/raid1/www/Hosts/bankrupt/TCRAP_Public/230914.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, September 14, 2023, Vol. 26, No. 185
Headlines
A U S T R A L I A
BLUE STAR: Second Creditors' Meeting Set for Sept. 18
DLG RESOURCES: Second Creditors' Meeting Set for Sept. 19
LLOYD GROUP: First Creditors' Meeting Set for Sept. 19
QATTRO BUILT: Enters Liquidation Owing AUD4.5 Million
SHIELD MERCANTILE: First Creditors' Meeting Set for Sept. 18
TALBOTS PTY: First Creditors' Meeting Set for Sept. 19
C H I N A
COUNTRY GARDEN: Gets Extension Approval for One More Onshore Bond
WM MOTOR: Gets New Buyer After Potential White Knight Backs Out
I N D I A
ACE FOOTMARK: Insolvency Resolution Process Case Summary
ADDITRI TRADERS: Insolvency Resolution Process Case Summary
AFTEK INFRASTRUCTURE: Liquidation Process Case Summary
AMBICA ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating
ARRAY LAND: Insolvency Resolution Process Case Summary
B S R BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
BSFC DISTRIBUTORS: Insolvency Resolution Process Case Summary
BYJU: Hid US$533M in Hedge Fund Once Run From Miami Pancake Shop
CITRON ECOPOWER: Ind-Ra Affirms B Bank Loan Rating, Outlook Stable
COSMOPOLITAN TECHNOFAB: Liquidation Process Case Summary
DANLA METALIKS: Insolvency Resolution Process Case Summary
DHANA-SHREE DEVELOPERS: CARE Keeps D Rating in Not Cooperating
DHARA TECHNOSYSTEM: Insolvency Resolution Process Case Summary
DMB PAPER: Liquidation Process Case Summary
DUDH GANGA: CARE Keeps D Debt Rating in Not Cooperating Category
ESS ESS PREET: Voluntary Liquidation Process Case Summary
EVERGO STOCKS: Voluntary Liquidation Process Case Summary
EXCELL AUTOVISTA: Ind-Ra Moves BB+ Loan Rating to NonCooperating
FUTURE RETAIL: NCLT Extends Insolvency Deadline Until September 15
GANGA STEEL: Liquidation Process Case Summary
GO AIRLINES: Bombay Burma Takes Impairment of INR1,920 crore
GOYAL ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
GREY'S EXIM: Insolvency Resolution Process Case Summary
GURU RAMDASS: CARE Keeps B- Debt Rating in Not Cooperating
HARKAR DEVELOPERS: Insolvency Resolution Process Case Summary
ICEBERG DEVELOPERS: Liquidation Process Case Summary
IL&FS LTD: To Sell Custody & Depository Business
IMPERIA STRUCTURES: Insolvency Resolution Process Case Summary
INDORE DEWAS: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
IRAA CLOTHING: Insolvency Resolution Process Case Summary
JAYALAKSHMI COTTON: CARE Keeps B- Debt Rating in Not Cooperating
KUT ENERGY: Liquidation Process Case Summary
L. B. KUNJIR: CARE Keeps B Debt Rating in Not Cooperating
LAXMI ENGINEERING: Insolvency Resolution Process Case Summary
MANDVI VIBHAG: CARE Keeps D Debt Rating in Not Cooperating
MUKTSAR COTTON: CARE Keeps B- Debt Rating in Not Cooperating
MUTHURAJA MODERN: CARE Keeps B- Debt Rating in Not Cooperating
OSCAR INVESTMENTS: Ind-Ra Keeps C NCD's Rating in NonCooperating
OTTATHINGAL INDIA: Ind-Ra Moves B Rating to Non-Cooperating
OZONE CHIP: CARE Assigns B+ Rating to INR35.00cr LT Loan
P.L. VEHICALS: Liquidation Process Case Summary
PREM NARAYAN: CARE Keeps D Debt Rating in Not Cooperating Category
RAJARAMBAPU PATIL: Ind-Ra Affirms BB- LongTerm Issuer Rating
RAJIVA EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
RASNA PRIVATE: Insolvency Resolution Process Case Summary
REACON ENGINEERS: Insolvency Resolution Process Case Summary
RHC HOLDINGS: Ind-Ra Keeps D Loan Rating in Non-Cooperating
RITE BUILTEC : Insolvency Resolution Process Case Summary
RITE DEVELOPERS: Insolvency Resolution Process Case Summary
RTP GLOBAL: Voluntary Liquidation Process Case Summary
S.KADIRVEL: Ind-Ra Moves BB Bank Loan Rating to Non-Cooperating
SAHARA INDIA: Insolvency Resolution Process Case Summary
SAMRADDHI COT: CARE Keeps D Debt Rating in Not Cooperating
SHILPAN HARISHKUMAR: CARE Keeps B- Debt Rating in Not Cooperating
SICO INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category
SILK COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
SINGER IMPEX: CARE Keeps D Debt Rating in Not Cooperating
SK SAMIR: CARE Keeps B- Debt Rating in Not Cooperating Category
SRINIVASA COTTON: CARE Keeps B- Debt Rating in Not Cooperating
STL EXPORTS: Liquidation Process Case Summary
SUNLIGHT FUELS: Voluntary Liquidation Process Case Summary
THAPAR BUILDERS: Insolvency Resolution Process Case Summary
THERMOKING: CARE Keeps B- Debt Rating in Not Cooperating Category
TIRUMALA COTTON: CARE Keeps B- Debt Rating in Not Cooperating
TRICHY-THANJAVUR EXPRESSWAYS: Insolvency Process Case Summary
VARASIDHI VINAYAKA: CARE Keeps B- Debt Rating in Not Cooperating
VINESH TRADERS: Liquidation Process Case Summary
VINP DISTILLERIES: Ind-Ra Assigns B+ Bank Loan Rating
WHIZ ENTERPRISE: Insolvency Resolution Process Case Summary
J A P A N
FURUKAWA ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings
TOKYO ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings
N E W Z E A L A N D
AMAR FOOD: Creditors' Proofs of Debt Due on Sept. 29
LUXURY RETAIL: Mulberry UK Buys NZ and Aus Stores From Liquidation
MEDIAR LIMITED: Court to Hear Wind-Up Petition on Sept. 19
SFUND LIMITED: Court to Hear Wind-Up Petition on Oct. 9
SMITH CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 6
TALEGEO LIMITED: Waterstone Insolvency Appointed as Receiver
P H I L I P P I N E S
CEBU AIR: Egan-Jones Retains CCC- Senior Unsecured Ratings
S I N G A P O R E
COOLING SYSTEMS: Creditors' Meetings Set for Oct. 10
HEALTHSCIENCES INTERNATIONAL: Creditors' Meetings Set for Sept. 29
JR AUTOCAR: Court Enters Wind-Up Order
PIVOT LEARNING: Court Enters Wind-Up Order
SCCPRE TWELVE: Creditors' Proofs of Debt Due on Oct. 13
- - - - -
=================
A U S T R A L I A
=================
BLUE STAR: Second Creditors' Meeting Set for Sept. 18
-----------------------------------------------------
A second meeting of creditors in the proceedings of Blue Star Care
Pty Ltd has been set for Sept. 18, 2023 at 11:00 a.m. via
videoconferencing only.
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 Sept. 15, 2023 at 5:00 p.m.
Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on Aug. 11, 2023.
DLG RESOURCES: Second Creditors' Meeting Set for Sept. 19
---------------------------------------------------------
A second meeting of creditors in the proceedings of DLG Resources
Pty Ltd has been set for Sept. 19, 2023 at 10:00 a.m. at the
offices of Mcleods Accounting at Level 9, 300 Adelaide Street in
Brisbane and via conference telephone call.
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 Sept. 18, 2023 at 4:00 p.m.
Jonathan McLeod and Bill Karageozis of Mcleods Accounting were
appointed as administrators of the company on Aug. 14, 2023.
LLOYD GROUP: First Creditors' Meeting Set for Sept. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Lloyd Group
(QLD) Pty Ltd will be held on Sept. 19, 2023, at 10:00 a.m.
virtually via teleconference.
Jarvis Lee Archer of Revive Financial was appointed as
administrator of the company on Sept. 7, 2023.
QATTRO BUILT: Enters Liquidation Owing AUD4.5 Million
-----------------------------------------------------
9News reports that a South Australian construction company has
collapsed owing more than AUD4.5 million and leaving more than 200
projects incomplete.
Qattro Built Pty Ltd entered liquidation on Sept. 12 after being in
operation for 15 years in South Australia, 9News discloses.
Chris Powell and Nick Gyss from Duncan Powell have been appointed
liquidators.
According to the report, the liquidators said the company owes
unsecured creditors more than AUD4.5 million.
Twenty five people are currently employed by the business. The
company has collapsed with over 200 construction projects worth
over AUD110 million which are incomplete or haven't been started
yet, 9News adds.
SHIELD MERCANTILE: First Creditors' Meeting Set for Sept. 18
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Shield
Mercantile Pty Ltd will be held on Sept. 18, 2023, at 11:30 a.m. at
the offices of Hall Chadwick at Level 40, 2 Park Street in Sydney
and via virtual meeting technology.
John Vouris and Kathleen Vouris of Hall Chadwick were appointed as
administrators of the company on Sept. 6, 2023.
TALBOTS PTY: First Creditors' Meeting Set for Sept. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Talbots Pty
Limited and Talbots Investment Services Pty Limited will be held on
Sept 19, 2023, at 1:00 p.m. via virtual meeting technology.
Andrew Thomas Blundell and Simon John Cathro of Cathro & Partners
were appointed as administrators of the company on Sept. 7, 2023.
=========
C H I N A
=========
COUNTRY GARDEN: Gets Extension Approval for One More Onshore Bond
-----------------------------------------------------------------
Reuters reports that Country Garden has secured approval from its
creditors to extend the maturity of one more onshore bond by three
years, two sources with knowledge of the matter said, as the
cash-strapped Chinese developer scrambles to avoid a default.
According to Reuters, Country Garden's onshore creditors voted on
Sept. 11 for proposals by the distressed developer to extend
repayments on eight onshore bonds worth CNY10.8 billion ($1.48
billion) by three years.
Of those eight Country Garden bonds, maturity extensions for six
have been approved, Reuters reported on Sept. 12, citing sources.
The decision on extending the maturity of the eight bond is not
known yet, Reuters relates.
Country Garden's financial woes are the latest to hit China's
property sector, which was once a pillar of growth for the world's
second-largest economy but has become its biggest drag since 2021
in the wake of an unprecedented liquidity crisis.
Before the latest voting to extend the maturities of eight onshore
bonds, Country Garden managed to avoid default at the last minute
twice earlier this month, bringing some relief to the battered
property sector, Reuters adds.
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,
has downgraded Country Garden Holdings Company Limited's corporate
family rating to Ca from Caa1 and its senior unsecured rating to C
from Caa2. The outlook remains negative.
The TCR-AP also reported that Fitch Ratings has downgraded Country
Garden Services Holdings Company Limited's (CGS) Long-Term Issuer
Default Rating (IDR) to 'BB+' from 'BBB-' and placed the rating on
Rating Watch Negative (RWN).
WM MOTOR: Gets New Buyer After Potential White Knight Backs Out
---------------------------------------------------------------
Caixin Global reports that cash-strapped electric vehicle maker WM
Motor Holdings Ltd. got another takeover offer shortly after a
potential white knight abandoned a previous $2.02 billion rescue
deal.
According to Caixin, Nasdaq-traded Chinese auto retailer Kaixin
Auto Holdings said Sept. 11 that it signed a nonbinding acquisition
term sheet with WM to take over the company. Kaixin said it plans
to raise funds for the deal by selling new shares.
Caixin Global in a separate report said the troubled Chinese
electric-vehicle startup's hopes of a business turnaround were
dashed as a white knight investor bailed out of a $2.02 billion
takeover.
Caixin relates that Hong Kong-traded Apollo Future Mobility Group
Ltd. on Sept. 8 dropped its planned acquisition of WM and said a
related share placement plan will no longer proceed.
The deal, announced in January, was seen as a survival move for
embattled WM as it was intended to float the EV maker in Hong Kong
through a backdoor listing, Caixin notes. A unit of Apollo, backed
by Hong Kong tycoon Li Ka-shing, agreed to take over Shanghai-based
WM for $2.02 billion and planned to issue 28.8 billion new shares
at HK$0.55 each to fund the deal.
Founded in 2015 by Freeman Shen, a former executive of Geely Auto
Group and a former chairman of Geely unit Volvo's China operations,
WM was once viewed as a promising EV startup. It went into business
around the same time as domestic rivals Nio Inc., Xpeng Inc. and Li
Auto Inc., all of which are publicly traded in the U.S. and Hong
Kong with annual sales of around 100,000 vehicles each. WM sold
about 28,000 vehicles in the first nine months this year.
=========
I N D I A
=========
ACE FOOTMARK: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ace Footmark Private Limited
B-253 2nd Floor Greater Kailash Part – 1,
New Delhi South Delhi 110048
Insolvency Commencement Date: August 17, 2023
Estimated date of closure of
insolvency resolution process: February 12, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Bimal Kumar Sharma
152-D, DDA Flats, Satyam Enclave,
Vivek Vihar, Delhi 110095
Email: sharma_bimal@rediffmail.com
Mobile: 98100771662
Email: acefootmark.cirp@gmail.com
Last date for
submission of claims: September 9, 2023
ADDITRI TRADERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Additri Traders Private Limited
Shop No 11, Ground Floor, Satyam Co-Operative Housing Ltd,
Thakur Complex, Kandivali (East)
Mumbai 400101
Insolvency Commencement Date: August 22, 2023
Estimated date of closure of
insolvency resolution process: February 18, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Sachim Dharmendra Jain
D-613, 6th Floor, Raghuvir Safron,
Althan Bhimrad Road, Althan,
Opp Mansarovar Bunglows, Surat 395017
Email: sachindjain@gmail.com
Email: additri.cirp@gmail.com
Last date for
submission of claims: September 5, 2023
AFTEK INFRASTRUCTURE: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Aftek Infrastructure Private Limited
M-57, Sanjay Gandhi Puram Faizabad Road,
Lucknow, UP-226016
Liquidation Commencement Date: July 25, 2023
Court: National Company Law Tribunal Allahabad Bench
Liquidator: Rajeev Lochan
243, First Floor, AGCR Enclave,
Delhi-110092
Email: csrajeevlochan@gmail.com
1203-1205, Vijaya Building,
17 Barakhamba Road,
New Delhi - 110001
Email: ip.aftek@gmail.com
Last date for
submission of claims: September 20, 2023
AMBICA ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ambica
Alloys (AA) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.10 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 23,
2022, placed the rating(s) of AA under the 'issuer non-cooperating'
category as AA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 9, 2023, July 19, 2023, July 29, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
M/s Ambica Alloys was originally constituted as a partnership firm
in 2003 by four partners, namely, Mr. Anil Kumar Garg, Mr. Kumar
Garg, Mr. Mohinder Pal Garg and Mr. Puneet Kumar Garg. The
partnership firm was acquired by the current partners in November
2005. At present, the firm has 16 partners with Mr. Surinder Jain
and Mr. Sanjay Jain being the key partners. The firm belongs to the
Jai Bharat group of companies. The firm is engaged in the
manufacturing of steel products viz MS ingots and rolled products
i.e. MS flats, channels, angles and TMT bars with an aggregate
installed capacity of 98,000 metric tonnes per annum (MTPA) (45,000
MTPA for ingots and 53,000 MTPA for rolled products), as on March
31, 2017. The manufacturing facility of the firm is situated at
Kala Amb, district Sirmaur, Himachal Pradesh.
ARRAY LAND: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s Array Land Developers Private Limited
Old No. 19&20/12, New No. 38/12,
Venkataraman Street, T. Nagar,
Chennai - 600017
Insolvency Commencement Date: July 5, 2023
Estimated date of closure of
insolvency resolution process: January 1, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Rajeev Ranjan Singh
Truvisory Insolvency Professionals Private Limited
1501, Tower No, 4, Spring Grove Towers,
Lokhandwala Township, Kandivali East,
Mumbai-4000101
Email: contactanshulgupta@gmail.com
532, 5th Floor, Somdatt Chamber-II,
Bhikaji Cama Place, New Delhi - 110066
Email: arraylanddevelopers.ibc@gmail.com
Last date for
submission of claims: July 19, 2023
B S R BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B S R
Builders Engineers & Contractors (BSRBEC) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 26.30 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 24,
2022, placed the rating(s) of BSRBEC under the 'issuer
non-cooperating' category as BSRBEC had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. BSRBEC continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 10, 2023, July 20, 2023,
July 30, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Chennai (Tamil Nadu) based, B.S.R. Builders Engineers & Contractors
(BSRBEC) was established in the year 2004 as a partnership firm by
Mr. Raghavendra Reddy and his family members. The firm is engaged
in the construction of residential townships, apartments, shopping
malls and commercial complexes.
BSFC DISTRIBUTORS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: BSFC Distributors Private Limited
Unit No. 21, 4th Floor, Air Conditioned Market Building,
Malviya Marg, Tardero Main Road,
Mumbai-400034, Maharashtra, India
Insolvency Commencement Date: August 30, 2023
Estimated date of closure of
insolvency resolution process: February 26, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Lalit Kumar Dangi
104, M.K Bhavan,
300 Shahid Bhagat Singh Road,
Fort, Mumbai City - 400001, Maharashtra
Email: lalitkumardangi@gmail.com
B-526, Chintamani Plaza,
Near W.E Highway Metro Station Andheri
Kurla Road, Andheri (East), Mumbai-400099
Email: cirp.bsfcdistributors@gmail.com
Last date for
submission of claims: September 15, 2023
BYJU: Hid US$533M in Hedge Fund Once Run From Miami Pancake Shop
----------------------------------------------------------------
Bloomberg News reports that one of India's hottest tech companies,
Byju's, allegedly hid $533 million in an obscure three-year-old
hedge fund that once said its principal place of business was an
IHOP pancake restaurant in Miami, according to lenders trying to
recover the cash.
Byju's last year transferred more than half a billion dollars to
Camshaft Capital Fund, the investment firm founded by William C.
Morton when he was just 23 years old, some Byju's lenders claim in
a lawsuit, Bloomberg relates. Mr. Morton's fund received the money
despite an apparent lack of formal training in investing, according
to the lenders. What's more, luxury cars - a 2023 Ferrari Roma, a
2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith - have
been registered in Morton's name since the transfer occurred,
according to court papers cited Bloomberg.
According to Bloomberg, the allegations are the latest twist in an
increasingly public battle between Byju's, an India-based education
tech firm, and lenders who claim the $533 million is collateral for
a $1.2 billion loan. The two sides have been trading accusations
about the loan, with lenders claiming it is in default and Byju's
accusing lenders of predatory tactics.
"Byju's has gone to great lengths to conceal the whereabouts of
borrower's $533 million for the admitted purpose of hindering and
delaying" creditors, they argued in Miami-Dade County court
filings, Bloomberg relays.
Byju's, once India's most valuable startup, is trying to strike a
deal with creditors and this week made a surprise proposal to buy
back the loan within six months, Bloomberg says. To bankroll that
repayment, it's in talks to sell some of its overseas assets to
private equity and strategic investors. In an emailed statement
late Tuesday [Sept. 12] US time, Byju's said it's not a party to
the Florida court proceedings and hasn't been served with copies of
the lawsuit.
Glas Trust, the agent for the creditors, hasn't informed Camshaft
about the lawsuit, the fund's lawyers said, Bloomberg relays.
"Camshaft vigorously denies the statements made in Glas Trust
Company's" court filing, Camshaft lawyer David Massey said in an
emailed statement.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
CITRON ECOPOWER: Ind-Ra Affirms B Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Citron Ecopower
Private Limited's (Citron) bank facilities as follows:
-- INR1.892 bil. (reduced from INR2.750 bil.) Term loan due on
June 30, 2029 affirmed with IND B/Stable rating; and
-- INR250 mil. Overdraft affirmed with IND B/Stable rating.
The affirmation reflects the inherent risks associated with a wind
project including resource variations, depleted debt service
reserve account (DSRA) balance as of date, a minimal cash flow
balance in the project along with a continued annual debt service
coverage ratio (DSCR) of below 1.0x in FY23, a continuous reliance
on the sponsor for infusion of funds annually to meet its debt
servicing requirements, and regulatory risk associated with a group
captive business.
However, the ratings are supported by modest generation levels of
19.32% in FY23 (FY22: 18.85%). The improvement in the generation
levels were partially offset by an increase in transmission
expenses as per the Tamil Nadu Generation and Distribution
Corporation Limited's (TANGEDCO) order dated September 2022,
resulting in a decline in the EBITDA margins to 56.01% in FY23
(FY22: 57.20%). Moreover, the project's average receivable period
for the group captive consumers reduced to about 68 days in FY23
(FY22: 80 days, FY21: 111 days), largely on account of a reduction
in receivables from TANGEDCO, which was a counterparty till FY22,
on account of the Late Payment Surcharge Scheme. FY23 financials
are provisional.
Key Rating Drivers
Liquidity Indicator – Poor: The project has still not created a
DSRA, equivalent to two quarters' debt servicing, which was
depleted in FY19. Therefore, the lenders have charged a penal
interest of 2%. The sponsor injected INR55 million in FY22 and
about INR152 million in FY23 to support CEPPL for meeting its debt
servicing requirements. Management expects to create the required
DSRA after the end of the high wind season in FY24. Further, a
moderate liquidity support of about INR300 million (unrestricted
balance) is available at the sponsor level. Citron's average use of
the working capital limits increased to 92% in FY23 (FY22: 89%). It
has scheduled repayments of about INR250 million and INR270 million
in FY24 and FY25, respectively.
The ratings also remain constrained by regulatory risks associate
with a group captive project as any adverse changes in Electricity
Rules, 2005 notified by the Ministry of Power and/or the
regulations notified by Tamil Nadu Electricity Regulatory
Commission may directly impact the project's cash flows.
The ratings factor in the moderate operational risk with the
overall operating expenses increasing to INR315.8 million in FY23
(FY22: INR274.2 million), as against Ind-Ra's base case estimates
of INR218.84 million. Citron has operations and maintenance
contract with GreenTech Megawatt till October 2027 and with Suzlon
Energy Limited until March 2026.
The ratings, however, continue to be supported by the presence of a
medium-term power purchase agreement for 66.45MW capacity with
captive consumers, where power is directly sold to industries or
commercial entities and the tariff in line with the state's
industrial tariff. The presence of diversified off-takers for the
captive business reduces the receivable risk to a certain extent.
The balance of 9MW was sold to TANGEDCO till March 2022. However,
the company has been selling the entire 75.45MW from April 2022 to
industrial and commercial entities at a tariff of INR6.1/unit,
resulting in nil exposure to TANGEDCO from FY23.
Rating Sensitivities
Negative: A significant increase in the operating expenses beyond
Ind-Ra's base case, an increase in the average receivable days by
30 days from the current level or any adverse impact on the revenue
could lead to a negative rating action.
Positive: A sustained improvement in the internal liquidity and
plant generation could result in a positive rating action.
Company Profile
Citron is a special purpose vehicle promoted by Leap Green Energy
Private Limited (LGEPL) to develop, execute, manage and run two
wind power generation projects with a combined capacity of 75.45MW
across multiple locations in Tamil Nadu. The project was
commissioned in March 2018 with a total cost of about INR3,670
million. The project has been set up under group captive/captive
scheme under Rule 3 of the Electricity Act 2005. The wind power
generation project is based on 42.45MW of Suzlon Energy's turbines
and 33MW of Siemens Gamesa's turbines.
LGEPL, incorporated in 9 October 2006, is the holding entity
promoted by JP Morgan's Asian Infrastructure & Related Resources
Opportunity Fund holding 84% stake with the remaining being held by
founding directors, Rajeev Akshay, Dev Anand V, Srihari
Balakrishnan and Narain Karthikeyan, directly or through their
entities. The total investment by Asian Infrastructure & Related
Resources Opportunity Fund (Mauritius) Holdings II in the form of
equity was INR1,208 million and in the form of compulsorily
convertible preferred shares was INR4,671.2 million. These
operational projects of the group are housed under LGEPL's
direct/step down subsidiaries and were acquired by LGEPL in 2017
from Inox Renewables. LGEPL has medium-to-long term power purchase
agreements with state distribution companies, and commercial and
industrial segments for wind power generation.
COSMOPOLITAN TECHNOFAB: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Cosmopolitan Technofab Textiles Private Limited
A-342, Meera Bagh, Paschim Vihar,
New Delhi, West Delhi 110087
Liquidation Commencement Date: August 31, 2023
Court: National Company Law Tribunal New Delhi Bench-VI
Liquidator: Amit Talwar
A-4/5, Jiwan Jyoti Apartments, Near Lok Vihar,
Pitampura, New Delhi-110034
Email: amittalwarcs@gmail.com
Email: cirp.cosmofab@gmail.com
Last date for
submission of claims: October 4, 2023
DANLA METALIKS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Danla Metaliks Private Limited
5/53 Jagatipota, Krishan Market Road
P.O – Dhalua, Kolkata 700152
Insolvency Commencement Date: August 25, 2023
Estimated date of closure of
insolvency resolution process: February 21, 2024
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Aditya Kumar Tibrewal
7C, Kiran Shankar Roy Road,
Hasting Chamber, Basement,
Kolkata - 700 001
Email: adityatibre@gmail.com
Email: danla.cirp@gmail.com
Last date for
submission of claims: September 8, 2023
DHANA-SHREE DEVELOPERS: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhana-Shree
Developers (DD) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.32 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 9,
2022, placed the rating(s) of DD under the 'issuer non-cooperating'
category as DD had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 26, 2023, August 5, 2023, August 15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Dhana Shree Developers (DSD) was established in 2000 by Mr.
Dnyaneshwar Dabhole, Mr. Vijay Mehta, Mr. Sameer Shah and Mr.
Balwantrai Mehta. The firm has been primarily involved in
development of residential and commercial projects in Mumbai.
DHARA TECHNOSYSTEM: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s Dhara Technosystem LLP
11 92, Motilal Nagar No. 1, Link Road
Nr. M. N. School
Motilal Nagar, Goregoa N West Na,
Mumbai Maharashtra 400 104
Insolvency Commencement Date: August 11, 2023
Estimated date of closure of
insolvency resolution process: February 7, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Mr. Anshul Gupta
410, 4th Floor, Blue Rose Industrial Estate,
Near Metro Mall,
Borivali East, Mumbai,
Maharashtra - 400066
Email: dharaibc@gmail.com
Last date for
submission of claims: August 31, 2023
DMB PAPER: Liquidation Process Case Summary
-------------------------------------------
Debtor: DMB Paper Mills Private Limited
R/Plot No.352, Sneh Ganga,
Near Upashna School,
GIDC Bunglow Area,
GIDC Vapi Na Vapi Valsad
Gujarat- 396195
Liquidation Commencement Date: August 30, 2023
Court: National Company Law Tribunal Ahmedabad Bench
Liquidator: Mr. Shreyansh Jain
505 Silver Coin Apartment,
Behind Aakashwani,
Paota C Road, Jodhpur, Rajasthan - 342001
Email: shreyansh.jain@mail.ca.in
B Wing 601-604, Raylon Arcade,
RK Mandir Road, Near Pidilite,
Kondivita, Andheri (East), Mumbai- 400 059.
Email: liquidation.dmbpaper@gmail.com
Last date for
submission of claims: September 29, 2023
DUDH GANGA: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dudh Ganga
(DG) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 8,
2022, placed the rating(s) of DG under the 'issuer non-cooperating'
category as DG had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 25, 2023, August 4, 2023, August 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in April 2014, Dudh Ganga (DG) is a partnership firm
engaged in supplying of fresh pasteurized milk to its sister
concern, Good Day Foods Private Limited. DG has commenced
operations in October 2014.
ESS ESS PREET: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: ESS ESS Preet Finance Private Limited
98/1, Railway Road, Nanak Nagar,
Jammu, Jammu and Kashmir - 180004
Liquidation Commencement Date: August 25, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Liquidator: Vishawajeet Gupta
#51, Adarsh Enclave, Dhakoli,
Near Zirakpur,
Distt. Mohali (Punjab) - 160104
Email: vishawjeetgupta@gmail.com
Mobile No: +91-98152-84474 (M)
Last date for
submission of claims: September 24, 2023
EVERGO STOCKS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Evergo Stocks (India) Private Limited
New No. 46 (Old No.29/1), South West Boag Road T. Nagar,
Chennai TN 600017 India
Liquidation Commencement Date: August 25, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Sandeep Jayant Kulkarni
27/2, Gujarat Colony,
Near Hotel Samarth Paud Road,
Vanaz Corner, Kothrud,
Pune, Maharashtra, 411038
Email: Kulkarni.sandeep@rediffmail.com
Telephone No: 9673000045
Last date for
submission of claims: September 24, 2023
EXCELL AUTOVISTA: Ind-Ra Moves BB+ Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Excell Autovista Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating;
-- INR944.5 mil. Fund Based Working Capital Limit migrated to
non-cooperating category with IND BB+ (Issuer Not
Cooperating)/ IND A4+ (Issuer Not Cooperating) rating;
-- INR80 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating; and
-- INR284.7 mil. Term loan due on Mar 31, 2026 migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)
rating.
Company Profile
Incorporated in 2005, EAPL is primarily an authorized dealer of
MSIL. The company is promoted by Madhup Agarwal and Sunny Agarwal.
EAPL has nine showrooms, five service centers and four stock
yards.
FUTURE RETAIL: NCLT Extends Insolvency Deadline Until September 15
------------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has extended the deadline to September 15 for completion of
the insolvency resolution process of debt-ridden Future Retail Ltd
(FRL). The decision came on an application moved by the company's
Resolution Professional before the tribunal's Mumbai bench seeking
to exclude a period of 29 days from the process, according to a
regulatory filing.
"NCLT on September 7, 2023, heard the application and granted the
said exclusion of 29 days' from CIRP of FRL. Consequently, the last
date for completion of CIRP of FRL is September 15, 2023," it
said.
CIRP refers to Corporate Insolvency Resolution Process.
This is the third extension for FRL, ET notes.
Last month, NCLT extended the deadline to August 17 after allowing
the plea of FRL to exclude 33 days from the CIRP. In April, NCLT
had granted the company an extension of 90 days till July 15, 2023
for concluding the process, ET recalls.
The Insolvency & Bankruptcy Code (IBC) mandates the completion of
CIRP within 330 days, which includes time taken during
litigations.
According to ET, the insolvency proceedings against FRL was started
by the tribunal on July 20, 2022.
As per Section 12(1) of the Code, a CIRP shall be completed within
a period of 180 days from the date of initiation.
However, NCLT may grant a one-time extension of 90 days. The
maximum time within which CIRP must be completed, including any
extension or litigation period, is 330 days.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer. According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.
GANGA STEEL: Liquidation Process Case Summary
---------------------------------------------
Debtor: M/s. Sri Ganga Steel Enterprises Private Limited
H.No. 8-2-248/1/18, Plot No. 18,
Nagarjuna Hills Punjagutta
Hyderabad, TG-500082
Liquidation Commencement Date: August 28, 2023
Court: National Company Law Tribunal Hyderabad Bench
Liquidator: Mr. Abhay Narayan Manudhane
201, Shubh Ashish, 129, Model Town, Four Bungalows,
Andheri West, Mumbai, Maharashtra - 400053
Email: anmanudhane@rediffmail.com
Waterfall Insolvency Professionals Private Limited
1204, Maker Chambers V,
Nariman Point, Mumbai 400021
Email: liquidator.srigangasteel@gmail.com
Last date for
submission of claims: October 1, 2023
GO AIRLINES: Bombay Burma Takes Impairment of INR1,920 crore
------------------------------------------------------------
The Economic Times reports that Bombay Burmah Trading Corporation
(BBTC), the holding-cum-operating company of the Wadia Group, has
taken yet another blow on its investments in Go Airlines India.
After the airline was admitted for corporate insolvency, BBTC has
taken an impairment of INR1,920 crore, a report by India Ratings
dated September 8 said, ET relays.
The stock exchange listed BBTC has a 33% stake in Go Airlines.
The impairment amount includes INR1,870 crore in FY23 and INR50.2
crore in the first quarter of FY24, ET relays.
The remaining (INR1,646 crore) is "provision for the encashment of
pledged fixed deposits (FDs) and stand by letter of credit (SBLC)
invocation," India Ratings said.
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.
GOYAL ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goyal
Enterprises_Merrut (GE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 9,
2022, placed the rating(s) of GE under the 'issuer non-cooperating'
category as GE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 26, 2023, August 5, 2023, August 15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Meerut based Goyal Enterprises (GE) was established as
proprietorship firm by Mr. Ambuj Goyal in 2001. GE is engaged in
the wholesale trading of surgical equipment such as sputum
container, urine container, slide box, dropping bottle etc and
various type of scientific chemicals.
GREY'S EXIM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Grey's Exim Private Limited
A/2 309 Shahs & Nahar Ind Estdhanraj Mill
Compound Lower Parel
Mumbai Mh 400013 India
Insolvency Commencement Date: June 27, 2023
Estimated date of closure of
insolvency resolution process: December 24, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Prashant Jain
A-501, Shanti Heights,
Plot No. 2,3,9B/10,
Sector 11, Koparkharine, Thane,
Navi Mumbai - 400709
Email: ipprashantjain@gmail.com
B-610, BSEL Techpark,
Sector 30 A, Opp. Vashi Railway Station,
Navi Mumbai - 400703
Email: www.ssarvi.com
Email: greyexim.cirp@gmail.com
Last date for
submission of claims: July 19, 2023
GURU RAMDASS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guru
Ramdass Ji Stone Crasher (GRJSC) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 7,
2022, placed the rating(s) of GRJSC under the 'issuer
non-cooperating' category as GRJSC had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GRJSC continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 24, 2023, August 3, 2023,
August 13, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh based Guru Ramdass Ji Stone Crasher (GRSC) was
established on February 8, 2011 as a partnership firm and is
currently being managed by Mr. Jagjeet Singh and Mr. Harpreet
Singh. The firm was established with the objective of stone
crushing, washing, grading & natural screening of stones.
HARKAR DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Harkar Developers Private Limited
Kharsa No. 62 (Old 122/2) of Mouza-Khairi P.S.K 16,
Tahsil - Kemptee, Nagpur,
Maharashtra - 441401, India
Insolvency Commencement Date: July 18, 2023
Estimated date of closure of
insolvency resolution process: January 14, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Amit Chandrashekhar Poddar
Akshat, 7, Vijay Nagar, Katol Road,
Nagpur, Maharashtra - 440013
Email: amitpoddar.ca@gmail.com
3rd Floor, Meera Apartments,
Above Durva Restaurant,
Opp Yeshwant Stadium,
Dhantoli Nagpur-440012
Email: cirp.harkar@gmail.com
Last date for
submission of claims: August 1, 2023
ICEBERG DEVELOPERS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Iceberg Developers Private Limited
Basement 1, Elegance Tower, Plot No. 8,
District Centre Jasola New Delhi
South Delhi 110025
Liquidation Commencement Date: August 31, 2023
Court: National Company Law Tribunal New Delhi Bench-III
Liquidator: CMA Vijender Sharma
VRSA Insolvency Professionals LLP
Building No. 11,
3rd Floor, Hargovind Enclave,
Vikas Marg, Delhi-110092
Email: vijender@vsa.net.in
Email: iberg.cirp@gmail.com
Last date for
submission of claims: September 30, 2023
IL&FS LTD: To Sell Custody & Depository Business
------------------------------------------------
The Economic Times reports that the IL&FS board has put the group's
custody and depository business, IL&FS Securities Services (ISSL),
on the block almost five years after IndusInd Bank pulled out of a
deal to acquire the entity following the collapse of the
infrastructure financier in September 2018.
Unlike last time, however, bidders can either bid for the custody
business or the depository (brokerage) business separately or both
together, ET relates citing a document seeking expressions of
interest (EOI).
ISSL is a rare non-bank custodian that holds financial securities
like stocks, bonds or gold for safekeeping. It also has a separate
depository licence that allows it to offer brokerage services.
"ISSL is neither a big depository nor a custodian; so there is not
much business to be gained. But it is a rare non-bank entity that
has both licences and is available for sale," ET quotes a person
familiar with the industry as saying.
"The Securities and Exchange Board of India has long ago
discontinued giving new custodial licences to non-banks; so in that
sense that could be an attractive proposition for an entity seeking
to build this business either on its own or along with a
brokerage," said the person cited above.
ISSL is among the 17 SEBI-registered custodians in India. IL&FS
owns an 81% stake in the company.
With average assets under custody (AUC) of around INR9,000 crore
and 1,700 clients, ISSL's business is small in comparison with that
of market leader Stock Holding Corporation of India (SHCI), which
services millions of retail and institutional clients and has an
AUC of more than INR34 lakh crore, ET notes.
About IL&FS
Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- was a non-banking finance company
that provided credit and other services such as debt syndication
and corporate advisory.
The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.
IMPERIA STRUCTURES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s Imperia Structures Limited
Registered Office:
A - 25, Mohan Co - Operative
Industrial Estate Mathura Road,
New Delhi 110044
Office at Gurugram:
Imperia Byron Tech Park,
Maidawas, Sector-62,
Gurugram, Haryana, 122001
Office at Greater Noida:
Plot No 44-45, Knowledge Park-V,
Greater Noida, Gautambuddha Nagar,
Uttar Pradesh, 201306
Insolvency Commencement Date: August 31, 2023
Estimated date of closure of
insolvency resolution process: February 27, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Gaurav Katiyar
D-32, East of Kailash,
New Delhi - 110065
Email: cagauravkatiyar@gmail.com
Email: isl.cirp@gmail.com
Email: www.gauravkatiyar.in
1. Mr. Shyam Arora
96, Aravali Apartment, Alaknanda,
New Delhi, -110019
2. Mr. Gulshan Gaba
GH 13/882, SFS Flats,
Paschim Vihar, New Delhi - 110087
3. Mr. Deepak Gupta
59, Dayanand Block, Shakarpur, New Delhi,
National Capital Territory of Delhi, 110092
Last date for
submission of claims: September 14, 2023
INDORE DEWAS: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Indore Dewas
Tollways Limited's (IDTL) bank loans in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The detailed rating action is:
-- INR5,933.39 bil. Bank loans (long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information. The rating was last reviewed on
May 7, 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the rating.
Company Profile
IDTL is a special purpose vehicle incorporated to implement a lane
expansion (from four to six lanes) project on a design, build,
finance, operate and transfer basis under a 25-year concession from
the National Highways Authority of India. IDTL is owned by the
Gayatri group.
The National Highways Authority of India ('IND AAA'/Stable) had
issued a notice of intention to terminate IDTL's right under the
concession agreement. Furthermore, as per the suspension notice,
the tolling rights of IDTL have been suspended; NHAI directed IDTL
to handover the toll plazas to the representatives of NHAI on May
28, 2022. Accordingly, IDTL has handed over the toll plazas to
NHAI. Moreover, during December 2022, Union Bank of India ('IND
AA+'/Stable), one of the financial creditors of IDTL has filed an
application against IDTL under section 7 of The Insolvency and
Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy
(Application to Adjudicating Authority) Rules, 2016 before the
National Company Law Tribunal (NCLT), Hyderabad Bench for an amount
of default of INR1,942.45 million. The above information is from
public sources and agency has not received any update from the
issuer on this.
IRAA CLOTHING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Iraa Clothing Private Limited
Registered Address:
Plot No. B-7/3,
Near Camlin Naka, M.I.D.C,
Tarapur, Boisar, Palghar Thane,
Maharashtra 401506 India
Corporate Office:
201, Fulcrum, 'A' Wing Sahar Road,
Next to Hyatt Regency,
Andheri - East, Mumbai - 400099
Insolvency Commencement Date: August 25, 2023
Estimated date of closure of
insolvency resolution process: February 21, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Prashant Jain
A501, Shanti Heights, Plot No. 2,3,9B/10,
Sector 11, Koparkharine,
Thane, Navi Mumbai 400709
Email: ipprashantjain@gmail.com
c/o SSARVI Resolution Services LLP
B-610, BSEL Techpark, Sector 30A,
Opp. Vashi Railway Station,
Navi Mumbai - 400703
Email: iraaclothing.cirp@gmail.com
Last date for
submission of claims: September 9, 2023
JAYALAKSHMI COTTON: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jayalakshmi
Cotton Traders (JCT) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.45 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 23,
2022, placed the rating(s) of JCT under the 'issuer
non-cooperating' category as JCT had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JCT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 9, 2023, July 19, 2023, July 29, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jayalakshmi Cotton Traders (JCT) is an Andhra Pradesh based firm,
which was established in 1992 by Mr. B. Brahmananda Reddy and his
family members. The firm is engaged in trading of cotton lint and
cotton seeds. The firm purchases cotton kappas from the local
farmers and does the ginning and pressing activity at its associate
firm Sri Koteswara Cotton Trading Company. The firm also purchases
cotton lint and cotton seeds from Cotton Corporation of India (CCI)
and local traders. JCT majorly sells cotton lint to Ramabhadra
Industries Private Limited (Tanuku, Andhra Pradesh) and PVR
Spinning and Weaving Limited (Tanuku, Andhra Pradesh) and sells
cotton seeds to the oil mills. The firm has customer base in Andhra
Pradesh, Telangana and Tamil Nadu. The firm has achieved total
operating income of INR58.13 crore and PAT of INR0.46 crore in
FY17.
KUT ENERGY: Liquidation Process Case Summary
--------------------------------------------
Debtor: Kut Energy Private Limited (In Liquidation)
Kaith House,
Near H.S Khaneri Petrol Pump
Tehsil Rampur Bushahr,
Rampur Bushahr Shimla-172001, HP 172001
Liquidation Commencement Date: August 28, 2023
Court: National Company Law Tribunal Chandigarh Bench
Liquidator: Harmanjit Singh
#332, Phase-1, Near Singla Clinic,
Sahibzada Ajit Singh Nagar-160055,
Punjab
Email: ipcaharmanghai@gmail.com
3rd Floor, Plot No D-190, Industrial Area,
Phase 8B, Sector-74 SAS Nagar Mohali
160071, Punjab
Email: rp.kutenergy@gmail.com
Last date for
submission of claims: September 27, 2023
L. B. KUNJIR: CARE Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of L. B.
Kunjir (LBK) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.44 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 8.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 8,
2022, placed the rating(s) of LBK under the 'issuer
non-cooperating' category as LBK had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. LBK
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 25, 2023, August 4, 2023, August 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
L.B. Kunjir (LBK) promoted by Mr. Laxman Kunjir and his son Mr.
Amit Kunjir is a partnership firm incorporated in April 2002. LBK
is engaged in construction of earthen dams, canals and barrage
projects in the State of Maharashtra. The firm also has investments
in wind generation facilities, of 7.35-megawatt (MW) generation
capacity by way of power purchase agreements (PPA) for its 6-wind
mill for the electricity generated to Maharashtra and Rajasthan
State Electricity Board.
LAXMI ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Laxmi Engeering Industries (Bhopal) Pvt Ltd
72 A, Sector -1, Govindpura Industrial Area,
Bhopal MP 462023 India
Insolvency Commencement Date: July 28, 2023
Estimated date of closure of
insolvency resolution process: February 23, 2024 (180 Days)
Court: National Company Law Tribunal, Indore Bench
Insolvency
Professional: Ms. Teena Saraswat Pandey
387F 114 Scheme Part 1
Behind Diksha Boys hostel Sant Nagar,
Indore, Madhya Pradesh ,452010
Email: teenasaraswat@yahoo.co.in
Email: ip.laxmiengineering@gmail.com
Last date for
submission of claims: September 10, 2023
MANDVI VIBHAG: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Mandvi Vibhag Sahakari Khand Udhyog Mandli Limited (SMVSKUML)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 53.91 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 4, 2022,
placed the rating(s) of SMVSKUML under the 'issuer non-cooperating'
category as SMVSKUML had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. SMVSKUML
continues to be non-cooperative despite repeated requests for
submission of information through emails, phone calls and a
letter/email dated May 20, 2023, May 30, 2023, June 9, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Formed in 1994, Shree Mandvi Vibhag Sahakari Khand Udyog Mandli
Limited (SMSKL; erstwhile Shree Surat Jilla Uttar Purve Vibhag
Khand Udyog Sahakari Mandli Limited) is a co-operative society
registered under The Gujarat Co-operative Society Act 1961.
Initially, the society was engaged in the trading of sugarcane,
procuring sugarcane from farmer members and supplying to sugar mill
in the vicinity. In FY15, SMSKL set-up a green field sugar
manufacturing unit with an installed capacity of 2,500 tonne of
sugarcane crushing per day (TCD) and a warehouse with a capacity of
24,000 metric tonne (MTs) for storage of finished goods at Vadod in
Mandvi Taluka of Surat in Gujarat. The project was completed with
delay of about 8 months as against its envisaged completion
timeline of May 2014 and commercial operations commenced from
February 2015. After demonetization, due to liquidity crunch, the
cooperative society was not able to make payments in cash to its
farmers for procurement of sugarcane and because of this during the
sugarcane crushing season, it was not able to break even, which led
to its temporarily shut down its plant, which became
non-operational in FY16.
MUKTSAR COTTON: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Muktsar
Cotton Private Limited (MCPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 1,
2022, placed the rating(s) of MCPL under the 'issuer
non-cooperating' category as MCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 18, 2023, July 28, 2023, August 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Muktsar Cotton Private Limited (MCP) was incorporated in 1996, and
was initially promoted by Mr. Babu Lal Grover as Muktsar Cotton
Ginning and Pressing, established as a proprietorship firm in 1984.
The company is currently being managed by Mr. Babu Lal Grover along
with his family members Mr. Supneet Grover and Mr. Navneet Grover.
MCP is primarily engaged in cotton ginning and pressing to produce
cotton bales at its manufacturing facility in Muktsar, Punjab.
MUTHURAJA MODERN: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Muthuraja
Modern Rice Mill (MMRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 24,
2022, placed the rating(s) of MMRM under the 'issuer
non-cooperating' category as MMRM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MMRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2023, July 20, 2023, July 30, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Tamil Nadu based, Muthuraja Modern Rice Mill (MMRM) was
incorporated in 2000 and promoted by Mr. Muthiah vellaisamy. MMRM
is engaged in processing and selling of rice. The rice processing
unit of the firm is located at Palaiyur, Kandanur, Puduvayal,
Sivaganga, Tamil Nadu. Apart from rice processing and selling, the
firm is also into selling off by products such as broken rice and
rice bran. The main raw material, paddy, is majorly procured from
paddy merchants and farmers located in Tamil Nadu region (Around
90%) and from Kerala, Andhra Pradesh, Karnataka (Around 10%). The
firm sells rice and other by products to the rice dealers located
in Tamil Nadu.
OSCAR INVESTMENTS: Ind-Ra Keeps C NCD's Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Oscar
Investments Limited's (Oscar) non-convertible debentures (NCDs) and
term loans in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.
The detailed rating actions are:
-- INR1.50 bil. NCDs* (Long-term) maintained in non-cooperating
category with IND C (ISSUER NOT COOPERATING) rating; and
-- INR5.0 bil. Long-term bank loan (Long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
* Unutilized
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information. The ratings were last reviewed
on November 17, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
The rating on the NCDs has been maintained at 'IND C (ISSUER NOT
COOPERATING)' as they were unutilized as per the last data
available to the agency.
Company Profile
Oscar is a listed group company of RHC Holding Private Limited. RHC
Holding, along with Malav Holdings Private Limited and Shivi
Holdings Private Limited, holds 69% of Oscar's equity shares. On
March 31, 2017, Oscar held stakes in several unlisted subsidiaries
and group companies.
OTTATHINGAL INDIA: Ind-Ra Moves B Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Ottathingal India Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 5 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR35.2 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B (Issuer Not Cooperating)/IND
A4 (Issuer Not Cooperating) rating;
-- INR65.4 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4 (Issuer Not Cooperating)
rating; and
-- INR279.4 mil. Term loan migrated to non-cooperating category
with IND B (Issuer Not Cooperating) rating.
Company Profile
Based out of Kerala, OTPL is a partnership firm registered in 1998.
Incorporated in 2018, the company was initially involved in the
marketing of paints in Malappuram and Calicut districts. From 2012,
it has started marketing white ordinary portland cement. The
company is setting up a 300TPD white cement manufacturing unit in
SIPCOT, Thirunalveli.
OZONE CHIP: CARE Assigns B+ Rating to INR35.00cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ozone
Chip Boards Private limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE B+; Stable; Assigned
Facilities
Rationale and key rating drivers
The rating assigned to the bank facilities of Ozone Chip Board
Private Limited is constrained by the project implementation risk,
stiff competition prevailing in the highly fragmented industry. The
ratings, however, takes into consideration the advantages derived
by the company from the vast experience of all the promoters in
similar lines of business and the established relations within the
industry.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Successful commissioning of the project within the envisaged
timelines and cost estimates.
* Stabilization of the operations resulting in higher than
envisaged cash inflows
Negative factors
* Any significant delays in project execution leading to major cost
or time overrun.
* Any material deviation from envisaged cash accruals post
commencement of operations.
Analytical approach: Standalone
Outlook: Stable
CARE Ratings Limited believes that the firm would be able to
generate stable revenue once it commences its operation aided by
the experience of the directors in the particle board industry and
the established relationships with suppliers.
Detailed description of the key rating drivers:
Key weaknesses
* Project stage of the entity and its exposure to execution and
stabilization risk: The company is currently setting up a
manufacturing facility with a capacity to produce 4600 chip boards
per day at a 7.35 acre land allotted by 'Wisepark KINFRA' at
Palakkad, Kerala. The total estimated cost of the project is INR60
crores which is to be funded by a term loan of INR30 Cr, equity
infusion from promoters of INR10 Cr and INR20 Cr as unsecured
loans. As of August, 2023, the project has progressed with
completion of land acquisition, civil construction and machinery
import. As of 31st July 2023, the company has spent INR24 Cr
towards the project with term loans from bank of INR10.60 Cr and
balance from Promoters' margin as Equity and USL. Given the current
stage of implementation of the project, company remains exposed to
implementation risk and subsequent stabilization.
* Susceptibility to fluctuation in wood prices and fragmented
nature of Industry: The primary raw materials for the company are
wood, paper, and chemicals like Formaldehyde, Phenol, Melamine,
etc. The company is exposed to price volatility risk as wood prices
have remained fluctuating in the past. Also, the industry is highly
fragmented and unorganized in nature thereby putting pressure on
the profitability margins of the companies engaged in this
industry. Furthermore, due to low entry barriers, the competition
gets intensified specifically in Kerala, which might put pressure
on profitability on the existing as well as new players.
Accordingly, the margins of the company may fluctuate depending
upon price movement and level of competition.
Key strengths
* Vast experience of the promoters in similar lines of business:
Ozone Chip Boards Private Limited was incorporated in September 30,
2021. The current Chairman & Managing Director of the company, Mr.
Ummer Chenthara Kutty has an experience of 20 years in the industry
and is also the owner of Chenthara Wood Products (plywood
manufacturing), located in Perumbavoor, Kerala. All the other four
promoters of the company also carry experience of around 15-20
years in timber and plywood industries.
* Location advantages by virtue of being present in KINFRA
Industrial Park, Palakkad: The manufacturing plant is located in
'Wispeark KINFRA' and the land has been allotted for a 33 year
leasehold. KINFRA ensures uninterrupted power and water supply.
Palakkad offers advantages in terms of softwood availability and
procurement.
Liquidity: Stretched
The company is yet to commence the operations and hence no cash
flows from operations for FY23. The company has in place, sanction
of INR30 Cr from Federal Bank for the new project. The term loans
are repayable in 96 months from Oct 2024 after moratorium of 24
months.
Ozone Chip Boards Private limited is a private limited company
incorporated in September 30, 2021, by Mr. Ummer Chenthara Kutty,
Mr. Shakkeer and Mr. Padinjareveettil Azeez Ansar. Mr. Abubacker K
P and Adv. Fahid K A were later inducted on to the board. Ozone
Chips Pvt Ltd has its registered office at Perumbavoor, Kerala. The
company is in the process of setting up a particle board factory at
Kanjikode industrial Park (KINFRA) Palakkad, Kerala. The particle
boards find application in interior works and furniture industry
products such as cup boards, office partitions, Cubicles etc.
P.L. VEHICALS: Liquidation Process Case Summary
-----------------------------------------------
Debtor: P.L. Vehicals Private Limited
Luckier Road Garikhana, Shillong East,
Khanal Hills Meghallaya 793022
Liquidation Commencement Date: August 25, 2023
Court: National Company Law Tribunal Gurwahati Bench
Liquidator: Sandeep Khaitan
2nd Floor, Sanmati Plaza,
Opp. IDBI Building
G.S Road, Guwahati, Assam - 781005
Email: cirpplv@gmail.com
Email: khatansamdeep@gmail.com
Last date for
submission of claims: September 30, 2023
PREM NARAYAN: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prem
Narayan Rameshwar Dayal (PNRD) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.90 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 29, 2022,
placed the rating(s) of PNRD under the 'issuer non-cooperating'
category as PNRD had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PNRD continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 14, 2023, June 24, 2023, July 4, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gwalior (Madhya Pradesh) based PNRD was formed by Mr Prem Narayan
Gupta and currently it is being run by Mr. Santosh Kumar Gupta. The
firm is engaged in the business of trading of agro-commodities viz.
paddy, wheat, gram, masoor dal, moong dal etc.
RAJARAMBAPU PATIL: Ind-Ra Affirms BB- LongTerm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Rajarambapu Sahakari Sakhar Karkhana Limited (RPSSKL).
-- Long-Term Issuer Rating* is withdrawn;
-- INR500 mil. Term loan due on March 2027 affirmed with IND BB-/
Stable rating; and
-- INR4.50 bil. Fund-based working capital limits affirmed with
IND BB-/Stable/IND A4+ rating.
*Ind-Ra has withdrawn the Long-Term Issuer Rating as the agency is
not required to maintain the issuer rating unless specifically
required by the entity; this is in line with the new SEBI
guidelines.
Key Rating Drivers
The ratings reflect RPSSKL's weak credit metrics with its net
financial leverage (Ind-Ra adjusted net debt/operating EBITDAR)
rising to 8.1x in FY23 (FY22: 6.23x) due to a rise in its total
debt levels to INR6,778.6 million (INR5,176.7 million). The entity
took new term loans of INR758.60 million and INR500 million in FY23
for expanding its distillery unit's capacity to 150KLPD of ethanol
from 75KLPD and for margin money contributions, respectively.
Ind-Ra expects the net financial leverage to rise further in the
near- medium term due to a further rise in its overall debt levels
as RPSSKL has took a sanction for a new term loan of INR2,151.21
million to further expand the capacity of the distillery to
550KLPD. The management estimates the total cost of the project to
be around INR2,400 million and expects the expanded facility to be
operational by October 2024.
The gross interest coverage (operating EBITDA/gross interest
expense) however improved to 1.6x in FY23 (FY22: 1.3x), on account
of lower utilization of its working capital facilities,
concessional interest on the term loan for the distillery expansion
project under the government's interest subvention scheme, and the
capitalization of the interest cost incurred during the
construction period of the project. However, the agency expects the
interest coverage to decline in the near to medium term, on account
of a likely rise in its interest costs due to the debt-funded capex
and a likely decline in its revenue for FY24.
Liquidity Indicator - Stretched: RPSSKL had a weak current ratio of
1x at FYE23 (FYE22: 1x; FYE21: 1.1x) due to the company availing
working capital loans and short-term pre-seasonal loans to meet its
heavy working capital requirements and manage the business during
the off-season. Its inventory holding period remained elongated at
219 days in FY23 (FY22: 195 days) on account of the government
order of curtailing sugar exports. The company's overall working
capital cycle also remained elongated at 205 days in FY23 (FY22:
146 days). However, the agency expects the inventory holding
period and the working capital cycle to reduce in FY24, on account
of lower production volumes of sugar due to a poor outlook for the
sugarcane crop in the near- to medium term following the delayed
arrival of monsoon in Maharashtra and drought-like conditions in
Sangli and Satara districts from where RPSSKL procures sugarcane.
Both management and Ind-Ra expects the inventory cycle to reduce in
the medium term, following its capex completion as the entity
produces ethanol mainly from sugarcane syrup.
RPSSKL's average maximum utilization of its fund-based working
capital limits for the 12 months ended July 2023 was 68.38%,
supported by an additional sanction of INR1,000 million. The entity
availed a working capital loan of INR960 million in FY23 to support
the additional working capital requirements of its distillery unit.
The management expects the utilization of its fund-based limits to
reduce considerably in the medium term on account of the reduced
working capital requirements after its new distillery unit with the
additional capacity of 400KLPD becomes operational from FY25 that
would significantly reduce the inventory of sugar as the excess
syrup will be diverted to producing ethanol. The entity has
scheduled repayment obligations of INR668.5 million and INR552.3
million in FY24 and FY25, respectively. The agency expects its
debt-service coverage ratio to be around 0.8x on average over this
period.
The ratings factor on the entity's modest EBITDA margins which rose
to 6.87% in FY23 (FY22: 6.05%) on account of the increase in the
production capacity of the high-margin distillery segment. Although
its return on capital employed increased to 6.1% in FY23 (FY22:
5.8%), it is likely to decline in FY24 on account of the additional
term loan to be availed for the debt-funded capex.
Moreover, while RPSSKL has a large scale of operations, its revenue
declined to INR12,172.97 million in FY23 (FY22: INR13,731.31
million), due to a significant reduction in its exports following
the government's curtailment of sugar exports. Ind-Ra expects the
revenue to decline further in FY24, due to a weak outlook for sugar
production and a further curtailment in sugar exports to keep the
domestic prices in check.
However, the agency expects the company's revenue, EBITDA margin,
and ROCE to improve significantly in FY25 after the entity starts
gaining synergies from its proposed expansion.
The ratings are supported by RPSSKL's operational track record and
its promoters and top management of more than 50 years in the sugar
industry. This provides the entity with high operational
efficiency, which is characterized by its recovery rate of sugar
being higher than the average recovery rate in the industry of
10.25%. RPSSKL's recovery rate of sugar in the 2022-23 production
season, across all its units, stood at 11.87%, with its Wategaon
and Karandwadi units having recovery rates of 12.77% and 12.84%,
respectively.
Rating Sensitivities
Negative: Substantial deterioration in the scale of operations or
the overall liquidity profile, further deterioration in the credit
metrics, all on a sustained basis, or a substantial cost overrun
for the proposed expansion of the distillery unit or the inability
to tie up funds for the project will be negative for the ratings.
Positive: The successful completion and ramp-up of the capex, along
with an improvement in the overall liquidity profile and credit
metrics, all on a sustained basis, will be positive for the
ratings.
Company Profile
RPSSKL was incorporated by the late Rajarambapu Patil in 1968 under
'The Maharashtra Co-operative Societies Act 1960' as Walwa Taluka
Sahakari Sakhar Karkhana Limited to produce sugar in Sangli,
Maharashtra. The name was subsequently changed to Rajarambapu Patil
Sahakari Sakhar Karkhana Limited. RPSSKL is a part of Sangli-based
'Rajarambapu Group' whose diversified business profile comprises
operations in sugar production, distillery, power generation,
co-operative bank (Rajarambapu Sahakari Bank Limited), co-operative
spinning mills, milk federation, soya bean extraction plant,
educational institutes, and petrol pumps.
RPSSKL has sugar mills at Sakhrale, Wategaon, Karandwadi, and Jath
in Sangli with a total sugarcane crushing capacity of 17,000TCD
along with a 40-megawatt cogeneration unit and 150-KLPD distillery
plant.
RAJIVA EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajiva
Exports (RE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 4.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 7,
2022, placed the rating(s) of RE under the 'issuer non-cooperating'
category as RE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2023, August 3, 2023, August 13, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based Rajiva Exports (RE) was established in 1993 as a
proprietorship concern by Mr. Rajiva Maheshwari. The firm is
engaged in trading of iron and steel scrap, pulses and cashew
nuts.
RASNA PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Rasna Private Limited
905, Atlanta Tower, Nr. Sears Tower,
Gulbai Tekra Ahmedabad, Gujarat-380015
Insolvency Commencement Date: September 1, 2023
Estimated date of closure of
insolvency resolution process: February 28, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Ravindra Kumar Goyal
Eden I - 807, S G Highway, Godrej Garden City,
Jagat Pura, Ahmedabad, Gujarat - 382470
Email: ravindra1960_goyal@yahoo.co.in
B-29, LGF, Lajpat Nagar-III, Delhi 110024
Email: rasna.cirp@gmail.com
Last date for
submission of claims: September 15, 2023
REACON ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Reacon Engineers India Pvt Ltd
227, Kamalalaya Centre,
156A, Lenin Sarani, Kolkata - 700013
Insolvency Commencement Date: August 28, 2023
Estimated date of closure of
insolvency resolution process: February 24, 2024
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Pratim Bayal
18/1 Tarapukur Main Road, Ghosh Para,
Agarpara, Kolkata, West Bengal - 700109
Email: pratimbayal@gmail.com
Resurgent Resolution Professionals LLP
Central Plaza, Room No. 708, 7th Floor,
2/6, Sarat Bose Road, Kolkata - 700020
Email: cirp.reacon@gmail.com
Last date for
submission of claims: September 11, 2023
RHC HOLDINGS: Ind-Ra Keeps D Loan Rating in Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RHC Holding
Private Limited's (RHC) debt ratings in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR2.0 bil. Secured long-term non-convertible debentures
(NCDs; long-term) ISIN INE657K07213 issued on December 27,
2013 coupon rate 13.60% due on December 27, 2018 maintained
in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR750 mil. Secured long-term bank loans (long-term)
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information. The ratings were last reviewed
on July 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Company Profile
RHC was incorporated in 2007 as Solaries Finance Pvt. Ltd. It was
renamed in November 2008. The company is a closely held investment
company, held by Malvinder Mohan Singh and Shivinder Mohan Singh.
As of March 31, 2017, RHC held stakes in several unlisted
subsidiaries and group companies.
RITE BUILTEC : Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Rite Builtec Private Limited
Plot No. 2, Gumpha Darshan Housing Society,
Dattapada Road, Asara Colony, CTS No. 225,
Diwan Compound, Borivali East,
Mumbai - 400066
Insolvency Commencement Date: August 25, 2023
Estimated date of closure of
insolvency resolution process: February 21, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Amit Vijay Karia
405, Hind Rajasthan Building, D.S. Phalke Road,
Dadar East, Mumbai - 400014
Email: amit.karia@yahoo.co.in
Email: cirp.ritebuiltec@gmail.com
1.IP Manish Motilal Jaju
2.IP Hemant J Mehta
3.IP Yatinkumar S Shah
Last date for
submission of claims: September 8, 2023
RITE DEVELOPERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rite Developers Private Limited
Shop No. 27, 1st Floor, Rite Bliss Kandivali Dattatray
CHSL,
Dhanukarwadi, Kandivali,
Mumbai - 400067
Insolvency Commencement Date: August 25, 2023
Estimated date of closure of
insolvency resolution process: February 21, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Amit Vijay Karia
405, Hind Rajasthan Building,
D.S. Phalke Road,
Dadar East, Mumbai - 400014
Email: amit.karia@yahoo.co.in
Email: cirp.ritedevelopers@gmail.com
1.IP Manish Motilal Jaju
2.IP Hemant J Mehta
3.IP Yatinkumar S Shah
Last date for
submission of claims: September 8, 2023
RTP GLOBAL: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: RTP Global India Private Limited
No. 1312/1508, Sector I, Ward No. 174, Hsr Layout,
Bangalore South - 560102, Karnataka
Liquidation Commencement Date: August 23, 2023
Court: National Company Law Tribunal Bengaluru Bench
Liquidator: Shilpa Kiran Gududur
#K 304, Purva Panorama Apts,
Bannerghata Main Road,
Kalena Agrahara,
Near Meenakashi Temple,
Bengaluru - 560076
Email: kiran.silpa@gmail.com
Tel No: 09686511333
Last date for
submission of claims: September 22, 2023
S.KADIRVEL: Ind-Ra Moves BB Bank Loan Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
S.Kadirvel & Company to the non-cooperating category as per Ind
Ra's policy on Issuer Non-Cooperation, following non-submission of
No Default Statement continuously for 6 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND BB (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND BB
(Issuer Not Cooperating) rating;
-- INR130 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB (Issuer Not Cooperating) /
IND A4+ (Issuer Not Cooperating) rating;
-- INR80 mil. Bank Guarantee migrated to non-cooperating
category with IND A4+ (Issuer Not Cooperating) rating; and
-- INR31 mil. Term loan due on Dec 31, 2026 migrated to non-
cooperating category with IND BB (Issuer Not Cooperating)
rating.
Company Profile
Based in Coimbatore, SKC engages with the government to build
houses, beautification of lake, installing light poles for the
Public Works Department and housing board of Tamil Nadu
government.
SAHARA INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sahara India Medical Limited
25-28, Floor-2, Plot No-209, Atlanta Building,
Jamnalal Bajaj Marg, Nariman Point
Mumbai City MH 400021 India
Insolvency Commencement Date: August 30, 2023
Estimated date of closure of
insolvency resolution process: February 26, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Jayesh Natvarlal Sanghrajka
405-407, Hind Rajasthan Building,
D.S Phalke Road, Dadar East,
Mumbai 400014
Email: jayesh@jsandco.in
Email: cirp.simil@gmail.com
Last date for
submission of claims: September 13, 2023
SAMRADDHI COT: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Samraddhi
Cot Fibers Private Limited (SCFPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.01 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 29, 2022,
placed the rating(s) of SCFPL under the 'issuer non-cooperating'
category as SCFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCFPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 14, 2023, June 24, 2023, July 4, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SCFPL was incorporated in 2011 and commenced its operation from
December 2012. SCFPL is promoted by Mr Prakash Mittal, and the
company is engaged into the business of cotton ginning and
pressing.
SHILPAN HARISHKUMAR: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shilpan
Harishkumar Shah (SHS) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.16 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 23,
2022, placed the rating(s) of SHS under the 'issuer
non-cooperating' category as SHS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SHS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 9, 2023, July 19, 2023, July 29, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Dahod (Gujarat) based, SHS was established as partnership firm in
2011.Currently the firm has been managed by seven partners named
Mr. Shilpan Shah, Mr. Abhin Parikh, Mr. Naresh Bachman, Mrs. Rakhi
Shah, Mrs. Falguni Parikh, Mr. Sunil Agrawal, Mr. Dhrumil Bachani.
The firm is engaged into civil construction work, mainly road
construction work. SHS is a registered "AA" Class contractor and is
a special category "II" class contractor with Government of Gujarat
for the Road construction Work. It partially executes the work at
their own and they sub contracts majority of their work (around
92%) to local agencies. The firm operates largely in Gujarat, with
specific focus on the Dahod, Godhra and Panchmahal regions.
SICO INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sico India
(SI) continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 7,
2022, placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2023, August 3, 2023, August 13, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based, SICO India (SI) was established in 1982 as a
proprietorship firm and is currently being managed by Mr. Savir
Madan. The firm is engaged in trading of ball-bearings from its
office located in Rajouri Garden, Delhi.
SILK COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Silk Cotton
(SC) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.52 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 4, 2022,
placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 20, 2023, June 30, 2023, July 10,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jasdan-based (Gujarat) SC was formed in February 2014as a
partnership firm by Mr. Kalpeshbhai Vaghasiya and Manishbhai
Vekariya with the main objective to carry out cotton ginning and
pressing. SC has already started manufacturing activity from
November 2015.
SINGER IMPEX: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singer
Impex (SI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 5, 2022,
placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 21, 2023, July 1, 2023, July 11, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Surat-based (Gujarat) Singer Impex (SI) was established in 2008 by
Mr Deepak Narang and Mr Ankur Narang. It is engaged in the
wholesale trading of embroidery spare parts. SIM is the authorized
distributor of TOYO brand embroidery parts and needles from China.
SK SAMIR: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sk Samir
Ali (SSA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 1, 2022,
placed the rating(s) of SSA under the 'issuer non-cooperating'
category as SSA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 17, 2023, June 27, 2023, July 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sk. Samir Ali was established in the year 1988 with its office
located at 1/E, Ibrahim Road, Kolkata-700023. Since its inception,
the entity has been engaged in civil construction business in the
segment like bridges and buildings. Further, the entity is also
classified as class 'I (A)' contractor in civil (B&R) under the
department of PWD Government of West Bengal. Class 'I' contractor
can bid for all types and higher value of contracts of Public Works
Department (PWD) in West Bengal. The entity is also engaged in
contractor business with Department of Women and Social welfare,
Government of West Bengal Ministry of Health & Family Welfare,
Government of West Bengaland Howrah Zila Parishad. Sk. Samir Ali
(Proprietor) has more than a decade of experience in civil
construction industry, he looks after the day to day operations of
the entity along with other technical and non-technical
professionals who are having long experience in this industry.
SRINIVASA COTTON: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Cotton Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.23 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 26,
2022, placed the rating(s) of SCI under the 'issuer
non-cooperating' category as SCI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 12, 2023, July 22, 2023, August 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Srinivasa Cotton Industries (SCI) was established in June 20, 2016
and promoted by Mr. B Ramesh, his friends and relatives/family
members. The firm is engaged in cotton ginning & pressing. The
manufacturing unit of cotton ginning and pressing unit with total
installed capacity of 13536 MT of cotton/year is located at Medak
district of Telangana. The firm commenced its operations in the
month of December 2016. The firm purchases raw cotton from local
farmers located in and around Medak district (Telangana). The firm
sells cotton bales to spinning mills in Telangana, Andhra Pradesh
and Tamil Nadu. The firm sells the cotton seeds to the oil mills.
STL EXPORTS: Liquidation Process Case Summary
---------------------------------------------
Debtor: STL Exports Limited
Taraganj Industrial Area,
A.B. Road Sarangpur Rajgarh M.P.
Liquidation Commencement Date: August 11, 2023
Court: National Company Law Tribunal Indore Bench
Liquidator: Mr. Anil Agrawal
342, Marahtal,
Karamchand Chowk, Jabalpur, MP 482002
Email: anilagrawalca1999@gmail.com
2006, Napier Town, Naudra Bridge,
Behind He N She Showroom, Jabalpur, MP 482001
Email: anilagrawalca1999@gmail.com
Last date for
submission of claims: September 29, 2023
SUNLIGHT FUELS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Sunlight Fuels Private 1Limited
M-58, Market Greater Kailash - II
New Delhi - 110048
Liquidation Commencement Date: August 28, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Shailesh Dayal
2/6-A, LGF, Jungpura A,
New Delhi- 110014
Email: shaileshdayalagmail.com
Phone No.: 9811255855
Last date for
submission of claims: September 27, 2023
THAPAR BUILDERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Thapar Builders Private Limited
A-3, Pamposh Enclave
New Delhi - 110048
Insolvency Commencement Date: September 1, 2023
Estimated date of closure of
insolvency resolution process: February 28, 2024
Court: National Company Law Tribunal, New Delhi Bench-III
Insolvency
Professional: Rabindra Kumar Mintri
JD-18-B, Near Ashiana Chowk, Pitampura
New Delhi - 110034
Email: cirp.tbpl@gmail.com
Tel No: +91-98111-63846
1. Mr. Abhay Kumar
307, Gyan Khand 1, Indirapuram,
Ghaziabad - 20101
Email: km.abhay@gmail.com
2. Mr. Pawan Kumar Agrawal
Ground Floor, L-2/37A,Ekta Square,
DDA, Kalkaji, New Delhi-110019
Email: irp@ppglegal.com
3. Mr. Tanveer Ilahi
D-158/AT. No.IV/145, Jaipur Extn. II Badarpur,
New Delhi - 110044
Email: ip.tanveerilahi@gmail.com
Last date for
submission of claims: September 15, 2023
THERMOKING: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Thermoking
(TK) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 7,
2022, placed the rating(s) of TK under the 'issuer non-cooperating'
category as TK had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2023, August 3, 2023, August 13, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based, Thermoking is a proprietorship firm established in
year 1979 by Mr Pradeep Khanna. The firm is engaged in
manufacturing of electronic goods such as air coolers, geysers,
fans, room heaters, exhaust and ventilation, stabilizer, and
water dispenser.
TIRUMALA COTTON: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirumala
Cotton Industries (TCI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.32 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 26,
2022, placed the rating(s) of TCI under the 'issuer
non-cooperating' category as TCI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 12, 2023, July 22, 2023, August 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Tirumala Cotton Industries (TCI) was established in June 20, 2016
and promoted by Mr. B Ramesh, his friends and relatives/family
members. The firm is engaged in cotton ginning & pressing. The
manufacturing unit of cotton ginning and pressing unit with total
installed capacity of 20304 MT of cotton/year is located at Medak
district of Telangana. The firm commenced its operations in the
month of January 2017. The firm purchases raw cotton from local
farmers located in and around Medak district (Telangana). The firm
sells cotton bales to spinning mills in Telangana, Andhra Pradesh
and Tamil Nadu. The firm sell the cotton seeds to the oil mills.
TRICHY-THANJAVUR EXPRESSWAYS: Insolvency Process Case Summary
-------------------------------------------------------------
Debtor: Trichy-Thanjavur Expressways Limited
Plot No. 1129/A, Road No. 36,
Hitech City Road, Jubilee Hills
Hyderabad-500033, TG-500033, India
Insolvency Commencement Date: August 22, 2023
Estimated date of closure of
insolvency resolution process: February 18, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Raghu Babu Gunturu
Email: raghu@ezresolve.in
Email: Trichy-thanjavuexpressways@ezresolve.in
Last date for
submission of claims: September 7, 2023
VARASIDHI VINAYAKA: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Varasidhi Vinayaka Cottons (SVVC) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.40 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 24,
2022, placed the rating(s) of SVVC under the 'issuer
non-cooperating' category as SVVC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SVVC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2023, July 20, 2023, July 30, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sree Varasidhi Vinayaka Cottons (SVVC), was established in 2017 as
a Partnership firm by Mrs.Y.Rajyalakshmi and Mrs.V.Revathi. The
firm has a cotton ginning and pressing factory with a total
installed capacity of 1, 51,200 Quintals p.a. at its manufacturing
unit located at Jogulamba Gadwal District, Telangana State. The
firm has major customers like Sri Lakshmi Saraswathi Textiles Arni
Limited and Subbaraju Cotton Mill Private Limited among others.
SVVC purchases raw cotton from farmers in and around Telangana
state.
VINESH TRADERS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Vinesh Traders Private Limited
C-122, Mansarover Garden,
New Delhi-110015
Liquidation Commencement Date: August 31, 2023
Court: National Company Law Tribunal New Delhi Bench-III
Liquidator: Mr. Sapan Mohan Garg
D-54, First Floor, Defence Colony
New Delhi 110024
Email: sapan10@yahoo.com
Email: ip.vineshtraders@gmail.com
Last date for
submission of claims: September 30, 2023
VINP DISTILLERIES: Ind-Ra Assigns B+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated VINP Distilleries and
Sugars Private Limited's (VINP) bank facilities as follows:
-- INR900 mil. Fund-based limits assigned with IND B+/Stable/IND
A4 rating; and
-- INR2.50 bil. Term loans due on March 2027 assigned with IND B+
/Stable rating.
Key Rating Drivers
Nascent Stage of Operations: VINP started its operation from
January 2023 with its first full crushing season likely to be in
FY24. Therefore, the ability of the company to run the fully
integrated operations will be completely proven by that time as the
promoters are new to this field. However, sugarcane processing and
ethanol production are fairly well entrenched technologies and
hence, the operating risks are likely to be minimal.
Liquidity indicator – Poor: VINP has a repayment obligation of
INR625.2 million in FY24 and FY25 each (payable quarterly), which
shall be paid using EBITDA and additional cash brought in by the
promoter. Around 80% of VINP's fund-based limits were utilized at
end-June 2023. VINP's net working cycle days is likely to be around
215 days in FY24 (FY23:335 days), due to high inventory days of 200
(372).
Moderate Credit Metrics: VINP's interest coverage (operating
EBITDA/gross interest expense) is likely to be 2.33x in FY24 and
its net financial leverage (adjusted net debt/operating EBITDA) is
likely to be 7.35x, due to the higher debt availed during FY23. The
return on capital employed (EBIT/capital) is likely to be around
10% in FY24 and improve further thereafter. Ind-Ra expects VINP to
generate a revenue of around INR2,500 million and EBITDA margins of
around 18.7% in FY24.
Working Capital Intensive Nature of Operations: Since sugar is an
agro-based commodity (with sugarcane crushed mainly during November
to April), sugarcane has to be crushed within a day or two of its
arrival to the factory. Hence, the sugar inventory is piled up
during the crushing season and gradually released till the
commencement of the next crushing season, resulting into high
inventory carrying cost and requirement of higher working capital.
Since sugarcanes are crushed immediately after arrival, ethanol
stocks will pile up unless sold. The working capital requirements
are majorly funded by bank borrowings and credit period. Generally,
payments to farmers shall be made within a month of purchase.
Regulated Industry: Government's policies and schemes such as the
creation of buffer stock, export or interest subsidies, mandatory
blending of ethanol and its pricing may affect VINP's
profitability. Hence, the cessation of any subsidies/schemes or any
material decrease in sugar or ethanol pricing will have an impact
on the company's financials. Various other regulations such as
fixing the raw material prices in the form of state advised prices
or fair & remunerative prices or minimum support price shall also
affect the raw material pricing.
Integrated Operations Leading to Better Efficiency: VINP has a
factory plant setup with a sugarcane crushing capacity of 3,500
tons of cane (TCD), ethanol production capacity of 300 kilo liter
per day (KLPD) and 14 megawatts (MW) power plant. The plant was
setup for INR3,538.5 million, out of which debt funding amounted to
INR2,653.9 million and equity funding amounted to INR884.6 million.
The company has integrated its crushing and ethanol production
plant and it takes six-to-seven days to produce ethanol from the
plant constructed. The factory plant has been setup in such a way
that it can produce ethanol both from sugarcane and from food
grain. The plant is under the testing phase of producing ethanol
from food grain and can be used to produce ethanol during the
non-availability of sugarcane. The plant can be modified to produce
alcohol with a minimum investment of around INR30 million in case
of fall in ethanol demand. Ind-Ra believes on account of the
integrated nature of operations, the supply chain risks are
minimized.
Increased Thrust on Ethanol Production from the Government of India
(GoI): The GoI has been promoting ethanol production under its
Ethanol Blended Petrol (EBP) Programme, which will help the GoI to
save on its import bill and help sugar mills reduce their
dependence on sugar, enabling them to clear the cane arrears. To
promote ethanol, the government has provided interest subvention on
loans for ethanol capacity expansion, fixed the price of ethanol
procured by the oil marketing companies and fixed a separate price
for B heavy molasses-based ethanol and ethanol from sugarcane juice
and so on. Furthermore, in June 2021, the GoI also brought forward
the deadline to increase the ethanol blending in petrol to 20% to
2025 from 2030 earlier. According to the Ministry of Petroleum and
Natural Gas, the worth of the ethanol industry shall jump over 500%
from around INR90,000 million to INR500,000 million.
Promoter's Experience: VINP's promoter has an experience of more
than 20 years in various industries. However, he is new to the
distillery sector.
Rating Sensitivities
Positive: An increase in the scale of operation and credit metrics,
along with an improvement in the liquidity, all on a sustained
basis, could lead to a positive rating action.
Negative: A decline in the scale of operations or deterioration in
the overall credit metrics or the net leverage being above 4x or
any pressure on the liquidity position could lead to a negative
rating action.
Company Profile
VINP was incorporated on January 27, 2021. It has setup a
distillery plant with a capacity of 300KLPD for producing Ethanol
and 14MW power plant at Konankeri Village, Haveri District in
Karnataka. VINP distilleries has entered into agreement with Oil
Manufacturing Companies (Bharat Petroleum Corporation Limited,
Indian Oil Corporation Limited, Hindustan Petroleum Corporation
Limited) for sale of ethanol. The company has started its
operations from January 2023.
WHIZ ENTERPRISE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Whiz Enterprise Private Limited
B-10, Gopi Chamber, Link Road,
Opp. Citi Mall,
Andheri (W), Mumbai - 400053
Insolvency Commencement Date: August 25, 2023
Estimated date of closure of
insolvency resolution process: February 25, 2024
Court: National Company Law Tribunal, Mumbai Bench-IV
Insolvency
Professional: Mr. Raghunath Sabanna Bhandari
Flat No. 501 Raj Atlantis 2,
Opp. SVP High School, Kanakia,
Mira Raod, Thane,
Maharashtra - 401107
Email: raghunathsb@yahoo.com
402, 4th Floor, "A" Wing
Pushp Vinod No. 2 S.V.Road,
Borivali West Mumbai - 400 092
Email: cirp.whiz@gmail.com
Last date for
submission of claims: September 12, 2023
=========
J A P A N
=========
FURUKAWA ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on August 28, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Furukawa Electric Co., Ltd.
Headquartered in Chiyoda City, Tokyo, Japan, Furukawa Electric Co.,
Ltd. manufactures wires, cables, and metal products.
TOKYO ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on August 29, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Tokyo Electric Power Company Holdings, Incorporated.
Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power
Company Holdings, Incorporated generates, transmits, and
distributes electricity.
=====================
N E W Z E A L A N D
=====================
AMAR FOOD: Creditors' Proofs of Debt Due on Sept. 29
----------------------------------------------------
Creditors of Amar Food Limited are required to file their proofs of
debt by Sept. 29, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 29, 2023.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
LUXURY RETAIL: Mulberry UK Buys NZ and Aus Stores From Liquidation
------------------------------------------------------------------
BusinessDesk reports that Mulberry Group, the UK franchisor of the
luxury retail brand, has stepped in to buy the New Zealand and
Australian stores from liquidation.
McGarthNicol's Conor McElhinney and Kare Johnstone were appointed
liquidators of Luxury Retail No.1 in September last year, which
operated the Mulberry store in Auckland's Westfield Newmarket mall.
Their appointment came after its shareholder, which operated the
Australian Mulberry stores, was put into receivership by Mulberry
Company (Australia).
As reported in the Troubled Company Reporter-Asia Pacific in
September 2022, the Australasian group had incurred trading losses
for some time, which the directors attributed in part to Covid
lockdowns and border closures affecting the luxury retail market
Stuff.co.nz said citing a liquidators' report.
The company and its parent were not part of the Mulberry group of
companies but held the franchise to sell Mulberry goods in
Australasia.
The appointment was made due to the Mulberry Group's concerns over
the continued viability of Luxury Retail, and comes after Mulberry
Company (Australia) acquired the secured debt owed by Luxury Retail
to a third party.
The company's total liabilities were listed as NZD1.8 million and
it had assets of more than NZD1 million.
MEDIAR LIMITED: Court to Hear Wind-Up Petition on Sept. 19
----------------------------------------------------------
A petition to wind up the operations of Mediar Limited will be
heard before the High Court at Wellington on Sept. 19, 2023, at
10:00 a.m.
Digilowcost (Asia Pacific) Limited filed the petition against the
company on Oct. 28, 2023.
The Petitioner's solicitor is:
Brett Leeson Martelli
Martelli Yaqub Lawyers Limited
1 St Georges Bay Road
Parnell
Auckland
SFUND LIMITED: Court to Hear Wind-Up Petition on Oct. 9
-------------------------------------------------------
A petition to wind up the operations of Sfund Limited will be heard
before the High Court at Hamilton on Oct. 9, 2023, at 10:45 a.m.
New Zealand Transport Agency filed the petition against the company
on Aug. 18, 2023.
The Petitioner's solicitor is:
M. D. Arthur
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010
SMITH CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 6
-----------------------------------------------------------
Creditors of Smith Construction South Island Limited are required
to file their proofs of debt by Oct. 6, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 2, 2023.
The company's liquidators are:
Trevor Edwin Laing
Emma Margaret Laing
Laing Insolvency Specialists Limited
PO Box 2468
Dunedin 9044
TALEGEO LIMITED: Waterstone Insolvency Appointed as Receiver
------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Sept.
5, 2023, were appointed as receivers and managers of Talegeo
Limited and Shafkat Asif Mahbub.
The receivers and managers may be reached at:
Waterstone Insolvency
16 Piermark Drive
Rosedale
Auckland 0632
=====================
P H I L I P P I N E S
=====================
CEBU AIR: Egan-Jones Retains CCC- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on August 29, 2023, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Cebu Air Inc. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Pasay, Philippines, Cebu Air Inc. operates an
airline which provides air transportation services.
=================
S I N G A P O R E
=================
COOLING SYSTEMS: Creditors' Meetings Set for Oct. 10
----------------------------------------------------
Cooling Systems & Flexibles (Pte.) Ltd. will hold a meeting for its
creditors on Oct. 10, 2023, at 12:30 p.m., via electronic means.
Agenda of the meeting includes:
a. to lay before the Company and the creditors a report showing
how the winding up has been conducted;
b. to approve the appointment of Infinitus Law Corporation as
solicitors of the Liquidator to assist him with the
application to Court for release as Liquidator;
c. to approve the Liquidator's fees of SGD97,200.00 (including
GST); and
d. to consent to the discharge of the Liquidator and
dissolution of the Company.
HEALTHSCIENCES INTERNATIONAL: Creditors' Meetings Set for Sept. 29
------------------------------------------------------------------
Healthsciences International Pte Ltd will hold a meeting for its
creditors on Sept. 29, 2023, at 10:00 a.m., via electronic means.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint Cameron Lindsay Duncan and David Dong-Won
Kim of KordaMentha as Liquidators of the Company for the
purpose of such winding up and that their remuneration be
based on the normal scale rates and be paid out of the
Company assets;
c. to appoint a Committee of Inspection;
d. to resolve that the Liquidators be at liberty to open,
maintain and operate any bank account or an account for
monies received by them as Liquidators of the Company, with
such bank as the Liquidators deem fit;
e. to resolve that the Liquidators be authorised to exercise
any of the powers provided by Section 144(1)(b), (c), (d),
(e) and (f) of the Insolvency, Restructuring and Dissolution
Act 2018; and
f. Any other business.
JR AUTOCAR: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Sept. 8, 2023, to
wind up the operations of JR Autocar Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
PIVOT LEARNING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Sept. 8, 2023, to
wind up the operations of Pivot Learning Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
SCCPRE TWELVE: Creditors' Proofs of Debt Due on Oct. 13
-------------------------------------------------------
Creditors of Sccpre Twelve (S) Pte. Ltd. are required to file their
proofs of debt by Oct. 13, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Sept. 7, 2023.
The company's liquidator is:
Lai Seng Kwoon
c/o 12 Marina View #15-01
Asia Square Tower 2
Singapore 018961
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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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 ***