boiler turbine generator for 450 MW (3x150 MW) coal-based power
plant at Haldia in West Bengal. BHEL won the award in October 2010
but the construction could begin only in March 2014 owing to delays
in financial closure.
BHEL claims that it was not allowed to commission the project in
November 2017 despite readying two units and rectifying issues of
turbine stabilization, the report says.
JAGRITI SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Jagriti
Solvex Private Limited (SJSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 3 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 6 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SJSPL for
obtaining information through letter and email dated July 19, 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 SJSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SJSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2011 by Mr. Kamal Kumar, SJSPL operates a rice bran
oil extraction plant and refinery at Mahasamund (Chhattisgarh). The
company commenced operations from April 2017.
JHARKHAND ROAD: Ind-Ra Affirms D Non-Convertible Debts Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jharkhand Road
Projects Implementation Company Limited's (JRPICL) non-convertible
debentures' (NCDs) rating at 'IND D'.
The detailed rating action is:
-- INR17.300 bil. (outstanding INR10.885 bil. as of July 31,
2023) Senior, secured, redeemable NCDs (Long term)* affirmed
with IND D rating.
* Details in annexure
Key Rating Drivers
Liquidity Indicator – Poor: The affirmation reflects JRPICL's
delayed debt servicing over April-July 2023, due to its poor
liquidity position on account of the non-receipt of annuities
during FY24 until July 31, 2023. JRPICL had paid its entire debt
due in FY23 in April 2023, after receiving the arrears of annuities
in 4QFY23 (majority received in March 2023).
The project had a total cash balance of INR800 million as of July
31, 2023. This free cash is likely to be utilized towards major
maintenance of the project.
The project had availed a one-time restructuring during January
2021 under the COVID-19 resolution framework. It was granted an
18-month moratorium with the accrued interest to be paid by July
2022 and the deferred principal will be spread across the maturity
period, starting April 2023. The restructuring further allows the
replenishment of the debt service reserve account (DSRA) and major
maintenance reserve (MMR) by March 2024, although non-adherence
will not be constituted as an event of default. There were no
reserves maintained towards DSRA and MMR account until July 31,
2023.
Pending Annuities: JRPICL's project stretches are annuity-based and
the project is eligible for semi-annual annuity payments from the
Department of Road Construction, the government of Jharkhand (GoJ).
The project is exposed to a weak and single counterparty credit
risk. The project has not received payments from the government of
Jharkhand since April 2023. The total accumulated receivables
amounted to INR4.783 billion as of July 31, 2023.
Rating Sensitivities
Positive: Timely debt servicing for at least three consecutive
months and the receipt of outstanding annuity payments could result
in a positive rating action.
ESG Issues
ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on JRPICL, due to either their
nature or the way in which they are being managed by the entity.
For more information on Ind-Ra's ESG Relevance Disclosures, please
click here.
Company Profile
In 2007, the GoJ launched the Jharkhand Accelerated Road
Development Programme under a public-private partnership framework.
In February 2008, the GoJ and Infrastructure Leasing & Financial
Services Limited (IL&FS; 'IND D') signed a programme development
agreement to improve 1,500km of selected project road corridors.
The programme is being implemented by Jharkhand Accelerated Road
Development Company Ltd.
JRPICL, which is 6.57% owned by IL&FS and 93.43% owned by its
subsidiary, IL&FS Transportation Networks Limited ('IND D (ISSUER
NOT COOPERATING)') has undertaken and implemented five projects
totalling 627 lane km: Ranchi Ring Road (sections III, IV, V and
VI), Ranchi Patratu Dam, Patratu Dam Ramgarh, Adityapur Kandra and
CKC. All these projects have separate concession agreements with
the GoJ, along with separate escrow accounts.
NAVNEETA STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of Navneeta
Steels Private 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– 40.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 6.00 [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.
NSPL, incorporated in 1999, trades in steel and allied products
such as mild steel (MS) ingots, billets, MS bars, MS angles, MS
flats, scrap, sponge iron etc. The company also sells steel scrap.
NSPL was promoted by Mr. Shankerlal Agarwal and family and is based
in Hyderabad, Telangana. The warehouse facility is in
Vishakapatnam, Andhra Pradesh, with a storage capacity of
5,000-7000 MT.
NICOMET INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of Nicomet
Industries 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– 144.76 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 5.24 [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.
Nicomet Industries Limited is a closely held limited company,
originally incorporated in 1993 as a private limited company under
the name 'Metec International Pvt. Ltd'. The company commenced its
operations in 1997. Currently, it is being managed by Rajendra
Agrawal, Mr. Ankit Agrawal & Mr. Atul Agrawal. The company is
engaged in manufacturing of Nickel, Cobalt metals and other related
products like Nickel Sulphate, Nickel Nitrate and Cobalt Sulphate.
The company has its registered office in Mumbai and a manufacturing
facility at Goa.
PARCOS TILES: Ind-Ra Assigns BB Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Parcos Tiles LLP's
(PTL) bank facilities as follows:
-- INR80 mil. Fund-based working capital limit assigned with IND
BB/Stable rating;
-- INR70 mil. Non-fund-based working capital limit assigned with
IND A4+ rating; and
-- INR200 mil. Term loan due on August 20, 2028 assigned with IND
BB/Stable rating.
Key Rating Drivers
The ratings reflect PTL's small scale of operations, as indicated
by revenue of INR851.55 million in FY23 (FY22: INR501.49 million).
In FY23, despite a decline in realizations, the revenue improved on
a yoy basis due to an increase in overall sales volumes, led by
rising demand. The growth in volumes was supported by an increase
in the installed capacity to 254,800 metric tons per annum (MTPA)
in FY23 from 109,200 MTPA. The sales volumes accounted for 48.7%
(124,306MT) of the total installed capacity in FY23 (FY22: 51.26%,
55,980MT). In FY24, Ind-Ra expects the revenue to improve further
due to a continued increase in the sales volumes, led by rising
demand, which would be supported by a likely rise in production, as
the unit would be operating on higher capacity on a full year
basis. FY23 figures are provisional in nature.
The ratings factor in PTL's modest EBITDA margins due to the nature
of the business. The EBITDA margin fell to 6.84% in FY23 (FY12:
8.56%) due to an increase in overall cost of material consumed and
expenditure incurred towards the repair of existing machinery. The
ROCE was 5.9% in FY23 (FY22: 6.3%). The EBITDA margins are
susceptible to volatility in raw material prices and direct
expenses (mainly power and fuel cost), which constitute 85%-90% of
the total cost of sales. In FY24, Ind-Ra expects the margins to
remain modest owing to fluctuations in input prices and fuel cost.
The ratings reflect PTL's moderate credit metrics due to the modest
EBITDA margins and high debt levels (FY23: INR364.9 million;
FY22: INR250.6 million). Despite an increase in gross interest
expense to INR23.73 million in FY23 (FY22: INR17.56 million), the
interest coverage (operating EBITDA/gross interest expenses)
remained stable at 2.45x during the year (FY22: 2.45x) owing to an
increase in EBITDA to INR58.20 million (INR42.95 million). The net
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 6.22x (5.65x) as the firm availed a term loan of INR140 million
in June 2022 for the purchase and installation of plant and
machinery to increase its capacity. In FY24, Ind-Ra expects the
credit metrics to improve, led by an increase in EBITDA due to the
rising scale of operations.
Liquidity Indicator - Stretched: PTL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. PTL's average maximum utilization of
the fund-based limits was 93.24% and that of the non-fund-based
limits was 86% during the 12 months ended June 2023. The net
working capital cycle remained elongated but improved to 90 days in
FY23 (FY22: 143 days) on account of a decline in debtor days to 97
days (109 days) and inventory days to 29 days (78 days). The cash
flow from operations turned positive at INR19.87 million in FY23
(FY22: negative INR56.32 million) due to favorable changes in the
working capital. However, the free cash flow remained negative
INR176.36 million in FY23 (FY22: negative INR73.75 million) due to
the capex undertaken by the company. The firm had cash and cash
equivalents of INR2.98 million at FYE23 (FYE22: INR7.80 million),
against scheduled debt repayment obligations of INR47.27 million
and INR46.49 million for FY24 and FY25, respectively.
The ratings, however, are supported by the promoters' experience of
nearly 10 years in the ceramic industry, which has helped the firm
establish strong relationships with customers as well as
suppliers.
Rating Sensitivities
Negative: A decline in the scale of operations or profitability,
leading to deterioration in the overall credit metrics or further
pressure on the liquidity position, all on a sustained basis, could
lead to a negative rating action.
Positive: An increase in the scale of operations, along with an
improvement in the liquidity profile, with the net leverage
reducing below 4x , all on a sustained basis, could lead to a
positive rating action.
Company Profile
PTL is engaged in the business of manufacturing ceramic tiles,
porcelain tiles and vitrified tiles, with its unit in Morbi,
Gujarat. The firm has an installed capacity of 254,800 MTPA.
PERFECT ENGINE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Perfect Engine Components Private Limited
Registered Office:
1101, Viraj Towers, Junc Of Andheri KurlaRoad,
W.E. Highway, Andheri (E), Mumbai,
Maharasthra-400069
Corporate Office:
Plot No. 172, Tungarli Lonavia,
District Pune, Maharashtra-410403
Insolvency Commencement Date: May 25, 2023
Estimated date of closure of
insolvency resolution process: October 22, 2023
Court: National Company Law Tribunal, Mumbai Bench-V
Insolvency
Professional: Mr.Anil Kohli
Flat No 409, 4th Floor Ansal Bhawan,
16, K GMarg, Connaught Place, New Delhi-11001
Email: insolvency@arck.in
Email: pecomponents.ibc@gmail.com
Last date for
submission of claims: May 9, 2023
PERFECT ENGINEERING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Perfect Engineering Products Limited
Registered Office:
1101, Viraj Towers, June of Andheri Kurla Road, W.E. Highway,
Andheri (E) Mumbai, Maharashtra-400069
Corporate Office: 172, Tungarli, Lonavia,
District Pune, Maharasthra 410403
Insolvency Commencement Date: June 6, 2023
Estimated date of closure of
insolvency resolution process: December 3, 2023)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Anil Kohli
Flat No 409, 4th Floor Ansal Bhawan,
16K GMarg, Connaught Place, New Delhi-11001
Email: insolvency@arck.in
Email: perfectengineering.ibc@gmail.com
Last date for
submission of claims: June 20, 2023
R.S.V. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R.S.V. Cotton
Industries (RSV) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Proposed Rupee
Term Loan 0.17 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.83 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RSV for
obtaining information through letter and email dated July 19, 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 RSV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSV continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RSV and VS Cotton
Industries (VSC). This is because the two entities, together
referred to as the Kakad group, are under a common management and
in similar lines of business, and have significant financial
linkages.
RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and presses
cotton. The firm commenced operations in November 2013. Its
manufacturing facilities are at Anjangaon in Amravati,
Maharashtra.
VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr.
Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It
commenced operations in February 2013. Its manufacturing facilities
are at Murtizapur in Akola, Maharashtra.
The daily operations of both entities are managed by Mr. Sudhakar
Kakad and Mr. Vivek Kakad. The Kakad family has been in the
business of cotton trading for more than a decade.
RADHE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Radhe
Foods Product (SRFP) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRFP for
obtaining information through letter and email dated July 19, 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 SRFP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRFP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRFP continues to be 'CRISIL D Issuer Not Cooperating'.
SRFP was set up in 2015 as a proprietorship concern by Mr Gopal
Agrawal. The firm processes paddy into non-basmati rice. It has an
installed milling and sorting capacity of 8 tonne per hour in
Gondia, Maharashtra.
RAM ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Engineers
and Contractors (REC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.7 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with REC for
obtaining information through letter and email dated July 19, 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 REC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on REC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
REC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 2010 as a proprietorship concern by Mr. Sethuraman,
REC carries out civil construction in Chennai.
RAMNANDI ESTATE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramnandi
Estate Private Limited (REPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.04 CRISIL D (Issuer Not
Cooperating)
Term Loan 4.93 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with REPL for
obtaining information through letter and email dated July 19, 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 REPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on REPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
REPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in August 2011, REPL is promoted by Mr. Akhouri Gopal.
The company is the sole authorised dealer of HMIL passenger
vehicles in the Gaya district of Bihar. It has one
showroom-cum-workshop in Gaya.
RELIABLE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Reliable
Infrastructure Private Limited (RIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.15 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.50 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 3.35 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with RIPL for
obtaining information through letter and email dated July 19, 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 RIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RIPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2008, RIPL is promoted by Mr Preetpal Singh Kohli
and Mr Aslam Khan. The company is engaged in mining and crushing of
stones.
RENU PROPTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Renu Protech Private Limited
31, Jangpura Road Bhogal New Delhi 110014
Insolvency Commencement Date: June 25, 2023
Estimated date of closure of
insolvency resolution process: January 21, 2024 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Gagan Gulati
A-179, First Floor, Sudershan Park,
New Delhi 110015
Email: advocategulati@gmail.com
Email: cirp.renuproptech@gmail.com
Last date for
submission of claims: August 8, 2023
RUBBER O: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rubber O
Malabar Products Private Limited (ROM) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.73 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5.27 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ROM for
obtaining information through letter and email dated July 19, 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 ROM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ROM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ROM continues to be 'CRISIL D Issuer Not Cooperating'.
ROM was incorporated in 2011, the firm is engaged in Manufacturing
of Rubber Conveyor Belts and managed by Mohammed Rashid and M.
Usman.
S.A.M APPARELS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of S.A.M Apparels
Pvt. Limited in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING”.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term– 27.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 2.50 [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.
Incorporated in 2006, Sam Overseas was a 75:25 partnership between
Mr. Mukesh Sharma and Mr. Ved Prakash Sachdev. The firm commenced
operations in March 2006 with the manufacture of ladies' readymade
garments for export markets. The promoters have been involved in
the readymade garment export business since 1999 through
proprietorship firm, Sam Overseas. In FY2011, to consolidate the
existing business and as per the requirement from bankers, the
erstwhile firm was taken over by the newly incorporated entity,
namely S.A.M Apparels Pvt. Limited. SAM Overseas remains
operational, but its entire business is managed by SAPL; the
facilities of SAM Overseas are used on rent. The company has a
total of two manufacturing facilities. Both the units are in Noida
(UP).
S.B. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.B.
Industries (SB) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SB for
obtaining information through letter and email dated July 28, 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 SB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SB is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SB
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SB was established in Delhi by Mr. Bhutani in 1984. The firm
manufactures and markets electrical wires and cables.
S.S.S. RICE: CRISIL Lowers Rating on LT/ST Debts to D
-----------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
S.S.S. Rice Mill Private Limited (SSSRMPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
'CRISIL BB/Stable')
Short Term Rating - CRISIL D (Downgraded from
'CRISIL A4+')
The rating reflects continuous overdrawals in CC account for more
than 30 days, modest scale of operations amid intense competition.
These weaknesses are partially offset by the extensive experience
of the promoters in the rice milling industry.
Key Rating Drivers & Detailed Description
Weakness:
* Continuous overdrawals for more than 30 days: There have been
continuous overdrawals for more than 30 days in CC account in the
months of June and July.
* Modest scale of operations amid high fragmentation: The rice
milling industry has low entry barrier (small capital and technical
requirements), which leads to intense competition from local
players. This constrains scalability, pricing power and operating
margins of the company.
Strengths:
* Extensive experience of the promoters: The presence of more than
two decades in the rice milling business has enabled the promoters
to gain insights into local market dynamics and establish long and
successful relationships with key suppliers and consumers.
Liquidity: Poor
Liquidity is poor reflected in continuous ovderdrawals observed in
CC account, for more than 30 days in the months of June and July.
Rating Sensitivity Factors
Upward factors
* Timely repayment of debt obligations continuously for at least 90
days.
* Improvement in financial risk profile and overall liquidity of
the company
Incorporated in 2007 and promoted by Kolkata-based Mr Nimai Purkait
Chand and Ms Arati Purkait, SSSRMPL mills and processes non-basmati
parboiled rice at its facility outside Kolkata that has capacity of
75,000 tonne per annum.
SAIDEEP CARS: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saideep Cars
Private Limited (SCPL) continue to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL C (Issuer Not
Cooperating)
Inventory Funding 3.0 CRISIL C (Issuer Not
Facility Cooperating)
Rupee Term Loan 1.5 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letter and email dated July 19, 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 SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL C Issuer Not Cooperating'.
Incorporated in 2008, SCPL is promoted by Chopra family. The
company is dealer of passenger vehicle Renault India Pvt Ltd. in
Ahmednagar (Maharashtra). The company has 1 showroom in Ahmednagar.
The operations of the company are managed by Chopra family.
SAINARAYAN PLASTICS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Sainarayan Plastics Private Limited (SSPPL) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SSPPL for
obtaining information through letter and email dated July 19, 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 SSPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSPPL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1986, SSPPL manufactures household items, quality tanks,
cans, containers, pots, buckets, and water tanks. It has a
manufacturing facility in Aurangabad and Pune, Operations are
managed by its directors, Mr. Somnath Sakre and Mr. Santosh
Gangwal.
SHEETAL AGROFOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sheetal
Agrofood Park Private Limited (SAPPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAPPL for
obtaining information through letter and email dated July 28, 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 SAPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAPPL continues to be 'CRISIL D Issuer Not Cooperating'.
SAPPL was incorporated in 2010 by Mr Mehboob Alam and Mr Masroor
Alam. The company has a cold storage with capacity of 5326 tpa at
Lalganj in Rae Bareli, Uttar Pradesh. It also trades in
agricultural commodities such as potatoes, onions, and garlic.
SIDDHESHWAR CONSTRACTION: CRISIL Keeps D Rating in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Siddheshwar
Constraction Company (SCC) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCC for
obtaining information through letter and email dated July 19, 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 SCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCC continues to be 'CRISIL D Issuer Not Cooperating'.
SCC was established in 2008 as a partnership firm and is owned and
managed by Mr Bipindendra Yadav and Mr Mukesh Sharma. The firm is
located in Jhansi, Madhya Pradesh. SCC is engaged in civil
construction works through sub contract, sand mining, and transport
businesses.
SION STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Sion Steels in the 'Issuer
Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING”.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1992, Sion Steels is a trader of various Mild steel
structural and metal scraps. Corporate office and godown of the
firm is located in Sion, Mumbai. The firm has its presence in
domestic market only, particularly within Mumbai only. Customer
profile of the firm includes infrastructure and real estate
companies, traders, casting and foundry units. The firm is not an
authorized distributor of any company; it procures all materials
for trading purposes from brokers and commissioning agents. Many a
times, procurement of scraps is through bidding process.
SPARK GREEN: Liquidation Process Case Summary
---------------------------------------------
Debtor: Spark Green Energy (Ssatara) Limited
Plot No. A-53, MIDC-Lonand, Taluka-Khandala,
Khandala, Maharashtra-415521
Liquidation Commencement Date: July 28, 2023
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Ashok Kumar Golechha
Flat No. B 703/704, Seventh Floor, River Park CHS Ltd,
Dattani Park Road, Thakur Village,
Kandivali (East) Mumbai City, Maharashtra, 400101
Email: akgoleckha9@gmail.com
Email: liquidationspark.satara@gmail.com
Last date for
submission of claims: August 27, 2023
SPARSH INFRATECH: Ind-Ra Affirms & Withdraws BB+ Term loan Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sparsh Infratech
Private Limited's (SIPL) term loan rating at 'IND BB+' and has
simultaneously withdrawn it. The Outlook was Stable.
The detailed rating action is:
-- INR750 mil. Term loans* due on FY34 is affirmed and withdrawn.
*Affirmed at 'IND BB+'/Stable before being withdrawn
Analytical Approach: To arrive at the ratings, Ind-Ra continues to
factor in the availability of financial support, in the form of
post default, irrevocable and un-conditional corporate guarantees
and providing land at subsidized lease rentals, from Bramhacorp
Limited, which owns a 10% stake in SIPL.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from all lenders. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.
Key Rating Drivers
Improvement in Occupancy Levels leading to Higher Scale of
Operations: SIPL's scale of operations improved in FY23 with
revenue of INR481.96 million in FY23 (FY22: INR308.64 million;
FY21: INR133.14 million) due to a rise in average occupancy levels
to 50.56% (36.00%) because of repeat customers and with increased
awareness of physical and mental health. SIPL operates a wellness
resort with 97 rooms in the name of Atmantan. Ind-Ra expects the
scale of operations to improve over the medium term.
The average revenue from available rooms increased to INR26,979.38
in FY23 (FY22: INR24,849.27) and the average length of stay
increased to 10 nights from five to six nights over a period of two
years. During April-July 2023, SIPL received INR40 million as
advances for the next two months. During 1QFY24, it made
anniversary sales to its existing clients amounting to INR83.72
million (1QFY23: INR61.05 million).
Rise in EBIDTA Margins: SIPL's EBITDA margins rose to 49.48% in
FY23 (FY22: 46.07%) due to the better absorption of fixed costs,
supported by higher revenue, but remained modest in view of ROCE of
7.8% ( 3.5%). Ind-Ra expects the EBITDA margins to become stable in
FY24 due to the expectation of stable occupancy levels, and improve
over the medium term based on an increase in the occupancy levels.
Improved Credit Metrics: SIPL's credit metrics improved in FY23 due
to higher absolute EBITDA. The interest coverage (operating
EBITDA/gross interest expenses) was 1.84x in FY23 (FY22: 0.99x),
the net leverage (adjusted net debt/operating EBITDAR) was 7.39x
(12.55x) and EBITDA was INR238.46 million (INR142.18 million).
Ind-Ra expects the credit metrics in FY24 to be stable due to the
expectation of stable EBITDA margins, and improve over the medium
term based on an improvement in the scale of operations.
Liquidity Indicator – Stretched: SIPL did not utilize its
fund-based working capital limits during FY23 as it operates a
capital-light business. The net working capital cycle shortened to
4 days in FY23 (FY22: negative 63 days) as a result of a decrease
in creditors to 50 (135 days). The cash flow from operations (after
adjusting finance costs) improved to INR117.97 million in FY23
(FY22: INR50.65 million) due to an improvement in the fund flow
from operations to INR142.30 million (INR3.32 million). The free
cash flows also improved to INR61.59 million in FY23 (FY22:
negative INR4.27 million) due to the increase in EBITDA. The
company has scheduled debt repayment obligations of INR59.43
million in FY24 and INR76.40 million in FY25. The cash and cash
equivalents stood at INR141.83 million at FYE23 (FYE22: INR130.40
million), out of which INR98 million was maintained towards a debt
service reserve account as of FY23. SIPL does not have any capital
market exposure and relies on financial institutions to meet its
funding requirements. Furthermore, liquidity is mainly dependent
upon the occupancy levels. Hence, occupancy levels remain a key
monitorable. The debt service coverage ratio (DSCR) during FY23 was
comfortable at 1.58x due to lower repayment obligations of term
debt of INR21.40 million. The liquidity is supported by way of
unsecured loans from promoters (FY23: INR326.93 million) and
Bramhacorp Limited (INR103.53 million).
Strategic Location of Wellness Resort: The company's promoters have
an operating experience of eight years in the wellness industry.
Atmantan is located in 36 acres of land in Mulshi, Pune which is
just 48km from Pune.
Support from Bramhacorp Limited: Bramhacorp has provided a post
default, irrevocable and un-conditional corporate guarantee towards
the entire term loan availed by SIPL. Furthermore, Bramhacorp has
provided SIPL with a subordinated debt in form of unsecured loans
and 36 acres of land in which Atmantan is situated for a lease
period of 99 years.
Standalone Profile of Bramhacorp: During FY23, Bramhacorp had sales
velocity of INR6,617 million and collection velocity of INR3,385.21
million from its six ongoing projects. Till FYE23, the group sold
55% of its total saleable area of the ongoing projects with 76.80%
of average completion. With the increased completion status of the
ongoing projects, Ind-Ra expects the sales velocity to be stable,
providing adequate customer advances for the remaining construction
cost. Moreover, Bramhacorp has a healthy mix of residential and
commercial projects which are intended for sale and at various
stages of completion from 36.42% to 88.92% in terms of the total
cost incurred. Its promoters have an experience of three decades in
real estate development; it has successfully completed and sold 38
projects totaling to 9.50 million square feet.
Bramhacorp's revenue from operations improved to INR4,450.91
million in FY23 (provisional); FY22: INR3,690.47 million) and the
EBITDA margins remained stable at INR788.18 million (INR786.75
million), mainly due to an increase in other expenses and employee
benefit expenses. Bramhacorp has total debt repayments of around
INR654.10 million over FY24-FY27 in the real estate segment.
Hospitality segment loans and general corporate loans entail a
repayment of INR213.13 million and INR269.65 million in total in
FY24 and FY25, respectively. Bramhacorp's available cash and cash
equivalent was INR455.04 million in FY23.
Company Profile
SIPL operates a luxury wellness resort in the name of Atmantan.
Started in 2016, the wellness resort has 97 fully functional rooms,
and 26 additional rooms, which are yet to be operationalized.
Atmantan is located in 36 acres of land in Mulshi, Pune, which has
been taken on 99 years lease from Bramhacorp. Atmantan offers
customized wellness packages suited to individual requirements.
SUNDERBAN BREWERIES: CRISIL Lowers Rating on INR96cr Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Sunderban Breweries and Distillery Private Limited (SBDPL) to
'CRISIL D' from 'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Long Term Loan 96 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The rating reflects delays in servicing debt obligation, exposure
to risks related to ongoing project and leverage capital structure.
These weaknesses are partially offset by extensive experience of
the promoters and arrangement with consultant for construction.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delays in servicing debt obligation: There have been
irregularities in debt servicing (interest payment) during May'23
to July'23.
* Exposure to risks related to ongoing project and leverage capital
structure: Commercial operations are likely to commission in Q3 of
fiscal 2024 against earlier expectation of July 2023 on account of
time overrun in construction. Demand risk is also expected to be
moderate as the industry is highly fragmented marked by low entry
barriers with small capital and technological requirements. Also,
will be exposed to intense competition from other players in the
segment. Furthermore, the project is aggressively funded through a
debt-equity ratio 1.58:1 time, yielding a leveraged capital
structure.
Strength:
* Extensive experience of the promoters and arrangement with
consultant: The promoters have managerial and operational
experience in agriculture industry for more than a decade however,
the company is entering into breweries & distillery industry for
the first time. The company has made arrangement with a reputed EPC
Consultant, M/s Spirits & Brewtec Private Limited (SBPL) who will
provide technical assistance in setting up the project,
stabilization of various production parameters, maintaining the
production schedule and training of the personnel about production
and finally trial runs at the plant. The complete Brewery system
will be implemented on a Turnkey EPC basis by M/s SBPL.
Liquidity: Poor
Liquidity is poor as reflected in irregularities in debt servicing
by the company during May'23 to Jul'23. Timely commission of the
new plant and ramp up of operations is critical for debt
servicing.
Rating Sensitivity Factors
Upward factors
* Timely repayment of debt obligations continuously for atleast 90
days.
* Significant improvement in liquidity on back of timely commission
and ramp up of operations, restructuring of debt or infusion of
equity.
SBDPL was incorporated in 2016. It is currently setting up a
brewery & bottling plant in Raidighi, West Bengal with installed
capacity of 3,25,000 Hecto Litre per annum (HLPA). The plant is
expected to be commissioned in Q3 fiscal 2024. SBDPL is owned and
managed by Mr. Nimai Chand Purkait, Mr. Saumitra Purkait and Mrs.
Aratii Purkait.
SUNRISE GINNING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sunrise Ginning Private Limited
Survey No. 595/4, Opp. Balaji Paper Mills,
Upleta Road, Dhoraji, Gujarat 360410
Insolvency Commencement Date: July 20, 2023
Estimated date of closure of
insolvency resolution process: January 17, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Vinod Tarachand Agarwal
204, Wall Street I, Nr Gujarat College,
Ellis Bridge, Ahmedabad 380006
Email: ca.vinod@gmail.com
Email: cirp.sgpl@gmail.com
Last date for
submission of claims: August 4, 2023
TAKUSHO INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Takusho India Design Consultants Private Limited
2nd Floor, Uniworth Plaza, No. 20,
Sankey Road Bangalore, Karnataka-56002 India
Liquidation Commencement Date: July 28, 2023
Court: National Company Law Tribunal Chennai Bench
Liquidator: Vasudevan Gopu
G.V Enclave' 18/30, Ramani Street,
K.K Pudur, Saibaba Colony 4th Right
Opp. Road to Saibaba Colony Hotel
Annapoorna Road,
Coimbatore-641038 Tamil Nadu, India
Email: vasudevangopu.ip@gmail.com
Email: vasudevanacs@gmail.com
Tel No: 0422-4347063
Last date for
submission of claims: August 27, 2023
VYAS MERCANTILE: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Vyas Mercantile Private Limited
402,Corporate Annex,
Next to Udyog Bhavan Sonawala Lane,
Goregaon East Mumbai 400063
Liquidation Commencement Date: July 21, 2023
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Sachin Dharmendra Jain
D-613, 6th Floor, Raghuvir Saffron,
Althan Bhimrad Road, Althan
Opp Mansarovar Bunglows, Surat 395017
Email: vyas.liquidation@gmail.com
Last date for
submission of claims: August 20, 2023
=========
J A P A N
=========
BIGMOTOR CO: Banks Reject Refinancing Plea After Scandal
--------------------------------------------------------
The Asahi Shimbun reports that a group of banks has hit the brakes
on a refinancing request by scandal-hit Bigmotor Co. for JPY9
billion (US$61 million) due for repayment this week, sources said.
Asahi Shimbun relates that the major used-car dealer and repair
chain's future looks uncertain as used-car sales have significantly
dipped and casualty insurance companies and credit companies are
suspending their relationships with it.
According to the report, Sumitomo Mitsui Banking Corp., MUFG Bank
Ltd., Mizuho Bank Ltd. and Hiroshima Bank Ltd., which have deals
with Bigmotor, jointly held a meeting with the company in Tokyo on
Aug. 10.
They discussed JPY9 billion due for repayment last week and other
topics.
While Bigmotor requested a loan, the banks said after the meeting
that they will not respond to the request, the report relates.
The company withdrew its request and intends to repay within the
deadline.
"We are not yet convinced about their sincere reflection on its
past actions and the reconstruction plan based on that reflection,"
the report quotes a senior official from one of the banks as
saying.
Bigmotor's reputation cratered in July after a report was released
accusing workers of intentionally damaging automobiles brought in
for accident repairs and unnecessarily replacing parts and passing
the inflated costs to insurance companies, Asahi Shimbun recalls.
At a news conference on July 25, which was the first held after the
scandal came to light, Bigmotor revealed that the number of used
cars the company bought or sold had both halved compared to usual
times.
In the meeting with the banks, the company reported the figures
dropped even further by 60 percent from usual times, according to
the sources.
An employee of a Bigmotor store in western Japan said, "The number
of customers is decreasing astonishingly."
Such a deteriorating business performance is believed to have made
the banks more wary about granting a loan, Asahi Shimbun relays.
Bigmotor's sales for the fiscal year ending in September 2022 were
about JPY590 billion, Asahi Shimbun discloses citing Teikoku
Databank Ltd.
According to the report, the company has interest-bearing debts of
about JPY60 billion as of the end of the same month.
But it has solid circulating assets, including cash and deposits of
around JPY32 billion, as well as large inventories of cars.
"The company has cash reserves, so the situation will not
drastically worsen in the near future," said a senior official from
one of the banks.
The focus is whether Bigmotor can present a reconstruction plan
that convinces the banks, Asahi Shimbun adds.
Big Motor operates as a car dealer. The Company offers used vehicle
assessment, purchase, and selling services. Big Motor also sells
new automobiles.
=====================
N E W Z E A L A N D
=====================
BLACK STAG: Court to Hear Wind-Up Petition on Aug. 31
-----------------------------------------------------
A petition to wind up the operations of Black Stag Developments
Limited will be heard before the High Court at Christchurch on Aug.
31, 2023, at 10:00 a.m.
Fill Limited filed the petition against the company on July 5,
2023.
The Petitioner's solicitor is:
Prudence Mary Miller
Tom Evatt & Co Limited
Level 1, 151 High Street
Christchurch Central
Christchurch 8011
CORPORATE SECURITY: Creditors' Proofs of Debt Due on Oct. 6
-----------------------------------------------------------
Creditors of Corporate Security Group Limited are required to file
their proofs of debt by Oct. 6, 2023, to be included in the
company's dividend distribution.
The High Court at Auckland appointed Garry Whimp and Benjamin
Francis of Blacklock Rose Limited as liquidators on Aug. 11, 2023.
INDUSTRIAL AND COMMERCIAL: Court to Hear Wind-Up Bid on Sept. 1
---------------------------------------------------------------
A petition to wind up the operations of Industrial and Commercial
Enterprises Limited will be heard before the High Court at Auckland
on Sept. 1, 2023, at 10:45 a.m.
ContainerCo (NZL) Limited filed the petition against the company on
July 19, 2023.
The Petitioner's solicitor is:
Dentons Kensington Swan
18 Viaduct Harbour Avenue
Auckland
NORSELANDS TAUPO: Creditors' Proofs of Debt Due on Sept. 10
-----------------------------------------------------------
Creditors of Norselands Taupo Limited are required to file their
proofs of debt by Sept. 10, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Sept. 10, 2023.
The company's liquidator is David Thomas.
RICALARA LIMITED: Creditors' Proofs of Debt Due on Sept. 26
-----------------------------------------------------------
Creditors of Ricalara Limited are required to file their proofs of
debt by Sept. 26, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings in 2023.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
=================
S I N G A P O R E
=================
ALL MEASURE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Aug. 11, 2023, to
wind up the operations of All Measure Technology (S) Pte. Ltd.
Standard Chartered Bank (Singapore) Limited filed the petition
against the company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
BON VITE: Commences Wind-Up Proceedings
---------------------------------------
Members of Bon Vite Engineering Pte Ltd, on Aug. 11, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Lim Soh Yen
Tan Suah Pin
133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
FXR BUSINESS: Commences Wind-Up Proceedings
-------------------------------------------
Members of FXR Business Services Pte Ltd, on Aug. 11, 2023, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Ms. Oon Su Sun
Finova Advisory
182 Cecil Street
#30-01 Frasers Tower
Singapore 069547
GYM ALLIANCE: Placed Under Provisional Liquidation
--------------------------------------------------
Paige Lim at The Business Times reports that GYM Alliance, which
operates personal training gym Fenix Fitness, has been placed under
provisional liquidation after abruptly shutting its outlet at
Raffles Place.
Gary Loh, Leow Quek Shiong and Seah Roh Lin of BDO Advisory have
been appointed provisional liquidators of the company, BT
discloses. A creditors' meeting will be held on or before September
13.
Around 400 provisional creditors – most of them gym members –
are owed an estimated SGD5 million in total based on latest
accounts, Loh told The Business Times.
PST INVESTMENTS: Court to Hear Wind-Up Petition on Sept. 8
----------------------------------------------------------
A petition to wind up the operations of PST Investments Pte Ltd
will be heard before the High Court of Singapore on Sept. 8, 2023,
at 10:00 a.m.
Vichit Larbboonsarp filed the petition against the company on
Aug. 14, 2023.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
VIOLET OON: Judge Mulls Winding-Up Option for Restaurant Group
--------------------------------------------------------------
The Business Times reports that High Court Justice Philip
Jeyaretnam on Aug. 18 wondered whether winding up or a buyout was a
better way to resolve a failed business partnership as he heard
closing submissions from lawyers in the Violet Oon dispute.
Accordinv to BT, Violet Oon, the eponymous culinary icon, and her
children are seeking to buy out their business partner's 50% stake
in the restaurant group Violet Oon Inc over allegations of
oppression by the partner.
If the court denies a buyout, the Oon family is asking to wind up
the business instead, the report says.
The business partner, Manoj Murjani, denies the allegations.
On Aug. 18, Justice Jeyaretnam said winding up could be a "more
attractive" remedy, as it would open up Violet Oon Inc to any buyer
and allow valuation to be determined by market forces, BT relays.
On the other hand, a court-ordered buyout would involve an
"artificial" valuation process, he noted.
ZETA ONE: Court to Hear Wind-Up Petition on Sept. 8
---------------------------------------------------
A petition to wind up the operations of Zeta One Management Pte Ltd
will be heard before the High Court of Singapore on Sept. 8, 2023,
at 10:00 a.m.
Kapital Fund SPC filed the petition against the company on Aug. 11,
2023.
The Petitioner's solicitors are:
Messrs Selvam LLC
16 Collyer Quay #17-00
Singapore 049318
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
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