/raid1/www/Hosts/bankrupt/TCRAP_Public/240307.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, March 7, 2024, Vol. 27, No. 49
Headlines
A U S T R A L I A
ASSET GROWTH: Second Creditors' Meeting Set for March 11
AUSTRALIAN RANGELAND: First Creditors' Meeting Set for March 8
BALMAINE GOLD: Liquidator Queries Director Transactions
BONDI PIZZA: First Creditors' Meeting Set for March 11
FMS COMMERCIAL: Second Creditors' Meeting Set for March 12
JINGLE PROPERTY: Second Creditors' Meeting Set for March 8
RAF ABS 2024-1: Moody's Assigns (P)Ba2 Rating to AUD4.9MM F Notes
RORK PROJECTS: Builder Collapses With Projects Across Four States
TIGERLILY AUST: Enters Administration for Second Time in 4 Years
TIGERLILY AUST: First Creditors' Meeting Set for March 15
I N D I A
AASHKA HOSPITALS: CRISIL Keeps D Debt Rating in Not Cooperating
AFRICAN DAISY: Insolvency Resolution Process Case Summary
BURNPUR CEMENT: CRISIL Keeps D Debt Ratings in Not Cooperating
BUYOUT RETAIL: Insolvency Resolution Process Case Summary
CAMPUS STUDENT: CRISIL Keeps D Debt Rating in Not Cooperating
CORODEX INFRA: CARE Keeps D Debt Ratings in Not Cooperating
CRYSTAL FACILITIES: Liquidation Process Case Summary
FIVE CORE: CRISIL Keeps D Ratings in Not Cooperating Category
HEMKUND GASES: CRISIL Lowers Rating on INR2cr Term Loan to D
HIM CYLINDERS: CARE Keeps D Debt Rating in Not Cooperating
HIM VALVES: CARE Keeps D Debt Rating in Not Cooperating Category
IBRIDGE SOLUTIONS: Liquidation Process Case Summary
IL&FS TRANSPORTATION: CARE Keeps D Debt Ratings in Not Cooperating
INDIABULLS HOUSING: Moody's Hikes CFR to B2 & MTN Program to (P)B2
INDRAJIT POWER: Insolvency Resolution Process Case Summary
JMT AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
KETHOS TILES: Pre-Packaged Insolvency Resolution Process Summary
KRISHNA EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
LANCO AMARKANTAK: Adani Power Gets Creditor Nod for Acquiring Firm
MARKET LOGIC: Voluntary Liquidation Process Case Summary
MODERN STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
MOUNT ZION: CRISIL Withdraws D Rating on INR7.35cr LT Loan
MYSORE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
NEO CAPRICORN: CARE Keeps D Debt Rating in Not Cooperating
PHENIL SUGARS: CARE Keeps D Debt Ratings in Not Cooperating
PN STEEL: Insolvency Resolution Process Case Summary
PREMIER MARINE: CRISIL Lowers Rating on INR28cr ST Loan to D
PRITI GEMS: CARE Keeps D Debt Rating in Not Cooperating Category
RAMAKRISHNA HOMEO: Insolvency Resolution Process Case Summary
RUBY CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
SADBHAV BANGALORE: CARE Keeps D Debt Rating in Not Cooperating
SANJEET ADVISORS: Voluntary Liquidation Process Case Summary
SGS MARINE: CRISIL Lowers Rating on Long/Short Term Loan to D
SHREE SAI PRAKASH: Liquidation Process Case Summary
SHREE SAI ROLLING: Liquidation Process Case Summary
SILVERTON SPINNERS: Liquidation Process Case Summary
SOLOCO GLOBAL: Voluntary Liquidation Process Case Summary
SPICEJET LTD: NCLT Reserves Order in Aircastle's Insolvency Case
SPICEJET LTD: Settles INR93 cr Dispute with Cross Ocean Partners
STURDY INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
SUNDHA ROAD: Insolvency Resolution Process Case Summary
SUYAN REAL ESTATE: Voluntary Liquidation Process Case Summary
SWADESHI ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
TONK WATER: Liquidation Process Case Summary
UNISHIRE URBANSCAPE: CRISIL Keeps D Rating in Not Cooperating
UV EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category
VAISHNAVI GLOBAL: CRISIL Withdraws B+ Rating on LT Loan Rating
VAMA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
VARDHMAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
VITTHAL CORPORATION: CRISIL Withdraws B- Rating on INR75cr Loan
WAYS ESTATES: Liquidation Process Case Summary
I N D O N E S I A
ALAM SUTERA: Fitch Affirms 'B-' LongTerm IDR, Alters Outlook to Neg
N E W Z E A L A N D
ALL SORTS: Creditors' Proofs of Debt Due on April 1
CUBA 444: Court to Hear Wind-Up Petition on April 16
MTF NAVARRO 2024: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
PHOENIX CONSULTING: BDO Tauranga Appointed as Liquidators
PLANT PRODUCTION: Creditors' Proofs of Debt Due on April 15
SMARTLIFE AUCKLAND: Court to Hear Wind-Up Petition on March 15
TREV TERRY: Boat Retailer Goes Into Receivership
WAIPOPO LIMITED: Orchard Owners Placed Into Receivership
S I N G A P O R E
3D METALFORGE: Creditors' Proofs of Debt Due on March 20
ASIAN AMERICAN: Creditors' Meeting Set for March 15
BNS ASIA: Creditors' Proofs of Debt Due on April 5
CHEAT DAY: KordaMentha Appointed as Provisional Liquidators
DASIN RETAIL: Court to Hear Wind-Up Petition on March 15
S O U T H K O R E A
TERRAFORM LABS: Calls New Creditor Committee 'Illegitimate'
TERRAFORM LABS: U.S. Trustee Appoints Creditors' Committee
- - - - -
=================
A U S T R A L I A
=================
ASSET GROWTH: Second Creditors' Meeting Set for March 11
--------------------------------------------------------
A second meeting of creditors in the proceedings of Asset Growth
Pty Ltd (trading as Elite Property Group) has been set for March
11, 2024 at 11:00 a.m. at the offices of Mackay Goodwin at Level 2,
68 St Georges Terrace in Perth and via electronic facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 8, 2024 at 4:00 p.m.
Mathieu Tribut of GTS Advisory was appointed as administrator of
the company on Nov. 6, 2024.
AUSTRALIAN RANGELAND: First Creditors' Meeting Set for March 8
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Australian Rangeland Meat Pty Ltd
- Kimberley Properties Pty Ltd
- Yeeda Pastoral Company Pty Ltd
- Yeeda Kimberley Tours Pty Ltd
- Yeeda Fodder Company Pty Ltd
will be held on March 8, 2024 at 3:00 p.m. via virtual meeting.
David Osborne, Richard Tucker and Tony Miskiewicz of KordaMentha
were appointed as administrators of the company on Feb. 29, 2024.
BALMAINE GOLD: Liquidator Queries Director Transactions
-------------------------------------------------------
Australian Financial Review reports that liquidators Hall Chadwick
have alleged that millions of dollars worth of "unreasonable
director-related transactions" were made by the failed former owner
of the Ballarat gold mine, in a report that accused directors of
breaches of the Corporations Act.
According to AFR, the liquidator has told directors of the
Australian-registered company Golden Point Group to repay AUD7
million to void the transactions, which Hall Chadwick said breached
laws governing the scenarios under which companies can transact
with directors and their family members.
AFR says the AUD7 million is a small portion of the more than AUD40
million Hall Chadwick is now trying to recover from the group of
companies that collectively owned the Ballarat mine since 2012.
The mine has been directly owned by Australian company Balmaine
Gold, which was in turn owned by Australian company Golden Point
Group, ultimately owned by Singapore-listed company Shen Yao
Holdings.
Shen Yao took control of the Ballarat mine in 2012 when it acquired
ASX-listed miner Castlemaine Goldfields in 2012, AFR discloses.
Richard Lawrence, Richard Albarran and Cameron Shaw of Hall
Chadwick were appointed as administrators of Balmaine Gold Pty Ltd
on March 8, 2023.
BONDI PIZZA: First Creditors' Meeting Set for March 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Bondi Pizza Bar & Grill (Macquarie) Pty Limited
- Casual Dining Concepts (Holdings) Pty Limited
- Casual Dining Concepts (Leasing) Pty Limited
- Casual Dining Concepts (Stores) Pty Limited
- Casual Dining Concepts (Trading) Pty Limited
- Bondi Pizza Bar & Grill (Parramatta) Pty Limited
- Bondi Pizza Bar & Grill (Eastgardens) Pty Limited
will be held on March 11, 2024 at 11:00 a.m. via virtual meeting
only.
Jonathon Keenan and Peter Krejci of BRI Ferrier were appointed as
administrators of the group on Feb. 28, 2024.
FMS COMMERCIAL: Second Creditors' Meeting Set for March 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of FMS Commercial
Pty Ltd has been set for March 12, 2024 at 11:00 a.m. at the
offices of Clifton Hall at Level 3, 431 King William Street in
Adelaide and via teleconference facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 8, 2024 at 4:00 p.m.
Daniel Lopresti and Anna Agostino of Clifton Hall were appointed as
administrators of the company on Feb. 2, 2024.
JINGLE PROPERTY: Second Creditors' Meeting Set for March 8
----------------------------------------------------------
A second meeting of creditors in the proceedings of Jingle Property
Pty Ltd has been set for March 8, 2024 at 2:00 p.m. via virtual
meeting technology.
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 7, 2024 at 5:00 p.m.
Simon Cathro and Henry Kazar of Cathro & Partners were appointed as
administrators of the company on Feb. 2, 2024.
RAF ABS 2024-1: Moody's Assigns (P)Ba2 Rating to AUD4.9MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by RMC Fiduciary Services Pty Ltd, as trustee of RAF
ABS Series 2024-1.
Issuer: RAF ABS Series 2024-1
AUD261.45 million Class A Notes, Assigned (P)Aaa (sf)
AUD24.85 million Class B Notes, Assigned (P)Aa2 (sf)
AUD16.45 million Class C Notes, Assigned (P)A1 (sf)
AUD12.95 million Class D Notes, Assigned (P)Baa1 (sf)
AUD9.80 million Class E Notes, Assigned (P)Ba1 (sf)
AUD4.90 million Class F Notes, Assigned (P)Ba2 (sf)
The AUD19.60 million of Class G Notes are not rated by Moody's.
The transaction is a securitisation of a portfolio of commercial
auto and equipment loans originated by Resimac Asset Finance Pty
Ltd ("RAF"). Resimac Limited (Resimac) will act as manager and
servicer of the transaction. This is RAF's inaugural ABS
transaction.
Resimac is a large Australian non-bank lender with AUD13.5 billion
in total assets as of 31 December 2023, historically specialising
in non-conforming and prime residential mortgage lending. In 2020,
Resimac expanded its lending into asset finance by acquiring a
controlling stake of IA Group and rebranded it to Resimac Asset
Finance by taking full ownership in February 2021. As of January
2024, RAF's auto and equipment loan portfolio was approximately
AUD500 million.
RATINGS RATIONALE
The provisional ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of outstanding balance of all receivables, the
legal structure, the experience of Resimac as servicer; and the
presence of Perpetual Trustee Company Limited as security trustee,
standby servicer and backup service provider.
According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. Key challenges in the transaction are the limited
historical data available for the portfolio and the lack of
operational independence of the trustee. However, Moody's view
operational and governance risks as effectively mitigated by the
securitisation experience and long track record of Resimac as trust
manager and servicer, and by the roles of Perpetual as the Security
Trustee (through P.T. Limited, a subsidiary of Perpetual), standby
servicer and backup service provider.
RAF is a relatively new originator in asset finance, with
historical default data for its auto and equipment loan book only
available from 2021. As such, the pool's performance could be
subject to greater variability than the observed data indicates.
The transaction's key features are as follows:
-- Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 25.30%, 18.20%, 13.50%, 9.80%, 7.00% and
5.60% of note subordination, respectively.
-- Once stepdown conditions are satisfied, all notes, excluding
the Class G notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, the Class A
subordination percentage of at least 43.0%, the payment date is on
or after 12 months following the closing date and no unreimbursed
charge-offs.
-- A swap provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow the
scheduled amortization of the portfolio.
-- Perpetual Trustee Company Limited (Perpetual) is the standby
servicer. If Resimac is terminated as servicer, Perpetual will take
over the servicing role in accordance with the standby servicing
deed.
Key portfolio features are as follows:
-- The portfolio is diversified both at an obligor level and a
geographical level.
-- The portfolio has a high yield of 9.0% which provides excess
spread to cure portfolio losses.
-- Cars and light commercial vehicles are the largest component
making up 62.1% of the portfolio. Heavy commercial vehicle loans,
including trucks and trailers, make up 37.9% of the portfolio
Key model assumptions:
Moody's base case assumptions are a portfolio loss rate of 5.00%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 26.00%. The assumed recovery
rate is 20%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model to rate
consumer ABS.
To address the limited historical loss data on RAF's portfolio,
Moody's have benchmarked the performance to data from comparable
Australian commercial auto and equipment ABS originators. Moody's
have also overlaid additional stresses into Moody's default and PCE
assumptions.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.
RORK PROJECTS: Builder Collapses With Projects Across Four States
-----------------------------------------------------------------
Stephen Johnson for Daily Mail Australia reports that a
construction company co-owned by an SBS presenter has gone into
administration with higher interest rates and building costs
blamed.
Daily Mail Australia relates that Rork Projects, which specialised
in building refurbishments and commercial office fit-outs, has
appointed insolvency firm McGrathNicol as administrators, with 63
active projects affected in NSW, Queensland, Victoria and the
Australian Capital Territory.
The Aboriginal-owned company, established in Canberra in 1997, was
also co-owned by John Paul Janke, who hosts an Indigenous affairs
TV program on SBS's NITV channel.
According to the report, managing director and co-founder Brian
O'Rourke announced that several of his companies went into
voluntary administration on March 1 after 26 years, with state
governments among his clients.
'It is with a heavy heart I announce that after 26 years of
operations, Rork Projects was forced to commence voluntary
administration on 1 March 2024,' the report quotes Mr. O'Rourke as
saying.
'This was the final step in a long journey to find a solution for
our staff, clients and subcontractors, and we acknowledge the
devastating impact this outcome has on them.'
Mr. O'Rourke said rising interest rates and building costs amounted
to a 'tsunami of impossible economic conditions'.
'Builders are in crisis because of high interest rates, labour
shortages and material supply constraints following the pandemic,'
he said.
While inflation has moderated to a two-year low of 4.1 per cent, he
likened the present spate of building company collapses to the
1970s when inflation and unemployment were both high.
'The construction market is facing one of the worst storms since
the mid-1970s crisis,' Mr. O'Rourke said.
'While devastating for us, it is also damaging to the Australian
economy and community.
'Thank you to everyone who we have worked alongside.'
Rork Projects on LinkedIn described itself as 'Australia's Leading
Indigenous Construction Company' with the affected companies
including Rork Projects (Holdings) Pty Ltd, Rork Projects (QLD) Pty
Ltd and Rork Projects Pty Ltd.
According to Daily Mail Australia, McGrathNicol partner and
voluntary administrator Mark Holland said an urgent assessment was
being done, with Anthony Connelly and Jamie Harris also appointed
as voluntary administrators.
'An urgent assessment of the business is underway, which includes
urgently exploring transaction or recapitalisation options to
determine if a solution can be found to support customers,
employees, subcontractors and other stakeholders,' he said.
'We will work with site managers to pause work and secure project
sites whilst that assessment is being undertaken.'
TIGERLILY AUST: Enters Administration for Second Time in 4 Years
----------------------------------------------------------------
News.com.au reports that popular Australian swimwear brand
Tigerlily Swimwear has once again fallen into administration.
It marks the second time in four years that the troubled swimwear
brand has fallen under.
A notice posted to ASIC on March 5 revealed external administrators
had been appointed to the company.
Glenn Franklin and Jason Stone of PFK have been jointly appointed
as of March 4, news.com.au discloses.
Tigerlily directors, Michael Alscher and Ziying Sun of private
equity firm Crescent Capital, stepped down from their roles in
January, news.com.au recalls citing ASIC documents.
The brand, known for its vibrant patterned swimwear, was founded in
Sydney in 2000.
With 10 boutiques across Australia, the company had a range of
other stockists across the country and distributed beachwear
worldwide.
According to news.com.au, the company previously went into
voluntary administration in 2020, with administrator Scott Langdon
attributing the decision to a drop in sales during the pandemic.
"It reduced the number of people coming through shopping centres,
which reduced sales in an already challenging environment,"
news.com.au quotes Mr. Langdon as saying.
"A sale of business process will commence immediately and we expect
a high level of interest in the business given the strong brand and
its reputation."
Tigerlily is an Australian label specialized in swimwear and
beachwear, founded in 2000 by former model Jodhi Meares.
TIGERLILY AUST: First Creditors' Meeting Set for March 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Tigerlily
Aust Pty Ltd, TL Holdco Pty Ltd, TL Retail Pty Ltd, and TL IP
Company Pty Ltd will be held on March 15, 2024 at 11:30 a.m. via
electronic means.
Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of the company on March 4, 2024.
=========
I N D I A
=========
AASHKA HOSPITALS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aashka
Hospitals Limited (AHPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 33.15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AHPL for
obtaining information through letters and emails dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AHPL continues to be 'CRISIL D Issuer Not Cooperating'.
AHPL, incorporated in 2012, is currently setting up a
multi-specialty hospital at Gandhinagar, Ahmedabad (Gujarat). The
hospital is scheduled to commence operations from May 2015. The
company is promoted by Mr Bipin Shah, Dr Kaushik Gajjar, Dr Raj
Raval, and Dr Parag Thakkar, who are stakeholders in the hospital.
AFRICAN DAISY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: African Daisy Realty Private Limited
Registered Address:
C-801, Sarovar Darshan Tower
Opp TMC Head Office
Panchpakhadi, Thane West
Maharashtra, India 400602
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: Dilip Vasudeo Gupta
Interim Resolution
Professional: Dilip Vasudeo Gupta
No. 8, Ellora CHS Ltd
Behind Abhyudaya Bank Ltd
Daftary Road, Malad East
Mumbai - 400097, MH
Email: ipdilipgupta@gmail.com
Last date for
submission of claims: February 12, 2024
BURNPUR CEMENT: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Burnpur
Cement Limited (BCL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Issuer Not
Cooperating)
Short Term Rating - CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BCL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
BCL was set up in 1986 as a private limited company, Ashoka
Concrete and Allied Industries Pvt Ltd, by late Mr Ramawatar
Gutgutia and his son, Mr Ashok Gutgutia. It was reconstituted as a
limited company with the current name in 2001. It manufactures
portland blast furnace slag cement.
BUYOUT RETAIL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Buyout Retail India Private Limited
Registered Address:
114, Shakti vihar,
Ptampura, North West Delhi
Delhi - 110034 India
Insolvency Commencement Date: February 2, 2024
Court: National Company Law Tribunal, New Delhi Bench-III
Estimated date of closure of
insolvency resolution process: July 31, 2024
Insolvency professional: Mr. Mukesh Kumar Grover
Interim Resolution
Professional: Mr. Mukesh Kumar Grover
102, B-3 Prerna Complex
Shubhash Chowk Laxmi
Nagar, Delhi-110092
Email: mukesh@mjra.co.in
cirp.buyout.retail@gmail.com
Last date for
submission of claims: February 19, 2024
CAMPUS STUDENT: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Campus Student
Communities Private Limited (Campus) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 30 CRISIL D (ISSUER NOT
Debentures COOPERATING*)
CRISIL Ratings has been consistently following up with Campus for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Campus, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Campus is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Campus continues to be 'CRISIL D Issuer Not
Cooperating'.
Campus Student Communities Private Limited, is a Bangalore based
company, is engaged in providing hostel accommodation to boys and
girls. The company has strategic partnership with Jain Group Of
Institutions, Christ University and Narsee Munjee Institute of
Management Studies.
CORODEX INFRA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Corodex
Infrastructure Private Limited (CIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 14.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 23,
2022, placed the rating(s) of CIPL under the 'issuer
non-cooperating' category as CIPL 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. CIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 8, 2023, November 18, 2023, November
28, 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).
CIPL was incorporated in June 2013 by Mr Prakash Arun, Mr Ankur
Kumar Saxena and Mr Bidyut Chattopadhyay. The company started
operations from August 2014. CIPL is engaged in the electrical
infrastructure supply, erection, commissioning of transmission
line, grid substation, power substation & mechanical work on
turnkey basis.
CRYSTAL FACILITIES: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Crystal Facilities Management Private Limited
Flat No 2, F-50 B Madhu Vihar Extension
New Delhi (East) - 110092
Liquidation Commencement Date: January 17, 2024
Court: National Company Law Tribunal, New Delhi Bench -VI
Liquidator: Ankit Goel
E-10A, Kailash Colony,
New Delhi - 110048
E-mail: ankitgoel@aaainsolvency.in
Address for correspondence:
AAA Insolvency Professionals LLP
E-10A, Kailash Colony
New Delhi - 110048
E-mail: cirp.crystal@gmail.com
Last date for
submission of claims: February 24, 2024
FIVE CORE: CRISIL Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Five Core
Electronics Limited (FCEL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 5.5 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 32.5 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Packing Credit 15 CRISIL D (Issuer Not
Cooperating)
Packing Credit 16 CRISIL D (Issuer Not
in Foreign Currency Cooperating)
Packing Credit in 3 CRISIL D (Issuer Not
Foreign Currency Cooperating)
CRISIL Ratings has been consistently following up with FCEL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of FCEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FCEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FCEL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr Amarjit Kalra
and his family manage the operations.
Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.
Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur, Uttarakhand. Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up
as a proprietorship firm in 2009, and has a unit at Daruhera,
Gurugram.
Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private
limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core, set up in 2012, has a unit in Bhiwadi.
HEMKUND GASES: CRISIL Lowers Rating on INR2cr Term Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Hemkund Gases (HG, part of Ginni Group) to 'CRISIL D'
from 'CRISIL C'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.42 CRISIL D (Downgraded from
'CRISIL C')
Proposed Long Term 1.08 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL C')
Term Loan 2 CRISIL D (Downgraded from
'CRISIL C')
The rating reflects delays in servicing debt obligation on account
of weak liquidity and weak financial risk profile. These weaknesses
are partially offset by the extensive experience of the partners in
the liquefied petroleum gas (LPG) cylinder manufacturing industry
and the reputed clientele.
Analytical Approach
CRISIL Ratings has consolidated the business and financial risk
profiles of HG with Ginni Industries (GI) and Hemkund Energy
Private Limited (HEPL), collectively referred to as the Ginni
group, to arrive at the rating. The consolidation has been done
because these companies have common management and are in the same
line of business with definite operational and financial linkages.
Key Rating Drivers & Detailed Description
Weakness:
* Delays in servicing debt obligation: There have been
irregularities in debt servicing by HG on its repayment
obligations. The track record of timely servicing of debt will
remain key rating sensitive factor.
* Weak financial risk profile: Capital structure remains
constrained by high gearing over 6 times and total outside
liabilities to tangible networth ratio of 8.7 times, estimated as
on March 2023 and is expected to remain at similar level as on
March 31, 2024. Debt protection metrics have weakened due to low
accruals. Improvement in interest cover and other debt protection
metrics would be closely monitored going forward.
Strengths:
* Extensive experience of the promoters: The two-decade-long
experience of the promoters in the LPG cylinder manufacturing and
distribution industry, their thorough understanding of the market
dynamics and healthy relationships with suppliers and customers
will continue to support the business risk profile. On the back of
such extensive experience, the group has been able to establish its
presence as a parallel LPG marketer under its own brand 'Hemkund',
and slowly increasing its foothold in eastern India, especially in
the commercial cylinder segment.
* Reputed clientele: The group has built longstanding relationships
with all major oil marketing companies. These clients have been key
factors behind the stable scale of operations in the past and
should remain key revenue driver going forward as well.
Liquidity: Poor
Liquidity is poor as reflected in irregularities in debt servicing
by the group.
Rating Sensitivity factors
Upward factors
* Timely repayment of debt obligations continuously for atleast 90
days.
* Significant improvement in liquidity on back of substantial
improvement in operating performance, restructuring of debt or
infusion of equity.
About the Group
Established in 1993, the Ginni group was formed by starting GI,
which manufactures LPG cylinders. The firm is managed, owned and
promoted by Mr Santosh Kaur and Mr Zorawar Singh.
HEPL was incorporated in 2011 and started commercial operations in
2018. It manufactures and repairs LPG cylinders. The manufacturing
facility is in 24 Parganas, Kolkata. Mr Surjeet Singh and Mr
Zorawar Singh are the promoters of the company.
HG was established as partnership firm and is engaged in gas
filling and distribution of LPG in cylinders for domestic,
commercial and industrial purposes across different segments; under
its own brand 'Hemkund'.
HIM CYLINDERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Him
Cylinders Limited (HCL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.00 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 23,
2022, placed the rating(s) of HCL under the 'issuer
non-cooperating' category as HCL 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. HCL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 8, 2023, November 18, 2023, November
28, 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).
HCL, incorporated on August 19, 1983 as a private limited company,
belongs to the Him Group of Companies of New Delhi and is engaged
in manufacturing of LPG Cylinders. Subsequently, it was converted
into a public limited company in July 1999. The manufacturing
facility of the company is located in Una district of Himachal
Pradesh. The company manufactures the products according to the
client's specifications and sells its entire output to the public
sector oil marketing companies (OMC).
HIM VALVES: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Him Valves
and Regulators Private Limited (HVRPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.14 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 23,
2022, placed the rating(s) of HVRPL under the 'issuer
non-cooperating' category as HVRPL 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. HVRPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 8, 2023, November 18,
2023, November 28, 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).
Him Valves and Regulators Private Limited (HVRPL), incorporated on
June 10, 1997, is promoted by Shri Ashok Prakash Raja and Shri
Shanti Swarup Raja. The company is engaged in manufacturing of
valves and regulators. The manufacturing facility of HVRPL is
located in Himachal Pradesh. The company manufactures the products
according to the client's specifications and sells its output to
the public sector oil marketing companies (OMC).
IBRIDGE SOLUTIONS: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Ibridge Solutions Pvt Ltd
Yashodham CTF No. 440/7
Gokhale Cross Road, Shivaji Nagar
Pune, Maharashtra 411016
Liquidation Commencement Date: February 1, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Shashant Sudhakar Yeola
Flat No. 7, Indrayani Ganesh Nagar,
Opp Lekha Nagar, Mumbai Agra Road,
Nashik - 422009, Maharashtra
Email: shashantsyeola@gmail.com
Last date for
submission of claims: March 2, 2024
IL&FS TRANSPORTATION: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of IL&FS
Transportation Networks Limited (ITNL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2,241.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 890.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 230.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 225.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 390.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 425.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 250.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 100.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 27, 2019,
placed the ratings of ITNL under the 'issuer non-cooperating'
category as ITNL had failed to provide information for monitoring
of the rating. ITNL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and emails dated January 14, 2024, January 24, 2024 and
February 3, 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 rating(s).
The rating factors in continued 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 28, 2023 the following were
the rating strengths and weaknesses:
Key weaknesses
* Delay in debt-servicing obligations: As per disclosures on stock
exchanges, there have been continuous delays in servicing of debt
obligations. CARE has also not received NDS since June 2018.
ITNL was incorporated in 2000 and is a part of the IL&FS group. It
is involved in the development, operations and maintenance of
surface transportation infrastructure projects encompassing
national and state highways, roads, tunnels, flyovers and bridges
with expertise in development of Build Operate Transfer (BOT) road
projects. ITNL also renders services in the areas of project
advisory and management, supervisory in the capacity of lenders'
engineer, operation and maintenance (O&M) and toll collection
services. On a standalone basis, ITNL has incurred a loss
(including other comprehensive income) of INR972.95 crore for FY20
and has net liabilities of INR14859.70 crore for FY20. As per FY20
audited report, matter is still pending with NCLT.
INDIABULLS HOUSING: Moody's Hikes CFR to B2 & MTN Program to (P)B2
------------------------------------------------------------------
Moody's Investors Service has upgraded Indiabulls Housing Finance
Limited's long-term corporate family rating to B2 from B3. At the
same time, Moody' has upgraded Indiabulls' foreign and local
currency ratings on its senior secured medium-term note (MTN)
program to (P)B2 from (P)B3.
Moody's has maintained the stable outlook on Indiabulls' ratings.
RATINGS RATIONALE
The upgrade of Indiabulls' ratings reflects the improvement in its
standalone assessment, supported by stronger capitalization and a
decline in loans at risk. The rating upgrade also considers the
company's improving, yet constrained, funding access and
uncertainty relating to its pivot to an asset-light business
model.
Indiabulls' capitalization is a key credit strength. As of March
31, 2023, the company's tangible common equity to total managed
assets (TCE/TMA) was at 24.3%, higher than 21.4% a year ago. The
company's rights issue in February 2024 will improve the TCE/TMA to
around 30%. The run-down of the company's loan book will also
support its TCE/TMA ratio.
Indiabulls' nonperforming loan ratio remained stable at 3.4% of
gross loans as of September 2023 from March 2023, helped by
write-offs and the transfer of stressed loans to Asset
Reconstruction Companies. Loans that were more than 60 days
delinquent or Stage 2 loans declined to 6% of gross loans as of the
same date from 10% as of March 2023 and 30% as of March 2022,
reflecting the decrease in asset risks. Although India's strong
economic momentum and a rebound in the housing sector will support
asset quality, Indiabulls is vulnerable to large defaults due to
its concentration in single-name borrowers. Its exposure to
corporate loans, which are a key source of asset-quality stress,
remains sizable. As of September 30, 2023, the top 20 borrowers
accounted for 27.7% of total loans.
The company's annualized return on assets was stable at 1.6% for
the first nine months of the fiscal year ending March 31, 2024 from
the year earlier period. While interest income declined due to the
contraction of its balance sheet, Indiabulls' profitability was
supported by net gains on investment assets and incurring
provisions through equity, reflecting low earnings quality.
Indiabulls' funding access, though improving, remains modest as
compared with peers', as reflected by the higher cost of borrowings
and the shrinkage of the company's balance sheet over the past 5
years. Securitization and the selling down of loans to banks remain
a key funding avenue for the company. As of December 2023, funds
raised from securitization and loan sell-downs as a percentage of
total funding were at 38%, higher than 34% as of March 2023 and 29%
as of March 2022. Although the company's on-balance-sheet
liquidity, as measured by debt maturities coverage fell to 27.6% as
of March 31, 2023 from 42.4% a year earlier, the recent rights
issue will help improve the coverage ratio. Debt maturities
coverage reflects the amount of liquid resources that would be
available to cover debt maturities arising over the next 12
months.
The rating action also considers Indiabulls' efforts over the past
2-3 years to improve its corporate governance, including the
changes to its board composition and shareholding as well as the
significant deleveraging, which has helped limit risks from the
company's weak funding access. Nevertheless, the B2 rating captures
uncertainty in Indiabulls' ability to successfully pivot to an
asset-light model, which can help to improve profitability and
reduce future funding volatility. So far, Indiabulls' has
demonstrated limited success of this business model and this is a
key rating factor to monitor.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade Indiabulls' ratings if the company's (a)
earnings quality improves while maintaining the return on assets
around 1.5%, (b) credit concentration reduces while its
nonperforming loan ratio remains at around 3% and (c) access to
funding improves as reflected in a decrease in funding costs on a
sustained basis. Moody's could also upgrade Indiabulls' ratings if
the transition to an asset-light model shows signs of success, such
as an increase in assets under management (AUM) on a sustained
basis, which supports the company's profitability.
Moody's would downgrade Indiabulls' ratings if the company's (a)
TCE/TMA decreases below 16% or (b) nonperforming loans as a
percentage of gross loans deteriorate to above 5%. Moody's could
also downgrade Indiabulls' ratings if funding access deteriorates
as reflected by a higher cost of funds or if AUM continues to
decline.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
Indiabulls Housing Finance Limited, headquartered in New Delhi,
reported total assets of INR734.4 billion as of December 31, 2023.
INDRAJIT POWER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Indrajit Power Private Limited
Registered Address:
Uttam House
69 P.D. Mello Road
Carnac Bunder
Mumbai - 400009
Insolvency Commencement Date: February 1, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: July 31, 2024
Insolvency professional: Mr. Bhuvan Madan
Interim Resolution
Professional: Mr. Bhuvan Madan
A-103 Ashok Vihar Phase-3
(Behind Laxmi Bai College), New Delhi
National Capital Territory of Delhi, 110052
Email: madan.bhuvan@gmail.com
- and -
Pricewaterhouse Coopers Services LLP (PwC)
Plot Y-14, Block EP
Sector V, Salt Lake
Kolkata - 700091, India
Email: cirp.ippl1@gmail.com
Last date for
submission of claims: February 16, 2024
JMT AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JMT Auto
Limited (JMT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 32 CRISIL D (Issuer Not
Cooperating)
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 20 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 19 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 24 CRISIL D (Issuer Not
Cooperating)
Term Loan 40 CRISIL D (Issuer Not
Cooperating)
Term Loan 15 CRISIL D (Issuer Not
Cooperating)
Working Capital 8 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with JMT for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JMT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMT continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
JMT (formerly, Jamshedpur Metal Treat) was incorporated as a
private limited company in April 1987 to take over the business of
Metal Treat Company, an ancillary of Tata Motors Ltd ('CRISIL
AA-/Stable/CRISIL A1+') that manufactures auto components. It was
reconstituted as a public limited company in April 1992 and was
acquired by Amtek Auto Ltd (AAL) in June 29, 2013, which now holds
70.74% stake in it. The company acquired REGE Holding GmbH (REGE)
and Amtek Components Sweden through Amtek Machining systems Pte Ltd
in fiscal 2016. It has also formed a joint venture, Amtek Riken
Castings Pvt Ltd.
KETHOS TILES: Pre-Packaged Insolvency Resolution Process Summary
----------------------------------------------------------------
Debtor: Kethos Tiles Private Limited
Registered Address:
Survey No. 111, 112, 119(P)
Gulab Ni Muvadi
Ahmedabad-Modasa Highway
Nr. Salatpur Chokadi
Talod Sabar Kantha 383215
Pre-packaged
Commencement Date: January 4, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Interim Resolution
Professional: Mr. Vikash Gautamchand Jain
204, Wall Street-1, Opp. Orient Club
Nr. Gujarat College, Ellis bridge
Ahmedabad, Gujarat
Email: ca.vikasjain1@icai.org
ppirp.kethos@gmail.com
List of claims shall be
made available from: January 8, 2024
KRISHNA EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Krishna Educational & Charitable Society (SKECS) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.61 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.85 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 January 17,
2023, placed the rating(s) of SKECS under the 'issuer
non-cooperating' category as SKECS 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.
SKECS continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 3, 2023, December 13, 2023, December
23, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shree Krishna Educational and Charitable Society (SKECS) got
registered under the Society Registration Act - 1860 in 2008 and is
currently being managed by Mr. R.K. Gupta, Mr. Vicky Singhal and
Mr. Inderpal Goyal. The society was formed with an objective to
provide higher education in the field of engineering, computer
science, management, agriculture etc. The society has established
two separate colleges, namely, Aryabhatta Engineering College and
Aryabhatta Group of Colleges. Both the colleges of SKECS are in
Barnala, Punjab.
LANCO AMARKANTAK: Adani Power Gets Creditor Nod for Acquiring Firm
------------------------------------------------------------------
NDTV Profit reports that Adani Power Ltd. has received approval for
its resolution plan to acquire insolvent Lanco Amarkantak Power
Ltd.
NDTV relates that the committee of creditors of Lanco Amarkantak,
which is undergoing a corporate insolvency resolution process, has
approved the resolution plan, an exchange filing said on March 5.
On March 4, the Adani Group company received a letter of intent
from the resolution professional.
Lanco Amarkantak owns and operates a 2x300 MW thermal power plant
at Pathadi village in Korba district of Chhattisgarh. The phase-1
capacity is tied up with Haryana and Madhya Pradesh distribution
companies, under long-term supply pacts. The company is also
setting up a 2x660 MW (1,320 MW) expansion capacity under Phase-2.
The implementation of the resolution plan is subject to terms of
the LoI and requisite approvals from regulatory authorities, it
said.
According to earlier reports, Reliance Industries Ltd. and a
consortium led by Power Finance Corp. opted not to participate in
the auction of the debt-ridden power company, NDTV relays.
MARKET LOGIC: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Market Logic Software India Private Limited
Ground Floor, Unit No. 4,
B-Wing Business At Mantri
Viman Nagar, Pune
Maharashtra, India 411014
Liquidation Commencement Date: February 3, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Mr. Chirag Shah
208, Ratnaraj Spring
Beside Navnirman Co.op Bank,
Opposite HDFC Bank House
Navrangpura, Ahmedabad - 380009
Gujarat, India
Email: chirag.irp@gmail.com
mlsindia.vl@gmail.com
Last date for
submission of claims: March 4, 2024
MODERN STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Modern Steel
Limited (MSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with MSL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MSL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MSL was set up in 1974 by Mr Amarjit Goyal. It is listed on the
Bombay Stock Exchange, and is managed by Mr Krishan Kumar Goyal,
son of Mr Amarjit Goyal. MSL manufactures low-alloy and
carbon-steel-rolled products for commercial vehicles, such as
trucks and tractors, passenger vehicles, two-wheelers, and
engineering companies.
MOUNT ZION: CRISIL Withdraws D Rating on INR7.35cr LT Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Mount Zion Medical College (MZMC) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL Rating's policy on withdrawal of its
rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6.55 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Long Term Loan 3 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Long Term Loan 7.35 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Overdraft Facility 1.5 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Proposed Fund- 6.71 CRISIL D/Issuer Not
Based Bank Limits Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with MZMC for
obtaining information through letters and emails dated December 24,
2022 and February 28, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MZMC. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on MZMC is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of MZMC to 'CRISIL
D/CRISIL D Issuer not cooperating'.
Established in 2014 at Adoor, Kerala, by Dr. K J Abraham Kalamannil
(founder-chairman of Charitable Education and Welfare Society;
CEWS), MZMC operates a medical college with capacity of 100
students; first academic session was in 2014-15. Mount Zion Medical
College Hospital, established in 2012, is a 300-bed,
multi-speciality hospital. Both these institutes are managed by
CEWS.
MYSORE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Mysore
Paper Mills Limited (MPM) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with MPM for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MPM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MPML was founded in May, 1936 by the then Maharaja of Mysore
(Karnataka). Government of Karnataka, which acquired a controlling
stake in November 1977, held 64.7% of equity shares as on September
30, 2016; the remainder was held by financial institutions and the
general public.
MPML is an ISO-14001-certified company, producing newsprint,
writing and printing paper, and sugar at its plant at Bhadravati in
the Shimoga district of Karnataka.
NEO CAPRICORN: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neo
Capricorn Plaza Private Limited (NCPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 5.00 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 NCPPL under the 'issuer
non-cooperating' category as NCPPL 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. NCPPL 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).
Neo Capricorn Plaza Private Limited (NCPL), a company incorporated
in March 2004, was jointly promoted by the Advantage Raheja group
(owned by Mr Deepak Raheja, Managing Director) and the Capricorn
group. However, in July 2011, it was completely taken over by the
Advantage Raheja group. NCPL owns a 4-star hotel with 178 rooms at
Bund Garden Road, Pune, under the brand “Courtyard by
Marriott”. NCPL has entered into a 30-year
management-cum-marketing arrangement with the Marriott
International group. The hotel commenced commercial operations in
August 2011.
PHENIL SUGARS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Phenil
Sugars Limited (PSL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 70.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 9,
2023, placed the rating(s) of PSL under the 'issuer
non-cooperating' category as PSL 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. PSL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 25, 2023, December 5, 2023, December
15, 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).
PSL was incorporated in 2003 with its registered office in Mumbai
which was later changed to Delhi in order to bring operational
efficiency and better monitoring. The Company was converted to a
Public Limited Company and its name was changed to Phenil Sugars
Limited from Phenil Sugars Private Limited on amalgamated with PSL
with effect from April 1, 2010. PSL has total sugarcane crushing
capacity of 6,000 TCD and power cogeneration capacity of 13.6 MW.
Entire Power generated is used for captive consumption.
PN STEEL: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: PN Steel Traders Private Limited
Registered Address:
Office No. 6, 3rd Floor
Shahviri Building 37/41
R.S. Sapre Marg, Kalbadevi
Mumbai, Maharashtra 400002
Insolvency Commencement Date: January 11, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: July 9, 2024
Insolvency professional: Mr. Rakesh Chaturvedi
Interim Resolution
Professional: Mr. Rakesh Chaturvedi
Paresh Rakesh & Associates
103, Namrata CHS, Bldg No-15
Shashtri Nagar, Link Road
Goregaon West, Mumbai - 400104
Email : ip@pareshrakesh.in
Mobile: 9867564075
Last date for
submission of claims: February 18, 2024
PREMIER MARINE: CRISIL Lowers Rating on INR28cr ST Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on long term bank
facilities of Premier Marine Foods (PMF; part of the PMF group) to
'CRISIL D/Issuer Not Cooperating' from 'CRISIL A4/Issuer Not
Cooperating' owing to delay in debt servicing
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 12 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Proposed Short Term 28 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with PMF for
obtaining information through letter and email dated November 13,
2023 and February 26 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-co-operation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMF
is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on long term
bank facilities of PMF have been downgraded to 'CRISIL D/Issuer
Not Cooperating' from 'CRISIL A4/Issuer Not Cooperating' owing to
delay in debt servicing
PMF, a partnership firm, was set up by Mr. A Mustaffa and his
family in Kerala. The firm exports seafood, mainly cuttlefish,
octopus, and squid. Mr. M Nizam, son of Mr. Mustaffa, is the firm's
managing partner.
Set up in 2010 as a partnership firm by the promoters of PMF, AMF
has its own marine food processing facility. The firm began
commercial operations in January 2012.
Status of non-cooperation with previous CRA
PMF has not cooperated with INFOMERICS Valuation and Rating Private
Limited (IVR) which has classified it as issuer not cooperative
vide release dated November 22, 2023. The reason provided by IVR is
non-furnishing of information.
PRITI GEMS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Priti Gems
Exports Private Limited (PGEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 55.00 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 21,
2022, placed the rating(s) of PGEPL under the 'issuer
non-cooperating' category as PGEPL 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. PGEPL continues to be non-cooperative 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).
Established in 1995, Priti Gems Exports Private Limited (PGEPL-
converted from partnership firm into private limited company in
2010), a group concern of K. Chandrakant & Co. International Pvt.
Ltd., is engaged in the manufacturing of cut & polished dark brown
diamonds ranging from 0.01 carat to 20 carats in round as well as
other shapes like Princess, Oval, Emerald, Marquise, Pears, Heart,
etc. The company has its own manufacturing set-up in Dahisar and
Surat.
RAMAKRISHNA HOMEO: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ramakrishna Homeo Pharmaceuticals Private Limited
Registered Address:
434 Bank Street, Hyderabad
Telangana, India 500001
Insolvency Commencement Date: January 10, 2024
Court: National Company Law Tribunal, Amaravati Bench
Estimated date of closure of
insolvency resolution process: July 14, 2024
Insolvency professional: Mr. Maligi Madhusudhana Reddy
Interim Resolution
Professional: Mr. Maligi Madhusudhana Reddy
M M R Lion Corp
4th Flood, HSR Eden
Road No. 2, Banjara Hills
Hyderabad - 500034, Telangana
Email: mmreddyandco@gmail.com
Email: cirprkhomeo@gmail.com
Phone: 040-23418836
Mobile: 09848271555
Last date for
submission of claims: January 30, 2024
RUBY CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ruby Cables
Limited (RCL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with RCL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1993 as Ekank Cables Ltd by members of the Parekh
family, RCL got its present name in 2010, following a change in
management. The company manufactures conductors and low-tension
power cables at its facility in Vadodara (Gujarat). In fiscal 2014,
Mr S N Bhatnagar acquired 50% stake in the company. RCL is
currently managed by Mr Bhatnagar and Mr Chirag Gada. The company
is listed on Bombay Stock Exchange (BSE).
SADBHAV BANGALORE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sadbhav
Bangalore Highway Private Limited (SBHPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 484.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed rationale and key rating drivers
CARE Ratings Ltd. vide its press release dated December 1, 2022,
placed the rating of SBHPL under the 'issuer non-cooperating'
category as SBHPL had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ABC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated October
17, 2023, October 27, 2023 and November 6, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating based on 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 rating considers the on-going delays in the debt servicing as
well as issuance of notice of intention to terminate concession
agreement (CA) by National Highways Authority of India (NHAI).
Detailed description of the key rating drivers
At the time of last rating on December 1, 2022, the following were
the rating strengths and weaknesses:
Key weaknesses
* On-going delays in debt servicing as well as issue of termination
notice by NHAI: SBHPL has entered into settlement agreement entered
with authority for issuance of partial commercial operations date
for 81.17 km of length while de-scoping of unavailable land and
allowing extension of time till December 2021 for completion of
balance 58.82 km and entire work till June 2022. However, as per
results declared by Sadbhav Infrastructure Projects Limited (SIPL)
and Sadbhav Engineering Limited (SEL) on May 28, 2022, and May 31,
2022, respectively, NHAI has issued intention to terminate the
Concession Agreement of SBHPL due to tardy project progress.
Lenders have notified to NHAI about exercise of their right of
substitution of concessionaire against this notice and requested to
allow 180 days for the substitution of the concessionaire. Further,
as per the interaction with lenders, there are ongoing delays in
debt servicing.
Liquidity: Poor
Liquidity is poor marked by on-going delays in debt servicing.
SBHPL, a special purpose vehicle (SPV), incorporated and owned by
SIPL has entered into 17-year (including construction period of 730
days from appointed date) CA with NHAI for the design, build,
finance, operate and transfer (DBFOT) of 170.92 km road on HAM
basis. The project under consideration aims at two/four laning of
BRT Tiger Reserve to Bangalore section of NH – 209 from km
287.500 to 458.420 in the State of Karnataka. The project includes
refurbishment of existing two-lane bituminous road with design
chainage from 287.500 to 424.920 (137.42 km) and four laning of
existing two-lane bituminous road with design chainage from 424.920
to 458.420 (33.50 km). The bid project cost (BPC) of the project of
INR1,008 crore is proposed to be funded through debt, sponsor's
contribution, and construction support from NHAI in the ratio of
48%, 12% and 40% respectively.
SANJEET ADVISORS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Sanjeet Advisors Private Limited
(formerly known as Tab Capital Private Limited)
Office No. 36, Royal Towers
4th Floor, P No. 45
S No. Lohgoan Viman Nagar, Pune - 411014
Maharashtra, India
Liquidation Commencement Date: January 22, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Pramodkumar Ramesh Ladda
Office No. 106, First Floor 55 Sukhniwas
15th August Chowk, Mangalwar Peth,
Pune - 411011, Maharashtra, India
Email: csladdaji@gmail.com
Mobile No.: +91 9595 27 1145
Last date for
submission of claims: February 21, 2024
SGS MARINE: CRISIL Lowers Rating on Long/Short Term Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
SGS Marine Habitability Private Limited (SMHPL) to 'CRISIL D/CRISIL
D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' due to delays in servicing debt obligation.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SMHPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022, Jan. 5, 2024, among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that the rating action on
SMHPL is consistent with 'Assessing Information Adequacy Risk'
Based on best-available information, CRISIL Ratings has downgraded
its ratings on the bank facilities of SMHPL to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' due to delays in servicing debt obligation
SGS, incorporated in 2012 and based in Visakhapatnam, Andhra
Pradesh, assembles marine accommodation products, including
gallery, scullery, living space, cabinets, and furniture, on
turnkey basis. The company is promoted by Mr Ghanshyam Sharma, Mr
Shyam Sundar Sharma, and Mr Jagdish Prasad Tamadiyat
Status of non cooperation with previous CRA:
SMHPL has not cooperated Credit Analysis & Research Ltd which has
classified it as non-cooperative vide release dated Jan 23, 2019.
The reason provided by Credit Analysis & Research Ltd is
non-furnishing of information for monitoring of ratings.
SHREE SAI PRAKASH: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Shree Sai Prakash Alloys Private Limited
Rangsakona, 15th Mile, Byrnihat
ML 793101
Liquidation Commencement Date: January 25, 2024
Court: National Company Law Tribunal, Guwahati Bench
Liquidator: Mr. Sandeep Khaitan
2nd Floor, Sanmati Plaza
Christian Basti, G.S. Road
Guwahati, Asam - 781005
Email: khaitansandeep@gmail.com
liqsspapl@gmail.com
Last date for
submission of claims: March 1, 2024
SHREE SAI ROLLING: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Shree Sai Rolling Mills India Limited
Rangsakona, 15th Mile Byrnihat
G S Road, Byrnihat
ML 793101
Liquidation Commencement Date: January 25, 2024
Court: National Company Law Tribunal, Guwahati Bench
Liquidator: Mr. Sandeep Khaitan
2nd Floor, Sanmati Plaza
Christian Basti, G.S. Road
Guwahati, Asam - 781005
Email: khaitansandeep@gmail.com
liqssrmil@gmail.com
Last date for
submission of claims: March 1, 2024
SILVERTON SPINNERS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Silverton Spinners Limited
Falta Industrial Growth Centre
Sector IV 24 PGS. (S), Falta
West Bengal, India, 743504
Liquidation Commencement Date: January 25, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Pratap Mukherjee
27A, Bhattacharjee Para Road
Paschim Barisha
P.O. Thakurpukur, Kolkata-700063
Email: pratapmukherjee62@gmail.com
silverton.spinners@pbinsolvency.com
Last date for
submission of claims: February 24, 2024
SOLOCO GLOBAL: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Soloco Global India Private Limited
(Formerly known as Womply India Private Limited)
Fl. No. 401, Aakar S. No. 759/14
Near Deccan Ground, Pune
Maharashtra, India, 411004
Liquidation Commencement Date: January 15, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: CS Mandar Wagh
Flat No. C-1302, Grandstand Trinity
Service Road from Vedbhavan to Warje
Pune Bangalore Highway
Near Chandani Chowk,
Pune 411038
Address for communication:
C/o Anand Chaitanya Corporate Legal Advisors LLP
505, 4th Floor, Venture
Above McDonald's Paud Road
Bhusari Colony, Pune 411038
Email: mandar.wagh@anandchaitanya.com
Contact: 9822844488
Last date for
submission of claims: February 14, 2024
SPICEJET LTD: NCLT Reserves Order in Aircastle's Insolvency Case
----------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) on March 4 reserved its order in the matter related to
Dublin-based aircraft lessor Aircastle Limited's insolvency
petition against budget airline SpiceJet.
According to ET, SpiceJet's counsel has cast doubt over the
maintainability of Aircastle's petition as the latter had filed a
separate petition under the Insolvency and Bankruptcy Code, 2016
(IBC) against the Gurgaon-headquartered carrier.
ET relates that the counsel for Aircastle has argued that both
petitions deal with separate cases of default by SpiceJet. The
second case is listed for hearing on April 22.
In each of its petitions, Aircastle has claimed around INR50 crore
as the default amount with regard to lease of two Boeing aircraft.
ET says the tribunal had asked Aircastle to "satisfy this
adjudicating authority as to whether the same operational creditor
can file multiple petitions against the same corporate debtor".
Further, SpiceJet's counsel has said that the notice was issued to
the director, and not the company in this petition.
On this, the lessor's counsel, Ritesh Singh, contended that the
company has already replied to the notice, which showed that the
company was aware of the matter, ET relays.
About Spicejet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.
This is the third case filed against the airline, according to The
Economic Times. Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.
Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.
The National Company Law Tribunal (NCLT) on Dec. 4, 2023, dismissed
Willis Lease' insolvency petition.
In January 2024, the NCLT dismissed another insolvency plea filed
against SpiceJet by Wilmington Trust SP Services.
In August 2023, aircraft lessor Celestial Aviation Services Ltd had
approached the tribunal to initiate insolvency proceedings against
the low-cost airline for a default of $29.9 million for nine
aircraft.
SPICEJET LTD: Settles INR93 cr Dispute with Cross Ocean Partners
----------------------------------------------------------------
The Economic Times reports that SpiceJet Ltd on March 5 informed
the Delhi High Court that it has settled its INR93 crore-dispute
with aircraft leasing firm Cross Ocean Partners.
As a part of this settlement, SpiceJet will acquire additional
assets including an airframe and an engine, ET reltes. The company
said it expects substantial savings as a result of this
settlement.
"We are pleased to have reached a mutually acceptable resolution
with Cross Ocean Partners, which will result in significant cost
savings for SpiceJet and also cease prolonged expensive litigation.
This settlement reinforces our commitment to effectively settle
with our partners and strengthen our operational capabilities. We
remain focused on sustaining the positive momentum and creating
long-term value for our stakeholders," ET quotes Ajay Singh,
Chairman and Managing Director, SpiceJet as saying in a
statemement.
SpiceJet recently reached a settlement with AerCap subsidiary
Celestial Aviation at INR250 crore, ET reports.
According to ET, SpiceJet has been facing headwinds for the last
couple of quarters for want of funds, leading to the grounding of a
number of aircraft and returning some of the leased planes to the
lessors.
Some of its lessors have dragged the airline even to court for
non-payment of lease rentals, ET relays.
As on February 21, the airline had nearly half of its 65 aircraft
fleet on the ground with 35 planes in service and remaining parked,
as per the aircraft fleet tracking website Planespotter.
ET reported that the company was laying off around 15 per cent of
its overall workforce to streamline its financial woes, in addition
to funds raised.
SpiceJet in late February said it raised an additional INR316 crore
through a preferential share issue, taking its overall fundraise to
INR1,060 crore. In January SpiceJet had received INR744 crore as
the first tranche of funds through the allotment of securities on a
preferential basis.
On December 12, the airline had said it would raise fresh capital
of INR2,250 crore through issuance of securities.
About Spicejet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.
This is the third case filed against the airline, according to The
Economic Times. Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.
Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.
The National Company Law Tribunal (NCLT) on Dec. 4, 2023, dismissed
Willis Lease' insolvency petition.
In January 2024, the NCLT dismissed another insolvency plea filed
against SpiceJet by Wilmington Trust SP Services.
In August 2023, aircraft lessor Celestial Aviation Services Ltd had
approached the tribunal to initiate insolvency proceedings against
the low-cost airline for a default of $29.9 million for nine
aircraft.
STURDY INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sturdy
Industries Limited (SIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with SIL for
obtaining information through letter and email dated January 8,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1995, SIL, promoted by Mr. Ramesh Guptamanufactures
polyvinyl chloride pipes and irrigation systems, aluminium
composite panels, and aluminium cables and conductors, and trades
in aluminium products. The company also has a plant for
manufacturing asbestos cement roofing sheets.
SUNDHA ROAD: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sundha Road Developers Private Limited
Registered Address:
103, Osho Tower Sardarpura
Jodhpur, Rajasthan 342001
Insolvency Commencement Date: January 31, 2024
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: July 29, 2024
Insolvency professional: Mr. Vikas Rajvanshi
Interim Resolution
Professional: Mr. Vikas Rajvanshi
H-15 Chitranjan Marg
C-Scheme
Jaipur, Rajasthan 302001
Email: cirpsundhadevelopers@gmail.com
vikasrajvanshi.jaipur@gmail.com
Last date for
submission of claims: February 14, 2024
SUYAN REAL ESTATE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Suyan Real Estate Private Limited
Office No. 38, Chamber No. 12
2nd floor, A Wing Soba Tower
Sr. No. 29 to 32
Sadashiv Peth, Pune - 411030
Maharashtra, India
Liquidation Commencement Date: January 22, 2024
Court: National Company Law Tribunal, Mumbai Bench
Lquidator: Mr. Pramodkumar Ramesh Ladda
Office No. 106
First Floor, 55 Sukhniwas
15th August Chowk
Mangalwar Peth, Pune - 411011
Maharashtra, India
Email: csladdaji@gmail.com
Mobile No.: +91 9595 27 1145
Last date for
submission of claims: February 21, 2024
SWADESHI ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swadeshi
Aluminium Company Private Limited (SACPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.00 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 26,
2022, placed the rating(s) of SACPL under the 'issuer
non-cooperating' category as SACPL 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. SACPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 11, 2023, November
21, 2023, December 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Swadeshi Aluminium Company Private Limited is primarily engaged in
the manufacturing of aluminium alloy ingots and sections which find
application in automobile industry. The company procures raw
material i.e. aluminium scrap from domestic and overseas players
that includes Middle East and European countries.
TONK WATER: Liquidation Process Case Summary
--------------------------------------------
Debtor: TONK WATER SUPPLY LIMITED
Registered office:
F-2, 1st Floor, Jagdamba Tower,
Amarpali, Circle, Vaishali Nagar
Jaipur, Rajasthan - 302021
Corporate office:
20th Floor, Marathon Futurex
N.M. Joshi Marg, Lower Parel
Mumbai - 400013
Place of Maintenance of Books of
Accounts & Papers:
6th Floor, Plot No.19 & 20
Film City, Sector-16 A
Gautam Buddha Nagar
Noida, Uttar Pradesh - 201301
Liquidation Commencement Date: December 22, 2023
Court: National Company Law Tribunal, Jaipur Bench
Liquidator: Mr. Amit Gupta
C-17, Vinay Nagar, Krishna Nagar,
Lucknow, Uttar Pradesh - 226023
Email: amitguptacs@gmail.com
cirp.tonkwater@gmail.com
Last date for
submission of claims: February 11, 2024
UNISHIRE URBANSCAPE: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures
(NCDs) of Unishire Urbanscape Pvt Ltd (UUPL; part of the Unishire
Urbanscape group) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 126.0 CRISIL D (Issuer Not
Debentures-LT Cooperating)
CRISIL Ratings has been following up with UUPL for getting
information through letter and email, dated December 18, 2023,
November 30, 2022 and January 31, 2023 apart from telephonic
communication. However, the issuer has remained non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UUPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UUPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on the non-convertible
debentures (NCDs) of UUPL continues to be 'CRISIL D Issuer Not
Cooperating'.
Analytical Approach
CRISIL Ratings has combined the business and financial risk
profiles of the following companies with UUSL: Unishire Skyscapes
LLP, Unishire Properties LLP, Unishire Homes LLP, Unishire Regency
Park LLP, and Unishire Developers Pvt Ltd. These companies have
been consolidated because they are co-obligors to the NCDs. The
projects under these companies are security against the NCDs by way
of exclusive first charge.
Incorporated in February 2011, UUPL develops real estate in
Bengaluru and is a part of the Unishire group.
UV EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of UV Exports
Private Limited (UEPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.39 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.30 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 27,
2022, placed the rating(s) of UEPL under the 'issuer
non-cooperating' category as UEPL 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. UEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 12, 2023, November 22, 2023, December
2, 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).
Delhi based U V Exports Private Limited (UVEPL), is a private
limited company and was incorporated in 2014 and headed by Founder
and Managing Director, Mrs. Usha Sirohi, who has an experience of
more than 18 years. She is assisted by Ms. Shikha Tyagi and Mr.
Ajay Kumar Sharma who are nominee directors of Ms. Mansi Sharma.
UVEPL is engaged in processing of basmati rice at its unit located
at Sonipat, Haryana.
VAISHNAVI GLOBAL: CRISIL Withdraws B+ Rating on LT Loan Rating
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of Vaishnavi Global Private Limited (VGPL) and
subsequently withdrawn the rating at the company's request and on
receipt of a no-objection certificate from the bankers. The
withdrawal is in line with CRISIL Ratings' policy on withdrawal of
bank loan rating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL B+/Stable (Rating
Reaffirmed and Withdrawn)
Key Rating Drivers & Detailed Description
Weakness:
* Modest scale of operations and vulnerability of operating margin
to amidst intense competition: VGPL has modest scale of operations
as reflected from revenue of INR69.32 crore in fiscal 2023. The
textile industry is highly fragmented and competitive, with a large
number of unorganized players in the market. Such high
fragmentation limits the pricing flexibility and bargaining power
of the players. Also, the threat from large integrated players in
the form of capacity additions limits the growth. Operating margin
was in the range of 8.23-16.1% in last 3 fiscal ending at 8.48% in
fiscal 2023, and in first six months of fiscal 2024 improved to
10.7%. Improvement in scale of operation and operating margin needs
to be seen.
* Working capital intensive operations: The company's operations
are working capital intensive as reflected in gross current asset
(GCA) days of 197 days as on Mar 31, 2023. It's large working
capital requirements arise from its moderately high debtor
estimated at 61 days and high inventory levels of 141 days as on
Mar 31, 2023, as it is required to extend long credit period and
holds large inventory due to wide variety.
* Weak capital structure: Gearing and total outside liabilities to
tangible net worth ratio were estimated at 3.24 times and 4.46
times, respectively, as on March 31, 2023. The capital structure
is weak on account of lower net worth of INR9.9 crore as on March
31, 2023 coupled with high dependence on credit from suppliers,
reliance on bank limits and high debt repayment obligation.
Further, the capital structure is expected to be leveraged in the
over the term.
Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over 2.5 decades in textile industry. This
has given them an understanding of the dynamics of the market and
enabled them to establish relationships with suppliers and
customers. The company is associated with major customers such as
Reliance Retail Limited, Mufti, Myntra and Future Retail Limited
which supports the business profile of the company. The company
having order book of INR30 crore as on Aug 31, 2023 to be completed
by December 2023 which provides revenue visibility.
Liquidity: Stretched
Bank limit utilization is high at around 96.13 percent for the past
twelve months ending August 2023. Cash accruals are expected to be
over INR2.7-3.7 crore against term debt obligation of INR2.7-3.1
crore over the medium term.
Outlook: Stable
CRISIL Ratings believe VGPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients
Rating Sensitivity factors
Upward factors
* Significant improvement in scale of operation and operating
margin, leading to higher cash accrual above INR3 crore.
* Improvement in working capital cycle leading to improvement in
liquidity profile.
Downward factors
* Decline in net cash accruals below INR1.5 crore on account of
decline in revenue or operating profits.
* Large debt-funded capital expenditure weakening capital
structure.
Incorporated in 1997 as a proprietorship firm and later
re-constituted as private limited company, VGPL manufactures
ready-made garments mainly jeans and it also processes fabric. The
company is promoted by Mr. Rishi Mehra and Ms. Priti Mehra and is
based in Mumbai.
VAMA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vama
Industries Limited (VIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VIL for
obtaining information through letters and emails dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1985 and promoted by Mr. V Atchuyta Rama Raju and
Mr. V Rajam Raju, VIL is a system integrator and also provides IT
support and engineering design services. It is listed on the Bombay
Stock Exchange
VARDHMAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vardhman
Industries Limited (VIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Non Convertible 5 CRISIL D (ISSUER NOT
Debentures COOPERATING)
CRISIL Ratings has been consistently following up with VIL for
obtaining information through letters and emails dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Promoted by Mr Kapil Jain, VIL's manufacturing facilities are in
Ludhiana. It manufactures GP and GC sheets, and colour-coated
sheets. VIL is listed on the Bombay Stock Exchange.
VITTHAL CORPORATION: CRISIL Withdraws B- Rating on INR75cr Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Vitthal Corporation Limited (VCL) on the request of the company and
receipt of a no dues certificate from its bank. The rating action
is in line with CRISIL Ratings' policy on withdrawal of its ratings
on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 75 CRISIL B-/Stable (Withdrawn)
Long Term Loan 50 CRISIL B-/Stable (Withdrawn)
Based in Solapur and incorporated in 1998, Vitthal Corporation
Limited (VCL) was established as Vitthal Sugars Manufacturing
Limited (VSML) by Mr Babandada Vittthalrao Shinde to undertake
manufacturing of sugar. The company changed the name to Vitthal
Corporation Limited on July 22, 2010. VCL facility was commissioned
in 2008 with an installed capacity of 2500 TCD (tons of cane
crushed per day). Currently, the installed capacity has reached to
3500 TCD (tons of cane crushed per day). VCL has a fully integrated
sugar manufacturing unit consisting of distillery unit of 90 KLPD
(kilo litre per day) and 12 MW (megawatt) bagasse based power
generation plant.
WAYS ESTATES: Liquidation Process Case Summary
----------------------------------------------
Debtor: Ways Estates Limited
Opp. Swadha Apartment
Asiyana Road, Patna 800014
Bihar, India, 800014
Liquidation Commencement Date: January 31, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Mr. Aditya Kumar Tibrewal
2, Hare Street, Nicco House,
2nd Floor, Room No. 29,
Kolkata - 700001
Email: adityatibre@gmail.com
cirp.waysestatesltd@gmail.com
Last date for
submission of claims: March 1, 2024
=================
I N D O N E S I A
=================
ALAM SUTERA: Fitch Affirms 'B-' LongTerm IDR, Alters Outlook to Neg
-------------------------------------------------------------------
Fitch has revised the Outlook on PT Alam Sutera Realty Tbk's (ASRI)
Long-Term Issuer Default Rating (IDR) to Negative, from Stable, and
affirmed the rating at 'B-'.
The Negative Outlook reflects the underperformance in ASRI's
presales, which, if sustained, could weaken liquidity and raise
financing risk on the company's USD251 million secured notes due
November 2025. Fitch expects a slow recovery in presales, supported
by the company's marketing efforts and the value-added-tax (VAT)
rebate announced last year, which is effective through to
end-2024.
The affirmation of ASRI's IDR is based on its belief that the
company has time to effect a turnaround in presales, supported by
its established townships in Greater Jakarta. ASRI also has
significant unencumbered land bank, which could be used to secure
refinancing with local banks for its 2025 notes. In addition, the
company has sufficient cash on hand to repay bank debt due in the
next two years. Fitch also forecasts an improvement in its negative
free cash flow (FCF).
KEY RATING DRIVERS
Weak Presales Pressure Business Profile: Fitch forecasts presales,
excluding land sales to developers, to remain below IDR2.0 trillion
over the next 12 months - the level below which Fitch may considers
negative rating action - before recovering to IDR2.1 trillion in
2025 and IDR2.2 trillion in 2026. Fitch expects ASRI to ramp up
marketing efforts in 2024 to attract demand to its Alam Sutera and
Suvarna Sutera townships in Greater Jakarta.
Attributable presales fell by 3.2% in 2023 amid low take-up of a
new shophouse cluster in Suvarna Sutera and weak sales of around
IDR350 billion of its new high-end cluster, The Gramercy, in Alam
Sutera. The company also failed to sell meaningful landbank to
developers after making sales of IDR1.6 trillion in 2022. A
sustained deterioration in scale could structurally weaken ASRI's
competitive position and affect its financial flexibility.
VAT Rebate to Support Demand: Fitch believes near-term presales
could benefit from the VAT rebate announced in November 2023. The
rebate provides an 11% discount on the first IDR2 billion of the
total value of completed homes until end-June 2024. The rebate then
halves until end-2024. Fitch expects ASRI to take advantage of this
scheme, similar to other Fitch-rated Indonesian homebuilders. ASRI
held around IDR600 billion in inventory as of end-2023.
Negative FCF to Moderate: Fitch forecasts negative FCF of IDR252
billion in 2024 on a lower EBITDA margin, driven by the lack of
bulk land sales to developers. However, FCF should improve to more
neutral levels by 2026 as interest rates fall, with ASRI expecting
to access rupiah-denominated bank loans to repay its higher-cost
US-dollar notes. Fitch forecasts Indonesia's policy rate to decline
to 4.5% by end-2026, from a peak of 6.0% in 2023.
Neutral Impact of Election: Fitch believes the general elections on
14 February 2024 had a neutral impact on residential presales, as
the majority of homebuyer demand stems from end-users rather than
investors, based on the high mix of mortgage-loan funded presales.
Fitch expects ASRI to delay most project launches until 2H24, which
is likely to slow presales in 1H24. The drag from slower project
launches should be counterbalanced by accelerated sales of existing
inventory as homebuyers look to benefit from the VAT rebate.
Exposure to Unhedged US-Dollar Debt: ASRI's exposure to
foreign-currency risk could affect its funds flow from operation
interest coverage, which Fitch forecasts at 0.9x in 2024, before
recovering to above 1.0x in 2025. The developer has not hedged
around USD131 million (or around IDR2 trillion) of its USD251
million secured bond. It uses call spread-options to hedge the
remaining USD120 million, with spreads in the range of
IDR14,250-IDR16,500 per US dollar. A significant deterioration in
the domestic exchange rate could see ASRI's interest coverage
remaining below 1.0x in the medium term.
Execution Risk on Asset Sales: Fitch has not factored in sales of
ASRI's pledged assets in its rating case. The sale of its office
tower in Jakarta, The Tower, remains challenging, with only 15% of
the strata units sold since its 2013 launch. ASRI secured long-term
leases for about 60% of the remaining space with a local bank in
2022. Fitch believes the disposal of the remaining space will
remain difficult due to the oversupply of office spaces in and
around the asset's catchment area, as well as existing strata sales
to external parties, as potential investors may be more keen to buy
the entire asset.
DERIVATION SUMMARY
ASRI's IDR compares well with the company's two closest peers, PT
Kawasan Industri Jababeka Tbk (KIJA, B-/Stable) and PT Lippo
Karawaci Tbk (LPKR, CCC+).
KIJA is rated at the same level as ASRI, as it has a similar
business profile. KIJA's smaller presales scale - mostly from
cyclical industrial land sales - is compensated by steady cash flow
from its non-development activities, anchored by its power plant's
long-term agreement with state-owned PT Perusahaan Listirk Negara
(Persero) (PLN, BBB/Stable). KIJA has adequate liquidity, reflected
in its Stable Outlook, with its bonds termed out to end-2027. Its
yearly bank loan amortisations over the period are manageable. On
the other hand, the Negative Outlook on ASRI reflects the risk that
its presales underperformance, if sustained, could affect liquidity
and the repayment of its November 2025 unsecured notes.
LPKR's rating reflects the heightened liquidity and refinancing
risk surrounding its USD237 million bond due January 2025. This
risk has risen, as the bond refinancing of LPKR's affiliate - Lippo
Malls Indonesian Retail Trust (CC), could exhaust Lippo group's
ability to meet its total refinancing needs from banks. ASRI, on
the other hand, has enough liquidity to address near-term
maturities, although sustained underperformance in presales could
complicate its efforts to refinance its November 2025 US-dollar
bond.
KEY ASSUMPTIONS
Key Assumptions Within Its Rating Case for the Issuer:
- Presales of IDR1.8 trillion and IDR2.1 trillion in 2024 and 2025,
respectively
- No bulk land sales to developers in the medium term
- EBITDA margin of 35%-36% in 2024 and 2025 (2023 estimate: 42%)
- Land banking cash outflow of IDR250 billion a year from
2024-2026
- FCF to remain negative, but on an improving trend over 2024-2025
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Fitch may revises the Outlook to Stable if annual presales,
excluding bulk land sales to developers, improve to above IDR2
trillion and if liquidity improves such that ASRI is able to repay
or refinance its USD251 million bonds due November 2025
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Presales, excluding land sales to developers, remaining below
IDR2 trillion
- A significant weakening in liquidity
- If the company announces a buyback or restructuring of its
US-dollar bonds, which Fitch determines to be a distressed debt
exchange
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: ASRI had IDR1.3 trillion of cash as at
end-September 2023. Fitch believes this was sufficient to cover
debt maturities of IDR62 billion in 4Q23 and IDR574 billion in
2024, supported by its forecast of moderating negative FCF of
IDR252 billion in 2024. Fitch expects ASRI to tap external
financing to repay its secured cross-border notes maturing in
November 2025, as internal cash flow is likely to be insufficient.
ISSUER PROFILE
ASRI is a small Indonesian homebuilder that develops and manages
two townships, Alam Sutera and Suvarna Sutera. The residential
segment contributes around 75%-85% of total attributable (ex-bulk)
presales, with commercial (shophouses and office tower units)
making up the balance.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
PT Alam Sutera
Realty Tbk LT IDR B- Affirmed B-
=====================
N E W Z E A L A N D
=====================
ALL SORTS: Creditors' Proofs of Debt Due on April 1
---------------------------------------------------
Creditors of All Sorts of Floors Limited are required to file their
proofs of debt by April 1, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 28, 2024.
The company's liquidator is Kevyn Botes.
CUBA 444: Court to Hear Wind-Up Petition on April 16
----------------------------------------------------
A petition to wind up the operations of Cuba 444 Limited will be
heard before the High Court at Wellington on April 16, 2024, at
10:00 a.m.
Wololo Limited filed the petition against the company on Jan. 31,
2024.
The Petitioner's solicitor is:
Morrison Kent Lawyers
Floor 2, 326 Lambton Quay
Wellington Central
Wellington
MTF NAVARRO 2024: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to MTF Navarro Trust
2024's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking New Zealand automotive loan receivables
originated by Motor Trade Finance Limited (MTF). The notes will be
issued by Trustees Executors Limited as trustee for the trust.
Entity/Debt Rating
----------- ------
MTF Navarro
2024 Trust
Class A LT AAA(EXP)sf Expected Rating
Class B LT AA(EXP)sf Expected Rating
Class C LT A(EXP)sf Expected Rating
Class D LT BBB(EXP)sf Expected Rating
Class E LT BB(EXP)sf Expected Rating
Class F LT B(EXP)sf Expected Rating
Seller LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
The total collateral pool at the 10 January 2024 cut-off date was
NZD300.0 million and consisted of 18,178 receivables with
weighted-average (WA) seasoning of six months, WA remaining
maturity of 39 months and an average contract balance of
NZD16,503.
KEY RATING DRIVERS
Stress Commensurate with Ratings: Fitch derived borrower
risk-tier-specific default base-case expectations using historical
loss data since 2006. Its default assumptions (and 'AAAsf' default
multiples) are 1.0% (7.25x), 2.7% (5.50x) and 7.5% (4.00x) for low,
medium and high, respectively, with a WA of 2.7% (5.3x). The
recovery base case is 45.0%, with a 'AAAsf' recovery haircut of
50.0% across all sub-pools. Fitch stressed the asset pool to
portfolio parameters, which apply during the initial 18-month
revolving period.
Transaction performance is supported by New Zealand's tight labour
market, despite interest rates hikes from October 2021 to May 2023.
GDP growth for the year to September 2023 was 1.3%, while
unemployment was 4.0% at end-December 2023. Fitch expects GDP
growth to remain subdued in 2024, with unemployment reaching 5.0%,
amid elevated inflation and a slowdown in consumer spending. Fitch
expects interest rates to remain steady until end-2024.
Structural Risk Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap provider, liquidity facility
provider or transaction account bank fall below a certain level.
Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing.
Low Operational and Servicing Risk: All receivables are originated
by MTF, a large New Zealand motor-vehicle financier established in
1970. Fitch undertook an operational review and found that the
operations of the originator and servicer were consistent with
market standards for auto and equipment lenders in New Zealand.
Servicer disruption risk is mitigated by standby servicing
arrangements, with Verofi Limited the nominated standby servicer
No Residual Value Risk: There is no residual value exposure in this
transaction and only a small exposure to balloon-payment loans.
Rated Above Sovereign: Structured finance notes can be rated up to
six notches above New Zealand's Long-Term Local-Currency Issuer
Default Rating of 'AA+', supporting the 'AAAsf' rating on the class
A notes.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and decreases
in recoveries on defaulted receivables could produce loss levels
higher than Fitch's base case, and are likely to result in a
decline in credit enhancement and remaining loss-coverage levels
available to the notes. Decreased credit enhancement may make
certain note ratings susceptible to negative rating action,
depending on the extent of the coverage decline.
Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions; these include
increasing WA defaults and decreasing the WA recovery rate.
Downgrade Sensitivities
Notes: A / B / C / D / E / F
Expected Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf
Increase defaults by 10%: AA+sf / AA-sf / A-sf / BBBsf / BB-sf /
Bsf
Increase defaults by 25%: AAsf / A+sf / BBB+sf / BBB-sf / B+sf /
less than Bsf
Increase defaults by 50%: A+sf / A-sf / BBBsf / BB+sf / Bsf / less
than Bsf
Recoveries decrease 10%: AA+sf / AAsf / Asf / BBBsf / BB-sf / less
than Bsf
Recoveries decrease 25%: AA+sf / AA-sf / A-sf / BBB-sf / B+sf /
less than Bsf
Recoveries decrease 50%: AA+sf / A+sf / BBB+sf / BB+sf / B-sf /
less than Bsf
Defaults increase 10%/recoveries decrease 10%: AA+sf / AA-sf / A-sf
/ BBB-sf / B+sf / less than Bsf
Defaults increase 25%/recoveries decrease 25%: AA-sf / Asf / BBBsf
/ BB+sf / less than Bsf / less than Bsf
Defaults increase 50%/recoveries decrease 50%: Asf / BBB+sf / BB+sf
/ B+sf / less than Bsf / less than Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of credit enhancement that would fully
compensate for credit losses and cash flow stresses commensurate
with higher rating scenarios, all else being equal.
The class A notes are at the highest level on Fitch's scale and
cannot be upgraded.
Upgrade Sensitivities
Notes: B / C / D / E / F
Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf
Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ A-sf / BB+sf / B+sf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.
As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of MTF's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
PHOENIX CONSULTING: BDO Tauranga Appointed as Liquidators
---------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Feb.
28, 2024, were appointed as liquidators of Phoenix Consulting
Engineers Limited.
The liquidators may be reached at:
C/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
PLANT PRODUCTION: Creditors' Proofs of Debt Due on April 15
-----------------------------------------------------------
Creditors of Plant Production Limited and Client First Realty
Limited are required to file their proofs of debt by April 15,
2024, to be included in the company's dividend distribution.
Plant Production Limited commenced wind-up proceedings on Feb. 20,
2024.
Client First Realty Limited commenced wind-up proceedings on Feb.
29, 2024.
The company's liquidators are:
Boris van Delden
Iain McLennan
McDonald Vague Limited
PO Box 6092, Victoria Street West
Auckland, 1142
SMARTLIFE AUCKLAND: Court to Hear Wind-Up Petition on March 15
--------------------------------------------------------------
A petition to wind up the operations of Smartlife Auckland North
Limited will be heard before the High Court at Auckland on March
15, 2024, at 10:00 a.m.
Aluforme Limited filed the petition against the company on Dec. 12,
2023.
The Petitioner's solicitor is:
D. J. MacRae
Morgan Coakle, Solicitors
Level 9, 41 Shortland Street
Auckland
TREV TERRY: Boat Retailer Goes Into Receivership
------------------------------------------------
The Southland Times reports that Trev Terry Marine Limited, which
has six boat dealerships including one in Invercargill, has gone
into receivership.
According to the report, receiver Neale Jackson, of Calibre
Partners, said it was a "tough market out there for something like
a boat dealer in the current economic conditions".
Mr. Jackson said Trev Terry Marine dealerships were based at
Invercargill, Taupo, Turangi, Kinloch, Napier, and Wanaka. Each of
the sites had servicing and retail sectors.
The receivers would get control of the business and try to find a
buyer so the dealerships could continue operating, he said.
"That's our aim.
"They are all continuing to trade at the moment and it's our
intention to start a sales process for all of them later [this]
week.
"We will be looking for buyers to take over all of these sites,
either together or individually."
In the meantime, they would trade as normal, he said.
"We have had a bunch of interest already, a number of people have
contacted us and we will be dealing with them and going out to the
market more widely, trying to find someone to take over and
continue with the business."
The Southland Times relates that Mr. Jackson said he would release
information on how much Trev Terry Marine Limited owed when
releasing the first receivers report in about two months.
"There are a number of creditors, as you would expect."
Trev Terry Marine South branch manager Hayden Sayer, in
Invercargill, referred questions to the receiver, the report
notes.
WAIPOPO LIMITED: Orchard Owners Placed Into Receivership
--------------------------------------------------------
The Timaru Herald reports that Waipopo Limited Partnership, the
owner of South Canterbury's Waipopo Orchards, has been placed into
receivership owing millions of dollars to a bank.
The Timaru Herald relates that receiver Malcolm Hollis, of PWC,
said he had been appointed last week and had met with director
James Anderson and staff on Feb. 29.
According to the report, Mr. Hollis said the company had been
struggling financially and was in arrears to a bank which he did
not name.
"I can't discuss the financials, but Waipopo was insolvent."
He said "some millions of dollars" were owed to the bank.
"There were challenges in last season's harvest and a partial crop
failure exacerbated the problem; they were struggling to get
through on limited resources.
"I understand the core issue was the variety they grow, the crisp
American [honeycrisp] variety; there is a surfeit and market prices
were very low.
"We've implemented a process to manage the business."
Besides honeycrisp apples for the North American market, the 80
hectare orchards grew other export apples: royal gala, red
delicious and braeburn, as well as pears.
The Timaru Herald relates that Mr. Hollis said a statutory report
was being prepared, and that would not be available for a couple of
months.
"Ultimately we're focused on the harvest and what happens in the
future, whether it's still a going concern post-harvest."
The most likely scenario was the property would be sold and the
bank repaid, he said.
The Timaru Herald attempted to contact Waipopo Limited Partnership
director James Anderson without success.
"He has been very focused on helping us, and everyone has been very
positive," Mr. Hollis said.
He confirmed harvesting of this season's apples and pears would
start next week.
"The employees got their payroll on Wednesday [Feb. 28], and we're
making sure plans for harvest are in place to get orders picked.
"There are 10 to 12 permanent staff and they will continue, as well
as the season's picking staff. There are no real changes in that."
The emphasis was now on finding markets for this season's crop.
"We're confident they [the apples] will be exported."
In 2011, Waipopo Orchards first exported honeycrisp apples, the
most popular apple in the United States and often called "the
champagne of apples," with a consignment of 50 tonnes.
Waipopo Limited Partnership, a North Island investment group,
bought Waipopo Orchards when brothers Danny and Peter Bennett
retired in 2016.
Claims and enquiries could be made to nz_restructuring@pwc.com.
=================
S I N G A P O R E
=================
3D METALFORGE: Creditors' Proofs of Debt Due on March 20
--------------------------------------------------------
Creditors of 3D Metalforge (USA) Pte. Ltd. are required to file
their proofs of debt by March 20, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Feb. 28, 2024.
The company's liquidator is:
Hubert Jen Wei Chang
c/o AP Transaction Services
138 Cecil Street
#10-01 Cecil Court
Singapore 069538
ASIAN AMERICAN: Creditors' Meeting Set for March 15
---------------------------------------------------
Asian American Healthcare Ventures Pte Ltd will hold a meeting for
its creditors on March 15, 2024, at 10:30 a.m. via Zoom Platform.
Agenda of the meeting includes:
a. to lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
Company;
b. to Appointment of Liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
BNS ASIA: Creditors' Proofs of Debt Due on April 5
--------------------------------------------------
Creditors of BNS Asia Limited are required to file their proofs of
debt by April 5, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 1, 2024.
The company's liquidator is:
Sam Kok Weng
c/o 7 Straits View
Marina One East Tower, Level 12
Singapore 018936
CHEAT DAY: KordaMentha Appointed as Provisional Liquidators
-----------------------------------------------------------
Cameron Duncan and David Kim of KordaMentha on Feb. 29, 2024, were
appointed as Provisional Liquidators of Cheat Day Fitness Concepts
Pte Ltd and Cheat Day Pte Ltd.
The Provisional Liquidators may be reached at:
Cameron Duncan
David Kim
KordaMentha Pte Ltd
16 Collyer Quay, #30-01
Singapore 049318
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.
Wang Qiu filed the petition against the company on Feb. 21, 2024.
The Petitioner's solicitors are:
Rev Law LLC
1D Duxton Hill
Singapore 089587
=====================
S O U T H K O R E A
=====================
TERRAFORM LABS: Calls New Creditor Committee 'Illegitimate'
-----------------------------------------------------------
Reuters reports that lawyers for crypto company Terraform Labs said
March 5 that a newly appointed creditors' committee in its
bankruptcy case is aligned with the U.S. Securities & Exchange
Commission's efforts to "destroy the company" through a lawsuit
over two digital currencies that collapsed in 2022.
According to Reuters, the statements came at a court hearing in
Wilmington, Delaware, where Terraform is trying to get U.S.
Bankruptcy Judge Brendan Shannon to sign off on its decision to
hire the law firm Dentons and pay it a large retainer for its
defense in an upcoming SEC trial.
Reuters relates that Terraform's attorney Ronit Berkovich urged
Shannon to disregard the creditors' committee's request to delay
the hearing, saying the company needs to get its attorneys ready
for the trial scheduled to kick off on March 25th.
A federal judge in December ruled that Terraform Labs and its
founder Do Kwon violated U.S. law by failing to register two
digital currencies whose collapse roiled cryptocurrency markets in
2022, and the upcoming trial will determine how much Terraform will
have to pay, Reuters notes.
Reuters relates that Mr. Berkovich argued that the creditors
selected for the committee were "strangers" who only stepped
forward after "legitimate" creditors had passed on the opportunity.
The creditors are aligned with the SEC's securities fraud theory
and appear willing to "sabotage" Terraform's legal defenses even if
it would "destroy the company," Mr. Berkovich said.
Shannon appeared to be caught off guard by those statements, saying
that Mr. Berkovich's remarks were "news to me" and "hardly
typical." Shannon said that questions about the committee's
legitimacy, as well as the fact members were appointed less than a
week ago, actually argued in favor of a short delay of the
hearing.
According to Reuters, the judge asked Terraform and the committee
to discuss their differences before reconvening on March 5 on the
question of whether Terraform can hire Dentons and pay the firm a
"honking big retainer."
The creditors' committee, appointed on Feb. 29, includes
individuals who say they lost money during the collapse of
Terraform Labs' Terra and Luna cryptocurrencies in 2022.
Reuters says the creditors' committee, the U.S. Trustee, which is
the U.S. Department of Justice's bankruptcy watchdog, and the SEC
had all objected to the hiring of Dentons, pointing out that
Terraform had funneled a large portion of its available cash to the
law firm by paying it a total of $166 million since the start of
2023.
Mr. Berkovich said March 5 that hiring Dentons was worth the price,
because the SEC lawsuit has asserted $40 billion in damages, an
amount that would wipe out Terraform Labs many times over, Reuters
relays.
Aaron Colodny, representing the committee, said at the hearing that
he felt "sandbagged" after asking for a short delay to evaluate
Terraform's spending decisions and understand how much the company
is worth.
"We are not trying to kill the company," Reuters quotes Mr. Colodny
as saying.
Reuters adds that Linda Richenderfer, an attorney for the U.S.
Trustee, said that she was "flabbergasted" by Terraform's attack on
individuals who said they lost money when Terraform's stablecoin,
meant to maintain a 1:1 peg to the U.S. dollar, collapsed to zero
value in 2022.
"What about the people who lost all of this money? It's no
different from any of the other crypto cases," Ms. Richenderfer
said.
About Terraform Labs
Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.
Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.
The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.
Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.
Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor reported between $100 million and $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon oversees the case.
The Debtor is represented by Zachary I Shapiro, Esq., at Richards,
Layton & Finger, P.A.
TERRAFORM LABS: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Terraform
Labs Pte. Ltd.
The committee members are:
1. Celsius Network LLC
c/o Litigation Oversight Committee
Attn: Gerard Uzzi
50 Harrison St., Suite 209F
Hoboken, NJ 07030
Phone: 732-675-9503
Email: guzzi@ghuassociates.com
2. Josh Golder
Attn: Christopher Samis
Potter Anderson & Corroon LLP
1313 N. Market St., 6th Floor
Wilmington, DE 19801
Phone: 302-245-5069
Email: csamis@potteranderson.com
3. Francisco Javier Reina Barragan
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Terraform Labs
Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.
Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.
The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.
Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.
Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor reported between $100 million and $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon oversees the case.
The Debtor is represented by Zachary I Shapiro, Esq., at Richards,
Layton & Finger, P.A.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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