/raid1/www/Hosts/bankrupt/TCRAP_Public/240207.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, February 7, 2024, Vol. 27, No. 28
Headlines
A U S T R A L I A
AUSTRALIAN PROFILE: First Creditors' Meeting Set for Feb. 9
DIGIVIZER PTY: First Creditors' Meeting Set for Feb. 12
DWYERS LEGAL: First Creditors' Meeting Set for Feb. 14
HALDER PLUMBING: Second Creditors' Meeting Set for Feb. 12
MARAWAR WA: First Creditors' Meeting Set for Feb. 14
SYDNEY COLLECTIVE: Pub King Denies Blame for Hotel Empire Collapse
C H I N A
[*] CHINA: Tumbling Prices Push Some Exporters to the Brink
I N D I A
ANSALDOCALDAIE GB: ICRA Keeps D Debt Ratings in Not Cooperating
ARIHANT DREAM: ICRA Keeps D Debt Rating in Not Cooperating
ARISTO INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
BHATIA COLONIZERS: ICRA Keeps B+ Debt Rating in Not Cooperating
CHHATRAPATI SHAHU: ICRA Keeps D Debt Ratings in Not Cooperating
DUNZO: Promises to Pay Former Staff by March-End
GILLCO CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating
HLL MEDIPARK: ICRA Keeps B+ Debt Rating in Not Cooperating
KARLO AUTOMOBILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
MODERN MACHINERY: ICRA Keeps D Debt Ratings in Not Cooperating
NIJANAND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
NU-CHEM OILS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
OM FOODS: ICRA Keeps B Debt Ratings in Not Cooperating Category
OSHIYA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
PAYTM: CEO in Talks With RBI on Regulatory Concerns, Sources Say
PROSEED FOUNDATION: ICRA Keeps B+ Debt Ratings in Not Cooperating
RADHESHYAM COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
SKIL INFRA: NCLT Admits Insolvency Resolution Plea vs. Company
SMS CONSTRUCTIONS: ICRA Keeps B Debt Ratings in Not Cooperating
SOLAR PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
SOMA NUTRITION: ICRA Keeps D Debt Ratings in Not Cooperating
STEEL PRODUCTS: ICRA Keeps C- Debt Ratings in Not Cooperating
SUNIL INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUNNY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
SUPREME SOLAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
TAJ AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
VIKAS COT: ICRA Keeps D Debt Ratings in Not Cooperating Category
VIMAL OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
N E W Z E A L A N D
1ST MART: Creditors' Proofs of Debt Due on Feb. 28
ALLWYN HOLDINGS: Court to Hear Wind-Up Petition on Feb. 16
HALO FOOD: Moves From Administration Into Liquidation
MIXOLOGY LIMITED: Creditors' Proofs of Debt Due on March 8
POHIVA GROUP: Court to Hear Wind-Up Petition on Feb. 16
RCW PARTS: BDO Tauranga Appointed as Liquidators
S I N G A P O R E
BETTERTRADEOFF SOLUTIONS: Creditors' Proofs of Debt Due on Feb. 29
DB TRADE: Creditors' Meeting Set for March 8
EXCLUSIVE DESIGN: Creditors' Meeting Set for Feb. 20
HIN LEONG: OK Lim Involved in Group Operations, Ex-Worker Says
MX MEDIA: Court to Hear Wind-Up Petition on Feb. 16
SEMPERMED SINGAPORE: Commences Wind-Up Proceedings
STICKIES BAR: Employees Allege Late Salary Payments Since Mid-2023
- - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN PROFILE: First Creditors' Meeting Set for Feb. 9
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Profile Pty Ltd will be held on Feb. 9, 2024 at 10:00 a.m. at the
offices of JLA Insolvency & Advisory at Level 13, 50 Margaret
Street in Sydney.
Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on Jan. 22, 2024.
DIGIVIZER PTY: First Creditors' Meeting Set for Feb. 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Digivizer
Pty Ltd will be held on Feb. 12, 2024 at 10:00 a.m. at the offices
of Rodgers Reidy at Level 12, 210 Clarence Street in Sydney.
Andrew James Barnden of Rodgers Reidy was appointed as
administrator of the company on Feb. 12, 2024.
DWYERS LEGAL: First Creditors' Meeting Set for Feb. 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of Dwyers Legal
Pty Ltd will be held on Feb. 14, 2024 at 10:30 a.m. via virtual
meeting.
Mervyn Jonathan Kitay of Worrells WA were appointed as
administrators of the company on Feb. 2, 2024.
HALDER PLUMBING: Second Creditors' Meeting Set for Feb. 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of Halder Plumbing
Pty Ltd has been set for Feb. 12, 2024 at 11:30 a.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 Feb. 9, 2024 at 4:00 p.m.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Dec. 12, 2023.
MARAWAR WA: First Creditors' Meeting Set for Feb. 14
----------------------------------------------------
A first meeting of the creditors in the proceedings of Marawar WA
Pty Ltd will be held on Feb. 14, 2024 at 10:00 a.m. via
teleconference only.
Brett Orzel and Stephen Dixon of Hamilton Murphy Advisory were
appointed as administrators of the company on Feb. 2, 2024.
SYDNEY COLLECTIVE: Pub King Denies Blame for Hotel Empire Collapse
------------------------------------------------------------------
Herald Sun reports that Sydney pub king Fraser Short has denied any
liability for insolvent trading following the AUD5.5 million
collapse of his hospitality empire late last year.
Mr. Short has put his flagship hospitality company The Sydney
Collective into administration, owing creditors about AUD5.5
million, Hospitality Directory reported in January.
The Sydney pub king sold five hotels to the Laundy Hotel Group in a
AUD300 million deal last year including the Watsons Bay Hotel in
Sydney.
However, the rest of his holdings will now be put under
administration with Adam Farnsworth, of Farnsworth Carson,
appointed as administrator.
Farnsworth reported to creditors that The Sydney Collective owes
the Australian Taxation Office AUD1.08 million and assorted trade
creditors AUD297,909.
The Collective owes AUD4.41 million to the Warwick and Yates Trust,
which is linked to the Short family.
According to the report lodged with the Australian Securities and
Investment Commission (ASIC), the company's assets include a
AUD70,000 Tesla X and a AUD500 trading account.
Mr. Short purchased a AUD8.75 million, three-level harbour-front
mansion in Sydney's Vaucluse in 2016.
The Sydney Collective faced controversy in 2021, when it was
accused by the United Workers Union of underpaying workers at its
Watsons Bay Hotel.
"I worked there as a chef for four years and I would often work 60
hours a week, and many of those hours were unpaid," said one
employee.
The Sydney Collective apologised for its indiscretions and paid
three employees outstanding amounts, including superannuation and
accrued annual leave.
Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of the company on Dec. 22, 2023.
=========
C H I N A
=========
[*] CHINA: Tumbling Prices Push Some Exporters to the Brink
-----------------------------------------------------------
Reuters reports that when Kris Lin, who owns a lighting factory in
China, received this year's first order from a close overseas
client, he faced a distressing choice: take it at a loss, or tell
workers not to come back after the Lunar New Year.
"It was impossible for me to lose this order," said Lin, who plans
to re-start his factory in the eastern city of Taizhou at around
half its capacity after the Feb. 10-17 holiday break.
"I could have lost this client forever, and it would have
endangered livelihoods for so many people. If we delay resuming
production, people might start doubting our business. If rumours
spread, it affects the decisions of our suppliers."
According to Reuters, prolonged factory deflation is threatening
the survival of smaller Chinese exporters who are locked in
relentless price wars for shrinking business as higher interest
rates abroad and rising trade protectionism squeeze demand.
Producer prices have been falling for 15 straight months, crushing
profit margins to the point where industrial output and jobs are
now at risk and compounding China's economic woes, which include a
property crisis and debt crunch.
About 180 million people work in export-related jobs, Reuters
discloses citing commerce ministry data from 2022.
Reuters relates that Raymond Yeung, chief China economist at ANZ,
said fixing deflation should be a higher policy priority than
reaching the expected growth target of around 5% for this year.
"Companies cut product prices, then staff salaries. Then consumers
won't buy - this could be a vicious cycle," he said.
Profits at China's industrial firms fell 2.3% last year, adding to
the 4% drop in COVID-hit 2022, Reuters discloses. An official
survey showed manufacturing activity contracting for a fourth
straight month in January, while export orders shrank for a 10th
month.
For Lin, that has meant the $1.5 million order his client placed
was 25% below a similar one last year. It was 10% below production
cost.
Sluggish exports mean policymakers need to pull other levers to
reach their growth target, increasing the urgency of stimulating
household consumption, analysts said.
"The more 'rebalanced' growth is, the faster that downward pressure
on prices and margins will dissipate," Reuters Louis Kuijs,
Asia-Pacific chief economist at S&P Global, as saying.
Reuters says China has been funnelling financial resources into the
manufacturing sector, rather than consumers, exacerbating
overcapacity and deflation concerns, even in booming higher-end
sectors, such as electric vehicles.
An executive at an automotive moulds factory from the eastern
Zhejiang province, who asked not to be named due to the sensitivity
of the matter, expects the firm's output and exports to rise, but
earnings to fall, describing the intensifying competition in the
industry as a "rat race," according to Reuters.
Reuters notes that as China's central bank unleashes liquidity into
the financial system to spur growth, banks are chasing factories
with cheap loan offers.
But squeezed out by bigger rivals, smaller firms are unwilling to
take on loans to finance new business, in what economists see as a
broken link in China's increasingly inefficient monetary policy.
Investment by private companies, which according to state officials
provide 80% of urban jobs, dropped 0.4% last year, while state
investment rose 6.4%, Reuters discloses.
"Many bank managers call me and they sound very anxious when they
can't lend money," said Miao Yujie, an e-commerce clothing
exporter.
Even after halving his workforce to about 20 people last year, he
cannot turn a profit as bigger firms elbow him out of the market.
"But you only need to borrow when you want to expand," said Miao,
adding he mulls closing his business, Reuters relays.
According to Reuters, China also went through a deflationary scare
in 2015, when it faced overcapacity in primary industries, such as
steel, dominated by state-owned enterprises. Authorities downsized
these companies to reduce supply and accelerated infrastructure and
property construction to boost demand.
"This time it's more of a private sector surplus," said Hwabao
Trust economist Nie Wen, singling out electronics, chemicals and
machinery makers. These firms employ large numbers of people, a
sensitive spot for China's policymakers.
"It is therefore difficult to shrink supply, so more effort should
be made on the demand side this year," Nie said, Reuters relays.
Reuters adds that factory owners said the pressure to cut jobs is
intense, even if some are reluctant to do so.
Yang Bingben, whose company makes industrial-use valves in the
eastern city of Wenzhou, said he had thought of shutting down the
business, but keeps it running as he feels indebted to his workers,
most of whom are close to retirement age.
Still, he doesn't know how long the factory can survive.
"This year will be the best of the next decade," Yang said.
=========
I N D I A
=========
ANSALDOCALDAIE GB: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Ansaldocaldaie GB Engineering Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 15.80 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 2.20 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Ansaldocaldaie GB Engineering Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Ansaldocaldaie GB Engineering Private Limited is engaged in the
manufacturing and fabrication of Boiler components mainly pressure
vessels for boilers, mainly high pressure boilers and
super-critical boilers. The company is a 50:50 Joint Venture
between Ansaldocaldaie Boilers India Private Limited (ABIPL) and G
B Engineering Enterprises Private Limited (GBEEPL). The
manufacturing facility is located in Pudukkudy village near Trichy,
Tamil Nadu.
ARIHANT DREAM: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Arihant Dream Infra Projects
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.90 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Arihant Dream Infra Projects Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Arihant Dream Infra Projects Ltd (ADIPL) is the flagship
development company of the group and was incorporated on
27.05.2011. It is a closely held company and promoted by Mr. Rakesh
Goel and Mrs. Reena Goel with entire equity held by them. Apart
from having real estate as his business, Mr. Rakesh Goel also has
an established name as the leading trader of the TMT steel coke and
pig iron in the entire Jaipur region. Mr. Goel has set up a
business house in the name of Arihant Group of
Companies, which has 20 years of track recording the real estate
business and has established itself firmly in commercial
development, hospitality, food and property management in the
Jaipur region.
ARISTO INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Aristo
Industries in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 12.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues
Unallocated to remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Aristo Industries, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2009, Aristo Industries (AI) used to manufacture
polyfibre mattresses from its unit in Tinsukia, Assam and traded in
fabrics. The company started merchant trading in steel rebars and
shafts from FY2015 onwards.
BHATIA COLONIZERS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Bhatia Colonizers Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Bhatia Colonizers Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
BCPL is a Kota, Rajasthan based real estate, Special Purpose
Vehicle (SPV) which is developing an integrated township at Kunhari
Bundi Road in Kota. The company took up a residential project in
the name of Land Mark crown constituting three high rise towers
with a total saleable area of 2,59,920 sq.ft. and integrated
township in the name of land mark city comprising of plots, villas
and duplexes.
CHHATRAPATI SHAHU: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term ratings of Shree Chhatrapati Shahu Milk
and Agro Producer Company Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.72 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 2.12 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Shree Chhatrapati Shahu Milk and Agro Producer Company
Limited, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in September 2009, Shree Chhatrapati Shahu Milk & Agro
Producer Company Limited (Shahu Milk/the company)is a co-operative
unit engaged in milk procurement, milk processing and selling of
milk and milk products. The installed milkprocessing capacity of
the plant is 1, 00,000 litres per day. The company procures milk
from cooperative societies locatedlargely in Kagal and Karveer
talukas in Kolhapur district. The company has also set up two
chilling centres in Kolhapur districtwhich helps the company to
improve shelf life of the collected milk.
DUNZO: Promises to Pay Former Staff by March-End
------------------------------------------------
Live Mint reports that Google-backed Dunzo plans to settle
outstanding payments to former employees by March 30, following a
challenging year marked by profitability issues and a liquidity
crunch, the quick commerce startup said in an email to its staff
this week.
"We confirm that we are on course to clear the dues by 30 March
2024. We acknowledge that we were not able to keep our committed
timeline in the past; however, we assure you that there will not be
any further delay," the mail, seen by Mint, said.
According to the report, the acknowledgment comes in the wake of
financial issues faced by Dunzo, including an inability to disburse
salaries in November and layoffs of more than 30% of its workforce
as part of cost-reduction efforts. The Bengaluru-based startup has
deferred payments to its laid-off staff, creditors, and vendors.
"We are confident in meeting this timeline based on the progress we
have made in the funding process, and we will ensure that we keep
our commitment," the company said in the memo. "We completely
understand that dues have not been settled in the ideal time, and
this delay must have been exhausting for you emotionally and
financially."
Yourstory was the first to report this development. The company did
not immediately respond to Mint's request for comment.
Over the last year, the company has taken various measures to keep
a tight lid on its costs, including migrating all its employee
accounts to Zoho workspace from Google, bringing down costs by at
least a third, vacating its Bengaluru office as well, and closing a
significant portion of its dark stores, according to Mint.
It also witnessed top-level exits of executives including
co-founders and its finance head. The company's auditor Deloitte,
during the regulatory filing, had cast doubt on the company being a
going concern after it reported wider losses, Mint discloses.
Dunzo, which was on its path to becoming a unicorn, or a company
with a valuation of over a billion dollars in 2022, reported a
substantial net loss of INR1,802 crore in FY23. As of January 2022,
it was valued at about $775 million.
Mint says the quick commerce business is a hyper-competitive sector
and is largely a five-horse race at the moment. Swiggy-backed
Instamart, BigBasket's BBNow, Zomato-backed Blinkit and Zepto are
the other major players in this sector which are eyeing a path to
profitability. They are trying to optimize dark store efficiencies
to improve margins.
Founded in 2014 by Kabeer Biswas along with Ankur Aggarwal, Dalvir
Suri and Mukund Jha, the company's investors include Reliance
Retail Ventures, Lightbox Ventures and Blume Ventures among
others.
GILLCO CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Gillco Construction Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Gillco Construction Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Gillco Construction Private Limited (GDBL) was incorporated in 2015
and is involved in construction of real estate projects in the
Mohali region of Punjab. The company is closely held by the Gill
family based in Chandigarh, Punjab, with Mr. Tejpratap Singh Gill
as its Managing Director. The company is currently engaged into
execution of construction work for its group company –Gillco
Developers & Builder Pvt Ltd. projects of group housing and
residential floors in Sectors 115 and 127, Kharar.
HLL MEDIPARK: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Hll
Medipark Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 75.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Hll Medipark Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
HML was incorporated in December 2016 as a wholly owned subsidiary
of HLL for developing an integrated manufacturing facility for
healthcare. The Ministry of Health and Family Welfare, the
Government of India had mandated HML to develop a state-of-the-art
integrated industrial park for the medical technology sector. HLL
is the main promoter with a 90% equity share in the project. The
Government of Tamil Nadu, through Tamil Nadu Industrial Development
Corporation Ltd (TIDCO), holds the remaining (10%) equity share.
The estimated cost of the project is INR125.56 crore. The project
is being financed through INR51.28-crore equity and INR74.28-crore
debt. However, the project cost and scope can undergo a revision as
a revised plan is currently being prepared. HML will comprise a
medical device and equipment zone, a knowledge management zone with
an incubation facility, and a research and development zone. These
zones will facilitate medical diagnostics, medical equipment,
disposables, and medical device manufacturing industries, knowledge
and healthcare business outsourcing services, etc. The
development mix will comprise developed plots, built-to-suit units,
common industrial facilities, and common pooled infrastructure,
which will depend on the investors' demand.
KARLO AUTOMOBILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Karlo Automobiles (P) Ltd in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.75 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.25 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Karlo Automobiles (P) Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 1997, Karlo Automobiles Private Limited is an
authorised dealer of MSIL. The company sells and services vehicles
along with spare parts and accessories. KAPL has a 3-S facility
(Sales-Services-Spares) in Bodhgaya, a showroom, a workshop and a
True Value Store in Patna in Bihar. The company is promoted by the
Patna-based Mr. Shivesh Narayan and Mr. Sanjeev Kumar, who have
long experience in the automotive-dealership industry.
MODERN MACHINERY: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Modern Machinery Store in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 9.20 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 0.30 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Modern Machinery Store, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Modern Machinery Store (MMS) is an authorized dealer for HMIL, HMCL
and John Deere. It operates three showrooms located adjacently in
an aggregate 31,500 sq. ft. premise in Alwar (Rajasthan). Apart
from the Alwar facility, the firm has asales outlet for Hyundai
Cars in Bhiwadi (Rajasthan). MM has been associated with HMCL since
last twenty-seven years andis one of the major motorbike dealers in
the Alwar district. MM has been associated with HMIL since last
nine years 2and remains the only dealer of Hyundai cars in Alwar
region. Besides, MM also operates a small dealership of John Deere
tractors in Alwar in the same premises.
NIJANAND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Nijanand
Pipes and Fittings Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 1.83 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Short term– 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non fund based Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Nijanand Pipes and Fittings Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Nijanand Pipes and Fittings Pvt. Ltd. (NPAFPL) was incorporated in
April 2008. It manufactures polyvinylchloride (PVC) pipes and
fittings, Chlorinated polyvinyl chloride (CPVC), Rigid Polyvinyl
Chloride (RPVC) pipes, Soil, Waste And Rain (SWR) pipes and
garden/suction pipes, which are largely used in agriculture and
construction sectors. The manufacturing facility of the company is
located at Rajkot, Gujarat, and is currently equipped with a
cumulative capacity of 24,000 MTPA. NPFPL is promoted by Mr.
Ishvarlal S Nodhanvadra, Mr. Nirav Nodhanvadra, Mr. Saileshbhai G
Vadodaria and Mr. Hasmukhbhai Pate.
NU-CHEM OILS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating for the Bank
facilities of Nu-Chem Oils Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating are denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 20.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Fund Based- Rating Continues to remain
Cash Credit under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with Nu-Chem Oils Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Nu-chem, a part of Partap Group, is a private limited company,
incorporated in the year 1991, involved in the solvent extraction
of sunflower oil, rice bran oil, groundnut oil and de-oiled cakes.
The company has one solvent extraction plant with a capacity of 300
MTPD and another refinery plant with an installed capacity of 150
MTPD with its facilities located in Karnal (Haryana).
OM FOODS: ICRA Keeps B Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Om Foods
Suppliers Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.20 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.10 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with Om Foods Suppliers Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Om Foods Suppliers Pvt. Ltd. (OFSPL) trades and processes yellow
peas (matar dal), red lentil (masoor dal), Bengal gram (chana dal),
fava beans (bakhla) among others at its facility in Kolkata, West
Bengal, with an installed capacity of 50 metric tonne per day
(MTPD).
OSHIYA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Oshiya
Industries Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 22.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Oshiya Industries Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in June 2007, OIPL is primarily involved in the
trading of various iron and steel products such as hot rolled (HR)
coils, mild steel (MS) sheets, steel plates/rods, cold rolled (CR)
coils, sheets, bars, galvanised pipes, beams and ferrous metal
scrap. The name of the company was changed to Oshiya Industries
Private Limited in March 2012, from Kuber Steel Traders Private
Limited. It is a part of the Shree Oshiya Group of industries which
refers to a consortium of companies promoted and managed by the
Ranka family.
PAYTM: CEO in Talks With RBI on Regulatory Concerns, Sources Say
----------------------------------------------------------------
Reuters reports that Paytm Chief Executive Vijay Shekhar Sharma met
the Indian central bank on Feb. 5 to discuss plans to address
regulatory concerns, two sources with direct knowledge of the talks
said on Feb. 6, days after the regulator imposed curbs on its
banking affiliate.
Reuters relates that the Reserve Bank of India (RBI) told Paytm
Payments Bank on Jan. 31 to stop accepting new deposits in its
accounts and its popular digital wallets from March, citing
supervisory concerns and non-compliance with rules.
"Discussions are on about addressing RBI's regulatory concerns, and
the company has sought an extension of the Feb. 29 deadline," said
one of the sources.
Paytm has also been seeking clarity from the RBI regarding the
transfer of its licence for the wallets business and digital
highway toll payment service Fastag, the source said, Reuters
relays.
"The RBI heard Paytm out without making any commitments," a second
source said.
Paytm and the RBI did not immediately respond to Reuters' request
for comment.
As of Feb. 5, Paytm's shares had fallen about 42%, wiping $2.5
billion off its market value on concerns about the impact on the
wider business, as Paytm Payments Bank powers most features of the
digital payments app, which competes with the likes of Walmart's
PhonePe and Google.
The RBI's regulatory clampdown could also be a precursor to Paytm's
licence being cancelled, a source familiar with the matter said
last week, Reuters recalls.
The stock hit a record low early on Feb. 6 following a Reuters
report that India's federal anti-fraud agency was investigating if
platforms run by the company have been involved in violations of
foreign exchange rules.
Reuters adds a Paytm spokesperson denied any violations of foreign
exchange law, calling the allegations "unfounded and factually
incorrect".
Its shares later reversed losses, rising as much as 8% on the day
and last trading 6% higher at 465 rupees.
Avinash Gorakshakar, head of research at Profitmart Securities,
said the share move could be a "dead-cat bounce" after the recent
rout, pointing to the amount of negative news still overhanging the
stock, according to Reuters.
Bernstein lowered its target share price to 600 rupees from 950
rupees, but retained an outperform rating, Reuters notes.
"While the regulatory action will no doubt have a lasting impact on
investors' assessment of the business model risk and of the
management's ability to handle regulatory risk, we expect the
company to successfully execute the operational changes required to
overcome the restrictions," Bernstein analysts said.
About Paytm
One97 Communications Limited (BSE:PAYTM) -- https://www.paytm.com/
-- provides payment, commerce and cloud, and financial services to
consumers and merchants in India. The company provides payment and
financial services, which primarily includes payment facilitator
services, facilitation of consumer and merchant lending to
consumers and merchants, wealth management, etc. It also offers
commerce and cloud services, including aggregator for digital
products; ticketing services for travel and entertainment; and
providing voice and messaging platforms to the telecom operators,
enterprise customers, and other businesses, etc. In addition, the
company provides consumers a range of instruments, both third party
like cards, net banking, and Paytm payment instruments, such as
wallet, Paytm postpaid to make online payments using the Paytm app;
and make online payments on third party apps and in-store payments
through QR codes and devices. Further, it offers mobile banking,
lending, insurance, and wealth management for consumers and
merchants; merchant services including ability to sell tickets to
customers; advertising; and loyalty solutions, such as deals and
gift vouchers.
PROSEED FOUNDATION: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term rating of Proseed Foundation in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.86 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.14 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Proseed Foundation, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2009, Proseed Foundation is a charitable trust
which has been promoted by the Career Point Group which has
presence in informal education (tutorial services) and formal
education (K-12 and higher education) segments. Till AY2014-15,
Proseed Foundation runs and operates Career Point Technical Campus
in Mohali (Punjab) which offers courses in engineering
(B.Tech course in 6 disciplines) and management (MBA in 3
disciplines). However, since AY2015-16 there is change in scope of
operations for the trust with closing of this technical institute
and start of residential school campus. The concept was borrowed
from the group company Career Point Limited, which already runs
similarkind of residential cum school campus in Kota since FY2000.
The course is divided into two parts Foundation Years (Grade 6th to
10th) and Target Years (Grade 11th, 12th and 12th pass). The trust
is headed by Mr. Om Prakash Maheshwari, who is also the executive
director and CFO of Career Point Limited (Flagship Company of the
Career Point group).
RADHESHYAM COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term rating of Radheshyam Cottex in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.27 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Radheshyam Cottex, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Radheshyam Cottex was acquired from M/s Shah Govardhandas
Bhikharidas. It was subsequently established as a partnership firm
in November 2010 by Mr. Mahavirsinh Vala and four other partners,
who collectively have an experience of over a decade in the cotton
industry. RC is engaged in the ginning and pressing of cotton. The
manufacturing facility of the firm is located
atJasdan, in Rajkot district of Gujarat. The facility is equipped
with 20 ginning machines and a pressing machine with a production
capacity of around 15,780 cotton bales per annum.
SKIL INFRA: NCLT Admits Insolvency Resolution Plea vs. Company
--------------------------------------------------------------
The Economic Times reports that the Mumbai bench of the National
Company Law Tribunal has admitted listed infrastructure development
company SKIL Infrastructure Ltd under the corporate insolvency
resolution process (CIRP) following an application filed by its
financial creditor, Amluckie Investment Company Ltd.
The tribunal has also appointed Purusottam Behera as its resolution
professional, ET relates.
Based in Mumbai, India, SKIL Infrastructure Limited (BSE: SKIL) --
https://www.skilgroup.co.in/ -- together with its subsidiaries,
engages in the infrastructure development business in India. It
develops various projects, including seaports, logistics, railways,
defense shipyards, offshore asset construction yards, and special
economic zones in the private sector. The company was formerly
known as Horizon Infrastructure Limited and changed its name to
SKIL Infrastructure Limited in January 2014.
SMS CONSTRUCTIONS: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Sms
Constructions in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Sms Constructions, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
SMS Constructions (SMS) is a Bangalore based partnership firm
incorporated in February 2013 that is engaged in the business of
civil and electrical contracts for KPTCL. The promoter is
registered as Class I electrical contractor by the PWD,Karnataka.
SC's areas of operations include erection and commissioning of HT &
LT substations, transmission lines, internal & external
electrification and underground cabling works in South Karnataka
districts. The firm has executed one project till date which was
completed in January 2016.The promoter, Mr. Umesh Gowda who has
been in this business for nearly past two decades through a
proprietorship firm, M/s Lekhashree Electricals whose operations
were wound up after the formation of SMS Constructions.
SOLAR PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Radiant Solar
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 1.40 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 2.35 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Short Term-
Non-Fund Based 2.25 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating' category
As part of its process and in accordance with its rating agreement
with Radiant Solar Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2007, Radiant Solar Private Limited (RSPL) is a
system integrator and also a manufacturer of photovoltaic multi
crystalline silicon modules (panels) for residential, commercial
and utility scale power generation. The company was originally
founded in 2007 in United States of America as a system integrator
and subsequently shifted its operation to India in 2009. In FY2014,
RSPL has completed the construction of manufacturing facility for
SPV modules production unit at Fab city, Hyderabad with an
installed annual capacity of 20 MW per annum.
SOMA NUTRITION: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Soma Nutrition Labs Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- (2.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Soma Nutrition Labs Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Soma Nutrition Labs Pvt. Ltd. (SNLPL) was incorporated in 2013 and
will be involved in the business of manufacturing and exporting
therapeutic and supplementary food for malnourished children across
the world as well as in India. Mr. Hemant Phatak, who is the
Managing Director of the company, has an experience of over two
decades in a 2 similar line of business. SNLPL's registered office
is in Borivali, Mumbai with a factory at Jejuri near Pune spread
over an area of 6050 sq. meter. It has a Group company Phoenix
Trading and Consulting Pvt. Ltd., which is involved in the trading
of non-food items for the underprivileged.
STEEL PRODUCTS: ICRA Keeps C- Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Steel
Products Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]C-/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 1.15 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long-term 10.00 [ICRA]C-; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term– 11.50 [ICRA]C-; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Steel Products Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 1917, Steel Products Limited (SPL) is engaged in
the manufacturing of tower parts and steel structural for
transmission towers, telecom towers and substation transmission
systems. The company also undertakes engineering procurement and
construction (EPC) work to lay optic fiber cables over the
transmission towers.
SUNIL INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term rating of Sunil Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Sunil Industries, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 1985, SI is engaged in processing of pulses, mainly
moong dal (Moong bean) and toor dal (Pigeon pea). SI is a
partnership firm managed by Mr. Ramesh Totla and his family. SI's
processing facility is located in Jalna, Maharashtra.
SUNNY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Sunny Exports
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 10.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Long-term/ (2.25) [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Interchangeable remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Sunny Exports, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 2000, Sunny Exports is a partnership concern
involved in manufacturing polished diamonds of sizes up to 2 carats
and trading of polished diamonds of 2 to 10 carats. The partners of
the firm are Mr. Shailesh Parikh, Mr. Atul Parikh and his son, Mr.
Sunny Parikh. The firm has its manufacturing facility in Navsari
(Gujarat) and its marketing offices in Mumbai.
SUPREME SOLAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Supreme Solar Systems in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Supreme Solar Systems, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Supreme Solar Systems (SSS) was incorporated in 2004 in India and
is primarily into the manufacture of solar water heaters. Other
products include Chimney, Hobs, Solar Lighting System, Electrical
Storage Geyser, RO Purifier and Wooden Furniture. The entity
manufacturing facility, which is ISO9001:14001 certified, is
located in Yelahanka district of Bangalore. The entity has about
150employees operating in 2 shifts. Apart from Bangalore, the
entity has branch offices in Delhi, Pune,Kolkata and Kollapura. The
entity also has close to 300 service stations spread across India.
TAJ AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term rating of Taj Agro Industries LLP in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Taj Agro Industries LLP, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in May 2014 and promoted by Mr. Himmatlal Chandra and
Mr. Jayesh Ganatra, Taj Agro Industries LLP, (Taj LLP or the firm)
is engaged in processing of pulses namely, red lentils, yellow
lentils, pigeon peas, crimson/red lentils. Based out of Navi
Mumbai, Taj LLP has a processing facility located in Asangaon,
Thane with an installed capacity to process 24,000 MTPA of food
grain, pulses and lentils (dal). The firm sells processed pulses to
distributors, processors, exporters across India.
VIKAS COT: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Vikas
Cot Fiber Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D ; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.32 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 18.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 0.68 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Vikas Cot Fiber Private Limited , ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Vikas Cot Fiber Private Limited was incorporated in May 2008 by
Khandelwal Family in Sendhwa, Madhya Pradesh. The company is
engaged in cotton ginning and pressing. VCF is also involved in
cotton trading. The company manufactures lint from kapas (raw
cotton) and undertakes pressing operation to produce bales. Cotton
seed is the by-product of ginning operation which the company sells
to oil extraction units.
VIMAL OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Vimal Oil and
Foods Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 500.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term– 162.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Vimal Oil and Foods Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Vimal Oil & Foods Limited, incorporated in 1992, is primarily
engaged in the refining and marketing of different types of edible
oils. VOFL commenced operations at its refinery with a 50 tonnes
per day (TPD) capacity in 1993 and has increased its capacity over
the years to 250 TPD. The company also operates a 900 TPD refining
capacity owned by a group company –Gujarat Spices and Oilseeds
Growers Cooperative Union Ltd (GUJOIL) at Gandhidham. The company's
product range includes refined oils of Cottonseed, Sunflower,
Groundnut, Soya, Mustard and Palm. The refined oil is sold in the
local market under "VIMAL" brand name. The Company also operates a
wind mill which is situated at village Kalyanpur, Dist. Jamnagar
with a capacity of 0.225 MW.
=====================
N E W Z E A L A N D
=====================
1ST MART: Creditors' Proofs of Debt Due on Feb. 28
--------------------------------------------------
Creditors of 1st Mart Limited are required to file their proofs of
debt by Feb. 28, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 30, 2024.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
ALLWYN HOLDINGS: Court to Hear Wind-Up Petition on Feb. 16
----------------------------------------------------------
A petition to wind up the operations of Allwyn Holdings Limited
will be heard before the High Court at Auckland on Feb. 16, 2024,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 13, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
HALO FOOD: Moves From Administration Into Liquidation
-----------------------------------------------------
Just Food reports that Halo Food, the New Zealand-headquartered
business that appointed administrators in August, has gone into
liquidation.
Given the company's listing in Australia, the registered operations
in that country - Halo Manufacturing, Halo Food Co. and Omni Brands
- are included in the liquidation process, which was effective on
January 30, according to a statement on Feb. 2 cited by Just Food.
Just Food relates that KordaMentha, the administrator led by Rahul
Goyal, Kate Conneely and Michael Korda, will oversee the
liquidation, while accountancy house KPMG is the appointed receiver
and manager.
"The receivers and managers continue to have day-to-day control of
the assets and trading operations of the companies," the statement
read, noting Halo Food's creditors had opted to wind up the
company.
"We confirm that the liquidators have put in place arrangements to
respond, free of charge, to members' and creditors' queries in
relation to the consequences and progress of the external
administration."
Halo Food had three manufacturing facilities in Sydney and
Melbourne in Australia, and another at its headquarters in
Christchurch in New Zealand.
According to Just Food, the administration process was initiated
last year after a review dating back to March failed to find
alternative options, which were presented as a divestment of the
business, finding a suitable buyer or a partnership with another
company.
Halo Food, which until 2021 traded as Keytone Dairy, had sought to
bolster its financial position with the sale last year of The
Healthy Mummy weight-loss business, recalls Just Food. However, it
only raised a fraction of what was paid when it acquired the
company in 2022.
In October last year, the receivers secured a buyer for a Halo Food
plant in Sydney. The purchaser was Body Science International, a
unit of Sweden-based Humble Group.
What remained in the product line-up was the Tonik brand of protein
bars and shakes supplied to the Australian market and Gran's Fudge,
Just Food notes. Halo Food also owned the former Omniblend
business, an Australian manufacturer of milk powders and UHT dairy
drinks it acquired in 2019.
The business also operated as a contract manufacturer for brands in
Australia and New Zealand, as well as a supplier of private-label
products, adds Just Foods.
About Halo Food
Based in Sydney, Australia, Halo Food Co. Limited (ASX: HLF) --
https://halofoodco.com/ -- together with its subsidiaries,
manufactures dairy, and health and wellness products in Australia,
New Zealand, and internationally. It offers dairy and non-dairy
nutritional based and formulated powdered products; healthy meal
and snack solutions; protein beverages, including plant based
beverages; and handcrafted fudges under the brands The Healthy
Mummy, Tonik, KeyDairy, and Gran's. The company also provides
contract manufacturing services for health and wellness blends,
bottling, snacking, and dairy and sports nutrition powders. It
offers its products through supermarkets and retail chains, as well
as exports to international markets, including China, Hong Kong,
Taiwan, Vietnam, and the Middle East. The company was formerly
known as Keytone Dairy Corporation Limited and changed its name to
Halo Food Co. Limited in November 2021.
Halo Food Co Limited was placed into administration with David
Hardy, Ryan Eagle and Emily Seeckts from KMPG Australia appointed
receivers on Aug. 25, 2023.
MIXOLOGY LIMITED: Creditors' Proofs of Debt Due on March 8
----------------------------------------------------------
Creditors of Mixology Limited are required to file their proofs of
debt by March 8, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 26, 2024.
The company's liquidator is:
Craig Young
PO Box 87340
Auckland
POHIVA GROUP: Court to Hear Wind-Up Petition on Feb. 16
-------------------------------------------------------
A petition to wind up the operations of Pohiva Group Limited will
be heard before the High Court at Auckland on Feb. 16, 2024, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 21, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
RCW PARTS: BDO Tauranga Appointed as Liquidators
------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on
March 30, 2023, were appointed as liquidators of RCW Parts
Limited.
The liquidators may be reached at:
BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
=================
S I N G A P O R E
=================
BETTERTRADEOFF SOLUTIONS: Creditors' Proofs of Debt Due on Feb. 29
------------------------------------------------------------------
Creditors of Bettertradeoff Solutions Pte. Ltd. are required to
file their proofs of debt by Feb. 29, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 31, 2024.
The company's liquidators are:
Mr. Don M Ho
Mr. David Ho
c/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
DB TRADE: Creditors' Meeting Set for March 8
--------------------------------------------
DB Trade Links Pte. Ltd. will hold a meeting for its creditors on
March 8, 2024, at 10:00 a.m., at 8 Wilkie Road, #03-08 Wilkie Edge,
in Singapore.
At the meeting, Lin Yueh Hung and Ng Kian Kiat, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
EXCLUSIVE DESIGN: Creditors' Meeting Set for Feb. 20
----------------------------------------------------
Exclusive Design Construction Pte Ltd will hold a meeting for its
creditors on Feb. 20, 2024, at 2:30 p.m., at 11 Eunos Road 8 (Lobby
A), #07-01 SSA Academy, Lifelong Learning Institute, in Singapore.
Agenda of the meeting includes:
a. to receive a full statement of the Company's affairs
together with a list of creditors and the estimated amounts
of their claims;
b. to confirm members' nomination of Seah Chee Wei as the
liquidator of the Company;
c. to appoint a Committee of Inspection consisting of
not more than 5 members, for the purpose of winding up the
Company; and
d. any other business.
HIN LEONG: OK Lim Involved in Group Operations, Ex-Worker Says
--------------------------------------------------------------
The Business Times reports that Serene Seng, a long-serving former
employee of failed oil trader Hin Leong, said founder Lim Oon Kuin
had always been involved in the operations of the group, contrary
to his claim that he was not involved to that extent.
Taking the stand on Feb. 6, Seng said Lim - who is better known in
the oil industry as OK Lim - had always been "in complete control
of the company" and "made all the decisions" pertaining to the
company's operations, BT relates.
According to BT, Lim and his children - Evan Lim and Lim Huey Ching
- are being sued for US$3.5 billion by two Hin Leong liquidators
from PwC and top creditor HSBC.
OK Lim and his children had said they were not involved in the
day-to-day activities and commercial operations of the company. Lim
said he left these activities to a trusted group of employees, one
of which was Seng.
When asked by Senior Counsel Cavinder Bull of Drew & Napier if she
agreed, Seng replied: "That's not true, he is lying."
BT relates that Seng said that during her time at Hin Leong, Evan
had always been in charge of the trading department. He also
oversaw the bunkers department, and was "very involved in the
activities of the company".
Lim Huey Ching, meanwhile, headed the accounts department. But Seng
said she did not know much about Huey Ching's role in the company
or her duties.
According to BT, the court heard that Seng began working at Hin
Leong trading in 1992 or 1993, and left the company in April 2020.
She began her tenure as an operations executive, and her last
position was the manager of corporate affairs. She was also
formerly OK Lim's personal assistant.
When asked by Bull for details on what OK Lim and his children did
in the company, Seng said OK Lim and Evan would monitor the
company's completed trades "in real time".
OK Lim, she said, would also review the company's pricing profile
daily, and decide matters like whether Hin Leong would take up a
particular trade facility that has been offered or whether an
invoice should be discounted by the bank, BT relays.
Liquidators Chan Kheng Tek and Goh Thien Phong allege Hin Leong
concealed losses to the tune of more than US$800 million over the
past few years through the creation of fictitious gains, forgery of
documents, improper accounting entries and the overstatement of its
inventory.
When asked about these fictitious swaps and futures transactions,
Seng replied she was only asked to sign on the "verify" column of
the "tickets" to indicate the tally between the calculations and
the figures on the swap contracts.
"The swap tickets were all already filled in, and executed. (They
were) just waiting on one last signature, which was mine," BT
quotes Seng as saying.
When queried on her role in Hin Leong obtaining financing for
overstated quantities of cargo, Seng said she spoke to bankers on
expanding the company's inventory financing, but did so only on the
instructions of OK Lim.
The trial continues on Feb. 13, BT notes.
While the two liquidators from PwC and HSBC have filed separate
cases, they are being heard jointly by High Court Judge Philip
Jeyaretnam, BT states.
The liquidators are represented by SC Bull and his team, HSBC by
Shook Lin & Bok's Sarjit Singh Gill and his team, OK Lim by
Davinder Singh Chambers, Evan Lim by Damodara Ong and Lim Huey
Ching by Advocatus Law, BT discloses.
OK Lim was also charged with 130 counts of forgery and cheating in
a criminal case at the State Courts. Three of these charges have
proceeded to trial. Judge Toh Han Li is expected to deliver the
judgement for the case in May, adds BT.
About Hin Leong Trading
Singapore-based Hin Leong Trading (Pte.) Ltd. provided petroleum
products and transportation services. The Company offered oil,
lubricants, grease, and diesel products, as well grants storage,
terminalling, trucking, and marine logistics services. Hin Leong
Trading served customers globally.
Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.
Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.
But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.
The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.
On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court. Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.
On March 8, 2021, judicial managers Goh Thien Phong and Chan Kheng
Tek of PwC were appointed liquidators of Hin Leong.
The judicial managers had applied for Hin Leong to be wound up
after three potential bidders walked away from a deal to buy Hin
Leong and two related companies as a combined entity, according to
The Straits Times.
MX MEDIA: Court to Hear Wind-Up Petition on Feb. 16
---------------------------------------------------
A petition to wind up the operations of MX Media & Entertainment
Pte Ltd will be heard before the High Court of Singapore on Feb.
16, 2024, at 10:00 a.m.
DIVX, LLC filed the petition against the company on Jan. 26, 2024.
The Petitioner's solicitors are:
CNPLaw LLP
600 North Bridge Road
#13-01 Parkview Square
Singapore 188778
SEMPERMED SINGAPORE: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Sempermed Singapore Pte Ltd, on Jan. 31, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Dr. Knut Unger
Luther LLP
4 Battery Road
#25-01 Bank of China Building
049908 Singapore
STICKIES BAR: Employees Allege Late Salary Payments Since Mid-2023
------------------------------------------------------------------
MS News reports that following the abrupt closure of several
Stickies Bar outlets, employees of the popular nightlife spot are
now claiming that there have been recurrent issues with late
salaries since as early as mid-2023.
Those who spoke to MS News in an interview on Jan. 29 said the
situation got progressively worse from November.
They also said they are having difficulties with daily expenses and
securing other employment due to recent media attention.
Not only are they unable to continue life as per usual, some are
worried about the upcoming Chinese New Year celebrations now that
they no longer have a regular income.
On Jan. 15, Stickies Bar closed its outlets in Aljunied and Keng
Cheow Street, laying off more than 30 employees.
One of the directors of the company, Norman Then, told the media at
the time that Stickies has appointed an interim judicial manager
(IJM), MS News relays.
He also responded to queries from MS News on Jan. 26, confirming
that Stickies has engaged insolvency practitioner Mr. Faroq Mann
from Mann & Associates as its interim judicial manager.
This is to protect the going concerns of the business and to look
out for the best interest of all the creditors including the staff,
he said.
"Stickies is determined to do right by all stakeholders and we hope
to have the public's support by their patronage at our outlet that
is still running at Dhoby Ghaut."
The Tripartite Alliance for Dispute Management (TADM) and Ministry
of Manpower (MOM) have confirmed that they received claims from 37
employees regarding outstanding wages and late CPF contributions,
adds MS News.
Stickies Bar abruptly closed two of its outlets on Jan. 15 and laid
off more than 30 employees, amid workers' complaints about delayed
salary payments, The Strait Times reported in late January.
Stickies is a popular local bar in Singapore known for affordable
drinks.
*********
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 2024. All rights reserved. ISSN: 1520-9482.
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