/raid1/www/Hosts/bankrupt/TCRAP_Public/230823.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
Wednesday, August 23, 2023, Vol. 26, No. 169
Headlines
A U S T R A L I A
AUSTEN PLUMBING: First Creditors' Meeting Set for Aug. 29
BLUE HORSESHOE: First Creditors' Meeting Set for Aug. 28
JL PLUMBING: Collapses Into Liquidation as 14 Workers Sacked
MEMBERS ALLIANCE: Federal Court Case Against Liquidator Dismissed
MERCHANT ELECTRIC: First Creditors' Meeting Set for Aug. 29
OZ PROJECTS: First Creditors' Meeting Set for Aug. 28
R L SERVICES: First Creditors' Meeting Set for Aug. 29
YOUR FINANCIAL: ASIC Freezes Assets of Former Financial Adviser
C H I N A
CHINA EVERGRANDE: Improved Internal Control May Meet Listing Rules
COUNTRY GARDEN: Plan to Extend Bond Repayment Face Resistance
HENGLI GROUP: Singapore Trade JV in Voluntary Liquidation
I N D I A
AIRAN STEEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
AL-RKAYAN APPARELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
AVANTI SYSTEM: Liquidation Process Case Summary
BAJRANG GINNING: ICRA Keeps D Debt Rating in Not Cooperating
BALASON TEA: ICRA Keeps B- Debt Rating in Not Cooperating
CARBON EDGE: ICRA Keeps B+ Debt Ratings in Not Cooperating
CARONA KNIT: ICRA Keeps D Debt Ratings in Not Cooperating
CHAITANYA NEER JAL: Insolvency Resolution Process Case Summary
ED & TECH : Insolvency Resolution Process Case Summary
EURO PRATIK: ICRA Keeps B+ Debt Ratings in Not Cooperating
GEETANJALI ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
MANDAR ROLLER: ICRA Keeps B Debt Rating in Not Cooperating
MIZORAM ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
NANDA INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating
NEW WIN: ICRA Keeps D Debt Ratings in Not Cooperating Category
PADAM MOTORS: Insolvency Resolution Process Case Summary
PANASIAN IMPEX: ICRA Keeps B Debt Rating in Not Cooperating
PRESTIGE METALLICS: ICRA Keeps B+ Debt Rating in Not Cooperating
RHEABARI TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
SATGURU METALS: ICRA Keeps D Debt Ratings in Not Cooperating
SHIVAM PIPE: ICRA Keeps D Debt Ratings in Not Cooperating
SUN HOSPITALITY: ICRA Keeps D Debt Rating in Not Cooperating
SUNSTAR OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
THREE LEAF: Insolvency Resolution Process Case Summary
UMESH & BROS: ICRA Keeps B+ Debt Ratings in Not Cooperating
VIMALSCOP PRODUCT: ICRA Keeps B+ Debt Rating in Not Cooperating
VISWATMA MERCHANDISE: Liquidation Process Case Summary
M A L A Y S I A
1MDB: Malaysia May Sue Goldman Sachs Over Scandal, PM Anwar Says
N E W Z E A L A N D
5 RIVERS: Creditors' Proofs of Debt Due on Sept. 26
HOMECUBES LIMITED: Thomas Lee Rodewald Appointed as Receiver
INDUSTRY CIVIL: Waterstone Insolvency Appointed as Receiver
NEW ZEALAND TONGTAN: Court to Hear Wind-Up Petition on Aug. 29
NZ FINTECH: Creditors' Proofs of Debt Due on Sept. 8
P A K I S T A N
PAKISTAN: Rupee Drops to Record Low as Import Restrictions Ease
P H I L I P P I N E S
PHOENIX PETROLEUM: Breaks Pact on PHP14 Billion Loans From 3 Banks
PHOENIX PETROLEUM: Posts PHP3.2 Billion Net Loss in FY2022
S I N G A P O R E
CITYDEV INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 26
GYM ALLIANCE: BDO Advisory Appointed as Liquidators
JIGSAW CAPITAL: Creditors' Meeting Set for Sept. 21
KIRKHAM INTERNATIONAL: Creditors' Meeting Set for Sept. 21
SOMAP INTERNATIONAL: Creditors' Meeting Set for Sept. 21
S R I L A N K A
SRI LANKA INSURANCE: Fitch Keeps 'CC' IFS on Watch Negative
- - - - -
=================
A U S T R A L I A
=================
AUSTEN PLUMBING: First Creditors' Meeting Set for Aug. 29
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Austen
Plumbing & Gas Fitting Pty Ltd will be held on Aug. 29, 2023, at
2:30 p.m. at Level 14, 570 Bourke Street in Melbourne.
Scott Andersen and Nathan Deppeler of Worrells were appointed as
administrators of the company on Aug. 17, 2023.
BLUE HORSESHOE: First Creditors' Meeting Set for Aug. 28
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Blue
Horseshoe Ventures Pty Limited will be held on Aug. 28, 2023, at
11:00 a.m. at the offices of HLB Mann Judd Insolvency WA at Level
2, 16 Parliament Place in West Perth.
Gregory Paul Quin and Kimberley Stuart Wallman of HLB Mann Judd
Insolvency WA were appointed as administrators of the company on
Aug. 16, 2023.
JL PLUMBING: Collapses Into Liquidation as 14 Workers Sacked
------------------------------------------------------------
News.com.au reports that all 14 employees at a plumbing company
have lost their jobs on the spot just weeks before the firm
appointed liquidators.
News.com.au can reveal that JL Plumbing & Drainage (VIC) Pty Ltd
went under on Aug. 18.
Liam Bellamy of insolvency firm RRI Advisory was appointed as the
liquidator.
The business, based in Victoria's Mornington Peninsula, carried out
commercial and residential plumbing and had been a registered
company since 2018.
But like many businesses in the building sector, financial woes
started to hit JL Plumbing & Drainage, with trading losses and poor
economic conditions, news.com.au says.
News.com.au relates that the company had also failed to respond to
a creditor's statutory demand, which the liquidator, Mr. Bellamy,
said was another contributing factor.
"It had 14 employees which were terminated, I believe they were
terminated early June," he told news.com.au.
According to documents submitted to Mr. Bellamy, JL Plumbing &
Drainage had not been trading since June 1.
In total, according to preliminary investigations, the plumber owes
$750,000 to 32 creditors, news.com.au discloses.
Plumbers at the collapsed firm are owed about AUD82,000 in unpaid
superannuation, annual leave and payment in lieu of notice.
The ATO is owed about AUD475,000, the report notes.
There are also an additional 17 other creditors. They are
cumulatively owed AUD200,000.
News.com.au adds that Mr Bellamy said JL Plumbing & Drainage
"likely traded insolvent" near the end of its existence due to the
outstanding bills.
MEMBERS ALLIANCE: Federal Court Case Against Liquidator Dismissed
-----------------------------------------------------------------
The Federal Court has dismissed ASIC's case against Jason Bettles,
a registered liquidator and Partner at Worrells Solvency and
Accounting.
Mr. Bettles was the liquidator of the Members Alliance Group of
companies from July 22, 2016 until his resignation on July 13,
2017. In November 2019, ASIC, as part of the Serious Financial
Crime Taskforce (SFCT), filed an application requesting a court
inquiry into Mr Bettles' conduct. This inquiry followed concerns Mr
Bettles failed to discharge his obligations as a liquidator, and
failed to act independently and with a degree of care and diligence
required of a liquidator, leading to the improper transfer of
Members Alliance Group assets.
Following an eight-day trial, the Court found that ASIC did not
make its case that Mr. Bettles:
-- was involved in the development and implementation of a
complex strategy to transfer assets and divert income streams
from various members of the Members Alliance Group to the
detriment of creditors,
-- contravened his duties as an officer of a company, and
-- demonstrated egregious departure from the standards of
propriety, independence, and care and diligence required
of a registered liquidator.
ASIC Deputy Chair Sarah Court said, 'ASIC took on this case as part
of our work with the Serious Financial Crime Taskforce. Taking
action against suspected phoenixing remains a key priority of the
Taskforce and we will carefully review the judgment.'
ASIC has 28 days to lodge an appeal with the Full Federal Court.
The Members Alliance and Benchmark groups operated property
investment vehicles on the Gold Coast, offering financial advice to
retail investors. In July 2016, eighteen group companies were
placed into liquidation with a AUD26 million debt owing to the ATO.
On Sept. 10, 2021, four former company officers and one lawyer
associated with Members Alliance and Benchmark Groups faced 72
criminal charges.
ASIC filed this application with the Federal Court seeking an
inquiry into the conduct of Mr. Bettles as part of the ATO-led
Serious Financial Crime Taskforce (SFCT).
The SFCT is a joint-agency taskforce which brings together the
knowledge, resources and experience of relevant law enforcement and
regulatory agencies to address the most serious forms of financial
crime.
MERCHANT ELECTRIC: First Creditors' Meeting Set for Aug. 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Merchant
Electric Pty Ltd will be held on Aug. 29, 2023, at 12:00 p.m. via
teleconference facilities.
Stephen Dixon and Leigh Dudman of Hamilton Murphy Advisory were
appointed as administrators of the company on Aug. 17, 2023.
OZ PROJECTS: First Creditors' Meeting Set for Aug. 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Oz Projects
Pty Limited will be held on Aug. 28, 2023, at 11:00 a.m. via
teleconference only.
David Ingram and David Ross of I & R Advisory were appointed as
administrators of the company on Aug. 16, 2023.
R L SERVICES: First Creditors' Meeting Set for Aug. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of R L Services
Australia Pty Ltd will be held on Aug. 29, 2023, at 11:00 a.m. via
teleconference facilities.
Stephen Dixon of Hamilton Murphy Advisory were appointed as
administrators of the company on Aug. 17, 2023.
YOUR FINANCIAL: ASIC Freezes Assets of Former Financial Adviser
---------------------------------------------------------------
Australian Securities and Investments Commission (ASIC), on July 5,
2023, commenced urgent proceedings in the Federal Court against
David Valvo, former Sydney financial adviser, and related company,
Your Financial Freedom Pty Ltd.
On the same day, the Court made orders freezing the assets of Mr.
Valvo and Your Financial Freedom Pty Ltd, restrained Mr. Valvo from
leaving Australia and required him to surrender his passport.
ASIC is currently investigating the financial services provided by
David Valvo and Your Financial Freedom during the period Jan. 1,
2015 to Sept. 21, 2021, regarding fees charged to client
superannuation funds.
The orders were varied on July 7 and Aug. 4, 2023 with Mr Valvo's
consent.
The matter is listed for a case management hearing on Sept. 29,
2023.
ASIC's investigation of David Valvo and Your Financial Freedom Pty
Ltd is continuing.
Any person who had superannuation invested with Mr. Valvo or Your
Financial Freedom and has concerns about the fees they paid can
contact ASIC at Client.Queries.for.Mr.Valvo@asic.gov.au
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C H I N A
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CHINA EVERGRANDE: Improved Internal Control May Meet Listing Rules
------------------------------------------------------------------
Reuters reports that embattled property developer China Evergrande
Group said on Aug. 21 it was confident its internal controls and
processes had improved and could meet the listing rules of the Hong
Kong stock exchange.
Trading in the company's shares was suspended on March 21 last year
after it got sucked into a debt crisis, Reuters says.
Reuters relates that the company said trading will remain suspended
until further notice.
The developer said it had appointed RSM Nelson Wheeler Consulting
to conduct a review on its internal control and procedures, and
Crowe (HK) Risk Advisory to conduct a review on certain issues
raised by its former auditor, the report notes.
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 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: Plan to Extend Bond Repayment Face Resistance
-------------------------------------------------------------
Caixin Global reports that Country Garden Holdings Co. Ltd.'s plan
to extend an onshore bond by three years has one major hurdle to
overcome: securing enough approval from bondholders, some of whom
are demanding that the embattled developer pay the principal and
interest in full by Sept. 2.
Holders of 16 Bi Yuan 05, a non-public bond Country Garden issued
in 2016, will meet from Aug. 23 to Aug. 25 to vote on the company's
repayment plan, sources with knowledge of the matter told Caixin,
citing a notice the developer sent to bondholders Aug. 18.
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.
HENGLI GROUP: Singapore Trade JV in Voluntary Liquidation
---------------------------------------------------------
Reuters reports that privately controlled Chinese refining and
petrochemical manufacturer Hengli Group said on Aug. 22 that
Sinochem Group and itself were winding up their Singapore-based
joint venture Hengli Oilchem due to business and strategic
considerations.
According to Reuters, Hengli Oilchem Pte Ltd (HOPL), the joint
venture between Hengli and China's state-run Sinochem, said last
week it began a voluntary liquidation following shareholders'
decision.
"It has come to our attention that some of our customers do not
fully understand the distinction between a shareholders' voluntary
liquidation and a compulsory liquidation, and thus wrongly
concluded that HOPL and its related companies in the Hengli Group
may be in financial difficulties," Hengli said in a statement.
"This is of course not true," Hengli, as cited by Reuters, added.
Hengli Oilchem, 79% owned by Hengli and 20% by Sinochem, officially
launched its Singapore operation in June 2018.
Hengli's main trading arm is Hengli Petrochemical International Pte
Ltd set up in Singapore in 2017, which trades crude oil, refined
fuel and chemical products.
Back in northeast China's port city Dalian, Hengli operates a
400,000 barrels per day refinery and petrochemical facilities
including 11.6 million ton per year polyester making feedstock
PTA.
The group is adding a new chemicals park that makes some energy
transition products next to the refinery complex.
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I N D I A
=========
AIRAN STEEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Airan
Steel & Power Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Short Term (2.50) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating Continues
Others to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Airan Steel & Power Private Limited (ASPPL) was incorporated in
2004 and its plant is located in Bilaspur, Chhattisgarh. ASPPL has
a production facility for sponge iron with an annual production
capacity of 30,000 MT. In 2010, the company diversified its
operations with the commencement of a Mild Steel (MS) ingot
manufacturing facility with a capacity of 18,000 MT per annum.
AL-RKAYAN APPARELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Al-Rkayan Apparels & Exports
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
ARAEPL was incorporated in 2004 by Mr. Prabhakar Shetty, Mr.Shahid
Rafi and Mr. Abdul Rahman S Al-Rkayan. The company is primarily
involved in manufacturing of denims for major denim players and has
manufacturing facility in Goregaon, Mumbai which is spread over
30,000 square feet and employs over 650 people. Towards the end of
2008-09, ARAEPL launched its own denim brand Leonidas, aimed at the
price-sensitive and fashion-conscious youth segment (16 to 40 years
age group); Leslie (for capris and three-fourths) and LD Active
(bottom wear for women.
AVANTI SYSTEM: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Avanti System Integrators Private Limited
A-302, Brent Ford Hiramani Estate,
Godhbandher Road, Patlipada,
Thane Mh 400607 India
Liquidation Commencement Date: July 28, 2023
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Vinodkumar Pukhraj
Room No. 40, 9/15 Morarji
Velji Bldg, 1st Floor,
Dr M.B Velkar Street, Kalbadevi Road,
Mumbai, Maharashtra 400002
Email: vinod.amabavat@ajallp.com
Email: cirp.avanti@gmail.com
Last date for
submission of claims: August 28, 2023
BAJRANG GINNING: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Bajrang Ginning & Pressing
Factory in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in the year 2009, it is a partnership concern engaged
in the business of ginning and pressing Of cotton. It is managed by
six partners. Partners have long standing experience in the field
of cotton industry. The factory is located at Jasdan having land
area of 2 acres. It avails power load of 124 HP. It is equipped
with 24 ginning machines and 1 pressing machine. It has a capacity
to produce 180 bales a day (considering 24 hours of operations).
Raw cotton is procured either from market yard or from farmers in
the nearby vicinity. It also has two group concerns engaged in
trading of raw cotton. The firm is also involved in trading of
cotton bales.
BALASON TEA: ICRA Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Balason
Tea Company Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B- (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.55 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 0.25 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2001, Balason Tea Company Private Limited
manufactures black tea of CTC variety. The company has no
plantation facility and so has to depend entirely on purchased
green leaves for production of black tea. The factory is located in
Darjeeling district, West Bengal. The annual installed capacity for
production of black tea is 2 million kg. BTCL sells its own produce
in the domestic market and also exports tea, procured from tea
auction centres. The company markets tea under the brand name of
'London Royal', 'Kolkata Royal' and 'Balason Tea'.
CARBON EDGE: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Carbon Edge
Industries Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.94 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.06 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 3.00 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 60.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Founded by Mr. Vijay Khanna in 1982 as a coal trading company, CEIL
is engaged in the manufacturing of low ash metallurgical (LAM) coke
in Kutch, Gujrat. The company uses by-product generation technology
for manufacture of LAM coke and also obtains coal tar and coke oven
gas as key by-products along with LAM coke.
CARONA KNIT: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Carona Knit
Wear 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– 0.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 0.96 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term– 15.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Carona Knit Wear was incorporated in the year 2006 by Mr. K.
Swaminathan and the entity was primarily engaged in manufacture and
export of garments. The entity had integrated production facilities
ranging from knitting, compacting, printing, stitching and
embroidery. The product profile of the Firm included babies wear
and kids wear.
CHAITANYA NEER JAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Chaitanya Neer Jal Private Limited
c/o Sanjay More, Plot No. E – 27/04
Near Sai Health Club,
Gulmohar Colony, N-5, CIDCO
Aurangabad, MH – 431003 India
Insolvency Commencement Date: June 6, 2023
Estimated date of closure of
insolvency resolution process: December 3, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Vinit Gangwal
Office No 503, 5th Floor, Varun Capital,
CTS No. 364-365/13,
Off J M Road, Bharat Petrolium Lane,
Next to Citiotel,
Shivajinagar, Pune – 411005
Email id: ip.vinitgangwal@sudharman.in
Sankalp Resolution Professionals LLP
401, 4th Floor, The Central Building,
Shell Colony Road, Chembur (East),
Mumbai-400071
Email Id: ip.chaitanyaneerjal@sankalp-ipe.com
Last date for
submission of claims: June 20, 2023
ED & TECH : Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: ED & TECH International Limited
Plat No. 104 Lumb Ini Enclave,
Punja Gutta Hyderabad
AP 500072 India
Insolvency Commencement Date: May 25, 2023
Estimated date of closure of
insolvency resolution process: November 20, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Mummaneni Vazra Laxmi
Flat No.107, V.V Vintage Residency
Somajguda, Hyderabad-500082
Email: emaillocal@gmail.com
Email: edtechcirp@gmail.com
Email: emailtolak@gmail.com
Last date for
submission of claims: June 27, 2023
EURO PRATIK: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Euro
Pratik Ispat Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- (0.50) [ICRA]B+ (Stable) ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term (3.00) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating Continues
Others to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Euro Pratik Ispat Private Limited (EPIPL) was incorporated in 2004,
and its plant is located in Raipur, Chhattisgarh. EPIPL has a
production facility for sponge iron with an annual production
capacity of 30,000 MT. The current management took over the
operations of the company in 2012.
GEETANJALI ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-term ratings of Geetanjali Ispat &
Powers Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Geetanjali Ispat & Powers Pvt. Ltd. (GIPPL) was incorporated in
2003, and its plant is located at Bilaspur, Chhattisgarh. GIPPL has
a production facility for sponge iron with an annual capacity of
30,000 MT. The current management took over the operations of the
company in 2014.
HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of High Tech Garments Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.90 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 5.70 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in the year 2005, High Tech Garments Private Limited
is engaged in the manufacturing of grey fabric made from polyester
yarns. The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located a Kim, Surat.
MANDAR ROLLER: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Mandar Roller
Flour Mills Pvt Ltd in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 11.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1988, Mandar Roller Flour Mills Pvt Ltd is engaged
in cattle feed production and trading of peas (chick peas and dried
peas). The company has installed capacity of 10800 MT per annum for
its cattle feed division with its plant located in Shirwal, Satara.
The promoters of the company have been associated with the flour
mill and related business since a long
time.
MIZORAM ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Mizoram
Ispat Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 4.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.75 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Mizoram Ispat Industries (MII) was established as a partnership
firm in 2010 and had set up an ingot and TMT bar manufacturing
plant in Mizoram. The plant was commissioned in July 2012. In
FY2016, the firm added a wire rod manufacturing facility. The
promoters also have interests in the cement and infrastructure
industries.
NANDA INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of Nanda Infra
Construction Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 8.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Short Term- 2.00 [ICRA]A4 ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in July 2011, Nanda Infra Construction Private Limited
(NICPL) is involved in the construction and maintenance of roads,
railway beds and road overbridges for various Government
departments as well as public sector undertakings and private
parties in Odisha. The company is registered as a Super Class
Contractor with the Public Works Department (PWD) of Odisha. In
FY2012, the company took over the entire business of the
partnership firm, Nanda Construction, which was in the same line of
business since 1994.
NEW WIN: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of New Win
Win Feeds Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.83 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 4.05 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 7.83 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 0.29 [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.
Incorporated in 2012, New Win Win Feeds Pvt. Ltd. (NWWFPL) is
involved in the production of poultry feed as well as broiler
farming at its facilities located in Murshidabad, West Bengal.
PADAM MOTORS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Padam Motors Private Limited
Mehta Motors, Bibiwala Road,
Bathinda Punjab - 151001 India
Insolvency Commencement Date: August 17, 2023
Estimated date of closure of
insolvency resolution process: January 22, 2024 (180 Days)
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Bhupesh Gupta
#2181, Sector 38-C,
Chandigarh- 160036
Email: bkg.maj estic@gmail.com
Email: cirp.padammotors@gmail.com
Last date for
submission of claims: August 10, 2023
PANASIAN IMPEX: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Panasian
Impex Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.60 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 49.40 [ICRA]A4 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 2008, PIPL exports raw cotton. PIPL also has a
ginning and pressing factory located in Malkapur, Maharashtra and
became operational in December 2009. The unit has an installed
capacity of 42 double-roller gins and an annual ginning and
pressing capacity of 50,000 bales.
PRESTIGE METALLICS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Prestige
Metallics Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 16.50 [ICRA]A4 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.
Incorporated in 2009, PMPL is involved in trading of various steel
products such as plates, angles, channels, sheet and other related
commodities. The company is an authorised agent for selling various
steel products of reputed steel manufacturers like Tata Steel BSL,
Tata Steel Limited (Tata Astrum), Tata Parvesh, Steel Authority of
India (SAIL) and Jindal Steel & Power
Limited (JSPL). The company carries its operations from Chattisgarh
and sell steel directly to end users as well as small traders.
Recently in FY2020, PMPL also became the distributor for Tata
Pravesh and Tata Steel Limited in Chhattisgarh.
RHEABARI TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Rheabari
Tea Company Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.15 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 0.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.27 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1985, Rheabari Tea Company Private Limited
manufactures CTC black tea. The company is being managed by the
Agarwal and the Bansal family based in Kolkata who are in the tea
industry for a long time. The company has one tea garden named
'Rheabari Tea Estate' in Jalpaiguri district of West Bengal and
five CTC lines with an annual installed capacity to produce 1.3
million kg of black tea. Tea is marketed under the brand names of
'Shahzadi', 'Rheabari' and 'Machlibari.
SATGURU METALS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term ratings of Satguru Metals & Power
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 4.95 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Satguru Metals & Power Private Limited (SMPPL) was established in
August 2008. The company started commercial production with an
installed capacity of 16005 MTPA in MS ingots at its manufacturing
unit in Sundargarh, Odisha. It thereafter expanded its capacity to
18,000 MTPA of MS ingots and 9000 MTPA of pig iron, with the pig
iron facility having been recently commissioned in August 2012.
SHIVAM PIPE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Shivam Pipe Industries in the
'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 2.00 [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.
SPI is a partnership firm, promoted by Guwahati-based Mr. Ratan Lal
Bhati and commenced operations in 2012. Its plant is located at
Kamalpur in Guwahati, wherein initially it had a manufacturing
capacity of 12,000 mtpa of mild steel pipes and steel tubular
poles. In April 2017, the firm commissioned additional MS pipe and
Galvanisation capacity of 12,000 mtpa each. However, the operations
of the expended capacity was discontinued subsequently.
SUN HOSPITALITY: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Sun Hospitality & Service
Apartments Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 13.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in April 2010, Sun Hospitality and Service Apartments
Private Limited is a closely held private limited company, based
out of Mumbai, Maharashtra. The company is currently executing two
projects in Goa: One of the projects is residential project while
the second project involves the development of retail, commercial
and hotel space.
SUNSTAR OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Sunstar Overseas Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 568.45 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 211.44 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 45.11 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sunstar Overseas Limited was initially started as a partnership
firm in 1989, by the founder promoters Mr. Man Mohan Sarup
Aggarwal, Navita Aggarwal, Rama Rani and Sadhna Aggarwal. It was
converted into Public limited company in the year 1995 with initial
promoters and three new promoter being Mr. Naresh Aggarwal, Mr.
Rakesh Aggarwal and Mr.Kapil Aggarwal.
Sunstar Overseas Limited is an integrated rice milling company. The
company is primarily into the milling of basmati rice,with non
basmati rice forming a very negligible portion. The company is not
engaged in further processing of the by products like husk and the
bran. They are all sold in the market except for husk of which
35-40% is used for steaming process (par boiling activity and to
reduce moisture content in paddy). SOL was operating three plants
(Bahalgarh, Moradabad and Amritsar) with total milling capacity of
73 TPH. The Moradabad plant has been shifted to company's factory
in Bahalgarh as the lease has expired, however the total capacity
remains same.
THREE LEAF: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Three Leaf Foods Private Limited
Shop No 04, First Floor Tapadia Cine Market, N-1,
Cicdo Aurangabad Aurangabad MH 431003 In
Insolvency Commencement Date: August 18, 2023
Estimated date of closure of
insolvency resolution process: February 14, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Prajakta Menezes
106, 1st Floor, Kanakia Atrium 2,
Cross Road 'A', Chakala MIDC,
Andheri (East), Mumbai 400093
Email: prajakta@prmlegal.in
Email: irp.threeleaf@gmail.com
Last date for
submission of claims: September 1, 2023
UMESH & BROS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Umesh & Bros. Construction in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Umesh & Brothers Construction (UBC) was established in 1992 as a
partnership firm by three brothers - Mr. Umesh Munde, Mr. Abhay
Munde and Mr. Dinesh Munde. The firm was converted into a
proprietorship concern in January 2001, with the retirement of Mr.
Dinesh Munde and Mr. Abhay Munde. Currently, Mr. Umesh Munde is the
sole proprietor of the concern.
UBC is a registered class 'A' contractor with Indian railways for
carrying out electrical (overhead electrification) and civil
contracts. The firm currently undertakes electrification works for
railways including survey, designing, laying and insulation of
cables and has diversified into overhead electrification works for
the thermal power plants.
VIMALSCOP PRODUCT: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Vimalscop Product 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.
Vimalscop Product is engaged in the business of fabric processing
with its processing unit based out of Balotra (Rajasthan), which is
a hub for processing of poplin fabric due to favourable weather
conditions. The firm is promoted by Mr. Subhash Chand Mehta since
2013, who has been involved in this line of business for more than
two decades.
VISWATMA MERCHANDISE: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Viswatma Merchandise Private Limited
5/53 Jagatipota, Krishan Market Road
P.O – Dhalua, Kolkata, WB - 700152
Liquidation Commencement Date: July 27, 2023
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Mr. Arun Kumar Gupta
P-15 Bentinck Street,
3rd Floor Kolkata – 700001
Email: guptaarunkumar2001@yahoo.com
Email: viswatmamerchandise.ibc@gmail.com
Last date for
submission of claims: August 26, 2023
===============
M A L A Y S I A
===============
1MDB: Malaysia May Sue Goldman Sachs Over Scandal, PM Anwar Says
----------------------------------------------------------------
Reuters reports that Malaysia may pursue lawsuits against Goldman
Sachs over the U.S. investment bank's role in the multi-billion
dollar corruption scandal at state fund 1MDB, Prime Minister Anwar
Ibrahim said in an interview with CNBC.
According to Reuters, Goldman settled with Malaysia in 2020 by
agreeing to pay $2.5 billion in cash and guaranteeing the return of
$1.4 billion in assets to the country in exchange for dropping all
criminal charges against the bank.
But Anwar, who came to power in late 2022, said earlier this year
that Malaysia was re-evaluating the deal as the settlement sum was
small.
"I am not discounting the possibility of proceeding again with the
lawsuits," Anwar told CNBC in an interview aired on Aug. 21,
Reuters relays.
Malaysia is also considering other options, including negotiations,
Anwar said.
Goldman did not immediately respond to a Reuters request for
comment.
Reuters says the U.S. bank has always denied wrongdoing in the 1MDB
case.
Malaysian and U.S. authorities estimate some $4.5 billion were
stolen from 1MDB between 2009 and 2014, in a globe-spanning scheme
that implicated high-level government and banking officials in
Malaysia and elsewhere, according to Reuters.
Goldman had helped 1MDB raise $6.5 billion in two bond offerings,
earning itself $600 million in fees, according to the U.S. Justice
Department.
As part of the 2020 settlement, Goldman is also required to make a
one-time interim payment of $250 million if the Malaysian
government has not received at least $500 million in assets and
proceeds by August 2022, the bank said in a regulatory filing this
year, recalls Reuters.
The two parties disagreed over whether Malaysia recovered at least
$500 million as of August 2022 and whether any interim payment was
due, Goldman said.
The dispute would be settled by arbitration if the two are unable
to resolve the matter, the bank said, Reuters adds.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
=====================
N E W Z E A L A N D
=====================
5 RIVERS: Creditors' Proofs of Debt Due on Sept. 26
---------------------------------------------------
Creditors of 5 Rivers NZ 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 on Aug. 15, 2023.
The company's liquidators are:
Lynda Smart
Derek Ah Sam
Rodgers Reidy
PO Box 39090
Harewood
Christchurch 8545
HOMECUBES LIMITED: Thomas Lee Rodewald Appointed as Receiver
------------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on Aug. 16, 2023, were
appointed as receiver and manager of Homecubes Limited.
The receiver and manager may be reached at:
Rodewald Consulting Limited
Level 1/525 Cameron Road
Tauranga 3110
INDUSTRY CIVIL: Waterstone Insolvency Appointed as Receiver
-----------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Aug.
18, 2023, were appointed as receiver and manager of Industry Civil
Limited.
The receiver and manager may be reached at:
Waterstone Insolvency
PO Box 352
Auckland 1140
NEW ZEALAND TONGTAN: Court to Hear Wind-Up Petition on Aug. 29
--------------------------------------------------------------
A petition to wind up the operations of New Zealand Tongtan
Chemagiene Limited will be heard before the High Court at
Wellington on Aug. 29, 2023, at 10:00 a.m.
Diana Young filed the petition against the company on July 5,
2023.
The Petitioner's solicitor is:
Christina Keil
c/- Merran Keil, Barrister
Regent Chambers
Level 4, 68 Shortland Street
Auckland
NZ FINTECH: Creditors' Proofs of Debt Due on Sept. 8
----------------------------------------------------
Creditors of NZ Fintech Solutions Limited are required to file
their proofs of debt by Sept. 8, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 11, 2023.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
===============
P A K I S T A N
===============
PAKISTAN: Rupee Drops to Record Low as Import Restrictions Ease
---------------------------------------------------------------
Reuters reports that Pakistan's rupee closed at a record low of
PKR299 against the dollar in the interbank market on Aug. 22
following an easing in import restrictions that has lifted demand
for the dollar, central bank data showed.
Pakistan imposed import restrictions from 2022 to stem outflows
from its shrinking foreign reserves, Reuters notes. The removal of
those restrictions beginning in June was a condition of a $3
billion International Monetary Fund loan programme to help the
crisis-ridden economy.
Reuters relates that traders said the rupee fell 0.6% to an
intraday low of PKR299 against the dollar. On May 11, it logged a
record closing low of PRK298.93. That was two days after former
prime minister Imran Khan was arrested on allegations of graft,
plunging the country further into political turmoil.
According to Reuters, Pakistan is currently being governed by a
caretaker government that is tasked with steering the country
through to a national election that is in theory due to take place
by November, while grappling with acute political tension as well
as historically high inflation and interest rates.
Tahir Abbas, head of research at Arif Habib, a Karachi-based
brokerage company, said he expected the rupee to trade between
PRK295 and PKR305 to the dollar for the time being, Reuters
relays.
"The declining trend is mainly attributable to the ease off in the
import restrictions coupled with clearance of backlog for goods and
services," Reuters quotes Mr. Abbas as saying.
He added that multinational corporations were able to repatriate
some profits, furthering rupee outflows.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch typically
does not assign Outlooks to sovereigns with a rating of 'CCC+' or
below.
In March 2023, Moody's Investors Service downgraded the Government
of Pakistan's local and foreign currency issuer and senior
unsecured debt ratings to Caa3 from Caa1. Moody's has also
downgraded the rating for the senior unsecured MTN programme to
(P)Caa3 from (P)Caa1. Concurrently, Moody's has also changed the
outlook to stable from negative. The decision to downgrade the
ratings is driven by Moody's assessment that Pakistan's
increasingly fragile liquidity and external position significantly
raises default risks to a level consistent with a Caa3 rating.
=====================
P H I L I P P I N E S
=====================
PHOENIX PETROLEUM: Breaks Pact on PHP14 Billion Loans From 3 Banks
------------------------------------------------------------------
Bilyonaryo.com reports that Banco De Oro, Land Bank of the
Philippines, and Bank of China have so far ignored Duterte crony
Dennis Uy's appeal for waiver concerning Phoenix Petroleum's PHP14
billion loans.
In its just released 2022 annual report, PNX revealed that it has
sent a formal request for a waiver from BDO, Landbank and BOC "in
anticipation of a potential breach" on the loss-making oil firm's
debts, Bilyonaryo.com relates.
As of August 17, PNX said "it has not yet received any response"
after failing to meet its debt covenants with these banks in 2022.
Fortunately, BDO, Landbank and BOC have not issued notice of
non-compliance or demanded repayment for the loans, even as the
company failed to meet debt-to-equity curbs or debt service
coverage ratio limits or both, according to Bilyonaryo.com.
These bad loans - PHP6 billion loans and PHP1.74 billion notes from
BDO; PHP4.9 billion from LBP; and PHP1.5 billion from BOC - make up
over one-third of Phoenix Petroleum's total long-term loans
amounting to PHP39.336 billion. Bilyonaryo.com says the break down
are as follow:
* BDO Unibank PHP13 billion;
* Land Bank of the Philippines PHP9.5 billion;
* Development Bank of the Philippines PHP2.9 billion;
* Rizal Commercial Banking Corp. PHP2 billion;
* BDO Private Bank PHP2 billion
* Philippine National Bank PHP2 billion;
* Bank of China PHP1.4 billion;
* Bank of the Philippine Islands PHP1.1 billion
* Union Bank of the Philippines PHP998 million
* Asia United Bank PHP995 million;
* Robinsons Bank PHP900 million;
* Maybank Philippines PHP648 million;
* CTBC Bank Philippines PHP647 million;
* China Banking Corp. PHP435 million;
* Penta Capital Investment PHP215 million; and
* Vietnam Joint Stock Commercial Bank for Industry and Trade
PHP24 million.
Bilyonaryo.com notes that the company's financial situation has led
to reduced credit availability, with its credit line dwindling from
PHP11.6 billion to PHP3.4 billion in 2022.
Furthermore, Phoenix Petroleum's financial condition has raised
concerns, prompting its auditor, Punongbayan & Araullo, to
highlight rising liquidity risks and substantial debt leverage, the
report relays. In 2022, the company's liabilities exceeded its
available funds by PHP16.6 billion, nearly double the PHP8.6
billion deficit seen in 2021.
With liabilities amounting to PHP31.4 billion due within six months
and another PHP19.255 billion due within a year, Phoenix is under
significant financial pressure, the report states. To address these
challenges, the company's management is considering various
options, including raising capital through private placements or
stock rights offerings, selling assets, refinancing bank loans, and
securing additional working capital from Dennis Uy.
Phoenix Petroleum Philippines, Inc. is engaged in the marketing and
distribution of petroleum products on a wholesale and retail basis
as well as the operation of gas stations, oil depots, storage
facilities and allied services.
PHOENIX PETROLEUM: Posts PHP3.2 Billion Net Loss in FY2022
----------------------------------------------------------
Bilyonaryo.com reports that Phoenix Petroleum (PNX) of Duterte
crony Dennis Uy has plunged deeper into the red as soaring oil
prices and substantial foreign exchange losses compound the
financial troubles of the oil retailer.
Based on its just released 2022 financial statement, PNX losses
skyrocketed 269 percent year on year to PHP3.2 billion,
Bilyonaryo.com discloses.
Bilyonaryo.com relates that PNX, which has been suspended from
stock trading for the last three months due to non-submission of
its annual report, restated its 2021 net losses to PHP885.6 million
from its original report of PHP462 million.
Its sales fell by four percent to PHP127.6 billion in 2022 as its
domestic sales were slashed by more than half.
According to Bilyonaryo.com, PNX attributed its dire situation to
the surge in global oil prices caused by Russia's invasion of
Ukraine, driving crude prices up by as much as 60 percent over
their all-time highs.
The turbulence in the oil market in 2022 - starting at $87 per
barrel, peaking at $123 mid-year, and ending at $81 - resulted in
significant losses in its inventory. Its inventory levels shrank to
PHP1.45 billion by the end of 2022 from PHP5.1 billion the previous
year.
PNX's liquidity risks worsened as it nearly doubled its net current
liabilities to PHP16.6 billion in 2022.
Bilyonaryo.com adds that Punongbayan & Araullo (P&A), PNX's
auditor, said PNX's heavy losses and the adverse market conditions
were "possible impairment indicators" for its joint ventures
(PHP1.6 billion); property, plant and equipment (PHP32.8 billion);
investment properties (PHP913 million); and right of use assets
(PHP1.291 billion).
P&A raised a red flag, citing heightened uncertainty regarding the
group's economic and market prospects moving forward,
Bilyonaryo.com relates.
Regarding PNX's assessment that it can continue as a going concern
- operating profitably, raising funds to pay its debts, and
sustaining operations - P&A noted that this assessment involves
complex judgment and a high degree of estimation uncertainty. Net
cash from operations plummeted by 42 percent, or PHP15 billion, to
PHP20.4 billion," Bilyonaryo.com relays.
Phoenix Petroleum Philippines, Inc. is engaged in the marketing and
distribution of petroleum products on a wholesale and retail basis
as well as the operation of gas stations, oil depots, storage
facilities and allied services.
=================
S I N G A P O R E
=================
CITYDEV INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 26
--------------------------------------------------------------
Creditors of Citydev Investments Pte. Ltd. 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 on Aug. 15, 2023.
The company's liquidators are:
Don M Ho
David Ho Chjuen Meng
c/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
GYM ALLIANCE: BDO Advisory Appointed as Liquidators
---------------------------------------------------
Leow Quek Shiong, Gary Loh Weng Fatt, and Seah Roh Lin of BDO
Advisory on Aug. 14, 2023, were appointed as provisional
liquidators of GYM ALLIANCE Pte Ltd.
JIGSAW CAPITAL: Creditors' Meeting Set for Sept. 21
---------------------------------------------------
Members and creditors of Jigsaw Capital Pte Ltd will hold their
meeting on Sept. 21, 2023, at 3:00 p.m., by electronic means by way
of video conference via Zoom.
At the meeting, Ellyn Tan Huixian and Luke Anthony Furler, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.
KIRKHAM INTERNATIONAL: Creditors' Meeting Set for Sept. 21
----------------------------------------------------------
Members and creditors of Kirkham International Pte Ltd will hold
their meeting on Sept. 21, 2023, at 5:00 p.m., by electronic means
by way of video conference via Zoom.
At the meeting, Ellyn Tan Huixian and Luke Anthony Furler, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.
SOMAP INTERNATIONAL: Creditors' Meeting Set for Sept. 21
--------------------------------------------------------
Members and creditors of Somap International Pte Ltd will hold
their meeting on Sept. 21, 2023, at 4:00 p.m., by electronic means
by way of video conference via Zoom.
At the meeting, Ellyn Tan Huixian and Luke Anthony Furler, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
=================
S R I L A N K A
=================
SRI LANKA INSURANCE: Fitch Keeps 'CC' IFS on Watch Negative
-----------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on Sri
Lanka Insurance Corporation Limited's (SLIC) 'CC' Insurer Financial
Strength (IFS) Rating and 'A(lka)' National IFS Rating.
The ratings were initially placed on RWN in April 2022.
KEY RATING DRIVERS
Elevated Risks: The RWN reflects the heightened downside risks to
SLIC's credit profile, including elevated investment and liquidity
risks, pressure on its regulatory capital position due to non-core
investments and a weaker financial performance outlook. At the same
time, we expect pressure on SLIC's investment and capital profile
to ease as the government's proposed debt restructuring plan,
announced in July 2023, will not have a direct impact on the
local-currency government debt holdings of insurers, banks and
non-banking financial institutions.
High Investment Risk: Fitch believes the counterparty risk of
SLIC's foreign-currency assets is high, which is reflected in the
sovereign's default on its foreign-currency obligations. The
insurer has foreign-currency exposure via investments in Sri Lankan
developments bonds (7% of invested assets), deposits with local
banks (1%) and unit trust investments (1%). Fitch's international
rating scale scores SLIC's investment and asset risk at 'c',
indicating a high level of exposure to sovereign and
sovereign-related investments.
The insurer's Fitch-calculated risky-asset ratio, which stood at
549% at end-2022 (2021: 363%), is high, reflecting its
vulnerability to the weak credit quality of the sovereign and its
substantial exposure to both listed and non-listed investments.
SLIC's investments in Sri Lankan developments bonds will be subject
to the proposed debt plan.
Stretched Foreign-Currency Liquidity: The local banking system's
weak foreign-currency liquidity may constrain SLIC's capacity to
fulfil its foreign-currency obligations, including premium payments
to foreign reinsurers and claims from policies denominated in
foreign currency. Most of SLIC's liabilities are in Sri Lankan
rupees and its foreign-currency insurance contract obligations are
largely reinsured. SLIC has also guaranteed subsidiary Canwill
Holdings (Pvt) Ltd's US dollar facility for the Grand Hyatt Colombo
project. The facility from a state-owned bank has also been
counter-guaranteed by the state.
Satisfactory Regulatory Capital Position: SLIC maintains a
satisfactory regulatory capital position, with risk-based capital
(RBC) ratios of 316% (2021: 501%) for life insurance and 244%
(2021: 244%) for non-life insurance in 2022. The decline in the
life RBC ratio was due to an elevated market risk charge.
The proposed divestiture of SLIC's subsidiaries could lead to
potential enhancements in the RBC ratios because the investments in
subsidiaries are considered as inadmissible assets under local RBC
calculations. SLIC's Fitch Prism Model score was 'Somewhat Weak' at
end-2022, reflecting its high investment risks relative to
internationally rated peers.
Stressed Underwriting Performance: SLIC's underwriting
profitability is under pressure, with its Fitch-calculated combined
ratio rising to 105% in 2022 from 96% in 2021 on a higher claim
ratio of 63% (2021: 60%) and expense ratio of 41% (2021: 35%).
However, the company has maintained an average return on equity of
12% over the past three years.
'Favourable' Company Profile: Fitch regards SLIC's company profile
as 'Favourable' because of a 'Favourable' business profile and
'Less Favourable' corporate governance compared with other insurers
in Sri Lanka. SLIC's business profile is supported by its leading
business franchise and stable business lines across life and
non-life sectors. Our corporate governance assessment reflects
SLIC's complex group structure with large non-core investments as
well as limited financial transparency.
Proposed Divestitures: The Sri Lankan government intends to divest
all or part of its shareholding in SLIC. SLIC also plans to divest
its subsidiaries, including Lanka Hospital Corporation PLC, Canwill
Holdings, Litro Gas Lanka Ltd and Litro Gas Terminal Lanka (Pvt)
Ltd. SLIC also expects to complete the legal segregation of its
life and non-life businesses.
RATING SENSITIVITIES
Fitch expects to resolve the RWN once the impact of Sri Lanka's
economic crisis on SLIC's credit profile becomes more apparent,
which may take more than six months.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
IFS Rating
- ceased or interrupted payments on SLIC's foreign-currency
obligations are imminent, in Fitch's view
- inability to access foreign- or local-currency assets to meet
SLIC's liabilities, including any restrictions by the government
- rising investment and asset risks, including a downgrade of the
ratings of financial institutions or the sovereign
- sustained weakness in financial performance and earnings or risk
management practices
- significant weakening in SLIC's business profile, for instance,
due to a weaker franchise, operating scale or business risk
profile
- deterioration in the Fitch Prism Model score to below 'Somewhat
Weak' for a sustained period
National IFS Rating
- inability to access foreign- or local-currency assets to meet
SLIC's liabilities, including any restrictions by the government
- rising investment and asset risks, including a downgrade of the
ratings of financial institutions or the sovereign
- sharp deterioration in the RBC ratios for both life and non-life
insurance for a sustained period;
- deterioration in financial performance, including the non-life
combined ratio staying well above 103%, for a sustained period
- significant weakening in SLIC's business profile, for instance,
due to a weaker franchise, operating scale or business risk
profile
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
IFS Rating and National IFS Rating
- There is limited scope for upward rating action given the RWN.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***