/raid1/www/Hosts/bankrupt/TCRAP_Public/240306.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, March 6, 2024, Vol. 27, No. 48
Headlines
A U S T R A L I A
AUS RENEWABLES: First Creditors' Meeting Set for March 8
BONDI PIZZA: Administrators Appointed, 120 Jobs At Risk
KI GROUP: First Creditors' Meeting Set for March 12
MODULAR BREWING: First Creditors' Meeting Set for March 12
PROBIOTICS AUSTRALIA: Second Creditors' Meeting Set for March 11
REAL MEDIA: First Creditors' Meeting Set for March 8
REDS TRUST 2024-1: S&P Assigns BB (sf) Rating to Cl. E Notes
C H I N A
CHINA VANKE: Assures Repayment for Bond Amid Liquidity Worries
CHINA VANKE: Shares, Bonds Hit New Lows on Mounting Debt Worries
COUNTRY GARDEN: May Seek Court Order to Validate Share Transfer
FOSUN INT'L: Explores Sale of Atlantis Sanya Luxury Resort
I N D I A
BLUEFERN VENTURES: Liquidation Process Case Summary
BTM EXPORTS: CARE Keeps D Debt Rating in Not Cooperating Category
BYJU'S: Hedge Fund Founder Faces Jail Time Over Missing US$533MM
CHAMPION AGRO: Liquidation Process Case Summary
COASTAL CONSOLIDATED: ICRA Moves C Ratings to Not Cooperating
DILIP CHHABRIA: Liquidation Process Case Summary
DNB IMPEX: Liquidation Process Case Summary
ECO POLYFIBRES: CARE Keeps D Debt Ratings in Not Cooperating
HARPREET COLOR: ICRA Keeps D Debt Rating in Not Cooperating
HIMALAYA CONSTRUCTION: CARE Lowers Rating on INR4cr LT Loan to C
HOMESTEAD INFRASTRUCTURE: Liquidation Resolution Case Summary
IND-BARATH POWER MADRAS: CARE Keeps D Ratings in Not Cooperating
IND-BARATH POWER: CARE Keeps D Debt Ratings in Not Cooperating
MAP REFOILS: Liquidation Process Case Summary
MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating
NAGARKURNOOL MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
OPTUS LAMINATES: Insolvency Resolution Process Case Summary
PIONEER GAS: Insolvency Resolution Process Case Summary
RELIANCE INFRA: CARE Keeps D Debt Ratings in Not Cooperating
RKB GLOBAL: Insolvency Resolution Process Case Summary
RPV EXPORTS: CARE Lowers Rating on INR11.85cr LT Loan to D
SHANDAR SNACKS: CARE Keeps D Debt Ratings in Not Cooperating
SHIVAMRUT DUDH: CARE Lowers Rating on INR20.35cr LT Loan to B+
SHREE SAI SMELTERS: Liquidation Process Case Summary
SHREERAM AND SONS: ICRA Keeps D Debt Ratings in Not Cooperating
STARLITE JEWELS: Liquidation Process Case Summary
TARA CHAND: ICRA Keeps D Debt Rating in Not Cooperating Category
TGR PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
TRISHAKTI AGRO: ICRA Keeps B+/A4 Debt Rating in Not Cooperating
UNIVERSAL FREIGHT: ICRA Keeps D Debt Ratings in Not Cooperating
URJA AUTOMOBILES: ICRA Keeps D Debt Ratings in Not Cooperating
VIATON ENERGY: CARE Lowers Rating on INR52.48cr LT Loan to B+
VRONE ENERGY: Liquidation Process Case Summary
WEST QUAY: CARE Keeps D Debt Ratings in Not Cooperating Category
ZADAFIYA CREATIONS: ICRA Lowers Rating on INR3.75cr LT Loan to D
N E W Z E A L A N D
INA CONTRACTING: Creditors' Proofs of Debt Due on March 29
KC & MECHANICAL: Court to Hear Wind-Up Petition on March 7
SAM'S PRODUCE: Court to Hear Wind-Up Petition on March 12
SHEFFIELD STREET: Creditors' Proofs of Debt Due on March 29
SILVERMOON JEWELLERS: Popular Jeweller Goes Into Liquidation
WEFREIGHT LIMITED: Creditors' Proofs of Debt Due on March 28
S I N G A P O R E
36 CLEANING: Court Enters Wind-Up Order
DASIN RETAIL: Court to Hear Wind-Up Petition on March 15
GOLDEN ENERGY: Moody's Affirms 'B1' CFR, Outlook Remains Negative
JLION MARINE: Court to Hear Wind-Up Petition on March 22
LIME HOUSE: Creditors' Meeting Set for March 18
ONE WAY: Creditors' Meeting Set for March 18
- - - - -
=================
A U S T R A L I A
=================
AUS RENEWABLES: First Creditors' Meeting Set for March 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of AUS
Renewables Pty Ltd will be held on March 8, 2024 at 11:00 a.m. via
Microsoft Teams.
Richard Albarran and Glenn Shannon of Hall Chadwick were appointed
as administrators of the company on Feb. 28, 2024.
BONDI PIZZA: Administrators Appointed, 120 Jobs At Risk
-------------------------------------------------------
News.com.au reports that a well-known chain of pizza restaurants is
near collapse with administrators appointed and the business put up
for sale.
Bondi Pizza operates three large restaurants in NSW - in
Parramatta, in Macquarie Park's Macquarie Centre and in Westfield
Eastgardens in Sydney's southeast.
Another restaurant, in the Sydney suburb of Randwick, does not
appear to be affected by the administration, news.com.au relates.
According to news.com.au, the businesses that have fallen into
administration include Casual Dining Concepts (Holdings) Pty Ltd,
Casual Dining Concepts (Leasing) Pty Ltd, Casual Dining Concepts
(Stores) Pty Ltd, Casual Dining Concepts (Trading) Pty Ltd, Bondi
Pizza Bar & Grill (Macquarie) Pty Ltd, Bondi Pizza Bar & Grill
(Parramatta) Pty Ltd and Bondi Pizza Bar & Grill (Eastgardens) Pty
Ltd.
They are all owned by sole director Gary Linz.
Administrator Jonathan Keenan from BRI Ferrier, who was appointed
alongside his colleague Peter Krejci to run the restaurants last
Friday [March 1], told news.com.au that he was considering all
options to save the business and the jobs of the 120 staff who work
for the companies.
This includes restructuring the business, while a sale process has
also begun.
News.com.au relates that Mr. Keenan said the business had been
affected by "adverse trading conditions as a result of Covid".
He declined to reveal the size of the debts the companies has
accumulated but said there were "substantial" amounts of related
party debt and a "substantial" debt to the Australian Taxation
Office (ATO), which included historical debt, news.com.au relays.
Mr. Keenan added that trade creditors and staff were owed some
money but payments to both groups were relatively up-to-date.
A creditor's meeting has been scheduled for March 11, the report
notes.
KI GROUP: First Creditors' Meeting Set for March 12
---------------------------------------------------
A first meeting of the creditors in the proceedings of KI Group Pty
Ltd will be held on March 12, 2024 at 10:00 a.m. via virtual
meeting only.
Robert Conry Brauer and Robert Michael Kirman of McGrathNicol were
appointed as administrators of the company on Feb. 28, 2024.
MODULAR BREWING: First Creditors' Meeting Set for March 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Modular
Brewing Limited will be held on March 12, 2024 at 10:00 a.m. at
Level 2, 68 St Georges Terrace in Perth.
Mathieu Tribut of GTS Advisory was appointed as administrator of
the company on Feb. 28, 2024.
PROBIOTICS AUSTRALIA: Second Creditors' Meeting Set for March 11
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Probiotics
Australia Pty Ltd has been set for March 11, 2024 at 10:30 a.m. via
teleconference 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 March 8, 2024 at 5:00 p.m.
Marcus Watters, Alexander Man Chun Siu, and Brent Kijurina of Hall
Chadwick were appointed as administrators of the company on Feb. 5,
2024.
REAL MEDIA: First Creditors' Meeting Set for March 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Real Media
Pty Ltd will be held on March 8, 2024 at 11:00 a.m. at the offices
of Level 12, 20 Bridge Street in Sydney and via virtual meeting
technology.
Edwin Narayan and Grahame Ward of Mackay Goodwin were appointed as
administrators of the company on Feb. 27, 2024.
REDS TRUST 2024-1: S&P Assigns BB (sf) Rating to Cl. E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the seven classes
of prime residential mortgage-backed securities (RMBS) issued by
Perpetual Trustee Co. Ltd. as trustee for Series 2024-1 REDS Trust.
Series 2024-1 REDS Trust is a securitization of prime residential
mortgage loans originated by ME Bank (a division of Bank of
Queensland Ltd.).
The ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.
-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. Credit support for the rated notes is
provided by subordination and lenders' mortgage insurance cover on
28.8% of the loan portfolio.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draw function
and an amortizing liquidity facility equal to 1.0% of the
outstanding performing balance of the receivables, are sufficient
under our stress assumptions to ensure timely payment of interest
on the rated notes.
-- The availability of a A$150,000 extraordinary expense reserve
funded upfront by BOQ, available to meet extraordinary expenses.
The reserve will be topped up with available excess spread if
drawn.
-- The benefit of a standby fixed- to floating-rate interest-rate
swap to be provided by National Australia Bank Ltd. to hedge the
mismatch between receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.
Ratings Assigned
Series 2024-1 REDS Trust
Class A1, A$920.00 million: AAA (sf)
Class A2, A$39.00 million: AAA (sf)
Class B, A$21.50 million: AA (sf)
Class C, A$10.50 million: A (sf)
Class D, A$4.00 million: BBB (sf)
Class E, A$2.50 million: BB (sf)
Class F, A$2.50 million: Not rated
=========
C H I N A
=========
CHINA VANKE: Assures Repayment for Bond Amid Liquidity Worries
--------------------------------------------------------------
Reuters reports that state-backed China Vanke said on March 5 the
funding for repaying its dollar notes due on March 11 is in place,
amid more selling pressure on its bonds as concern mounts over
liquidity at the Chinese developer.
China's No.2 property developer by sales said in a statement to
Reuters that the repayment process for the $630 million bond was
"orderly".
China Vanke's 2029 dollar bonds were earlier bid at 39.045 cents on
the dollar in Asia morning hours, dropping more than 6.7 cents from
Monday, data from Duration Finance showed. Bids for its 2027 bonds
dropped more than 5 cents to 48.135 cents.
The firm's onshore bonds also eased, with a bond due March 2025
dropping 4%.
Vanke's Hong Kong-listed shares fell as much as 3.9% to a record
low of HK$5.38, on course for a seventh straight session of
decline. Its Shenzhen-listed shares eased more than 1%.
A string of Chinese developers have defaulted since the sector
slipped into a debt crisis in mid-2021, including giants China
Evergrande Group and Country Garden, Reuters notes.
Liquidity concerns over Vanke, previously seen by the market as
financially sound, swirled last week after reports that it was
seeking debt maturity extensions with some insurers.
Any repayment trouble at Vanke, one of few remaining Chinese
developers with investment grade credit ratings, could further
hamper market confidence, analysts said, Reuters relays.
Reuters says Moody's has already downgraded some of Vanke's bonds
to "junk" in November, and if another rating agency, either S&P or
Fitch, follows suit, those bonds would face the prospect of being
dumped out of some of the world's most important investment
indexes.
China has struggled to contain the debt crisis despite rounds of
measures to boost home sales and add liquidity into the
developers.
China will refine real estate policies and meet justified financing
demand for real estate enterprises under various forms of ownership
on an equal basis in 2024, according to an official work report
seen by Reuters on March 5.
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
CHINA VANKE: Shares, Bonds Hit New Lows on Mounting Debt Worries
----------------------------------------------------------------
Bloomberg News reports that shares and bonds of China Vanke, the
country's second-biggest property developer by sales, hit record
lows on March 4 on renewed concerns that the company may need more
breathing room to repay creditors.
Vanke shares closed down 7.1 per cent in Hong Kong at their lowest
level ever, and fell 4.7 per cent in Shenzhen, the biggest drop
since December 2022. Some of Vanke's yuan bonds also hit their
lowest levels, according to Bloomberg-compiled prices, while its
3.975 per cent US dollar bond due in 2027 fell by more than six
cents on the US dollar to 47.3 cents.
Bloomberg says Vanke is one of the few large property developers in
China that hasn't defaulted and is seen as a bellwether for the
government's support of the sector. Vanke, whose largest
shareholder is Shenzhen Metro Group, has faced concerns about its
debt obligations as China's home sales slump accelerated this year,
even as regulators stepped up efforts to rescue the beleaguered
sector.
"The weak contracted sales across the sector in February somehow
spooked the worry further on Vanke's cash flow, pressuring the
bond, equity prices," Bloomberg quotes Calvin Leung, analyst at
Jefferies Hong Kong, as saying. Expectations of more government
policy help remain low as a turnaround in home sales is unlikely,
Leung said.
According to Bloomberg, the declines across the board were fuelled
by recent reports that the company is negotiating with lenders to
delay payments, the latest cause of concern for its repayment
abilities. In December, at least two state-backed Chinese insurers
agreed to give Vanke more room on private debt payment, Bloomberg
reported.
"This round of rumours has materially damaged the confidence level
on Vanke in an already shaky market," said Iris Chen, a credit desk
analyst at Nomura International HK, Bloomberg relays. But there
should still be some sort of support against the backdrop of
government policy, she added.
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
COUNTRY GARDEN: May Seek Court Order to Validate Share Transfer
---------------------------------------------------------------
Reuters reports that Country Garden said on March 4 it will
consider if it is necessary to apply to the High Court for a
validation order at a later stage after evaluating the progress of
its offshore restructuring.
If the validation order is not applied for or granted, any transfer
of shares made after Feb. 27 will be void if the company is
liquidated, it said, Reuters relays.
A liquidation petition was filed against Country Garden on Feb. 27
after it failed to meet repayment obligations.
Country Garden Services Holdings Co Ltd (HKE:6098) is an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.
The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.
Fitch has chosen to withdraw CGS' ratings for commercial reasons.
FOSUN INT'L: Explores Sale of Atlantis Sanya Luxury Resort
----------------------------------------------------------
Reuters reports that Fosun International is looking to sell all or
part of its luxury resort Atlantis in southern China as part of its
efforts to reduce debt, three people with knowledge of the matter
said.
Located on Hainan island, known as China's Hawaii, in the seaside
city of Sanya, the integrated resort spans an area equivalent to 66
soccer pitches. It boasts a hotel with more than 1,300 guest rooms
- some with views of underwater marine life - as well as a water
park, an aquarium and a shopping mall.
According to Reuters, Fosun, known for once being one of China's
most acquisition-hungry conglomerates, has sent information to
prospective buyers and advisers and has been in informal
discussions with them in recent months, said two of the people.
A potential deal value for Atlantis Sanya could not be immediately
learned, Reuters says. Fosun said in 2018 it had invested CNY11
billion ($1.5 billion) in the resort.
The sources declined to be identified as the discussions were
confidential. Fosun and its Hong Kong-listed unit Fosun Tourism
Group, which owns the resort, did not immediately respond to
requests for comment.
A sale would be further evidence that the conglomerate, which had
some $30 billion in debt as of last June, is willing to roll back
its presence in the tourism sector, according to Reuters. Fosun
Tourism's other main asset is Club Med and sources have said that
the conglomerate is exploring the sale of a minority stake in the
luxury resort chain.
According to two of the sources, Fosun has targeted mainly Chinese
state-backed firms and deep-pocketed investors from the Middle East
as potential buyers, Reuters relays.
It is open to selling the whole business or the luxury hotel alone,
said one of them.
Fosun Tourism, which has a market cap of about HK$5.2 billion
(US$665 million), accounts for 9% of Fosun International's overall
revenue, Reuters notes. The conglomerate's other businesses span
healthcare, financial services and property.
About Fosun International
Fosun International Limited provides diversified services. The
Company offers products and services for families in health,
happiness, and wealth businesses. Fosun International serves
clients worldwide.
As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings revised its rating outlook to stable from
negative on Fosun International Ltd. At the same time, S&P affirmed
its long-term issuer and issue credit ratings on Fosun at 'BB-'.
The stable rating outlook reflects S&P's expectation of moderating
refinancing risk and further deleveraging via asset recycling over
the next 12-18 months.
=========
I N D I A
=========
BLUEFERN VENTURES: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Bluefern Ventures Private Limited
Ethanpa Villa, Dathang Road
Namchi Bazar, Namchi, South Sikkim
Liquidation Commencement Date: January 22, 2024
Court: National Company Law Tribunal, Guwahati Bench
Liquidator: Sudha Sarma
SUDHA and Associates
185, MRD Road, Bamunimaidam
Guwahati-781021, ASSAM
Email: sudha.sarma@yahoo.com
liquidator.bluefern@gmail.com
Last date for
submission of claims: February 21, 2024
BTM EXPORTS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of BTM
Exports Limited (BEL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 22,
2022, placed the rating(s) of BEL under the 'issuer
non-cooperating' category as BEL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BEL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 7, 2023, November 17, 2023, November
27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
BTM was initially incorporated as BTM Exports Private Limited on
November 24, 2004 and was later converted to public limited company
on August 18, 2008. The company is promoted by Tekriwal brothers
with Mr Sanjay Tekriwal being its chairman and managing director.
Initially, the company was into trading of Vanaspati, edible oils
and fabrics etc, but the same was discontinued by the company in
2011 and it started a new line of business which involves trading
of Basmati Rice and Iron ore fines.
BYJU'S: Hedge Fund Founder Faces Jail Time Over Missing US$533MM
----------------------------------------------------------------
Bloomberg News reports that the founder of a small Florida hedge
fund could be jailed for refusing to reveal where Indian tech firm
Think & Learn Pvt allegedly hid $533 million that lenders are
trying to recover, according to a federal judge.
Bloomberg relates that William C. Morton could be locked up for
contempt of court if he can't explain why he disobeyed a court
order to provide details about the money, which was briefly placed
with his hedge fund, Camshaft Capital Fund. US Bankruptcy Judge
John Dorsey scheduled a hearing for later this month in Delaware to
decide what should happen to the founder for defying a court
order.
"I want to make sure it is absolutely clear to Mr. Morton that one
of the possible remedies is civil confinement if he doesn't
comply," said Dorsey, referring to the federal rules that allow
judges in non-criminal cases to jail people, Bloomberg relays.
According to Bloomberg, Mr. Morton has recently hired criminal
lawyers to represent him, Pieter Van Tol, one of his attorneys,
told Dorsey during a bankruptcy hearing on March 4. Dorsey said he
warned the hedge fund founder during a hearing last week that "it
would be in his best interest" to attend today's [March 4]
proceeding in Wilmington, Delaware.
Instead, Mr. Morton left the country during the middle of last
week's hearing, Mr. Van Tol told Dorsey.
"We advised Mr. Morton that he should produce the information, that
he should produce the documents and he declined," Bloomberg quotes
Mr. Van Tol as saying during March 4's hearing.
According to Bloomberg, lenders accuse Mr. Morton of helping Indian
tech firm Think & Learn hide $533 million from them. The missing
money is at the heart of a fight between lenders owed $1.2 billion
and Think & Learn, the education-tech startup founded by
entrepreneur Byju Raveendran.
Bloomberg says the cash belongs to a bankrupt shell company, Byju's
Alpha Inc., which is affiliated with Think & Learn and was taken
over by the lenders after their loan defaulted. The $533 million
was transferred to Mr. Morton's hedge fund and then moved to an
unnamed, off-shore trust by Raveendran's brother, Riju Ravindran,
Byju's Alpha lawyer Benjamin Finestone said last week.
Mr. Morton is not a main player in the dispute, Mr. Finestone said
in court.
"There is obviously somebody else behind Mr. Morton who is
funding," him, Mr. Finestone said.
Bloomberg says Byju's Alpha and the lenders have only targeted Mr.
Morton and his hedge fund in order to find out where Ravindran
ultimately parked the cash.
Camshaft initially fought efforts to disclose details about the
money because a hedge fund has a duty to protect its clients, Mr.
Van Tol told Dorsey last week, Bloomberg relays.
Last year lenders declared a default and seized Byju's Alpha, whose
parent is Think & Learn. Since then lenders have tried to force
Think & Learn to repay the $1.2 billion and to find the $533
million that they say should be used to repay the debt.
Ravindran is appealing a Delaware Chancery Court ruling that gave
lenders control of Byju's Alpha, adds Bloomberg.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
23, 2023, the Enforcement Directorate, India's federal financial
crime-fighting agency, has issued a show-cause notice to education
tech company Byju's for alleged violations of foreign exchange
rules, the agency said in a statement on Nov. 11.
Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India, people directly aware of the development
said.
Moneycontrol related that the bankruptcy petition was filed in
January 2024 in the Bengaluru bench of the National Company Law
Tribunal (NCLT), the people said, requesting anonymity.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
5, 2024, a U.S. unit of Byju's has filed for Chapter 11 bankruptcy
proceedings in the U.S. court of Delaware, listing liabilities in
the range of $1 billion to $10 billion.
Byju's Alpha unit listed its assets in the range of $500 million to
$1 billion, according to a court filing, which showed estimated
creditors in the range of 100 to 199, according to Reuters.
CHAMPION AGRO: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Champion Agro Limited
S No. 217 Paiki, Plot No. 2
National Highway, Veraval-Shapar
Tal. Kotadsangani, Dist- Rajkot
Gujarat, India
Liquidation Commencement Date: January 25, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Mr. Sushil Vishwakant Tewary
11 Pahelgaon Bungalows
Premchandnagar Road
Bodakdev, Ahmadabad
Gujarat - 380 0254
Contact No.: +91 9898095610
Email: sushilt@hotmail.com
- and -
403 Shaival Plaza
Near Gujarat College
Ellisbridge, Ahmedabad - 380 006
Tel: 079 2642 0336
Email: cirpchampion@gmail.com
Last date for
submission of claims: February 24, 2024
COASTAL CONSOLIDATED: ICRA Moves C Ratings to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Coastal
Consolidated Structures Pvt. Ltd to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]C/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.50 [ICRA]C; ISSUER NOT
COOPERATING;
Fund-based Rating moved to Issuer Not
Limits Cooperating category
Long-term/ 9.50 [ICRA]C/[ICRA]A4; ISSUER NOT
Short-term– COOPERATING; Rating moved to
Non-fund based Issuer Not Cooperating category
Limits
Long-term/ 21.00 [ICRA]C/[ICRA]A4; ISSUER NOT
Short-term– COOPERATING; Rating moved to
Unallocated Issuer Not Cooperating category
Limits
As part of its process and in accordance with its rating agreement
with Coastal Consolidated Structures Pvt. Ltd, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated 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, a rating view has been taken on the entity based on the best
available information.
CCSPL, based out of Vijayawada, Andhra Pradesh was established in
1996 by Mr. M V Ranga Prasad and undertakes civil works such as
excavation, dredging, road and ports. The company's operations are
overseen by its Managing Director, Mr. M V Ranga Prasad, who is a
mechanical engineer and has been involved in the construction
industry for the past three decades.
DILIP CHHABRIA: Liquidation Process Case Summary
------------------------------------------------
Debtor: Dilip Chhabria Design Private Limited
Registered Office Address:
Keytuo Industrial Area
Kondivita Road, MIDC Andheri East
Mumbai, Maharashtra 400059
Factory Office Address:
128/A, Shanghavi Compound
Old Mumbai Pune Road
Chinchwad, Pune - 411019
Maharashtra
- and -
Siyat House, 42, Milestone
Delhi Jaipur NH-R-8, Kirki Dhaula
Gurgaon - 122 003, Haryana
Liquidation Commencement Date: October 10, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Jigar Pradipchandra Shah
B/801 Gopal Place
Nr. Shiromani Complex
Nehrunagar Cross Road,
Nehrunagar, Ahmedabad - 380015
Email: ip.jigar@gmail.com
Email: liq.dcdesign@gmail.com
Last date for
submission of claims: February 11, 2024
DNB IMPEX: Liquidation Process Case Summary
-------------------------------------------
Debtor: DNB Impex Private Limited
Plot No. 18/A/B/C, Block No. 205 & 219
Saheli Industrial Estate
Vill: Karanj, Tal: Mandvi Surat
Gujarat, India 394311
Liquidation Commencement Date: January 25, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Ms. Sunil Kumar Kedia
210/B, 21st Century Business Centre
Near Udhna Darwaja
Ring Road, Surat
Gujarat - 395002
Email: kedia_kedia@yahoo.com
liquidatorkedia@gmail.com
Last date for
submission of claims: February 29, 2024
ECO POLYFIBRES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Eco
Polyfibres Private Limited (EPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 21,
2022, placed the rating(s) of EPPL under the 'issuer
non-cooperating' category as EPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. EPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 6, 2023, November 16, 2023, November
26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Eco Polyfibres Private Limited (EPPL) was incorporated in 2011 by
Mr. Sanjay Kumar Aggarwal and Mr. Vinod Kumar. The company is
engaged in trading of plastic products such as Low-Density Poly
Ethylene (LDPE), High Density Poly Ethylene (HDPE) etc. Further,
the company has one associate concern namely Swastik Lifescience
Pvt. Ltd. which is engaged in trading of plants since 2007.
HARPREET COLOR: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Harpreet Color Vision (P)
Limited (HCV) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.40 [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 HCV, 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 1998, HCV assembles different variants of
televisions under its own brand, Futec. The company is promoted by
Mr. H. S. Malhotra and Mr. Harpreet Singh, who have two decades of
experience in manufacturing and marketing of TVs. Till FY2016, the
company mainly sold cathode ray tube (CRT) TVs. However, it has now
started making LED TVs as well. Moreover, it imports speakers from
China and sells the same under its own brand. Its production
facility is in Noida. The main market of the products includes
tier-II and tier-III cities in Uttar Pradesh, Uttarakhand, Haryana,
Rajasthan, Punjab, Bihar, and a few pockets of Delhi-NCR.
HIMALAYA CONSTRUCTION: CARE Lowers Rating on INR4cr LT Loan to C
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Himalaya Construction Company Private Limited (HCCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Long Term/ 20.00 CARE C/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable/
CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 20,
2022, placed the rating(s) of HCCPL under the 'issuer
non-cooperating' category as HCCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. HCCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 5, 2023, November 15,
2023, November 25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of HCCPL have been revised
on account of non–availability of requisite information.
Delhi based Himalaya Construction Company Private Limited (HCCPL)
was incorporated in December, 1979. The company is currently being
managed by Mr. Ranbir Singh Chahal, Mr. Manjit Singh, Mr.
Harisharan Singh and Mr. Gurtej Singh Chahal. The company is
engaged in civil construction works such as construction of
tunnels, underground power house, surge shaft, dams, etc. for
hydroelectric projects. The company mainly caters to government/
public sector undertakings. In order to get the business, company
has to participate in tenders floated by government companies.
Also, the company works as a subcontractor for various companies
wherein supplies for the project is mainly provided by the main
contractor.
HOMESTEAD INFRASTRUCTURE: Liquidation Resolution Case Summary
-------------------------------------------------------------
Debtor: Homestead Infrastructure Development Pvt. Ltd.
Unit No. 502, Building D Mall
Netaji Subhash Place
Pitampura, New Delhi
Delhi 110034
Liquidation Commencement Date: December 8, 2021
Court: National Company Law Tribunal, Delhi Bench
Liquidator: Mr. Atul Mittal
174, Balco Apartments
Plot No. 58, IP Extn
Patpargani, Delhi - 110092
Email: a.mittalmc@gmail.com
- and -
163, Balco Aparatments
Plot No. 58, IP Extn
Patpargani, Delhi - 110092
Email: liq.homesteadinfrastructure@gmail.com
Last date for
submission of claims: March 1, 2024
IND-BARATH POWER MADRAS: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ind-Barath
Power (Madras) Limited (IPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2,655 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 13,
2022, placed the rating(s) of IPL under the 'issuer
non-cooperating' category as IPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. IPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 29, 2023, November 8, 2023, November 18,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ind-Barath Power (Madras) Limited (IPL) belongs to Ind-Barath group
and is an SPV incorporated for implementation of a coal based
thermal power plant with a capacity of 660 MW in Tuticorin, Tamil
Nadu. The project was earlier envisaged to achieve COD in December
2013 which got revised to June 2016. However due to delay in civil
works and due to laying of transmission lines and grid connectivity
issues the project construction got delayed and revised the COD to
June 30, 2016 but the project could not start.
IND-BARATH POWER: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ind-Barath
Power Gencom Limited (IPGL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 228.38 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 96.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 13,
2022, placed the rating(s) of IPGL under the 'issuer
non-cooperating' category as IPGL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. IPGL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 29, 2023, November 8, 2023, November 18,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ind-Barath Power Gencom Limited (IPGL) belongs to Ind-Barath Group
and is a subsidiary (70.74%) of IndBarath Power Infra Limited
(IBPIL), the flagship company of the group. Incorporated on 25th
July 2005, IPGL has set up a coastal coal based Thermal Power
Project of capacity 189 (3x63) MW power plant in Thoothukudi
District in Tamil Nadu. IPGL has Fuel Supply Agreement (FSA) in
place with the group's coal mine in Indonesia. Government of
Indonesia mining development could not start. The company has been
referred to Corporate Insolvency Resolution Process under Indian
Bankruptcy Code (IBC), 2016.
MAP REFOILS: Liquidation Process Case Summary
---------------------------------------------
Debtor: Map Refoils India Limited
Budasan, Mahesana, Kadi
Gujarat, India 382715
Liquidation Commencement Date: January 25, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Mukesh Ramjibhai Dayani
302, Laxmi Enclave-1
Opp. Gajera School
Katargam, Surat - 395004
Email: mukeshdayani.ip@gmail.com
liq.mapril@gmail.com
Last date for
submission of claims: February 24, 2024
MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mercator
Oil & Gas Limited (MOGL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 99.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 124.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 15,
2022, placed the rating(s) of MOGL under the 'issuer
non-cooperating' category as MOGL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MOGL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 31, 2023, November 10, 2023, November
20, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mercator Oil and Gas Ltd (MOGL), a wholly-owned subsidiary of
Mercator Limited was incorporated in 2005 in India with the main
business of providing oil & gas services. Arbitration proceeding
against ONGC to the tune of $252 million has adversely affected the
company. Post the termination of the only available contract with
the company, there has been no business activity carried on by
MOGL.
NAGARKURNOOL MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
------------------------------------------------------------
ICRA has kept the Long-term rating of Nagarkurnool Municipality in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer rating - [ICRA]B+(Stable); 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 Nagarkurnool Municipality, 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.
The NKM, being an ULB, provides civic services to the Nagarkurnool
town. Nagarkurnool is a new district formed in October 2016 in
Telangana. It was previously in Mahabubnagar district. The town is
located at a distance of around 134 km from the state capital,
Hyderabad. The major economic activity in the region is
agriculture. According to Census 2011, Nagarkurnool covers an area
of 5.74 sq. km. and has a population base of 26,801 of which 18% is
accounted by slum dwellers. The ULB is governed by the provisions
of the Telangana State Municipalities Act, (TSM Act) 1965. The
major functions of the NKM involve water supply, solid-waste
management, repair and maintenance of roads, street lighting and
amenities such as shopping stalls, community hall, playgrounds,
parks/gardens, among other civic amenities. The council of the NKM
comprising 20 Ward Councillors is headed by a Chairperson. The
executive wing is headed by a Municipal Commissioner, who is
appointed by the GoTS and is supported by the heads of various
departments.
OPTUS LAMINATES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Optus Laminates Private Limited
Registered Address:
Block-B, 903 & 904
Solitaire Corporate Park
nr. Divya Bhaskar Press
S.G Highway, Ahmedabad - 380051
Gujarat, India
Insolvency Commencement Date: January 25, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: July 23, 2024
Insolvency professional: Jigar Tarunkumar Bhatt
Interim Resolution
Professional: Jigar Tarunkumar Bhatt
Nakshatra Insolvency Resolution
Professional Limited
Plot No. 377, Nakshatra
4th Floor, Gandhinagar
Ambazari Road, Nagpur- 440011
Maharashtra
E-mail: nirpltd@gmail.com
- and -
1010, Shilp - Zaveri
Shyamal Cross Roads
Satellite, Ahmedabad - 380006
Gujarat, India
E-mail: optuslaminates@nakshatraipe.com
Last date for
submission of claims: February 15, 2024
PIONEER GAS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Pioneer Gas Power Limited
Registered Address:
3rd Floor, Plot No. 13
Phase III, Road No. 82, Jubilee Hills
Hyderabad - 500033
Telangana, India
Insolvency Commencement Date: January 12, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: July 10, 2024
Insolvency professional: Ramanjaneyulu Gandluri
Interim Resolution
Professional: Ramanjaneyulu Gandluri
Bright Star Resolution Professionals LLP
414, A-Block, Usha Enclave
Navodaya Colony
Srinagar Colony Extn
Yellareddyguda, Hyderabad - 500073
Telangana, India
Email: ramgandluri@gmail.com
brightstaripe@gmail.com
pioneergascirp@gmail.com
Last date for
submission of claims: February 1, 2024
RELIANCE INFRA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reliance
Infrastructure Limited (RIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1,654.38 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 600.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 600.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 103.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category Non Convertible
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 4, 2021,
placed the ratings of RIL under the 'issuer non-cooperating'
category as RIL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated January
13, 2024, January 23, 2024 and February 2, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The rating takes into account delays in debt servicing.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers:
At the time of last rating on February 27, 2023 the following were
the rating strengths and weaknesses:
Key weaknesses
* Ongoing delays in debt servicing: There are ongoing delays in
servicing of debt obligations of the company on account of weak
liquidity profile.
Liquidity: Not applicable
RIL is the flagship company of the Reliance ADAG (controlled by Mr.
Anil D. Ambani). RIL is into developing projects through various
Special Purpose Vehicles (SPVs) in sectors such as Power, Roads and
Metro Rail in the Infrastructure and the Defence sector. The
company also provides Engineering, Procurement and Construction
(EPC) services for developing power and road projects.
RKB GLOBAL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: RKB Global Limited
Registered Address:
1st Floor, Sugar House
93/95 Kazi Sayed Street
Masjid Station
Mumbai - 400003
Insolvency Commencement Date: January 24, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: July 22, 2024
Insolvency professional: Mr. Anuj Bajpai
Interim Resolution
Professional: Mr. Anuj Bajpai
Headway Resolution and
Insolvency Services Pvt. Ltd.
708, Raheja Centre
Nariman Point
Mumbai - 400021
Maharashtra
Email: anuj19603@yahoo.co.in
Email: cirprkb@gmail.com
anuj19603@yahoo.com.in
Last date for
submission of claims: February 12, 2024
RPV EXPORTS: CARE Lowers Rating on INR11.85cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
RPV Exports Private Limited (RPV), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.85 CARE D Revised from CARE BB-;
Facilities Stable
Short Term Bank 10.00 CARE D Revised from CARE A4
Facilities
Rationale and key rating drivers
The revision in the rating assigned to the bank facilities of RPV
takes into account the ongoing delay in servicing of debt
obligation of term loan along with overdraw observed in packing
credit limit for more than 30 days.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Delays/defaults free track record of 90 days.
* Infusion of equity/unsecured loans or turnaround in operation
leading to improvement in liquidity position.
Analytical approach: Standalone
Outlook: Not Applicable.
Detailed description of the key rating drivers:
Key weaknesses
* Delays in debt servicing: There are on-going delays in servicing
of debt obligation of term loan and the packing credit limit has
been overdrawn for more than 30 days.
Liquidity: Poor
Liquidity is marked poor on account of ongoing delay in debt
servicing of its term loan and overutilisation of packing credit
account.
RPV Exports Private Ltd (RPV) was incorporated on October 19, 2012,
by Choubey family of Kolkata, West Bengal with Shri Rama Shankar
Choubey being the main promoter. Since its inception, RPV has been
engaged in manufacturing and export of readymade garments. The
manufacturing facility of the company is in Kolkata with an
aggregate installed capacity of 25,00,000 pieces per annum. The
company generates revenue fully from export activities. The major
export destinations of RPV are UAE, Saudi Arabia etc. Mr. Rama
Shankar Choubey, aged about 60 years, having thirty years of
experience in garments manufacturing, export, and trading
activities, looks after the overall management of the company. He
is also assisted by other directors and a team of experienced
personnel.
SHANDAR SNACKS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Shandar Snacks Private Limited (SSSPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.62 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.38 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 22,
2022, placed the rating(s) of SSSPL under the 'issuer
non-cooperating' category as SSSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SSSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 7, 2023, November 17,
2023, November 27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kashipur, (Uttarakhand) based Sri Shandar Snacks Private Limited
(SSPL) was established in the year 2013 by Mr. Kamal Agarwal and
Mr. Banwarilal Agarwal. The company is currently promoted by Mr.
Kamal Kumar Agarwal, Mr. Banwarilal Agarwal, Mr. Bimal Poddar and
Mr. Tarun Omprakash Khemka. The company is engaged in the
manufacturing and processing of nachos in various flavours and
sells the same under the brand name 'Tastilo'. The manufacturing
facility of the firm is located at IDBE Industrial Estate,
Mahuvakhera Ganj, Kashipur.
SHIVAMRUT DUDH: CARE Lowers Rating on INR20.35cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shivamrut Dudh Utpadak Sahakari Sangh Limited (SDUSSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.35 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Revised from
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from SDUSSL to
monitor the rating vide e-mail communication dated December 18,
2023, December 28, 2023, January 3, 2024, January 10, 2024,
January 23, 2024, February 12, 2024, February 14, 2024 and numerous
phone calls. However, despite repeated requests, the firm has not
provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The ratings of SDUSSL's bank facilities
will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings assigned to the bank facilities of Shivamrut Dudh
Utpadak Sahakari Sangh Limited (SDUSSL) have been revised on
account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Detailed description of the key rating drivers:
At the time of last rating on March 15, 2023 following were the
rating strengths and weaknesses.
Key weaknesses
* Moderate scale of operations with thin profitability margins: The
income from operations of the society has registered a de-growth in
past 3 years ended FY22. The de-growth was on account of the
lockdowns announced by the Government in the light of the outbreak
of COVID-19 pandemic and intense competition in the industry.
However, the society has already registered a turnover of around
Rs.170 crore during 9MFY23 and is expecting to register a turnover
of more than Rs.200 crore for FY23. Further, owing to limited value
addition nature of business, the profitability margins though
improved remained thin with PBILDT margin and PAT margin of 2.32%
and 0.67% respectively in FY22 as against 2.04% and 0.56%
respectively in FY21.
* Moderate solvency position: The capital structure of the society
continues to remain comfortable with overall gearing of 0.86x a s
on March 31, 2022. However, with thin profitability the debt
coverage indicators continue to remain weak as reflected by
interest coverage of 2.00x for FY22 and total debt/GCA of 10x as at
the end of FY22.
* Working capital intensive nature of operations: The operations of
the company continue to be working capital intensive in nature
owing to the perishable nature of products and advance payment to
be made to suppliers. The working capital requirement are met by
the cash credit facility, average utilization of which was around
93% for the last twelve months ended January 2023.
* Competition from other players in the industry: The dairy
business is highly fragmented and dominated by few large players
having a nationwide presence. The competition is intense due to the
presence of large number of regional and local milk and milk
product suppliers. Around 80% of domestic dairy industry consists
of unorganized players, fragmented in various regions. SDSL faces
intense competition from bigger private players and other
co-operative dairy societies with well-established brand as well as
unorganized sectors comprising of milk vendors. SDSL is investing
in advertisement and promotional activities on a regular basis to
increase the awareness of its product in various cities.
Key Strengths
* Experienced Promoters and long track record: The society was
formed in 1976 by Late Mr. Sahakar Maharashi Shankarao Mohite
-Patil. In a span of more than 40 years, the society has been able
to establish a strong brand for its products. Currently the society
is managed by Mr. Ranjit Singh Mohite Patil (Chairman) and Mr.
Ramesh Bhagwan Patale (Managing Director). Both have an experience
of more than two decades in the dairy industry. Being in the
industry for so long has helped them in gaining adequate acumen
about the business.
* Locational advantage of the plants situated in milk producing
belts along with strong procurement network: The milk processing
and manufacturing plant is located at Malshiras, Maharashtra which
is one of the major milk generating state. SDSL has a diversified
supplier base consisting of various small co-operative societies.
Each society consist of 50 farmers. It is associated with around
350 regional milk union societies covering about 115 villages. It
has own 100 collection centers spread within an area of 40 kms from
its plant. It provides support to the members by providing
financial support for the purchase of animals, medical facilities
of the animals and also makes the milch animals available for them.
SDSL also produces cattle feed to supply to the milk producers. The
society purchases the raw material for cattle feed from states such
as U.P., Chhattisgarh, M.P, Maharashtra.
* Diversified product profile: SDSL has a wide product portfolio
consisting of various milk by-products. Apart from the processing
and supplying of milk, it is also engaged in the manufacturing of
Ghee, Butter and other milk products. It also supplies cattle feed.
Around 9 5% of the society's revenue is generated from supplying
pasteurized milk and milk products and remaining from sale of
cattle feed. The production of various milk products depends on the
availability of volumes of milk supplied by the members of
cooperative societies.
* Well established distribution network, however, limited by
geographical presence: SDSL distributes its milk and milk products
through tankers of Vijay Singh Mohite Patil society. It distributes
its products including packaged milk primarily throughout
Maharashtra. Also, it has a distribution channel of around 400-450
distributors for supplying its products in various regions.
Although, SDSL has been operating within these markets since past
42 years and has established brand name within the regions of
Maharashtra, however, majority of the revenue of the society is
concentrated within the regions of Maharashtra thus limiting its
geographical presence.
SDUSSL is a co-operative society formed in 1976 for processing of
milk and manufacturing of milk products. The plant is located at
Malshiras, Solapur district in the state of Maharashtra. SDSL is
engaged in processing of milk into homogenized & pasteurized milk
and manufacturing of dairy products including butter, ghee,
shrikhand, sterilized flavored milk. The society is also engaged in
the manufacturing of cattle feed in order to provide quality fodder
to its milk suppliers. The products of the SDSL are di stributed
and marketed under the brand name of 'Shivamrut'. The society has a
milk processing capacity of around 2 Lakh Litres Per Day along with
cattle feed manufacturing capacity of 82 Metric Ton Per Day. The
society primarily distributes its products within the regions of
Pune, Mumbai, Solapur, Nanded, Latur, and Nagar. The plant of the
company is certified with ISO 9001, ISO 14001 & HACCP. The company
is planning to set up a Skimmed Milk Powder unit under Rashtriya
Krushi Vikas Yojna. The same is under planning stage and is likely
to be implemented by H2FY24.
SHREE SAI SMELTERS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Shree Sai Smelters India Limited
Rangsokona, 15th Mile Byrnihat
G S Road Ri Bhoi
Meghalaya - 793101
Liquidation Commencement Date: January 25, 2024
Court: National Company Law Tribunal, Guwahati Bench
Liquidator: Mr. Sandeep Khaitan
2nd Floor, Sanmati Plaza
Christian Bati, G.S. Road
Guwahati, Asam - 781005
Email: khaitansandeep@gmail.com
liqsssil@gmail.com
Last date for
submission of claims: March 1, 2024
SHREERAM AND SONS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short-Term ratings of Shreeram and
Sons 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 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term– 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- (3.00) [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 Shreeram and Sons, 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 2012, Shreeram and Sons (SAS) is an apparel
manufacturing firm, which caters to both the export and the
domestic markets. It manufactures and exports apparels to the US,
Korea and European countries. It specialises in manufacturing of
shirts and bottom wear for all age groups and for both men and
women. It procures fabric from customer-approved suppliers based in
India. It then partners with the client to design the product or
manufactures the same based on the specifications provided by the
customer. The company has its manufacturing facility in Peenya,
Bangalore, with a capacity to produce 12 lakh pieces per annum. As
Bangalore is a garment manufacturing hub for woven clothes, the
firm gets access to skilled labour. The firm has certification of
Worldwide Responsible Accredited Production (WRAP) and Supplier
Ethical Data Exchange (SEDEX), which are the world's largest
independent certification programs mainly focused on the apparel,
footwear, and sewn products sectors. This helps the firm in
showcasing its focus on quality, safety and security to potential
customers.
STARLITE JEWELS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Starlite Jewels Private Limited
203, Block I, 2nd Floor
Development SEEPZS
Near Existing SEEPZS
Jogeshwari Vikhroli Link Road
Mumbai (MH) 400093
Liquidation Commencement Date: January 12, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Mahesh Kumar Gupta
202, New Heera Panna Industrial Estate
Near Virwani Industrial Estate
Goregaon (East)
Mumbai - 400063
Email: camkg59@gmail.com
liq.starlite@gmail.com
Last date for
submission of claims: February 23, 2024
TARA CHAND: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating of Tara Chand Rice Mills Pvt.
Ltd. (TCRM) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 150.00 [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 TCRM, 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.
TCRM Private Limited took over Tara Chand Rice Mills on September
05, 2013, along with all its assets and liabilities. The company is
primarily involved in milling basmati rice. TCRM's milling unit is
based at Nissing in Karnal, Haryana and is close to the local grain
market. The company also exports rice to countries such as Saudi
Arabia and Dubai.
TGR PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of T G R
Projects India Private Limited (TGRPIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 32.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of TGRPIPL under the 'issuer
non-cooperating' category as TGRPIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. TGRPIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 20, 2023, November
30, 2023, December 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bengaluru (Karnataka) based, T G R Projects India Private Limited
(TGRPIPL) was incorporated in the year 2012 by Mr. Gopal Reddy, Mr
Aravind Reddy, Mrs. Aruna Devi, Mr. Mansukhlal Patel and others.
The company began commercial operation in 2014 and is currently
engaged in the construction of residential apartments in
Bangalore.
TRISHAKTI AGRO: ICRA Keeps B+/A4 Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating for the Bank
facilities of Trishakti Agro Foods in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4 ; ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 13.17 [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 Trishakti Agro Foods, 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 September 2019, Trishakti Agro Foods is in the
process of setting up a rice mill at Dhenkanal, Odisha with an
installed capacity of 28,800 MT to produce parboiled rice. The
commercial operation at the proposed plant is scheduled to commence
from October 2020.
UNIVERSAL FREIGHT: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term rating of Universal Freight Management
(India) Private Limited (UFM) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.30 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 10.70 [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 UFM, 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.
Universal Freight Management India Private Limited (UFM) was
incorporated in 2009 by Mr Rajeev Bhatnagar and Mr Sheshagiri
Kulkarni as Communicare Infra India Private Limited and
subsequently its name was changed to UFM. The company is primarily
engaged inproviding services such as Air and Ocean forwarding,
Multi modal transport, custom clearance, distribution, contract
logistics and warehousing services. The company has five offices in
India at Delhi, Mumbai, Bangalore Chennai and Hyderabad. The
company also operates three warehouses which are on lease rental
basis at Delhi, Mumbai and Bangalore.
URJA AUTOMOBILES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Urja Automobiles Private
Limited (UAPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 0.50 [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 UAPL, 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 February 2013, Urja Automobiles Private Limited
(UAPL) is an authorised dealer for sale of passenger vehicles of
Nissan Motors India Private Limited (NMIPL) in Bihar. UAPL operates
one 3S (Sales, Spares, Service) facility in Patna and four sales
outlets in Muzaffarpur, Purnia, Begusarai and Bhojpur districts in
Bihar.
VIATON ENERGY: CARE Lowers Rating on INR52.48cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Viaton Energy Private Limited (VEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 52.48 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Rationale and key rating drivers
The revision in ratings assigned to the bank facilities of VEPL
factors in the decline in financial performance of company in FY23
(A) [FY refer to period between April 1 and March 31].
CARE had, vide its press release dated December 20, 2021, placed
the rating(s) of VEPL under the 'issuer non-cooperating category as
VEPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. VEPL continues to be
noncooperative despite repeated requests for submission of
information through email requests dated between December 19,2023
to December 31,2023.
In line with the extant SEBI guidelines, CARE has reviewed the
rating based on the best available information which, however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Analytical approach: Standalone
Outlook: Stable
The 'Stable' outlook on the ratings of VEPL reflects CARE Rating's
expectation to maintain sufficient cash balances and low term debt
repayment obligations which shall aid the liquidity profile of
VEPL.
Detailed description of the key rating drivers:
Key weaknesses
* Declining scale of operations and operational losses incurred in
FY23: The operational performance of VEPL remained moderate with
decline in TOI as on March 31,2023 to Rs.47.83 crore. In line with
decline in TOI, and increased cost of sales, the VEPL incurred
operational losses with net loss INR5.13crore and PAT at 14.30
crore, the profitability margins also witnessed a decline. The
PBILDT margin witnessed a drop from 13.50% in FY22 to 4.77% in
FY23. The PAT margins of VEPL further deteriorated as the company
reported a net loss of INR29.89 crores in FY23 as against a net
loss of INR8.83 in FY22.
* Weak financial risk profile and moderate debt coverage
indicators: The standalone financial risk profile of VEPL is weak
due to its high debt of INR134.62 Cr. The interest coverage ratio
of the company has deteriorated below unity at -1.13x in FY23 from
0.50x in FY22. The capital structure of the company is leveraged
marked by the overall gearing ratio remaining leveraged at 63.05x
as on March 31, 2023, as against 6.91x as on March 31, 2022. The
overall gearing ratio continues to remain leveraged due to higher
debt levels. The total Debt/PBILDT ratio stood at -26.25x as on
March 31, 2023, as against 42.20x as on March 31, 2022.
* Raw material sourcing and price volatility risk: The pricing and
availability of biomass are determined by the supply and demand
factors. On the supply side, the availability of agro wastes is
critically dependent on the production of the underlying crop,
which can often be volatile and determined by agroclimatic
conditions and cropping patterns. This exposes biomass-based
plants to seasonal volatility in fuel prices. On the demand side,
biomass-based power plants face competition from not only other
biomass power plants but also from several alternative users like
brick manufacturers. Increased use of biomass by various users has
resulted in an increase in biomass prices in most regions of the
country exposing the company to price volatility risk.
Key strengths
* Experienced and resourceful promoters: VEPL is a joint venture
between 3F Industries Ltd (51% shareholding) and Creative group
(49% shareholding). 3FIL is established integrated manufacturing
and it refines crude oil into value-added products like vanaspati,
speciality fats for confectionaries and bakeries and by-products
like fatty acids, shea fats, oleins, glycerine etc. The
day–to–day operations of the company are taken care of by Mr.
S. B. Goenka. 3FIL has provided needly support to VEPL as and when
required by infusing funds either in form of capital or unsecured
loans.
* Favourable policy framework: The central government is providing
various incentives to encourage investment in the field of biomass
power projects. Some of the incentives are custom duty concessions
for machinery and components for the initial setting up of
projects, sales tax exemption in certain states etc. Moreover, the
State Electricity Regulatory Commissions (SERCs) are announcing
preferential tariffs and directing state distribution utilities to
compulsorily source a certain fixed percentage of power from
renewable sources under Renewable Purchase Obligations (RPO).
Viaton Energy Private Limited (VEPL) is a joint venture between 3F
Industries Ltd. (rated CARE BBB; Stable/CARE A3+) (51%
shareholding) and Creative Group (49% shareholding). VEPL was
promoted in 2009 to set up a 10 MW biomass fuel-based thermal power
project in Mansa District, Punjab. The company achieved the COD of
a biomass power plant (10MW) on January 17, 2014.
VRONE ENERGY: Liquidation Process Case Summary
----------------------------------------------
Debtor: Vrone Energy Private Limited
Temple Towers, 3rd Floor
672/476 Anna Salai
Nandanam (Mount Road)
Chennai Tamil Nadu 600035
Liquidation Commencement Date: January 19, 2024
Court: National Company Law Tribunal, Division Bench II, Chennai
Liquidator: Mr. Rakesh Bothra
119-A, 1st Floor
Vinay Bhavya Complex
159 C S T Road
Kalina, Santacruz East
Mumbai City
Maharashtra 400098
E-mail: ip.rakeshbothra@gmail.com
cirp.vrone@gmail.com
Last date for
submission of claims: February 18, 2024
WEST QUAY: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of West Quay
Multiport Private Limited (WQMPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 116.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 16,
2022, placed the rating(s) of WQMPL under the 'issuer
non-cooperating' category as WQMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. WQMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 1, 2023, November 11,
2023, November 21, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
West Quay Multiport Private Limited (WQMPL) is a Special Purpose
Vehicle (SPV) incorporated to implement the project for development
of West Quay Berth-VI (WQ6) for handling bulk cargo up to 4.5
million tonnes per annum at Visakhapatnam Port on Design, Build,
Finance, Operate and Transfer (DBFOT) basis. WQMPL has been
promoted by Alba Asia Private Limited and ABG Infra-logistics Ltd.
ZADAFIYA CREATIONS: ICRA Lowers Rating on INR3.75cr LT Loan to D
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Zadafiya
Creations Private Limited (ZCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Long-term– 14.25 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Term Loan [ICRA]B (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
Material event
The rating downgrade reflects Delay in Debt Repayment as mentioned
in the publicly available sources.
Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in December 2022. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade".
As part of its process and in accordance with its rating agreement
with Zadafiya Creations Pvt. Ltd., ICRA has been trying to seek
information from the entity to monitor its performance. Further,
ICRA has been sending repeated reminders to the entity for payment
of surveillance fee that became due. Despite repeated requests by
ICRA, the entity's management has remained noncooperative. In the
absence of the requisite information and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Surat based Zadafiya Creations Private Limited (ZCPL) was
incorporated in February 2015 and has been engaged in trading of
sarees. In current fiscal the company has setup knitted fabric
manufacturing facility and commenced commercial production from
June 2017. The installed capacity for knitted fabric manufacturing
is 7,500 MTPA (considering 300 working days). The company is
promoted by the Zadafiya family and the promoters have been
associated with other entities which are majorly engaged into
fabric embroidery and knitted fabric manufacturing.
=====================
N E W Z E A L A N D
=====================
INA CONTRACTING: Creditors' Proofs of Debt Due on March 29
----------------------------------------------------------
Creditors of Ina Contracting Limited are required to file their
proofs of debt by March 29, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 25, 2024.
The company's liquidator is:
Bryan Edward Williams
c/o BWA Insolvency Limited
PO Box 609
Kumeu 0841
KC & MECHANICAL: Court to Hear Wind-Up Petition on March 7
----------------------------------------------------------
A petition to wind up the operations of KC & Mechanical Engineering
Limited will be heard before the High Court at Auckland on March 7,
2024, at 10:45 a.m.
TP Mechanical & Engineering Limited filed the petition against the
company on Nov. 22, 2023.
The Petitioner's solicitor is:
C/- Merran Keil, Barrister
Regent Chambers
Level 4, 68 Shortland Street
Auckland
SAM'S PRODUCE: Court to Hear Wind-Up Petition on March 12
---------------------------------------------------------
A petition to wind up the operations of Sam's Produce Limited will
be heard before the High Court at Wellington on March 12, 2024, at
10:00 a.m.
Woodhaven Gardens Limited filed the petition against the company on
Nov. 22, 2023.
The Petitioner's solicitor is:
Daniel Patrick O'Neill
Todd Whitehouse
27 Queen Street
Levin
SHEFFIELD STREET: Creditors' Proofs of Debt Due on March 29
-----------------------------------------------------------
Creditors of Sheffield Street Automotive 2019 Limited are required
to file their proofs of debt by March 29, 2024, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 26, 2024.
The company's liquidator is:
Meltzer Mason
Chartered Accountants
PO Box 6302
Victoria Street West
Auckland 1141
SILVERMOON JEWELLERS: Popular Jeweller Goes Into Liquidation
------------------------------------------------------------
Stuff.co.nz reports that Silvermoon Jewellers have announced they
will close their business after 24 years operating in New Zealand.
The jewellery company was founded by Simon Thwaites in 2000 and has
10 stores nationwide.
Mr. Thwaites sold the store to present owner Peter Lee in 2017.
In a message released to customers, the company blamed challenges
that have beset the retail sector for their decision to close,
Stuff relates.
"The prevailing economic conditions and unforeseen market dynamics
have rendered our continuation untenable," it said.
According to Stuff, Silvermoon said in choosing to go into
liquidation the company exhausted all possible avenues to sustain
their operations.
The liquidator is named as Bryan Williams, of BWA Insolvency Ltd in
Auckland.
The company is advertising a farewell sale on its website as a
result of the decision, with 20% off everything, Stuff notes.
WEFREIGHT LIMITED: Creditors' Proofs of Debt Due on March 28
------------------------------------------------------------
Creditors of Wefreight Limited are required to file their proofs of
debt by March 28, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 22, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
=================
S I N G A P O R E
=================
36 CLEANING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 26, 2024, to
wind up the operations of 36 Cleaning & Landscaping LLP.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
DASIN RETAIL: Court to Hear Wind-Up Petition on March 15
--------------------------------------------------------
A petition to wind up the operations of Dasin Retail Trust
Management Pte Ltd will be heard before the High Court of Singapore
on March 15, 2024, at 10:00 a.m.
Zhang Guiming filed the petition against the company on Feb. 17,
2024.
The Petitioner's solicitors are:
Sim Chong LLC
1 North Bridge Road
#14-06 High Street Centre
Singapore 179094
GOLDEN ENERGY: Moody's Affirms 'B1' CFR, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed Golden Energy and Resources
Pte. Ltd.'s (GEAR) B1 corporate family rating and the B1 rating on
its senior secured notes due in 2027. The outlook remains
negative.
"The rating affirmation reflects Moody's expectation that GEAR will
secure the necessary funding for its planned acquisition of a
majority stake in the Illawarra Metallurgical Coal project
(Illawarra) in Australia in the next few months," says Maisam
Hasnain a Moody's Vice President and Senior Analyst.
"The negative outlook reflects uncertainty around the final capital
structure and terms of the potential financing associated with the
planned acquisition," adds Hasnain, also Moody's lead analyst for
GEAR.
On February 29, South32 Limited (Baa1 stable) announced that it had
entered into a binding agreement to sell Illawarra to GEAR M
Illawarra Met Coal Pty Ltd. Subsidiaries of GEAR and M Resources
Pty Ltd. hold 70% and 30%, respectively, of the acquiring entity.
South32 expects the transaction, worth a total consideration of up
to $1.65 billion including $1.05 billion upfront cash once the
transaction closes, to be completed during the second half of the
calendar year 2024 subject to certain conditions. These include,
but are not limited to, approval by Australia's Foreign Investment
Review Board and the waiver or non-exercise of pre-emption rights
on Illawarra held by BlueScope Steel (AIS) Proprietary Limited.
RATINGS RATIONALE
Moody's estimates GEAR's internal cash sources will be insufficient
to cover its share of the upfront cash consideration for the
proposed acquisition of Illawarra.
However, given Illawarra's debt-free status, the project's
high-quality metallurgical (met) coal, history of free cash flow
generation, and GEAR's track record of successful fundraising for
and integration of a similarly sized met coal mine acquisition in
2022, Moody's expects GEAR will secure the necessary funding for
this proposed transaction.
Nonetheless, Moody's assessment of the credit impact of the
proposed Illawarra transaction, including debt serviceability and
covenant headroom associated with any new acquisition debt, will
depend on the final terms of the new debt, which are yet to be
determined.
As a holding company, GEAR relies on dividends from investee
companies to meet its cash needs, which are currently primarily
derived from its 59%-owned subsidiary Stanmore Resources Limited
based in Queensland. Therefore, the diversification benefit of the
proposed Illawarra acquisition will depend on Illawarra's ability
to pay dividends after meeting any annual debt service obligations
that arise from the acquisition. Prior to the proposed acquisition,
Illawarra generated annual average free cash flow (reported EBITDA
less capital expenditure) of $229 million between the fiscal years
ended June 2016 and June 2023.
From a business profile perspective, the proposed acquisition of
Illawarra will strengthen GEAR's scale and geographic diversity.
Illawarra is primarily a high-grade met coal mine historically
producing around 6.5 million metric tons of coal a year (of which
5.5 million metric tons is met coal), with a long-reserve life of
23 years as of the fiscal year ended June 30, 2023. Illawarra's
coal produced in New South Wales will help increase GEAR's met coal
production, which is currently derived from Stanmore, which
produced around 13.2 million metric tons in 2023.
The proposed acquisition will not significantly weaken GEAR's
current strong credit metrics. Assuming GEAR's 70% share of the
upfront $1.05 billion cash payment is fully-debt funded and based
on its 70% share of Illawarra's full-year EBITDA, Moody's estimates
that GEAR's pro forma adjusted debt/EBITDA would only increase to
around 1.6x from 1.2x as of December 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could revise the outlook to stable if (1) GEAR successfully
raises the necessary funds associated with the proposed Illawarra
acquisition, and the terms of any acquisition debt afford
sufficient covenant headroom and free cash flow to service its debt
obligations; (2) GEAR continues to maintain good liquidity at the
holding company level; and (3) there is no substantial
deterioration in GEAR's business performance or governance
practices.
Moody's could downgrade the ratings if (1) GEAR is unable to raise
sufficient external funds to finance its share of the proposed
Illawarra acquisition in the next few months; (2) if the terms of
the proposed Illawarra acquisition financing create a risk that
GEAR might be required to provide funding support at the acquired
entity; (3) GEAR pursues aggressive financial policies, including
high shareholder returns, or lower holding company cash balance
than historical levels; (4) credit quality significantly
deteriorates at Stanmore, GEAR's key investee company.
Specific indicators that Moody's would consider for a downgrade
include interest coverage at GEAR on a standalone basis falling
below 1.5x or consolidated adjusted debt/EBITDA rising above 3.0x.
The principal methodology used in these ratings was Mining
published in October 2021.
Headquartered in Singapore, Golden Energy and Resources Pte. Ltd.
(GEAR) is a privately-owned energy and resources company with
investments in coal and gold. GEAR's primary investments are a 59%
effective stake in Australian metallurgical coal producer Stanmore
Resources Limited, and a 50% joint venture stake in Australian gold
producer Ravenswood Gold Mine.
JLION MARINE: Court to Hear Wind-Up Petition on March 22
--------------------------------------------------------
A petition to wind up the operations of Jlion Marine Construction &
Engrg Pte Ltd will be heard before the High Court of Singapore on
March 22, 2024, at 10:00 a.m.
Hys Enterprises Pte Ltd filed the petition against the company on
Feb. 5, 2024.
The Petitioner's solicitors are:
Titanium Law Chambers LLC
No. 30 Cecil Street
#11-03, Prudential Tower
Singapore 049712
LIME HOUSE: Creditors' Meeting Set for March 18
-----------------------------------------------
Lime House Pte Ltd will hold a meeting for its creditors on March
18, 2024, at 4:00 p.m. via video conference.
Agenda of the meeting includes:
a. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;
b. to nominate Hubert Jen Wei Chang of Argile Partners c/o 138
Cecil Street, #10-01 Cecil Court, Singapore 069538, as
Liquidator for the purpose of winding up the affairs and
distributing the assets of the Company;
c. to resolve that the Liquidator be at liberty to open,
maintain, and operate any bank accounts or an account for
monies received by them as Liquidator of the Company, with
such bank as the Liquidator deems fit;
d. to appoint a Committee of Inspection of not more than 5
members, if thought fit;
e. Should a Committee of Inspection not be formed, to approve
the Liquidator's power pursuant to Section 144(1) of the
IRDA; and
f. Any other business.
Hubert Jen Wei Chang of Argile Partners on Feb. 18, 2024, was
appointed as Provisional Liquidator of Lime House Pte Ltd.
ONE WAY: Creditors' Meeting Set for March 18
--------------------------------------------
One Way Constructions Pte Ltd will hold a meeting for its creditors
on March 18, 2024, at 3:00 p.m. at 60 Paya Lebar Road #04-23 Paya
Lebar Square, 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 nominate liquidator(s) or to confirm member's nomination
of liquidator(s);
c. to consider and if thought fit, 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.
*********
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-
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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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*** End of Transmission ***