/raid1/www/Hosts/bankrupt/TCRAP_Public/231106.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, November 6, 2023, Vol. 26, No. 222
Headlines
A U S T R A L I A
ALLIED CREDIT 2021-1: Moody's Hikes Rating on Class F Notes to Ba1
AROMATIC INGREDIENTS: First Creditors' Meeting Set for Nov. 8
BAD SHEPHERD: Emerges From Voluntary Administration
HUMM ABS 2023-1: Moody's Gives Ba2 Rating to AUD17.16MM E-G Notes
HURRICAIN CONTRACTORS: First Creditors' Meeting Set for Nov. 8
MAWSON INFRASTRUCTURE: First Creditors' Meeting Set for Nov. 8
QANTAS AIRWAYS: Braces for Shareholder Showdown
RPH AUSTRALIA: Collapses Into Voluntary Liquidation
SKY ELECTRICS: First Creditors' Meeting Set for Nov. 9
STERLING INCOME: Criminal Charges Laid against Founder, Associates
WARWICK CONSTRUCTIONS: First Creditors' Meeting Set for Nov. 8
C H I N A
BAONENG INVESTMENT: Unit Raises US$26.5MM in Share Sale
I N D I A
APODIS HOTELS: Insolvency Resolution Process Case Summary
BLOOM DEKOR: Insolvency Resolution Process Case Summary
CONSOLIDATED CONSTRUCTION: ICRA Keeps D Ratings in Not Coop.
DARODE JOG: NCLT Admits Insolvency Plea Against Realty Firm
DEEPA DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating
DISCOVERY LABORATORIES: ICRA Keeps D Ratings in Not Cooperating
GINNI HOLDINGS: ICRA Keeps D Debt Ratings in Not Cooperating
IL&FS SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
IL&FS TRANSPORTATION: ICRA Keeps D Ratings in Not Cooperating
JAIPUR INTEGRATED: ICRA Keeps C+ Debt Rating in Not Cooperating
K2 METALS: ICRA Lowers Rating on INR13cr LT Loan to D
KEPL ENGINEERING: ICRA Cuts Rating on INR5.00cr LT/ST Loan to D
KS SOFTNET: ICRA Keeps D Debt Ratings in Not Cooperating Category
MAIL ORDER: ICRA Keeps D Debt Ratings in Not Cooperating Category
MDA MINERAL: ICRA Keeps C+ Debt Ratings in Not Cooperating
NAKODA FRUIT: Insolvency Resolution Process Case Summary
OSG AUTO: Insolvency Resolution Process Case Summary
PARAKKOTT INVESTMENTS: Insolvency Resolution Process Case Summary
PARTH COTTON: ICRA Keeps C+ Debt Ratings in Not Cooperating
PLATINO CLASSIC: ICRA Keeps D Rating in Not Cooperating Category
R.K. DHABHAI: ICRA Keeps D Debt Ratings in Not Cooperating
S. NANDA: ICRA Keeps D Debt Ratings in Not Cooperating Category
SHETH SHIP: ICRA Keeps D Debt Ratings in Not Cooperating Category
SHILPI CABLE: ICRA Keeps D Rating in Not Cooperating Category
SIMOLA TILES: ICRA Keeps D Debt Ratings in Not Cooperating
SURYA VIKAS: ICRA Keeps D Debt Ratings in Not Cooperating
TIAAN CONSUMER: Insolvency Resolution Process Case Summary
TUSCAN CONSULTANTS: Insolvency Resolution Process Case Summary
YOURS ETHNIC: Insolvency Resolution Process Case Summary
[*] INDIA: New Rules for Aircraft Lessees to Apply Retrospectively
J A P A N
MARUI GROUP: Egan-Jones Retains BB Senior Unsecured Ratings
UNITIKA LTD: Egan-Jones Retains CCC+ Senior Unsecured Ratings
M A L A Y S I A
IREKA CORP: Gets 6-Mo Extension to Submit PN17 Regularisation Plan
N E W Z E A L A N D
ASCO DISTRIBUTION: Court to Hear Wind-Up Petition on Nov. 17
AVETAR PROPERTIES: Court to Hear Wind-Up Petition on Nov. 9
FIVE8 SCAFFOLDING: Court to Hear Wind-Up Petition on Nov. 17
MIKE'S MOWING: Creditors' Proofs of Debt Due on Dec. 8
PLANET GATES: Creditors' Proofs of Debt Due on Nov. 27
TITAN BULK: Trucks, Trailers Repossessed After Mortgage Default
S I N G A P O R E
ALIF SOFTWARES: Court to Hear Wind-Up Petition on Nov. 17
GLP PTE: S&P Downgrades ICR to 'BB' on Waning Earnings Quality
MMTC TRANSNATIONAL: Court Enters Wind-Up Order
MULIA GREEN: Commences Wind-Up Proceedings
PLM PROPERTIES: Commences Wind-Up Proceedings
TSMO PTE: Commences Wind-Up Proceedings
- - - - -
=================
A U S T R A L I A
=================
ALLIED CREDIT 2021-1: Moody's Hikes Rating on Class F Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded ratings on four classes of
notes issued by Allied Credit ABS Trust 2021-1.
Issuer: Allied Credit ABS Trust 2021-1
Class C Notes, Upgraded to Aa2 (sf); previously on Mar 6, 2023
Upgraded to A1 (sf)
Class D Notes, Upgraded to A2 (sf); previously on Mar 6, 2023
Upgraded to A3 (sf)
Class E Notes, Upgraded to Baa2 (sf); previously on Mar 6, 2023
Upgraded to Baa3 (sf)
Class F Notes, Upgraded to Ba1 (sf); previously on Mar 6, 2023
Upgraded to Ba3 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in note subordination
available for the affected notes and the good collateral
performance to date.
Following the October 2023 payment date, the note subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 16.7%, 12.4%, 6.5% and 4.9% respectively, from 15.3%,
11.0%, 5.0% and 3.4% at the time of the last rating action for
these notes in March 2023.
As of end-September 2023, 2.1% of the outstanding pool was 30-plus
day delinquent and 0.2% was 90-plus day delinquent. The portfolio
has incurred 1.0% (as a percentage of original pool) of net losses
to date, all of which have been covered by excess spread.
Based on the observed performance to date and loan attributes,
Moody's has updated its expected default assumption to 4.5% of the
current pool balance (equivalent to 3.1% of the original pool
balance), compared with 5.0% of the outstanding pool at the time of
the last rating action (equivalent to 3.4% of the original pool
balance) in March 2023. Moody's has lowered the Aaa portfolio
credit enhancement to 23.5%, compared with 26.0% at the time of the
last rating action.
The transaction is a securitisation of loans backed by motorcycle,
marine and other assets originated by Allied Credit Pty Ltd.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
AROMATIC INGREDIENTS: First Creditors' Meeting Set for Nov. 8
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Aromatic
Ingredients Pty Ltd will be held on Nov. 8, 2023, at 11:00 a.m. via
video conference.
Richard Albarran and Brent Kijurina of Hall Chadwick were appointed
as administrators of the company on Oct. 26, 2023.
BAD SHEPHERD: Emerges From Voluntary Administration
---------------------------------------------------
Bad Shepherd Brewing Co., Cheltenham based craft brewery and
brewpub operator, has successfully emerged from voluntary
administration after creditors approved a financial restructuring
of the business.
Business owners Dereck and Diti Hales appointed DBA Advisory as
Administrator on October 10, 2023. This was a necessary step to
deal with financial losses from a difficult few years.
Dereck and Diti worked with the Administrator to develop a
compelling Deed of Company Arrangement (DOCA) proposal to
financially restructure the business, to ensure a stronger and more
resilient operation moving forward. The Administrator recommended
that creditors accept the DOCA proposal to provide the best outcome
to creditors.
The DOCA was signed after the meeting of creditors on Nov. 3, so
control of the business has reverted to Bad Shepherd's management,
headed by Dereck and Diti.
Dereck noted that under administration it's been business as usual:
"Beer production, sales and distribution and brewpub operations
have not missed a beat since we entered administration."
Looking forward, Dereck added: "After a difficult period for the
business, we are grateful that creditors have supported our
restructuring proposal and have backed us to return Bad Shepherd to
a position of strength. We are excited at the opportunities
ahead."
Bad Shepherd Brewing Co. remains committed to producing quality
beer and providing memorable experiences for their customers and
community.
Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of Bad Shepherd Brewing Co. Pty Ltd on Oct. 10, 2023.
HUMM ABS 2023-1: Moody's Gives Ba2 Rating to AUD17.16MM E-G Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by Perpetual Corporate Trust Limited in its capacity
as the trustee of the humm ABS Trust 2023-1.
Issuer: Perpetual Corporate Trust Limited as trustee of humm ABS
Trust 2023-1
AUD195.65 million Class A1 Notes, Assigned Aaa (sf)
AUD18.06 million Class A1-G Notes, Assigned Aaa (sf)
AUD27.09 million Class B-G Notes, Assigned Aa2 (sf)
AUD13.55 million Class C-G Notes, Assigned A2 (sf)
AUD13.85 million Class D-G Notes, Assigned Baa2 (sf)
AUD17.16 million Class E-G Notes, Assigned Ba2 (sf)
The AUD15.65 million of Class F Notes are not rated by Moody's.
The transaction is a securitisation of a portfolio of Australian
unsecured, retail, buy now pay later (BNPL) receivables originated
under the brand 'humm' by humm BNPL Pty Ltd (originator), a
subsidiary of Humm Group Limited ("hummgroup").
This is hummgroup's fifteenth term securitisation of the
originator's assets.
RATINGS RATIONALE
The ratings take into account, among other factors:
-- the evaluation of the underlying receivables and their expected
performance. The portfolio includes a high proportion (35.6%) of
loans related to solar-related products;
-- the availability of excess spread to meet losses over the life
of the transaction;
-- the liquidity facility in the amount of 1.60% of the rated note
balance;
-- the interest rate swaps provided by National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)); and Westpac Banking
Corporation ("WBC", Aa3/P-1/Aa2(cr)/P-1(cr));
-- the experience of humm BNPL Pty Ltd as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.
Initially, the Class A Notes (which include Class A1, and Class
A1-G Notes) benefit from 29.00% of note subordination. The Class
B-G, Class C-G, Class D-G and Class E-G Notes benefit from 20.00%,
15.50%, 10.90% and 5.20% respectively.
The transaction features a sequential/pro rata paydown structure.
If the pro rata conditions are not satisfied, principal collections
will be distributed sequentially to the Class A to Class F Notes
(pari passu between the Class A1 and A1-G Notes). If the pro rata
paydown conditions are satisfied, principal will be distributed pro
rata among Class A1 to Class F Notes (separate pro-rata paydown
conditions for Class A to Class E-G Notes, and conditions for Class
A to Class F Notes).
Key model and portfolio assumptions
Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 28.0%. Moody's mean default for
this transaction is 4.6% with a seasonally adjusted mean default
assumption of 4.1%. The assumed recovery rate is 0%. Expected
defaults, recoveries and PCE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's cash flow model to rate consumer ABS.
Moody's assumed mean default rate is stressed compared to the
historical levels of 3.9%. The expected default captures Moody's
expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Key pool features are as follows:
-- The weighted average interest rate of the portfolio is 10.2%
before benefiting from obligor monthly account keeping (MAK) fee
income. MAK income has boosted the average portfolio yield by
approximately 3% on the previous 5 humm ABS transactions.
-- The weighted average remaining term of the portfolio is 31.6
months. The weighted average seasoning of the initial portfolio is
8.9 months.
-- Solar, medical services, jewellery, home owner and non-home
owner receivables constitute 35.6%, 28.2%, 5.6%, 10.7% and 20.0% of
the portfolio respectively.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.
HURRICAIN CONTRACTORS: First Creditors' Meeting Set for Nov. 8
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Hurricain
Contractors Pty Limited will be held on Nov. 8, 2023, at 10:00 a.m.
via virtual meeting only.
Bradd William Morelli and Emma Marie Mos of Jirsch Sutherland were
appointed as administrators of the company on Oct. 27, 2023.
MAWSON INFRASTRUCTURE: First Creditors' Meeting Set for Nov. 8
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Mawson
Infrastructure Group Pty Ltd will be held on Nov. 8, 2023, at 2:00
p.m. via webinar.
Duncan Clubb and Jeffrey Marsden of BDO were appointed as
administrators of the company on Oct. 30, 2023.
QANTAS AIRWAYS: Braces for Shareholder Showdown
-----------------------------------------------
Reuters reports that after being roughed up by judges, lawmakers,
regulators and its own employees, Qantas Airways faces its toughest
grilling at its annual meeting on Nov. 3 as investors take the
airline to task over a series of crises.
According to Reuters, the weight of public fury will most likely
overshadow a record annual profit for the carrier in 2023 as
shareholders respond to reputational blunders by voting against
executive pay and other motions.
If 25% of shareholders vote against an Australian company's
remuneration report, it is rejected. That has no immediate
consequences but if is rejected again the following year,
shareholders can hold another vote on whether to sack the board.
"This year has seen a spectacular return to profit, but it is
likely to be short lived," said retail investor group the
Australian Shareholders' Association (ASA), citing numerous cost
headwinds, Reuters relays.
"The governance failures have been staggering in their breadth and
depth," added the ASA, which is recommending that members vote
against six of eight motions, including the remuneration report.
Qantas, which sells two-thirds of all Australian domestic airfares,
went from one of the country's most respected brands to a
figurehead of pandemic-era frustration when it laid off thousands
of ground staff in 2020, replacing them with contractors while
collecting government stimulus payments, Reuters notes.
Reuters says the sackings were illegal, the High Court ruled in
2023. Qantas has not yet learned how much it must pay in penalties
and reimbursements for the workers.
When the border reopened in 2022, the airline sold tickets to
thousands of flights after they were cancelled, said the Australian
Competition and Consumer Commission (ACCC) in a 2023 lawsuit, which
Qantas is defending, Reuters relates.
According to Reuters, the airline was accused in Senate hearings of
lobbying the Australian government, successfully, to stop rival
Qatar Airways from increasing flights to Australia. The ACCC has
said the competition would have put downward pressure on
international fares, which are 50% above 2019 levels.
Amid the drama, Qantas CEO Alan Joyce brought forward his
retirement and the airline's chairman quit, effective 2024. Mr.
Joyce's bonuses are still up for discussion at the meeting since
the company withheld some of his bonuses pending the unresolved
lawsuits.
Qantas' bonus system was "misaligned with shareholder outcomes
given the recent shareholder value destruction as a result of the
controversies at the company", said proxy adviser Institutional
Shareholder Services, which recommends clients vote against the
remuneration report.
"The remuneration structure was poorly aligned with customer
outcomes and other stakeholders which has contributed to Qantas'
damaged reputation," said Glass Lewis, another proxy adviser
recommending a "no" vote, adds Reuters.
About Qantas Airways
Headquartered in Mascot, Australia, Qantas Airways Limited provides
transportation of passengers through two airlines including Qantas
(full-service carrier) and Jetstar (low-cost carrier), operating
international, domestic and regional services.
As reported in the Troubled Company Reporter-Asia Pacific,
Egan-Jones Ratings Company on March 21, 2023, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Qantas Airways Limited to BB from BB-. EJR also withdrew its
'A2' rating on commercial paper issued by the Company.
RPH AUSTRALIA: Collapses Into Voluntary Liquidation
---------------------------------------------------
News.com.au reports that an independent Western Australian building
company attached to a major national construction franchise has
collapsed into liquidation.
On Nov. 2, RPH Australia Pty Ltd appointed Robert Brauer and Linda
Smith of insolvency firm McGrath Nicol as voluntary liquidators.
RPH Australia Pty Ltd was trading under the name GJ Gardner Perth
West as it was part of the GJ Gardner network, a major building
franchisor which has nearly 100 independent building companies and
offices dotted around Australia.
News.com.au relates that a spokesperson from the GJ Gardner Homes
WA head office said the company's untimely demise had impacted 18
homes.
The head office also noted that the Perth West company's financial
woes were "not widespread" across the franchise.
One customer told news.com.au he had been waiting three years for
his house and there was "no end in sight".
The man, who wanted to remain anonymous, signed a contract in March
2020 and his build is still not complete.
The customer claims the company "lied constantly to me with false
finish dates and progress updates".
"My build has been a disaster since the first day I signed the
contract," he lamented.
"I also think that GJ Gardner need to take responsibility for this
outcome," he said, adding that "at no point" did the master
franchisor inform customers of the financial difficulties its Perth
West branch was facing, news.com.au relays.
According to news.com.au, a GJ Gardner Homes WA spokesperson, the
state's master franchisor, said the company had "provided ongoing
support to the Perth West office including operational support,
financial support and financial guidance for some time".
However, ultimately, the franchisee was hit by pressures the
construction industry is battling with, including trade and supply
line disruptions and increasing costs which resulted in "impacting
its financial position".
The spokesperson added: "As the master franchisee of GJ Gardner
Homes WA, we are here to support the customers, trades and
suppliers directly involved by assisting with the insurance process
and providing support where we can."
The GJ Gardner Perth West company, with an office in Osborne Park,
had been a registered business since 2013.
SKY ELECTRICS: First Creditors' Meeting Set for Nov. 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sky
Electrics NSW Pty Ltd will be held on Nov. 9, 2023, at 11:00 a.m.
via teleconference and Hall Chadwick at Level 40, 2 Park Street in
Sydney.
Sule Arnautovic and John Vouris of Hall Chadwick were appointed as
administrators of the company on Oct. 30, 2023.
STERLING INCOME: Criminal Charges Laid against Founder, Associates
------------------------------------------------------------------
The Australia Securities and Investments Commission (ASIC) said
that three men connected to the Sterling Income Trust (SIT) are
each facing numerous criminal charges following ASIC's
investigation into the collapse of the Sterling First group of
companies.
Raymond Jones, founder of the Sterling Group, and Simon Bell have
each been charged with 11 charges of aiding and abetting Sterling
Corporate Services to engage in dishonest conduct in relation to a
financial product or service, in breach of section 1041G of the
Corporations Act.
Ryan Jones, the son of Raymond Jones, has also been charged with 10
charges of aiding and abetting Sterling Corporate Services to
engage in dishonest conduct in relation to a financial product or
service.
Sterling Corporate Services was the Investment Manager of the SIT,
which was registered as a managed investment scheme with ASIC in
2012.
All three men appeared in the Perth Magistrates Court on Nov. 3,
2023.
This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.
The maximum penalty for an offence against section 1041G relevant
for the period of the alleged misconduct is 10 years' imprisonment
and/or a fine of 4,500 penalty units (AU945,000).
From 2016, the Sterling Group offered a long-term residential lease
to retirees and seniors called a Sterling New Life Lease (SNLL).
Purchasing a SNLL required an upfront investment to be made in the
SIT to fund ongoing lease payments.
On Aug. 9, 2017, ASIC issued an interim stop order on Product
Disclosure Statements (PDS) issued by Theta Asset Management Ltd
(Theta) offering investments in the SIT. On Aug. 29, 2017, Theta
consented to a final stop order being made by ASIC, which meant
that no offers, issues, sales or transfers of interests in the SIT
could be made until an updated PDS was approved for use. Theta did
not issue an updated PDS until Oct. 27, 2017.
The Sterling First group of companies collapsed in May 2019.
Following the collapse, many SNLL tenants found themselves homeless
as they were unable to meet lease payments under the SNLL.
WARWICK CONSTRUCTIONS: First Creditors' Meeting Set for Nov. 8
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Warwick
Constructions Pty Ltd will be held on Nov. 8, 2023, at 11:00 a.m.
via virtual meeting only.
Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of the company on Oct. 27, 2023.
=========
C H I N A
=========
BAONENG INVESTMENT: Unit Raises US$26.5MM in Share Sale
-------------------------------------------------------
Caixin Global reports that a unit of cash-strapped Baoneng
Investment Group Co. Ltd. raised CNY194 million (US$26.5 million)
in a court auction of shares of Jonjee Hi-Tech Industrial &
Commercial Holding Co. Ltd., which is also majority-owned by
Baoneng.
Caixin relates that the transaction involved 6 million Jonjee
Hi-Tech shares owned by Baoneng's Zhongshan Runtian. Before the
sale, Zhongshan held a 9.42% stake in Jonjee. The 6 million shares
accounted for less than 1% of Jonjee's total shareholding.
Baoneng Investment Group Co. Ltd. operates as an investment
company. The Company provides industrial investments, tourism
investments, and other investment services. Shenzhen Baoneng
Investment Group also operates construction equipment loans, supply
chain management, and other businesses.
=========
I N D I A
=========
APODIS HOTELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Apodis Hotels And Resorts Limited
Office No. 408, 4th Floor,
Metro Avenue Pereira Hill Road,
Andheri Kurla Road, Andheri East, Airport (Mumbai)
Mumbai Maharashtra, India, 400099
Insolvency Commencement Date: October 17, 2023
Estimated date of closure of
insolvency resolution process: April 14, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Megha Agrawal
001, Shivranjini Apartments in
Circle of Congress Nagar Garden,
Congress Nagar,
Nagpur-440012 (M.S)
Email: ip.meghaagrawal@gmail.com
Synergy Insolvency Professionals LLP
Plot No. 72, Anjaneya Niwas,
Opp. Dew Trinity Hospital,
Hindustan Colony, Near Sai Mandir
Wardha Road, Nagpur 440015
Email: cirp.apodis@gmail.com
Last date for
submission of claims: October 31, 2023
BLOOM DEKOR: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Bloom Dekor Limited
Address of Registered Office:
Survey No. 275, At & Post: Dhanap
N.H. No.8, Opp. Ambemata Temple,
Gandhinagar, Gandhinagar, Gujarat, India 382355
Address Other Than Registered Office:
2/F, Sumel, Sarkhej-Gandhinagar Highway Road,
Opp Gnfc Info Tower, Thaltej
Ahmedabad, Gujarat, India 380059
Insolvency Commencement Date: October 11, 2023
Estimated date of closure of
insolvency resolution process: April 8, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: CA Vineeta Maheshwari
3rd Floor, Reegus Business Centre,
New Citylight Road, Above Mercedes Benz Showroom,
Bharthana-Vesu, Surat-395007
Email: ipvineetak@gmail.com
ip.bloomdekor@gmail.com
Last date for
submission of claims: October 25, 2023
CONSOLIDATED CONSTRUCTION: ICRA Keeps D Ratings in Not Coop.
------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Consolidated
Construction Consortium Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 72.05 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 380.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 45.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term– 190.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 1275.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Bonds/NCD/LTD 50.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating' category
As part of its process and in accordance with its rating agreement
with Consolidated Construction Consortium Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Consolidated Construction Consortium Limited was incorporated in
1997 as a public limited company by four former employees of L&T:
Mr. R. Sarabeswar, Mr. S. Sivaramakrishnan, Mr. V. Janarthanam, and
Mr. T.R. Seetharaman. Since inception, the company has concentrated
on construction and related activities in the commercial,
infrastructure, industrial and residential sectors. To provide
turnkey construction solution to clients, CCCL has set up
subsidiaries including Consolidated Interiors Limited (for interior
contracting and fit-out services); Noble Consolidated Glazings
Limited (for glazing services); and CCCL Power Infrastructure
Limited (for undertaking BOP orders for power projects).
DARODE JOG: NCLT Admits Insolvency Plea Against Realty Firm
-----------------------------------------------------------
The Times of India reports that the National Company Law Tribunal
(NCLT) has admitted the insolvency application filed by the ICICI
bank against real estate developer Darode Jog Realties.
According to the report, the tribunal has appointed Akansha Rathi
as the insolvency professional to carry out the functions of the
company till process is completed. The bank had filed a plea under
the Insolvency and Bankruptcy Act, 2016, in February 2022 over
non-payment of dues worth INR154 crore.
The firm started to default from November 2021, TOI notes.
"Since, the debt and default exist, this bench is of the view that
the present case deserves to be admitted under Section 7 of the
Insolvency and Bankruptcy Code, 2016," the bench of the tribunal
said in an order.
TOI relates that director of Darode Jog Realties Prashant Pardeshi
said, "The company is trying to resolve the issue through a proper
resolution plan and we will keep all the stakeholders, customers,
suppliers indemnified by this plan.
In 2018, the firm had defaulted in payment of its debt following
which the bank classified the developer as non-performing asset
(NPA), the lender said in the petition.
The bank issued a notice in 2019 seeking the entire outstanding,
TOI says.
The firm entered into a settlement agreement with the bank in March
2022, TOI recalls. As per the agreement, the company was required
to pay INR17 crore to the bank for full and final settlement.
However, the settlement was subsequently revoked as the company
defaulted on the settlement agreement, following which the bank's
petition was restored.
"The whole industry has gone through a turmoil in the past, but we
have already settled all the institutions and banks in our various
group companies successfully. This matter has been already settled
with the bank and we have also done part payment towards this
settlement (sic)," the report quotes Pardeshi as saying.
Darode Jog Realities Pvt. Ltd. operates as a real estate company.
The Company provides real estate management and development
services. Darode Jog Realities serves customers in India.
DEEPA DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Deepa
Developers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Deepa Developers, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity
for payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Promoted by Mr. Ramesh Kumar, Deepa Developers is a partnership
firm with Mrs. Urmila Ramesh and Mrs. Deepa Sampath Bannan as his
co-partners. Initially, Deepa Developers was engaged in development
of residential and commercial complexes in Mangalore region; and
has in the past, developed several properties under its group
companies. However, the firm sold most of its properties and is
presently engaged in managing Hotel Deepa Comforts (the Hotel) in
Mangalore. During 2008-09, Deepa Developers constructed and
developed a commercial complex - "Deepa Plaza" which houses Deepa
Comforts. Apart from the Hotel, Deepa Plaza also houses several
shops which have been completely sold post construction of the
property. Hotel Deepa Comforts is located at M.G.Road in Mangalore
at the centre of the city and very close to PVS Circle which is the
main tourist/transport junction in Mangalore. Hotel Deepa Comforts
is a luxury business hotel offering lodging, food and beverages,
banquets and beauty care facilities. It is a 10 storey building
with 82 rooms classified under three categories viz 'Deluxe' – 70
rooms, 'Premium' – 6 rooms and 'Suite' – 6 rooms. The Hotel has
4 enclosed banquet halls and 1 open air terrace for meetings,
conferences, events and parties. Capacity of banquet halls is in
the range of 600 to 1000 people. The Hotel has three restaurants -
(one each under vegetarian, nonvegetarian and fine dining
categories) catering to the Hotel's guests as well as other
visitors in the complex.
DISCOVERY LABORATORIES: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Discovery Laboratories
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Discovery Laboratories Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2004, Discovery Intermediates Private Limited
manufactures pharmaceutical intermediates. Its name was changed to
Discovery Laboratories Private Limited (DLPL) in January 2017. The
company manufactures various types of intermediates and supplies
the same to bulk drug manufacturers. Its manufacturing facility is
based in Choutuppal in Bhongir district of Telangana. The
commercial production of the unit commenced in 2006. The facilities
comply with Current Good Manufacturing Practice regulations (CGMP)
guidelines. Further, the facility received approval from EU GMP in
FY2020.
GINNI HOLDINGS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Ginni Holdings in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term– 22.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 2.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Ginni Holdings, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained noncooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Ginni Holdings is a manufacturer, wholesaler and trader of gold,
diamonds and silver ornaments/jewellery. Ginni Holdings is a
partnership firm established in the year 2006 and promoted by Mr.
Pradeep Kumar Goel and his family. Ginni Holdings's customers
primarily consist of wholesalers and retailers based in New Delhi
area.
IL&FS SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term rating of IL&FS Solar Power Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 45.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Bonds/NCD/LTD 360.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating' category
As part of its process and in accordance with its rating agreement
with IL&FS Solar Power Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
IL&FS Solar Power Limited, a 100% subsidiary of IL&FS Energy
Development Private Limited, has been set up to install a 100- MW
(AC)/ 130-MW (DC) ground mounted solar PV power project at Ittigi
(40 MW), Nellukudure (28 MW) and Mooregeri (32 MW) villages of the
Bellary district of Karnataka. The project capital cost stood at
about INR 685 crore. The project was developed under build, finance
and transfer arrangement by ISPL. ISPL signed a DPA with EEPL as
per which the latter, post commissioning, will be paying monthly
payments to ISPL for the duration of 15 years. The solar power
generated by the project is being supplied to the various office
parks/commercial properties operated by the Embassy Group.
IL&FS TRANSPORTATION: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long term and Short term ratings for the of IL&FS
Transportation Networks Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 490.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term– 320.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
CP/CD/STD- 1000.00 [ICRA]D; ISSUER NOT COOPERATING;
Commercial Rating continues to remain under
Paper 'Issuer Not Cooperating'
Category
NCD/Debt 3963.50 [ICRA]D; ISSUER NOT COOPERATING;
bonds/ Rating continues to remain under
NCD/LTD 'Issuer Not Cooperating'
Category
NCD/Debt- 760.00 [ICRA]D; ISSUER NOT COOPERATING;
Preference Rating continues to remain under
Shares 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Liners India Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2000, IL&FS Transportation Networks Limited (ITNL)
is a surface transportation infrastructure company and
Build-Operate-Transfer (BOT) road operator in India. The company is
promoted by Infrastructure Leasing & Financial Services Limited
which holds 71.92% equity stake in ITNL as on June 30, 2019. Since
inception, ITNL has been involved in the development, construction
and implementation, operation and maintenance of national and state
highways, roads, flyovers and bridges. ITNL, through its
wholly-owned subsidiary in Singapore, namely ITNL International Pte
Ltd (IIPL) holds 100% equity stake in Elsamex S.A, a Spanish O&M
operator which provides maintenance services for infrastructure
facilities largely in the roads sector in Spain and the rest of
Europe and 49% stake (51% being held by Chongqing Expressway Group
Company Limited) in Chongqing YuHe Expressway Company Limited
(CYECL), a toll-based road project in south-west China which has a
long operating history of over nine years.
JAIPUR INTEGRATED: ICRA Keeps C+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term rating for the bank facilities of
Jaipur Integrated Texcraft Park Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]C+; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 25.00 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Jaipur Integrated Texcraft Park Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
JITPPL owns and operates an Integrated Textile Park near Jaipur,
which has been operational since FY2013. It was promoted by hand
block printers and garment manufacturers with operations in and
around Jaipur, with the specific objective of implementing an
Integrated Textile Park. At present, JITPPL constitutes 21 members.
Besides development, JITPPL is responsible for the operations and
maintenance of the project. The project was sanctioned under the
Scheme for Integrated Textile Park (SITP), with ~ 40% of the
project cost (excluding preoperative expenses) funded by a grant
from the Government of India. The project is located on 23.42 acres
of land at RIICO Industrial Area in Bagru, near Jaipur. The site
has good connectivity as it is located at a distance of 35 km.
K2 METALS: ICRA Lowers Rating on INR13cr LT Loan to D
-----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of K2
Metals Private Limited (KMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 13.00 [ICRA]D; downgraded from
Fund based [ICRA]B+ (Stable)
Cash Credit
Long-term– 4.00 [ICRA]D; downgraded from
Fund based [ICRA]B+ (Stable)
Term Loan
Short-term– 10.00 [ICRA]D; Downgraded from
Non Fund [ICRA]A4
Based Facilities
Rationale
Material Event
On October 19, 2023, ICRA received confirmation from the lender of
KMPL regarding irregularities in debt servicing on the company's
rated borrowing facilities.
Impact of Material Event
The long-term and short-term ratings of KMPL have been downgraded
to [ICRA]D/[ICRA]D from [ICRA]B+ (Stable)/[ICRA]A4 following delays
in debt servicing on rated bank facilities.
Liquidity position: Poor
KMPL's liquidity is poor, as reflected in the delays in fulfilling
its debt repayment obligations.
Rating sensitivities
Positive triggers: ICRA could upgrade the ratings if the company
demonstrates a timely debt servicing track record, supported by an
improvement in the overall liquidity and the profitability on a
sustained basis.
Incorporated in 2009, KMPL is a Maharashtra-based company involved
in manufacturing of steel wires and galvanised wires in the range
of 0.9 mm to 10.00 mm. The company is promoted by Mr. Rahul
Kulkarni and Mrs. Megha Kulkarni. KMPL, which started operations in
2014, has its manufacturing unit in Jejuri MIDC, Pune with an
installed capacity to manufacture 24,000 MTPA. The company reported
a net profit of INR0.20 crore on an operating income (OI) of
INR90.2 crore in FY2022 against a net profit of INR0.10 crore on an
OI of INR90.0 crore in FY2021.
KEPL ENGINEERING: ICRA Cuts Rating on INR5.00cr LT/ST Loan to D
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of KEPL
Engineering Private Limited (KEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating downgraded
Unallocated from [ICRA]B (Stable)/[ICRA]A4
and continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in the publicly available sources.
Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in July 2022. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in February 2018, KEPL is an EPC contractor for
mechanical, electrical and civil work in sectors such as power,
petro-chemical, oil and gas, steel and cement in South India. The
company would undertake private projects and government projects
majorly as sub-contract works from other private players. The
management have significant average experience of more than 15
years in handling the current orders in hand.
KS SOFTNET: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short- Term rating of KS Softnet
Solutions Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D ; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- (6.50) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 25.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KS Softnet Solutions Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
KS Softnet Solutions Pvt. Ltd. (KSSSPL) was incorporated in the
year 2002 by Mr. Dinesh Agrawal, and is engaged in development of
Interstate and International check posts for Government entities.
The company is also an authorized partner for distribution of
software products for Microsoft Corporation (USA) in Mumbai and
adjoining regions. The current contracts undertaken by the company
include projects for Department of Transport (Government of
Jharkhand) and Ministry of External Affairs.
The company started as a software distribution firm and later on
diversified into construction of integrated check posts in 2006.
Till FY2017, the company has completed two Integrated Check Post
projects for:
1) Madhya Pradesh Road Development Corporation Ltd. (Govt. of MP)
at Bhurhanpur & Multai and
2) Engineering Projects India Ltd. (a miniratna company) at
Attibele, Karnataka.
MAIL ORDER: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating of Mail Order Solutions (India)
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 22.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Mail Order Solutions (India) Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2004, MOS is engaged in providing integrated
marketing communication services to clients, largely direct
marketing companies, for the purpose of sending direct mails to a
targeted group of customers. MOS' services include printing
and distribution of mail packs (promotional inserts, corporate
communications, etc) for direct marketing, which requires concept
development, creative designing, pre-press activities, print
production personalization, mailing, distribution and fulfillment.
MOS manages all aspects of print projects from concept creation to
delivery in one place. It has presence across all product
categories – bills, catalogues, periodicals, promotional inserts,
and corporate communications for printing, personalization and
distribution. Besides integrated service portfolio, MOS also
benefits from the significant investment
undertaken by it for building the in-house capacities and software
purchase development, in addition to network building. It also has
license arrangements with logistics service providers like La
Poste, Royal Mail and Swiss Post International for mail delivery.
MDA MINERAL: ICRA Keeps C+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of MDA Mineral Dhatu (AP) Private Limited in the 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 2.50 [ICRA]C+; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term– 6.00 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short Term- (2.50) [ICRA]A4; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 5.00 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MDA Mineral Dhatu (AP) Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
MDA Mineral Dhatu (AP) Pvt. Ltd. (MDA) was incorporated in 2010 by
Mr. Vidhan Mittal, Mr. Vijay Kumar Mittal and Mr.Chagan Lal Mittal
as directors. The factory of the company is located at owned
premises at Bobbili, Vijayanagaram, Andhra Pradesh, spread over 4.0
acres an build up area of ~4 acres. MDA Mineral Dhatu (AP) Private
Limited (MDA) is a 6MVA ferro alloy unit was incorporated in the
year 2011 after its demerger from MDA Projects India Pvt Limited.
As informed by the management, the original company- MDA Projects
India Pvt Ltd has been dissolved after the incorporation of MDA
Mineral Dhatu (AP) Private Limited. The company proposed to
commence the commercial production in June 2012, however, the trail
production commenced on 29th June 2013.
NAKODA FRUIT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Nakoda Fruit Products Private Limited
F.N.64 ABC India Ltd. Near Telephone Office,
Nagpur, Nagpur City, Maharashtra, India 440002
Insolvency Commencement Date: October 13, 2023
Estimated date of closure of
insolvency resolution process: April 10, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Varun Vashisht
R-8, South Extension Part 2, South,
National Capital Territory of Delhi-110 049
Email: cavarunvashisht@gmail.com
cirp.nakodafruitproducts@gmail.com
Last date for
submission of claims: October 27, 2023
OSG AUTO: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: OSG Auto Carriers Private Limited
Office 1203, Plot No. 39/2 Sector 30A,
Vashi Navi Mumbai, Maharashtra- 400705
Insolvency Commencement Date: October 17, 2023
Estimated date of closure of
insolvency resolution process: April 14, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Neha Jain Nemani
2404-B, Parthenon Building, JP Road,
4 Bungalows, Andheri West,
Mumbai City, Maharashtra - 400053
Email: nehavkjain@gmail.com
Unit #207, Kshitij,
Near Azad Nagar Metro Station,
Veera Desai Road,
Andheri West, Mumbai - 400053
Email: cirposgauto@gmail.com
Last date for
submission of claims: October 31, 2023
PARAKKOTT INVESTMENTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Parakkott Investments India Private Limited
C-206, Ghatkopar Industrial Estate,
L.B.S. Marg, Near Anacin Company,
Ghatkopar (West), Mumbai City, Mumbai,
Maharashtra, India, 400086
Insolvency Commencement Date: October 17, 2023
Estimated date of closure of
insolvency resolution process: April 14, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Piyush Kisanlal Jani
Om Ashray, New Laxminagar,
Behind Mazar Ring Road, Gondia
Maharashtra, 441614
Email: capiyushj@gmail.com
G-19, Shreewardhan Complex, Mezzanine Floor,
Besides Landmark Building,
Ramdaspeth, Wardha Road,
Nagpur, Maharashtra, 440010
Email: cirp.parakkott@gmail.com
capiyushj@gmail.com
Last date for
submission of claims: November 1, 2023
PARTH COTTON: ICRA Keeps C+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term rating for the bank facilities of Parth
Cotton & Oil Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]C+; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 1.50 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Parth Cotton & Oil Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in the year 2012, Parth Cotton & Oil Industries (PCOI)
is engaged in the business of cotton ginning and cotton seed
crushing. The firm commenced commercial production from November
2013 from its manufacturing facility located at Morbi in Gujarat.
The unit is equipped with 24 ginning machines, 1 pressing machine
and 5 expellers, having processing capacity of approx. 17280 MTPA
of raw cotton. PCOI is a partnership firm with the promoters having
extensive experience in the cotton industry for more than a
decade.
PLATINO CLASSIC: ICRA Keeps D Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Platino Classic Motors (India) Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Platino Classic Motors (India) Pvt. Ltd., ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available
information.
Platino Classic Motors (India) Pvt. Ltd. is engaged in automobile
dealership of BMW cars in Kerala. PCM was incorporated in 2007 by
Mr. P.P Aashique. The first showroom was opened in Ernakulum in
2007, following which other showrooms were opened in Calicut in
2011 and in Trivandrum in 2015. The company is related to Koyenco
group, which has diverse business interests in automobile
dealerships and real estate, among others.
R.K. DHABHAI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of R.K. Dhabhai Minerals and Chemicals Private Limited
in the 'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 2.21 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term– 1.41 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with R.K. Dhabhai Minerals and Chemicals Private Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2007 by Mr. R.K. Dhabhai and his wife Mrs. Urmila
Dhabhai, RK performs job work like grinding, crushing, loading and
transportation of rock phosphate. The company's two operational
units for grinding and crushing are in Rajasthan with a total
grinding capacity of 1,08,000 metric tonnes (MT) per annum and
total crushing capacity of 2,40,000 MT per annum.
S. NANDA: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of S.
Nanda Industries Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with S. Nanda Industries Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
SNIPL, promoted by Mr Sudhir Nanda in 1992, is engaged in the
business of manufacturing and trading of cotton yarn, polyester
fibre, recycled fibre and knitted yarn. Most of the sales (~98%) of
the company are from trading operations. The company also
manufactures fancy yarn at its own manufacturing capacities located
in Ludhiana which has 39 machines with total capacity of 800-900
tonnes per annum.
SHETH SHIP: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Sheth Ship Breaking Corporation in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 42.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Sheth Ship Breaking Corporation, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sheth Ship Breaking Corporation (SSBC) was incorporated as a
partnership firm in 199 7 by Narendra Shah and other partners. The
firm is engaged in the business of ship-breaking. The business
operations are carried out from Bhavnagar and the shipbreaking
activity is conducted at a plot leased by the Gujarat Maritime
Board (GMB) in the Alang Ship Recycling Yard (ASRY). The Group
Company Pioneer Globex Private limited is also involved in other
related businesses like trading of iron ore fines and loose mill
scales which has also turned into NPA and was assigned [ICRA]D in
March 2017.
SHILPI CABLE: ICRA Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long term rating of Shilpi Cable Technologies
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
NCD/DebtBonds/ 27.00 [ICRA]D; ISSUER NOT COOPERATING;
NCD/LTD Rating Continues to remain under
issuer not cooperating category
As part of its process and in accordance with its rating agreement
with Liners India Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
SCTL was established in July 2006 as Rosenberger Shilpi Cable
Technologies Limited, a 50:50 joint venture (JV) between Shilpi
Communications Private Limited and Rosenberger Hochfrequenztechnik
GmbH & Co. KG, Germany. The JV was formed to manufacture and sell
radio frequency (RF) feeder cables in the domestic market. The JV
set up a manufacturing facility at Chopanki, Rajasthan. The
facility commenced commercial production in early 2008, and during
the same year the stake of the German partner was bought by the
Indian promoters. Though initially SCTL was only into RF feeder
cables manufacturing, it has, over the years, added products such
as wiring harnesses and battery cables for automobiles, wiring
harness sets and power cords for white goods, and copper conductors
(magnet copper wires and bunched copper wires) to expand and
diversify its offerings. SCTL thus caters to automotive, telecom,
and consumer durables segments, among others. In addition, it sells
house wires, circuit breakers (MCCB and RCCB), and switches through
distributors under the 'SAFE' brand name. SCTL, headquartered in
Delhi, has five manufacturing units in Bhiwadi. Chopanki,
Bahadurgarh (owned by an associate – AGH Wires), Hosur, and Pune
(Bhiwadi and Chopanki plants are owned by the company, while the
remaining have been taken on lease), and has 13 sales offices
across India. SCTL also has subsidiaries and joint ventures in
Singapore and UAE, which trade in copper cables and other products.
The company is listed on Bombay Stock Exchange (BSE) and National
Stock Exchange (NSE) since 2011.
SIMOLA TILES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and Short Term rating of Simola Tiles
LLP in the 'Issuer Not Cooperating' category. The rating is denoted
as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 42.26 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 21.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 7.74 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Simola Tiles LLP, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity
for payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
STL was established as a limited liability partnership firm in July
2016 by Mr. Kamalshil Shirvi and eight other partners. The firm has
been manufacturing glazed vitrified tiles from December 2017. The
manufacturing unit is located at Morbi, Gujarat, with an installed
capacity to produce 8000 boxes per day. It manufactures large as
well as medium-sized glazed vitrified tiles in dimensions –
1200mmX1200mm, 1200mmX2400, 800mmX1600mm, 800mmX800mm, 800mmX2400mm
and 900mmX1800mm. The firm is managed by Mr. Kamlashil Shirvi, who
has more than five years' experience, while Mr. Rajesh Shirvi and
Mr. Harish Shirvi have an experience of more than a decade in the
ceramic industry via their association with other ceramic entities
involved in similar business.
SURYA VIKAS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short- Term rating of Surya Vikas
Plywood Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D ; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 27.54 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 2.46 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Surya Vikas Plywood Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Surya Vikas Plywood Limited (SVPL) is the flagship company of
Jitendra Kijriwal group, incorporated in 2002 to carry out the
business of manufacturing, processing, seasoning and trading of
wood and wood articles, such as plywood, block board, flush doors,
panel doors, shutter doors, resins, veneers, leafs, leaps,
packaging planks and other allied products. It has established its
laminates division in 2007. Manufacturing facility is located in
Yamuna Nagar, Haryana. The day-to-day operations look after by
Mr.Jitendra Kejriwal, a director of SVPL. He has more than two
decades of experience in wood industry. Mr. Kejriwal and his family
have been in timber/plywood business since 1973. He manages
business policies, strategic decision and business development of
SVPL.
TIAAN CONSUMER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Tiaan Consumer Limited
405, Patel Ashwamegh Complex, Jetalpur Road,
Near Dairy Den Circle, Sayajigunj,
Vadodara 390005, Gujarat
Insolvency Commencement Date: October 11, 2023
Estimated date of closure of
insolvency resolution process: April 8, 2024 (180 Days)
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Mr. Devendra Umrao
B-43A, 1st Floor, Kalkaji, New Delhi-110019
Email: devumraoibc@gmail.com
Ground Floor, Unit No.14, Tower A,
The Corenthum, Sector 62,
Noida, U.P.-201301
Email: ip.tiaan@gmail.com
Last date for
submission of claims: October 25, 2023
TUSCAN CONSULTANTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Tuscan Consultants and Developers Private Limited
2nd Floor No. 35/1, Yellapa Chetty Layout,
Civil Station, Ulsoor Road,
Bangalore-560042 Karnataka, India
Insolvency Commencement Date: October 9, 2023
Estimated date of closure of
insolvency resolution process: April 6, 2024
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Mr. Ashok Mittal
Banglow No.1 Aai Shree Khodiyar Krupa,
Datta Pada Road, Rajendra Nagar,
Borivali East, Near Jai Santoshi Maa Tower,
Mumbai City, Maharashtra 400066
Email: ashokmittal2020@gmail.com
cirp.tuscan@gmail.com
Last date for
submission of claims: October 23, 2023
YOURS ETHNIC: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Yours Ethnic Foods Private
3-D, Nidhishri Corporation, Nr. Vimal House,
Vithalbhai Patel Colony, Stadium Rd,
Navrangpura, Ahmedabad
Ahmedabad, Gujarat 380013 India
Insolvency Commencement Date: October 9, 2023
Estimated date of closure of
insolvency resolution process: April 6, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Mr. Rajendra Devidas Puranik
C-601 Dindoshi Onkar Chs Ltd
Shivdham Complex, Off Gen Ak Vaidya East,
Mumbai Suburban, Maharashtra, 400097
Email: rdpuranik@gmail.com
cirp.yoursethnicfoods@gmail.com
Mobile No: 9820127828
Last date for
submission of claims: October 25, 2023
[*] INDIA: New Rules for Aircraft Lessees to Apply Retrospectively
------------------------------------------------------------------
Reuters reports that changes to Indian laws to exclude leased
aircraft from assets that can be frozen during bankruptcy
proceedings of an airline "would have to be considered"
retrospectively, the country's aviation regulator said in a court
filing on Nov. 1.
According to Reuters, the clarification of India's recent amendment
to its insolvency law potentially paves the way for lessors of
bankrupt budget carrier Go First to take back their planes.
Go First filed for bankruptcy in May but its lessors were blocked
from repossessing planes due to a moratorium imposed by Indian
courts, Reuters says. The world's second-largest lessor, SMBC
Aviation Capital, warned the move would shake the industry's
confidence at a time when India is acquiring hundreds of new jets.
In a long awaited move, India amended its insolvency law in
October, a decision aimed at shoring up the financing of its
fast-growing airline industry by addressing discrepancies between
global and local rules, Reuters relates.
Reuters adds that the rule change was aimed at bringing India's
laws in line with the Cape Town Convention, a treaty protecting the
rights of foreign lessors, following the dispute over the
bankruptcy of Go First.
=========
J A P A N
=========
MARUI GROUP: Egan-Jones Retains BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on October 24, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Marui Group Co., Ltd. EJR also withdraws the rating
on commercial paper issued by the Company.
Headquartered in Tokyo, Japan, Marui Group Co., Ltd. provides
retailing and credit card services.
UNITIKA LTD: Egan-Jones Retains CCC+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on October 19, 2023, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by UNITIKA LTD. EJR also withdraws the rating on
commercial paper issued by the Company.
Headquartered in Osaka, Osaka, Japan, UNITIKA LTD manufactures and
sells synthetic fibers and textile products used as apparel and
industrial materials.
===============
M A L A Y S I A
===============
IREKA CORP: Gets 6-Mo Extension to Submit PN17 Regularisation Plan
------------------------------------------------------------------
Free Malaysia Today reports that Bursa Malaysia Securities (Bursa
Securities) has given Ireka Corporation Bhd a further six-month
extension to submit its Practice Note 17 (PN17) regularisation plan
even as its auditors highlighted doubts on its ability to operate
as a going concern.
In a bourse filing on Nov. 1, the construction and property
development group said Bursa Securities approved on Nov. 1 its
application for a further extension of time to Feb. 29, 2024 to
submit its regularisation plan.
According to the report, the filing said Bursa Securities reserves
the right to suspend the trading of its shares and de-list the
company if it fails to:
* Submit its regularisation plan to the regulatory authorities
on or before Feb. 29, 2024;
* Obtain the approval from any of the regulatory authorities
for the implementation of its regularisation plan; or
* Implement its regularisation plan within the time frame or
extended time frame stipulated.
In another bourse filing on Oct. 31, Ireka said its external
auditors, Baker Tilly Monteiro Heng PLT, expressed a disclaimer of
opinion on its audited financial statements for the year ended June
30, 2023, Free Malaysia Today relays.
In its report, Baker Tilly noted that Hong Leong Bank Bhd and
AmBank (M) Bhd have filed a suit against Ireka and its unit Ireka
Engineering & Construction Sdn Bhd.
"These events or conditions indicate the existence of a material
uncertainty which may cast significant doubt about the group's and
the company's ability to continue as going concerns," the auditors
said.
Free Malaysia Today relates that the two banks claimed MYR4.24
million from the group, comprising a claim on overdraft facilities
amounting to MYR3.1 million and a claim on revolving credit
amounting to MYR1.14 million.
Ireka said it expects to "address all issues" related to Baker
Tilly's disclaimer of opinion by FY2024, the report adds.
The auditor's report noted that as at June 30, the group's current
liabilities exceeded its current assets by MYR48.7 million, and
recorded a capital deficiency of MYR44.9 million, Free Malaysia
Today discloses.
It stated Ireka had triggered the PN17 criteria in February last
year as the group's shareholders' equity was 50% or less than its
share capital.
In January this year, the group reported that the MYR163.9 million
contract awarded by Regency Specialist Hospital Sdn Bhd to Ireka
Engineering & Construction in June 2020 had been terminated, Free
Malaysia Today discloses.
In a Bursa filing on Jan. 4, Ireka said the termination came as a
result of a determination letter dated Dec. 21, 2022 from Regency
Specialist Hospital due to the "non-completion and failure to
rectify" certain clauses of the contract.
Ireka's share price ended 1.5 sen or 2.94% lower at MYR0.50, giving
it a market capitalisation of MYR112.75 million.
=====================
N E W Z E A L A N D
=====================
ASCO DISTRIBUTION: Court to Hear Wind-Up Petition on Nov. 17
------------------------------------------------------------
A petition to wind up the operations of Asco Distribution Limited
will be heard before the High Court at Auckland on Nov. 17, 2023,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 6, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
AVETAR PROPERTIES: Court to Hear Wind-Up Petition on Nov. 9
-----------------------------------------------------------
A petition to wind up the operations of Avetar Properties Limited
will be heard before the High Court at Christchurch on Nov. 9,
2023, at 10:00 a.m.
Scott Alun Lucas filed the petition against the company on March
10, 2023.
The Petitioner's solicitor is:
C. L. Davidson
Canterbury Legal
Level 2, 205 Durham Street South
Christchurch
FIVE8 SCAFFOLDING: Court to Hear Wind-Up Petition on Nov. 17
------------------------------------------------------------
A petition to wind up the operations of Five8 Scaffolding Limited
will be heard before the High Court at Auckland on Nov. 17, 2023,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 22, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
MIKE'S MOWING: Creditors' Proofs of Debt Due on Dec. 8
------------------------------------------------------
Creditors of Mike's Mowing & Maintenance Limited, Vivre La France
Limited, MK Tyre Centre Limited and 465 Motors Limited are required
to file their proofs of debt by Dec. 8, 2023, to be included in the
company's dividend distribution.
Mike's Mowing & Maintenance Limited commenced wind-up proceedings
on Oct. 24, 2023.
Vivre La France Limited commenced wind-up proceedings on Oct. 25,
2023.
\
MK Tyre Centre Limited and 465 Motors Limited commenced wind-up
proceedings on Oct. 30, 2023.
The company's liquidator is:
Paul Vlasic
Rodgers Reidy (NZ)
PO Box 45220
Te Atatu
Auckland 0651
PLANET GATES: Creditors' Proofs of Debt Due on Nov. 27
------------------------------------------------------
Creditors of Planet Gates & Fences Limited are required to file
their proofs of debt by Nov. 27, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 27, 2023.
The company's liquidators are:
Raymond Paul Cox
Gareth Russel Hoole
Ecovis KGA Limited, Chartered Accountants
PO Box 37223
Parnell
Auckland
TITAN BULK: Trucks, Trailers Repossessed After Mortgage Default
---------------------------------------------------------------
Otago Daily Times reports that another raft of trucks and trailers
have been repossessed from Titan Bulk Haulage following its latest
failure to remedy defaults under the mortgages.
The Mosgiel trucking company is a subsidiary of Burns Group 2018
Ltd, which is in liquidation and whose director is Otago
businessman Malcolm Burns, the report notes.
According to ODT, a notice of entry into possession of mortgaged
goods was filed by Kiwi Asset Finance, a wholly owned subsidiary of
Kiwibank, against Titan Bulk Haulage in September. Similar notices
have previously been filed by Kiwi Asset Finance against the
company.
In their most recent report, the liquidators of Burns Group 2018
said they were still awaiting information from Mr. Burns so they
could determine any available assets belonging to the company, ODT
relays.
In March, an order was made in the High Court at Dunedin to place
the company into liquidation.
It operated as a holding company with passive investment of three
subsidiary companies: Forest Distribution and Logistics Ltd, Otago
Excavation Ltd - which is in liquidation and in receivership - and
Titan Bulk Haulage Ltd.
=================
S I N G A P O R E
=================
ALIF SOFTWARES: Court to Hear Wind-Up Petition on Nov. 17
---------------------------------------------------------
A petition to wind up the operations of Alif Softwares & Systems
Pte Ltd will be heard before the High Court of Singapore on Nov.
17, 2023, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Oct. 25, 2023.
The Petitioner's solicitors are:
Adsan Law LLC
300 Beach Road
#26-00 The Concourse
Singapore 199555
GLP PTE: S&P Downgrades ICR to 'BB' on Waning Earnings Quality
--------------------------------------------------------------
On Nov. 2, 2023, S&P Global Ratings lowered its long-term issuer
credit ratings on GLP Pte. Ltd. (GLP) and GLP China Holdings Ltd.
to 'BB' from 'BBB-'. At the same time, S&P lowered its long-term
issue ratings on the senior unsecured notes of both companies to
'BB' from 'BBB-', and the long-term issue ratings on their
perpetual notes to 'B+' from 'BB'. S&P subsequently withdrew all
its ratings on GLP and its subsidiary GLP China at the group's
request.
The rating outlook at the point of withdrawal was negative, and it
reflects execution risk from GLP's ongoing asset monetization and
the uncertain timing of the recognition of net proceeds. The timing
could derail GLP's plan to deleverage, address its debt maturities,
and improve its capital structure over the next 12 months.
GLP's credit quality has deteriorated due to the delays in
executing its asset monetization strategy. In S&P's view, GLP is
unlikely to meet its target of completing the monetization of a
substantial portion of logistics assets in China by end-2023. GLP
undertook a strategic initiative in early 2023 to monetize these
assets to a strategic investor by end-2023. It sought to reduce its
proportion of lumpy non-recurring EBITDA significantly from 2024
onward.
S&P now expects the company to complete the transaction with the
strategic investor and a portion of asset monetization under its
"dual track approach" in 2024. S&P believes it will take time to
negotiate the key commercial terms, obtain the relevant regulatory
approvals, and collect the proceeds. The stall in progress on asset
monetization has prolonged the planned debt reduction. This has
increased GLP's reliance on short-term debt funding in 2023, and
added pressure to its liquidity position.
While other asset monetizations to its managed funds and third
parties are still in progress, the majority of those are scheduled
toward the end of 2023, with some possibly spilling over to 2024.
S&P said, "As a result of the delays in cash inflow, we believe GLP
can only partially collect the outstanding receivables from its
intermediate holding company, GLP Bidco Ltd. The prolonged exposure
to significant related-party receivables will exceed our tolerance
threshold. That said, GLP remains confident of unwinding most of
the related party transactions by end-2023.
"We cut our forecast for 2023 full-year net proceeds from asset
monetization to US$3.9 billion, from US$5 billion-US$7 billion. We
anticipate the company will collect about US$2.8 billion of net
proceeds in the second half of 2023. Of this amount, GLP has
contracted US$2 billion-US$2.2 billion of divestments in the third
quarter, with good visibility to collect the net proceeds by the
end of 2023. GLP is likely to collect the remaining US$600
million-US$800 million net proceeds from asset monetization
transactions that are in advanced stages.
"The persistent high proportion of non-recurring EBITDA is a drag
on GLP's credit quality. GLP's persistent high proportion of
non-recurring EBITDA from lumpy asset monetization is no longer
commensurate with the previous 'BBB-' rating, in our view. We
estimate the proportion of non-recurring EBITDA will remain high at
55% in 2023 and 40% in 2024. These proportions are inconsistent
with other rated real estate landlord peers. They lead to higher
earnings volatility than we expect and have strained GLP's balance
sheet. As a result, we lowered GLP's business risk profile to fair
from satisfactory.
"GLP's earnings quality will weaken as it transitions from an owner
of logistics assets to an asset-light manager. In our view, GLP's
and GLP China's direct access to rental income from logistics
assets, which benefit from a stable lease ratio, will substantially
decrease as GLP continues to sell its assets currently held on its
balance sheet. We expect GLP will sell most of these assets to
funds where GLP holds minority stakes of 10%-30%. GLP will receive
pro-rated dividends distributed by the funds based on its ownership
stakes and the distribution policies of the funds."
While GLP fully consolidates its fund management platform, GLP
Capital Partners Ltd. (GCP), because of its majority voting power,
earnings from GCP are diluted given it is 56% owned by GLP.
Nevertheless, GLP has claimed that it has the discretion on
dividend payable to minority shareholders.
Although income from internet data centers (IDCs) and cold storage
facilities could rise, these two segments' revenue scale is still
small and will take time to stabilize. These new asset classes have
yet to reach the critical scale that would make them comparable
with GLP's established logistic assets.
Sizable debt maturities over the next 12 months have weakened
liquidity. Delays in asset monetization have hampered GLP's
capacity to repay its short-term debt. GLP's reported short-term
debt ballooned to US$6.5 billion as of June 2023, from US$2.8
billion as of end-December 2022. The increase is driven by
approaching bond maturities of US$1.6 billion in the first half of
2024, as well as higher drawdown from its revolving credit facility
(RCF) over the past six months. The short-term maturities are
sizable relative to the company's US$2.5 billion cash balance at
the end of June 2023.
GLP has limited liquidity buffer. The company's liquidity sources
are only sufficient to cover liquidity uses by about 1.1x over the
12 months to June 30, 2024, in our view. The liquidity position
will depend on the timely collection of asset monetization
proceeds, continuously rolling over its US$2.7 billion RCF, while
managing capital expenditure (capex). S&P understands the company
has extended a US$835 million RCF to 2026.
S&P believes GLP's banking relationships remain supportive. Signs
of this include continuous drawdown from bank facilities over the
past six months and rollover of US$835 million RCF to 2026. The
company is also in the process of securing additional committed
facilities and equity investments.
However, the diversity of GLP's funding sources has diminished, in
S&P's view. GLP has limited headroom for additional secured
facilities, given about 77% of its investment properties, or 60% of
its investment properties excluding consolidated funds, were
pledged for bank loans. Furthermore, the option of issuing new
offshore and onshore bond is unattractive, given current high
yields.
The negative rating outlook reflects weak credit ratios and
deleveraging uncertainties should asset monetization delays
persist. Based on S&P's forecast, GLP would need to reduce
consolidated debt by more than US$7.0 billion over the next six to
12 months to meet its asset-light strategy target and maintain a
ratio of funds from operations (FFO) to debt of more than 9%. Asset
monetization delays in 2023 resulted in its consolidated reported
debt increasing to US$14.6 billion as of June 30, 2023, from
US$13.9 billion as of Dec. 31, 2022.
Deleveraging in 2024 will be highly dependent on the collection
timing of the asset monetization proceeds, as well as GLP's efforts
to control the pace of capex. In S&P's base case, it forecasts the
company's FFO-to-debt ratio will remain at about 8% in 2023, before
improving to 9%-10% in 2024. This implies GLP's FFO-to-debt ratio
would be below our downgrade threshold of 9% for two consecutive
years.
Heightened short-term debt pressured its debt maturity profile.
GLP's weighted average debt maturity (WAM) profile was about 2.9
years as of June 30, 2023, after adjusting for the debt and RCF
that have since been repaid or extended. This is slightly shorter
than other rated real estate landlord peers whose WAM is generally
above three years.
GLP's WAM is likely to improve once it addresses the short-term
maturities over the next 12 months. The capital structure will be
under pressure if the company does not reduce its reliance on RCF.
In addition, GLP's capital structure post its asset-light
transition will continue to hinge on the funding mix of capital
spending to support its expansion into new revenue streams, such as
IDC and cold storage.
GLP China faces higher cash flow volatility than the parent. This
is because most of the lumpy and non-recurring asset monetization
and development activities are carried out by GLP China. S&P
estimates the portion of non-recurring EBITDA for GLP China will
remain high at 60%-80% of total EBITDA in 2023-2024, before
dropping to about 30% in 2025. This proportion is higher than for
GLP.
There are also execution risks in GLP's data center strategy, in
particular, replacing the reduction in rental income from logistics
properties. GLP's ability to secure quality clients and long-term
lease contracts for these yet-to-be-stabilized data centers is
uncertain because majority of these assets are still being built.
GLP is planning to deliver more than 1,400 MW of power capacity
from its IDC assets upon completion; S&P estimates it currently has
a service capacity of about 300 MW.
S&P views the carve-out of GLP China's fund management business to
GCP in 2022 as credit negative. After the separation of the fund
management business, GLP China no longer benefits from the cash
flow from fund management fees. Despite GLP China charging GCP
property management fees, S&P believes the amount of EBITDA
generated will be materially lesser.
The negative rating outlook on GLP and GLP China reflects execution
risks on their ongoing asset monetization plans and the collection
of cash proceeds, which could derail their deleveraging plans and
their ability to address near-term debt maturities. It also
reflects the uncertainty on the group's capital structure post the
asset-light transition.
GLP
S&P may lower the ratings if it believes GLP:
-- Is unable to reduce its consolidated debt burden to a level
that can help it attain an asset-light capital structure. This
could result from slower asset monetization than we expect and
lower cash proceeds, particularly if the proceeds were not
prioritized for debt reduction. An indication is the FFO-to-debt
ratio failing to increase above 9% sustainably; or
-- Its liquidity profile weakens further such that we expect the
ratio of sources to uses of liquidity to fall below 1x. This could
happen if there is a further delay in the collection of asset
monetization proceeds, or the company increases its reliance on
short-term funding, or fails to maintain sufficient cash or
multi-year committed credit facilities; or
-- Continues to rely on short-term funding such that its weighted
average debt maturity remains below three years; or
-- Faces a further deterioration in its earnings quality and
heightened cash flow volatility following the strategic
repositioning of its business.
GLP China
S&P may lower the rating on GLP China if it lowers the rating on
GLP or its importance to GLP reduces.
S&P may revise downward its assessment of GLP China's stand-alone
credit profile (SACP) if the company's:
-- FFO-to-debt ratio falls materially below 9%; or
-- Ratio of sources to uses of liquidity falls below 1x with no
signs of improvement; or
-- WAM remains below three years; or
-- Earnings quality further deteriorates and cash flow volatility
heightens as a result of its new business mix following the
strategic repositioning of its business.
GLP
S&P may revise the outlook on GLP to stable if it believes GLP can
address its short-term debt maturities, improve WAM above three
years, and reduce cash flow volatility. At the same time, GLP needs
to maintain its FFO-to-debt ratio sustainably above 9%.
GLP China
S&P said, "We may revise the outlook on GLP China to stable if we
revise the outlook on GLP to stable. This is contingent on GLP
China maintaining its core strategic relationship within the
group.
"We may revise upward our assessment of GLP China's SACP if we
expect future cash flow volatility to decrease after the completion
of its substantial asset monetization. This could happen if the
company significantly reduces development activities and
demonstrates a track record of delivering sustainable earnings from
its new business operations."
MMTC TRANSNATIONAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Oct. 27, 2023, to
wind up the operations of MMTC Transnational Pte. Ltd.
UCO Bank filed the petition against the company.
The company's liquidators are:
Lim Loo Khoon
Terrence Chin Khee Loon
Deloitte & Touche LLP
6 Shenton Way
#33-00 OUE Downtown
Singapore 068809
MULIA GREEN: Commences Wind-Up Proceedings
------------------------------------------
Members of Mulia Green Resources Pte Ltd, on Oct. 25, 2023, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Chng Sok Hia @ Nurhuda Abdullah
c/o 220 Orchard Road
#05-01 Midpoint Orchard
Singapore 238852
PLM PROPERTIES: Commences Wind-Up Proceedings
---------------------------------------------
Members of PLM Properties (UK) Pte Ltd, on Oct. 26, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Mr. Joshua James Taylor
Ms. Chew Ee Ling
Alvarez & Marsal (SE Asia)
6 Battery Road, #16-01/02
Singapore 049909
TSMO PTE: Commences Wind-Up Proceedings
---------------------------------------
Members of TSMO Pte Ltd, on Oct. 24, 2023, passed a resolution to
voluntarily wind up the company's operations.
The company's liquidators are:
Ms. Toh Ai Ling
Mr. Bob Yap Cheng Ghee
Mr. Chan Kwong Shing, Adrian
KPMG Services
12 Marina View
#15-01 Asia Square Tower 2
Singapore 018961
*********
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