/raid1/www/Hosts/bankrupt/TCRAP_Public/231101.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, November 1, 2023, Vol. 26, No. 219
Headlines
A U S T R A L I A
BAD SHEPHERD: Second Creditors' Meeting Set for Nov. 3
COMO HOMES: Collapses Into Liquidation After Court Order
F45 TRAINING: Four More Gyms Appoint Restructuring Partner
HRVST ST: First Creditors' Meeting Set for Nov. 3
L M G BUILDING: First Creditors' Meeting Set for Nov. 6
O'NEILL INVESTMENT: First Creditors' Meeting Set for Nov. 3
TASTY FOOD: First Creditors' Meeting Set for Nov. 6
C H I N A
FANTASIA HOLDINGS: Inks 36-Month Cooperation Pact With Blue Green
I N D I A
AAREN INTPRO: CARE Keeps C Debt Rating in Not Cooperating Category
AASTHA HI-TECH: CARE Keeps D Debt Rating in Not Cooperating
AHMEDABAD RING: Insolvency Resolution Process Case Summary
ALEXANDRE QUALITY: Voluntary Liquidation Process Case Summary
ALLFLEX PLASTICS: CARE Keeps C Debt Rating in Not Cooperating
ASSOCIATE BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
BALESHWAR KHARAGPUR: Ind-Ra Keeps D Loan Rating in NonCooperating
BALPRADA HOTELS: Ind-Ra Gives B+ Loan Rating, Outlook Stable
BARWA ADDA: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
BHARAT WATERFRONT: Insolvency Resolution Process Case Summary
CAROL INFO: Ind-Ra Withdraws BB+ Term Loan Rating
D. NITIN: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
DEVKI NANDAN: CRISIL Keeps D Debt Ratings in Not Cooperating
EASUN PRODUCTS: Liquidation Process Case Summary
GAJANANA TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
GEETA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
GLOBAL JEWELLERY: CARE Keeps C Debt Rating in Not Cooperating
GOLDENLINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
GRANDSTAR REALTY: Insolvency Resolution Process Case Summary
GYASI RAM: CRISIL Keeps D Ratings in Not Cooperating Category
JAY FORMULATION: Insolvency Resolution Process Case Summary
JHARKHAND ROAD: CARE Keeps D Debt Rating in Not Cooperating
JIVANJYOT MOTORS: Liquidation Process Case Summary
JSR MULBAGAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KARYAVATTOM SPORTS: Ind-Ra Keeps D Loan Rating in NonCooperating
LAKSHMI TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
LL LOGISTICS: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
LLOYD ROCKFIBRES: Voluntary Liquidation Process Case Summary
LOKESH SECFIN: Insolvency Resolution Process Case Summary
MA ENTERPRISES: Ind-Ra Moves D Loan Rating in Non-Cooperating
MANGLAM FISCAL: Insolvency Resolution Process Case Summary
MANOJ CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
MATRUSHRI FIBERS: Insolvency Resolution Process Case Summary
MEDICAL LABORATORY: Voluntary Liquidation Process Case Summary
MOTHER'S EDUCATIONAL: CRISIL Keeps C Rating in Not Cooperating
NARAYAN BUILDERS: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
PRADEEP UDYOG: CARE Keeps D Debt Rating in Not Cooperating
RADIUS & DERSERVE: Insolvency Resolution Process Case Summary
RAJESHREE FIBERS: CARE Keeps D Debt Rating in Not Cooperating
RAJESHREE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
RAVINDRA KUMAR: CARE Keeps C Debt Rating in Not Cooperating
RCM INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
RECONSTRUCTIVE SURGERY: Voluntary Liquidation Process Case Summary
RELIGARE FINVEST: Ind-Ra Affirms D Bank Loan Rating
RESURGENT POWER: CARE Keeps D Debt Ratings in Not Cooperating
RSKS AUTOMOTIVES: Ind-Ra Moves BB- Loan Rating to NonCooperating
SAPTHAVARNA BUILDERS: CRISIL Keeps D Ratings in Not Cooperating
SHAMRAO PATIL: CARE Keeps D Debt Rating in Not Cooperating
SHIVPRASAD FOODS: Ind-Ra Cuts Bank Loan Rating to D
SOLAPUR TOLLWAYS: Ind-Ra Affirms D Term Loan Rating
SONI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
SRINIVASA FASHIONS: CRISIL Moves D Ratings to Not Cooperating
TAPI PRESTRESSED: CRISIL Keeps D Debt Ratings in Not Cooperating
USHA CONSTRUCTION: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
VAH VAH INSTITUTE: Voluntary Liquidation Process Case Summary
VICTORT SPINNING: Ind-Ra Cuts Bank Loan Rating to BB
M A L A Y S I A
KNM GROUP: Seeks 1-Year Extension to Pass PN17 Regularisation Plan
N E W Z E A L A N D
DEEP CREEK: Brewing Company Goes Into Liquidation
GOOD FOOD: Creditors' Proofs of Debt Due on Nov. 30
KICK FOR TOUCH: Creditors' Proofs of Debt Due on Nov. 24
KP999 ENTERPRISES: Court to Hear Wind-Up Petition on Nov. 10
POINTBREAK CONSTRUCTION: Creditors' Proofs of Debt Due on Dec. 5
RUAPEHU ALPINE: Calibre Partners Appointed as Receivers
SUPIE LTD: Grocer Placed Into Administration
S I N G A P O R E
GINA KROG: Creditors' Proofs of Debt Due on Nov. 29
MAKRANA LH: Creditors' Proofs of Debt Due on Nov. 10
MARY CHIA: Subsidiary to Liquidate Celebrity Hair Salon VS Monsoon
NEW SILKROUTES: Court Hearing to Approve Scheme Set for Nov. 14
VOLTAGE 988: Court Enters Wind-Up Order
YELLOW RIVER: Court to Hear Wind-Up Petition on Nov. 10
S O U T H K O R E A
ASIANA AIRLINES: Korean Air Delays Submission of Documents to EC
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A U S T R A L I A
=================
BAD SHEPHERD: Second Creditors' Meeting Set for Nov. 3
------------------------------------------------------
A second meeting of creditors in the proceedings of Bad Shepherd
Brewing Co. Pty Ltd has been set for Nov. 3, 2023 at 11:00 a.m. via
Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 2, 2023 at 4:00 p.m.
Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of the company on Oct. 10, 2023.
COMO HOMES: Collapses Into Liquidation After Court Order
--------------------------------------------------------
News.com.au reports that a residential building company has
collapsed into liquidation just a few months after landing in court
over nearly AUD1 million in unpaid debts.
News.com.au can reveal that the Victorian Supreme Court ordered
Melbourne-based Como Homes Pty Ltd to wind up on Oct. 31.
According to the report, Honourable Associate Justice Gobbo ordered
that "Como Homes Pty Ltd be wound up in insolvency under the
provisions of the Corporations Act 2001".
Guiseppe Michele Rambaldi and Innis Anthony Cull of insolvency firm
Pitcher Partners have been appointed as liquidators.
It's unknown how many homeowners and creditors have been impacted
but in the final court proceedings, there were 11 separate
creditors aiming to have the company wound up.
A social media group of Como homeowners has 64 members.
Como Homes is a residential builder based in Dandenong in
Melbourne's southeast which has been a registered business since
2017, according to the corporate regulator.
The firm has been involved in a messy legal fight since the
beginning of this year and in July, news.com.au reported that 13
creditors were chasing it for debts totalling nearly AUD1 million.
Como Homes director Christian Kidd proposed selling his family home
in an earlier court hearing to pay back debts and at the time the
company was spared from going into liquidation. On Tuesday,
however, the business was ultimately ordered to shut down forever.
The director's solicitor James Shannon told news.com.au his client
had tried everything to meet his obligations to homeowners and
suppliers.
"It's no secret that the construction industry has experienced a
difficult couple of years," news.com.au quotes Mr. Shannon as
saying.
"Unlike many, Mr. Kidd sought to meet his obligations both to his
customers and to his creditors, going so far as to sell his own
home to do so.
"In the end it wasn't enough, but he deserves the utmost credit for
his efforts."
Mr. Kidd was also sought for additional comment.
Others, however, aren't as impressed.
News.com.au relates that Brendan is relieved the company has gone
under because he can finally access a last resort insurance scheme
to recover the AUD35,000 deposit he paid.
The 56-year-old signed a contract with Como Homes in July last year
but so far only has a vacant lot to show for it.
On January 24, Flooring Xtra began winding up proceedings against
the embattled construction firm after it failed to comply with a
statutory demand for payment, news.com.au recalls.
The flooring supplier provided invoices which showed from July and
August last year, Como Homes racked up debts of AUD141,000 in those
two months but never paid.
Flooring Xtra suspended work with the company in August and several
months later lodged documents with the Supreme Court.
This lodgement sparked a pile-on for Como Homes.
A further 12 other applicants joined the court proceedings as
supporting creditors in the following months, news.com.au adds.
F45 TRAINING: Four More Gyms Appoint Restructuring Partner
----------------------------------------------------------
News.com.au reports that four more F45 gyms appear to be on the
verge of collapse after appointing a restructuring partner to
rejuvenate the business.
Earlier this month, on October 19, several gyms in Queensland and
far north NSW under the same business group appointed Bill
Karageozis and Nick Keramos of restructuring firm Mcleods
Accounting, news.com.au relates.
Those businesses traded under the names F45 Training Mount Isa, F45
Training Burleigh Heads, F45 Training Gold Coast, based across
Queensland, and F45 Training Tweed Heads, on the NSW-Queensland
border.
It's understood high-profile former rugby league footballer Nate
Myles is the owner of these gyms, the report says.
"Each of the appointments are currently in their infancy," Mr.
Keramos told news.com.au. "We as Restructuring Practitioners
(Registered Liquidators with ASIC) have commenced our
investigations into the affairs of each of the company's (sic). We
are unable to comment any further at this point."
Another gym, F45 Toowoomba West, was also listed on the ASIC
notice, but its owner Tania Hayes said she had bought the business
three months prior and was not affected by the restructuring
appointments. "F45 Toowoomba West is fully operational and going
strong. It is now locally owned by Tania Hayes. We aren't going
anywhere," she said.
It comes as last week news.com.au revealed that yet another F45 gym
based in Melbourne's Bayswater North had gone into liquidation,
adding to a growing pile of defunct gyms in the embattled
Australian chain known for its 45-minute high intensity interval
training (HIIT) classes.
Serkan Honeine, 34, is running a rival group training business
called C3 Training and his strategy is to acquire the already
fitted-out gyms from flailing F45 franchisees at incredibly cheap
prices, according to news.com.au.
According to Mr. Honeine's broker, there are currently 151
distressed F45 locations up for sale across the country with some
F45 owners just looking to surrender their lease for no cost.
News.com.au relates that Mr. Honeine's C3 Training business has
seven sites across Sydney, and two of those are thanks to taking
over the premises of gyms formerly part of the F45 network.
"We're speaking with brokers all the time, where can we find
locations (for our gyms)," he said.
It's here that his broker discovered 151 F45 franchisees were
trying to sell up their businesses.
That's a massive spike since March, when news.com.au reported that
48 F45 gyms had been listed on sales website anybusiness.com.
That means almost 30 per cent of F45's gyms are up for sale, as the
brand has nearly 500 across Australia, the report noets.
"Unfortunately (for) a lot of F45 (franchisees), if they can't exit
their lease, they're going to be forced to shut down," Mr. Honeine
explained.
As a result, three weeks ago, C3 Training took over the F45 Padstow
gym in Sydney's west.
The Padstow branch couldn't find a buyer so "we went in there and
took over the lease" the C3 boss said, news.com.au relays.
It has since been repainted and the logo has been replaced with
that of C3 Training.
And earlier, in July, the owner of F45 Drummoyne in Sydney's inner
west decided to make the jump to C3 Training after seeing his
membership base dwindle to one third of its original size.
The Drummoyne company director, Jack Burke, said to news.com.au "At
its peak, F45 Drummoyne had over 300 members" but then this "slowly
dwindled away to fewer than 100 members".
Mr. Burke made the switch to C3 Training and claims his membership
base has jumped by 50 per cent almost immediately.
HRVST ST: First Creditors' Meeting Set for Nov. 3
-------------------------------------------------
A first meeting of the creditors in the proceedings of HRVST ST Pty
Ltd will be held on Nov. 3, 2023, at 1:30 p.m. at Suite 1, Level
14, 110 Eagle Street in Brisbane and via Microsoft Teams.
Andrew Weatherley of WCT Advisory was appointed as administrator of
the company on Oct. 25, 2023.
L M G BUILDING: First Creditors' Meeting Set for Nov. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of L M G
Building Pty Ltd will be held on Nov. 6, 2023, at 11:00 a.m. at the
offices of 'Westburn Advisory' at Level 5, 115 Pitt Street in
Sydney.
Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on Oct. 25, 2023.
O'NEILL INVESTMENT: First Creditors' Meeting Set for Nov. 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of The O'Neill
Investment Company Pty Ltd will be held on Nov. 3, 2023, at 10:00
a.m. at the offices of Pearce & Heers, Level 12, 127 Creek Street
in Brisbane.
Michael Dullaway and Mark William Pearce of Pearce & Heers
Insolvency Accountants were appointed as administrators of the
company on Oct. 24, 2023.
TASTY FOOD: First Creditors' Meeting Set for Nov. 6
---------------------------------------------------
A first meeting of the creditors in the proceedings of Tasty Food
Group Pty Ltd will be held on Nov. 6, 2023, at 11:00 a.m. via
virtual meeting only.
Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on Oct. 25, 2023.
=========
C H I N A
=========
FANTASIA HOLDINGS: Inks 36-Month Cooperation Pact With Blue Green
-----------------------------------------------------------------
South China Morning Post reports that Fantasia Holdings Group has
signed an initial agreement with a Hangzhou-based property services
company that could help the struggling mainland Chinese developer
alleviate its liquidity pressure and step up its debt-restructuring
pace.
The Post relates that Fantasia Group (China), a wholly owned
subsidiary, will cooperate with Blue Green Shuangcheng under a
"co-construction" model, according to a filing to the Hong Kong
stock exchange on Oct. 27.
Blue Green is controlled by Cao Zhounan, the former CEO of
Greentown China Holdings, which once ranked among the top 10
developers in mainland China.
Under the agreement, Blue Green will help Fantasia to formulate
plans to reorganise its property projects on the mainland,
facilitate communication with onshore creditors and implement
strategies to accelerate the sale of properties and other assets,
the report relays.
The Post adds that the companies could also extend the agreement
for services related to property projects, the statement said. The
cooperation is for an initial period of 36 months and could be
extended.
Both parties will establish a special working group to discuss and
promote cooperation intended under the agreement, the statement
said.
According to the Post, the move is the latest effort by Fantasia to
deal with its onshore debt after creditors recently approved a
payment-extension proposal on two onshore bonds due this year.
Fantasia had also won approval from creditors holding over 75 per
cent of involved offshore debt to restructure it in May.
The company's overall debt, including senior notes and bonds and
asset-backed securities, amounted to CNY62.1 billion (US$8.5
billion) on June 30, of which nearly CNY54 billion was due within a
year.
Founded in 1996 by Zeng Jie, also known as Zeng Baobao, the niece
of China's former vice-president Zeng Qinghong, Fantasia was among
the earliest mainland Chinese developers to default on their
offshore debt in October 2021 following Beijing's "three red lines"
move in August 2020 to curb excessive leverage in the sector, the
Post notes.
Fantasia Holdings Group Co., Limited, an investment holding
company, invests in, develops, sells, and leases commercial and
residential properties primarily in the People's Republic of
China.
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I N D I A
=========
AAREN INTPRO: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aaren
Intpro (AI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.00 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 16,
2022, placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI 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. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 2, 2023, August 12, 2023, August 22, 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).
Analytical approach: Standalone
Outlook: Stable
Bengaluru (Karnataka) based Aaren Intpro (AI) is a partnership firm
and was established in the year 1990 by Mr. Mohanlal M Patel along
with his family members under the name "Poonam Timbers". In
November 2015 the firm changed its name to current nomenclature
i.e. Aaren Intpro. The firm is primarily engaged in the trading of
interior products (basically Wood, ply wood, Laminates, veneer,
Architectural Hardware fittings, kitchen furniture, ward robes,
Tiles and sanitary fittings etc.). The firm deals into luxury
segment of interior products. AI generates 20% of the revenue from
contractors & builders, remaining 80% from retail individual
customers located across India. AI has expanded its product range
and included Architectural Hardware fittings, kitchen furniture,
ward robes, Tiles and sanitary fittings etc. AI is selling the
products under the brand names "Peeltly", "In Class Veneers' among
others. The firm imports 50% of the products from Europe and
Southeast Asia countries.
AASTHA HI-TECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aastha
HI-Tech Storage Llp (AHSL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 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 7,
2022, placed the rating(s) of AHSL under the 'issuer
non-cooperating' category as AHSL 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. AHSL
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).
Aastha Hi-Tech Storage LLP (AHSL) was established in August 2013 by
Mr. Deepakkumar Vaswani, Mr. Baldevji Thakor, Mr. Kiritkumar
Dhanesinh Chauhan, Mr. Narendrapalsinh Joddha, Mr. Janeshbhai
Patel, Mr. Harichandrasinh Bhati and Mr. Samirkumar Patel. AHSL's
commercial operations started from April 2015 and FY16 was its
first full year of operations. AHSL was set up to provide cold
storage facilities at Banaskatha (Gujarat) with total installed
capacity of 9000 MTPA (Metric Tonnes Per Annum) as on March 31,
2016. The main objective of setting up AHSL is to preserve potatoes
and other vegetables for longer duration. The plant is located at
ban (Gujarat) which is one of the major Potatoes growing area
region in Gujarat.
AHMEDABAD RING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ahmedabad Ring Road Infrastructure Limited
"Sadbhav House", Opp. Law Garden,
Police Chowki, Ellishbridge,
Ahmedabad, Gujarat-380006 India
Insolvency Commencement Date: September 27, 2023
Estimated date of closure of
insolvency resolution process: March 25, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Jigar Tarunkumar Bhatt
1010, Shilp-Zaveri, Shyamal Cross Roads,
Satellite, Ahmedabad-380015, Gujarat
Email: jigarb.jigarb@gmail.com
cirp.aril@gmail.com
Last date for
submission of claims: October 14, 2023
ALEXANDRE QUALITY: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Alexandre Quality Management India Private Limited
E-41, First Basement, Okhla Industrial Area,
Phase II, New Delhi-110020
Liquidation Commencement Date: September 22, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: CS Manish Gupta
207, Sucket Chambers,
1224/5, Bank Street, Near Faiz Road,
Karol Bagh, New Delhi-110005
Email: liquidation.aqmi@gmail.com
Contact No: +91 92122 21110
Last date for
submission of claims: October 22, 2023
ALLFLEX PLASTICS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Allflex
Plastics LLP (APL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.94 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.60 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 23,
2022, placed the rating(s) of APL under the 'issuer
non-cooperating' category as APL 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. APL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 9, 2023, August 19, 2023, August 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).
Established in December 2014, Allflex Plastics LLP (APL) was
promoted by Mr. Kamlesh Thakkar and Mr. Rushab Thakkar for setting
up a manufacturing unit of flex banner. After successfully setting
up its plant, the firm has commenced its manufacturing operations
from April 2016. Prior to manufacturing operations, the firm was
dealing with securities trading. The manufacturing facility of the
firm is located at Howrah, West Bengal with aggregate installed
capacity of 14400 pieces of flex banner per annum.
ASSOCIATE BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Associate
Builders and Traders (ABT) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.15 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.00 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 October 18,
2022, placed the rating(s) of ABT under the 'issuer
non-cooperating' category as ABT 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. ABT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 3, 2023, September 13, 2023, September
23, 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).
Associate Builders & Traders (ABT) was established as a partnership
firm in 1996. The current partners of the firm are Mr Atal Bihari
Tripathi and Mr Santosh Kumar Tripathi. The firm is engaged
construction of roads, flyovers, civil construction etc. mainly in
Uttar Pradesh region.
BALESHWAR KHARAGPUR: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Baleshwar
Kharagpur Expressway Limited's 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 through
phone calls and emails. 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 action is:
-- INR3,936.2 bil. (INR3,916.4 bil. outstanding as of March 31,
2020) Senior project bank loans due on June 2030 maintained
in the 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
September 4, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Company Profile
Baleshwar Kharagpur Expressway operates a 24-year concession
project to construct bridges/structures and repair the existing
four-lane highway from Baleshwar to Kharagpur of National Highway
60 in Odisha and West Bengal. The project was awarded on a design,
build, finance, operate and transfer basis by the National Highways
Authority of India ('IND AAA'/Stable).
BALPRADA HOTELS: Ind-Ra Gives B+ Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Balprada Hotels &
Hospitality Private Limited's (BHHPL) debt instrument as follows:
-- INR462.16 mil. Term loan with June 30, 2027 assigned with IND
B+/Stable rating.
Key Rating Drivers
Liquidity Indicator - Poor: BHHPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The company has not availed any working
capital facilities from bank. The cash flow from operations
improved to INR181.17 million in FY23 (FY22: INR92.90 million), due
to an increase in the EBITDA. Furthermore, the free cash flow stood
at INR180.19 million in FY23 (FY22: INR92.90 million) due to an
absence of any capital expenditure. The net working capital cycle
stood at negative 44 days in FY23 (FY22: negative 20 days) due to a
long payables period of 104 days (50 days). The cash and cash
equivalents stood at INR16.2 million at FYE23 (FYE22: INR11.89
million). FY23 numbers are provisional.
The ratings reflect BHHPL's small scale of operations with a
revenue of INR614.64 million in FY23 (FY22: INR695.03 million,
FY21: INR1,001.12 million). BHHPL generated 98.1% of its total
revenue through hotel operations during FY23 (FY22: 38.6%, FY21:
12.4%), and the remaining 1.9% by trading in food grains (61.4%,
87.6%). The operations were severely impacted during FY21 and FY22
due to Covid-19, which led the company to increase its activities
in the trading segment. However, BHHPL was able to generate a
significant portion of its revenue solely through hotel operations
in FY23, on account of the easing of COVID-19-led restrictions
which led to an increase in the demand for vacations, meetings,
conference exhibitions (including weddings) that aided its
occupancy and the average room rent (ARR). During 4MFY24, BHHPL
had booked a revenue of around INR270 million. In FY24, Ind-Ra
expects the revenue to improve with an increase in the ARR.
The ratings also factor in the BHHPL's healthy EBITDA margin of
38.03% in FY23 (FY22: 15.23%) with a return on capital employed of
24.1% (5.8%). BHHPL was able to improve its EBITDA margins in FY23,
as the company's revenue mix was significantly altered during the
year, and 98.1% of its total revenue came from hotel operations
(FY22: 38.6%), which offer higher margins than trading food grains.
Furthermore, the company is not likely to increase its activities
in the trading segment over the near term as the hotel operations
have stabilized post COVID-19, which is why Ind-Ra does not expect
a significant fluctuation in the margins.
The ratings also reflect BHHPL's moderate credit metrics as
reflected in its interest coverage (operating EBITDA/gross interest
expenses) of 3.06x in FY23 (FY22: 1.23x) and net leverage (adjusted
net debt/operating EBITDAR) of 7.11x (17.45x). In FY23, the metrics
improved due to a significant rise in the absolute EBITDA to
INR233.73 million (FY22: INR105.84 million) and a decline in the
adjusted net debt to INR1,679.09 million (INR1,858.66 million). In
FY24, Ind-Ra expects the credit metrics to improve with a rise in
the EBITDA and a further decline in the net debt.
However, the ratings are supported by the promoters' experience of
more than 10 years in the hospitality industry.
Rating Sensitivities
Positive: An improvement in the scale of operations as well as in
the liquidity profile, with the net leverage reducing below 5.5x,
all on a sustained basis, could lead to a positive rating action.
Negative: A decline in the scale of operations or profitability,
leading to deterioration in the overall credit metrics or a further
pressure on the liquidity position, all on a sustained basis, could
lead to a negative rating action.
Company Profile
Incorporated in September 2004, BHHPL is a subsidiary of JMD
Limited. The company operates a 184 room 4-star hotel named, Double
Tree by Hilton at Golf Course Road, Sec 56 in Gurugram. The hotel
started commercial operations in March 2012.
BARWA ADDA: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Barwa Adda
Expressway Limited's (BAEL) bank loans' rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. 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 detailed rating action is:
-- INR14.400 bil. (INR12,591.2 bil. outstanding as of August 31,
2020) Term loan (long term) due on June 2030 maintained in
the 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 September 7, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Company Profile
BAEL has been granted a 20-year concession by the National Highways
Authority of India ('IND AAA'/Stable) to widen the
Barwa-Adda-Panagarh section of NH-2 to 521.120km from 398.240km to
six lanes including Panagarh Bypass in the states of Jharkhand and
West Bengal on a design, build, fund, operate, and transfer basis.
BAEL shall pay an annual premium amount of INR420 million from the
appointed date and an escalation of 5% thereafter. BAEL has been
granted a 20-year concession by the National Highways Authority of
India ('IND AAA'/Stable) to widen the Barwa-Adda-Panagarh section
of NH-2 to 521.120km from 398.240km to six lanes including Panagarh
Bypass in the states of Jharkhand and West Bengal on a design,
build, fund, operate, and transfer basis. BAEL shall pay an annual
premium amount of INR420 million from the appointed date and an
escalation of 5% thereafter.
BHARAT WATERFRONT: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Bharat Waterfront Private Limited
Sanpras Corporate Capital, # 115/1 & 115/29
6th Floor, Sheraton Towers, Financial District,
Nanakramguda, Gachibowli,Hyderabad-500032
Insolvency Commencement Date: October 4, 2023
Estimated date of closure of
insolvency resolution process: April 1, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Murali Mohan Chevuturi
Plot No. 9, Flat No. 201,
2nd Floor, Dream Home Vasista,
Barafbagh Colony, Lower Tankbund Road,
Hyderabad-500029
Email : cirpbharatwaterfront@gmail.com
Last date for
submission of claims: October 18, 2023
CAROL INFO: Ind-Ra Withdraws BB+ Term Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Carol Info
Services Limited's term loan rating are:
-- The 'IND BB+/Stable' rating on the INR3,193.21 bil. Term loan
due on February 2035 is withdrawn.
Key Rating Drivers
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-due certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
Company Profile
Carol Info Services, a subsidiary of Khorakiwala Holdings and
Investments Private Limited, is primarily engaged in the business
of leasing out immoveable property in Mumbai and Aurangabad
D. NITIN: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated D. Nitin & Co Private
Limited's (DNCPL) banking facilities as follows:
-- INR445 mil. Fund-based working capital limit assigned with IND
BB+/Stable/IND A4+ rating.
Key Rating Drivers
The rating reflects DNCPL's medium scale of operations, with its
revenue expanding at a CAGR of 15% over FY20-FY23. Its revenue
increased to INR2,642 million in FY23 (FY22: INR2,420 million),
mainly due to an increase in demand from end users. Its exports of
cut-polished diamonds (CPD) contributed around 33% to the revenue
while domestic sales accounted for 67% in FY23. Ind-Ra expects the
revenue to moderate over the near term, due to a likely decline in
the CPD industry.
DNCPL EBITDA margins remained modest at 2.5%-2.8% during FY20-FY23,
due to low value-addition, intense competitive and fragmented
nature of the diamond industry. DNCPL's margins are susceptible to
price volatility of rough and polished diamonds. The return on
capital employed was 3.1% in FY23 (FY22: 2.8%). The company also
faces foreign exchange risk. As export markets contributed around
33% to its total revenue, any country specific risk would have a
significant impact on DNCPL profitability.
The rating reflects DNCPL's modest credit metrics. Its net
financial leverage (Ind-Ra-adjusted debt/operating EBITDAR) rose to
3.34x in FY23 (FY22: 2.81x), due to higher utilization of
short-term debt of INR258 million (INR208 million) availed by the
firm as working capital limits, and lower profit margins, while the
gross interest coverage (operating EBITDAR/gross interest expense +
rents) fell to 6.38x (7.18x), due to a rise in interest costs. Ind
Ra expects the credit metrics to remain comfortable in the near
term.
Liquidity Indicator -Stretched: DNCPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The average maximum utilization of
the fund-based limits was 58% during the 12 months ended September
2023, with no instances of overutilization. The cash flow from
operations turned to negative INR 55.41 million in FY23 (FY22:
INR128 million), due to unfavorable changes in the working capital.
The free cash flow also turned negative at INR66 million in FY23
(FY22: INR115 million). The net working capital cycle remained
elongated at 194 days in FY23 (FY22: 181 days), due to a stretch in
the inventory days to 238 (212). The cash and cash equivalents
stood at INR21 million at FYE23 (FYE22: INR34 million).
However, the rating is supported by promoter's experience in the
CPD industry. DNCPL was established in 1991 as a partnership
concern and subsequently converted into a private limited company
in 2014. The company is promoted by Devjibhai Muljibhai Kakadia and
Damjibhai Muljibhai Kakadia who have more than three decades of
experience in the CPD industry.
Rating Sensitivities
Positive: A substantial increase in the scale of operations along
with an improvement in liquidity while maintaining credit metrics,
on a sustained basis, will be positive for the ratings.
Negative: Substantial deterioration in the scale of operations or
deterioration in the overall liquidity position or deterioration in
credit metrics leading to the interest coverage falling below 2x,
on a sustained basis, will be negative for the ratings.
Company Profile
DNCPL was incorporated in 1991 and imports rough diamonds and
processes them to CPDs. DNCPL sources rough diamonds from the
secondary markets from UAE and Belgium and sells polished diamonds
across the world. DNCPL has a manufacturing unit at Surat (Gujarat)
and a marketing office is in Mumbai.
DEVKI NANDAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devki Nandan
Minerals Private Limited (DNMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.9 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DNMPL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DNMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DNMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DNMPL continues to be 'CRISIL D Issuer Not Cooperating'.
DNMPL was set up in 2016, by promoters, Mr Paresh Nathabhai Gopani,
Mr Kailash Laxman Jakasania, and Mr Dinesh Kachrabhai Ghodasara.
The company manufactures non-metallic minerals at its plant in
Morbi. Operations commenced in August 2017 only.
EASUN PRODUCTS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Easun Products of India Private Limited
Temple Tower, 6th Floor, 672 Annasalai,
Chennai- TN 600 035
Liquidation Commencement Date: September 12, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: G. Mukundan
29A, First Main Road, ERI Scheme,
Mogappair, Chennai-600037
Email: liquidatoreasunproducts@gmail.com
Last date for
submission of claims: October 11, 2023
GAJANANA TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gajanana
Traders (GT) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Open Cash Credit 8.77 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GT for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GT
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2012, GT is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located in East Godavari, Andhra Pradesh. The day to day operations
are managed by Mr. Srinivas Maroju.
GEETA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Geeta
Educational TrustKurukshetra (GET) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.75 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 October 18,
2022, placed the rating(s) of GET under the 'issuer
non-cooperating' category as GET 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. GET
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 3, 2023, September 13, 2023, September
23, 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).
Geeta Educational Trust (GET) got registered under the Society
Registration Act- 1860 in 2007 and is being managed by Mr. Rakesh
Goel, Mr. Neeraj Garg, Mr. Vinod Goel, Mr. Rajat Garg and Mr.
Ramesh Goel as the trustees. The society was formed with an
objective to provide higher education in the field of engineering,
computer science and management. The society has established a
college, namely, Geeta Institute of Management and Technology
(GIMT) in Kurukshetra, Haryana in the year 2007.
GLOBAL JEWELLERY: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Global
Jewellery Private Limited (GJPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.50 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 October 4,
2022, placed the rating(s) of GJPL under the 'issuer
non-cooperating' category as GJPL 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. GJPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 20, 2023, August 30, 2023, September 09,
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).
Global Jewellery Private Limited (GJPL) [erstwhile Suashish
Jewellery Exports Limited (SJEL)] is engaged in manufacturing of
order-based gold and diamond studded jewellery. GJPL is a 100%
exports-oriented unit with manufacturing facility located in
Santacruz Electronics Exports Processing Zone (SEEPZ), at Andheri
(East), Mumbai.
GOLDENLINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goldenline
Infrastructures Private Limited (GIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GIPL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIPL continues to be 'CRISIL D Issuer Not Cooperating'.
GIPL was incorporated in 2006, promoted by Mr. Ashish Gupta along
with Aerens Gold Souk International Ltd of Gurgaon, Haryana. The
company is setting up a residential project, Aerens Golden Tulip,
at Ajmer, Rajasthan.
GRANDSTAR REALTY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Grandstar Realty Private Limited
H-65, Connaught Circus, New Delhi, Central Delhi-110001
Insolvency Commencement Date: September 26, 2023
Estimated date of closure of
insolvency resolution process: March 23, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Jalesh Kumar Grover
SCO-818, 2nd Floor,
Above Yes Bank, NAC,
Manimajra, Chandigarh-160101
Email: jk.grover27gmail.com
ip.grandstarcirp@gmail.com
Mobile No: 95010-81808
98759-21490
Last date for
submission of claims: October 10, 2023
GYASI RAM: CRISIL Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gyasi Ram
Educational Society (GRES) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 1.49 CRISIL D (Issuer Not
Cooperating)
Term Loan 11.83 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GRES for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GRES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRES continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
GRES was setup in 2008 in Sonipat, Haryana. The society has two
colleges in Sonipat, Haryana; International Institute of Technology
and Business (I2TB) offering courses in engineering and BBA and
International Institute of Pharmaceutical Sciences (I2PS), offering
courses in pharmacy and medical lab technology. The founding
members of the society are Prof. Rakesh Ranjan, Mr. Ved Dahiya,
Prof. Jyoti Ranjan and Mr. Arun Thakran.
JAY FORMULATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Jay Formulation Limited
13, First Floor, Harikrishna Complex,
B/H Dipalee Cinema, Ashram Road,
Ahmedabad, Gujarat 380009
Insolvency Commencement Date: September 26, 2023
Estimated date of closure of
insolvency resolution process: March 24, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Vinod Tarachand Agrawal
204, Wall Street I, Nr Gujarat College,
Ellis Bridge, Ahmedabad 380006
Email: ca.vinod@gmail.com
cirp.jay@gmail.com
Last date for
submission of claims: October 10, 2023
JHARKHAND ROAD: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jharkhand
Road Projects Implementation Company Limited (JRPICL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible
Debentures 1,232.44 CARE D; ISSUER NOT COOPERATING
Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 4, 2019,
placed the rating of JRPICL under the 'issuer non-cooperating'
category as JRPICL 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. JRPICL continues to
be non-cooperative despite repeated requests for submission of
information through phone calls and emails dated between September
5, 2023 and September 25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating factors in stretched liquidity profile due to delay in
receipt of annuities resulting in cashflow mismatch and thereby
adversely impacting the debt servicing capability of the company.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers:
Key weaknesses
* Stretched liquidity profile: The company witnessed stretched
liquidity due to non-receipt of annuities from The Govt. of
Jharkhand. JRPICL received arrear annuities amounting to ~Rs.358
crore during March 2023. However, there has been no annuity receipt
since April 2023 which has resulted in continued cashflow mismatch
and hence delays in debt servicing.
* Delay in Major Maintenance (MM) and exposure to O&M/MM risk:
JRPICL has completed ~65% of total MM works; while work on the
remaining two stretches has been delayed on account of
nonavailability of funds. Successful completion of the entire MM
due is dependent on receipt of annuities from the authority. Delay
in MM activity may lead to levying of any damages in the form of
reduced annuity from the Authority.
Liquidity: Not applicable
The Government of Jharkhand (GoJ) has conceptualized a
comprehensive programme titled the Jharkhand Accelerated Road
Development Programme (JARDP) to improve road infrastructure in the
state through Public Private Partnership framework. IL&FS won the
bid and a Programme Development Agreement (PDA) was signed between
GoJ and IL&FS Group for the improvement of 1500 km lane of selected
project road corridors. Certain road stretches had been selected
for development under this programme. The programme was being
implemented under an SPV named Jharkhand Accelerated Road
Development Company Limited (JARDCL), a JV between IL&FS group and
GoJ with shareholding pattern in ratio of 74:26 respectively. In
terms of the PDA, the GoJ and IL&FS group may take up the
financing, construction, operation and maintenance of the roads
either through JARDCL or through separate SPV's incorporated by GoJ
and/or IL&FS. Accordingly, IL&FS group incorporated JRPICL for
undertaking the design, engineering, financing, procurement,
construction, operation and maintenance of the programme, on Build,
Operate & Transfer (BOT) Annuity Basis. The promoters of JRPICL are
ITNL (93.43%) and IL&FS (6.57%). Separate Concession Agreements
(CAs) have been signed between the GoJ (annuity provider), JARDCL
(JV partner of GoJ for road development) and JRPICL (as
concessionaire) for implementation of the projects in phases.
JRPICL has implemented five different stretches of roads under
JARDP. All the projects are implemented in one balance-sheet though
they have separate escrow arrangement and concession agreement for
individual project lenders.
JIVANJYOT MOTORS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Jivanjyot Motors Private Limited (In Liquidation)
Dream Honda, Jivanjyot Theater Compound,
Udhna Main Road, Surat,
Gujarat, India 394210
Liquidation Commencement Date: September 27, 2023
Court: National Company Law Tribunal, Ahmedabad Special Bench,
Court-2
Liquidator: Sanjay Jitendrial Shah
501-502, Abhijit-1, Mithakhali Six Road
Opposite Bhuj Mercantile Bank,
Navrangpura, Ahmedabad-380009
Email: sshahfca.ss@gmail.com
liquidator.jivanjyot@gmail.com
Last date for
submission of claims: October 30, 2023
JSR MULBAGAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JSR Mulbagal
Tollways Private Limited (JSR) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 24.7 CRISIL D (Issuer Not
Cooperating)
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
Term Loan 25 CRISIL D (Issuer Not
Cooperating)
Term Loan 45.3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JSR for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JSR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSR continues to be 'CRISIL D Issuer Not Cooperating'.
JSR is a special purpose company promoted by JSR Constructions
Private Limited for augmentation of National Highway No. 4 from km
216.912 to km 239.100 (approx. 22.188 km) on the Mulbagal - AP/KNT
border section in Karnataka under NHDP Phase III, by four-laning on
design, build, finance, operate and transfer (DBFOT) on toll basis.
JSR Constructions Private Limited has 70% shareholding in JSR with
the remaining 30% being held by the directors of the company.
KARYAVATTOM SPORTS: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Karyavattom
Sports Facilities Limited's 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 by emails
and phone calls. 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:
-- INR2.415 bil. Senior project bank loans maintained in the non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
The rating was last reviewed on July 30, 2019. Ind-Ra is unable to
provide an update, as the agency does not have adequate information
to review the rating.
Company Profile
Karyavattom Sports Facilities is a special purpose vehicle
sponsored by IL&FS Transportation Networks Limited ('IND D (ISSUER
NOT COOPERATING)'). It was set up to develop a multi-purpose
greenfield stadium in Karyavattom, Thiruvananthapuram, Kerala, on a
design, build, operate and transfer annuity basis. The project
achieved the final completion date on February 29, 2016.
LAKSHMI TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi
Traders - Chennai (LT; part of the Lakshmi group) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Working 2 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with LT for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LT
continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of LT and Lakshmi Ranga
Enterprises Pvt Ltd (LREPL). This is because the two entities,
together referred to as the Lakshmi group, have a common management
team and are engaged in similar lines of business.
LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).
LL LOGISTICS: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated L.L. Logistics
Private Limited's (LLLPL) bank facilities as follows:
-- INR15 mil. Fund-based working capital limits assigned with
IND BB+/Stable/IND A4+ rating; and
-- INR170.54 mil. Term loan due on February 2026 assigned with
IND BB+/Stable rating.
Key Rating Drivers
The ratings reflect LLLPL's small scale of operation as indicated
by revenue of INR59.59 million in FY23 (FY22: INR58.48 million).
During FY23, the company constructed two new warehouses having a
total area of 175,839sf, which were leased from 1 September 2023.
The warehouses had 100% occupancy at end-September 2023. Further,
LLLPL has started construction of a third warehouse of 88,855sf.
The total construction cost of INR89 million will be funded by a
term loan of INR51.6 million and the balance through promoter
funds. Ind-Ra expects the revenue to increase in the long-term on
account of the increase in rent and completion of the new
warehouse. FY23 financials are provisional.
The ratings also factor in LLLPL's modest EBITDA margins of 73.35%
in FY23 (FY22: 76.9%) with a return on capital employed of 5% (6%).
Despite almost stable revenue, the EBITDA margins declined in FY23
due to an increase in administrative expenses. However, Ind-Ra
expects the margins to improve in FY24 on account of better
absorption of fixed costs.
The ratings further reflect the company's modest credit metrics
with gross interest coverage (operating EBITDA/gross interest
expense) of 3.24x in FY23 (FY22: 3.8x) and net leverage (adjusted
net debt/operating EBITDAR) of 9.5x (4.8x). The deterioration in
the credit metrics was due to an increase in the total debt to
INR415.3 million at FYE23 (FYE22: INR217.47 million) and the
consequent increase in interest expense. Ind-Ra expects the credit
metrics to deteriorate further in FY24 on account of the ongoing
debt-led capex.
Liquidity Indicator - Stretched: The average maximum utilization of
the fund-based limits was 94.26% during the 12 months ended
August2023. The cash flow from operations turned positive to
INR15.09 million in FY23 (FY22: negative INR17.93 million) owing to
favorable changes in working capital. In FY23, LLLPL had cash and
cash equivalents of INR0.60 million at FYE23 (FYE22: INR0.90
million). Furthermore, the company does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. LLLPL has scheduled repayment of INR33.9
million in FY24 and INR34.6 million in FY25. Ind-Ra expects the
company's average cash debt service coverage ratio to remain above
1.0x over FY24-FY26.
However, the ratings are supported by the locational advantage of
the warehouses. The G D Logistic Park, which was constructed and is
operated by LLLPL, is among the leading warehouses in Raipur. It is
centrally located and well connected to the neighborhood with
proximity to railway station and national highways.
The ratings are also supported by the promoters' a decade-long
experience in this industry, leading to established relationships
with customers such as Hindustan Unilever Limited, Godrej & Boyce
Mfg. Co. Ltd., TVS Supply Chain Solutions Limited ('IND
AA'/Stable), Havells India Limited and the company has
long-standing relationships. On an average, the company enters into
a nine-year contract with its tenants. It has a rent escalation
clause in all its contracts, wherein the rent is escalated either
by 5% every year or 15% after three years.
Rating Sensitivities
Negative: Any delays in receipt of rental income, leading to
deterioration in the liquidity position or the credit metrics, on a
sustained basis, will be negative for the ratings.
Positive: A significant improvement in scale of operations, leading
to higher cash generation and/or a substantial decline in the debt,
subsequently leading to the debt service coverage ratio increasing
above 1.15x on a sustained basis will be positive for the ratings.
Company Profile
Incorporated in 2007, LLLPL operates eight warehouses and a cold
storage under the name G D Logistics Park in Raipur. The company's
registered office is in Kolkata.
LLOYD ROCKFIBRES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Lloyd Rockfibers Limited
Plot No. 2, Punjsons Premises
Kalkaji Industrial Area
New Delhi- 110019
Liquidation Commencement Date: September 30, 2023
Court: National Company Law Tribunal Delhi Bench
Liquidator Arun Gupta
S-34, LGF, Greater Kailash-II,
New Delhi-110048
Email: arungupta2211@gmail.com
lloydrockfibres23.vol.liq@gmail.com
Telephone No. 011-41066313
Last date for
submission of claims: October 30, 2023
LOKESH SECFIN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Lokesh Secfin Private Limited
No: 6/13, North Avenue, Kesavaperumalpuram
Chennai-600028, Tamil Nadu
Insolvency Commencement Date: September 25, 2023
Estimated date of closure of
insolvency resolution process: March 25, 2024
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Gopinath
Plot No. 2, Flat 2A, Park Royal Apartment,
Padikuppam Road, Anna Nagar West,
Chennai-600040
Email: gopinathsai2000@gmail.com
Senate Space, W126, 3rd Floor, 3rd Avenue,
Anna Nagar, Chennai-600040
Email: lokeshsecfincirp@gmail.com
Last date for
submission of claims: October 9, 2023
MA ENTERPRISES: Ind-Ra Moves D Loan Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M.A. Enterprises
bank facilities to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency by emails and phone calls. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.
The instrument-wise rating actions are:
Fund-based working capital limit
-- INR254.10 mil. IND D (ISSUER NOT COOPERATING) Migrated to
non-cooperating category non-fund based working capital limit
rating; and
-- INR75.10 mil. IND D (ISSUER NOT COOPERATING) Migrated to non-
cooperating category.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information. The ratings were last reviewed on
August 29, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Company Profile
Incorporated in 2015 in Savita Vihar, Delhi, M.A. Enterprises is a
partnership firm engaged in the importing and trading of edible oil
in India.
MANGLAM FISCAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Manglam Fiscal Services Private Limited
13/2A, Priya Nath Mallick Road, Ground Floor,
Kolkata-700026
Insolvency Commencement Date: October 3, 2023
Estimated date of closure of
insolvency resolution process: March 31, 2024
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Avishek Gupta
CK 104, Sector 2, Salt Lake,
Kolkata, West Bengal, 700091
Email: avishek@optimusresolution.net
cirpmanglamfiscalservices@gmail.com
Last date for
submission of claims: October 17, 2023
MANOJ CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manoj Cables
Limited (MCL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Standby Line 3 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with MCL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MCL, incorporated in 1992, engaged in manufacturing and supplying
of communication and signaling cables, primarily to Indian
Railways. MCL is based in New Delhi and its day to day operation is
looks by its Director Mr Manoj Garg.
MATRUSHRI FIBERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Matrushri Fibers Private Limited
New Sardar Market, Shop No. A-174,
Gondal Rajkot- 360311
Insolvency Commencement Date: September 25, 2023
Estimated date of closure of
insolvency resolution process: March 23, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Ravindra Kumar Goyal
New Eden I-807, SG Highway, Godrej Garden City,
Jagatpura, Ahmedabad-382470
Email: ravindra1960_goyal@yahoo.co.in
Mavent Restructuring Services LLP,
B-29, LGF, Lajpat Nagar-III, Delhi 110024
Email: cirp.matrushrifibers@gmail.com
Last date for
submission of claims: October 9, 2023
MEDICAL LABORATORY: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Medical Laboratory & Clinic Private Limited
497D Block M, New Alipore, Kolkata, WB-700053
Liquidation Commencement Date: September 27, 2023
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: FCMA Birendra Kumar Tripathi
60/2/1, Haripada Dutta Lane,
Golf View Apartment
Flat No. 7, 3rd Floor, Kolkata-700033
Email: bkt9000@gmail.com
Mobile: 9433602746
Last date for
submission of claims: October 26, 2023
MOTHER'S EDUCATIONAL: CRISIL Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mother's
Educational Charitable Trust (MECT) continues to be 'CRISIL C
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5.4 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MECT for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MECT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MECT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MECT continues to be 'CRISIL C Issuer Not Cooperating'.
Established in February 2011, MECT is currently running two
educational institutions: Prakrit, which is a preschool and
Mother's Business School, Puri and is affiliated to CBSE.
NARAYAN BUILDERS: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sree Narayan
Builders' (SNB) bank facilities are:
-- INR300 mil. (reduced from INR310 mil.) Fund-based limits
affirmed with IND BB-/Stable rating.
Key Rating Drivers
The affirmation reflects SNB's weak credit metrics with the gross
interest coverage (operating EBITDA/gross interest expense)
declining to 1.28x in FY23 (FY22: 1.6x) due to a decrease in the
EBITDA to INR43.26 million (FY22: INR46.76 million) and an increase
in the interest costs to INR33.73 million (INR29.27 million) due to
a higher utilization of the fund-based limit. However, the net
leverage (adjusted net debt/operating EBITDAR) improved to 5.81x in
FY23 (FY22: 6.76x) due to an increase in cash reserves to INR96.31
million (INR75.27 million). Ind-Ra expects the credit metrics to
improve further due to scheduled debt repayments of INR20 million
and INR16.6 million in FY24 and FY25, respectively. FY23 financials
are provisional.
The rating also reflects SNB's continued small scale of operations.
The revenue declined to INR795.3 million in FY23 (FY22: INR1,325.72
million), due to a change in the business model with a major
customer SPS Steel Rolling Mills Ltd (SPS) from trading to
commission, wherein goods sold to SPS are no longer recorded as
SNB's revenue. The company recorded revenue of INR118.496 million
in 2MFY23. Ind-Ra expects SNB's revenue to improve marginally in
FY24 due to sales promotion activities conducted in FY23, post a
major change in supplier to JSW Steel Limited ('IND AA'/Stable)
from Jindal Steel & Power Limited, which will aid in expanding its
presence in West Bengal.
The rating factors in SNB's modest EBITDA margins on account of
intense competition in the industry and the trading nature of the
business. The EBITDA margins rose to 5.44% in FY23 (FY22: 3.53%)
due to the shift in business model with SPS. The return on capital
employed was 9.5% in FY23. Ind-Ra expects the margins to remain at
similar levels in FY23.
Liquidity Indicator - Stretched: The average maximum utilization of
the fund-based limits was 94.17% during the 12 months ended
September 2023. The net working capital cycle elongated to 138 days
in FY23 (FY22: 101 days) due to an increase in the inventory days
to 79 days (59 days). The company mainly holds inventory of
thermo-mechanically treated iron rods purchased from JSW Steel. The
inventory holding period increased due to the change in the
business model with SPS. The cash flow from operations turned
positive to INR93.79 million in FY23 (FY22: negative INR50.46
million) due to favorable changes in working capital. SNB had cash
and cash equivalents of INR96.3 million at FYE23 (FYE22: INR75.27
million). There has not been any substantial capital withdrawal by
the promoters since FY18; Ind-Ra expects this to continue in the
foreseeable future. SNB's disclosure standards are in line with the
agencies corporate governance criteria for its rating level; this
is likely to continue.
However, the rating is supported by the promoters' experience of
nearly three decades in the industry, which has helped the firm to
establish strong relationships with suppliers.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or a further weakening of
the liquidity profile, all on a sustained basis, will be negative
for the rating.
Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics and liquidity, with the interest
coverage exceeding 1.8x, on a sustained basis, will be positive for
the rating.
Company Profile
SNB is a distributor of thermo-mechanically treated rods, steel and
roof sheets in South Bengal with a presence of over 30 years. It
procures materials from suppliers such as JSW Steel and SPS, and
distributes the same through its network of dealers.
PRADEEP UDYOG: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pradeep
Udyog (PU) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 11,
2022, placed the rating(s) of PU under the 'issuer non-cooperating'
category as PU 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. PU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 27, 2023, September 6, 2023, September 16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
PU, based in Nagpur (Maharashtra), is promoted by Mr. Pradeep
Agarwal and commenced operation in January 2016. PU is engaged in
trading of iron & steel products such as Thermo Mechanically
Treated (TMT) bars, round bars, angles, channels, beams, flats,
etc, which find application in various industries like
construction, infrastructure and engineering, amongst others. The
entity has its registered office and servicing facility based in
Nagpur, Maharashtra.
RADIUS & DERSERVE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Radius & Deserve Builders LLP
One BKC, A Wing, 1401, Plot No. C-66,
G Block, Bandra-Kurla Complex,
Bandra (E), Mumbai - 400 051
Insolvency Commencement Date: September 27, 2023
Estimated date of closure of
insolvency resolution process: March 27, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Pournima Jayant Tungatkar
4A, Shree Ganesh
Complex, S. No. 86/1B/2B,
Gandhibhavan Road,
Kothrud, Pune-411 038
Email: tugatkarpournima@gmail.com
Plot No. 28, Vidnyan Nagar, Coop. Soc.,
S. No. 17/1 Bavdhan Khurd,
Pune 411 021
Email: irpradius23@gmail.com
Representative of
Creditors in a Class:
1. Hemant Mehta
Email: hemant@apnh.in
2. Manish Jaju
Email: mmjaju5@gmail.com
3. Sanjeev Goel
Email: sanjeevgoel7@gmail.com
Last date for
submission of claims: October 13, 2023
RAJESHREE FIBERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajeshree
Fibers (RF) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 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 RF underthe 'issuer non-cooperating'
category as RF 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. RF 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).
Analytical approach: Standalone
Outlook: Not Applicable
Established in the year 2001, Rajeshree Fibers (RF) is a
partnership firm established by three partners having equal
profit/loss sharing ratio. The key partner of RF is Mr. Nilesh
Gandhi and the other two partners are Mrs. Rajeshree Mahajan and
Mrs. Anita Mahajan. RF is engaged in ginning and pressing of raw
cotton and its manufacturing facility is located at Khargone,
Madhya Pradesh. RF has two associate firms namely Rajeshree Cotex
and Rajeshree Industries India Private Limited (rated: CARE D;
Issuer not cooperating) which are involved in the business of
cotton ginning and pressing. All the partners of Rajeshree Fibers
are also partners in M/s Rajeshree Cotex (rated: CARE D/CARE D;
Issuer not cooperating). Mr. Nilesh Gandhi is also the Managing
Director in RIPL.
RAJESHREE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajeshree
Industries India Private Limited (RIIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.00 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 RIIPL under the 'issuer
non-cooperating' category as RIIPL 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. RIIPL 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).
Incorporated in 2011, RIIPL is primarily engaged in ginning and
pressing of raw cotton at its manufacturing unit in Khargone,
Madhya Pradesh. RIIPL is a part of Rajeshree Group, which also
operates other cotton ginning and pressing units under partnership
firms M/s Rajeshree Cotex (rated: CARE D/CARE D; Issuer not
cooperating) and M/s Rajeshree Fibers (rated: CARE D; Issuer not
cooperating).
RAVINDRA KUMAR: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ravindra
Kumar Singh (RKS) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 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 September 29,
2022, placed the rating(s) of RKS under the 'issuer
non-cooperating' category as RKS 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. RKS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 15, 2023, August 25, 2023, September 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).
Set up as a proprietorship firm in 2015, Ravindra Kumar Singh (RKS)
is engaged in the construction of shopping mall cum commercial
complex in Saharsa, Bihar. The proposed mall to be set up on a plot
measuring 14.53 Kattha with a built-up area of 57,325 sq.ft. The
proposed mall would comprise of 42 small shops for sale, hyper
market, banquet hall, food court and multiplex for rent or lease.
The project is estimated to be set up at a cost of INR15.32 crore
which is proposed to be financed by way of proprietor contribution
of INR6.32 crore and term loan of INR9.00 crore. The firm has
already invested INR7.0 crore towards land & site development,
building, civil works etc. till April 30, 2017 which is met through
proprietor contribution of INR3.85 crore and term loan availed by
the firm from State Bank of India of INR3.15 crore. The project is
expected to be operational from April, 2019. Mr. Ravindra Kumar
Singh (aged 63 years), having over three decades of experience and
looks after the overall management of the firm with adequate
support from a team of experienced personnel.
RCM INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RCM
Infrastructure Limited (RCM) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 20.09 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 67.91 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.29 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 10 CRISIL D (Issuer Not
of Credit Cooperating)
Funded Interest 1.71 CRISIL D (Issuer Not
Term Loan Cooperating)
Inland/Import 15 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Inland/Import 5 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Letter Of Guarantee 70 CRISIL D (Issuer Not
Cooperating)
Open Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Working Capital 17 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with RCM for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2009, RCM is a turnkey contractor for civil
engineering activities, primarily road construction and laying of
drinking water pipelines. RCM's operations are managed by its
promoter-director Mr. K S Chowdry.
RECONSTRUCTIVE SURGERY: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Reconstructive Surgery India
Plt Nos. 188 189 RR Towers West Block,
5th Floor, Kavuri Hills,
Phase-I, Madhapur, Hyderabad,
Telangana, India -500081
Liquidation Commencement Date: September 28, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Shailesh Baheti
H. No. 20-2-656/A, Hussaini Alam,
Doodh Bowli Road,
Hyderabad, Telangana-500064
Email: shaileshbaheti17@gmail.com
Contact No: 9000010183
Last date for
submission of claims: October 27, 2023
RELIGARE FINVEST: Ind-Ra Affirms D Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has taken following rating
actions on Religare Finvest Limited's (RFL) debt instruments:
-- INR2.5 mil. Long-term bank loans affirmed with IND D rating;
and
-- INR1.2 mil. Lower tier 2 sub-debt (long term)#* is withdrawn.
#Details in Annexure
* Ind-Ra has withdrawn the rating as the agency has received no
dues certificate from the lenders of the facility. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings
Key Rating Drivers
The affirmation reflects RFL's continued delays in debt servicing
since April 2019 due to misappropriation of funds by the erstwhile
promoters. The company has been under the corrective action plan
advised by the Reserve Bank of India (RBI) since January 2018.
RFL had proposed a debt resolution plan to the RBI with Religare
Enterprises Ltd (REL) as the promoter/shareholder in March 2020;
however, the RBI, vide a letter dated February 11 2022, advised
RFL that its restructuring cannot be implemented with REL
continuing as the promoter. Subsequently, RFL proposed a one-time
settlement (OTS) with the lenders. Thereafter, on 30 December 2022,
RFL, along with the parent, REL, entered into a settlement
agreement with its secured lenders (including their unsecured
exposure) in connection with the OTS for the outstanding dues and
completed the entire payment of INR21.8 billion on 8 March 2023.
REL, on behalf of RFL, paid the overdue NCDs by 26 September 2023
by making a settlement payment of INR0.95 billion. RFL made the
payment using resources from its own balance sheet and with
assistance from REL
RFL continues to have an unsecured exposure of INR2.5 billion from
ICICI Bank Ltd, its unsecured lender/investor. Furthermore, RFL has
already applied for the removal of the corrective action plan with
the RBI, which is still under process. RFL plans to revive its
business with its current collections and will continue to focus on
lending secured and unsecured loans to micro and small enterprises,
and building a granular book. RFL is divesting its subsidiary,
Religare Housing Development Finance Corporation Limited (RHDFCL,
87.5%), to its parent REL, which will help RFL to focus and grow
its own loan book. Post the acquisition, RHDFCL shall become a
direct subsidiary of REL. The said transaction is subject to the
receipt of necessary statutory and regulatory approvals and the
fulfilment of other conditions precedent. RFL shall also continue
to pursue recovery from the corporate loan book and its fixed
deposits from Lakshmi Vilas Bank, along with the interest therein.
Rating Sensitivities
Positive: Timely debt servicing for at least three consecutive
months would result in a positive rating action.
Company Profile
RFL is a non-bank finance company that provides loans primarily to
micro, small and medium enterprises through its product offerings
of loan against property and working capital loans.
RESURGENT POWER: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Resurgent
Power Projects Limited (RPPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 24.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 5.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 7.00 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 RPPL under the 'issuer
non-cooperating' category as RPPL 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. RPPL
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 04, 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).
RPPL was incorporated in 1995 in the name of Enmas Engenius
Projects Limited (EEPL). During its initial stages the company was
involved mainly in erection and commissioning of Chemical recovery
boilers. Subsequently in 2008 the name of the company was changed
to Enmas GB Power Systems Projects Limited (EGPL) and the company
started catering to power industry. During FY12, the promoters of
the Chennai-based Bhandari group had indirectly acquired 49.7%
stake from Resurgent Investments Private Limited (RIPL - Promoter
Company).
RSKS AUTOMOTIVES: Ind-Ra Moves BB- Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RSKS Automotives
Private Limited's (RSKS) bank loan rating to the non-cooperating
category with a Stable Outlook as the issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency through emails and phone calls. Therefore, 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)'/Stable on the agency's website.
The instrument-wise rating actions are:
-- INR120 mil. Fund-based working capital limits migrated to non-
cooperating category term loans IND BB- (ISSUER NOT
COOPERATING)/Stable/IND A4+ (ISSUER NOT COOPERATING) January
2029 rating; and
-- INR42.5 mil. Term Loan migrated to non-cooperating category
with IND BB- (ISSUER NOT COOPERATING)/Stable rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information. The ratings were last reviewed on
August 12, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Company Profile
Incorporated in 2018, RSKS Automotives has a dealership for Maruti
Suzuki Arena cars and owns a showroom in Gwalior (Madhya Pradesh).
It commenced operations from January 2021. RSKS is a part of the
Malwa Group, Indore which has its presence in the education,
fast-moving consumer goods, hospitality and oil & gas segments.
SAPTHAVARNA BUILDERS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sapthavarna
Builders Private Limited (SBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 1.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Short Term 1.4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 0.6 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with SBPL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SBPL, incorporated in 2008, undertakes residential real estate
development. The company is based in Thrissur, Kerala.
SHAMRAO PATIL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri
Shamrao Patil Yadravkar Educational and Charitable Trust (SSPYECT)
continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.49 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 October 07,
2022, placed the rating(s) of SSPYECT under the 'issuer
non-cooperating' category as SSPYECT 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. SSPYECT continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 23, 2023, September 2,
2023, September 12, 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 the year 1986, SSPYECT is engaged in managing
education institutes. The trust is registered under Bombay Public
Trust Act 1950. The trust was established by Patil family of
Kolhapur. Currently, the trust is managing four colleges and three
schools.
SHIVPRASAD FOODS: Ind-Ra Cuts Bank Loan Rating to D
---------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shivprasad Foods
& Milk Products' (SFMP) bank facilities to 'IND D' from 'IND
B+(ISSUER NOT COOPERATING)'.
The detailed rating actions are:
-- INR140 mil. Fund-based working capital limits (long
term/short-term) downgraded with IND D rating;
-- INR68.65 mil. (reduced from INR86.81) Term loans (long-term)
due on March 2032 downgraded with IND D rating; and
-- INR13.36 mil. (reduced from INR16.1 mil.) Working capital
demand loan (Long-term) downgraded with IND D rating.
Key Rating Drivers
The downgrade reflects SFMP's delay in servicing the interest on
the term loan for September 2023.
Liquidity Indicator-Poor: SFMP has delayed its interest payments,
due to its liquidity issues.
Rating Sensitivities
Positive: The timely debt servicing for at least three consecutive
months will lead to a positive rating action.
Company Profile
Established in 2009, Maharashtra-based Shivprasad Foods & Milk
Products processes milk and manufactures milk products.
SOLAPUR TOLLWAYS: Ind-Ra Affirms D Term Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Solapur Tollways
Private Limited's (STPL) senior project term loan rating as
follows:
-- INR 5,884.2 bil. Senior project term loan (long term) due on
March 31, 2031 affirmed with IND D rating.
Key Rating Drivers
The affirmation reflects STPL's continued delays in debt servicing
due to cash flow mismatches during FY23 and 9MFY24. The company
attained provisional commercial operation date on January 23, 2020
for 82.95km of the project stretch and started toll collections
from February 2020. The SPV is under suspension due to
concessionaire default clause as mentioned in the concession
agreement (CA) which means it has suspended all the rights of the
concessionaire mentioned in the CA including collection of toll and
other revenues. So, the project's cash flows are insufficient to
meet STPL's debt obligations. The suspension came into effect from
December 31, 2021 and the project is being taken over by National
Highways Authority of India (NHAI; 'IND AAA'/Stable).
Liquidity Indicator – Poor: STPL has been in continuous default
in the 12 months ended October 2023, and the liquidity is poor.
Rating Sensitivities
Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.
Company Profile
STPL is incorporated by Bharat Road Network Limited, which is a
subsidiary of Srei Infrastructure Finance Limited and holds a
majority stake in STPL. It was incorporated to implement a lane
expansion project under a 25-year concession from NHAI. The project
road is a 100km stretch from Solapur to Maharashtra-Karnataka
border and is part of the National Highway 9. The project was
bagged on the basis of highest annual premium of INR279.9 million
payable to NHAI with an annual escalation of 5%. The concession
agreement was signed on February 29, 2012 and the appointment date
was declared as of June 3, 2014. The project was scheduled to be
completed by November 28, 2016 but was delayed due to various
reasons, including land acquisition and utility shifting issues.
SONI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Soni
Traders (ST) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 60.00 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 October 19,
2022, placed the rating(s) of ST under the 'issuer non-cooperating'
category as ST 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. ST continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 4, 2023, September 14, 2023, September 24, 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).
Soni Traders was constituted as a sole proprietorship firm in 2004
and later in October 2015 was reconstituted as a partnership firm
with Mr. P.L. Soni and Ms. Munni Devi Soni as partners. The firm is
engaged in the business of trading of Bitumen products such as
Industrial Bitumen, Bitumen 80/100, Black Bitumen, Industrial
Cutback bitumen etc.
SRINIVASA FASHIONS: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Srinivasa Fashions Private Limited (SFPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 70 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 6 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SFPL for
obtaining information through letter and email dated August 28,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SFPL to 'CRISIL D Issuer not cooperating'.
Incorporated in 2005 and promoted by Mr. C V Ravindran and his
wife, Mrs. Vijay Lakshmi Ravindran, SFPL is a Chennaibased textile
company that manufactures ready-made garments. The company has
three manufacturing facilities, two in Ambattur (Tamil Nadu), which
are in the domestic tariff area, and one in Mahindra City (Tamil
Nadu), which is a special economic zone. The company derives its
entire revenues from exports, mainly to Europe and the US.
TAPI PRESTRESSED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tapi
Prestressed Products Limited (TPPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 2.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 16 CRISIL D (Issuer Not
Cooperating)
Letter of credit 24 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Proposed Letter of 5.5 CRISIL D (Issuer Not
Credit & Bank Cooperating)
Guarantee
CRISIL Ratings has been consistently following up with TPPL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up as a closely held public limited company in 1986 by Mr M K
Kotecha, TPPL constructs and maintains bridges, dams, and
buildings. It also undertakes irrigation works for several
government and semi-government entities.
USHA CONSTRUCTION: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Usha Constructions'
(Usha) bank facilities are followed:
-- INR80 mil. Fund-based working capital limit assigned with IND
BB+/Stable/IND A4+ rating;
-- INR240 mil. Non-fund-based working capital limit assigned
with IND A4+ rating;
-- INR20 mil. Proposed fund-based working capital limit assigned
with IND BB+/Stable/IND A4+ rating; and
-- INR60 mil. Proposed non-fund-based working capital limit
assigned with IND A4+.
Key Rating Drivers
The rating reflects Usha's small scale of operations with its
revenue increasing to INR431.90 million in FY23 (FY22: INR237.06
million), due to better execution of orders in hand. The firm had
an order book of INR2,500 million as of March 31, 2023, to be
executed in the next 18 months. Until 5MFY24, Usha booked revenue
of INR116.97 million. In FY24, Ind-Ra expects the revenue to
improve, driven by its healthy orderbook.
Liquidity Indicator - Stretched: Usha's average maximum monthly
utilization of the fund-based limits was 79.60% and that of the
non-fund-based limits was 25.34% during the 12 months ended
September 2023. Usha does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. Its net working capital cycle reduced to 89 days in
FY23 (FY22: 121 days), due to a reduction in the debtor days to 160
(196). The cash flow from operations turned positive at INR14.77
million in FY23 (FY22: negative INR59.21 million), due to an
increase in the absolute EBITDA and favorable changes in the
working capital. Furthermore, the free cash flow also turned
positive at INR2.94 million in FY23 (FY22: negative INR76.59
million). The cash and cash equivalents stood at INR15.1 million at
FYE23 (FYE22: INR0.21 million). The company has repayment
obligations of INR8.8 million in FY24 and INR8.4 million in FY25.
Usha's EBITDA margins remained healthy but declined to 10.34% in
FY23 (FY22: 11.29%), due to an increase in its raw material costs.
The return on capital employed was 22.5% in FY23 (FY22: 19.0%). In
FY24, Ind-Ra expects the EBITDA margin to slightly decline due to
the cost pressure.
The rating also reflects Usha's comfortable credit metrics with its
gross interest coverage (operating EBITDA/gross interest expenses)
increasing to 3.19x in FY23 (FY22: 2.44x) and the net leverage
(total adjusted net debt/operating EBITDAR) decreasing to 2.44x
(3.52x), led by an improvement in its EBITDA to INR41.31 million
(INR26.77 million). In FY24, Ind-Ra expects the credit metrics to
further improve, led by a likely improvement in the EBITDA.
The rating is supported by its partners' nearly a decade of
experience in engineering, procurement and construction industry.
Rating Sensitivities
Negative: A decline in the scale of operations, with deterioration
in the overall credit metrics and the working capital, leading to
further pressure on the liquidity position, could lead to a
negative rating action.
Positive: An increase in the scale of operations, along with an
improvement in its overall credit metrics with an improvement in
the liquidity profile, all on a sustained basis, could lead to a
positive rating action.
Company Profile
Established in 2015, Usha, a partnership firm, engages in
construction contracts for commercial, residential and government
projects. The Bangalore-based firm acquires contracts all over
Karnataka.
VAH VAH INSTITUTE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Vah Vah Institute Private Limited
#48, Lakeshores Homes, Kasavanahalli Main Road,
Amrita College Road, Kasavanahalli,
Bangalore, Karnataka
Liquidation Commencement Date: September 27, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Ms. Srilakshmi Purushotham
Email: sri@gurujana.com
Telephone No: 080 42202020
Last date for
submission of claims: October 26, 2023
VICTORT SPINNING: Ind-Ra Cuts Bank Loan Rating to BB
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Victory Spinning
Mills Limited's (VSML)'s bank facilities to 'IND BB (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The Outlook
is Stable.
The instrument-wise rating actions are:
-- INR360 mil. Fund-based working capital limits downgraded with
IND BB (ISSUER NOT COOPERATING)/Stable/IND A4+ (ISSUER NOT
COOPERATING) rating;
-- INR97.4 mil. Term loan due on March 2025 downgraded with
IND BB (ISSUER NOT COOPERATING)/Stable rating; and
-- INR32.3 mil. Non-fund-based facilities downgraded with IND A4+
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
Key Rating Drivers
The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
non-cooperative for more than six months with Ind-Ra, then Ind-Ra
will necessarily downgrade such rating to the non-investment grade,
while maintaining the Issuer Not Cooperating status.
The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect VSML's credit strength as the company has been
non-cooperative with the agency since April 27, 2023. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.
Company Profile
VSMPL, incorporated in 2003, manufactures viscose yarn. The company
is located at Namakkal, Tamil Nadu. It has an installed capacity of
57,792 spindles.
===============
M A L A Y S I A
===============
KNM GROUP: Seeks 1-Year Extension to Pass PN17 Regularisation Plan
------------------------------------------------------------------
Free Malaysia Today reports that Practice Note 17 (PN17) company
KNM Group Bhd is seeking a one-year extension from Bursa Malaysia
Securities (Bursa Securities) for its regularisation plan
submission, a day before it was due to submit the plan.
In a bourse filing, the oil and gas engineering group said it
submitted the extension of time application seeking a one-year
extension to Oct. 30, 2024, to submit its PN17 regularisation plan,
Free Malaysia Today relates.
According to the report, the group said it will announce the
outcome of its application for extension after receiving the
decision from Bursa Securities.
The company was classified as a PN17 company on Oct. 31 last year
and was required to submit its regularisation plan to relevant
regulatory authorities within a year, which is by Oct. 31, 2023.
KNM had previously triggered the PN17 criteria in 2021 following a
default on Thai bonds worth 2.78 billion baht (MYR352.57 million).
However, it avoided the PN17 status due to Bursa Securities's
Covid-19 relief measures.
It plans to address its debt with creditors with the proposed
listing of its German-based machinery and equipment manufacturer,
Borsig GmbH, on the Singapore Exchange (SGX) next year, the report
notes.
As of the end of June this year, KNM's borrowings amounted to
MYR1.18 billion, a decrease from MYR1.26 billion the previous
year.
KNM has reported losses for eight consecutive quarters, with
negative reserves increasing from MYR1.16 billion the previous year
to MYR1.21 billion, Free Malaysia Today discloses.
About KNM Group
Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is engaged in
the investment holding and the provision of management services. It
operates through three geographical segments: Asia and Oceania,
Europe and America. The Asia and Oceania segment includes
Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius.
The Europe segment includes Germany, Italy, United Arab Emirates,
United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia,
and Isle of Man. The America segment includes the United States of
America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd.
is engaged in the design, manufacture, assembly and commissioning
of process equipment, pressure vessels, heat exchangers, skid
mounted assemblies, process pipe systems, storage tanks,
specialized structural assemblies and module assemblies for the
oil, gas and petrochemical industries. Its other subsidiaries
include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM
Renewable Energy Sdn. Bhd.
On Oct. 31, 2022, KNM Group Bhd said it had become an affected
listed issuer under the Practice Note 17 (PN17) on the basis that
Paragraph 2.1(e) of the note was triggered in its audited
consolidated financial statements for the period ended June 30,
2022, which were published on Oct. 31, 2022. The company said its
auditor had highlighted a material uncertainty over its ability to
continue as a going concern.
=====================
N E W Z E A L A N D
=====================
DEEP CREEK: Brewing Company Goes Into Liquidation
-------------------------------------------------
Stuff.co.nz reports that a brewing company that helped stop another
brewer from going under after Cyclone Gabrielle has gone into
liquidation itself. After 12 years in the brewing business, Deep
Creek Brewing has gone into liquidation.
In a social media post, founders Jarred Maclachlan and Paul Brown
said, although the company had battled through the Covid-19
pandemic, it was a difficult time for the company due to market
pressures and also in its key export market China, which it had
been exporting to since 2019, Stuff relates.
"In 2023 the Chinese market rebounded strongly but very recently we
had a can seaming issue that required our beer to be recalled from
the market," they said, notes the report. "The cash flow impact of
this recall was significant and proved to be a step too large for
our team to overcome."
Derek Ah Sam and Paul Vlasic of Rodgers Reidy were appointed as the
liquidators on Oct. 31, Stuff discloses.
Deep Creek started in August 2011 as a brewpub in Browns Bay,
Auckland, but in 2019 the company moved away from the brewpub and
became solely a beer production company.
Stuff, citing Companies Office, discloses that Waiake Holdings is
the ultimate holding company of Deep Creek, which Messrs.
MacLauchlan and Brown are also the directors of.
Deep Creek had been recognised for its beer on a number of
occasions, including being named Best International Lager in 2019
at the Australian International Beer Awards and Champion Medium
International Brewery in 2019 and 2022.
Hawke's Bay Brewing Co lost about 120,000 litres of beer in Cyclone
Gabrielle in February and feared it would take at least three
months to get a fresh batch ready.
Deep Creek offered the use of its beer and distribution. And on top
of that, because Hawke's Bay had no power, it ended up invoicing
customers for the company.
"Without [Deep Creek Brewing] we would for sure have gone under,"
Hawke's Bay sales manager Larry Culleton told Stuff at the time.
The liquidation of Deep Creek follows Epic Brewing Company going
into liquidation and Brothers Beer going into voluntary
administration earlier in the year, the report notes.
GOOD FOOD: Creditors' Proofs of Debt Due on Nov. 30
---------------------------------------------------
Creditors of Good Food Vibes Limited are required to file their
proofs of debt by Nov. 30, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 13, 2023.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
KICK FOR TOUCH: Creditors' Proofs of Debt Due on Nov. 24
--------------------------------------------------------
Creditors of Kick For Touch Limited are required to file their
proofs of debt by Nov. 24, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 24, 2023.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
KP999 ENTERPRISES: Court to Hear Wind-Up Petition on Nov. 10
------------------------------------------------------------
A petition to wind up the operations of KP999 Enterprises Limited
will be heard before the High Court at Auckland on Nov. 10, 2023,
at 10:00 a.m.
FFP Canterbury Limited filed the petition against the company on
Sept. 21, 2023.
The Petitioner's solicitor is:
Gregory David Trainor
MacLean & Associates Lawyers
Unit 4/31 Tyne Street
Addington, Christchurch
POINTBREAK CONSTRUCTION: Creditors' Proofs of Debt Due on Dec. 5
----------------------------------------------------------------
Creditors of Pointbreak Construction Limited are required to file
their proofs of debt by Dec. 5, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 24,2023.
The company's liquidators are:
Lynda Smart
Derek Ah Sam
Rodgers Reidy
PO Box 39090
Harewood
Christchurch 8545
RUAPEHU ALPINE: Calibre Partners Appointed as Receivers
-------------------------------------------------------
Brendon James Gibson and Neale Jackson of Calibre Partners on Oct.
27, 2023, were appointed as receivers and managers of Ruapehu
Alpine Lifts Limited.
The receivers and managers may be reached at:
Calibre Partners
Level 21, 88 Shortland Street
Auckland
SUPIE LTD: Grocer Placed Into Administration
--------------------------------------------
Otago Daily Times reports that online grocery business Supie went
out of business on Oct. 30 after being placed in voluntary
administration by its owner.
The Auckland-based grocer was placed into administration after a
key investor stopped funding the business, leaving the business
with about NZD3 million in debt.
According to the report, PWC voluntary administrator Richard Nacey
said the company, which employed 120 people, has run out of cash.
He said it was too soon to say whether the company owed money to
staff.
"While it's had reasonably substantial growth over the last 12
months, that growth has almost flat-lined over the last couple of
months and it has just not reached the scale that it needs to to
operate profitably," ODT quotes Mr. Nacey as saying.
The grocer was set up two and a half years ago to introduce more
competition into the grocery industry, but struggled to achieve the
scale necessary to be competitive and profitable.
Earlier this year, it said it was under pressure from suppliers to
raise its prices.
Richard Nacey and Stephen White of PwC were appointed joint and
several Voluntary Administrators of Supie Ltd, Bevie Ltd, and
Workerly Ltd on Oct. 30, 2023.
=================
S I N G A P O R E
=================
GINA KROG: Creditors' Proofs of Debt Due on Nov. 29
---------------------------------------------------
Creditors of Gina Krog Offshore Pte. Ltd. are required to file
their proofs of debt by Nov. 29, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 23, 2023.
The company's liquidator is:
Sam Kok Weng
c/o 7 Straits View
Marina One East Tower, Level 12
Singapore 018936
MAKRANA LH: Creditors' Proofs of Debt Due on Nov. 10
----------------------------------------------------
Creditors of Makrana LH (Singapore) Fund Pte. Ltd. are required to
file their proofs of debt by Nov. 10, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 18, 2023.
The company's liquidators are:
Jason Aleksander Kardachi
Chong Yeow Ming
c/o Kroll Pte. Limited
One Raffles Place, Tower 2
#10-62 Singapore 048616
MARY CHIA: Subsidiary to Liquidate Celebrity Hair Salon VS Monsoon
------------------------------------------------------------------
The Business Times reports that a subsidiary of Mary Chia Holdings,
along with its joint-venture partner, will be liquidating four
joint-venture companies under the Monsoon Hairdressing group, which
includes well-known celebrity hair salon VS Monsoon.
BT relates that the creditors' voluntary liquidation of Monsoon
Hairdressing group was initiated by its co-owners - Vintage Studio
and M2 group - over Monsoon's inability to continue regular
business operations due to its liabilities, said the
Catalist-listed beauty and wellness company on Oct. 30 in a bourse
filing.
Due to Monsoon's "persistent inability to meet its financial
obligations in a timely manner", M2 group, the wholly-owned
subsidiary of Mary Chia Holdings, has decided against allocating
further capital to the business to safeguard its own financial
stability.
The filing said: "In light of this situation, the joint-venture
companies, burdened by their liabilities, cannot continue their
business operations; the sole director of the joint-venture
companies has decided that the entities be placed into provisional
liquidation, pending their eventual liquidation," BT relays.
Wong Joo Wan and Tina Phan Mei Ting of Alternative Advisors were on
Oct. 30 appointed as joint and several provisional liquidators for
Monsoon Hairdressing group, BT discloses.
An extraordinary general meeting and a creditors' meeting of M2
group will be convened on or before Nov. 29, 2023 to vote on
resolutions regarding the move by the owners to voluntarily
liquidate Monsoon Hairdressing group, and to confirm the
appointment of Wong and Phan as joint and several liquidators.
M2 Group had, back in October 2000, bought an 80-per-cent stake in
the five companies under the Monsoon Hairdressing group for about
SGD3 million from Monsoon's founder and celebrity hair stylist,
Addy Lee, according to BT.
In February this year, under a joint-venture partnership, M2 Group
sold half of its shares – but only in four of the five companies
under the Monsoon label – to Vintage Studios, a hair-salon
services provider. This was done to improve the performance of the
four companies under Monsoon Hairdressing, "given Vintage's vast
experience and expertise, as well as industry know-how".
In May this year, M2 bought the remaining 20 per cent of Monsoon
from its vice-president, Siew Chin Juin, the report notes.
Mary Chia Holdings Limited is a Singapore-based investment holding
company. The Company is a lifestyle and wellness service provider.
Its segments include Beauty, slimming and spa treatment for women;
Beauty, slimming and spa treatment for men; Direct selling, and
Hairdressing. Its core services include beauty and facial services,
slimming services, spa and wellness therapies, medical aesthetic
services, wellness products, skincare products, haircare services,
scalp therapies, and hair care products. It operates under the
brand names, Mary Chia, Urban Homme, Masego, Organica, Scinn
Medical Centre, Dr Scinn, Monsoon Hair House, M Nature, M+,
Hatsuga, and Dr Moto Hair Aesthetic Clinic. Its skincare arm, MU,
distributes consumable and topical skincare and wellness products
to all wellness and lifestyle centers under its umbrella, while
Organica, a direct selling company, which distributes nutrition and
skincare products created for Asians through its direct selling
network.
NEW SILKROUTES: Court Hearing to Approve Scheme Set for Nov. 14
---------------------------------------------------------------
A hearing of an application by New Silkroutes Group before a Judge
sitting at the General Division of the High Court of Singapore for,
inter alia, an order that the Scheme of Arrangement dated Sept. 6,
2023 be approved by the Court so as to be binding on the Applicant
and the Scheme Creditors, will be held on Nov. 14, 2023, at 10:00
a.m.
The company's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
VOLTAGE 988: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Oct. 20, 2023, to
wind up the operations of Voltage 988 Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
YELLOW RIVER: Court to Hear Wind-Up Petition on Nov. 10
-------------------------------------------------------
A petition to wind up the operations of Yellow River Logistics
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on Nov. 10, 2023, at 10:00 a.m.
Ningbo Huamao International Trading Co., Ltd, filed the petition
against the company on Oct. 19, 2023.
The Petitioner's solicitors are:
M/S Oon & Bazul LLP
36 Robinson Rd
#08-01/06 City House
Singapore 068877
=====================
S O U T H K O R E A
=====================
ASIANA AIRLINES: Korean Air Delays Submission of Documents to EC
----------------------------------------------------------------
The Korea Times reports that Korean Air will delay submission of
amended documents to the European Commission (EC) for the takeover
of Asiana Airlines, after the latter's overnight board meeting
ended in stalemate, according to company officials Oct. 31.
"We will seek EC's understanding and reschedule after Asiana's
board resumes the meeting," the report quotes an official from
Korean Air as saying. The airline was supposed to submit the plan
to the European authority by the end of October.
According to the report, the move came after board members of
Asiana Airlines failed to reach an agreement regarding the sale of
its cargo unit. Initially, the members were expected to pass the
plan but were unable to narrow their differences. They then decided
to hold another meeting early November.
In contrast, the board of directors at Korean Air easily approved
the plan to unload Asiana Airlines' cargo business and support a
potential remedy for four air routes from Korea to Europe, as part
of efforts to complete the long-delayed takeover.
The Korea Times says the national flag carrier approved the plan
late Monday night [Oct. 30]. The measure will be submitted to the
European Commission (EC) shortly after Asiana's board members vote
in favor of the sales of its cargo unit.
"Korean Air's board decided to submit the remedied measure to the
EC under the precondition that Asiana's board approves of our
plan," Korean Air said in a note to investors. Korean Air will buy
KRW1.5 trillion ($1.1 billion) in new shares of Asiana for the
high-stakes takeover, the report notes.
All eyes have been on whether Asiana will accept the offer, but its
board ended up suspending the eight-hour-long meeting amid internal
discord, The Korea Times relates.
"We are going to resume the board meeting early November, but the
specific timeline has yet to be fixed," an official from Asiana
Airlines said.
Asiana Airlines' board remains in a stalemate before making the
final decision, even though the airline faces mounting pressure
from its creditors, led by the Korean Development Bank. Those
objecting to the proposal by Korean Air argue that the sales of its
cargo unit will harm corporate and shareholder value.
"The board members conducted in-depth discussion, particularly on
the possible sale of its cargo business and exchanged opinions with
executives and labor union," the official, as cited by The Korea
Times, said. "But some board members failed to reach a consensus.
We will resume the meeting in early November and make our final
decision by the timeline."
Korean Air said it expects Asiana Airlines will make a reasonable
decision soon, the report adds.
Earlier, the European authority did not approve the proposed
takeover due to monopolistic concerns over some air routes. In
response, Korean Air revised its earlier plan by offering to give
up rights to four routes from Korea to Frankfurt, Paris, Rome and
Barcelona, in a bid to alleviate the lingering concern from the
authority.
The Korea Times notes that the deal is also under consideration by
authorities in the United States and Japan.
About Asiana Airlines
Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business. Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.
State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat. In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April 2020 until business circumstances normalize,
Yonhap noted. Asiana's executives have also agreed to forgo 60% of
their wages, though no specific time frame was given for how long
the pay cuts will remain in effect.
In November 2020, Korean Air said it will acquire Asiana Airlines
in a deal valued at KRW1.8 trillion that could create the world's
10th-biggest airline by fleets, Yonhap said.
*********
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.
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