/raid1/www/Hosts/bankrupt/TCRAP_Public/231228.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, December 28, 2023, Vol. 26, No. 260
Headlines
A U S T R A L I A
E K RECRUITMENT: Second Creditors' Meeting Set for Jan. 4
EPSILON HEALTHCARE: Enters Administration Amid Board "Disunity"
FAT CONTROLLER: First Creditors' Meeting Set for Jan. 3
LIKADAVID PTY: First Creditors' Meeting Set for Jan. 4
MYRIAD DEVELOPMENT: Second Creditors' Meeting Set for Jan. 4
TULLY PARK: Second Creditors' Meeting Set for Jan. 11
[*] AUSTRALIA: Construction Industry Insolvencies Soar in 2023
C H I N A
CHINA AOYUAN: Chapter 15 Case Summary
SICHUAN TRUST: Offers 40% to 80% Compensation to Investors
I N D I A
A P GOYAL: CRISIL Keeps D Debt Ratings in Not Cooperating
ADM SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating
AURO GOLD: Liquidation Resolution Process Case Summary
AVANEESH INFRATECH: Insolvency Resolution Process Case Summary
B2X SERVICE SOLUTIONS: Insolvency Resolution Process Case Summary
COASTAL ENERGEN: Creditors Approve Adani Power Takeover Bid
CONCORDE DESIGNS: CRISIL Keeps D Debt Ratings in Not Cooperating
DELUXE KNITTING: CRISIL Keeps C Debt Ratings in Not Cooperating
DREAMS CONSTRUCTIONS: Liquidation Resolution Process Case Summary
EASHKRUPA SHIPPING: Insolvency Resolution Process Case Summary
GLOBAL POWERSOURCE: Liquidation Resolution Process Case Summary
GREYSTONE INFRASTRUCTURE: CRISIL Assigns D Rating to INR30c Loans
JAWAHAR EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating
JENAM ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
K.K.R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
KARTHIKEYA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
KISSAN RICELAND: CRISIL Keeps D Debt Ratings in Not Cooperating
L N CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
LOK RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category
LORD BUDDHA: CRISIL Keeps D Debt Rating in Not Cooperating
MY CAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
PELICAN GRAND: Insolvency Resolution Process Case Summary
PRASANNA METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAAM4WHEHLERS LLP: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating
RANA MILK: CRISIL Keeps D Debt Rating in Not Cooperating
S M ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
SAFAL FLEXIBOND: CRISIL Keeps D Debt Ratings in Not Cooperating
SAFIRE OFFSET: CRISIL Keeps D Debt Ratings in Not Cooperating
SANTKRUPA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
SARAS PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SHREE DATT: Ind-Ra Moves BB Bank Loan Rating to NonCooperating
SINDHU TRADE: Ind-Ra Keeps D Term Loan Rating to NonCooperating
SS INFRAZONE: Ind-Ra Withdraws B- Bank Loan Rating
STERLING HEALTHCARE: Insolvency Resolution Process Case Summary
SUGAVANESWARA SPINNING: CRISIL Keeps D Ratings in Not Cooperating
TAN SINGH: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
TRIOFAB PRIVATE: Ind-Ra Moves BB Issuer Rating to NonCooperating
UNIMECH INDUSTRIES: Ind-Ra Withdraws BB- Bank Loan Rating
VIKSIT ENGINEERING: Insolvency Resolution Process Case Summary
WORKSPACE METAL: Ind-Ra Withdraws BB Bank Loan Rating
M A L A Y S I A
BINA PURI: Propose to Raise Up to MYR75.62MM via Private Placement
N E W Z E A L A N D
DEM HOME: Grant Bruce Reynolds Appointed as Liquidator
GAIA ORGANICS: Creditors' Proofs of Debt Due on Feb. 16
S I N G A P O R E
ACMS FACILITIES: Court to Hear Wind-Up Petition on Jan. 12
AN SHUN SHIPPING: Creditors' Meetings Set for Jan. 5
ARCH & HOOK: Commences Wind-Up Proceedings
KRE OMAHA: Creditors' Proofs of Debt Due on Jan. 22
TIAN TIAN: Court to Hear Wind-Up Petition on Jan. 12
S O U T H K O R E A
HMM CO: Two Largest Shareholders Differ Stance on Harim Takeover
T H A I L A N D
STARK CORP: SEC Accuses Former Executives of Insider Trading
- - - - -
=================
A U S T R A L I A
=================
E K RECRUITMENT: Second Creditors' Meeting Set for Jan. 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of E K Recruitment
Pty Ltd has been set for Jan. 4, 2024 at 11:00 a.m. via virtual
meeting 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 Jan. 3, 2024 at 4:00 p.m.
Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on Nov. 27, 2023.
EPSILON HEALTHCARE: Enters Administration Amid Board "Disunity"
---------------------------------------------------------------
Duncan Evans at news.com.au reports that board warfare and
allegations of financial impropriety have erupted at Australian
marijuana business Epsilon Healthcare, putting at risk 25 jobs and
the largest medicinal cannabis manufacturing facility in the
southern hemisphere.
According to news.com.au, Epsilon announced on December 17 that it
had appointed administrators Ian Purchas and Hugh Armenis from SV
Partners to take control of the company and conduct an "urgent
assessment of the company's business operations and financial
affairs".
News.com.au relates that Mr. Purchas, speaking with NCA NewsWire,
said the "underlying" businesses were strong and the move into
administration had come about due to "disunity" at board level.
"They (a majority of the board) formed the view the uncertainty at
the board level may cause creditors to make claims, which the
company may not have been able to pay," he said.
The company's ASX announcements in recent months reveal a chaotic
shuffle of board and management positions and allegations of
potential financial impropriety.
On November 20, the company's deputy chairman Alan Beasley proposed
an extraordinary general meeting (EGMS) to appoint Peter
Giannopoulos as a director of the company and remove Xiao (Josh)
Cui as a company director, news.com.au says.
Mr. Cui is the board's chair.
On November 21, the company announced Mr. Giannopoulos' termination
as chief executive before the end of his probationary period.
On December 14, Mr. Cui called for an EGM to remove Mr. Beasley as
a director.
In the November 20 announcement, Mr. Beasley said Mr. Cui may have
engaged in financial impropriety, including the nondisclosure of
payments from Epsilon to Watercrest Asset Management, which Mr.
Beasley says is owned by Mr. Cui.
"Based on ASIC records, Mr. Cui controls 100 per cent of Watercrest
through a series of holding companies," the report quotes Mr.
Beasley as saying.
"The payments to Watercrest have not been disclosed to
shareholders.
"The quantum of payments is unclear to me.
"When I wrote to Mr. Cui, I expressed my concerns that the payments
not only were not disclosed, but they were, as far as I am aware,
never approved by the board of EPN and I was not aware of any
agreement to support the payments.
"In his written response, Mr. Cui said to me that the payments
'have been made pursuant to a consultancy agreement dated December
5, 2022, executed by Stuart Cameron as director on behalf on EPN
(Epsilon)'."
In the December 14 announcement, Mr. Cui rejects Mr. Beasley's
allegations and says payments from Epsilon to Watercrest
constituted remuneration for his consultancy work with Epsilon and
the payments were not hidden from Mr. Beasley, news.com.au relays.
Mr. Purchas has cancelled the EGMs as he assesses the business.
"As administrators, we haven't formed a view one way or the other
on those (the allegations)," Mr. Purchas said.
"We have the ability to appoint and remove or replace directors if
we think that is in the best interests of the company."
According to the report, Epsilon operates a medicinal cannabis
manufacturing facility at Southport on the Gold Coast and a
medicinal marijuana clinic under the Tetra Health brand.
The AUD8 million company has 25 employees and Mr. Purchas told
workers at the Southport facility on Dec. 19 that he had no plans
to make cuts.
"There are no job losses in the pipeline, it is not even being
considered," he told NCA NewsWire.
"But that is based on available information to date."
Epsilon has lost about AUD44 million in the past four years of
trading, but Mr. Purchas said he saw "strength" in the business.
"They are getting strong forward orders," he said.
"From my visit there yesterday, they seem to have their processes
and procedures going well and strongly. They seem to have a good
supply chain."
About Epsilon Healthcare
Based in Sydney, Australia, Epsilon Healthcare Limited (ASX: APN)
-- https://epsilonhealthcare.com.au/ -- operates as a healthcare
and pharmaceuticals company primarily in Australia and Canada. It
engages in the manufacture and distribution of hydroponics
equipment, materials, and nutrients; and development and delivery
of medicinal cannabis, as well as provides turnkey cannabis
cultivation solutions. The company was formerly known as THC Global
Group Limited and changed its name to Epsilon Healthcare Limited in
February 2021.
FAT CONTROLLER: First Creditors' Meeting Set for Jan. 3
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Fat
Controller Club Pty Ltd will be held on Jan. 3, 2024 at 10:30 a.m.
at Suite 1B, Level 9, 50 Pirie Street at Adelaide.
David Trim of Hall Chadwick was appointed as administrator of the
company on Dec. 19, 2023.
LIKADAVID PTY: First Creditors' Meeting Set for Jan. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Likadavid
Pty Ltd will be held on Jan. 4, 2024 at 10:30 a.m. via
teleconference facilities.
Graeme Beattie of Worrells was appointed as administrator of the
company on Dec. 20, 2023.
MYRIAD DEVELOPMENT: Second Creditors' Meeting Set for Jan. 4
------------------------------------------------------------
A second meeting of creditors in the proceedings of Myriad
Development and Construction Group Pty Ltd has been set for Jan. 4,
2024 at 3:00 p.m. via teleconference facilities.
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 Jan. 3, 2024 at 4:00 p.m.
Mitchell Warren Ball and Gavin David King of Mackay Goodwin were
appointed as administrators of the company on Nov. 27, 2023.
TULLY PARK: Second Creditors' Meeting Set for Jan. 11
-----------------------------------------------------
A second meeting of creditors in the proceedings of Tully Park Pty
Ltd has been set for Jan. 11, 2024 at 11:00 a.m. via Zoom
teleconference facilities.
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 Jan. 10, 2024 at 4:00 p.m.
Edwin Narayan and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of the company on Oct. 20, 2023.
[*] AUSTRALIA: Construction Industry Insolvencies Soar in 2023
--------------------------------------------------------------
Jack Quail at news.com.au reports that a staggering 2,349
construction firms have collapsed in the past year - with fears
more may fall soon.
A "perfect storm" of high interest rates, soaring material costs
and an ongoing worker shortage across the Aussie industry have sent
tradies into freefall, the report says.
Insolvencies in the construction industry have reached an annual
record this year, news.com.au discloses citing fresh data published
by the corporate regulator ASIC.
The September quarter was the worst for the industry in 2023, where
785 construction businesses traded as insolvent, news.com.au
discloses.
News.com.au relates that just this month four building companies
went bust in the first three days of the month.
However, chief executive of Master Builders Australia Denita Wawn
remained positive about the industry, the report states.
She said: "It's reassuring to see that businesses have remained
resilient despite the volatility experienced within the building
and construction industry over the last financial year.
"It has been a challenging time for some businesses that got caught
up in the perfect storm of increased material prices, labour
shortages and rising interest rates while locked into fixed-price
contracts."
According to news.com.au, the broader economy has seen insolvencies
rise 31 per cent from 2022, while the construction industry has
made up the lion's share of business failures.
Of the 8,471 business collapses year, almost 28 per cent were in
the building and construction industry.
And amid a chronic shortage of housing fuelled by Australia's
record overseas migration intake, the collapse of builders,
contractors and subcontractors will not only have an immediate
impact but could crimp future supply of new homes, the report
notes.
A string of high profile business collapses has rocked the building
industry since November 2021, the report notes.
BA Murphy, Condev Construction, Oracle, LDC, ProBuild, Pivotal
Homes, Hallbury Homes, and Warren Homes are among the casualties,
news.com.au discloses.
Porter Davis, one of Australia's largest home builders, collapsed
in March this year with 1,700 properties across Victoria and
Queensland in progress. A further 779 future homeowners had signed
contracts where construction was yet to commence. The firm's 470
staff were left without work, while 1000 unsecured creditors were
left combined debts of $71 million.
Most recently, Queensland-based W3D Construction went into
liquidation, owing creditors almost $1.3 million and sporting
pavilion project at Brisbane's prestigious The Southport School,
still under construction, news.com.au discloses.
In a separate case, a string of businesses in the cabinetry and
building products industry under the umbrella of GDK Group
collapsed into liquidation with cumulative debts in excess of $45
million, news.com.au relays.
Dome Building Projects, which completed bespoke building and
renovation works in Melbourne's eastern suburbs, went into
liquidation in October after failing to meet payments to the
company's former director.
However, despite the record number of construction firm collapses,
as many businesses were established in the sector, the report
states.
A total of 73,405 construction businesses ceased their operations
in the 12 months to June 2023, yet 73,013 new firms also joined the
sector over that period, news.com.au discloses citing figures
released by the Bureau of Statistics.
=========
C H I N A
=========
CHINA AOYUAN: Chapter 15 Case Summary
-------------------------------------
Lead Debtor: China Aoyuan Group Limited
Units 1901-2, 19th Floor, One Peking
No. 1 Peking Road, Tsim Sha Tsui
Kowloon, Hong Kong
Business Description: The business of the Aoyuan Group is the
development and sale of residential and
commercial properties. The Aoyuan Group's
projects comprise various types of
developments, including residential
apartments, commercial apartments,
low-density residentials, retail shops and
others. The geographical regions in which
the Aoyuan Group subsidiaries operate are
focused in the Guangdong-Hong Kong-Macao
Greater Bay Area as well as Southern China,
the core region of Central and Western
China, Eastern China, and the
Bohai Economic Rim. The Aoyuan Group has
established an extensive urban redevelopment
layout and is a key player in urban
redevelopment in the Greater Bay Area. The
Aoyuan Group also has property development
and investment projects in Canada and Hong
Kong, and holds a 24.68% stake in Healthy
Life, which is a property management
services and commercial operational services
provider in the PRC.
Chapter 15 Petition Date: December 20, 2023
Court: United States Bankruptcy Court
Southern District of New York
Two affiliates that concurrently filed voluntary petitions under
Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
China Aoyuan Group Limited (Lead Case) 23-12030
Add Hero Holdings Limited 23-12031
Judge: Hon. John P. Mastando III
Foreign Proceeding: Pending before the High Court
of the Hong Kong Special
Administrative Region Court
of First Instance
Foreign Representatives: Chen Zhi Bin and David Wan
Units 1901-2, 19th Floor
Peking No. 1, Peking Road
Tsim Sha Tsui, Kowloon
Hong Kong
Foreign
Representatives'
Counsel: Christopher J. Hunker, Esq.
LINKLATERS LLP
Phone: 212-903-9000
Email: christopher.hunker@linklaters.com
Estimated Assets: Unknown
Estimated Debt: Unknown
Full-text copies of the Chapter 15 petitions are now available for
download at PacerMonitor.com.
SICHUAN TRUST: Offers 40% to 80% Compensation to Investors
----------------------------------------------------------
Caixin Global reports that more than three years after Sichuan
Trust Co. Ltd. defaulted on billions of dollars of trust products,
its 8,300 retail investors received a long-awaited repayment plan
on Christmas Day.
Caixin relates that the troubled trust firm published a repayment
proposal on its website on Dec. 25, offering 40% to 80%
compensation ratios to investors based on the size of their
investment. The company stated that the plan is designed to "tilt
towards small and medium-sized investors." Investors may opt in or
out, and the plan will be implemented after court approval of the
company's restructuring.
Sichuan Trust Company Limited is a company based in China, with its
head office in Chengdu. It operates in the Funds, Trusts, and Other
Financial Vehicles industry.
=========
I N D I A
=========
A P GOYAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A P Goyal
Shimla University (APGSU) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 31 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APGSU for
obtaining information through letter and email dated November 13,
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 APGSU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APGSU
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APGSU continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
APGSU was established in 2012, by the AP Goyal Charitable Trust,
through the APG Shimla University Establishment and Regulation Act,
2012. The trust is promoted by members of the Goyal family. It
offers more than 60 courses to over 3,000 students in Shimla,
including graduate and post-graduate programmes in fields of
engineering and management, and other courses in various streams.
ADM SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ADM Solar
Power and Infrastructure Private Limited (ADM) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Fund-
Based Bank Limits 0.1 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.75 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ADM for
obtaining information through letter and email dated November 13,
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 ADM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADM continues to be 'CRISIL D Issuer Not Cooperating'.
ADM, incorporated in 2017 at New Delhi. ADM is engaged in
manufacturing and installation of solar panels and allied
equipment. Further, it also provides annual maintenance services.
ADM has its manufacturing unit in greater Noida (Uttar Pradesh).
AURO GOLD: Liquidation Resolution Process Case Summary
------------------------------------------------------
Debtor: Auro Gold Jewellery Private Limited
70/70A, Laxmi Premises
Sheikh Memon Street, 1st floor
Zaveri Bazar, Mumbai
Maharashtra, India 400002
Liquidation Commencement Date: December 14, 2023
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: October 16, 2023
Insolvency professional: Avil Menezes
Interim Resolution
Professional: Avil Menezes
106, 1st floor, Kanakia Atrium 2
Cross Road 'A', Chakala MIDC
Andheri (East), Mumbai 400093
E-mail: ip.aurogold@gmail.com
avil@caavil.com
Last date for
submission of claims: January 13, 2024
AVANEESH INFRATECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Avaneesh Infratech Private Limited
P-411/16, Hemanta Mukhopadhyay Sarani
Kolkata, West Bengal 700029
Insolvency Commencement Date: December 13, 2023
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: June 8, 2024
(180 days from commencement)
Insolvency professional: Rashmi Agarwalla
Interim Resolution
Professional: Rashmi Agarwalla
74/10 Lala Babu Shire Road
Belurmath, Howrah 711202
E-mail: rashmivika10@yahoo.co.in
- and -
c/o Rahul Gupta, ARVG & Associates
4th floor, Bhandari House
16 N.S. Road, Kolkata 700001
E-mail: avaneeshcirp@gmail.com
Last date for
submission of claims: December 26, 2023
B2X SERVICE SOLUTIONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: B2X Service Solutions India Private Limited
Unit No. 1 & Part of Unit No. 3, 1st floor
I Wing, Tex Centre, 26-A Chandivali Road
Andheri East, Mumbai, Maharashtra
India 400072
Insolvency Commencement Date: December 12, 2023
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 4, 2024
Insolvency professional: Mr. S. Gopalakrishnan
Interim Resolution
Professional: Mr. S. Gopalakrishnan
203, The Ghatkopar Nilkanth CHS
Jethabhai Lane, Ghatkopar (East)
Mumbai 400077
E-mail: gopi63.ip@gmail.com
b2x.cirp@gmail.com
Last date for
submission of claims: December 26, 2023
COASTAL ENERGEN: Creditors Approve Adani Power Takeover Bid
-----------------------------------------------------------
The Hindu reports that the Committee of Creditors has approved a
resolution by a consortium, which includes the Adani Power Ltd.
(APL), to buy Coastal Energen Ltd. under the Corporate Insolvency
Resolution Process (CIRP).
According to The Hindu, the consortium of APL received a Letter of
Intent (LoI) from the RP on Dec. 23. The implementation of the
resolution plan is subject to the terms of the LoI, and requisite
approvals from the NCLT or any other regulatory authority, courts
or tribunals (as the case may be) under applicable laws, APL said
in a stock exchange filing.
According to sources, the RP had admitted claims of about INR12,300
crore from creditors against Coastal Energen, The Hindu relays. The
consortium of APL had submitted a resolution plan for about
INR3,500 crore, they added.
The Hindu says the other plans that were considered by the lenders
included Jindal Power Limited and the Chennai-based Sherisha
Technologies, and a settlement proposal by the promoters of Coastal
Energen.
Coastal Energen's Unit-I has a power purchase agreement to supply
power to Tangedco for a period of 15 years ending September 30,
2028.
Coastal Energen Ltd. has an imported, 1,200-MW (2X660) coal-based
power plant operating in Tuticorin.
In February 2022, The National Company Law Tribunal (NCLT),
Chennai, had admitted the insolvency plea filed by the State Bank
of India against Coastal Energen, and named Radhakrishnan
Dharmarajan as the Resolution Professional (RP) to oversee the
resolution process.
Coastal Energen Private Limited operates as an energy company. The
Company supplies energy including coal trading, mining, shipping,
logistics, and power generation. Coastal Energen serves customers
globally.
CONCORDE DESIGNS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Concorde
Designs Private Limited (CDPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CDPL for
obtaining information through letter and email dated November 13,
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 CDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CDPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
CDPL, incorporated in 2002, is promoted by Mr. Anvay Madhukar Naik.
It designs and constructs interior works for corporate customers
and provides architectural consulting.
DELUXE KNITTING: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deluxe
Knitting Mill (DKM) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 0.5 CRISIL C (Issuer Not
Cooperating)
Mortgage Loan 8 CRISIL C (Issuer Not
Facility Cooperating)
Packing Credit 3.5 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DKM for
obtaining information through letter and email dated November 13,
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 DKM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DKM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DKM continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
Established as a partnership firm at Tiruppur, Tamil Nadu, in 1987,
DKM exports knitted garments.
DREAMS CONSTRUCTIONS: Liquidation Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Dreams Constructions (Pune) Private Limited
City Mall, Office No. 301, 3rd floor
University Road, GaneshKhind
Pune MH 411007
India
Liquidation Commencement Date: December 12, 2023
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: November 22, 2023
Insolvency professional: Mr. Vijendra Kumar Jain
Interim Resolution
Professional: Mr. Vijendra Kumar Jain
401/402, Sai Trishul
Raviraj Oberoi Complex
Off New Link Road
Andheri West, Mumbai City
Maharashtra 400053
E-mail: vkj310@gmail.com
- and -
Kanchansobha Debt Resolution Advisors
Private Limited
Unit# 207, 2nd floor, Kshitij
Near Azad Nagar Metro Station
Veera Desai Road, Andheri West
Mumbai 400053
E-mail: dreamsconstructionliquidation@
gmail.com
Last date for
submission of claims: January 11, 2024
EASHKRUPA SHIPPING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Eashkrupa Shipping & Logistics India Private Limited
Flat No. 302, Alder Wing, 3rd floor
Rosewood Heights, Plot No. 270
Sector 10, Kharghar
Raigarh, Navi Mumbai
Maharashtra 410210
Insolvency Commencement Date: October 27, 2023
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: Apri 17, 2024
Insolvency professional: Mrs. Dipti Amit Thite
Interim Resolution
Professional: Mrs. Dipti Amit Thite
Flat No. 9, B Building
Ramyanagari Housing Society
Bibwevadi, Pune 411037
E-mail: dipti@csdiptithite.com
- and -
Off. No. 204,
"Silver Mist Apartment Condominium"
Nr. Neelayam Theatre, Sadashiv Peth
Pune 411030
E-mail: cirp.eashkrupalogistics@gmail.com
Last date for
submission of claims: January 18, 2024
GLOBAL POWERSOURCE: Liquidation Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Global Powersource (India) Private Limited
C-709, Neelkanth Business Park
Vidyavihar West, Mumbai City
Mumbai, Maharashtra
India 400086
Liquidation Commencement Date: December 7, 2023
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: December 6, 2023
Insolvency professional: Hetal Gaurang Kothari
Interim Resolution
Professional: Hetal Gaurang Kothari
604, Oak Building
Mahavir Kalpavrush
GB Road, Kasarvadali
Thane 400615
E-mail: iphetalkothari@gmail.com
liquidationglobalpowersource@
gmail.com
Last date for
submission of claims: January 6, 2024
GREYSTONE INFRASTRUCTURE: CRISIL Assigns D Rating to INR30c Loans
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long term
bank facilities of Greystone Infrastructure (GI).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Assigned)
Proposed Long Term
Bank Loan Facility 27 CRISIL D (Assigned)
The rating reflects the delay in term loan repayment in the month
of September by 7 days which has been confirmed by the management
owing to the stretched liquidity due to delay in payments from the
government parties. GI's susceptibility to tender-based operations,
modest scale of operation and weak financial risk profile. These
weaknesses are partially offset by its extensive industry
experience of the partner.
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
to bid aggressively to get contracts, which restricts the operating
margin to a moderate level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
margin through operating efficiency becomes critical.
* Modest scale of operation: GIs business profile is constrained by
its scale of operations in the intensely competitive Civil
Construction industry. GIs scale of operations will continue limit
its operating flexibility.
* Weak financial risk profile: GI has a weak financial risk
profile marked by gearing of 6.05 and total outside liabilities to
adj tangible net worth (TOL/ANW) of 16.27 for year ending on 31st
March 2023. GI's debt protection measures have also been at weak
level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at 1.45 times and 0.07 times for fiscal 2023
.GI debt protection measures are expected to remain at similar
level with high debt levels.
Strengths:
* Extensive industry experience of the partner: The partner has
experience of around a decade in the Civil Construction industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers.
Liquidity: Poor
Bank limit utilization is more than 100 percent for the past twelve
months. The adhoc limits availed by the company are also
overutilized.
Current ratio is low at 0.95 times on March31, 2023 The partner is
likely to extend support in the form of equity and unsecured loans
to meet its working capital requirements and repayment obligations
Rating Sensitivity Factors
Upward factor
* Timely servicing of debt obligations continuously for at least 90
days.
* Improvement in financial risk profile.
Engaged in civil construction works such as construction of roads,
bridges, tunnels and other infrastructure work for government
entities located in Gujarat. The firm is owned and managed by Mr.
Milanbhai Patel and Mr. Parthbhai Patel.
JAWAHAR EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jawahar
Education Society (JES) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 12.65 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 18.35 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JES for
obtaining information through letter and email dated November 13,
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 JES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JES continues to be 'CRISIL D Issuer Not Cooperating'.
JES was founded in 1991 by Mr. Annasaheb Patil. It runs two
colleges and one school in Maharashtra, which are A C Patil College
of Engineering and Technology, Jawahar Institute of Technology,
Management and Research and North Point School. The trust is
managed by Mr. Vinay Patil and Mr. Kamal Patil.
JENAM ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jenam
Enterprises Private Limited (JEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Inland/Import 7.75 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Proposed Long Term 2.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with JEPL for
obtaining information through letter and email dated November 13,
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 JEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, JEPL, is promoted by Amit Sheth. JEPL is
engaged in trading of steel HR coils, CR coils and Colour coated
Coils in Maharashtra.
K.K.R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K.K.R.
International (KKR) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Packing Credit 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KKR for
obtaining information through letter and email dated November 13,
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 KKR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KKR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KKR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
KKR, set up as a proprietorship firm in 2010, manufactures and
trades in men's garments and knitted fabric. Mr Sunil Kumar Arora
and Mr Amit Kumar Arora are the proprietors.
KARTHIKEYA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Karthikeya
Agro Industries (KAI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KAI for
obtaining information through letter and email dated November 13,
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 KAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KAI continues to be 'CRISIL D Issuer Not Cooperating'.
KAI was established in 2013, in Nellore, Andhra Pradesh, by Mr. G.
Madhusudhana Rao along with his wife Ms. G Naga Malleswari. It
processes rice and sells mainly to wholesalers and brokers in all
over India.
KISSAN RICELAND: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kissan
Riceland Private Limited (KRPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Non Fund 1.77 CRISIL D (Issuer Not
based limits Cooperating)
Standby Line 2 CRISIL D (Issuer Not
of Credit Cooperating)
Term Loan 1.23 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KRPL for
obtaining information through letter and email dated November 13,
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 KRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KRPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
KRPL was incorporated in 2016, promoted by Mr Ashok Garg, Mr Sushil
Garg, and Mr Tarsem Chand. The company took over the operations of
their partnership firm, Kissan Rice Mills, effective from April
2016. It primarily mills and processes basmati and non-basmati
rice, which it sells domestically. The manufacturing unit is in
Kaithal, Haryana.
L N CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of L N
Constructions (LN) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LN for
obtaining information through letter and email dated November 13,
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 LN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LN is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LN
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
LN was established as a partnership concern by Mr. Sudarshan Reddy
and his family in 2004. The firm undertakes construction of
irrigation projects, roads, and bridges for the Government of
Andhra Pradesh and the Indian Railways. It is based in Hyderabad.
LOK RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lok Raj Saini
Infra-Tech Private Limited (Lok Raj) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.55 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Funded Interest 3.58 CRISIL D (Issuer Not
Term Loan Cooperating)
Working Capital 9.87 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with Lok Raj for
obtaining information through letter and email dated November 13,
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 Lok Raj, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Lok
Raj is consistent with 'Assessing Information Adequacy Risk'. Based
on the last available information, the ratings on bank facilities
of Lok Raj continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Set up as a proprietorship concern by Mr Lokraj Saini in 1987, it
was reconstituted as a partnership firm in April 2008 and a private
limited company in 2010. The company undertakes construction of
roads, bridges and other infrastructure development projects,
mainly in Himachal Pradesh (HP), mainly for government departments
like H.P. Public Works Department.
LORD BUDDHA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lord Buddha
Educational Society (LBES) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 30 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LBES for
obtaining information through letter and email dated November 13,
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 LBES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LBES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LBES continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2010, LBES currently runs the Raipur Institute of Medical
Sciences. It is also setting up a medical college attached to the
hospital. Operations are managed by Mr Dalip Kumar.
MY CAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MY Car
(Bhopal) Private Limited (MCBPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 35 CRISIL D (Issuer Not
Cooperating)
Inventory Funding 10 CRISIL D (Issuer Not
Facility Cooperating)
Inventory Funding 5 CRISIL D (Issuer Not
Facility Cooperating)
Inventory Funding 10 CRISIL D (Issuer Not
Facility Cooperating)
Proposed Long Term 10 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MCBPL for
obtaining information through letter and email dated November 13,
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 MCBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCBPL continues to be 'CRISIL D Issuer Not Cooperating'.
MCBPL was set up in 2003 by Mr. Saurabh Garg. The company, an
authorised dealer of MSIL, operates four showrooms in MP of which
two are in Bhopal. MCBPL also deals in MSIL's spare parts.
PELICAN GRAND: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Pelican Grand Motels Private Limited
Registered Office:
117, Anand Vihar
Pitampura, New Delhi 1100344
Principal Place of Business:
VIVAAN Resorts, NH-1
Village Jhanjheri, Tehsil Nilokheri
Karnal, Haryana 132001
Insolvency Commencement Date: December 14, 2023
Court: National Company Law Tribunal, Principal Bench, New Delhi
Estimated date of closure of
insolvency resolution process: June 9, 2024
(180 days from commencement)
Insolvency professional: Mr. Binod Kumar Singh
Interim Resolution
Professional: Mr. Binod Kumar Singh
WA-23, 1st floor, Shakarpur
New Delhi 110092
E-mail: binod.adv@gmail.com
- and -
Mavent Restructuring Services LLP
B-29, LGF, Lajpat Nagar-III
Delhi 110024
E-mail: ibc.pelican.grandmotels@gmail.com
Last date for
submission of claims: December 26, 2023
PRASANNA METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Prasanna
Metals and Alloys (SPMA) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SPMA for
obtaining information through letter and email dated November 13,
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 SPMA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPMA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPMA continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SPMA, set up in 2004, is involved in fabrication of structural
steel components used in cement factories and sugar mills. Its
manufacturing facility is in Vellore (Tamil Nadu). It is promoted
by three partners - N Muruganandam, R Manivannan and PS Veeramani.
RAAM4WHEHLERS LLP: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RAAM4Wheelers
LLP's (RAAM4W) bank loans ratings to the non-cooperating category.
The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)'/
Stable on the agency's website.
The detailed rating actions are:
-- INR1.440 bil. Fund-based working capital limits migrated to
non-cooperative category with IND BB+ (ISSUER NOT
COOPERATING)/Stable/IND A4+ (ISSUER NOT COOPERATING) rating;
-- INR60 mil. Term loan due on FY26 migrated to non-cooperative
category with IND BB+ (ISSUER NOT COOPERATING)/Stable rating;
-- INR270 mil. Fund-based working capital limits migrated to non-
cooperative category with IND BB+ (ISSUER NOT COOPERATING)/
Stable/IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR30 mil. Term loan due on FY26 migrated to non-cooperative
category with IND BB+ (ISSUER NOT COOPERATING)/Stable rating.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information. The ratings were last reviewed
on September 15, 2023. Ind-Ra is unable to provide an update, as
the agency does not have adequate information to review the
ratings.
Key Rating Drivers
RAAM4W had not submitted the no-default statement (NDS) for three
consecutive months as on the first working day of December 2023 to
Ind-Ra despite continuous requests and follow-ups by the agency.
Moreover, Ind-Ra has been unable to validate the company's timely
debt servicing through other sources it considers reliable. Hence,
as per regulatory guidelines, RAAM4W has been migrated to
non-cooperative category. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.
NDS, in the format prescribed by the Securities and Exchange Board
of India, is required to be shared by all rated companies every
month on the first working day as a confirmation that all financial
obligations are being serviced on time.
Company Profile
RAAM4W, which is a partnership firm incorporated in 2019, is one of
the authorized dealers of MG Motor vehicles in Telangana. The
company operates four showrooms and five workshops. It is part of
the RAAM group of companies headed by Amith Reddy Nalla.
RANA MILK: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rana Milk
Foods Private Limited (RMF) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 23 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RMF for
obtaining information through letter and email dated November 13,
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 RMF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMF continues to be 'CRISIL D Issuer Not Cooperating'.
RMF was incorporated in 2004, by Mr Prem Singh Rana. The company
manufactures milk food products such as ghee, white butter and
skimmed milk powder and sells them under the brand, Royal. It has a
milk processing plant at Ludhiana, Punjab, with a handling capacity
of 5.0 lac litres per day (LLPD).
S M ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S M
Enterprises - East Delhi (SME) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 17 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SME for
obtaining information through letter and email dated November 13,
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 SME, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SME
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SME continues to be 'CRISIL D Issuer Not Cooperating'.
Set up as a proprietorship concern by Mr. Bharat Kalra, SME is
engaged into supply of construction and building materials.
SAFAL FLEXIBOND: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Safal
Flexibond Private Limited (Safal) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Safal for
obtaining information through letter and email dated November 13,
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 Safal, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Safal
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Safal continues to be 'CRISIL D Issuer Not Cooperating'.
Safal was established in 2009, by the promoters, Mr Prashant
Thakkar, his brother Mr Hemal Thakkar, and their mother, Mrs Niru
Thakkar. The company manufactures self-adhesive/BOPP tapes. Its
manufacturing unit at Kubadthal in Ahmedabad, has an installed
capacity of 25 crore square metre per annum, of which around 60%
capacity is being utilised currently.
SAFIRE OFFSET: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Safire
Offset Printers (SOP; part of the Safire group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 6.45 CRISIL D (Issuer Not
Cooperating)
Proposed Working 2 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with SOP for
obtaining information through letter and email dated November 13,
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 SOP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SOP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SOP continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of The Safire Industries (SI)
and The Safire Offset Printers (SOP). This is because the two
entities, together referred to as the Safire group, are in the same
line of business, and have a common management and fungible cash
flows.
Set up in 1989 by Mr. Ayyanathan, SOP is part of the Safire group,
which prints film posters, brochures, calendars, text books, and
school magazines. Both SI and SOP are based in Sivakasi (Tamil
Nadu).
SANTKRUPA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Santkrupa Cotton Industries (SSCI) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSCI for
obtaining information through letter and email dated November 13,
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 SSCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSCI continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SBCTL and SMJ Exim Ltd
(SEL). This is because the two companies, together referred to as
the SMJ group, are under a common management and in the same line
of business, and have significant operational and financial
linkages.
Set-up in 1997 as a partnership firm by Mr Akash Fundkar, Mr
Harbanssingh Juneja, Mr Karamjeetsingh Juneja, and Mr Onkarappa
Todkar, SSCI processes raw cotton (kapas) into cotton bales and
cotton seeds. It also has a crushing unit to extract de-oiled cake
and oil from cotton seeds. Its unit is based in Khamgaon
(Maharashtra).
SARAS PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saras
Plastics Private Limited (SPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.80 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.62 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated November 13,
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 SPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1991, SPPL is promoted by Mr Prakash Gandhi and his
wife Mrs Jayashree Gandhi; it is based in Ahmednagar, Maharashtra.
The company manufactures plastic bags used for packaging, and mulch
films.
SHIVA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva Agro
Industries - Haryana (SAI) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAI for
obtaining information through letter and email dated November 13,
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 SAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAI continues to be 'CRISIL D Issuer Not Cooperating'.
SAI, set up in 2009, mills and sorts basmati and non-basmati rice.
The manufacturing facility in Kaithal (Haryana) has milling and
sorting capacities of 6 tonne per hour, utilised at 85-90%. The
firm is managed by Mr Naresh Kumar.
SHREE DATT: Ind-Ra Moves BB Bank Loan Rating to NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Datt
Aquaculture Farms Private Limited's (SDAF) bank facilities' ratings
to the non-cooperating category and has simultaneously withdrawn
the same.
The detailed rating actions are:
-- INR366.2 mil. Fund-based working capital limit* migrated to
non-cooperating category and withdrawn;
-- INR28.5 mil. Non-fund-based working capital limit** migrated
to non-cooperating category and withdrawn; and
-- INR7.8 mil. Term loan^ due on November 2027 migrated to non-
cooperating category and withdrawn.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information. The ratings were last reviewed
on May 23, 2023. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
*Migrated to 'IND BB (ISSUER NOT COOPERATING)'/Stable/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
**Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
^Migrated to 'IND BB (ISSUER NOT COOPERATING)'/Stable before being
withdrawn
Key Rating Drivers
Ind-Ra has migrated the ratings to the non-cooperating category
because the issuer did not participate in the rating exercise,
despite repeated requests by the agency through emails and phone
calls, and has not provided information about interim, sanctioned
bank facilities and utilization, business plan, and projections for
next three years, information on corporate governance, and
management certificate.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
Company Profile
Incorporated in 2003, SDAF is engaged in the rearing, processing
and export of various kinds of seafood. The company has a
90-metric-tonnes-per-day processing unit in Billimora, Gujarat. In
addition, it has a 600-metric-tonne cold storage facility.
SINDHU TRADE: Ind-Ra Keeps D Term Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sindhu Trade
Links Limited's bank loan rating in the non-cooperating category.
The issuer did not share the requested information for the rating
exercise despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using these
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR0.7 mil. Fund-based limits (Long-term/Short-term)
maintained in the non-cooperating category with IND D (ISSUER
NOT COOPERATING) rating;
-- INR1.9 mil. Non-fund-based limits (Long-term/Short-term)
maintained in the non-cooperating category with IND D (ISSUER
NOT COOPERATING) rating; and
-- INR1.6 mil. Term loan (Long-term) due on March 2023 maintained
in the non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING - The ratings were last reviewed on
September 1, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
ANALYTICAL APPROACH Ind-Ra continues to take a consolidated view of
Sindhu Trade Links and its subsidiaries - Hari Bhoomi
Communications Private Limited (shareholding: 84.7%), Indus
Automotives Private Limited (98.1%), Param Mitra Resources Pte
Limited (96.2%) and Sudha Bio Power Pvt Ltd (100%) while arriving
at the rating as all the entities have common promoters.
Company Profile
Sindhu Trade Links is engaged in the business of transportation
services, along with the trading of oil and lubricants. The
company's subsidiaries are engaged in media, automobiles and spare
parts, bio-power generation and coal mining operations.
SS INFRAZONE: Ind-Ra Withdraws B- Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the ratings of
S.S. Infrazone Private Limited's bank facilities as follows:
-- The IND B- (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
COOPERATING) rating on the INR5 mil. Fund-based working
capital limit is withdrawn; and
-- The IND A4 (ISSUER NOT COOPERATING) rating on the INR495 mil.
Non-fund-based working capital limit is withdrawn.
Key Rating Drivers
Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-dues certificates from the lender of bank
facilities. This is consistent with Ind-Ra's Policy on Withdrawal
of Ratings. Ind-Ra will no longer provide analytical and rating
coverage for the company.
Company Profile
Formed in 2012, S.S. Infrazone undertakes construction contracts
mainly for Jhansi Public Works Department, Gorakhpur Public Works
Department and Lucknow Irrigation Authority. The company has been
classified as Class-I under Central Public Works Department, India
(B&R) since 1990 and Class-IA Municipal Corporation of Delhi since
1981.
STERLING HEALTHCARE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sterling Healthcare Limited
Registered Office:
43, Atlanta
Nariman Point
Mumbai 400021
Factory Address:
Gat No. 396, Village Urse
Talegaon Toll Plaza
Mumbai-Pune Expressway
Maval, Talegaon Dabhade
Maharashtra 410506
Insolvency Commencement Date: December 8, 2023
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 4, 2024
Insolvency professional: Dhiren S Shah
Interim Resolution
Professional: Dhiren S Shah
B-102, Bhagirathi Niwas
Near Natraj Studio, Sir M.V Road
Andheri-East, Mumbai 400069
E-mail: dss@dsshah.in
- and -
702, Matushree Apartment
Near Natraj Studio, Sir M.V Road
Andheri-East, Mumbai 400069
E-mail: cirpsterling1@gmail.com
Last date for
submission of claims: December 21, 2023
SUGAVANESWARA SPINNING: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sugavaneswara
Spinning Mills Private Limited (SSMPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Long Term Bank 1.05 CRISIL D (Issuer Not
Facility Cooperating)
Long Term Loan 6.5 CRISIL D (Issuer Not
Cooperating)
Working Capital 1.25 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with SSMPL for
obtaining information through letter and email dated November 13,
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 SSMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSMPL continues to be 'CRISIL D Issuer Not Cooperating'.
Managed by Mr. T.Sundaravel, SSMPL started operations in 1981 in
Salem (Tamil Nadu). It manufactures cotton yarn in counts ranging
from 30s to 80s.
TAN SINGH: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Tan Singh Chouhan's
(TSC) bank facilities as follows:
-- INR150 mil. Fund-based working capital limit assigned with
IND BB+/Stable/IND A4+ rating;
-- INR500 mil. Non-fund-based working capital limit assigned with
IND A4+ rating; and
-- INR13.8 mil. Term loan due on January 23, 2027 assigned with
IND BB+/Stable rating.
Analytical Approach: Ind-Ra has assessed the company on a
standalone basis while assigning the ratings.
Key Rating Drivers
The ratings reflect TSC's low revenue visibility of 0.89x of FY23
revenue based on its order book of INR2,807 million as of September
2023. The entire order book is scheduled to be executed by August
2025 with majority of the projects to be completed by FYE24.
The ratings also factor in the firm's geographical concentration
risk as it undertakes majority of its projects in Rajasthan.
The ratings further reflect TSC's medium scale of operations as
indicated by revenue of INR3,149.85 million in FY23 (FY22:
INR1,368.59 million). In FY23, the revenue surged due to the
execution of a higher number of work orders, supported by
aggressive bidding of civil contracts. However, the firm achieved
a lower revenue of INR1,300 million till mid-October 2023. Ind-Ra
expects the revenue to decline in FY24 because of the low order
book value and management's expectations of modifications in
various contracts and timelines for execution. FY23 financials are
provisional.
Liquidity Indicator - Stretched: TSC does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. It availed a temporary overdraft
limit of up to INR30 million during July 2023, August 2023,
November 2023 and up to INR40 million during September 2023. The
firm's average maximum utilization of the fund-based and
non-fund-based limits was 93.3% and 70%, respectively, during the
12 months ended November 2023. The cash and cash equivalents stood
low at INR1.23 million at FYE23 (FYE22: INR0.04 million). TSC has
debt repayment obligations of INR40 million and INR26 million in
FY24 and FY25, respectively. The net working capital cycle improved
to 22 days in FY23 (FY22: 95 days) due to a decrease in the
receivable period to 50 days (114 days). The cash flow from
operations turned positive to INR185.67 million in FY23 (FY22:
negative INR140.57 million) due to favorable changes in working
capital. Consequently, the free cash flow also turned positive to
INR101.09 million in FY23 (FY22: negative INR190.03 million),
despite capex of INR84.58 million incurred during FY23 towards
purchase of equipment and machinery (INR49.46 million).
The ratings also factor in TSC's healthy EBITDA margins of 7.76% in
FY23 (FY22: 10.86%, FY21: 14%, FY20: 19.2%) with a return on
capital employed of 18.30% (12.7%). The decline in margins in FY23
was owing to a decrease in other operating income. The margins have
been on a declining trend since FY20, led by the aggressive bidding
by the firm to tackle industry competition and a decline in other
operating income. Ind-Ra expects the margins to remain at similar
levels in FY24 as the firm continues to follow its aggressive
bidding practices.
However, the ratings are supported by TSC's comfortable credit
metrics as reflected by interest coverage (operating EBITDA/gross
interest expenses) of 7.94x in FY23 (FY22: 4.68x) and net leverage
(total adjusted net debt/operating EBITDAR) of 1.20x (2.52x). The
improvement in the credit metrics was due to an increase in the
EBITDA to INR244.56 million in FY23 (FY22: INR148.62 million) and a
decline in the net debt to INR293.8 million (INR374.5 million).
Ind-Ra expects the credit metrics to remain comfortable in FY24,
despite a likely decline in the scale of operations.
The ratings also benefit by the promoters' more than two decades of
experience in the civil construction industry, leading to
established relationships with customers as well as suppliers.
Rating Sensitivities
Positive: An increase in the outstanding order book position aiding
revenue visibility as well as an improvement in the overall
liquidity position, while maintaining the scale of operations and
credit metrics, all on a sustained basis, will be positive for the
ratings.
Negative: Deterioration in the scale of operations leading to
deterioration in the credit metrics with the interest coverage
reducing below 2.2x and/or deterioration in the liquidity profile,
all on a sustained basis, will be negative for the ratings.
Company Profile
Established in 2002 TSC is a partnership firm. The firm undertakes
diversified projects which includes construction of roads,
highways, bridges, buildings, flyovers and civil construction work
from Public Works Department, Rajasthan and private companies on
tender basis. The firm is a class AA Public Works Department
contractor and 'S' class Border Roads Organization contractor.
Rajendra Singh Chouhan, Jogendra Singh Chouhan and Kamala Devi
Chouhan are the partners.
TRIOFAB PRIVATE: Ind-Ra Moves BB Issuer Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Triofab (India) Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB/Stable (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR100 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB/Stable (ISSUER NOT
COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.
Company Profile
Established in 1991, TIPL majorly manufactures pressure vessels
(about 40%), heat exchangers (about 30%) and skid mounted systems
(about 20%). The company caters to the oil and gas segment and is
led by Francis John, the managing director of the company.
UNIMECH INDUSTRIES: Ind-Ra Withdraws BB- Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Unimech
Industries Pvt Limited's (UIPL) bank facility rating as follows:
-- The IND BB-/Negative (ISSUER NOT COOPERATING) rating on the
INR97.5 mil. Fund-based working capital limit is withdrawn;
and
-- The IND A4+ (ISSUER NOT COOPERATING) rating on the INR78 mil.
Non-fund-based working capital limit is withdrawn.
Key Rating Drivers
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender and withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.
Company Profile
Established in 1978, Unimech Industries has its registered office
and manufacturing facilities in Coimbatore, Tamil Nadu. The company
manufactures machine components for automobiles and tractors and
has been exports to France and the US since 2007.
VIKSIT ENGINEERING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Viksit Engineering Limited
Room No. 1-2, Kapadia Chambers
51 Bharuch Street Masjid Bunder (E)
Mumbai City, Mumbai
Maharashtra, India 400009
Insolvency Commencement Date: December 9, 2023
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 5, 2024
Insolvency professional: Dinesh Kumar Deora
Interim Resolution
Professional: Dinesh Kumar Deora
B-202, ABT Apartment
Rani Sati Marg, Malad (East)
Near Navjivan School, Mumbai Suburban
Maharashtra 400097
E-mail: dinesh.deora@yahoo.com
cirp.viksit@gmail.com
Last date for
submission of claims: December 22, 2023
WORKSPACE METAL: Ind-Ra Withdraws BB Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Workspace Metal
Solutions Private Limited's (WMSPL) bank facility ratings as
follows:
-- The IND BB (ISSUER NOT COOPERATING) rating on the INR18.00
mil. Term loan due on February 2019 is withdrawn;
-- The IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) on the INR25.00 mil. Fund-based limits is
withdrawn; and
-- The IND A4+ (ISSUER NOT COOPERATING) rating on the INR35.00
mil. Non-fund-based limits is withdrawn.
Key Rating Drivers
Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-dues certificates from the lender of bank
facilities. This is consistent with Ind-Ra's Policy on Withdrawal
of Ratings. Ind-Ra will no longer provide analytical and rating
coverage for WMSPL.
Company Profile
Incorporated in 2011, Udaipur-based WMSPL manufactures metal base
furniture, kiosk, office furniture, partitions, retail furniture
desk and hospital operation theatre furniture. The company is
managed by Puneet Talesara, Aditya Kochar and Kanishka Talesara.
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M A L A Y S I A
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BINA PURI: Propose to Raise Up to MYR75.62MM via Private Placement
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The Edge Malaysia reports that Bina Puri Holdings Bhd, whose share
price more than doubled this year, fell as much as 15.79% to a low
of eight sen in morning trade on Tuesday (Dec. 26), following its
proposal to raise up to MYR75.62 million through a private
placement after undertaking a consolidation of every five shares
into one share.
Shares of the loss-making civil and building construction firm
opened at nine sen, half a sen lower from its closing price on Dec.
22, the report says.
According to the Edge, Bina Puri said it plans to issue up to 30%
of its share base of 3.37 billion shares to third-party investors
to be identified later, at an issue price to be determined later.
From the total proceeds of MYR75.62 million, the group said MYR29
million will be earmarked for repayment of bank borrowings, another
MYR21.82 million will be set aside for its property development
projects, MYR14.5 million will be allocated for repayment of
outstanding payables, MYR8 million will be for construction
projects and the remaining MYR2.3 million will for defraying the
exercise's estimated expenses, the Edge relates.
The Edge notes that the latest proposed private placement marks the
third fundraising exercise that the group has undertaken in the
past 12 months. In December last year, Bina Puri raised MYR16.78
million and another MYR45.25 million in April this year, mainly
used to repay its bank borrowings and property development
projects.
The latest proposed exercise is expected to be completed in the
third quarter of 2024.
Bina Puri Holdings Bhd. is an investment holding company. Through
its subsidiaries, the Company operates as a commission agent,
contractor of earthworks, road and building construction, and
manufactures polyol and bricks. Bina Puri also operates a quarry,
develops property, and produces ready-mix concrete.
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N E W Z E A L A N D
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DEM HOME: Grant Bruce Reynolds Appointed as Liquidator
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Grant Bruce Reynolds of Reynolds & Associates on Dec. 20, 2023, was
appointed as liquidator of Dem Home Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
GAIA ORGANICS: Creditors' Proofs of Debt Due on Feb. 16
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Creditors of Gaia Organics (2019) Limited and Tanyesh Enterprises
Limited are required to file their proofs of debt by Feb. 16, 2024,
to be included in the company's dividend distribution.
Gaia Organics (2019) commenced wind-up proceedings on Dec. 19,
2023.
Tanyesh Enterprises commenced wind-up proceedings on Dec. 19,
2023.
The company's liquidator is:
Craig Young
PO Box 87340
Auckland
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S I N G A P O R E
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ACMS FACILITIES: Court to Hear Wind-Up Petition on Jan. 12
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A petition to wind up the operations of ACMS Facilities Management
Pte Ltd will be heard before the High Court of Singapore on Jan.
12, 2024, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Dec. 19,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
AN SHUN SHIPPING: Creditors' Meetings Set for Jan. 5
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An Shun Shipping Pte. Ltd., Da Hai Shipping (Pte.) Ltd. and Nan
Fang Maritime (Pte) Ltd will hold a meeting for its creditors on
Jan. 5, 2024, at 2:00 p.m., 3:00 p.m. and 4:00 p.m., respectively,
via videoconference.
Agenda of the meeting includes:
a. to receive an update on the winding up of the Company;
b. to appoint a Committee of Inspection; and
c. discuss other business.
The company's liquidator may be reached at:
Yit Chee Wah
c/o FTI Consulting (Singapore) Pte Ltd
1 Raffles Quay, #27-10
Singapore 048583
ARCH & HOOK: Commences Wind-Up Proceedings
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Members of Arch & Hook Singapore Pte Ltd, Archwey Transformation
Pte Ltd and PlasticBean Pte Ltd. on Dec. 15, 2023, passed a
resolution to voluntarily wind up the company's operations.
The companies' liquidators are:
Cameron Duncan
David Kim
KordaMentha Pte Ltd
16 Collyer Quay, #30-01
Singapore 049318
KRE OMAHA: Creditors' Proofs of Debt Due on Jan. 22
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Creditors of KRE Omaha Pte. Ltd., KRE Portland Pte. Ltd., KRE Korea
Hana Pte. Ltd. and KRE Korea Dul Pte. Ltd. are required to file
their proofs of debt by Jan. 22, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 19, 2023.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
TIAN TIAN: Court to Hear Wind-Up Petition on Jan. 12
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A petition to wind up the operations of Tian Tian Holding Pte Ltd
will be heard before the High Court of Singapore on Jan. 12, 2024,
at 10:00 a.m.
RHB Bank Berhad filed the petition against the company on Dec. 18,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
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S O U T H K O R E A
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HMM CO: Two Largest Shareholders Differ Stance on Harim Takeover
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The Korea Times reports that HMM's two largest shareholders appear
to have differing views on the selection of Harim Group as the
preferred bidder to acquire the nation's largest container shipping
company, amid growing skepticism about the poultry processor's plan
to raise KRW6.4 trillion ($5 billion) for the takeover, according
to industry officials, on Dec. 24.
On Dec. 19, Oceans and Fisheries Minister nominee Kang Do-hyung
told lawmakers in a confirmation hearing that he would thoroughly
check Harim's eligibility from scratch, once he takes office, the
report reltes. The ministry supervises Korea Oceans Business Corp.
(KOBC), HMM's second-largest shareholder with a 28.68 percent
stake.
"There should be no winner's curse," Kang said in response to
concerns among lawmakers over Harim's capability to manage HMM. The
incumbent minister has also emphasized that the government wants a
buyer that can enable HMM's sustainable growth.
In contrast, Kang Seog-hoon, chairman of the Korea Development Bank
(KDB), which is HMM's largest shareholder with a 29.2 percent
stake, told a local news outlet on Dec. 19 that the deal will be
closed without problems.
According to the Korea Times, their different stances sparked
speculation that KDB wants even more examples of itself
reconstructing cash-strapped companies, while the oceans ministry
fears the role of KOBC as being ambiguous, although KOBC explained
that its work related to the HMM account is only a small proportion
of its entire business.
The Korea Times relates that the ministry is also said to have
expressed concerns over possible consequences of Harim's takeover
of HMM on the Korean shipping industry, but failed to convince KDB
and the Financial Services Commission, both of which make their
decisions from a financial perspective.
Before the procedure began earlier this year for HMM's
privatization, the ministry apparently had a lukewarm attitude
toward the state-run bank's attempts to look for the shipping
firm's new owner.
"When KDB decided to liquidate Hanjin Shipping in 2017, the oceans
ministry also failed to convince the bank to save the company for
the Korean shipping industry's competitiveness," a government
source familiar with this issue said on condition of anonymity, the
report relays. "There was also a rumor that the KDB chairman's
close relations with President Yoon Suk Yeol expedited HMM's
privatization."
The KDB chairman served as the president's economic adviser during
his election campaign.
Amid the lingering concerns, Harim dismissed worries about its plan
to raise money for the acquisition. However, unionized workers of
HMM are still protesting the deal, claiming that Harim is just
aiming at the shipping firm's cashable assets worth KRW10 trillion,
the report notes.
"HMM is Korea's only shipping company that can compete with global
firms, so the sellers and the government must reconsider the sale
procedure from scratch," the HMM union said.
HMM Company Limited (formerly known as Hyundai Merchant Marine) --
http://www.hmm21.com/-- is a Korea-based company specializing in
the provision of shipping services. The Company provides its
services under two main segments: container and bulk.
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T H A I L A N D
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STARK CORP: SEC Accuses Former Executives of Insider Trading
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Bangkok Post reports that the Securities and Exchange Commission
(SEC) has accused three former executives of Stark Corporation
(STARK) of insider trading for selling its shares before the
release of suspicious data.
Bangkok Post relates that the SEC said on Dec. 27 that it had filed
charges with the Department of Special Investigation (DSI) against
Chanin Yensudchai, former STARK chairman; Sathar Chantrasettalead,
former chief financial officer; and Mr. Sathar's former secretary
Yosabavorn Amarit.
According to the SEC, these three individuals sold STARK shares
through the trading account of Ms Yosabavorn in February, just
before the company disclosed the information that had a negative
impact on its share price, the report relays. This information
pertained to an auditor's remark that raised suspicions about false
financial statements, leading to a delay in the release of the
company's 2022 financial statement.
Mr. Chanin is among 10 people accused by the SEC of producing false
statements for Stark and its affiliates between 2021 and 2022,
intending to deceive others and gain control of their assets,
Bangkok Post notes.
Bangkok Post says Stark's minority shareholders and bondholders
have also filed complaints with the DSI against eight individuals
and entities for alleged fraud and money laundering at the debt
ridden wire and cable maker.
The scandal came to light after the firm failed to submit its
financial statements in time as required by law.
About Stark Corp
Headquartered in Bangkok, Thailand, Stark Corporation Public
Company Limited -- https://www.starkcorporation.com/ -- together
with its subsidiaries, engages in the electric wire and cable
business in Thailand and internationally. It manufactures,
distributes, trades in, and provides service test for wire products
made from copper and aluminum, which are used in electrical
transition, telecommunications, and construction applications. The
company also offers manpower services; human resource management
and recruitment services for the petroleum industry; warehouses
rental services; transportation services; and consultancy services
related to petroleum business. In addition, it engages in the
manufacture of electric wires, cables and non-ferrous; import and
manufacture copper and aluminuium for cable wire; tolling of copper
rod; sales and distribution of accessories for energy and
telecommunication applications; and develop the infrastructure
relating to energy and digital technology, as well as trading of
other materials. The company was formerly known as Siam Inter
Multimedia Public Company Limited and changed its name to Stark
Corporation Public Company Limited in July 2019.
As reported in the Troubled Company Reporter-Asia Pacific in July
2023, the Securities and Exchange Commission (SEC) filed charges
against the largest shareholder and others involved in the
management of Stark Corporation Public Company Limited, the
industrial cable maker at the centre of an accounting scandal and
debt default.
The Bangkok-based SEC filed charges of financial misconduct against
10 combined entities and individuals, including Stark's largest
holder Vonnarat Tangkaravakoon, with the Department of Special
Investigation (DSI), according Bangkok Post.
The charges come after Stark faced a criminal investigation and
also a class-action lawsuit following its revelations of
irregularities in past accounting. Restated financial results
showed it made a net loss in the past two years, and that its
liabilities exceeded assets. The company in June defaulted on some
of its THB39 billion in liabilities. The shares were suspended
after sinking 99% this year.
*********
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 ***