/raid1/www/Hosts/bankrupt/TCRAP_Public/240603.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
Monday, June 3, 2024, Vol. 27, No. 111
Headlines
A U S T R A L I A
AIR VANUATU: Liquidators to Terminate 170 Jobs
AUSTRALIAN LIFE: Second Creditors' Meeting Set for June 5
CENTRE HARDWARE: First Creditors' Meeting Set for June 6
COLLAR TALENT: First Creditors' Meeting Set for June 7
DIXON ADVISORY: AFCA to Expel Company from Membership
GUSTO AUS: HPS Corporate Marks $118.6MM Loan at 35% Off
LION SERIES 2022-1: S&P Raises Class E Notes Rating to BB+ (sf)
MAHERCORP: Halts Agreed Repayments to Some Creditors
MYOB INVEST: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
OCEAN GUARDIAN: First Creditors' Meeting Set for June 5
PARAMOUNT PROPERTY: First Creditors' Meeting Set for June 7
S&W SEED: Narrows Net Loss to $5.5MM in Q3 2024
SNAPSIL AUSTRALIA: First Creditors' Meeting Set for June 6
SPECTRE RETAIL 2022-2: Fitch Assigns 'Bsf' Rating to Class E Notes
TAKEOFF TECHNOLOGIES: Case Summary & 30 Top Unsecured Creditors
VERMONT AUS: HPS Corporate Marks $35MM Loan at 35% Off
C H I N A
CBAK ENERGY: Posts $9.57 Million Net Income in First Quarter
CHINA GEZHOUBA: Moody's Cuts Rating on Perpetual Securities to Ba1
COUNTRY GARDEN: Unit Seeking Exit From Chinese Chipmaker CXMT
FOSUN INTERNATIONAL: S&P Affirms 'BB-' ICR, Outlook Stable
FUTURE FINTECH: Falls Short of Nasdaq Bid Price Requirement
FUTURE FINTECH: Incurs $3.32 Million Net Loss in First Quarter
I N D I A
B.H. COTTON: ICRA Keeps B Debt Rating in Not Cooperating Category
BALIBOINA SIVAPRASAD: CRISIL Keeps D Ratings in Not Cooperating
CAPTAB BIOTEC: CRISIL Keeps D Debt Ratings in Not Cooperating
CONTINUUM GREEN: Fitch Puts 'BB+(EXP)' Rating to Sr. Secured Notes
DWARKADHEESH HAVELI: CRISIL Keeps D Rating in Not Cooperating
GALAXY MACHINERY: CRISIL Keeps D Debt Ratings in Not Cooperating
GARUDA VENKATA: CRISIL Keeps D Debt Rating in Not Cooperating
GAURAV BHARTI: CRISIL Keeps D Debt Rating in Not Cooperating
GREAT VALUE: ICRA Keeps B+ Debt Ratings in Not Cooperating
HLL BIOTECH: ICRA Keeps D Debt Ratings in Not Cooperating
HRM OVERSEAS: ICRA Keeps B Debt Ratings in Not Cooperating
JET AIRWAYS: Says Resolution Plan at Implementation Stage
M.R. OVERSEAS: CRISIL Keeps D Debt Rating in Not Cooperating
MARUTI BARRIER: CRISIL Keeps D Debt Ratings in Not Cooperating
MARUTI GRANITES: CRISIL Keeps D Debt Rating in Not Cooperating
MRIDHUL TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
PARAS FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAIHAN HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating
RAKESH FOLDING: CRISIL Keeps D Debt Ratings in Not Cooperating
RAM KRIPA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
RELIANCE NAVAL: SBI to Sell Guarantees of Naval Promoter
SANT FOODS: ICRA Keeps B Debt Rating in Not Cooperating Category
SHIVAM COTTEX: ICRA Keeps D Debt Ratings in Not Cooperating
TRIMULA INDUSTRIES: ICRA Withdraws C Rating on INR118.84cr Loan
UMAVANSHI INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
UNITECH COTSPIN: ICRA Keeps B Debt Ratings in Not Cooperating
V.N.S. SPINNING: ICRA Keeps B- Debt Ratings in Not Cooperating
ZEE ENTERTAINMENT: NCLT Changes Resolution Professional of Founder
[*] INDIA: Timely Rescue of Firms Pushes IBC Recovery to 49%
N E W Z E A L A N D
ALPHA TRAINING: Court to Hear Wind-Up Petition on July 12
ALPHABUILD NZ: Creditors' Proofs of Debt Due on June 24
EFTPOS OTAGO: First Creditors' Meeting Set for June 10
KBS CAPITAL: Court to Hear Wind-Up Petition on June 27
MALOTIA LIMITED: Creditors' Proofs of Debt Due on June 28
S I N G A P O R E
ALLIANCE OFFSHORE: Commences Wind-Up Proceedings
AQUAGRO PROJECTS: Commences Wind-Up Proceedings
COSMOS GROUP: Narrows Net Loss to $1.1MM in Q1 2024
KERN ASIA: Commences Wind-Up Proceedings
RELIANCE GLOBAL: Creditors' Proofs of Debt Due on June 30
VOACK SINGAPORE: Commences Wind-Up Proceedings
- - - - -
=================
A U S T R A L I A
=================
AIR VANUATU: Liquidators to Terminate 170 Jobs
----------------------------------------------
Australian Aviation reports that Air Vanuatu will shed 170 jobs as
its liquidators restructure the airline in preparation for a
recapitalisation or sale process.
According to Australian Aviation, Ernst & Young Australia (EY
Australia) said it is looking to "right-size the company's cost
base" as it proceeds with an expressions of interest campaign. The
liquidator is currently in discussions to resume "critical routes"
in the short term to minimise the disruption.
"The restructuring at Air Vanuatu today is an unfortunate but
necessary step to give the business the opportunity to bring on
board new investors and capitalise on strong domestic and
international demand for travel. This restructuring attempts to
position Air Vanuatu for growth into the future," the report quotes
Morgan Kelly, partner in strategy and transactions at EY, as
saying. "Despite its significant financial difficulties, the
Liquidators are committed to identifying a solution to Air Vanuatu.
We share the Vanuatuan Government's view of strong demand for
tourism driving international demand, and this to support demand
for key domestic routes."
Air Vanuatu, which employs 441 people, went into voluntary
liquidation in early May, with Ernst & Young estimating it owed at
least US$66 million. Expressions of interest from potential buyers
and investors are due by June 7, Australian Aviation discloses.
"The business has access to international airport slots in
Brisbane, Melbourne, Sydney, Auckland, New Caledonia and Fiji, as
well as owned and leased aircraft and other assets," said EY.
Air Vanuatu has been experiencing maintenance difficulties with its
only jet aircraft, a Boeing 737-800, which has not flown since
January. The airline also operates an ATR 72-600 for inter-island
travel.
In a March statement, Air Vanuatu said it was leaning heavily on
contracted Solomon Airlines flights and another 737 leased from
Nauru Airlines, the report adds.
AUSTRALIAN LIFE: Second Creditors' Meeting Set for June 5
---------------------------------------------------------
A second meeting of creditors in the proceedings of Australian Life
Sciences Pharma Pty Ltd has been set for June 5, 2024 at 2:30 p.m.
held via Zoom.
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 June 4, 2024 at 5:00 p.m.
Antony Resnick and Henry Kwok of dVT Group were appointed as
administrators of the company on May 1, 2024.
CENTRE HARDWARE: First Creditors' Meeting Set for June 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Centre
Hardware Supply (Sales) Pty. Limited will be held on June 6, 2024
at 2:00 p.m. via online meeting.
Mathew Gollant of CJG Advisory was appointed as administrator of
the company on May 28, 2024.
COLLAR TALENT: First Creditors' Meeting Set for June 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of Collar
Talent Group Pty Ltd will be held on June 7, 2024, at 11:00 a.m.
via teleconference only.
David Ingram and David Ross of I & R Advisory were appointed as
administrators of the company on May 27, 2024.
DIXON ADVISORY: AFCA to Expel Company from Membership
-----------------------------------------------------
The Board of the Australian Financial Complaints Authority Ltd
(AFCA) has advised the administrators of Dixon Advisory &
Superannuation Services Pty Ltd that it intends to expel Dixon
Advisory from membership of the AFCA external dispute resolution
scheme.
The administrators have 21 days to make any submissions regarding
the notice of expulsion.
Pending board consideration of any submissions, the expectation is
that the expulsion would take effect on and from June 30, 2024.
The decision to give notice of expulsion was made by the AFCA Board
at the first board meeting to follow the end of Dixon's mandatory
membership of the AFCA scheme.
In cancelling Dixon Advisory's Australian Financial Services
Licence (AFSL) in April 2023, the Australian Securities and
Investments Commission (ASIC) had required it to remain an AFCA
scheme member until at least April 8, 2024. That requirement has
now expired.
Under AFCA's Constitution, proposed membership expulsions must go
before the AFCA Board for consideration and decision.
The AFCA Board will consider any submissions made by Dixon Advisory
at its next board meeting on June 20, 2024, before making its final
decision.
AFCA can only accept complaints about firms that are current
members of the AFCA scheme. Once an AFCA member is expelled, AFCA
cannot accept any new complaints against that former member,
however the expulsion of a member does not prevent AFCA from
considering and finalising complaints received prior to the member
being expelled.
Complaints Received
As at April 30, 2024, AFCA had 2,492 complaints registered for
Dixon Advisory since AFCA's inception at 1 November 2018. AFCA will
continue to receive and investigate complaints while Dixon Advisory
is a current member of AFCA.
Work is well under way, but it will take time to get through the
large number of Dixon complaints. We thank people for their
patience. It is important that this work is conducted with the
rigour that's required.
Dixon Advisory and Superannuation Services Pty Ltd (Subject to Deed
of Company Arrangement)
The Australian Securities and Investments Commission cancelled the
Australian Financial Services Licence held by Dixon Advisory and
Superannuation Services Pty Ltd (Subject to Deed of Company
Arrangement), effective April 5, 2023.
The terms of the cancellation require Dixon Advisory to maintain
membership of AFCA until at least April 8, 2024. This means it will
still be possible to lodge a complaint with AFCA, because Dixon
Advisory remains a member, until at least that time.
ASIC previously informed former clients of Dixon Advisory to
consider lodging complaints with AFCA to preserve possible
eligibility under a potential future Compensation Scheme of Last
Resort (CSLR)
The Federal Government passed legislation for a Compensation Scheme
of Last Resort on June 22, 2023.
Paused Complaints are now Under Investigation
In January 2022, AFCA was advised that Dixon Advisory had been
placed into Voluntary Administration. As a result, AFCA paused
progress of all complaints against Dixon Advisory.
This is in line with our practice for the handling of complaints
involving insolvent firms, including those in Voluntary
Administration. Now that legislation has passed to establish a
CSLR, we have commenced early work to investigate these complaints
and assess if they may be eligible to raise a CSLR claim.
Whether or not a former client of Dixon Advisory is eligible to
raise a claim for compensation will depend on the individual
circumstances of the advice they were given, and the scope of the
CSLR as set out in the legislation.
If a complaint is eligible, AFCA will consider the complaint
further. However, this process will take time due to the large
number of Dixon Advisory complaints lodged with AFCA. If the
complaint is not eligible, AFCA will contact the consumer to
explain why.
GUSTO AUS: HPS Corporate Marks $118.6MM Loan at 35% Off
-------------------------------------------------------
HPS Corporate Lending Fund has marked its $118,623,000 loan
extended to Gusto Aus Bidco Pty Ltd to market at $77,153,000 or 65%
of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in HPS Corporate's Form 10-Q for the quarterly
period ended March 31, 2024, filed with the Securities and Exchange
Commission.
HPS Corporate is a participant in a First Lien Debt to Gusto Aus
Bidco Pty Ltd. The loan accrues interest at a rate of 10.89% (B+
6.50%) per annum. The loan matures on October 30, 2028.
HPS Corporate is a Delaware statutory trust that was formed on
December 23, 2020 and commenced operations on February 3, 2022. The
Company is a non-diversified, closed-end management investment
company that has elected to be regulated as a business development
company under the Investment Company Act of 1940, as amended. The
Company is externally managed by HPS Advisors, LLC a wholly-owned
subsidiary of HPS Investment Partners, LLC. Prior to June 30, 2023,
the Company was externally managed by HPS. The Company has elected
to be treated for federal income tax purposes, and intends to
qualify annually thereafter, as a regulated investment company as
defined under Subchapter M of the Internal Revenue Code of 1986, as
amended.
HPS Corporate is led by Michael Patterson, Chief Executive Officer;
and Robert Busch, Chief Financial Officer. The fund can be reach
through:
Michael Patterson
HPS Corporate Lending Fund
40 West 57th Street, 33rd Floor
New York, NY 10019
Tel: (212) 287-6767
Gusto Aus Bidco Pty Ltd does business as iNova Pharmaceuticals.
iNova develops, markets and sells a range of non-prescription
pharmacy products and prescription medicines to over 20 countries
across Asia.
LION SERIES 2022-1: S&P Raises Class E Notes Rating to BB+ (sf)
---------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee of Lion Series
2022-1 Trust. At the same time, S&P affirmed its ratings on two
classes of notes.
S&P said, "The rating actions reflect our view of the credit risk
of the underlying collateral portfolio, which has been amortizing
in line with our expectations. The current loan-to-value (LTV)
ratio for the pool has decreased as principal has been repaid. As
of March 31, 2024, the pool has a current weighted-average LTV
ratio of 51.3%, weighted-average seasoning of 78.3 months, and pool
factor of about 60.2%. There have been no losses to date for this
portfolio.
"We believe that the credit support provided to each class of notes
is sufficient to withstand the stresses we apply at each respective
rating level. Credit support for the rated notes comprises note
subordination and lenders' mortgage insurance on 10.44% of the
portfolio.
"We expect that the various mechanisms to support liquidity within
the transaction, including principal draws and an amortizing
liquidity reserve, are sufficient to ensure timely payment of
interest. These mechanisms combined are sufficient under our
cash-flow stress assumptions to ensure timely payment of interest
for each class of notes at its respective rating level."
Ratings Raised
Lion Series 2022-1 Trust
Class B: to AA+ (sf) from AA (sf)
Class C: to AA- (sf) from A (sf)
Class D: to A (sf) from BBB (sf)
Class E: to BB+ (sf) from BB (sf)
Ratings Affirmed
Lion Series 2022-1 Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
MAHERCORP: Halts Agreed Repayments to Some Creditors
----------------------------------------------------
Australian Financial Review reports that home builder Mahercorp,
which entered administration in April last year owing AUD75 million
and emerged from it in June, has halted agreed repayments to some
creditors in a move that blows the lid on unauthorised side deals
that may be used to get support for the restructure of an insolvent
company.
Melbourne-based Mahercorp, which sells under the 8 Homes and
Urbanedge Homes brands, put 730 home builds on hold when it went
into voluntary administration, citing the rising cost of materials
and labour.
It came out of administration in June after winning support from
creditors and home buyers - who accepted a 90-day delay and agreed
to pay 6.5 per cent more - for a formal agreement under which it
repaid no more than 2 cents in the dollar to unsecured creditors
owed almost AUD59 million, the Financial Review notes.
Outside of the formal deed of company arrangement, however, were
side deals that director Steve Maher reached with individual
creditors to pay them back at a higher rate than the formal deed
indicated, in exchange for them continuing to supply, or work with,
the builder, according to the Financial Review.
Such deals done by a director without the authority of
administrators are invalid under the Corporations Act. And as
Mahercorp creditors discovered, side arrangements leave them
exposed if a company cannot - or will not - meet the payments it
promised them, the Financial Review says.
In February, after making a handful of payments to creditors, which
were supposed to continue for many months, Mahercorp stopped,
initially citing "material misstatements" and "breaches" in
invoices by creditors. In March, the company, through its lawyers,
then started demanding money back that it had already paid.
"[The director] had no authority," one letter seen by The
Australian Financial Review said. "Our client [Mahercorp] never had
any obligation to make any payment . . . as a result, payments made
by our client . . . were the result of a mistake of law."
According to the Financial Review, the letter said Mahercorp would
not make any further payments and demanded a return within seven
days of funds it had already paid out.
Although informal side deals may offer a way for a director to win
support for a restructuring proposal, the Mahercorp case shows they
can leave creditors out in the cold. They are also common practice,
one insolvency practitioner said.
"This often happens," the industry veteran said. "There's a lot
going on under the water you don't see."
Speaking generally, the Australian Restructuring Insolvency and
Turnaround Association said the unauthorised practice breached
corporate laws.
"Deals on behalf of the company are a breach of section 198G of the
Corporations Act, which sets out that no person can exercise or
perform, or must not purport to exercise or perform, a function or
power as an officer of the company, except with the administrator's
written approval," the Financial Review quotes ARITA chief
executive John Winter as saying.
"This is obviously bad practice and if they do happen, we would
certainly be concerned if ARITA members were involved in them."
A creditor would have no power to enforce any such side agreement,
Mr. Winter said.
According to the Financial Review, Mahercorp's deed of company
arrangement, which says unsecured creditors would get only 1 cent-2
cents in the dollar, is the legally enforceable document setting
conditions for the turnaround of the company out of
administration.
However, an annex to the deed citing conditions to be met as
conditions of the formal proposal lists agreement with suppliers as
one of those conditions.
"The conditions precedent to the effectuation of the [deed of
company arrangement] are . . . written agreement from certain
suppliers and tradespersons (identified by the proponent to the
deed administrators in writing) to continue the provision of
services and supply to Mahercorp on terms satisfactory to the
proponent," the document said.
The proponent of the restructure plan in the deed of company
arrangement is listed as Jaskalil Pty Ltd, an entity directed by
Mr. Maher, not Mr. Maher himself.
A spokesman for the Australian Securities and Investments
Commission said transactions purportedly made on behalf of a
company under administration by anyone other than the administrator
were void, and that a side deal sought by the director of a company
in that capacity could breach the Corporations Act.
"It's important that creditors know that if a company they are
involved with is in voluntary administration, only transactions and
deals entered into by and with the administrator or ordered by the
court are valid," he said.
"While there is no statutory requirement for voluntary
administrators to ensure that no side deals are entered into,
administrators can remind creditors in meetings and reports that
any such side deals are void under law."
The Financial Review contacted administrators CorCordis asking if
it was aware of the repayment arrangements made with creditors
separate from the formal restructuring proposal. It did not reply.
In letters sent to creditors in February, seen by the Financial
Review, Mahercorp cited "material misstatements" and "breaches" in
invoices by creditors and asked them to resubmit pre-administration
invoices, even though those debts had been accepted and recorded by
the CorCordis administrators during the administration period.
In March, citing "material errors" worth more than AUD2 million,
Julian Kirzner, a director of restructuring company Mawson –
which took a stake in Mahercorp as part of the exit from
administration – said the company would halt all repayments for
three months.
The Financial Review adds Mahercorp said it was renegotiating
payments with suppliers.
"Right now, in response to a tougher housing market, we are
currently renegotiating payment terms with our suppliers," it
said.
"This includes repayments for work preceding [voluntary
administration]. Given the changing competitive environment in the
building sector, these negotiations make commercial sense as they
will enable us to better manage cash flow and secure better prices
that we can pass on to our customers."
It also said it was being pressured by suppliers who had not been
paid.
"A handful of suppliers have not met the performance standards
agreed to, giving us no choice but to exit them from the business,"
Mahercorp said.
"We are not going to pay for substandard work or incomplete jobs,
and we are not going to give in to threats."
MYOB INVEST: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Ratings has affirmed the B3 corporate family rating of MYOB
Invest Co Pty Ltd. At the same time, Moody's has affirmed the B3
senior secured rating of MYOB's first lien secured term loan B
(TLB) and delayed-draw first lien senior secured TLB facility.
Moody's has changed the outlook on all ratings to negative from
stable.
RATINGS RATIONALE
The affirmation of MYOB's B3 rating reflects the issuance of an
AUD229 million incremental first lien term loan B. The additional
financing improves the company's liquidity profile to address its
2024 funding requirements and allows for the repayment of the
company's outstanding second lien debt reducing the group's average
cost of debt. The term loans PIK-toggle feature also creates
additional financial flexibility for MYOB.
At the same time, the negative outlook reflects increasing
refinancing risks related to its outstanding first lien term loans
which total approximately AUD1 billion equivalent due in May 2026.
The company's high debt load and concentrated debt maturity profile
heighten the risk of debt restructuring and associated liquidity
challenges as these facilities approach maturity. Liquidity risk
management is a key component of financial strategy and risk
management under Moody's governance risk assessment and therefore
governance is a factor in rating action.
MYOB's B3 rating also continues to reflect (1) its strong position
in the provision of accounting and business software to small and
medium enterprises (SMEs) in Australia and New Zealand; (2) the
essential and mission-critical nature of its products to its
clients; and (3) its successful migration to cloud accounting
software, which enhances recurring revenues and customer
retention.
The company's credit profile remains constrained by increasing
competition in the Australian and New Zealand markets, high
financial leverage, and Moody's expectation of thin or negative
free cash flow, largely as a result of its significant research and
development (R&D) expenses.
MYOB's financial profile is characterized by high, but reducing,
financial leverage and negative free cash flow given the number of
its growth initiatives over the past few years. With the company's
subsequent growth in earnings, Moody's-adjusted debt/EBITDAC (with
R&D expenses capitalized) was approximately 7.5x in the year ended
December 31, 2023 (fiscal 2023), down from 7.7x in fiscal 2022
(adjusted for one-off project costs), and in line with the B3
rating trigger of 7.5x. Moody's expects continued earnings growth
will result in deleveraging, with debt/EBITDAC between 5.2x –
5.7x over the next 12-18 months.
The company's reliance on external funding to meet its near-term
obligations further constrains its credit profile. In May 2024,
MYOB secured additional liquidity with an AUD229 million
incremental first lien TLB. The TLB, together with non-core asset
divestment proceeds and available cash balances, will fund the
repayment of its AUD170 million second lien TLB (due May 2027), the
Flare HR management earnout, and IT modernization initiatives in
2024.
RATING OUTLOOK
The negative outlook reflects Moody's assessment that, in light of
its substantial debt burden, MYOB faces escalating refinancing
risks related to its AUD1 billion equivalent of outstanding first
lien term loan B maturities, scheduled for repayment in 2026.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
MYOB's ESG Credit Impact Score of (CIS-4) indicates the rating is
lower than it would have been if ESG risk exposures did not exist.
This reflects the company's private equity ownership, which can
result in prioritization of shareholder interests over creditor
interests, such as more aggressive growth plans and strategies,
including a tolerance for higher debt and leverage. MYOB's
governance Issuer Profile Score (IPS) of (G-5) reflects increased
refinancing risk associated with its first lien debt maturities due
in May 2026, and the company's private equity ownership, which can
result in prioritization of shareholder interests over creditor
interests. However, MYOB's shareholder KKR has established a track
record of providing equity capital support for growth initiatives.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A ratings upgrade is unlikely in the near term given then negative
outlook, however the outlook could return to stable if MYOB
sufficiently addresses its near term refinancing risks, while
underlying business performance improves in line with Moody's base
case expectations.
Over the longer term, positive ratings pressure could emerge if
MYOB's earnings continue to improve, such that its adjusted
leverage on an EBITDAC basis (where capitalized R&D costs are not
expensed) is sustained below 6.0x and free cash flow (FCF) to debt
is above 3.0% on a sustained basis.
Downward ratings pressure could emerge if (1) MYOB does not
refinance its AUD1 billion equivalent of outstanding loans well in
advance of its May 2026 maturity, (2) its adjusted leverage on an
EBITDAC basis exceeds 7.5x over the next 12 to 18 months; (3) its
interest coverage, defined as (EBITDA – CAPEX) / Interest
Expense, deteriorates further, and/or (4) the company's financial
sponsor pursues aggressive debt-funded acquisitions and/or capital
distributions.
LIQUIDITY
Moody's expects the company to maintain adequate liquidity over the
next 12-18 months. The agency expects MYOB to use available cash
balances, its recently secured incremental first lien TLB of AUD229
million and non-core asset sales to fund its near-term
commitments.
The company's funding requirements through 2024 include the
management earnout for MYOB's acquisition of Flare HR in fiscal
2022 and IT modernization initiatives. Furthermore, Moody's expects
MYOB to repay the outstanding AUD170 million second lien term loan
(due May 2027).
The company also has an AUD43.475 million revolving credit
facility, with undrawn availability, and is set to expire in
February 2026. MYOB's term loans totaling AUD1 billion equivalent
are due in May 2026.
Moody's expects the company to maintain headroom against its
springing covenant, a 7.35x first lien net leverage ratio, which is
effective once the revolver is drawn more than 35%.
METHODOLOGY
The principal methodology used in these ratings was Software
published in June 2022.
COMPANY PROFILE
MYOB Invest Co Pty Ltd (MYOB) is an Australian accounting software
company that operates in three main segments, namely SMEs,
accounting practices, and enterprise and payments.
OCEAN GUARDIAN: First Creditors' Meeting Set for June 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Ocean
Guardian Holdings Limited and Shark Shield Pty Ltd will be held on
June 5, 2024 at 10:00 a.m. at the offices of Emerson Lewis Lawyers
at Suite 1, Level 10, 6 O'Connell Street in Sydney and virtually
Via Microsoft Teams.
Olga Litosh of Quartz Advisory was appointed as administrator of
the company on May 24, 2024.
PARAMOUNT PROPERTY: First Creditors' Meeting Set for June 7
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Paramount
Property Pty. Limited. will be held on June 7, 2024 at 10:00 a.m.
at the offices of JLA Insolvency & Advisory at Level 13, 50
Margaret Street in Sydney.
Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on May 28, 2024.
S&W SEED: Narrows Net Loss to $5.5MM in Q3 2024
-----------------------------------------------
S&W Seed Company filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $5.5 million on $18.3 million of revenue for the three months
ended March 31, 2024, compared to a net loss of $32.1 million on
$17.7 million of revenue for the same period in 2023.
For the nine months ended March 31, 2024, the Company reported a
net loss of $17.9 million on $45.6 million of revenue, compared to
a net income of $21.6 million on $50.5 million of revenue for the
nine months ended March 31, 2023.
The Company's Gross profit margin for the third quarter of fiscal
2024 was 27.4%, an improvement from 25.1% in the third quarter of
fiscal 2023.
GAAP operating expenses were $7.7 million for the third quarter of
fiscal 2024 compared to GAAP operating expenses of $8.3 million for
the third quarter of fiscal 2023.
A $38.3 million gain was recognized in the third quarter of fiscal
2023 related to the formation of Vision Bioenergy Oilseeds LLC, or
Vision Bioenergy, a biofuel production partnership with Equilon
Enterprises LLC (dba Shell Oil Products US, or Shell). Adjusted
EBITDA was ($1.2) million for the third quarter of fiscal
2024 compared to ($0.4) million for the third quarter of fiscal
2023.
The Company received $6 million payment from Shell in February 2024
as additional consideration related to the formation of Vision
Bioenergy in February 2023. Received $1 million payment from
Trigall Genetics S.A., or Trigall, in January 2024 as additional
consideration related to the sale of 80% interest in Trigall
Australia Pty Ltd., or Trigall Australia, a wheat development
partnership, in December 2022. Received additional $0.4 million
from Trigall in May 2024 for the sale of remaining 20% interest in
Trigall Australia and assets used in the partnership.
Management Discussion
"S&W's commercial launch of Double Team has gone exceedingly well,
with expectations for the proprietary, high-value sorghum trait
technology to be planted on more than 10% of all sorghum acres in
the United States in 2024," commented S&W Seed Company's CEO, Mark
Herrmann. "This rapid adoption of our high margin solution (Double
Team has gross margins of greater than 60%) in just three years
since its initial introduction has led to a strong improvement in
company-wide gross margins, with year to date margins of 29.2%
compared to 23.2% in the previous year. As total revenue in the
future continues to shift more towards our robust sorghum
technology portfolio, including product line extensions and new
technology offerings planned over the next year, we expect to see
continued margin expansion in support of our near-term goal of
profitability."
"While the Americas sorghum technology and forage businesses
continue to meet all expectations, we are experiencing challenges
to our international operations due to the expanding conflicts in
the Middle East North Africa, or MENA, region we discussed last
quarter. The war in Ukraine, the Sudan Civil War, and expanding
geopolitical disruptions have caused the transition of many alfalfa
growers in the MENA region to plant wheat this upcoming season and
have caused disruptions to normal farming operations and seed
distribution channels. The situation in the MENA region has
worsened during the past quarter. The Department of Ministry in
Saudi Arabia has recently discontinued their approval of import
permits for all forages, which includes alfalfa and all grasses, as
a means of water conservation. As these barriers of entry worsen in
the MENA region, we expect to see an impact of approximately $6.0
to $7.0 million in revenue from our previously stated guidance.
This decrease is within our mid-margin alfalfa products and will
affect both volume and pricing expectations on a go-forward basis
globally for the remainder of fiscal 2024."
"As we have signaled in our previous earnings call, we have seen a
shortage in supply within our Australia Pasture products, which has
limited our ability to meet demand in Australia. This will result
in a $3.0 to $4.0 million revenue reduction in the third and fourth
quarters of fiscal 2024 within our low margin pasture products."
"These challenges on our sales expectations will result in
approximately a $1.0 to $1.5 million decrease in our adjusted
EBITDA expectations for fiscal 2024, which includes an offset in
our cost savings within our operations organization and other
operating expenses on the efficiencies and synergies executed
globally earlier in fiscal 2024. Further, we enhanced our cash
position through the receipt of $6.0 million in new, non-dilutive
payments received during the third fiscal quarter from Shell for
our biofuels partnership, and $1.4 million from Trigall related to
the sale of our interest in Trigall Australia and assets used in
the partnership."
"Beyond our current initiatives, including achieving rapid adoption
of our commercial Double Team Grain and Forage sorghum technology
solutions, we are focused on executing on a number of potential
future growth drivers. The first is our plan to launch a new
sorghum trait technology product in the United States expected to
be commercially introduced--Prussic Acid Free. We also plan to
introduce our first "stacked trait" by combining Double Team and
Prussic Acid Free into a single seed option to add value for
farmers and improve profitability for the Company. We expect to
then expand internationally further through branded and licensing
(Australia & Mexico) and through licensing agreements in other key
international sorghum markets (Brazil & Argentina). We expect these
initiatives will contribute to, and benefit from, anticipated
global growth in sorghum acres over the next decade driven by a
step change in productivity compared to competing crops, such as
corn, which are less adapted for acres with limited water and
higher temperatures. I am incredibly optimistic for the future
opportunities we have in front of us to transform the sorghum
industry."
A full-text copy of the Company's Form 10-Q is available at
https://tinyurl.com/49n8bcea
About S&W Seed Co.
Longmont, Colo.-based S&W Seed Company is a global multi-crop,
middle-market agricultural company that is principally engaged in
breeding, growing, processing and selling agricultural seeds. The
Company operates seed cleaning and processing facilities, which are
located in Texas, New South Wales and South Australia. The
Company's seed products are primarily grown under contract by
farmers. The Company is currently focused on growing sales of their
proprietary and traited products specifically through the expansion
of Double TeamTM for forage and grain sorghum products, improving
margins through pricing and operational efficiencies, and
developing the camelina market via a recently formed partnership.
As of March 31, 2024, the Company has $133.2 million in total
assets, $76.4 million in total liabilities, and total stockholders'
equity of $51.2 million. As of December 31, 2023, the Company had
$143.7 million in total assets, $81.4 million in total liabilities,
$5,518,624 in mezzanine equity, and $56.8 million in total
stockholders' equity.
S&W Seed cautioned in its Form 10-Q Report for the quarterly period
ended December 31, 2023, that its operating and liquidity factors
raise substantial doubt regarding the Company's ability to continue
as a going concern. According to the Company, it is not profitable
and has recorded negative cash flows for the last several years.
For the six months ended December 31, 2023, the Company reported a
net loss of $12.5 million. While the Company did report net cash
provided by operations of $1.4 million for the six months ended
December 31, 2023, it expects this to be negative in fiscal 2024.
The positive cash flow in operations for the six months ended
December 31, 2023, was largely due to changes in operating assets
and liabilities. As of December 31, 2023, the Company had cash on
hand of $1.1 million. The Company had $2.4 million of unused
availability from its working capital facilities as of December 31,
2023.
Additionally, the Company's Amended and Restated Loan and Security
Agreement, or the Amended CIBC Loan Agreement, with CIBC Bank USA,
or CIBC, and its debt facilities with National Australia Bank, or
NAB, under the NAB Finance Agreement, contain various operating and
financial covenants. Adverse geopolitical and macroeconomic events
and other factors affecting the Company's results of operations
have increased the risk of the Company's inability to comply with
these covenants, which could result in acceleration of its
repayment obligations and foreclosure on its pledged assets. The
Amended CIBC Loan Agreement as presently in effect requires the
Company to meet minimum adjusted EBITDA levels on a quarterly basis
and the NAB Finance Agreement includes an undertaking that requires
the Company to maintain a net related entity position of not more
than USD$18.5 million and a minimum interest cover ratio at each
fiscal year-end. As of December 31, 2023, the Company was in
compliance with the CIBC minimum adjusted EBITDA covenant as well
as the NAB net related entity position covenant. While the Company
was in compliance with these covenants, there can be no assurance
the Company will be successful in meeting its covenants or securing
future waivers or amendments from its lenders. Currently, the
Company does not expect to meet certain of these covenants in
fiscal 2024. If the Company is unsuccessful in meeting its
covenants or securing future waivers or amendments from its lenders
and cannot obtain other financing, it may need to reduce the scope
of its operations, repay amounts owed to its lenders or sell
certain assets. Further, if the Company cannot renew or obtain
other financing when its two major debt facilities with CIBC and
NAB expire on August 31, 2024, and March 31, 2025, respectively, it
may need to reduce the scope of its operations, repay amounts owed
to its lenders or sell certain assets.
SNAPSIL AUSTRALIA: First Creditors' Meeting Set for June 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Snapsil
Australia Pty Ltd (formerly trading as Snapsil Corporation & Sands
Innovations Ltd, Sands Innovations Pty Ltd, Snapsil Corporation)
will be held on June 6, 2024, at 10:00 a.m. via virtual
facilities.
Christopher John Baskerville of Jirsch Sutherland was appointed as
administrator of the company on May 27, 2024.
SPECTRE RETAIL 2022-2: Fitch Assigns 'Bsf' Rating to Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings to Spectre Retail Warehouse
Trust 2022-2's pass-through floating-rate notes. The warehouse
transaction consists of notes backed by a pool of first-ranking
Australian automotive lease and loan receivables originated by
Angle Auto Finance Pty Ltd (AAF). The notes were issued by
Perpetual Corporate Trust Limited as trustee for Spectre Retail
Warehouse Trust 2022-2. This is a separate and distinct series
created under a master trust deed.
Entity/Debt Rating
----------- ------
Spectre Retail
Warehouse Trust
2022-2
A LT NRsf New Rating
B LT Asf New Rating
C LT BBBsf New Rating
Commission Notes LT NRsf New Rating
D LT BBsf New Rating
E LT Bsf New Rating
Junior Notes LT NRsf New Rating
KEY RATING DRIVERS
Stress Commensurate with Ratings: Fitch derived product-specific
default base-case expectations for novated leases, consumer loans
and commercial loans. Its default assumptions (and 'Asf' default
multiples) are 1.00% (4.7x), 3.50% (3.3x) and 3.25% (3.5x) for each
sub-pool, respectively. The recovery base case is 35.0%, with an
'Asf' recovery haircut of 30.0%, across all sub-pools.
The transaction's eligibility criteria and portfolio parameters
shaped the proxy portfolio used to drive the asset analysis. The
proxy portfolio reflects the assumption that the portfolio's
characteristics may migrate towards the limits during the
availability period, including limits on products, asset type and
obligor size and concentration. The pool parameters floor novated
leases at 30% and with no parameter flooring consumer or commercial
loans, Fitch assumed the remaining 70% was all consumer loans. The
weighted-average (WA) base-case default assumption was 2.8% and the
'Asf' default multiple was 3.7x.
Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes during 2022-2023. GDP
expanded by 1.5% in 2023 and unemployment was 4.1% in April 2024.
Fitch expects GDP growth to slow slightly to 1.4% and unemployment
to rise to 4.2%. This reflects Fitch's anticipated effects of
China's property downturn and the impact of recent monetary
tightening on consumer spending.
Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, and will amortise in line with an amortisation
schedule. Its repayment limits the availability of excess spread to
cover losses, as it ranks senior in the interest waterfall, above
all other notes.
Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments (base case 15%),
interest-rate movements and default timing. All notes have passed
relevant rating stresses. The transaction includes an interest-rate
swap with a fixed schedule. This allows for over- or under-hedging,
depending on the level of prepayments and defaults.
Structural Risk Addressed: The transaction features an availability
period ending October 2025 with the ability to extend. It is bound
by stop funding and amortisation triggers to mitigate risk from
potential losses. Included, among other triggers, is a stop funding
trigger that ensures the availability of sufficient excess spread.
During amortisation, principal is paid sequentially until each note
is repaid in full. Counterparty risk is mitigated by documented
structural mechanisms that ensure remedial action takes place
should the ratings of the swap provider or transaction account bank
fall below a certain level.
Low Operational and Servicing Risk: All receivables are originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
back-up servicing arrangements. The nominated back-up servicer is
Perpetual Corporate Trust. Fitch undertook an operational review
and found that the operations of the originator and servicer were
comparable with those of other auto lenders.
No Residual Value Risk: There is no residual value exposure in this
transaction. However, pool parameters allow for a WA balloon amount
of up to 40% as a percentage of the initial loan value of
receivables with balloons.
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 credit enhancement
available to the notes.
Downgrade Sensitivities
Unanticipated increases in the frequency of defaults and decreased
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.
The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- defaults or recoveries - are modified, while holding others
equal. The modelling process uses the modification of default and
loss assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.
Notes: B / C / D / E
Rating: Asf / BBBsf / BBsf / Bsf
10% defaults increase: A-sf / BBB-sf / BBsf / less than Bsf
25% defaults increase: BBB+sf / BB+sf / BB-sf / less than Bsf
50% defaults increase: BBBsf / BBsf / Bsf / less than Bsf
10% recoveries decrease: Asf / BBB-sf / BBsf / Bsf
25% recoveries decrease: Asf / BBB-sf / BBsf / less than Bsf
50% recoveries decrease: A-sf / BB+sf / BB-sf / less than Bsf
10% defaults increase / 10% recoveries decrease: A-sf / BBB-sf /
BB-sf / less than Bsf
25% defaults increase / 25% recoveries decrease: BBB+sf / BBsf /
B+sf / less than Bsf
50% defaults increase / 50% recoveries decrease: BBB-sf / B+sf /
less than Bsf / less than Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
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.
Notes: B / C / D / E
Rating: Asf / BBBsf / BBsf / Bsf
10% defaults decrease / 10% recoveries increase: A+sf / BBB+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 reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Overall, 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.
TAKEOFF TECHNOLOGIES: Case Summary & 30 Top Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: Takeoff Technologies, Inc.
203 Crescent Street
Suite 203
Waltham, Massachusetts 02453
Business Description: Founded in 2016 by a group of former grocery
executives, the Debtors operate one of the
leading eGrocery, micro-fulfillment solution
companies in the world. The Debtors'
business model centers around the sale,
subsequent maintenance, and support of the
equipment and software needed to operate
micro-fulfillment centers -- i.e., small,
automated, robotic warehouses called
micro-fulfillment centers, either placed in
grocery stores or near the end-shoppers.
Chapter 11 Petition Date: May 30, 2024
Court: United States Bankruptcy Court District of Delaware
Six affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Takeoff Technologies, Inc. (Lead Case) 24-11106
Takeoff Technologies Canada, Inc. 24-11107
Takeoff Technologies Australia Pty Ltd. 24-11108
Takeoff Technologies FZE 24-11109
Takeoff International Subco India Pvt Ltd. 24-11110
Takeoff International Subco, LLC 24-11111
Judge: TBA
Debtors'
General
Bankruptcy
Counsel: Justin Bernbrock, Esq.
Robert B. McLellarn, Esq.
SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
321 North Clark Street, 32nd Floor
Chicago, Illinois 60654
Tel: (312) 499-6300
Fax: (312) 499-6301
Email: jbernbrock@sheppardmullin.com
rmclellarn@sheppardmullin.com
- and -
Alexandria G. Lattner, Esq.
650 Town Center Drive, 10th Floor
Costa Mesa, California 92626
Tel: (714) 513-5100
Fax: (714) 513-5130
Email: alattner@sheppardmullin.com
Debtors'
Local
Bankruptcy
Counsel: Joseph M. Mulvihill, Esq.
Shella Borovinskaya, Esq.
Kristin L. McElroy, Esq.
YOUNG, CONAWAY, STARGATT & TAYLOR LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: jmulvihill@ycst.com
sborovinskaya@ycst.com
kmcelroy@ycst.com
Debtors'
Financial &
Restructuring
Advisor: HURON CONSULTING SERVICES LLC
Debtors'
Investment
Banker: HURON TRANSACTION ADVISORY LLC
Debtors'
Notice,
Claims &
Ballot
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $10 million to $50 million
The petitions were signed by Brett M. Anderson as deputy chief
restructuring officer.
A copy of the Debtor's petition is now available for download.
Follow this link to get a copy today https://www.pacermonitor.com.
List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. KNAPP, Inc. Trade $9,777,415
2124 Barrett Park Drive
Suite 100
Kennesaw, GA 30144
Attn: Gerald Hofer, Chief Executive Officer
PHONE: (678) 388-2880
EMAIL: william.stenger@knapp.com
2. Hy-Vee, Inc. Trade
$7,051,526
5820 Westown Parkway
West Des Moines, IA 50266-8223
Attn: Jeremy Gosch, Chief Executive Officer
PHONE: (515) 267-2800
EMAIL: jgosch@hy-vee.com;
ProductInquiry@hy-vee.com
3. KNAPP Systemintegration GmbH Trade $2,102,492
WlaltenbachstraBe 9
Leoben, Leoben 8700
Austria
Attn: Gerald Hofer, Chief Executive Officer
PHONE: +43 5 04953 0
EMAIL: ksi.aviso@knapp.com
4. Associated Wholesale Grocers, Inc. Trade $1,650,000
5000 Kansas Avenue
Kansas City, KS 66106
Attn: James Neumann, Senior Vice President
PHONE: (913) 288-1000
5. Gunderson Dettmer Stough Trade $214,888
Villeneuve Franklin & Hachigan, LLP
550 Allerton St.
Redwood City, CA 94063
ttn: Jeffrey P. Higgins,
Managing Partner & Dom Barnett †Controller
PHONE: (650) 321-2400
EMAIL: jhiggins@gunder.com;
dbarnett@gunder.com
6. Doit International USA Inc Trade $210,354
5201 Great America Pkwy, Ste. 320
Santa Clara, CA 95054
Attn: Vadim Solovey, Chief Executive Officer
PHONE: +972 54-289-9342; (408) 831-3500
EMAIL: billing@doit-intl.com
7. Ricoh USA, inc. Trade $114,164
300 Eagleview Boulevard, Suite 20
Exton, PA 19341
Attn: Carsten Bruhn, President and CEO
PHONE: (610) 296-8000
EMAIL: nicole.hinchey@ricoh-usa.com
8. The Siemon Company Trade $79,293
101 Siemon Company Drive
Watertown, CT 06795
Attn: Henry Siemon, President & CEO
PHONE: (860) 945-4200
EMAIL: accounts_receivable@siemon.com
9. invenia Trade $56,250
30 Sovereign Street
2nd Floor
Leeds, England LS1 4BA
United Kingdom
Attn: Jenny Barber - Finance Manager
PHONE: +44 20 8132 6898
EMAIL: jbarber@inveniagroup.com
10. PrepRite By Everidge Trade $49,238
15600 37th Ave N #100
Plymouth, MN 55446
Attn: Chris Kahler, President and Chief Executive Officer
PHONE: (888) 227-1629
EMAIL: ar@everidge.com
11. Brilyant IT Solutions Pvt Ltd Trade $45,760
New Municipal No. 139, HAL Airport Road
Bengaluru (Bangalore) Urban, Karnataka 560008
India
Attn: Suresh Reddy, CEO
PHONE: +91 9739851757
EMAIL: debabrata.pattnaik@brilyant.com
lphani@brilyant.com
12. BDO USA LLP Trade $27,800
1 International Place
4th Floor
Boston, MA 02110
Attn: Wayne Berson, Principal,
Chief Executive Officer & Bob Kender,
IT RAS Managing Director
PHONE: (617) 422-0700
EMAIL: arlockbox@bdo.com; wberson@bdo.com
13. Oracle Netsuite Trade $24,064
2300 Oracle Parkway
Austin, TX 94065
Attn: Evan Goldberg, Executive Vice President
PHONE: (571) 831-7379
EMAIL: collectionsteam_us@oracle.com
14. LinkedIn Corporation Trade $20,793
1000 W Maude Ave
Sunnyvale, CA 94085
Attn: Ryan Roslansky,
Chief Executive Officer & Megan Straub,
Account Director
PHONE: (415) 913-2863
EMAIL: mstraub@linkedin.com,
arâ€receipts@linkedin.com
15. Upshop Trade $20,000
401 East Jackson Street
Suite 3300
Tampa, FL 33602
Attn: Shamus Hines, Chief Executive Officer
PHONE: (813) 849-1818
EMAIL: accounting@applieddatacorp.com
16. Postman Trade $18,552
201 Mission Street Suite 2375
San Francisco, CA 94105
Attn: Abhinav Asthana, CEO and co-founder
PHONE: (415) 796-6470
EMAIL: info@postman.com; abhinav@postman.com
17. ChartHop, Inc. Trade $18,453
130 Shore Road
Ste. 350
Port Washington, NY 11050â€2205
Attn: Ian White, Chief Executive Officer
PHONE: (315) 992-8086
EMAIL: billing@charthop.com
18. Wrike Trade $16,893
70 N. 2nd Street
San Jose, CA 95113
Attn: President or General Counsel
PHONE: (650) 318-3551
EMAIL: ar@team.wrik
19. Perfect Packet LLC Trade $12,839
115 East First Street,
Suite 2E
Hinsdale, IL 60521
Attn: Zach Mau Co-Founder
PHONE: (773) 598-7280
EMAIL: contact@perfect-packet.com
20. JAMF Software, LLC Trade $10,000
100 Washington Ave S
Suite 1100
Minneapolis, MN 55401
Attn: John Strosahl, Chief Executive Officer
PHONE: (612) 605-6625
EMAIL: receivables@jamf.com; info@jamf.com
21. Morgan, Brown & Joy, LLP Trade $7,922
200 State Street,
Boston, MA 02109-2605
Attn: Jaclyn L. Kugell - Managing Partner
PHONE: (617) 523-6666
EMAIL: jkugell@morganbrown.com
22. Schenker Australia Pty Ltd Trade $7,820
72â€80 Bourke Road
Alexandria, New South Wales
Australia
Attn: Jochen Thewes, Chief Executive Officer
PHONE: (02) 9333 0496
EMAIL: rasul.chepuwala@dbschenker.com;
jochen.thewes2@dbschenker.com
23. LinkEx, Inc. Trade $5,441
3535 N Houston School Rd
Suite 200
Lancaster, TX 75134
Attn: David Miller, Vice President and General Manager
PHONE: (678) 690-5117
EMAIL: info@linkex.us
24. Lando & Anastasi, LLP Trade $5,249
60 State Street
23rd Floor
Boston, MA 02109
Attn: John N. Anastasi, Partner
PHONE: (617) 395-7000
EMAIL: accounting@lalaw.com
25. RSM Australia Pty Ltd Trade $5,179
60 Castlereagh Street
Level 13
Sydney, New South Wales
Australi
Attn: Jamie O'Rourke, National Chairman
PHONE: +61 2 8226 4500
EMAIL: brooke.easton@rsm.com.au; jamie.orourke@rsm.com.au
26. Baker Tilly US, LLP Trade $5,022
10 Terrace Court
PO Box 7398
Madison, WI 53707-7398
Attn: Adam L. Grinde, CPA, Managing Partner
PHONE: (608) 249-6622
EMAIL: eâ€invoice@bakertilly.com
27. iDeals Trade $4,621
815 N Royal Street
Suite 202
Alexandria, VA 22314
Attn: President or General Counsel
PHONE: 1 (800) 471-5636
EMAIL: accounts.receivable@idealscorp.com
28. Pitch Public Relations, LLC Trade $3,600
1820 E Ray Rd
Chandler, AZ 85225
Attn: Ann Noder, CEO/President
PHONE: (480) 263-1557
EMAIL: ann@pitchpublicrelations.com
29. Peach Labs, Inc. Trade $3,569
108 S Jackson St
Suite 300
Seattle, WA 98104
Attn: Nishant Singh, Co-Founder & CEO
PHONE: (619) 736-6036
EMAIL: hello@peachd.com
30. ClearCompany LLC Trade $3,244
200 Clarendon St.
Floor 49
Boston, MA 02116
Attn: Andre Lavoie, CEO and Co-Founder
PHONE: (617) 938-3801
EMAIL: billing@clearcompany.com; info@clearcompany.com
VERMONT AUS: HPS Corporate Marks $35MM Loan at 35% Off
------------------------------------------------------
HPS Corporate Lending Fund has marked its $35,035,000 loan extended
to Vermont Aus Pty Ltd to market at $22,824,000 or 65% of the
outstanding amount, as of March 31, 2024, according to a disclosure
contained in HPS Corporate's Form 10-Q for the quarterly period
ended March 31, 2024, filed with the Securities and Exchange
Commission.
HPS Corporate is a participant in a First Lien Debt to Vermont Aus
Pty Ltd. The loan accrues interest at a rate of 10.14% (B+ 5.75%)
per annum. The loan matures on March 23, 2028.
HPS Corporate is a Delaware statutory trust that was formed on
December 23, 2020 and commenced operations on February 3, 2022. The
Company is a non-diversified, closed-end management investment
company that has elected to be regulated as a business development
company under the Investment Company Act of 1940, as amended. The
Company is externally managed by HPS Advisors, LLC a wholly-owned
subsidiary of HPS Investment Partners, LLC. Prior to June 30, 2023,
the Company was externally managed by HPS. The Company has elected
to be treated for federal income tax purposes, and intends to
qualify annually thereafter, as a regulated investment company as
defined under Subchapter M of the Internal Revenue Code of 1986, as
amended.
HPS Corporate is led by Michael Patterson, Chief Executive Officer;
and Robert Busch, Chief Financial Officer. The fund can be reach
through:
Michael Patterson
HPS Corporate Lending Fund
40 West 57th Street, 33rd Floor
New York, NY 10019
Tel: (212) 287-6767
Vermont Aus Holdco Pty Ltd is a private company engaged in the
provision of pet wellness products and services, including
veterinary services.
=========
C H I N A
=========
CBAK ENERGY: Posts $9.57 Million Net Income in First Quarter
------------------------------------------------------------
CBAK Energy Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting net income
of $9.57 million on $58.82 million of net revenues for the three
months ended March 31, 2024, compared to a net loss of $2.20
million on $42.40 million of net revenues for the three months
ended March 31, 2023.
As of March 31, 2024, the Company had $286.46 million in total
assets, $165.22 million in total liabilities, and $121.24 million
in total equity.
CBAK Energy said, "The Company has accumulated deficit from net
losses from prior year and significant short-term debt obligations
maturing in less than one year as of March 31, 2024. These
conditions raise substantial doubt about the Company ability to
continue as a going concern. The Company's plan for continuing as
a going concern included improving its profitability, and obtaining
additional debt financing, loans from existing directors and
shareholders for additional funding to meet its operating needs.
There can be no assurance that the Company will be successful in
the plans described above or in attracting equity or alternative
financing on acceptable terms, or if at all. These condensed
consolidated financial statements do not include any adjustments to
the recoverability and classification of recorded asset amounts and
classification of liabilities that might be necessary should the
Company be unable to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1117171/000121390024042923/ea0205887-10q_cbak.htm
About CBAK Energy Technology
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn --is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products and storage, among others.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 15, 2024, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2023. All these factors raise substantial
doubt about its ability to continue as a going concern.
CHINA GEZHOUBA: Moody's Cuts Rating on Perpetual Securities to Ba1
------------------------------------------------------------------
Moody's Ratings has downgraded the issuer ratings of China Gezhouba
Group Company Limited (CGGC) and China Gezhouba Group Corporation
(CGGC Group) to Baa3 from Baa2, as well as the companies' Baseline
Credit Assessments (BCAs) to ba3 from ba2.
At the same time, Moody's has downgraded the rating on the
subordinated perpetual securities issued by China Gezhouba Grp (HK)
Overseas Invt Co Ltd and guaranteed by CGGC to Ba1 from Baa3.
Moody's has maintained the negative outlook on all ratings.
"The rating downgrades reflect CGGC Group's and CGGC's weak BCAs,
indicated by their high financial leverage. Moody's expect the
companies' leverage to remain elevated and to only gradually
improve over the next two years through reductions in their
public-private partnership (PPP) assets, acceleration of asset
monetization, increased collection of receivables, and restrained
investment." says Yuting Liu, a Moody's Vice President and Senior
Analyst.
"The negative outlook is driven by uncertainty over the companies'
pace of deleveraging over the next 12-18 months. They will remain
important to the Chinese economy, and Moody's expect the government
to remain able to provide support to the companies," adds Liu.
CGGC contributes the majority of assets and earnings of CGGC Group.
As a result, the credit profiles of both entities are closely
linked.
RATINGS RATIONALE
The Baa3 issuer ratings incorporate CGGC's and CGGC Group's BCAs of
ba3 and a three-notch uplift to reflect Moody's expectation of high
likelihood of extraordinary support from, and the companies' high
level of dependence on, the Chinese government (A1 negative).
The support assessment reflects (1) the strategic importance of
CGGC and CGGC Group to China's clean energy construction; (2) the
important role that the companies play in China Energy Engineering
Corporation Limited's (CEEC) business; and (3) the track record of
government support for CGGC and CGGC Group through CEEC.
Moody's assessment of the companies' high level of dependence on
the government reflects the fact that both companies and the
central government are exposed to common political and economic
event risks.
CGGC's and CGGC Group's BCAs of ba3 reflect their (1) solid market
positions in China's energy construction industry; (2) strong
construction backlogs, which provide good revenue visibility; and
(3) diversified business portfolios.
These strengths are counterbalanced by the companies' high leverage
because of their large investments in build-operate-transfer (BOT)
and PPP projects and real estate development, as well as their
exposure to policy risk and industry cyclicality related to their
property businesses.
The companies' leverage, as measured by Moody's-adjusted
debt/EBITDA, remained elevated in 2023 because of their increased
investments, including in BOT and PPP projects and real estate
development. Their deleveraging initiatives in 2023 have yet to
reduce their leverage from high levels in 2022. Although their debt
growth has slowed, their asset disposals and destocking of real
estate inventory have been slower than Moody's expectations and
their leverage remains elevated for their BCAs.
Moody's forecasts CGGC's and CGGC Group's leverage will gradually
trend toward 10.0x over the coming 12-18 months because of steady
EBITDA growth, supported by strong new contract growth. The
companies' volume of new contracts grew by 25% in 2023 from the
previous year and could cover 3.4x of their total revenue in 2023.
The companies' cash balance as of the end of 2023 and projected
operating cash flow over the next 18 months are insufficient to
cover their short-term debt and expected capital spending for the
same period. Nevertheless, as key subsidiaries of their state-owned
parent CEEC, the companies have maintained strong access to
domestic bank facilities and funding from capital markets,
indicated by their sizable unutilized bank facilities and frequent
issuances of domestic bonds with low coupons.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of CGGC's and CGGC Group's ratings is unlikely, given
the negative outlook.
Moody's could return the outlook on the companies to stable if they
(1) maintain their market positions and sales visibility; (2)
prudently manage the risk profile of their investment programs; and
(3) improve their debt leverage and cash flow generation, with
their debt/EBITDA trending below 9.5x-10.0x.
Moody's could downgrade the companies' ratings if their BCAs remain
weak without meaningful deleveraging.
Credit metrics indicative of a downgrade include adjusted
debt/EBITDA staying at or above 9.5x-10.0x on a sustained basis.
A downgrade, without a lowering of their BCAs, is also likely if
the companies' importance to the Chinese government declines.
The methodologies used in these ratings were Construction published
in September 2021.
China Gezhouba Group Company Limited (CGGC) and China Gezhouba
Group Corporation (CGGC Group) are two of China's largest
hydropower construction companies. Their main businesses are
construction; industrial manufacturing, including environmental
protection, cement, civil explosive and equipment; investments,
including in real estate development, highway operations and water
utilities; financing; and trading.
CGGC reported RMB129 billion in revenue and RMB426 billion in total
reported assets at the end of 2023. The company is CGGC Group's key
subsidiary and accounted for over 97% of CGGC Group's adjusted
EBITDA and reported assets in 2023.
As of the end of 2023, CGGC was 57.16% owned by China Energy
Engineering Corporation Limited (CEEC) and 42.84% owned by CGGC
Group, CEEC's wholly-owned subsidiary. CEEC was 45.06% directly and
indirectly owned by China Energy Engineering Group Co., Ltd (CEEG),
which in turn was 90% owned by the State-owned Assets Supervision
and Administration Commission (SASAC) and 10% owned by the National
Council for Social Security Fund as of the same date. CEEG has full
control of CGGC and CGGC Group.
COUNTRY GARDEN: Unit Seeking Exit From Chinese Chipmaker CXMT
-------------------------------------------------------------
Dong Cao at Bloomberg News reports that as Country Garden Holdings
struggles under a mountain of debt, its venture capital arm is
considering selling its stake in a chipmaker that may become a
target of United States sanctions.
Country Garden Venture Capital is seeking about CNY2 billion for
its undisclosed stake in ChangXin Memory Technologies (CXMT),
according to sources familiar with the matter, Bloomberg relays.
Country Garden, a major focal point in China’s real estate
crisis, is scouring for capital to appease creditors after
extending some yuan bond repayments last month. It is also facing a
winding-up petition from a creditor in Hong Kong after failing to
make payments on a loan worth about US$205 million plus interest.
Deliberations are ongoing and may not lead to a sale, according to
the sources, who asked not to be identified discussing confidential
information, Bloomberg relays.
Bloomberg relates that the sources also said that CXMT, as the
Chinese chipmaker is known, is unlikely to attempt an initial
public offering (IPO) until next year as it awaits more favourable
conditions for a share sale.
CXMT had been seeking to list in Shanghai as early as 2023 at a
valuation of CNY100 billion or more, sources with knowledge of the
situation told Bloomberg News at the time. While an IPO has not yet
materialised, the company raised CNY10.8 billion in a financing
round in April from investors including Beijing-based GigaDevice
Semiconductor.
Bloomberg reported in March that the Biden administration was
considering putting sanctions on CXMT and several other tech
companies in an effort to restrict China’s development of
advanced semiconductors. Founded in 2016, Anhui-based CXMT is one
of the top Chinese makers of Dram storage chips and competes with
the likes of Micron Technology and Samsung Electronics.
Country Garden Venture Capital was founded in 2019 and focuses on
areas such as technology, advanced manufacturing, real estate and
health care, investing in more than 90 companies, according to its
website.
About Country Garden Holdings
Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.
The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.
The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.
FOSUN INTERNATIONAL: S&P Affirms 'BB-' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer and issue
credit ratings on China-based investment holding company, Fosun
International Ltd.
The stable outlook reflects S&P's expectation that the company will
be able to manage its upcoming maturities and gradually reduce
holding company debt over the next 12-18 months.
Improving funding access, banks' more supportive stance and Fosun's
continued monetization of non-core assets will continue to
stabilize the company's overall creditworthiness. More than Chinese
renminbi (RMB) 25 billion in asset sales, coupled with a more
supportive macro environment in China, have further stabilized
Fosun's credit quality over the past year.
Bank loans accounted for about 70% of the holding company debt of
about RMB89 billion as of end-2023, compared with 46% in mid-2022.
A material increase in offshore syndicate loan refinancing, which
Fosun completed in early May, reflects better refinancing
conditions for the company. An improvement in refinancing
conditions has extended from onshore to offshore capital markets.
S&P expects this trend to continue and for Fosun to manage its debt
obligations with banking support and proceeds from asset sales
during the next one to two years. The company's recent disposal of
large-ticket European financial assets also demonstrates its
commitment to portfolio recycling.
Fosun's debt maturity profile will remain short unless the company
resumes longer-tenor issuance, hindering further improvement in its
liquidity and capital structure. While Fosun's refinancing
capabilities have recovered significantly, capital structure
weakness due to high reliance on short-term financing could linger.
S&P estimates that the company's weighted-average maturity will
stay below two years with little visibility of material recovery if
the company does not tap longer-tenor debt markets.
Despite Fosun's stable relationships with onshore banks, the tenor
of working capital loans in China is typically within one year and
unlikely to help the company's capital structure to improve. In the
onshore bond market, Fosun has maintained some presence with
small-volume, short-tenor issuances with decreasing portion
carrying partial enhancement instruments. Fosun's weighted-average
maturity declined to about 1.8 years as of May 2024 by our
estimate, and could fall further without meaningful new
longer-tenor issuance.
Fosun has demonstrated a good ability to refinance short-tenor bank
loans onshore despite volatile market conditions over the past few
years. That said, a persistent reliance on short-term loans remains
a major credit constraint if and when the refinancing sentiment
turns. Consistently high refinancing needs each year require
persistent efforts from the company in liquidity management, in
S&P's view. Further improvement in liquidity hinges on short term
debt reduction, or boosting cash on hand from further asset sales.
Fosun's debt reduction could continue with further divestment,
while material deleveraging will depend on capital market
conditions. The company shed about RMB9 billion gross holding
company debt during 2023, reducing the total to RMB89 billion.
Based on the disposals announced so far, Fosun has the potential to
cut debt by a similar level this year, in S&P's assessment. That
said, new asset sales would carry more execution uncertainty, given
that they're geared toward unlisted assets. The latest disposal of
Hauck Aufhäuser Lampe gives the market some confidence in Fosun's
execution of unlisted asset sales.
Securitization could be an option in the short term. Pledged
borrowings accounted for about 20% of Fosun's total debt at the end
of the first quarter of 2024.
Despite the lower debt, Fosun's loan-to-value (LTV) ratio was
broadly stable at 35%-37% in the last six to 12 months, mostly due
to volatile capital markets in China. Whether an ongoing equity
market recovery can be sustained will determine if the company's
potential decrease in LTV results match debt reduction efforts.
Fosun's portfolio diversification compensates for limited liquidity
and underpins stable asset quality. The share of listed assets in
the company's portfolio further deteriorated to 31% as of end-2023
from 38% a year ago, following the sales of stakes in listed assets
and a decline in the share prices of key onshore assets. S&P
expects portfolio liquidity to remain low in the coming year.
Fosun's geographic diversity and sector exposure continue to be key
strengths of its portfolio, and partly mitigate limited liquidity.
S&P expects the asset quality of Fosun's portfolio to remain
broadly stable in the next six to 12 months, with the solid
creditworthiness of regulated financial holdings balancing out some
investees' struggle with the real estate sector downturn and free
cash outflow.
The company's portfolio recycling and its stated attempts to
transition to an asset-light operation model for some investees
will determine asset quality in the future. Performance of a key
investees Fidelidade has gradually strengthened, with further boost
to capital ratio after the recent restricted tier-1 capital
issuance. It will support Fosun's dividend collection going
forward, while the portfolio size could decline.
S&P said, "The stable rating outlook reflects our view of improving
refinancing capabilities, after Fosun navigated its maturity wall.
We expect the company to continue recycling assets to further
reduce holding-company debt and increase its financial buffer over
the next 12-18 months.
"We may lower the ratings if Fosun's portfolio divestments stall,
reversing its deleveraging trend. We could also lower the ratings
if Fosun's liquidity position weakens again."
S&P would raise the ratings if Fosun:
-- Extends its weighted-average maturity well above two years in a
sustainable manner;
-- Improves its liquidity with cash sources over uses comfortably
above 1.2x; and
-- Keeps its LTV ratio well under 45%.
S&P may also consider raising the ratings if Fosun's LTV ratio
drops well below 30% for an extended period with prudent financial
policy and liquidity management.
FUTURE FINTECH: Falls Short of Nasdaq Bid Price Requirement
-----------------------------------------------------------
Future FinTech Group Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on May 13, 2024,
that the Company received a letter from the Nasdaq Stock Market
notifying the Company that, because the closing bid price for the
Company's common stock listed on Nasdaq was below $1 for 30
consecutive business days, the Company no longer meets the minimum
bid price requirement for continued listing on Nasdaq under Nasdaq
Marketplace Rule 5550(a)(2), which requires a minimum bid price of
$1.00 per share.
The notification has no immediate effect on the listing of the
Company's common stock. In accordance with Nasdaq Marketplace Rule
5810(c)(3)(A), the Company has a period of 180 calendar days from
the date of notification, until November 11, 2024, to regain
compliance with the Minimum Bid Price Requirement. If at any time
before the expiration of the Compliance Period the bid price of the
Company's common stock closes at or above $1.00 per share for a
minimum of 10 consecutive business days, Nasdaq will provide
written notification that the Company has achieved compliance with
the Minimum Bid Price Requirement. If the Company does not regain
compliance by the end of the Compliance Period, the Company may be
eligible for an additional 180 calendar day period to regain
compliance. To qualify, the Company will be required to meet the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to cure
the deficiency during the second compliance period by effecting a
reverse stock split, if necessary. However, if it appears to Nasdaq
that the Company will not be able to cure the deficiency, or if the
Company is otherwise not eligible, Nasdaq will provide notice that
the Company's securities will be subject to delisting.
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices), fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company had
transformed its business from fruit juice manufacturing and
distribution to financial technology related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong and cross-border money transfer service in UK.
As of December 31, 2023, the Company had $60.9 million in total
assets, $18.5 million in total liabilities, and $42.4 million in
total shareholders' equity.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered losses from
operations, which raise substantial doubt about its ability to
continue as a going concern.
FUTURE FINTECH: Incurs $3.32 Million Net Loss in First Quarter
--------------------------------------------------------------
Future FinTech Group Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $3.32 million on $5.12 million of revenue for the three months
ended March 31, 2024, compared to a net loss of $2.25 million on
$3.36 million of revenue for the three months ended March 31,
2023.
As of March 31, 2024, the Company had $59.91 million in total
assets, $18.29 million in total liabilities, and $41.62 million in
total stockholders' equity.
Future Fintech stated, "The Company incurred operating losses and
had negative operating cash flows and may continue to incur
operating losses and generate negative cash flows as the Company
implements its future business plan. The Company's operating
losses amounted $3.97 million, and it had negative operating cash
flows amounted $8.15 million as of March 31, 2024. These factors
raise substantial doubts about the Company's ability to continue as
a going concern. The Company has raised funds through issuance of
convertible notes and common stock.
"The ability of the Company to continue as a going concern is
dependent upon its ability to successfully execute its new business
strategy and eventually attain profitable operations. The
accompanying financial statements do not include any adjustments
that may be necessary if the Company is unable to continue as a
going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1066923/000121390024045190/ea0205821-10q_future.htm
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices), fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company had
transformed its business from fruit juice manufacturing and
distribution to financial technology related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong and cross-border money transfer service in UK.
As of December 31, 2023, the Company had $60.9 million in total
assets, $18.5 million in total liabilities, and $42.4 million in
total shareholders' equity.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered losses from
operations, which raise substantial doubt about its ability to
continue as a going concern.
=========
I N D I A
=========
B.H. COTTON: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating of B.H. Cotton Private Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B (Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with B.H. Cotton Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
B. H. Cotton Pvt. Ltd was established in 2007. The factory is
located at Rajkot Gujarat. BHCPL is engaged in cotton ginning and
pressing business. The company is equipped with 30 ginning machines
and 1 pressing machine with annual installed capacity of 15000 MT.
The company deals in S-6 type of cotton. It sells the cotton bales
and cottonseed directly to end users like spinning mills and local
ginners.
BALIBOINA SIVAPRASAD: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baliboina
Sivaprasad (BS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 1.85 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.69 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Short Term Loan 6.46 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BS for
obtaining information through letter and email dated April 19, 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 BS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of BS
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2007 by Mr. Siva Prasad, Siva Prasad is involved in
construction and sale of residential and commercial property. The
firm is based out of Vijayawada, Andhra Pradesh.
CAPTAB BIOTEC: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Captab Biotec
Unit - II (CBU) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 1.37 CRISIL D (Issuer Not
Credit Limit Cooperating)
Term Loan 2.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CBU for
obtaining information through letter and email dated April 19, 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 CBU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBU
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CBU continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
CBU was incorporated as partnership firm in 2014 by Mr Shubham Goel
and his brother, Mr Kapish Goel. The firm executes contract
manufacturing as well as its own manufacturing and marketing of
pharmaceuticals such as tablets, injections, capsules and syrups
under its own brand. The manufacturing unit is at Baddi, Himachal
Pradesh.
CONTINUUM GREEN: Fitch Puts 'BB+(EXP)' Rating to Sr. Secured Notes
------------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB+(EXP)' on the
proposed nine-year senior secured notes due 2033 issued by the
restricted group of India-based Continuum Green Energy (India)
Private Limited (Continuum RG2). The Outlook is Stable.
Continuum RG2 includes eight co-issuers - Bothe Windfarm
Development Private Limited (BWDPL), DJ Energy Private Limited
(DJEPL), Uttar Urja Projects Private Limited (UUPPL), Watsun
Infrabuild Private Limited (WIPL), Trinethra Wind And Hydro Power
Private Limited (TWHPPL), Renewables Trinethra Private Limited
(RTPL), Kutch Windfarm Development Private Limited (KWDPL) and
Continuum Trinethra Renewables Private Limited (CTRPL).
Continuum RG2 proposes to use proceeds from the proposed US dollar
notes to mainly pre-pay the outstanding rupee-denominated
non-convertible debentures (NCDs) issued by BWDPL, DJEPL, UUPPL,
WIPL, TWHPPL and RTPL (together the six co-issuers) and existing
term debt of KWDPL and CTRPL. Continuum Energy Levanter Pte. Ltd.
had issued senior secured bonds of USD561 million due 2027
(BB+/Stable), the proceeds of which were used to subscribe to the
NCDs issued by the six co-issuers.
RATING RATIONALE
The rating reflects the credit quality of a portfolio of wind and
solar projects with a total capacity of 990.8MW across four states
in India. The portfolio is enhanced by a diversified pool of
high-quality commercial and industrial (C&I) customers, which
offsets the long payment cycles of state distribution companies
(discoms). The rating also reflects the projects' lower revenue
predictability due to uncertainty over future tariffs and potential
changes in regulatory charges on C&I related revenues.
The rating also takes into consideration the systemic risk to the
power sector in India, the manageable refinancing risk from the
balloon structure of the notes, and Continuum RG2's heavy reliance
on a mandatory cash sweep (MCS). Refinancing risk will increase if
the MCS does not materialise.
The financial profile is assessed by the debt service coverage
ratio (DSCR) over the bond life and refinancing period. The DSCR
during the refinancing period assumes the notes' outstanding
principal will be refinanced on maturity by a long-term amortising
debt over the remaining project lives. The DSCR over the bond tenor
and refinancing period averages 1.99x and 2.00x, respectively,
under Fitch's rating case. The achieved DSCRs are commensurate with
a stronger credit profile, but Fitch has capped the rating at 'BB+'
due to uncertainty around the debt refinancing and the exposure to
revenue uncertainty over the longer term arising from renewal terms
for maturing contracts and power purchase agreements (PPAs), the
future discom C&I tariff and open access charges applicable for C&I
projects.
Fitch does not rate the state discoms and C&I customers that
purchase power from Continuum RG2's projects. The revenue
counterparties might have weak credit profiles and histories of
payment delays, particularly the state discoms, although the
exposure to multiple counterparties mitigates the risk.
Furthermore, receivables collection from state discoms improved
following the introduction of the late payment surcharge rule in
2022. Receivables collection from C&I customers is much stronger.
Fitch believes it is prudent that such projects meet a higher
threshold to achieve the same rating as other projects with strong
counterparties, all else being equal. Therefore, Fitch uses
merchant DSCR thresholds, while cash flow is evaluated using
contracted prices.
KEY RATING DRIVERS
Medium-Term, Variable PPAs: Revenue Risk (Price) − Midrange
Continuum RG2 has a diversified customer pool, with 37% of capacity
contracted with state discoms and 63% contracted with more than 130
C&I customers. However, the share of C&I customers may increase to
83% of capacity upon conversion of the 199.7MW project in
Maharashtra (Bothe project) to the open-access route in 2027 when
its PPA with the state discom expires.
The tariff paid by C&I customers varies with the change in the
retail tariff for C&I users charged by state discoms (discom C&I
tariff) and the various applicable open-access charges. Generators
and customers each bear part of the variation in the discom C&I
tariff and open-access charges. A third-party consultant believes
that the discom C&I tariff will generally rise over the life of
these projects and that the relevant projections used in the
financial model are prudent.
Geographical and Offtaker Diversification - Revenue Risk - Volume:
Midrange
The energy yield forecast, produced by third-party consultants and
supported by the portfolio benefit analysis, indicates an overall
P50/1-year P90 spread of 15.2% and 11.5% after considering
portfolio benefits. A spread between 6% and 16% leads to a
'Midrange' assessment. Curtailment risk is minimal, as renewables
have "must-run" status in India. The C&I customers are incentivised
to maximise offtake because of the cost advantage over alternative
sources, and the contracted volume of the Continuum RG2 projects is
usually only 50%-60% of the demand of a customer.
The assets have underperformed the 1-year P90 forecast in the past
few years, due mainly to less wind resources in India. However,
management expects the overall long-term average generation to
remain in line with the wind resource assessments done by
independent third parties.
Experienced Operator; Proven Technology: Operation Risk −
Midrange
The operation risk assessment reflects favourable production-based
pricing mechanisms and comprehensive operating and maintenance
(O&M) contracts, including both scheduled and unscheduled
maintenance carried out by experienced teams. O&M contracts have
terms of five to 15 years. Fitch believes that it will not be
difficult to find replacement operators upon expiry of the
contracts, as similar technology is used widely in India.
All the plants use proven technology. No third-party technical
advisor has verified the costs, which is a weakness. The operating
record of the plants is moderate, varying from one to nearly 11
years with a capacity-weighted average of around five years.
Ring-Fenced Structure, Manageable Refinance Risk - Debt Structure -
Midrange
The debt structure is a typical project-finance style structure.
The US dollar notes are directly co-issued by operating entities
domiciled in India. Noteholders are protected by conventional
covenants and a security package. Notes pay fixed interest rates
and Continuum RG2 expects the currency risk arising from US
dollar-rupee fluctuation to be mitigated by hedging arrangements.
Noteholders benefit from a lock-up test at backward-looking graded
DSCRs. No additional indebtedness is allowed other than a working
capital basket of USD50 million.
4.5% of the notes' principal will amortise over the note life. The
refinancing risk is mitigated by the MCS for about 43.1% of the
principal. The refinancing of the remaining 52.4% of the note
principal is manageable due to adequate DSCRs under Fitch's rating
case, with the assets having sufficient remaining economic life by
the time the notes mature.
Financial Profile
The financial profile is assessed using the DSCR over the bond life
as well as the refinancing period. The DSCR during the refinancing
period assumes the notes' outstanding principal will be refinanced
on maturity by a long-term amortising debt over the remaining
project lives.
Fitch's base case includes a P50 energy production assumption, 7%
and 5% production haircut on wind and solar projects, respectively,
haircuts on tariff growth, as well as stress on the refinance
interest rate. The Fitch base-case DSCR averages 2.20x and 2.43x
over the bond life and refinancing period, respectively, with a
minimum DSCR of 2.06x.
The DSCR averages 1.99x and 2.00x during the bond life and
refinancing period, respectively, under Fitch's rating case, with a
minimum DSCR of 1.84x. The Fitch rating case incorporates reduced
energy production at 1-year P90, 7% and 5% production haircuts on
wind and solar projects, respectively, haircuts on tariff growth,
stress on the refinance interest rate and as well as increases
expenses by 15%. It also assumes a conservative merchant price for
power to be sold by the Bothe project after its discom PPA expires
in 2027. It also assumes the net tariff of all C&I projects will
stay flat after FY33 as the predictability reduces over a longer
term.
PEER GROUP
Continuum RG2 is comparable with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1, proposed senior secured notes rating
BBB-(EXP)/Stable) and Adani Green Energy Limited Restricted Group 2
(AGEL RG2, senior secured notes rating BBB-/Stable). AGEL RG1 and
AGEL RG2 are both pure solar portfolios with counterparties
comprising state discoms and sovereign-backed off-takers. All three
RGs have ringfenced issuing structures and protective covenants,
with direct issuance by the operating entities. However, Continuum
RG2 is exposed to refinancing risk, which is absent for AGEL RG1
and RG2 due to their largely amortising debt structures.
Continuum RG2 is subject to changes in tariff and regulatory
charges given a sizeable share of revenue flows from C&I customers,
although the regulatory charge change is shared with its C&I
customers. Such risk results in less predictability in its revenue.
AGEL RG1 and AGEL RG2 benefit from more predictable revenue streams
from their offtakers with no price or regulatory risks.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The average annual DSCR in the Fitch rating case dropping below
1.6x persistently.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
No rating upgrade is expected in the near term. This is due to the
uncertainty around the debt refinancing, renewal terms for maturing
contracts and PPAs, the future discom C&I tariff and open access
charges applicable for C&I projects.
TRANSACTION SUMMARY
The Continuum RG2 portfolio is a mix of wind (78% of capacity) and
solar (22% of capacity) plants with a total capacity of 990.8MW
across four Indian states.
The proposed issuance is US dollar senior secured notes to be
co-issued by eight Indian entities. All these entities are majority
owned by Continuum Green Energy (India) Private Limited. The
co-issuers will cross guarantee the obligations of the notes.
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
----------- ------
Bothe Windfarm
Development Private
Limited
Continuum Green
Energy (India)
Private Limited/
Senior Secured
Debt/1 LT BB+(EXP) Expected Rating
Kutch Windfarm
Development Private
Limited
Continuum Green
Energy (India)
Private Limited/
Senior Secured
Debt/1 LT BB+(EXP) Expected Rating
Uttar Urja Projects
Private Limited
Continuum Green
Energy (India)
Private Limited/
Senior Secured
Debt/1 LT BB+(EXP) Expected Rating
Renewables Trinethra
Private Limited
Continuum Green
Energy (India)
Private Limited/
Senior Secured
Debt/1 LT BB+(EXP) Expected Rating
Continuum Trinethra
Renewables Private
Limited
Continuum Green
Energy (India)
Private Limited/
Senior Secured
Debt/1 LT BB+(EXP) Expected Rating
DJ Energy Private
Limited
Continuum Green
Energy (India)
Private Limited/
Senior Secured
Debt/1 LT BB+(EXP) Expected Rating
Trinethra Wind And
Hydro Power Private
Limited
Continuum Green
Energy (India)
Private Limited/
Senior Secured
Debt/1 LT BB+(EXP) Expected Rating
Watsun Infrabuild
Private Limited
Continuum Green
Energy (India)
Private Limited/
Senior Secured
Debt/1 LT BB+(EXP) Expected Rating
DWARKADHEESH HAVELI: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dwarkadheesh
Haveli Builders (DHB) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DHB for
obtaining information through letter and email dated April 19, 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 DHB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DHB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DHB continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2010 as a partnership firm by Mr. Vijay Singh, Mr.
Rakesh Kumar Rai, Mr.Kishan L Sharma, Mr.Ajab Singh, Mr.Gulab
Singh, and Mr. D K Rai, DHB develops residential real estate in
Bhopal.
GALAXY MACHINERY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Galaxy
Machinery Private Limited (GMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.7 CRISIL D (Issuer Not
Cooperating)
Proposed Working 7.3 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with GMPL for
obtaining information through letter and email dated April 19, 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 GMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1991 and promoted by Mr S Elango and Mr R Selvaraj,
GMPL manufactures CNC machines.
GARUDA VENKATA: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Garuda Venkata
Sai Cold Storage Private Limited (GVSCSPL) continues to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GVSCSPL for
obtaining information through letter and email dated April 19, 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 GVSCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
GVSCSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of GVSCSPL continues to be 'CRISIL D Issuer Not
Cooperating'.
GVSCSPL, incorporated in September 2016, is promoted and managed by
Mrs K Radha, Mr B Ramalakshmana, Mr P Parimala, and Ms Savitri
Menon. The company is currently setting up a cold storage unit at
Hyderabad.
GAURAV BHARTI: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gaurav Bharti
Shiksha Sansthan (GBSS) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GBSS for
obtaining information through letter and email dated April 19, 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 GBSS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GBSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GBSS continues to be 'CRISIL D Issuer Not Cooperating'.
GBSS was established in 1994 by Mr. S Gurcharan Singh. The trust
runs the Sardar Bhagwan Singh (PG) Institute of Biomedical Sciences
& Research. The institute, recognized by the All India Council of
Technical Education, is located at Balawala, Dehradun
(Uttarakhand). The trust has also opened an engineering college in
FY16.
GREAT VALUE: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long Term Ratings of Great Value Fuels Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+ (Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.90 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 113.10 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Great Value Fuels Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Great Value Fuels Private Limited (GVF) was incorporated in 2008
and had entered into an agreement with Department of Transport
(DoT), Government of Delhi to run public buses in Delhi. The DoT
Govt of Delhi has launched a scheme to corporatize the Private
Stage Carriage operation of buses in Delhi and appointed Delhi
Integrated Multi Modal Transit System Limited (DIMTS) as Integrated
Mechanism for the Private stage carriage buses corporatization
scheme. Under the contract, GVF had to deploy 365 buses (292
Non-AC, & 73 AC).
HLL BIOTECH: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long Term and Short-Term Ratings of HLL Biotech
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term (175.00) [ICRA] D; ISSUER NOT
Interchangeable COOPERATING; Rating Continues
Others to remain under issuer not
cooperating category
Long-term- 309.00 [ICRA]D; ISSUER NOT
Fund based COOPERATING; Rating Continues
Term Loan to remain under Issuer Not
Cooperating Category
As part of its process and in accordance with its rating agreement
with HLL Biotech Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
HBL was incorporated in 2012 as a wholly owned subsidiary of HLL
(HLL Lifecare Limited) to manufacture and market vaccines primarily
for the GoI's Universal Immunisation Programme (UIP). HBL is
setting up an integrated vaccine complex in Chengalpattu district
of Tamil Nadu, with initial plans to manufacture UIP vaccines for
BCG (tuberculosis), measles, hepatitisB apart from pentavalent
combination vaccines (DTP-HepB-Hib) and other new generation
vaccines such as Japanese encephalitis and anti-rabies. The
original project cost was estimated at INR594.0 crore, to be funded
through an equity of ~INR285 crore and the rest through a bank debt
of INR309 crore (53:47 funding ratio). The project witnessed
delays; and as against the initial expected COD of December 2017,
the COD was extended to December 2018 and then to December 2019.
However, on account of time and cost overrun witnessed by the
project due to delays in getting approvals, technical tie ups with
suitable partners and underestimation of costs related to required
trials/tests and validation of the products; the project witnessed
shortage of funds and could not be completed. While the management
had submitted a revised DPR in January 2020 to the Government's
authorities, wherein the project cost has been revised to INR879.02
crore considering the cost overruns, the approval had not been
received as on Decemner 2020. HBL which was earlier a wholly owned
subsidiary of HLL Lifecare Limited (HLL)has been hived off from HLL
and is now wholly owned by the Government of India.
9++++++++++++++++++++*
HRM OVERSEAS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term Ratings of Hrm Overseas in the 'Issuer
Not Cooperating' category. The rating is denoted as [ICRA]B
(Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.35 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.65 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 25.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Hrm Overseas, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
HRM Overseas (HRM) is a partnership firm was set up in 2013 by Mr.
Mukesh Kumar, Mr.Ashwani Kumar, Mr Himanshu Goyal and Mr.Mohit
Goyal. It has a plant at Nissing in Haryana which has a milling
capacity of 12 tonnes per hour and 1 sortex machinery with a
capacity of 8 ton/hr. The firm has a fully automated plant. The
byproducts of basmati rice viz husk, rice bran and 'phak' are sold
in the domestic market.
JET AIRWAYS: Says Resolution Plan at Implementation Stage
---------------------------------------------------------
The Economic Times reports that Jet Airways on May 30 said there
will be a delay in declaring the financial results for the quarter
and year ended March 2024, and its monitoring committee expected to
meet shortly to consider the results. "We wish to state that
currently the approved resolution plan is at the implementation
stage and every effort is being ensured to comply with the
necessary provisions of SEBI LODR Regulations, as such a meeting of
the monitoring committee will be convened at the earliest to
consider and adopt the aforesaid financial results," the airline
said in a regulatory filing.
Jet Airways, which stopped flying in April 2019 due to financial
crunch, is undergoing an insolvency resolution process.
According to ET, the resolution plan submitted by the consortium of
Murari Lal Jalan and Florian Fritsch was approved by the Mumbai
bench of the National Company Law Tribunal (NCLT) in June 2021.
Subsequently, the monitoring committee was set up to oversee the
implementation of the approved plan. The plan is yet to be
implemented.
The committee has not considered adopted the financial results for
the September and December quarters of the last financial year, ET
says.
"Consequently, the audited financial results (standalone) of the
company for the quarter and year ended March 31, 2024 also could
not be considered and adopted by the monitoring committee.
". . . a meeting will be convened shortly to consider and adopt the
aforesaid financial results of the company. Accordingly, necessary
intimation wrt the same will be filed with the exchanges," the
filing said.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal. It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.
Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.
Creditors have filed claims worth INR30,907 crore, according to
Financial Express. The RP has so far admitted claims worth over
INR14,000 crore.
In October 2020, the airline's Committee of Creditors (CoC)
approved the revival plan submitted by the consortium of
Dubai-based Murari Lal Jalan and the UK's Kalrock Capital.
In 2021, the NCLT approved the Jalan-Kalrock consortium's
resolution plan for the troubled carrier.
M.R. OVERSEAS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of M.R. Overseas
Private Limited (MROPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 47 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MROPL for
obtaining information through letter and email dated April 19, 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 MROPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MROPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MROPL continues to be 'CRISIL D Issuer Not Cooperating'.
MROPL was originally set up as a partnership between Mr Nand Kumar
Arora, Mr Rajesh Kumar Arora, Mr Sanjiv Kumar Arora and Mr Rohit
Arora in 1996, and was reconstituted as a private limited company
in 1998. It processes basmati rice varieties (PUSA 1121, PUSA 1509,
traditional basmati, and blended rice) in the domestic and overseas
markets, and has milling and sorting capacity of 8 tonne per hour
(tph) and 6 tph, respectively. The plant at Delhi has Hazard
Analysis and Critical Control Points (HACCP), ISO 9001:2001, and US
Food and Drug Administration (USFDA) certifications.
MARUTI BARRIER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maruti
Barrier Films (MBF) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MBF for
obtaining information through letter and email dated April 19, 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 MBF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBF continues to be 'CRISIL D Issuer Not Cooperating'.
MBF, based in Rajkot (Gujarat), was set up in June, 2017; it
manufactures flexible packaging material such as low density and
nylon multi-layer plastic films, plastic bags and plastic sheets
which finds application mainly in packaging of food items and
consumer goods. The firm is promoted by Mr Jayesh Sorathiya and
family. The firm has a plant based in Veraval, Rajkot, Gujarat.
Commercial operations commenced from September 2017.
MARUTI GRANITES: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Maruti
Granites and Marbles Private Limited (MRTGMPL) continues to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MRTGMPL for
obtaining information through letter and email dated April 19, 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 MRTGMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MRTGMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MRTGMPL continues to be 'CRISIL D Issuer Not
Cooperating'.
Incorporated in 1987, Sukher (Rajasthan)-based MRTGMPL processes
marble with an installed capacity of 200,000 sq ft per month. Mr
Prabhash Rajgarhia and Mrs Poonam Rajgarhia are the promoters.
MRIDHUL TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mridhul
Timbers Private Limited (MTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 7.75 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 0.25 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with MTPL for
obtaining information through letter and email dated April 19, 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 MTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2009, Kerala-based MTPL trades in timbers such as
teakwood, koila and pincoda. The company is a part of Keyes group
of industries.
PARAS FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paras Foods
(PF) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PF for
obtaining information through letter and email dated April 19, 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 PF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PF
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2003 as a partnership between Mr Ujwal Pagariya, Mr
Ulhas Pagaria, and Mr Umesh Pagaria, PF, based in Nagpur
(Maharashtra) is a wholesale trader of agricultural products.
RAIHAN HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raihan
Healthcare Private Limited (RHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 32 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RHPL for
obtaining information through letter and email dated April 19, 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 RHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RHPL continues to be 'CRISIL D Issuer Not Cooperating'.
RHPL, incorporated in 2014, is operating a super-specialty hospital
in Erattupetta (Kerala). Operations are managed by Dr Mohammed
Ismail and Dr Satheesh.
RAKESH FOLDING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rakesh
Folding Works (RFW) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.33 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 3.67 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RFW for
obtaining information through letter and email dated April 19, 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 RFW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RFW continues to be 'CRISIL D Issuer Not Cooperating'.
RFW was established in 1998 by Mr. Rakesh Koyani. The firm is
engaged in dying, bleaching, printing and folding of grey fabric.
RAM KRIPA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Shree
Ram Kripa Buildhome Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable);ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Shree Ram Kripa Buildhome Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Shree Ram Group (SRG) is a Jaipur based group promoted by Mr. Ashok
Agarwal and Mrs. Renu Agarwal. SRG is a developed Real Estate
player prominently in Jaipur (Rajasthan) region with over 20 years
into business. The group has executed various Townships,
Residential Colonies, shopping malls, Residential Flats, and Hotels
etc. in Jaipur region (A snapshot of major projects completed by
the company is provided in Annexure I). As per management
discussion the company holds around INR800.00 crore worth of land
Bank in Jaipur region.
RELIANCE NAVAL: SBI to Sell Guarantees of Naval Promoter
--------------------------------------------------------
The Economic Times reports that State Bank of India (SBI) has
initiated the process of selling personal guarantees given by
Nikhil Gandhi, the erstwhile promoter of Reliance Naval and
Engineering. The bank has set a reserve price of INR3.48 crore,
which is less than 1% of the INR1,160 crore principal claim made by
the bank on the personal guarantee.
This would be marked as the largest secondary market trade in terms
of the outstanding dues for personal guarantees by any lender, ET
says.
According to ET, the transaction also highlights that recovery
under the personal guarantee could be minuscule against the claim
amount, said a senior official from the distressed loan industry.
ET relates that the bank, in a notice on its website, said that it
has principal outstanding dues of INR1,160 crore and total dues of
INR3,512 crore, as of May 31, 2024. The bank stated that it is
seeking to assign the residual debt along with the guarantee.
Nikhil Gandhi and his brother Bhavesh Gandhi have provided personal
guarantees while SKIL Infrastructure provided corporate guarantees
on the loan.
Nikhil Gandhi could not be reached on his email and mobile phone
despite repeated attempts by ET.
Anil Ambani's erstwhile company, Reliance Naval, was sold for
staggered payment of INR2,108 crore under the Insolvency and
Bankruptcy Code (IBC) last year, according to ET. Swan Energy had
partnered with resolution applicant Hazel Mercantile through its
special purpose vehicle - Hazel Infra - to acquire Reliance Naval.
Last December, the Supreme Court upheld the constitutional validity
of an IBC provision that allows lenders to recover overdue money
from personal guarantors of corporate debtors, ET recalls.
Effectively lenders can invoke the provisions of the Act if they
fail to recover the entire debt even after selling the company
under IBC. The lender can invoke the provision provided the
promoter of the defaulting company has provided a personal
guarantee against the loan.
In the case of Reliance Naval, the resolution professional had
admitted INR12,429 crore claims from financial creditors and
lenders' recovery was about 17%, ET notes.
This gave lenders the right to recover the residual debt by
invoking the provisions of personal insolvency. The residual debt
is the difference between the claim and recovery from the sale of
the company under IBC.
SBI has invited expressions of interest by May 31 and scheduled an
auction on June 25, ET adds.
About Reliance Naval
Reliance Naval and Engineering Limited designs and constructs
warships and submarines. The Company offers offshore patrol and
research vessels, frigates, corvettes, aircraft carriers, and
destroyers, as well as piping, propeller, trilshaft, rudder,
coating, and machinery repair and maintenance services. Reliance
Naval and Engineering serves oil and gas sectors worldwide.
As reported in the Troubled Company Reporter-Asia Pacific in
January 2020, The Hindu said that the Ahmedabad bench of the
National Company Law Tribunal (NCLT) has admitted an application
against Reliance Naval and Engineering Limited (R-Naval) for
insolvency. "The application by IDBI Bank Ltd. for a claim of
INR1,159.43 crore before the NCLT Ahmedabad bench has been
admitted," R-Naval said in a filing with the exchanges.
This is the second Reliance Group firm to go for insolvency after
Reliance Communications, the Hindu disclosed. The company had
total outstanding dues of INR9,534 crore as on December 31, 2019.
It reported a net loss of INR340 crore on net sales of INR20.5
crore for the second quarter ended Sept. 30, 2019.
SANT FOODS: ICRA Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term Ratings of Sant Foods Private Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B (Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Sant Foods Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sant Foods Private Limited (SFPL) was established in 2008. The
company mills rice at an installed capacity of 6 tons per hour. The
company has two sortex machines with the capacity of 5 tons/hour
and 2 tons/hour. The company is managed by Mr. Pradeep Wadhwa.
SHIVAM COTTEX: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Shivam Cottex in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 1.50 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Shivam Cottex, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2011, Shivam Cottex is involved in raw cotton
ginning and pressing. Its manufacturing facility is located at
Jasdan in Rajkot, Gujarat. It is equipped with 24 ginning machines
and a pressing machine with a total manufacturing capacity of 200
cotton bales per day (24 hours operation). The firm is owned and
managed by partners, Mr. Kanu Vaghasiya, Mr. Ashok Vaghasiya, Mr.
Ramesh Vaghasiya and Mr. Haresh Vaghasiya. The promoters of the
firm have extensive experience in the cotton industry.
TRIMULA INDUSTRIES: ICRA Withdraws C Rating on INR118.84cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Trimula Industries Limited (TIL) at the request of the company and
based on the No Objection Certificate received from the bankers,
and in accordance with ICRA's policy on withdrawal. ICRA does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-
Fund Based–
Term Loan 118.84 [ICRA]C; withdrawn
Long Term-
Fund Based-
Cash Credit 70.00 [ICRA]C; withdrawn
Long Term-
Non-Fund Based-
Bank Guarantee 52.39 [ICRA]C; withdrawn
Long Term-
Unallocated 8.77 [ICRA]C; withdrawn
The key rating drivers and their description, key financial
indicator, liquidity position and rating sensitivities have not
been captured as the rated instruments are being withdrawn.
TIL was incorporated in 1996 in Varanasi, Uttar Pradesh. In FY2015,
Gulf Ispat Limited, a wholly-owned subsidiary of Gulf Petrochem
FZC, acquired a 50% stake in TIL. The company manufactures sponge
iron and billets at its manufacturing unit in Singrauli, Madhya
Pradesh. It has an installed capacity of 2,10,000 tonnes per annum
of sponge iron and 99,000 tonnes per annum of billets. TIL has also
installed a captive power plant of 38.5 megawatt (MW), which is
waste heat based and coal fired.
UMAVANSHI INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shree
Umavanshi Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Shree Umavanshi Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 2011, Shree Umavanshi Industries (SUI) crushes
cotton seeds to produce cotton seed oil and cotton seed cake.
The manufacturing unit is located at Tankara (in Rajkot district)
and is equipped with 20 expellers, with an installed production
capacity of 20 MT of cottonseed oil and 150 MT of cottonseed cake
per day, operational for three shifts. The firm commenced crushing
operations from FY2014, prior to which, it was involved in trading
of cotton bales and cotton seeds.
UNITECH COTSPIN: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Unitech Cotspin Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 24.32 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 1.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Unitech Cotspin Limited., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2007, UCL was promoted by Mr. Manubhai Patel and
Mr. Hasmukh Patel. However, in May 2011 it was taken over by the
present promoters Mr. Mahesh Patel, Mr. Narendra Patel and Mr.
Pravin Khut having vast experience in textile industry. The company
is involved in the manufacture of cotton yarn in counts ranging
between 24's to 40's.
V.N.S. SPINNING: ICRA Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Sri V.N.S. Spinning Mills India Private Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 7.61 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 9.38 [ICRA]B- (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 1.01 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Short Term (0.50) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating Continues
to remain under issuer not
cooperating category
As part of its process and in accordance with its rating agreement
with Sri V.N.S. Spinning Mills India Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sri V.N.S. Spinning Mills India Private Limited (SVNS),
incorporated in the year 2007 by Mr. A. Nataraj and family, is
engaged in manufacturing combed and semi-combed varieties of cotton
yarn in counts ranging from 20s to 40s. SVNS also sells cotton gray
fabric, with the fabric conversion being completely outsourced. The
company has its manufacturing facility at Tiruppur, Tamil Nadu,
with an installed capacity of 14,500 spindles, and is part of the
VN Group of Companies with a presence in the garment industry. SVNS
sells nearly 30–40% of its production to its associate concerns,
Sri VNS Textiles and VN Export, and completely caters to the
domestic market with a major focus on Tiruppur and its nearby
markets.
ZEE ENTERTAINMENT: NCLT Changes Resolution Professional of Founder
------------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has directed for the replacement of the resolution
professional in the insolvency proceedings against Zee founder
Subhash Chandra.
According to ET, the order was passed by the insolvency tribunal on
May 27 over the plea filed by Subhash Chandra.
The Delhi-based NCLT bench has now appointed Shiv Nandan Sharma as
RP in place of Rajkamal Saraogi, ET discloses.
"We have ordered the replacement of Rajkamal Saraogi only because
the procedure given in chapter 3 of IBC is beneficial procedure and
the role of RP is only that of facilitator PG and creditors," said
NCLT.
Earlier on April 22, the NCLT admitted the plea filed by Indiabulls
Housing Finance and directed the insolvency proceedings against
media baron Subhash Chandra to be initiated, recalls ET.
Insolvency proceedings were initiated against Zee Entertainment
Emeritus Chairman over default over a guarantee given to an Essel
group firm Vivek Infracon Ltd.
"The newly appointed RP would discharge his functions in terms of
our order dated April 22, 2024," said NCLT in an 11-page-long
order.
Chandra in his plea contended that he is unable to repose faith on
the competence of RP.
During the proceedings, NCLT was apprised that RP had called the
first meeting at Lodhi Hotel, where a lawyer accompanied him. This
was also admitted by the RP during the course of hearing, ET
notes.
This was against the provisions of the Insolvency & Bankruptcy
Code. It said the role assigned to RP is that of the consultant and
the repayment plan has to be prepared only by the debtor.
It is difficult for the Tribunal to appreciate that the Resolution
professional whose presence itself is recognized and acknowledged
as that of a consultant can have the services of another lawyer
while discharging the function as a consultant only, said NCLT, ET
adds.
About Zee Entertainment
Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.
According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.
Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.
[*] INDIA: Timely Rescue of Firms Pushes IBC Recovery to 49%
------------------------------------------------------------
The Economic Times reports that creditors have been able to recover
nearly half their claims under the Insolvency and Bankruptcy Code
(IBC) when the resolution has been completed within the 330-day
deadline, but delays lowered the proportion of money they got back.
Creditors recovered as much as 49% of claims when the IBC process
was finished on time, but this dropped to 26% when it took 600 days
or more, according to Insolvency and Bankruptcy Board of India
(IBBI) data. The IBC was introduced eight years ago, in May 2016.
ET relates that the latest data by the bankruptcy regulator
establishes the cost of delays in insolvency resolution, going
beyond anecdotal evidence. Insolvency resolution holdups, caused
mainly by litigation, have been the IBC's gravest challenge,
experts said. They called on the government to address this in
amendments to the IBC - introduced in May 2016 - that are expected
to be made once the next government is in place. The IBC by itself
isn't a recovery tool; rather, it is a law that facilitates the
market-driven resolution of stressed firms. However, recoveries
through this route have often been flagged to gauge its efficacy.
According to ET, the resolution of 947 stressed companies under the
IBC over these years has fetched creditors INR3.36 lakh crore, or
32.1% of claims. A company's insolvency resolution takes an average
679 days, pointing to the scourge of delays.
Timely resolution in each case -- within 330 days as per the IBC,
including time spent on litigation -- could have prevented asset
value erosion and sharply raised recovery prospects. As of March
2024, resolution in 68% of the ongoing cases has exceeded nine
months.
Stakeholders may explore measures such as implementing specialised
regimes for specific sectors like real estate, placing greater
emphasis on cross-border insolvency and group companies, reviewing
timelines under the IBC to ensure greater efficiency and cut
delays, said Padmaja Kaul, partner at IndusLaw, ET relays.
"However, all proposed changes must focus on making the IBC a more
accountable, transparent and stakeholder-centric framework in
alignment with its foundational principles," Kaul said.
If timing concerns are fixed, the IBC will gain in strength, said
Veena Sivaramakrishnan, partner, banking and finance and IBC
practice, Shardul Amarchand Mangaldas & Co, ET relays.
A formal prepack regime for all companies, backed by IBC
principles, will have a positive impact, Sivaramakrishnan said. A
prepackaged process involves debtors agreeing with creditors on a
resolution process before formal bankruptcy proceedings begin.
Currently, this bankruptcy regime, which is more compact than the
extant corporate insolvency resolution process, is applicable only
to MSMEs.
=====================
N E W Z E A L A N D
=====================
ALPHA TRAINING: Court to Hear Wind-Up Petition on July 12
---------------------------------------------------------
A petition to wind up the operations of Alpha Training And
Development Centre Limited will be heard before the High Court at
New Plymouth on July 12, 2024, at 2:15 p.m.
The Tertiary Education Commission filed the petition against the
company on April 12, 2024.
The Petitioner's solicitor is:
Bridie McKinnon
Buddle Findlay
Level 17, Aon Centre
1 Willis Street
Wellington 6011
ALPHABUILD NZ: Creditors' Proofs of Debt Due on June 24
-------------------------------------------------------
Creditors of Alphabuild NZ Limited are required to file their
proofs of debt by June 24, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 24, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
EFTPOS OTAGO: First Creditors' Meeting Set for June 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Eftpos Otago Limited;
- Eftpos Specialists (Central Otago) Limited;
- Eftpos Specialists (Otago) Limited;
- Eftpos Specialists (Nelson) Limited;
- Eftpos Specialists (Manawatu) Limited;
- Eftpos Specialists (Auckland) Limited;
- Eftpos Specialists (Northland) Limited;
- Eftpos Specialists (Wellington) Limited;
- Eftpos Specialists (Waikato) Limited;
- Eftpos Specialists (Christchurch) Limited;
- Advance Equipment Supplies Limited; and
- Technology Holdings Limited
will be held on June 10, 2024 at 11:00 a.m. via virtual meeting.
Ryan Eathorne of InSolve Partners was appointed as administrator of
the company on May 28, 2024.
KBS CAPITAL: Court to Hear Wind-Up Petition on June 27
------------------------------------------------------
A petition to wind up the operations of KBS Capital Limited will be
heard before the High Court at Auckland/Tāmaki Makaura on June 27,
2024, at 10:00 a.m.
Jie Zhao filed the petition against the company on March 7, 2024.
The Petitioner's solicitor is:
Chen Sandhu Lawyers
123 Ormiston Road
Flat Bush
Auckland
MALOTIA LIMITED: Creditors' Proofs of Debt Due on June 28
---------------------------------------------------------
Creditors of Malotia Limited are required to file their proofs of
debt by June 28, 2024, to be included in the company's dividend
distribution.
The High Court at Wellington appointed Kristal Pihama and Leon
Francis Bowker of KPMG as liquidators on May 28, 2024.
=================
S I N G A P O R E
=================
ALLIANCE OFFSHORE: Commences Wind-Up Proceedings
------------------------------------------------
Members of Alliance Offshore Services Pte Ltd on May 24, 2024,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Mr. Teh Kwang Hwee
1 Commonwealth Lane
#07-32 One Commonwealth
Singapore 149544
AQUAGRO PROJECTS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Aquagro Projects Pte. Ltd., Bloom Aqua Pte. Ltd., Bloom
Agro Pte. Ltd., Bloom-Frea Aqua IP Pte. Ltd., and Trout SG Pte.
Ltd. on May 27, 2024, passed a resolution to voluntarily wind up
the company's operations.
The company's liquidators are Jeremy Kong Ming Tat and Oscar Kong
Ming Fai of TKNP Corporate Insolvencies Management.
COSMOS GROUP: Narrows Net Loss to $1.1MM in Q1 2024
---------------------------------------------------
Cosmos Group Holdings Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $1,051,038 for the three months ended March 31, 2024,
compared to net loss of $2,616,322 for the three months ended March
31, 2023, and had an accumulated deficit of $206,488,173 at March
31, 2024.
The Company had an accumulated deficit of $206,488,173 at March 31,
2024. In addition, with respect to the ongoing and evolving
coronavirus (COVID-19) outbreak, which was designated as a pandemic
by the World Health Organization on March 11, 2021, the outbreak
has caused substantial disruption in international economies and
global trades and if repercussions of the outbreak are prolonged,
could have a significant adverse impact on the Company's business.
Cosmos Group said the continuation of the Company as a going
concern in the next 12 months is dependent upon the continued
financial support from its stockholders. Management believes the
Company is currently pursuing additional financing for its
operations. However, there is no assurance that the Company will be
successful in securing sufficient funds to sustain the operations.
These and other factors raise substantial doubt about the Company's
ability to continue as a going concern, according to Cosmos Group.
As of March 31, 2024, the Company has $17,710,057 in total assets,
$64,725,232 in total liabilities, and stockholders' deficit of
$47,015,175.
A full-text copy of the Company's Form 10-Q is available at
https://tinyurl.com/yc6kf42e
About Cosmos Group
COSG is a Nevada holding company with operations conducted through
its subsidiaries based in Singapore and Hong Kong. The Company,
through its subsidiaries, is engaged in two business segments: (i)
the physical arts and collectibles business, and (ii) the
financing/money lending business.
As of December 31, 2022, Cosmos Group has $36,681,644 in total
assets and $32,722,316 in total liabilities.
The Company's auditor Olayinka Oyebola & Co., has expressed that
there is substantial doubt about the Company's ability to continue
as a going concern. In its December 7, 2023 Report of Independent
Registered Public Accounting Firm, the Company's Auditor addressed
the Shareholders and Board of Directors of Good Gaming, Inc.,
stating, "The Company suffered an accumulated deficit of
$130,555,579 and a net loss of $104,126,076. These matters raise
substantial doubt about the Company's ability to continue as a
going concern."
KERN ASIA: Commences Wind-Up Proceedings
----------------------------------------
Members of Kern Asia Pacific Pte Ltd on May 14, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Dr. Knut Unger
Luther LLP
4 Battery Road
#25-01 Bank of China Building
049908 Singapore
RELIANCE GLOBAL: Creditors' Proofs of Debt Due on June 30
---------------------------------------------------------
Creditors of Reliance Global Project Services Pte. Ltd. are
required to file their proofs of debt by June 30, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on May 28, 2024.
The company's liquidator is:
Tan Lye Heng Paul
c/o CACS Corporate Advisory
120 Robinson Road #16-01
Singapore 068913
VOACK SINGAPORE: Commences Wind-Up Proceedings
----------------------------------------------
Members of Voack Singapore Pte Ltd, on May 17, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Dr. Knut Unger
Luther LLP
4 Battery Road
#25-01 Bank of China Building
049908 Singapore
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***