/raid1/www/Hosts/bankrupt/TCRAP_Public/231117.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
Friday, November 17, 2023, Vol. 26, No. 231
Headlines
A U S T R A L I A
AUSUNSHINE PTY: First Creditors' Meeting Set for Nov. 22
BUDDY TECHNOLOGIES: First Creditors' Meeting Set for Nov. 22
CATALANO SEAFOOD: Creditors to Vote on Rescue Plan Next Week
CIVIL PRO: First Creditors' Meeting Set for Nov. 23
F45 TOTAL: Perth F45 Gym Goes Into Liquidation
FIRST CITY: ASIC Suspends AFS Licence for Failure to File Reports
PROBIS FINANCIAL: Second Creditors' Meeting Set for Nov. 22
TICKETS HOLDINGS: First Creditors' Meeting Set for Nov. 24
C H I N A
CHINA HUARONG: Sends US$1.7BB Back to Citic After Asset Sales
SHIMAO GROUP: Court Auction to Sell Land in Shenzhen Fails Again
XPENG INC: Net Loss Widens to CNY3.8 Billion in Q3
I N D I A
AAM SKY: Liquidation Process Case Summary
AGROHA COLOURTEC: CARE Keeps D Debt Ratings in Not Cooperating
AJIT AGRO: CARE Keeps C Debt Ratings in Not Cooperating Category
AMARNATH JHA: CRISIL Lowers Rating on INR4.95cr Loan to B+
ASIA TELECOM: Liquidation Process Case Summary
B & C TEXTILES: Voluntary Liquidation Process Case Summary
B. SAMYAKK: CARE Keeps D Debt Rating in Not Cooperating Category
BAJAJ FOODS: CRISIL Raises Rating on INR7.5cr Loan to B-
BAJRANG SALES: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
BALAJI AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
BALAJI DIGITAL: Liquidation Process Case Summary
BEML MIDWEST: Liquidation Process Case Summary
BOHRA FASHIONS: Liquidation Process Case Summary
DECODEM TECHNOLOGIES: Voluntary Liquidation Process Case Summary
E-GLOBAL TRADING: Voluntary Liquidation Process Case Summary
EVYAVAN MERCANTILE: Insolvency Resolution Process Case Summary
FLOATELS INDIA: CRISIL Moves B- Debt Ratings to Not Cooperating
FURNACE FABRICA: Insolvency Resolution Process Case Summary
G.S. CONSTRO: Insolvency Resolution Process Case Summary
GMR HYDERABAD: CARE Reaffirms D Rating on INR790.93cr LT Loan
GO GREEN: CARE Keeps D Debt Rating in Not Cooperating Category
INTARVO TECHNOLOGIES: Insolvency Resolution Process Case Summary
JAI ANNANYA: Liquidation Process Case Summary
JAIBUNDELKHAND ROLLER: CRISIL Moves B+ Ratings to Not Cooperating
JANMENJOY PRAMANIK: CRISIL Moves B+ Ratings to Not Cooperating
KAVINGANGA WEAVING: CRISIL Moves B- Ratings to Not Cooperating
KOLON GLOTECH: Insolvency Resolution Process Case Summary
MAERSK BROKER: Voluntary Liquidation Process Case Summary
MAGICSTONE TRADERS: Insolvency Resolution Process Case Summary
MARIMBA AUTO: Voluntary Liquidation Process Case Summary
METISHTECH FABRICATORS: Insolvency Resolution Process Case Summary
NARAYANI FLOUR: CARE Keeps C Debt Rating in Not Cooperating
NESCO FOUNDATION : Voluntary Liquidation Process Case Summary
NIRBHAY RASAYAN: Insolvency Resolution Process Case Summary
OMEGA PREMISES: CRISIL Reaffirms B Rating on INR14.50cr Loan
PHOTOGRAVURS (INDIA): Insolvency Resolution Process Case Summary
POJA SOJA: Insolvency Resolution Process Case Summary
PR CASTALLOYS: Liquidation Process Case Summary
PURPLESTREAM CONVERGENCE: Insolvency Resolution Case Summarry
RAJASTHAN RAJYA: CARE Lowers Rating on INR10,228.35cr Loan to D
RAJSHREE IMPEX: CRISIL Lowers Rating on Long/Short Term Debt to D
RASANDIK ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
REASELACK POLYMERS: Liquidation Process Case Summary
RUDRANI COLD: CRISIL Moves B Debt Ratings to Not Cooperating
SAIRAM PRINTING: CRISIL Moves B- Debt Ratings to Not Cooperating
SAMARTHA HOSPITAL: CRISIL Moves B Debt Ratings to Not Cooperating
SHANKER INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
STAUNCH NATURAL: Liquidation Process Case Summary
SUASHISH CAPITAL: Liquidation Process Case Summary
SUDERSHAN CASTING: CRISIL Moves B Debt Rating to Not Cooperating
SUPERTECH ORB: Insolvency Resolution Process Case Summary
SURGICOIN MEDEQUIP: CARE Keeps D Debt Ratings in Not Cooperating
SURYA INTERNATIONAL: CRISIL Hikes Rating on INR7.50cr Loan to B-
TIRUPATI BALAJI: Insolvency Resolution Process Case Summary
TV PRODUCTS: Liquidation Process Case Summary
VARDAAN LIFESTYLE: CARE Lowers Rating on INR15cr LT Loan to C
VIKRAM IRON: Liquidation Process Case Summary
N E W Z E A L A N D
EDISON ARCHITECTURAL: Creditors' Proofs of Debt Due on Dec. 8
FOOD TRUCK: Court to Hear Wind-Up Petition on Nov. 24
NO LIMIT: Court to Hear Wind-Up Petition on Dec. 4
SMARTLIFE LIMITED: Creditors' Proofs of Debt Due on Dec. 12
SUPIE LIMITED: Creditors' Proofs of Debt Due on Dec. 20
SUPIE LTD: Owed NZD2.1M to More Than 4,000 Creditors, Report Shows
S I N G A P O R E
BERT'S AIR-CONDITIONING: Court to Hear Wind-Up Petition on Dec. 1
FLASH COFFEE: Owes SGD14.9MM to 120 Creditors, Including Ex-Staff
HAPPI PTE: Commences Wind-Up Proceedings
MAISON KAYSER: Creditors' Meetings Set for Dec. 7
RCMA ASIA: Creditors' Proofs of Debt Due on Dec. 14
XINTRU PTE: Creditors' Proofs of Debt Due on Dec. 14
- - - - -
=================
A U S T R A L I A
=================
AUSUNSHINE PTY: First Creditors' Meeting Set for Nov. 22
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Ausunshine
Pty Ltd, trading as Moonflower Chinese Restaurant & Karaoke, will
be held on Nov. 22, 2023, at 10:00 a.m. at 278 Barker Road, in
Subiaco, WA.
Ross Stephen Thomson -- ross@bankruptcyac.com.au -- of Bankruptcy
Advisory Centre was appointed as administrator of the company on
Nov. 10, 2023.
BUDDY TECHNOLOGIES: First Creditors' Meeting Set for Nov. 22
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Buddy
Technologies Ltd will be held on Nov. 22, 2023, at 10:00 a.m. via
Microsoft Teams.
Andrew McCabe and Christopher Johnson of Wexted Advisors were
appointed as administrators of the company on Nov. 13, 2023.
CATALANO SEAFOOD: Creditors to Vote on Rescue Plan Next Week
------------------------------------------------------------
Nick Nichols at Business News Australia reports that administrators
to Catalano Seafood have managed to hook a buyer for the business
with the recapitalisation plan set to go to a vote by creditors at
their second meeting which is scheduled for early next week.
Catalano, which listed on the ASX in February last year, was placed
into voluntary administration on October 18 with debts to unsecured
creditors of more than AUD3.1 million.
The company was established in 2019 by the Catalano family as a
retailer, processor and distributor of seafood products, although
the origins of the family-run business stretch back to 1969.
Through a proposed deed of company arrangement (DOCA) to be put to
creditors on November 21, some unsecured creditors can expect a
return of up to 91.8c in the dollar as the proposal seeks to ensure
the business continues operating as a going concern, BNA relays.
In their report to creditors, administrators Rob Brauer and Linda
Smith of McGrathNicol Restructuring have revealed they received six
indicative offers to buy the Catalano Seafood business after
advertising it for sale, according to BNA. They said a DOCA
proposed by Avior offers the best outcome for creditors.
Under Avior's proposal, details of which were finalised earlier
this week, the company will forward a loan of AUD1.7 million to pay
out secured creditors National Australia Bank and Capital Finance,
while also meeting Catalano's priority debts to employees. Catalano
family members who are directors, and their immediate family
members, are among those excluded from the priority debt payments
to employees.
According to BNA, unsecured creditors are estimated to receive as
much a 91.8c in the dollar, depending on the class of each
unsecured creditor. However, some unsecured creditors will receive
zero return on their debt.
Should creditors approve the DOCA, Avior will acquire Catalano
Seafood as a going concern. It is understood that Avior is looking
to retain the Catalano family's involvement should the DOCA be
approved, BNA relates.
Catalano Seafood administrators have recommended creditors accept
the DOCA, which needs 50 per cent support from all creditors by
number and by the value of debts they are owed.
While creditors have a chance of receiving a dividend, shareholders
in the listed company will receive nothing from the transaction as
100 per cent of the company's shares will be transferred to Avior
if creditors approve the DOCA.
BNA notes that Catalano Seafood's woes stem from ambitious
expansion plans and a shortage of capital, with the administrators
noting the company made ‘substantial' investments to boost
revenue and profitability.
Despite reporting AUD15.5 million in revenue, Catalano posted a
AUD2.9 million loss in FY23 with the result impacted by higher
labour costs, raw materials and overheads, BNA discloses.
The company, which supplied to the likes of Metcash and Coles, was
dealt a blow in June after a proposed AUD2.2 million capital
investment by The Pure Meat & Food Co was withdrawn.
CIVIL PRO: First Creditors' Meeting Set for Nov. 23
---------------------------------------------------
A first meeting of the creditors in the proceedings of Civil Pro
Constructions Group Pty Ltd will be held on Nov. 23, 2023, at 10:30
a.m. at the offices of SV Partners, 22 Market Street, in
Brisbane, QLD.
Terry Grant Van der Velde and Anne Meagher of SV Partners were
appointed as administrators of the company on Nov. 13, 2023.
F45 TOTAL: Perth F45 Gym Goes Into Liquidation
----------------------------------------------
News.com.au reports that yet another Australian F45 franchise has
collapsed into liquidation, adding to the list of gyms in the
popular fitness chain falling over in recent months.
On Nov. 15, a WA-based company called F45 Total Fitness Pty Ltd,
which operates the F45 gym in East Victoria Park, Perth, went into
liquidation, news.com.au discloses.
Colin Martin is listed as the sole director/shareholder of the
company, according to ASIC documents.
At a general meeting on Nov. 15, the decision was taken to put the
business into liquidation citing "concerns about the Company's
solvency", according to the minutes of the general meeting.
"The Company could not, by reason of its liabilities, continue its
business or continue to trade," the minutes of the general meeting
said, news.com.au relays.
Liquidator Ross Thomson of insolvency firm Bankruptcy Advisory
Centre, declined to comment to news.com.au on the size of the
company's liabilities, or whether it owed money to its employees.
FIRST CITY: ASIC Suspends AFS Licence for Failure to File Reports
-----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of First
City Corporate Advisory Services Pty Limited for failing to lodge
its annual financial statements and audit reports.
The suspension, in place until March 27, 2024, provides First City
with an opportunity to meet its outstanding compliance
obligations.
If First City has not complied with its outstanding obligations by
the end of the suspension period, ASIC will consider cancelling its
AFS licence. The suspension took effect on Oct. 3, 2023.
First City has held AFS licence number 225858 since April 15, 2003.
The licence authorises First City to provide financial product
advice and deal in securities for wholesale clients.
Timely lodgement of financial statements and audit reports promotes
confidence in our markets by demonstrating an AFS licensee's
capacity to meet its financial requirements.
PROBIS FINANCIAL: Second Creditors' Meeting Set for Nov. 22
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Probis
Financial Services Pty Ltd (Formerly Known as Probis Financial
Services Ltd) has been set for Nov. 22, 2023, at 12:30 p.m. via
video conference only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 21, 2023, at 5:00 p.m.
Richard Albarran, Brent Kijurina, Cameron Shaw and Aaron Dominish
Of Hall Chadwick were appointed as administrators of the company on
July 17, 2023.
TICKETS HOLDINGS: First Creditors' Meeting Set for Nov. 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Tickets
Holdings Pty Ltd and Tix Connect Pty Ltd will be held on Nov. 24,
2023, at 11:00 a.m. at the offices of Nicols + Brien, Level 2, 70
Market Street, in Wollongong, NSW, and via virtual meeting
technology.
Ryan Bradbury of Nicols + Brien was appointed as administrator of
the company on Nov. 14, 2023.
=========
C H I N A
=========
CHINA HUARONG: Sends US$1.7BB Back to Citic After Asset Sales
-------------------------------------------------------------
Bloomberg News reports that China Huarong Asset Management Co.
returned almost $2 billion back to Citic Group, in a sign of closer
ties after the financial conglomerate led a bailout of the bad debt
manager two years ago.
According to Bloomberg, Huarong agreed to buy a 5% stake in Citic
Ltd. for HK$13.6 billion ($1.7 billion) from another one of the
group's entities. It will pay HK$9.35 a share, a 29% premium to
Nov. 15's closing price, according to a filing.
The investment will bring "longterm stable financial returns" as it
expects to share the profits of Citic Ltd. which earned HK$75.5
billion of net income in 2022, Huarong said in the filing,
Bloomberg relays.
Bloomberg relates that the move is expected to beef up Huarong's
ties with Citic Group, a state-run financial conglomerate that led
a $6.6 billion government-orchestrated bailout of the bad bank in
2021. It'll also lift investor confidence over Huarong's financial
strength that had battered its shares and bonds.
The stake purchase shows that Huarong is working closely with Citic
Group as a whole, and that state support is high, according to
Bloomberg Intelligence analyst Timothy Tan.
Bloomberg says Huarong plans to change its name to China Citic
Financial Asset Management Co. Huarong also updated its progress on
slimming down its business, saying it completed the disposal of
equity interests in five licensed subsidiaries, according to
another exchange statement cited by Bloomberg. The sales realized a
gain of CNY3.5 billion ($483 million).
Huarong's dollar bonds rallied on Nov. 16. The spread for a 4.75%
note due 2027 narrowed 157 basis points to 270 basis points, on
pace for its tightest level since April 2022, according to
Bloomberg-compiled data. Huarong shares jumped 12% as of the lunch
break in Hong Kong, while Citic Ltd. ended the morning session
unchanged, paring gains of as much as 1.8%.
The change "is good for market sentiment and from a technical
perspective," said Ting Meng, a senior credit strategist at
Australia & New Zealand Banking Group. "It could enable onshore
investors to invest in Huarong under Citic Group line."
Huarong rattled Asian credit markets in 2021 after it failed to
release its annual report on time, eventually revealing a massive
loss for 2020. Citic Group later stepped in with the bailout and
overtook the finance ministry as its largest shareholder. Citic
Group now holds 26% of Huarong, according to the statement.
"The move suggests the possibility of Citic Group using Citic Ltd.
as a major platform to consolidate some of Huarong's assets and
deepen cooperation with it in future, as part of the broad
reorganization," Bloomberg quotes Shen Meng, a director for
Beijing-based investment bank Chanson & Co., as saying.
Huarong, together with China Cinda Asset Management Co., China
Great Wall Asset Management Co. and China Orient Asset Management
Co., was created to buy bad loans from banks in the aftermath of
the late 1990s Asian financial crisis, when decades of
government-directed lending to state companies had left China's
biggest lenders on the brink of insolvency. The firms later
expanded beyond their original mandate, creating a labyrinth of
subsidiaries to engage in other financial businesses, including
shadow lending.
China Huarong Asset Management Co Ltd is a China-based company
mainly engaged in asset management business. The Company operates
through three segments. The Distressed Asset Management Operations
segment is engaged in distressed asset management, debt equity swap
asset management, the management of non-performing assets carried
out by subsidiaries distressed asset management business conducted
by its subsidiaries, distressed asset-based special situations
investments business and distressed asset-based property
development business. The Financial Services segment mainly
includes securities and futures business, financial leasing
business, banking services business and consumer finance business.
The Asset Management and Investment Operations segment is mainly
engaged in trust business, private equity funds business, financial
investments business.
SHIMAO GROUP: Court Auction to Sell Land in Shenzhen Fails Again
----------------------------------------------------------------
Reuters reports that a court auction to sell vast commercial land
plots owned by defaulted Shimao Group in Shenzhen failed for a
second time on Nov. 16 as there were no bidders, highlighting weak
demand in China's property market.
Twelve land plots totalling 243,602 square metres, together with
some uncompleted buildings on them, have asked for CNY10.4 billion
(US$1.4 billion), 20% lower than the CNY13 billion starting price
in the first auction in July, Reuters relates citing e-commerce
company JD.com's online auction platform.
China's property sector, which has seen many company defaults since
it slipped into a debt crisis in mid-2021, is struggling to
stabilise due to a bleak economic outlook.
According to Reuters, the Shenzhen plots were part of the land
parcel bought by Shanghai-based Shimao in 2017, which planned to
build a new landmark complex in China's tech hub with the city's
tallest skyscraper.
Reuters says many of the assets of Shimao, which defaulted its
$11.8 billion of offshore debt last July, were being sold to raise
funds or were seized by creditors.
Reuters adds media reports said the land plots, valued at CNY16.3
billion, were the most valuable assets being auctioned by Chinese
courts in seven years.
About Shimao Group
China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.
As reported in the Troubled Company Reporter-Asia Pacific on July
5, 2022, Shimao Group has missed the interest and principal payment
of a US$1 billion offshore bond due on July 3, 2022.
XPENG INC: Net Loss Widens to CNY3.8 Billion in Q3
--------------------------------------------------
The Standard reports that XPeng Inc. saw its third-quarter net loss
widen by 63.4 percent yearly to CNY3.89 billion (HK$4.19 billion)
due to costs stemming from a production ramp-up amid intense
domestic competition.
The disappointing results sent its US-listed shares down 2.5
percent at one point in premarket trading.
Revenue for the quarter increased by 25 percent yearly to CNY8.53
billion, though it slightly missed analysts' estimates of CNY8.55
billion, The Standard discloses.
XPeng expects deliveries in the fourth quarter to grow at least
two-fold to 63,500 units, as it places huge bets on the G6 sport
utility vehicle, which looks to compete with Tesla's Model Y. It
expects revenue for the current quarter to be CNY13.6 billion at
most.
XPeng Inc. designs, develops, manufactures, and markets smart
electric vehicles (EV) in the People's Republic of China. It offers
SUVs under the G3, G3i, and G9 names; four-door sports sedans under
the P7 and P7i names; and family sedans under the P5 name. The
company also provides sales contracts, maintenance, super charging,
technical support, auto financing, insurance technology support,
ride-hailing, automotive loan referral, and other services, as well
as vehicle leasing and insurance agency services. In addition, it
offers advanced driver-assistance system technology and in-car
intelligent operating system, as well as core vehicle systems,
including powertrain and the electrical and electronic
architecture.
XPeng Inc. reported annual net losses of CNY4.88 billion, CNY4.86
billion, and CNY4.86 billion for the years ended Dec. 30, 2020,
2021, and 2022, respectively.
=========
I N D I A
=========
AAM SKY: Liquidation Process Case Summary
-----------------------------------------
Debtor: AAM Sky Geospatial Solutions Private Limited
ANK'S Tower, #6-3-108/A, 1st Floor,
Raj Bhavan Road, Somajiguda,
Hyderabad, TG 500082 India
Liquidation Commencement Date: October 20, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: 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.aamsky@gmail.com
Last date for
submission of claims: November 19, 2023
AGROHA COLOURTEC: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agroha
Colourtec Private Limited (ACPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 14.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 12,
2022, placed the rating(s) of ACPL under the 'issuer
non-cooperating' category as ACPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ACPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 7, 2023 September 17, 2023, November
1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Agroha Colourtec Private Limited (ACPL) is promoted by Mr Devendra
Kumar Aggarwal, Mr Ravinder Kumar Aggarwal and their family
members. The company belongs to the Prayag group, which also
includes Prayag Polytech Private Limited (PPPL). ACPL is engaged in
manufacturing of black masterbatches and has one manufacturing
facility located in Bhiwadi, Rajasthan. ACPL also undertakes
job-work for PPPL incorporated in 1982, PPPL is engaged in
manufacturing and export of masterbatches. The company manufactures
colour, white and additive masterbatches and has two manufacturing
facilities located in Bhiwadi.
AJIT AGRO: CARE Keeps C Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ajit Agro
Industries Raichur (AAI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.40 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 17,
2022, placed the rating(s) of AAI under the 'issuer
non-cooperating' category as AAI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 2, 2023, September 12, 2023, September
22, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Raichur (Karnataka) based Ajit Agro Industries (AAI) was
established in 2017 and is promoted by Mr. Aditya Kothari, Managing
Partner. The commercial operations of the firm started in May 2019.
The firm has nine partners. The Partners of the firm have more than
a decade of experience in the Agro Industry. AAI is engaged in
processing and selling of rice. The rice processing unit of the
firm is located at Raichur, Karnataka. Apart from rice processing,
the firm is also engaged into selling by-products such as broken
rice and rice bran. The main input, paddy, is majorly procured from
paddy merchants and farmers located in Andhra Pradesh and Karnataka
region. The firm sells rice and other by-products to the rice
dealers located in Karnataka, Maharashtra and Tamil Nadu.
AMARNATH JHA: CRISIL Lowers Rating on INR4.95cr Loan to B+
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, CRISIL Ratings had migrated the ratings of Amarnath Jha
(AJ) to 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL Ratings is migrating its rating on
bank facilities of AJ to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.55 CRISIL A4 (Migrated from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Overdraft Facility 4.95 CRISIL B+/Stable (Migrated
from 'CRISIL BB-/Stable
ISSUER NOT COOPERATING')
The ratings continue to reflect its susceptibility to tender-based
operations, exposure to highly regulated, and average financial
risk profile .These weaknesses are partially offset by AJ's
extensive industry experience of the proprietor, order book
providing revenue visibility and sound operating efficiencies.
Key Rating Drivers & Detailed Description
Weaknesses:
* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
bidding aggressively to get contracts, which restricts operating
margin. Moreover, given the cyclicality inherent in the
construction industry, the ability to maintain profitability
margins through operating efficiency becomes critical.
* Average financial risk profile: Networth remained modest at
INR3.99 Cr as on 31st March 2023 with gearing was high at 2.42
times. With gradual repayment of debt obligation and steady
accretion to reserves, the same is expected to improve going
forward.
Strengths:
* Extensive industry experience of the proprietor: Presence of over
20 years in the civil construction industry has enabled the
proprietor to understand market dynamics and establish healthy
relationships with suppliers and customers. It has also helped them
to acquire new tenders and a healthy order book of over INR200
crore provides revenue visibility over the medium term.
* Sound operating efficiencies: AJ has healthy operating
efficiencies, marked by healthy return on capital employed (RoCE).
Driven by high economies of scale and experienced management.
Liquidity: Stretched
Bank limit utilization is utilized at around 100.5% for the past
twelve months ended April-2023. Cash accruals are expected to be in
the range of INR2.7-4 crore which sufficient against term debt
obligation of around INR1.60 crore per annum over the medium term.
Current ratio is moderate at 1.01 times on March 31, 2023.
Outlook: Stable
CRISIL Ratings believe AJ will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.
Rating Sensitivity Factors
Upward factors:
* Sustained improvement in revenue and sustenance of operating
margin, leading to higher cash accruals of over INR4 crore.
* Improvement in capital structure
Downward factors:
* Decline in net cash accruals below INR2 crore on account of
dividend withdrawals or decline in scale of operations and
operating margins.
* Large debt-funded capital expenditure further weakening capital
structure.
AJ was established in 2005, it is located in Darbhanga, Bihar. AJ
owned & managed by Amarnath Jha, is engaged in civil construction
works mainly construction of roads and bridges and also coal
transportation.
ASIA TELECOM: Liquidation Process Case Summary
----------------------------------------------
Debtor: Asia Telecom Private Limited
151716, Devika Towers,
Nehru Place,
New Delhi-110019
Liquidation Commencement Date: December 28, 2022
Court: National Company Law Tribunal New Delhi Bench
Liquidator: Abhishek Anand
E-103. GK Enclave,
New Delhi-110048
Email: irpepoch@gmail.com
Last date for
submission of claims: July 16, 2022
B & C TEXTILES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: B & C Textiles Private Limited
B-209, OKHLA, INDUSTRIAL AREA,
PHASE - I, DELHI-110020
Liquidation Commencement Date: October 17, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Ashu Gupta
204A, Second Floor, S.B.I. Building,
23, Najafgarh Road Industrial Area,
Opp. DLF Tower, Shivaji Marg,
New Delhi-110015
Email: ashugupta.cs@gmail.com
Mobile Number: 98990 21740
Last date for
submission of claims: November 16, 2023
B. SAMYAKK: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B. Samyakk
Agri Cottons (BSAC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 18,
2022, placed the rating(s) of BSAC under the 'issuer
non-cooperating' category as BSAC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BSAC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 3, 2023, September 13, 2023, September
23, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Raichur based, B. Samyakk Agri Cottons (BSAC) was established on
May 6, 2015 and started commercial operations from October 21,
2015. The firm was established as a proprietorship firm by Mr.
Veerendar Kumar Jain who is managing the overall business
operations of BSAC. The firm is engaged in the cotton ginning and
pressing activity. The manufacturing unit of the firm is located at
Raichur, Karnataka.
BAJAJ FOODS: CRISIL Raises Rating on INR7.5cr Loan to B-
--------------------------------------------------------
CRISIL Ratings has upgraded its rating on long-term bank facilities
of Bajaj Foods Limited (BFL) to 'CRISIL B-/Stable' from 'CRISIL
D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Term Loan 5.0 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The ratings upgrade reflects track record of timely repayment of
debt obligations for more than 90 days owing to improved
liquidity.
The rating reflects below-average financial risk profile and weak
operating efficiency and is susceptible to volatility in raw
material prices. However, it benefits from the extensive experience
of the promoters in the fast-moving consumer goods (FMCG) industry
and its established customer base.
Key Rating Drivers & Detailed Description
Weaknesses:
* Below-average financial risk profile: The financial risk profile
is constrained by high gearing of 2.92 times and total outside
liabilities to adjusted networth ratio of 4.24 times as on March
31, 2022. Debt protection measures have also been weak in the past
due to high gearing and low accrual from operations. The interest
coverage and net cash accrual to total debt ratio were 1.26 times
and 0.01 time, respectively, for fiscal 2022 and are expected to
improve with repayment of term debt.
* Weak operating efficiency and susceptibility to volatility in raw
material prices: BFL has weak operating efficiencies, marked by low
return on capital employed (RoCE). Driven by low-capacity
utilisation and moderate demand. Raw material cost accounts for
~60-70% of the cost of sales, and any adverse movement in input
prices could constrain the operating margin over the medium term.
Strengths:
* Extensive industry experience of the promoters and established
customer base: Experience of over 25 years in the FMCG industry has
given the promoters an understanding of the market dynamics and
helped establish relationships with suppliers and customers. BFL
has longstanding relationships with its customers and suppliers.
Liquidity: Poor
Bank limit utilization is moderate at around 90.96 percent for the
past twelve months ended August 2023. Cash accruals are expected to
be over INR1 crore, which are insufficient against annual term debt
obligation of Rs.1.56 crore over the medium term. Promoters are
likely to infuse unsecured loans to meet the term debt repayment
obligations.
The current ratio was moderate at 1.24 times on March31, 2023..
Outlook: Stable
CRISIL Ratings believe BFL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients
Rating Sensitivity factors
Upward factor
* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals above INR2.5
crores.
* Improvement in financial risk profile.
Downward factor
* Decline in profitability or stretch in working capital cycle.
* Decline in net cash accruals below INR1 crore on account of
decline in revenue or operating profits.
BFL manufactures and exports food items such as peanut butter. Its
manufacturing facility is at Changodar in Ahmedabad and the company
is part of Bajaj group of companies. It is owned and managed by Mr
Dwarkaprasad Bajaj, Mr Sanjay Bajaj and Mr Gautam Bajaj.
BAJRANG SALES: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Shree Bajrang Sales Private Limited (SBSPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.2 CRISIL A4/Issuer Not
Cooperating (Withdrawn)
Cash Credit 5 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Letter of Credit 6.5 CRISIL A4/Issuer Not
Cooperating (Withdrawn)
Proposed Long Term 0.3 CRISIL B+/Stable/Issuer Not
Bank Loan Facility Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with SBSPL for
obtaining information through letter and email dated October 30,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBSPL . This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SBSPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the ratings on
the bank facilities of SBSPL to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.
Incorporated in 1989 by Mr Santkumar Bhartia and Mr Devendra
Bhartia, Mumbai-based SBSPL trades in ferrous and non-ferrous ores,
alloys, and minerals.
BALAJI AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Balaji
Agro (SBA) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.47 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 18,
2022, placed the rating(s) of SBA under the 'issuer
non-cooperating' category as SBA had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SBA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 3, 2023, September 13, 2023, September
23, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sri Balaji Agro (SBA) was established in the year 2016 as a
proprietorship concern by Mrs Chudi Lavanya. SBA is planning to set
up cleaning and processing unit for pulses like Toor dal, Gram Dal,
Moong Dal, Urid Dal and Masoor Dal. The expected date of start of
commercial operation of the unit is July 2017. The total proposed
cost for setting up the unit is INR3.80 crore which is proposed to
be funded by promoter's capital of INR1.85 crore and remaining
through long-term loan of INR1.95 crore.
BALAJI DIGITAL: Liquidation Process Case Summary
------------------------------------------------
Debtor: Balaji Digital Solution Private Limited
Plot No. 39, F & V Service Shop,
Commercial Centre G- Block,
G-16 First Floor, Vikas Puri,
West Delhi, New Delhi-110018
Liquidation Commencement Date: October 31, 2023
Court: National Company Law Tribunal, New Delhi Bench-IV
Liquidator: Rohit Sehgal
A-604, Sujjan Vihar,
Sector-43, Gurgaon,
Haryana, 122002
Email: iamrs101@gmail.com
581, Top Floor, Sector 27,
Gurgaon, Haryana-122001
Email: balajil@truproinsolvency.com
Last date for
submission of claims: November 29, 2023
BEML MIDWEST: Liquidation Process Case Summary
----------------------------------------------
Debtor: BEML MIDWEST LIMITED
Adress as per MCA Website:
8-2-684/3-55, Banjara Green Colony
Road No 12, Banjara Hills,
Hyderabad 500034
Registered Office:
C-91, BEML Janatha Flats,
Punjagutta, Hyderabad 500082
Liquidation Commencement Date: October 20, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: PADMA PRIYANKA VANGALA
2-2-1150/1A&1B, HSR KBR Enclave,
Flat No 504, Street No 16,
Brahmin Hostel Lane, Tilak Nagar,
New Nallakunta, Hyderabad 500044,
Telangana
Empire Square, TF-8, 3rd Floor
Above RBL Bank, Road No 36, Jubilee Hills,
Hyderabad 500033, Telangana
Email: liquidator.bemlmidwest@amail.com
Last date for
submission of claims: November 29, 2023
BOHRA FASHIONS: Liquidation Process Case Summary
------------------------------------------------
Debtor: M/s Bohra Fashions Private Limited
8th Floor Vanijya Bhavan, Kankaria
Ahmedabad, Gujarat, India, 380002
Liquidation Commencement Date: October 19, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Mr. Pragnesh Mahendrabhai Jagasheth
Office 302, 3rd Floor,
Vijay Nagar, 1 Majura Gate,
Ring Road, Sids Hospital Surat 395001
Email: jagasheth@gmail.com
liquidation.bohra@gmail.com
Last date for
submission of claims: November 18, 2023
DECODEM TECHNOLOGIES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Decodem Technologies Private Limited
No. 402, Building No. 9, Shanthi Park Apts
9th Block, Jayanagar, Bangalore-560069
Liquidation Commencement Date: October 20, 2023
Court: National Company Law Tribunal Bengaluru Bench
Liquidator: Mr. Vighneshwar Bhat
No. 202, A Block Sree Laxmi Nivas Apartments,
Wilson Garden 13th Cross,
Near Wilson Manor Apartments,
Bangalore, Karnataka-560027
Email: bhatvighnesh@gmail.com
Phone No: +9195902 52851
Last date for
submission of claims: November 19, 2023
E-GLOBAL TRADING: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: E-Global Trading Private Limited
Suit No. 903, Business Suits 9,
S.V Road, Santa Cruz West,
Mumbai City Mumbai 400054
Liquidation Commencement Date: September 15, 2023
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Paresh Chandulal Mehta
13B, Nirmal Society,
Pandurang Wadi,
Dombivali East Pin 421201
Email: pareshmehta59592gmail.com
Mobile No: 7021008921
Last date for
submission of claims: November 8, 2023
EVYAVAN MERCANTILE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Evyavan Mercantile Private Limited
414, Manish Chamber, Sonawala Road,
Goregaon (East) Mumbai 400063
Insolvency Commencement Date: November 2, 2023
Estimated date of closure of
insolvency resolution process: April 30, 2024
Court: National Company Law Mumbai Bench-V
Insolvency
Professional: Shailesh Desai
708, Raheja Centre Nariman Point,
Mumbai-400021 Maharashtra
Email: ip10362.desai@gmail.com
Email: cirpempl@gmail.com
Last date for
submission of claims: November 16, 2023
FLOATELS INDIA: CRISIL Moves B- Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Floatels India Private Limited (FIPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Foreign Currency 14 CRISIL B-/Stable (ISSUER NOT
Term Loan COOPERATING; Rating Migrated)
Term Loan 3 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with FIPL for
obtaining NDS through letters/emails dated August 31, 2023 and
September 29, 2023 and October 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated October 26,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of FIPL to confirm timely debt servicing during
these months, but awaits any feedback.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive NDSs from FIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on FIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of FIPL
migrated to 'CRISIL B-/Stable Issuer Not Cooperating',
Incorporated in 1996 as a private limited company, FIPL owns and
operates a 4 star resort in Trivandrum. The resort is named as
'Poovar Island Resort'.
FURNACE FABRICA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Furnace Fabrica (India) Limited
Registered Address:
Opposite MILMA Dairy, Koonamthai,
Edapally, Kochi Kerala,
India, 682024
Coporate Office:
C/15, TTC MIDC Area Pawane Village,
Thane- Belapur Road, NAVI Mumbai,
Maharashtra-India-400705
Insolvency Commencement Date: November 1, 2023
Estimated date of closure of
insolvency resolution process: April 28, 2024
Court: National Company Law Chandigarh Bench
Insolvency
Professional: Alok Kumar Agarwal
605, Suncity Business Tower,
Golf Course Road, Sector 54,
Gurgaon Haryana-122002
Email: alok@insolvencyservices.in
Sagar Tech Plaza
A wing Office, No. 315-316,
Andheri Kurla Road,
Sakinaka, Andheri
Mumbai-400072 India
Email: furnance.ibc@gmail.com
Last date for
submission of claims: November 14, 2023
G.S. CONSTRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: G.S. Constro & Infra Pvt. Ltd
301, 3rd Floor, Divine Tej, Thatte Marg,
Opp. Kilbill School,
College Road, Nashik-422005
Insolvency Commencement Date: October 27, 2023
Estimated date of closure of
insolvency resolution process: April 17, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Sanjay Kumar Lalit
Flat No. 1904, Building Northside,
Hiranandani Meadows, Off. Pokhran Road No. 2,
Near Kashinath Auditorium, Thane (West)-400610
Email: cirpgsconstroinfra@gmail.com
Last date for
submission of claims: November 11, 2023
GMR HYDERABAD: CARE Reaffirms D Rating on INR790.93cr LT Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
GMR Hyderabad Vijayawada Expressways Private Limited (GHVEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 790.93 CARE D; Reaffirmed
Facilities
Long Term Bank 75.11 CARE D; Reaffirmed
Facilities
Rationale and key rating drivers
The rating assigned to the bank facilities of GHVEPL factors in
delays in debt servicing for one of the lenders due to difference
in interest levied by the lender and repaid by the company. CARE
Ratings Ltd (CARE Ratings) factors in notable growth in the toll
collections during FY23 (refers to the period April 1, 2022, to
March 31, 2023) on account of toll tariff hike supported by
whole-sale price index and increase in traffic volume post COVID19.
The toll collections in H1FY24 continue to follow a similar trend
as FY23.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors – Factors that could lead to positive rating
action/upgrade:
* Improvement in Liquidity profile and regularization of debt
servicing.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers:
Key weaknesses
* Stretched liquidity and delays in debt servicing: The project
stretch traverses through Hyderabad, Suryapet and Vijayawada. These
stretches have witnessed subdued toll collection as a result of
drop in commercial traffic due to bifurcation of the state of
Andhra Pradesh, ban on sand mining in the region and low cement
trucks traffic. Consequent to low traffic on the stretch and lower
toll revenue liquidity was stretched with delays in debt servicing.
The toll revenue improved during FY23 with cashflow position
improving and the company regularizing debt servicing for few
lenders. However, delays in debt servicing continue for one of the
lenders due to difference in rate of interest being levied and
serviced by the company. The differential has thereby resulted in
overdues remaining unpaid.
The company has hence, also applied with NHAI for deferral of
revenue sharing in FY15. NHAI initially agreed to this and issued
sanction for deferral of revenue. However, in June 2016, NHAI
withdrew its sanction letter and asked the company to pay the
outstanding dues. The company was granted a stay on the recovery of
outstanding dues by the Delhi High Court till a final verdict
is arrived at.
Key strengths
* Improvement in toll collection: The toll collections improved in
FY23 on account of increase in both traffic volume and toll tariff;
although it continued to remain lower than the initial estimates.
The toll collections during FY23 stood at INR 123.19 lakh per day
(FY22 – INR99.89 lakh per day). For Q1FY24, the toll collections
are around INR 1.34 crore per day.
* Claims made by GHVEPL for compensation due to change in law: The
company has been incurring losses since the commencement of
commercial operations since FY13 due to loss of revenue arising
because of drop in commercial traffic post. The company has claimed
the losses as part of change in law. The Concession Agreement
provides for recovery of losses suffered due to change in law and
hence, as on March 31, 2020, GHVEPL has claimed compensation of
INR1,676 crore from National Highway Authority of India (NHAI). The
court has ordered for claim of award from NHAI as it falls under
change in law and appointed arbitrator for quantification of the
claim. As per same, the claim has been quantified at INR1672 crore
(up to March 2020). NHAI has subsequently filed an application
challenging the Claim Quantification Report and the matter is
sub-judice.
Liquidity: Stretched
Liquidity is stretched with tightly matched accruals against debt
repayment obligation. While with improved toll collection, the
cashflow position has improved, delays in debt servicing continue
due to dispute over interest payment to one of the lenders.
GMR Hyderabad Vijayawada Expressways Private Limited (GHVEPL) is a
Special Purpose Vehicle (SPV), incorporated on June 11, 2009,
promoted by GMR Highways Limited (GHL; 49% stake), GMR
Infrastructure Limited (GIL; 41% stake) and Punj Lloyd Limited
(PLL; 10% stake). GHVEPL was formed for construction of four laning
of 181.5 km of Hyderabad Vijayawada section of NH-9 starting from
km 40 to km 221.5, on Build Operate and Transfer (BOT) - Toll
basis, awarded through competitive bidding by National Highways
Authority of India (NHAI). The company commenced toll operations
from December 21, 2012. The project road is a part of NH – 9
linking Hyderabad and Vijayawada in the states of Andhra Pradesh
and Telangana. GHVEPL is required to share 38% of its revenue with
NHAI as per Concession Agreement.
GO GREEN: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of The Go
Green Build Tech Private Limited (GBP) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.56 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 11,
2022, placed the rating(s) of GBP under the 'issuer
non-cooperating' category as GBP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GBP
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2023, September 6, 2023, September
16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The Go Green Build Tech Private Limited (GBP) was incorporated in
December 26, 2012. The company is promoted by Mr. Umesh Chand Jain,
Mr. Rishabh Jain and Mr. Nikhil Jain. GBP is a part of the
"Velveleen Group" which has interests in the manufacturing of
velvet and fabric, real estate infrastructure development,
manufacturing of concrete bricks and education. GBP is engaged in
manufacturing of civil construction materials such as fly ash
bricks at its manufacturing unit at Dadri, Uttar Pradesh.
INTARVO TECHNOLOGIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Intarvo Technologies Private Limited
Registered Office:
55, 2nd Floor, Lane 2, Westend Marg Saidullajab,
Near Saket Metro Station, New Delhi-110030
Other Office:
C-69, Sector-58,
Noida, Uttar Pradesh 201307
Insolvency Commencement Date: October 16, 2023
Estimated date of closure of
insolvency resolution process: April 12, 2024
Court: National Company Law New Tribunal, New Delhi Bench -IV
Insolvency
Professional: Mr. Vinay Kumar Singhal
411, Fourth Floor, Essel House,
Asaf Ali Road, New Delhi-110002
Email: itpl.resolve@gmail.com
vinaysinghal.ip@gmail.com
Last date for
submission of claims: November 6, 2023
JAI ANNANYA: Liquidation Process Case Summary
---------------------------------------------
Debtor: Jai Annanya Investments Private Limited
8, Camac Street, Shantiniketan ,
7TH Floor, Room No 11 & 12,
Kolkata-700017 West Bengal, India
Liquidation Commencement Date: October 9, 2023
Court: National Company Law Tribunal Kolkata Bench
Liquidator: Mr. Anup Kumar Singh
4TH Floor, Flat 4A, Bidyaraj Niket,
22/28A, Manohar Pukur Road,
Near Deshapriya Park,
Kolkata-700029,West Bengal
Email: anup_singh@stellarinsolvency.com
Email: jaiannanya.cirp@gmail.com
Contact No: 033 4801 7774
Contact No: 9830726554
Last date for
submission of claims: November 18, 2023
JAIBUNDELKHAND ROLLER: CRISIL Moves B+ Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Jaibundelkhand Roller Flour Mill Private Limited (JRFMPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.25 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 14.54 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with JRFMPL for
obtaining NDS through letters/emails dated August 31, 2023 and
September 29, 2023 and October 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated October 26,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of JRFMPL to confirm timely debt servicing
during these months, but awaits any feedback.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive NDSs from JRFMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on JRFMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of JRFMPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
JRFMPL was incorporated in 2020 and is promoted by Mr Sanjeev Jain,
Mr Sangharsh Badkul, Mr Nirmal Kumar Jain and Mr Prince Kumar Jain.
The company recently set up a plant in Tikamgarh, Madhya Pradesh,
to process wheat into refined flour (maida) and unrefined flour
(atta) at an installed capacity of 500 tonne per day (400 tonne for
flour mill [maida, rawa] and 100 tonne for chakki atta).
JANMENJOY PRAMANIK: CRISIL Moves B+ Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Janmenjoy Pramanik International Private Limited (JPIPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 1.79 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 0.21 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with JPIPL for
obtaining NDS through letters/emails dated August 31, 2023 and
September 29, 2023 and October 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated October 26,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of JPIPL to confirm timely debt servicing during
these months, but awaits any feedback.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive NDSs from JPIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on JPIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of JPIPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
JPIPL, incorporated in 2016, is owned and managed by Mr Sunil
Pramanik. The company is based in Kolkata and manufactures
chemicals and minerals; the product portfolio comprises 50-60
varieties.
KAVINGANGA WEAVING: CRISIL Moves B- Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Kavinganga Weaving Mills Private Limited (KWMPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 5.5 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with KWMPL for
obtaining NDS through letters/emails dated August 31, 2023 and
September 29, 2023 and October 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated October 26,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of KWMPL to confirm timely debt servicing during
these months, but awaits any feedback.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive NDSs from KWMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on KWMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of KWMPL
migrated to 'CRISIL B-/Stable Issuer Not Cooperating'.
Established as a proprietorship firm in the name of Ganga Weaving
by Mr. D. Boopathi, and later converted into a private limited
company in November 2017, Dindigul (Tamil Nadu)-based KWMPL is
engaged in the manufacture of fabrics.
KOLON GLOTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kolon Glotech Private Limited
SF no: 850/2A2, Hussain Nagaram,
Mappedu, Thiruvallur,
Thiruvallur, Tamilnadu, India-631 402
Insolvency Commencement Date: October 13, 2023
Estimated date of closure of
insolvency resolution process: April 10, 2024 (180 Days)
Court: National Company Law Chennai Bench-II
Insolvency
Professional: M Manohar
C-2, Kalpatharu Apartments, 7/3,
Parthasarathy Puram,
Thiyagaraya Nagar Chennai 600017
Email: cirp.kolonglotechindiapvtltd@gmail.com
Last date for
submission of claims: November 10, 2023
MAERSK BROKER: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Maersk Broker India Private Limited
606, Kenwood Chs Ltd,
Next To lndian Bank,
Lokhandwala Complex,
Andheri West Mumbai,
Maharashtra - 400053, India
Liquidation Commencement Date: October 29, 2023
Court: National Company Law Tribunal Pune Bench
Liquidator: Shashikant Shravan Dhamne,
10, Shreeban,
Opp. police Ground, F. C. Road,
Shivajinagar, Pune - 411016,
Maharashtra
Email: ssdhamne@vahoo.co.in
Tel No: 020-25665551
Last date for
submission of claims: October 29, 2023
MAGICSTONE TRADERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/S MAGICSTONE TRADERS PRIVATE LIMITED
Office No. l, Sn. 57/3,
Mayura Vihar Blg-Q Kothrud,
Pune, Maharashtra - 41 1029
Insolvency Commencement Date: November 2, 2023
Estimated date of closure of
insolvency resolution process: April 30, 2024
Court: National Company Law New Delhi Bench
Insolvency
Professional: Sandeep Jawaharlal Singhal
313/314, GiriShikhar CHS,
Plot No. 88-91,
Opposite Goenka Hall,
J B Nagar, Andheri (east),
Mumbai - 400059
Email: sandeepsinghal hotmail.com
Email: magicstoneibc@gmail.com
Last date for
submission of claims: November 16, 2023
MARIMBA AUTO: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Marimba Auto India Private Limited
91 SPRINGBOARD BUSINESS HUB PVT LTD,
2-41/11/6/2 Laxmi Cyber City,
Prashanth Nagar Colony, Kondapur
Hyderabad, Hyderabad TG 500084 India
Liquidation Commencement Date: October 5, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Mr. Malireddy Ramana Reddy
8-3191/155 (16/A) Vaishnavis Sai Saurabh Residency,
Vengal Rao Nagar, Beside Sai Darshini Tiffin Centre,
Hyderabad - 500038
Email: ramanareddycsrp@gmail.com
Ph: 9059779006
Last date for
submission of claims: November 4, 2023
METISHTECH FABRICATORS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Metishtech Fabricators Private Limited
Regd Office:
47/10, Nehru Nagar East,
Bhilai Chattisgarh,
India, 490020
Works:
Khasra No. 51, Transport Nagar Main Road,
Village Umda, Durg, Chhattisgarh, 490026
Insolvency Commencement Date: November 1, 2023
Estimated date of closure of
insolvency resolution process: April 29, 2024 (180 Days)
Court: National Company Law New Delhi Bench
Insolvency
Professional: Ajay Gupta
7-A, Siddhartha Extension,
Pocket-B, New Delhi-110014
Email: ip.ajaygupta@corpvisory.com
C-618, 6th Floor, Tower-C, Noida One,
B-8 Sector-62, Noida,
Gautambuddh Nagar, U.P-201309
Email: cirp.metistech@gmail.com
Last date for
submission of claims: November 15, 2023
NARAYANI FLOUR: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Narayani
Flour Mill (NFM) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.20 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 5.40 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 13,
2022, placed the rating(s) of NFM under the 'issuer
non-cooperating' category as NFM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. NFM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 29, 2023, September 8, 2023, September
18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Narayani Flour Mill (NFM), established in December, 2011 as a
partnership firm in the view of initiating a flour milling business
in West Bengal. Currently the firm is operating as per partnership
deed signed on December 2011. The firm has installed its
manufacturing facility at Paraj, Burdwan with an installed capacity
of 200 MT per day. NFM commenced commercial production from March
2012. The firm manufactures wheat flour and wheat bran. NFM
procures wheat from the govt. of West Bengal and processes wheat
flour and bran. After processing NFM keeps the bran with itself and
sells the flour to Govt. of West Bengal. Further, NFM also caters
to local wholesalers and retailers.
NESCO FOUNDATION : Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Nesco Foundation for Innovation and Development
Nesco Center, Nesco Limited Hall 1
Western Express Highway, Goregaon (East)
Mumbai, Maharashtra-40063
Liquidation Commencement Date: October 20, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Dinesh Kumar Deora
B-202, ABT Apartment, Rani Sati Marg
Malad (East), Near Navjivan School
Mumbai-400097
#205 Nadiadwala Market,
Mumbai-400097
Phone No: 022-28443641
Email: dinesh.deora@yahoo.com
Last date for
submission of claims: November 19, 2023
NIRBHAY RASAYAN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Nirbhay Rasayan Private Limited
N-96, MIDC, Tarapur, Boisar,
Thane Maharashtra-401506
Insolvency Commencement Date: October 20, 2023
Estimated date of closure of
insolvency resolution process: April 17, 2024
Court: National Company Law New Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Kailash Thanmal Shah
505, 21st Century Bussiness Centre,
Nr. World Trade Centre,
Ring Road, Surat-395002,Gujarat
Email: ipktshah@gmail.com
cirp.nirbhay@gmail.com
Last date for
submission of claims: November 3, 2023
OMEGA PREMISES: CRISIL Reaffirms B Rating on INR14.50cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
bank loan facilities of Omega Premises Pvt Ltd (OPPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Lease Rental 12 CRISIL B/Stable (Reaffirmed)
Discounting Loan
Lease Rental 1.55 CRISIL B/Stable (Reaffirmed)
Discounting Loan
Lease Rental 14.50 CRISIL B/Stable (Reaffirmed)
Discounting Loan
Lease Rental 2.69 CRISIL B/Stable (Reaffirmed)
Discounting Loan
Lease Rental 9.54 CRISIL B/Stable (Reaffirmed)
Discounting Loan
Lease Rental 6 CRISIL B/Stable (Reaffirmed)
Discounting Loan
Proposed Long Term 3.72 CRISIL B/Stable (Reaffirmed)
Bank Loan Facility
The rating continues to reflect modest debt service coverage ratio
(DSCR), exposure to risks and cyclicality inherent in the domestic
real estate industry, susceptibility to timely execution of
projects and flow of customer advances and other risks pertaining
to leasing of vacant area or saleability, and timely renewal of the
lease contracts. These weaknesses are partially offset by the
extensive experience of the promoter in the real estate industry,
favorable location and diverse client base.
Key Rating Drivers & Detailed Description
Weakness:
* Modest DSCR: Average DSCR was modest at 1.0 times for the tenure
of the loans, with minimum DSCR at 0.6 time. The DSCR is further
exposed to risk of escalation of rates for future renewal and lease
rate of vacant property. Non-renewable of contracts could also
affect the ratio. Any significant increase in interest rates may
impact DSCR and will remain a rating sensitivity factor.
* Exposure to risks and cyclicality inherent in the domestic real
estate segment: The real estate sector in India is cyclical and
affected by volatile prices, opaque transactions, and a highly
fragmented market structure. Hence, the business risk profile will
remain susceptible to risks arising from any industry slowdown.
Strengths:
* Extensive experience of the promoter in the real estate segment:
OPPL is part of Suhas Mantri Group which has been operational in
real estate industry for over 3 decades it has helped the company
to establish itself in the real estate market of Pune, Maharashtra.
The promoters have a successful project implementation track record
in Pune, Maharashtra. This would continue to benefit business risk
profile over the medium term.
* Favorable location and diverse clientele: The properties are
located in the prime areas of Pune. Also, OPPL benefits from long
tenured contracts with few clients such as Ramchandra Institute of
Management and BDO India LLP. Moreover, clientele is diversified
and includes Atlas Copco Tools and Assembly Systems Limited, HDFC
Bank, WeShine Tech Pvt Ltd. Locational advantage should continue to
support the business over the medium term.
Liquidity: Poor
The DSCR is average. Rentals are deposited in escrow account
maintained with the bank and any surplus after debt servicing can
be used by the company at its discretion. Existence of the escrow
mechanism will enable the firm to service debt on time.
Outlook: Stable
OPPL should continue to benefit from the extensive experience of
its promoter and long-term lease contracts with counterparties.
Rating Sensitivity factors
Upward factors:
* Sustained improvement in cash DSCR to above 1.3 times, with
higher cash flows or reduced debt
* Faster-than-expected completion of projects and higher bookings
Downward factors:
* Weakening of average cash DSCR below 1 time due to unanticipated
downward revision in rental rates or increase in interest rates.
* Unexpected delays in lease payments leading to cash flow
mismatches.
OPPL is a part of the Suhas Mantri group that was set up in the
early 1990s. Promoted by Mr Suhas Mantri, the company undertakes
commercial and residential real estate projects in Pune. It
generates revenue through leasing out properties for commercial
purposes while also through sale of residential and commercial real
estate project. It currently has an ongoing commercial project,
Mantri Mystica.
PHOTOGRAVURS (INDIA): Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Photogravurs (India) Private Limited
Ground Floor,Plot 133, 11
Dr. Annie Beasant Road, Shivaji Nagar,
Worli, Mumbai City,
Mumbai, Maharashtra, India, 400018
Insolvency Commencement Date: October 20, 2023
Estimated date of closure of
insolvency resolution process: April 16, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mona Laxmichand Vora
A1, Vineet Apartment,
Majithia Nagar Compound ,
Near PVR Milap Cinema, Kandivali West,
Mumbai-400067
Email: advmonavora@gmail.com
cirpphotogravurs@gmail.com
Last date for
submission of claims: November 3, 2023
POJA SOJA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Pooja Soya Industries Private Limited
201, Bansi Plaza
581 M.G. Road,
Indore MP 452001 India
Insolvency Commencement Date: October 19, 2023
Estimated date of closure of
insolvency resolution process: April 22, 2024
Court: National Company Law Tribunal, Indore Bench
Insolvency
Professional: Mr. Kuldeep Tank
14, Om Vihar, 60 Feet Road,
Indore, M.P. 452005
Email: cakuldeeptank@gmail.com
206, Modi Tower, Opp. Palika Plaza,
MTH Compound Indore 452007
Email: cirp.psipl@gmail.com
Last date for
submission of claims: November 8, 2023
PR CASTALLOYS: Liquidation Process Case Summary
-----------------------------------------------
Debtor: PR Castalloys Private Limited
Row House No. – 45, Sahyadri Hills,
Garkheda, Aurangabad,
Maharashtra, India - 431001
Liquidation Commencement Date: October 19, 2023
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Sanjay Ramdas Mahajan
3/3, Mohanlal Mansion, Bhandarkur Road,
Matunga Central, Mumbai 400019
Email: sanjayrmahajan@hotmail.com
Orion Resolution and Turnaround Private Limited
811, 8th Floor, Meadows,
Sahar Plaza, Complex,
Off. J B Nagar/Chakala
Metro Station Andheri - Kurla Road,
Andheri East, Mumbai - 400093
Email: liquidation.prcastalloys@gmail.com
Last date for
submission of claims: December 1, 2023
PURPLESTREAM CONVERGENCE: Insolvency Resolution Case Summarry
-------------------------------------------------------------
Debtor: PURPLE STREAM CONVERGENCE PRIVATE LIMITED
No 62, Fourth Floor, Radha Krishnan Salai,
Mylapore, Chennai 600004
Insolvency Commencement Date: October 18, 2023
Estimated date of closure of
insolvency resolution process: April 15, 2024
Court: National Company Law New Tribunal, Chennai Bench
Insolvency
Professional: Chitra Perinkulam Ragavan
Anurag, No.7 Appadurai Street,
Seethamma Colony,
Teynampet, Chennai-600018
Email: chitraprc@yahoo.com
Last date for
submission of claims: November 1, 2023
RAJASTHAN RAJYA: CARE Lowers Rating on INR10,228.35cr Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 10,228.35 CARE D Revised from CARE C
Short Term Bank
Facilities 185.00 CARE D Revised from CARE A4
Rationale and key rating drivers
The revision in the ratings assigned to the bank facilities of
RVUNL takes into account the ongoing delays in servicing of debt
obligations of bank facilities rated by CARE Ratings Limited (CARE
Ratings) in October 2023, as indicated by the no-default statement
for the month of October 2023 shared by the company.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Establishing a track record of timely servicing of debt
obligations for a period of at least 90 days
Negative factors
* Not applicable
Detailed description of the key rating drivers
Key weaknesses
* On-going delays in debt servicing: As per the no-default
statement for the month of October 2023 received from the company
and interaction with lender, there are ongoing delays in servicing
of debt obligations of bank facilities rated by CARE Ratings as
well as for debt facilities availed from other lenders (not rated
by CARE Ratings).
Liquidity: Poor
The liquidity position of RVUNL stood poor, marked by elongated
receivables period on account of significant delays in receipt of
dues and large outstanding receivables from the Rajasthan discoms
for the power supplied to them. However, there is an improvement in
the collection period in FY23 on account of realisation of
significant amount of receivables under the LPS scheme. Despite
improvement, the operating cycle stood high at around 284 days at
FY23-end as against 497 days at FY22-end. The company has
sanctioned fund-based working capital limits of INR1,100 crore and
the average utilisation of the same stood at around 88% during the
12 months ended July 2023, with maximum utilisation of around
100%.
RVUNL is an unbundled state power generation company of the
erstwhile RSEB. As per the Rajasthan Power Sector Reforms Act, 1999
of GoR, the erstwhile RSEB was unbundled into a generation company,
a transmission company, and three discoms w.e.f. July 19, 2000.
RVUNL was incorporated as the sole generation company, Rajasthan
Rajya Vidyut Prasaran Nigam Limited (RVPNL), the sole transmission
company, and three discoms were incorporated in the name of Ajmer
Vidyut Vitran Nigam Limited (AVVNL; rated 'CARE BBB+ (CE);
Stable/Unsupported Rating: CARE BB'), Jodhpur Vidyut Vitran Nigam
Limited (JoVVNL; rated 'CARE BBB+ (CE); Stable/Unsupported Rating:
CARE BB'), and Jaipur Vidyut Vitran Nigam Limited (JVVNL; rated
'CARE BBB+ (CE); Stable/Unsupported Rating: CARE BB'). RVUNL is
engaged into generation of power through its power plants located
across the state of Rajasthan under its standalone operations as
well as under its subsidiaries.
RAJSHREE IMPEX: CRISIL Lowers Rating on Long/Short Term Debt to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Rajshree Impex Private Limited (RIPL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with RIPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RIPL
is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
downgraded its ratings on the bank facilities of RIPL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'. As per information available in the public
domain, there remains delinquency in company account and clarity
about the same from the management and bankers is continuing to
remain awaited.
Incorporated in April 2014, RIPL is engaged into manufacturing of
women ready-made garments(ladies kurti) for brands like W, Vatsal
experience etc. RIPL is promoted by Mr. Chandakh and Mr.Laxman. Its
manufacturing facility is located at Jodhpur, Rajasthan with an
installed capacity of 50000 kurtis/month.
RASANDIK ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rasandik
Engineering Industries India Limited (REIIL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 77.39 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.84 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from REIIL to
monitor the ratings vide e-mail communications/letters dated July
13, 2023, August 22, 2023, September 14, 2023, October 11, 2023,
October 16, 2023 and October 27, 2023 among others and numerous
phone calls. However, despite repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient
to arrive at a fair rating. The rating on REIIL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings take into account the continued delays in the servicing
of principal and interest obligations as reported by the auditor.
The delays were attributable to poor liquidity position and
sizeable debt repayment obligations. The ratings are further,
constrained by weak overall financial risk profile, working
capital-intensive nature of operations, exposure to fluctuation in
raw material prices and cyclical nature of the automotive
industry.
Analytical approach: Standalone
Detailed description of the key rating drivers:
At the time of last rating done on August 11, 2022 the following
were the rating strengths and weaknesses (updated for the
information available from stock exchange).
Key weaknesses
* Delays in servicing of repayment obligations: There have been
instances of delays in servicing of debt obligations by the company
during FY23 as reported by the auditor. The delays were largely
attributable to disruptions in the operations owing to COVID-19
pandemic resulting in weakening of operational profile and
liquidity position of the company.
* Weak operational performance marked by loss at net level: The
total operating income of the company declined to INR 150.16 crores
during FY23 from INR 206.66 crores in FY22. PBILDT margin also saw
a dip to 5.87% in FY23 against 7.48% in FY22. Further, the company
continues to report net loss of INR 3.30 crore at net level. The
capital structure of the company continues to be moderate as
exhibited by an overall gearing of 0.82x (PY:0.91x) as on March 31,
2023. The total debt of the company stood at INR76.35 crores as on
March 31, 2023 comprising of working capital borrowings of INR54.67
crores and term loan of INR21.68 crores. The debt coverage
indicators of the company stood weak during FY23 mainly due to
deterioration in profitability.
* Exposure to fluctuation in raw material prices: The key raw
material for REIIL's product is steel sheets, the prices of which
are volatile. The company receives orders from Maruti Suzuki India
Limited (MSIL) and other OEMs regularly as per their production
schedule and simultaneously REIIL procures raw material from its
suppliers. The increase in raw material prices can be passed on to
the OEM's but with time lag (1-2 months). Hence, to that extent,
the profitability remains exposed to the fluctuation in raw
material prices. Furthermore, being a moderate sized player in the
auto ancillary segment, REIIL has limited negotiation power
vis-Ã -vis its customers which are large and established OEMs.
* Cyclical nature of the automotive industry: The automobile
industry is cyclical in nature and automotive component suppliers'
sales are directly linked to sales of auto OEMs. Furthermore, the
auto-ancillary industry is competitive with the presence of a large
number of players in the organized as well as unorganized sector.
While the organized segment majorly caters to the OEM segment, the
unorganized segment mainly caters to the replacement market and to
tier II and III suppliers.
Key Rating Strengths
* Experienced Promoters: REIIL was promoted by Mr. Rajiv Kapoor in
1986 to manufacture auto components with its first manufacturing
facility in Gurgaon. Mr. Kapoor is an IIT Delhi graduate and has
over three decades of experience in the auto components
manufacturing system. He manages business operations largely
concentrating on the product developments, new business
opportunities, technology upgradation, product quality and growth
strategies. He is ably supported by Mrs. Deepika Kapoor, who looks
after human relations, company management and general
administration.
* Strategic location of manufacturing units: REIIL is engaged into
manufacturing of sheet metal components like dead axles, suspension
parts, skin panels, fuel tanks, motorcycle frames etc. The company
has 5 operational plants at Gurgaon (2); Surajpur, Greater Noida
(1); Mewat (1); Pune (1) with an installed capacity of 72000 MT for
Sheet metal components and 30, 00,000 MT for Tailor Welded Blanks
as on March 31, 2021. REIIL has its manufacturing plants located
near manufacturing facilities of OEMs to meet the latter's
requirements. This helps REIIL to remain competitive by combating
transportation cost and continuous supply of components. The
company has an integrated manufacturing plants encompassing
stamping, pressing, welding (Robot Spot welding, Robot MIG welding,
Nut welding etc.), and assembling, sealing and painting
capabilities.
* In-house design and engineering capabilities: REIIL's design,
engineering capability and ability to manufacture sheet metal
pressed components with consistent quality and reliability is well
acknowledged by OEM customers resulting in repeated orders y-o-y.
Necessary drawings or blue print are provided by the customers
based on which company designs the tool. REIIL is well equipped
with CAD/CAM/CAE design capability, tool room and manufacturing
capacities with CNC wire cutting machines, welding machines and
presses for manufacturing of tool.
Incorporated in 1986, REIIL promoted by Mr. Rajiv Kapoor is engaged
in providing engineering solutions, designing and manufacturing
delivery of sheet metal components and assemblies to automobile
industry. The company manufactures sheet metal components, press
tools and dies for high tensile application in Heavy Commercial
Vehicle (HCV), Light Commercial Vehicle (LCV), Passenger Vehicle
(PV), tractors and 2-wheeler industry, heavy fabrication for
railways. The company has an installed capacity of 97,940 MT for
sheet metal components and 30,000 MT for Tailor Welded Blanks as on
March 31, 2023.
REASELACK POLYMERS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: M/s Reaselack Polymers Private Limited
5-4-57, 1st Floor, Shri Krishna Govind Complex,
Distillery Road, Ranigunj, Secunderabad, TG-500003
Liquidation Commencement Date: October 16, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Mr. C. Nagarjuna Rao
8-2-248/A/5/16 Plot No. 717,
Road No.2 Journalist Colony,
Banjara Hills, Hyderabad-500034
Email: reaselackpolymers.cirp@gmail.com
Phone: 9959888576
Last date for
submission of claims: November 15, 2023
RUDRANI COLD: CRISIL Moves B Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Rudrani Cold Storage Private Limited (RCSPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 5.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Working Capital 0.7 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Rating Migrated)
Working Capital 4 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with RCSPL for
obtaining information through letter and email dated October 4,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCSPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RCSPL to 'CRISIL B/Stable Issuer not
cooperating'.
Incorporated in November 2020 by Mr Avisake Kolay and Mr Raj Kumar
Ghosh, RCSPL operates a cold storage facility. The company has cold
storage capacity of 140,000 quintals. It started commercial
operations from March 2021.
SAIRAM PRINTING: CRISIL Moves B- Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Sree Sairam Printing Mills (SSPM), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund- 6.01 CRISIL B-/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
Term Loan 12.99 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SSPM for
obtaining NDS through letters/emails dated August 31, 2023 and
September 29, 2023 and October 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated October 26,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SSPM to confirm timely debt servicing during
these months, but awaits any feedback.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive NDSs from SSPM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SSPM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SSPM
migrated to 'CRISIL B-/Stable Issuer Not Cooperating'.
SSPM was establish in 2008, SSPM is involved in dyeing, processing
& finishing of fabric. SPPM has two manufacturing facility one in
Erode, Tamil Nadu and other recently started in Perineuria, Tamil
Nadu. SSPM is owned & managed by Mr. K V Easwaran & Mr V E Krishna
Kumaresh (Son of K V Easwaran).
SAMARTHA HOSPITAL: CRISIL Moves B Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Samartha Hospital and Research Centre Private Limited (SHRCPL),
as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 0.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 15 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Cash 1 CRISIL B/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SHRCPL for
obtaining NDS through letters/emails dated August 31, 2023 and
September 29, 2023 and October 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated October 26,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SHRCPL to confirm timely debt servicing
during these months, but awaits any feedback.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive NDSs from SHRCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SHRCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SHRCPL
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.
SHRCPL was incorporated in 2001, by the promoters, Dr Arjun Ganpat
Bhangale and Ms Jyoti Arjun Bhangale. The company is engaged in
wholesale trading of medicines and medical products. The hospital
is expected to commence operations in fiscal 2024. The company is
setting up a 100-bed multispecialty hospital in Jalgaon,
Maharashtra.
SHANKER INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Shanker Industries (SI), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SI for
obtaining NDS through letters/emails dated August 31, 2023 and
September 29, 2023 and October 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated October 26,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SI to confirm timely debt servicing during
these months, but awaits any feedback.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive NDSs from SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SI is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of SI migrated to
'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2016 as a proprietorship firm by Mr Sahil Sharma, SI
manufactures polyvinyl chloride pipes, garden pipes and water
storages tanks at its facility in Phase 1, Industrial Growth
Centre, Samba, Jammu and Kashmir.
STAUNCH NATURAL: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Staunch Natural Resources Private Limited
701/702, Nestor Court,
Adj To Vinayak CHS,
CTS-985, Baji Prabhu Deshpande Marg,
Vile Parle (W) Mumbai 400056
Liquidation Commencement Date: October 30, 2023
Court: National Company Law Tribunal Mumbai Bench-III
Liquidator: Mr. Murkesh Khathuria
6B/1105, Sapphire Heights,
Lokhandwala Townships,
Arkuli Road, Kandivali East,
Mumbai Suburban,
Maharashtra-400101
Email: khathuria@hotmail.com
Sun Resolution Professionals Private Limited
4Th Floor Indian Mercantile Mansion (Extn)
Madame Cama Road,
Opp, Regal Cinema,
Nathalal Parikh Marg,
Colaba Mumbai 40005
Email: cirp.snrpl@gmail.com
Last date for
submission of claims: November 28, 2023
SUASHISH CAPITAL: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Suashish Capital Pvt Ltd
235/2A, A.J.C. Bose Road 3rd Floor
Kolkata 700020, West Bengal
Liquidation Commencement Date: October 6, 2023
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Soumitra Bhose
10/D/1, Ho Chi Minh Sarani,
Kolkata 700071
West Bengal
Email: s_bhose@hotmail.com
suashish.liq@gmail.com
Last date for
submission of claims: November 5, 2023
SUDERSHAN CASTING: CRISIL Moves B Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Sudershan Casting Private Limited (SCPL; part of the KNK group),
as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SCPL for
obtaining NDS through letters/emails dated August 31, 2023 and
September 29, 2023 and October 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated October 26,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SCPL; part of the KNK group to confirm timely
debt servicing during these months, but awaits any feedback.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive NDSs from SCPL; part of the KNK group,
which restricts CRISIL Ratings' ability to take a forward looking
view on the entity's credit quality. Further, non-sharing of NDS by
issuers may reflect operational issues faced by issuers in some
cases. On the other hand, it may be a beginning of a general
non-cooperation and may extend to non-submission of other
information.
CRISIL Ratings believes that rating action on SCPL; part of the KNK
group is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SCPL; part of the KNK group migrated to 'CRISIL
B/Stable Issuer Not Cooperating'.
CRISIL Ratings has consolidated the business and financial risk
profiles of KNK Chemicals (SPCL) and SCPL. This is because both
these entities, together referred to as the KNK group, have common
promoters and significant operational and business synergies.
The current promoters took over KNKC in 2010 and started
manufacturing TMT bars. It is a partnership firm, owned and managed
by Mr Rajneesh Sharma, Mr Ramesh Chander and Ms Vijay Kumari.
Manufacturing facility in Samba (Jammu) has installed capacity of
150 tonne bar per day.
In 2013, the management took over SCPL (set up in 1986) to backward
integrate for KNKC. SCPL manufactures mild steel ingots and
supplies only to KNKC.
SUPERTECH ORB: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Supertech Orb Project Private Limited
C-45, Sector 62, Gautam Buddha Nagar,
Noida Uttar Pradesh, 201307
Insolvency Commencement Date: October 13, 2023
Estimated date of closure of
insolvency resolution process: April 10, 2024
Court: National Company Law New Delhi Bench
Insolvency
Professional: Shailendra Ajmera
Ernst & Young LLP
3RD floor, Worldmark 1 Aerocity Hospitality,
New Delhi, 110037
Email: Shailendra.ajmera@in.ey.com
Email: cirp.supertechorb@gmail.com
1.Ms. Anju Agarwal
2.Mr. Keshav Mittal
3.Mr. Kunwar Singh
Last date for
submission of claims: October 31, 2023
SURGICOIN MEDEQUIP: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Surgicoin
Medequip Private Limited (SMPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 11,
2022, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2023, September 6, 2023, September
16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sonipat-based (Haryana) Surgicoin Medequip Private Limited (SMPL)
was incorporated January 27, 1986 under the name of Super Cardiac
Breaths Private Limited by Mr Naresh Grover. Later on, February 02
2006, the name of the entity was changed to Surgicoin Medequip
Private Limited. The company is currently managed by Mr Naresh
Grover. The firm is engaged in manufacturing and trading of medical
equipment like operation Theatre Equipment, Respiratory Apparatus,
Electro Medical Equipment, Patients ward Equipment and other
medical products.
SURYA INTERNATIONAL: CRISIL Hikes Rating on INR7.50cr Loan to B-
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Surya International - Ahmedabad (SIA) to 'CRISIL
B-/Stable' from 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.50 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Loan Against 0.91 CRISIL B-/Stable (Upgraded
Property from 'CRISIL D')
Proposed Long Term 0.11 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Term Loan 6.48 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects timely debt servicing by the firm over
the three months starting June 2023.
The rating reflects the average financial risk profile of the firm
and vulnerability to fluctuations in foreign exchange (forex)
rates. These weaknesses are partially offset by the extensive
experience of the partners in the fast-moving consumer goods (FMCG)
industry and an established clientele
Analytical Approach
Unsecured loans of INR9.08 crore as on march 2023 has been treated
as debt.
Key Rating Drivers & Detailed Description
Weakness:
* Vulnerability to fluctuation in forex rates: As majority of the
revenue comes from the international market (85-90%), sharp
movements in forex rates affect realisations and accrual.
* Average financial risk profile: Gearing and total outside
liabilities to adjusted networth ratio were high at 2.52 times and
3.52 times, respectively, as on March 31, 2023. Debt protection
metrics were subdued owing to high gearing and low accrual, as
reflected in interest coverage and net cash accrual to total debt
ratios of 1.29 times and 0.02 time, respectively, in fiscal 2023,
but are expected to improve over the medium term with repayment of
term debt.
Strengths:
* Extensive experience of the partners and established clientele:
The partners have experience of over 20 years in the FMCG industry.
This has given them an understanding of market dynamics and helped
establish relationships with suppliers and customers, which will
continue to support the business.
Liquidity: Poor
Liquidity remains weak owing to stretched working capital cycle
driven by large receivables and sizeable inventory. Net cash
accrual is expected to be low over the medium term and will be
insufficient to meet debt obligation over the medium term. Bank
limit utilisation was high above 92% on average for the six months
through August 2023. Large working capital requirement and
leveraged capital structure will continue to constrain liquidity.
Outlook: Stable
CRISIL Ratings believes SIA will continue to benefit from the
expensive experience of the partners.
Rating Sensitivity factors
Upward factors:
* Increase in revenue leading to cash accrual above INR3 crore.
* Significant improvement in the financial risk profile.
Downward factors:
* Large, debt-funded capital expenditure weakening the financial
risk profile and liquidity.
* Decline in revenue or profitability leading to cash accrual below
INR1 crore.
Set up in 1998, SIA manufactures and exports food products such as
liquid food colour, food powder, flavouring essence, rose syrup,
rose water and kewra water. Its manufacturing facility is in
Ahmedabad. SIA is part of the Bajaj group of companies, owned and
managed by Dwarkaprasad Bajaj, Sanjay Bajaj and Gautam Bajaj.
TIRUPATI BALAJI: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Tirupati Balaji Enterprises Private Limited
A-2, Rama Pratap Nagar Kalwar Road,
Jhotwara, Rajasthan-302012
Insolvency Commencement Date: October 31, 2023
Estimated date of closure of
insolvency resolution process: April 28, 2024 (180 Days)
Court: National Company Law Jaipur Bench
Insolvency
Professional: Garima Diggiwal
91, Moji Colony,
Malhiya Nagar,
Jaipur, Rajasthan-302017
Email: garima285@gmail.com
Email: cirp.tirupatibalaji@gmail.com
Last date for
submission of claims: November 14, 2023
TV PRODUCTS: Liquidation Process Case Summary
---------------------------------------------
Debtor: TV Products India Private Limited
185/1, Moti Kutir, Jawahar Nagar, Road No. 11,
Goregaon (west), Mumbai-400062
Liquidation Commencement Date: October 25, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Manish D. Shah
A/502, Krishna Palace, Thakur Complex,
Kandivali (East), Mumbai-400101
Email: mdshah0211@gmail.com
cirp.tvproducts@gmail.com
Last date for
submission of claims: November 24, 2023
VARDAAN LIFESTYLE: CARE Lowers Rating on INR15cr LT Loan to C
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vardaan Lifestyle Limited (VLL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 6,
2022, placed the rating(s) of VLL under the 'issuer
non-cooperating' category as VLL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VLL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 22, 2023, September 11, 2023, November 1,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. Further, the revision considers the decline
in scale of operations and continuing net loss in FY22 compared to
FY21.
VLL (VLL: earlier known as Ram India Mittal Township Limited) is a
special purpose vehicle of Mittal Brothers Group. The company
earlier in March 2007 was established as a partnership firm under
the name of "Ram India Mittal". In the year 2014, the company
changed its constitution to limited company. Later in September
2017, the company changed its name to VLL. Currently, VLL is
developing a residential cum commercial development under the name
"Cleveland Park Phase II (earlier known as Life Park Plus)". The
total cost of the project is expected to be funded through
promoter's contribution, term loan.
VIKRAM IRON: Liquidation Process Case Summary
---------------------------------------------
Debtor: Vikram Iron And Steel Company Private Ltd.
524/525 New Timber Market Road
Opp Sonmarg Talkies Pune 411042
Liquidation Commencement Date: October 17, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Uday Shreeram Sakrikar
303, Rahul Vihar A, Lane Nos. 8,
Dahanukar Colony, Kothrud Pune
Maharashtra 411038
Email: ipudaysakrikar@gmail.com
vikramironliquidator@gmail.com
Last date for
submission of claims: November 16, 2023
=====================
N E W Z E A L A N D
=====================
EDISON ARCHITECTURAL: Creditors' Proofs of Debt Due on Dec. 8
-------------------------------------------------------------
Creditors of Edison Architectural Design Limited are required to
file their proofs of debt by Dec. 8, 2023, to be included in the
company's dividend distribution.
The High Court at Auckland appointed Steven Khov and Kieran Jones
of Khov Jones as liquidators on Nov. 10, 2023.
FOOD TRUCK: Court to Hear Wind-Up Petition on Nov. 24
-----------------------------------------------------
A petition to wind up the operations of Food Truck Garage (2020)
Limited will be heard before the High Court at Auckland on Nov. 24,
2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 28, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
NO LIMIT: Court to Hear Wind-Up Petition on Dec. 4
--------------------------------------------------
A petition to wind up the operations of No Limit Builders NZ
Limited will be heard before the High Court at Tauranga on Dec. 4,
2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 12, 2023.
The Petitioner's solicitor is:
Timothy Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
SMARTLIFE LIMITED: Creditors' Proofs of Debt Due on Dec. 12
-----------------------------------------------------------
Creditors of Smartlife Limited are required to file their proofs of
debt by Dec. 12, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 6, 2023.
The company's liquidator is:
Bryan Edward Williams
BWA Insolvency Limited
PO Box 609
Kumeu 0841
SUPIE LIMITED: Creditors' Proofs of Debt Due on Dec. 20
-------------------------------------------------------
Creditors of Supie Limited, Bevie Limited and Workerly Limited are
required to file their proofs of debt by Dec. 20, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 9, 2023.
The company's liquidators are:
Stephen White
Richard Nacey
PwC
Private Bag 92162
5 Customs Street West
Auckland 1142
SUPIE LTD: Owed NZD2.1M to More Than 4,000 Creditors, Report Shows
------------------------------------------------------------------
Radio New Zealand reports that the first liquidator's report on
failed online food retailer Supie has shown the company and its
related companies Workerly and Bevie owed NZD2.1 million to over
4,000 creditors.
Creditors include companies from NZ Post to Sealord, Tegel,
Warehouse Stationery, Foodstuffs and Woolworths, Fonterra and Coca
Cola.
Released on Nov. 16, the report shows Inland Revenue is owed almost
NZD900,000, RNZ discloses.
According to RNZ, many of the companies' former staff have been
paid owed wages thanks to an anonymous donation but the report
shows 89 of the 122 staff are still owed NZD120,000 in outstanding
wages and holiday pay. They received no redundancy.
Supie had NZD179,000 in the bank on the day it went into
liquidation.
The independent virtual supermarket was set up in 2021 by director
Sarah Balle in an attempt to disrupt the two major supermarkets.
But the report cites a lack of sales and scale as a contributor to
the company's demise on October 30, RNZ relates.
This is despite Ms. Balle's claims the company had 60,000 customers
on its database.
Administrator Richard Nacey from PWC was not available for an
interview on Checkpoint, RNZ notes.
=================
S I N G A P O R E
=================
BERT'S AIR-CONDITIONING: Court to Hear Wind-Up Petition on Dec. 1
-----------------------------------------------------------------
A petition to wind up the operations of Bert's Air-Conditioning Pte
Ltd will be heard before the High Court of Singapore on Dec. 1,
2023, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Nov. 3,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
FLASH COFFEE: Owes SGD14.9MM to 120 Creditors, Including Ex-Staff
-----------------------------------------------------------------
The Straits Times reports that around 120 creditors are owed
SGD14.9 million by the Singapore arm of coffee start-up Flash
Coffee, which abruptly closed all 11 of its outlets in the Republic
in October.
In response to queries from The Straits Times, Flash Coffee's
provisional liquidator BDO Advisory said on Thursday that the
largest amount owed, about SGD13.4 million, is to Digital Services
SG Four, the start-up's holding company.
Former employees are owed more than SGD300,000 in salaries and
other contractual benefits, while some of Flash Coffee's landlords
are owed sums ranging from SGD80,000 to SGD140,000. Flash Coffee
had outlets at shopping malls such as Jurong Point and Orchard
Gateway, ST relays.
According to ST, the Singapore unit, which listed co-founders David
Brunier and Sebastian Hannecker as its directors, filed notice on
Oct 12 that it was unable to continue its business due to
liabilities. It filed for a voluntary winding-up and was placed
under provisional liquidation.
BDO Advisory said that 18 out of the 34 creditors present at a
creditors' meeting held virtually on Nov. 15 were the start-up's
former employees.
"Creditors were briefed of the estimated value of assets and
liabilities, the steps which the liquidators will be taking to
realise the assets available, and the provisions of Section 203 of
the Insolvency Restructuring and Dissolution Act with particular
focus on the employees' claims," BDO Advisory said, adding that a
Committee of Inspection was also formed, ST relays.
A Committee of Inspection is a group of people appointed from the
creditors and shareholders of a company to oversee the liquidation
process. They work with the liquidator to maximise recoveries for
the stakeholders.
When asked about the liquidation process, BDO Advisory said that
Flash Coffee's main assets are bank accounts, equipment such as
coffee machines and fridges, and receivables, which refers to money
owed by debtors to Flash Coffee.
ST relates that the accounting firm added that it is still in the
midst of securing assets that are kept in third-party storage and
will be taking steps to sell them soon. It will also be convening a
meeting with the Committee of Inspection, it added.
A Flash Coffee spokesman said on Oct. 13 that the company has about
200 outlets globally, and decided to cease operations here to
"further consolidate our future efforts and to double down on our
most promising markets".
The chain operates in Indonesia, Thailand, Hong Kong and South
Korea, according to a May 2023 statement it issued after raising
US$50 million (SGD68.5 million) in an extended Series B round of
venture funding.
HAPPI PTE: Commences Wind-Up Proceedings
----------------------------------------
Members of Happi Pte Ltd on Nov. 8, 2023, passed a resolution to
voluntarily wind up the company's operations.
The company's liquidator is:
Farooq Ahmad Mann
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
MAISON KAYSER: Creditors' Meetings Set for Dec. 7
-------------------------------------------------
Maison Kayser (Singapore) Pte Ltd will hold a meeting for its
creditors on Dec. 7, 2023, at 10:00 a.m., via audio visual
communication.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint Liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
Mr. Abuthahir Abdul Gafoor and Ms. Yessica Budiman of AAG Corporate
Advisory were appointed as joint and several Provisional
Liquidators of the company on Nov. 18, 2023.
RCMA ASIA: Creditors' Proofs of Debt Due on Dec. 14
---------------------------------------------------
Creditors of RCMA Asia Pte. Ltd. are required to file their proofs
of debt by Dec. 14, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 6, 2023.
The company's liquidators are:
Lim Soh Yen
Tan Suah Pin
c/o 133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
XINTRU PTE: Creditors' Proofs of Debt Due on Dec. 14
----------------------------------------------------
Creditors of Xintru Pte. Ltd. are required to file their proofs of
debt by Dec. 14, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 8, 2023.
The company's liquidator is:
Ms. Ho May Kee
c/o Grant Thornton Singapore
8 Marina View, #40-04/05
Asia Square Tower 1
Singapore 018960
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***