/raid1/www/Hosts/bankrupt/TCRAP_Public/240606.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, June 6, 2024, Vol. 27, No. 114
Headlines
A U S T R A L I A
21 ELIZABETH: First Creditors' Meeting Set for June 12
ABSOLUTE VISION: First Creditors' Meeting Set for June 12
AERO GROUP: First Creditors' Meeting Set for June 12
AFG 2024-1: S&P Assigns Prelim B (sf) Rating to Class F Notes
BRAMICH BULLDOZING: First Creditors' Meeting Set for June 11
E-MERSION MEDIA: Owed Staff Wages, Broke Workplace Laws, FWO Says
INSITEC GROUP: McGrathNicol Appointed as Voluntary Administrators
LEGAL SEARCH: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
MEDISECURE LIMITED: Falls Into Administration After Cyber Attack
NATIONAL RMBS 2024-1: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
TRIPLE K: First Creditors' Meeting Set for June 13
C H I N A
QUTOUTIAO INC: Shandong Haoxin CPAs Raise Going Concern Doubt
RETO ECO-SOLUTIONS: YCM CPA Raises Going Concern Doubt
I N D I A
AB&CO GLOBAL: ICRA Keeps D Debt Ratings in Not Cooperating
ACME GENERICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
AMAY HOME: Insolvency Resolution Process Case Summary
ANANT PROMOTERS: ICRA Keeps D Debt Rating in Not Cooperating
ARJUN MALL: Insolvency Resolution Process Case Summary
BARON INFOTECH: Insolvency Resolution Process Case Summary
BASANT MARKETING: Liquidation Process Case Summary
CEM ELECTROMECH: CRISIL Keeps D Debt Ratings in Not Cooperating
CHAITANYA CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
CHEEMA PAPER: Insolvency Resolution Process Case Summary
CHILAKALURUPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
DHANNVIJAY TEXMILLS: CRISIL Keeps D Ratings in Not Cooperating
DWARKADHISH UDYOG: CRISIL Keeps D Debt Rating in Not Cooperating
ELURU MUNICIPAL: ICRA Keeps B+ Debt Rating in Not Cooperating
FASHION FLARE: ICRA Keeps D Debt Ratings in Not Cooperating
GAJAVELLI SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
GOPINATH DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
GRIP PROSPERITY: ICRA Assigns Prov. B+ Rating to INR4.42cr Loan
IFCI LIMITED: ICRA Reaffirms B+ Rating on INR973.35cr Bonds
INDIA STEEL WORKS: Insolvency Resolution Process Case Summary
KAUR SAIN: Insolvency Resolution Process Case Summary
LAKSHMINARASIMHA WAREHOUSING: ICRA Keeps B Rating in Not Coop.
MULTISTONE GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
MUNDHRA JEWELLERS: ICRA Lowers Rating on INR10cr LT Loan to B+
NARASARAOPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
PATEL COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
PATWARI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
PROGRESSIVE AUTOMOBILES: ICRA Keeps B+ Ratings in Not Cooperating
RALPH AGRI: Insolvency Resolution Process Case Summary
RBT PRIVATE: Liquidation Process Case Summary
RIDDHI SIDDHI: CRISIL Keeps D Debt Ratings in Not Cooperating
S.S. CONSTRUCTION: ICRA Keeps B- Debt Ratings in Not Cooperating
SUPERCAST TECHNOLOGIES: Insolvency Resolution Process Case Summary
SWADESHI ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating
TIMBLO DRYDOCKS: CRISIL Keeps D Debt Ratings in Not Cooperating
VENTURES NAGPUR: CRISIL Keeps D Debt Ratings in Not Cooperating
I N D O N E S I A
SAKA ENERGI: Moody's Affirms 'B2' CFR, Outlook Remains Stable
J A P A N
[*] JAPAN: Corporate Bankruptcies Rise 1.8-Fold in Fiscal 2023
N E W Z E A L A N D
ASTORIA DEVELOPMENT: Court to Hear Wind-Up Petition on June 24
AUPOURI AVOCADOS: Creditors' Proofs of Debt Due on June 26
AUTO ONE: Court to Hear Wind-Up Petition on June 27
FMS CONSTRUCTION: Court to Hear Wind-Up Petition on July 9
MINIMALIST LIMITED: Creditors' Proofs of Debt Due on June 30
S I N G A P O R E
FAB MARKET: Court to Hear Wind-Up Petition on June 21
FERROMET INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 3
FORCHN INT'L: Jointly Liable for US$11.3MM After Loan Default
GLOBAL INVACOM: Included in SGX Watch List
HARMONIC QUANTITATIVE: Creditors' Proofs of Debt Due on July 4
MULLENLOWE SALT: Creditors' Proofs of Debt Due on July 5
TARGA SOLUTION: Creditors' Meeting Set for June 20
TERAS SINGAPORE: Creditors' Meeting Set for June 13
S O U T H K O R E A
IGIS ASSET: Fund Defaults on Loan Linked to German Office
V I E T N A M
SAIGON JOINT: Vietnam's Central Bank Lends Another US$1.2 Billion
X X X X X X X X
[*] Paul Hastings Adds Premier Restructuring, Private Credit Team
- - - - -
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A U S T R A L I A
=================
21 ELIZABETH: First Creditors' Meeting Set for June 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of 21 Elizabeth
St Camden Pty. Ltd. will be held on June 12, 2024 at 3:00 p.m. at
the offices of SV Partners at Level 7, 151 Castlereagh Street in
Sydney.
Hugh Armenis of SV Partners was appointed as administrator of the
company on May 30, 2024.
ABSOLUTE VISION: First Creditors' Meeting Set for June 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Absolute
Vision Technologies Pty Ltd will be held on June 12, 2024 at 11:30
a.m. at the offices of Shaw Gidley at Level 1, 160 Pacific Highway
in Charlestown and via teleconference.
Jeffrey Allan Shute of Shaw Gidley was appointed as administrator
of the company on May 31, 2024.
AERO GROUP: First Creditors' Meeting Set for June 12
----------------------------------------------------
A first meeting of the creditors in the proceedings of Aero Group
(Qld) Pty Ltd will be held on June 12, 2024 at 10:30 a.m. at the
offices of Worrells at Level 2 AMP Building, 1 Hobart Place in
Canberra and via virtual meeting technology.
Stephen John Hundy of Worrells was appointed as administrator of
the company on June 30, 2024.
AFG 2024-1: S&P Assigns Prelim B (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
nine classes of prime residential mortgage-backed securities (RMBS)
to be issued by Perpetual Corporate Trust Ltd. as trustee for AFG
2024-1 Trust in respect of Series 2024-1.
The preliminary ratings reflect the following factors.
-- S&P has assessed the credit risk of the underlying collateral
portfolio and it believes the credit support is sufficient to
withstand the stresses S&P applies. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 13.8% of the portfolio.
-- The various mechanisms to support liquidity within the
transaction, including a liquidity facility equal to 1.0% of the
aggregate outstanding amount of the notes, subject to a floor of
A$500,000, and the principal draw function are sufficient to ensure
timely payment of interest.
-- An extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date is available to meet
extraordinary expenses. The reserve is to be topped up from excess
spread, if any, to the extent it has been drawn.
-- S&P has assessed the counterparty exposure to Australia and New
Zealand Banking Group Ltd. as bank account provider and National
Australia Bank Ltd. as liquidity facility provider. The transaction
documents for the bank account and liquidity facility include
downgrade language consistent with S&P Global Ratings' counterparty
criteria.
Preliminary Ratings Assigned
AFG 2024-1 Trust in respect of Series 2024-1
Class A1-S, A$150,000,000: AAA (sf)
Class A1-L, A$300,000,000: AAA (sf)
Class A2, A$27,800,000: AAA (sf)
Class B, A$9,500,000: AA (sf)
Class C, A$5,800,000: A (sf)
Class D, A$2,750,000: BBB (sf)
Class E, A$1,750,000: BB (sf)
Class F, A$800,000: B (sf)
Class G, A$1,600,000: Not rated
BRAMICH BULLDOZING: First Creditors' Meeting Set for June 11
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bramich
Bulldozing Pty Ltd will be held on June 11, 2024 at 3:00 p.m via
Zoom meetings.
Kiara Calvert and Barry Hamilton of Hamilton Calvert Advisory were
appointed as administrators of the company on May 31, 2024.
E-MERSION MEDIA: Owed Staff Wages, Broke Workplace Laws, FWO Says
-----------------------------------------------------------------
News.com.au reports that the collapse of an Australian tech company
has just taken another twist after staff received a letter from a
government agency.
Marketing and software company E-Mersion Media (Aust) Pty Ltd,
headquartered in Melbourne, collapsed into liquidation last month
with debts of at least AUD13 million.
News.com.au relates that all the company's staff had been stood
down by the time the business went into liquidation, where they
were finally terminated.
However, several staff who had quit before E-Mersion Media went
under had been trying for nearly a year to get their final wages
and entitlements paid.
They had escalated the matter to the Fair Work Ombudsman (FWO), an
independent government body specialising in workplace relations.
E-Mersion Media claimed to news.com.au in August last year that
they had withheld some staff members' pay over serious misconduct
allegations, including a claim that AUD15,000 was spent on a
company UberEats account.
The business also said police have been involved and that they
would soon launch a court case against several former staff
members.
But staff said they had been given no information on the alleged
misconduct and the company was unable to provide a police reference
number to news.com.au at the time. Now it appears it was unable to
supply any evidence of this to the FWO either.
Last week, the FWO concluded its investigation and determined that
staff had done nothing wrong, according to news.com.au.
As a result, the government body said E-Mersion Media owed staff
money for their wages and entitlements and that workplace laws had
been broken, news.com.au relates.
Jeremy was one of the staff at E-Mersion Media who had been
levelled with the "baseless accusations".
"We note the Employer has indicated that court proceedings are
being considered but have not provided evidence as such," the FWO
wrote to him in a letter seen by news.com.au.
"In investigating your allegations, we gathered information from a
range of sources and found the Employer contravened workplace laws
in relation to your employment," the letter noted.
Those contraventions included failing to pay a week of wages,
personal and carer's leave, 433 hours of annual leave and failing
to pay for work performed during a notice period.
Jeremy claims in total, he is owed AUD86,000, news.com.au says.
As E-Mersion Media is now in liquidation, Jeremy must now pursue a
government rescue scheme called the Fair Entitlements Guarantee to
receive the money he is owed, news.com.au notes.
"The Fair Work process took a while, it took way too long," Jeremy
said. "It seems like they (a company) can make any accusation they
want and it has to be included (in a FWO investigation)."
As reported in the Troubled Company Reporter-Asia Pacific in
mid-May 2024, the Victorian Supreme Court on May 7 ordered
E-Mersion Media (Aust) Pty Ltd into liquidation "on the grounds of
insolvency." According to news.com.au, the State Revenue Office
had initiated winding up proceedings against the business over
unpaid debts, and three employees also tried to join the case as
supporting creditors due to outstanding wages.
Registrar Kim Woronzcak ordered that the business be placed into
liquidation.
INSITEC GROUP: McGrathNicol Appointed as Voluntary Administrators
-----------------------------------------------------------------
Barry Kogan & Damien Pasfield of McGrathNicol were appointed as
voluntary administrators of certain Insitec Group entities: Insitec
Group Holdings Pty Ltd and Insitec Pty Ltd on June 4, 2024.
"All other entities in the Insitec Group (Insitec US and The
Network) remain outside of the appointment of Voluntary
administrators and remain in the control of the directors and
management," Mr. Kogan said in a statement.
"The secured creditor, an entity associated with Whiteoak Pty
Limited, has provided funding to the voluntary administrators to
support the process. This includes funding to meet employee wages,
contractor payments and other trading costs to enable the existing
operations to continue on a "business as usual" basis. All projects
will continue as normal and without interruption."
Mr. Kogan said "The administrators have received a draft Investment
Committee approved Deed of Company Arrangement (DOCA) term sheet
from the secured creditor to facilitate the recapitalization of the
business, continued employment of staff and a return to unsecured
creditors."
Insitec -- https://insitec.com.au/ -- offers IT systems
integration, information management, business process automation,
and associated support services.
LEGAL SEARCH: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has affirmed the B2 corporate family rating of
Legal Search Holdings Pty Ltd (Legal Search) and changed the
outlook to stable from negative. At the same time, Moody's has
affirmed the B2 backed senior secured first lien term loan rating
and Caa1 backed senior secured second lien term loan ratings of ATI
US Holdings Inc and Legal Search Pty Ltd as co-borrower, and
changed the outlook to stable from negative.
RATINGS RATIONALE
Legal Search's outlook change to stable reflects the company's
stronger than expected earnings and reducing leverage driven by
solid customer acquisition and expansion of product offerings, a
recovery in property market volumes in Australia and New Zealand
(ANZ) and higher product pricing. Moody's estimates Legal Search's
leverage - as measured by gross debt to EBITDA - to be at around
6.0x for the last twelve months as of March 2024, well within the
tolerance levels for the rating.
The affirmation reflects Moody's expectation that earnings will
continue to grow, although at a more moderate pace, supported by a
further recovery in property market volumes and continued price
increases from the company's investments in product and innovation.
Legal Search's pricing power is supported by the fact that search
fees typically represent a small portion of total transaction costs
and are payable by end users.
Moody's anticipates that elevated interest rates will continue to
drive uncertainty in the Australian and UK property markets, but
expects transaction volumes to improve over the next 12 to 18
months. Legal Search derives around 72% of its total revenue from
the property market, particularly property transaction volumes
rather than prices.
In the fiscal year ended June 30, 2023, Legal Search's leverage
peaked at 8.3x, compared to 6.9x as of June 2022, resulting from
weaker property transaction volumes and increased costs. However,
strong earnings recovery from improved property sales volumes in
ANZ, higher product pricing and increased customers has helped the
company to reduce leverage in the first nine months of fiscal
2024.
Moody's expects leverage to be at around 5.0x over the next 12 to
18 months, and interest coverage – as measured by EBITA/interest
expense – to be at around 1.9x over the same period. The rating
agency also expects improved earnings to drive positive free cash
flow generation.
Legal Search ratings also continue to be supported by its
market-leading position; cash flow stability from predictable
revenue underpinned by high customer retention and integration; and
high barriers to entry, resulting from its entrenched first-mover
advantage in delivering integrated systems.
The company's credit profile continues to remain constrained by its
relatively small scale compared with global peer software
companies, elevated but reducing leverage, and an acquisitive
strategy that can limit free cash flow generation. Legal Search's
credit profile is also constrained by the weaker financial profile
of its parent company, ATI Global (ATIG).
Apart from its full ownership of Legal Search, ATIG owns 100% of
Legal Software Holdings Pty Ltd (unrated), which provides SaaS
solutions to manage and automate the operations of law firms
worldwide, including legal practice productivity solutions and
practice management software such as LEAP and Practice Evolve.
Moody's understand Legal Software has a stronger financial profile
than Legal Search.
ATIG has a PIK facility that amounted AUD1,453 million as of March
2024, which matures in February 2030. However, this facility
allows ATIG to capitalize interest, with no principial or cash
interest payment required until February 2030. Moody's understands
there are no financial covenants under the PIK facility.
The rating agency estimates ATIG's leverage will be at around 10x
– 10.5x at June 2024, reflecting weaker credit metrics than the
ones of Legal Search. Moody's views this could potentially result
in ATIG extracting cash from Legal Search. However, Moody's notes
ATI Global has not attempted to extract cash by raising dividends,
or other means, at Legal Search in recent years.
Neither Legal Search Holdings Pty Ltd nor any of its subsidiaries
are guarantors under the PIK Notes and default under the PIK notes
would not trigger default at Legal Search.
OUTLOOK
The stable outlook reflects Moody's expectation that the company
will execute its organic and inorganic growth plans prudently, such
that its financial profile remains within the rating thresholds and
its liquidity buffer remains adequate.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if Legal Search sustains an
improvement in operations and carries out organic and inorganic
growth prudently. In particular, Moody's could upgrade the ratings
if: (i) Moody's-adjusted debt-to-EBITDA remains below 5.0x; (ii)
adjusted EBITA/interest is above 2.0x; (iii) and free cash flow
remains positive, all on a sustained basis. An upgrade would also
require an improvement in the financial profile of Legal Search's
parent company, ATIG.
Conversely, Moody's could downgrade the ratings if: (i) Legal
Search's adjusted debt-to-EBITDA exceeds 7.0x; (ii) adjusted
EBITA/interest is below 1.3x; and/or (iii) the company's liquidity
profile weakens, all on a sustained basis. Moody's could also
downgrade the ratings if there is any material cash leakage from
Legal Search to ATIG or if the credit quality and/or liquidity of
the latter weakens significantly.
LIQUIDITY
Legal Search's liquidity is good supported by unrestricted cash
balances of around AUD71 million and access to AUD10 million of
undrawn revolver credit facilities at March 30, 2024.
Moody's expect that this, along with operating cash flows of around
AUD80 million will be sufficient to cover capital expenditures,
lease payments and mandatory first lien term loan amortizations of
roughly AUD75 million combined over the next 12 months. Moody's
have assumed no dividends and no acquisitions. There are no
material upcoming debt maturities over the next 12 months, with the
next maturity being the revolver due in March 2027.
The revolving credit facility has a financial covenant where the
first lien secured debt to EBITDA ratio must be below 8.5x. As of
March 2024, first lien secured debt to EBITDA ratio was around
4.7x. Moody's expects that Legal Search will maintain ample cushion
under this covenant for the next 12-18 months.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS (ESG)
Legal Search's Credit Impact Score is CIS-4, which indicates the
rating is lower than it would have been if ESG risk exposures did
not exist, notably governance risks. This is mainly driven by its
concentrated ownership structure, financial policy of debt-funded
acquisitions and high leverage, as well as relatively limited
transparency as a private company. Legal Search also has exposure
to sector-wide social risks, notably customer relations and human
capital.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Legal Search Holdings Pty Ltd (Legal Search) is a legal technology
company. The company provides clients access to an integrated
cloud-based platform with due diligence searching, e-conveyancing
and litigation service solutions across Australia and New Zealand,
the United Kingdom and North America.
MEDISECURE LIMITED: Falls Into Administration After Cyber Attack
----------------------------------------------------------------
News.com.au reports that a national medical script provider has
collapsed less than three weeks after it was hacked.
On June 4, digital prescription company MediSecure Limited went
into administration while a subsidiary of the business, Operations
MDS Pty Ltd, went into liquidation, news.com.au discloses.
Vaughan Strawbridge and Paul Harlond of restructuring firm FTI
Consulting have been announced as the joint administrators and
liquidators respectively of both entities, just before noon on June
5.
The Melbourne-based business has been operating since 2009 and
specialised in providing electronic prescriptions to health
professionals.
But last month, MediSecure fell victim to a large-scale ransomware
attack which appears to have made it impossible for the business to
continue, news.com.au notes.
Customer details, including personal information and limited health
information, was posted on the dark web.
In mid May, the eHealth provider said it had identified a
cybersecurity incident and that it was working closely with cyber
authorities.
"MediSecure is aware that a data set containing the personal
information and limited health information of our customers has
been made available on a dark web forum," the company said.
"We urge Australians to not go looking for this data. Accessing
stolen sensitive or personal information on the dark web only
promotes future cyber criminal activities against Australian
businesses."
According to news.com.au, National Cyber Security Coordinator
Michelle McGuinness said at the time she had been notified of the
MediSecure breach.
"I am working with agencies across the Australian Government,
states and territories to co-ordinate a whole-of-government
response to this incident," the report quoted Ms. McGuinness as
saying last month. "The Australian Signals Directorate Australian
Cyber Security Centre is aware of the incident and the Australian
Federal Police is investigating."
Home Affairs Minister Clare O'Neil also weighed in, convening a
peak intelligence and security officers in response to the
MediSecure crisis incident.
"I have been briefed on this incident in recent days and the
government convened a National Coordination Mechanism regarding
this matter today," she wrote on X, news.com.au relays.
News.com.au add that MediSecure's newly appointed liquidators said
they were working with both the relevant authorities and
creditors.
"The company has been in contact with the Australian government
with respect to providing information in response to that
incident," Mr. Strawbridge said.
"We will be speaking to the Australian government about what they
need from the company and the next steps in the response to the
cyber incident."
The first meeting of creditors will be held later this month,
news.com.au notes.
NATIONAL RMBS 2024-1: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Perpetual Trustee Company Limited as
trustee of National RMBS Trust 2024-1.
Issuer: National RMBS Trust 2024-1
AUD690.00 million Class A1 Notes, Assigned (P)Aaa (sf)
AUD26.25 million Class A2 Notes, Assigned (P)Aaa (sf)
AUD16.50 million Class B Notes, Assigned (P)Aa2 (sf)
AUD8.25 million Class C Notes, Assigned (P)A2 (sf)
AUD4.50 million Class D Notes, Assigned (P)Baa2 (sf)
AUD3.75 million Class E Notes, Assigned (P)Ba2 (sf)
The AUD0.75 million Class F Notes are not rated by Moody's.
The transaction is a securitisation of Australian prime residential
mortgage loans originated and serviced by National Australia Bank
Limited (NAB Aa2/P-1/Aa1(cr)/P-1(cr)).
A proportion of the portfolio (12.5%) benefits from Lenders
Mortgage Insurance policies covering losses up to 100% of the
principal amount, the accrued interest of each loan and reasonable
expenses involved in enforcing the mortgage.
RATINGS RATIONALE
The provisional ratings take into account, among other factors, the
evaluation of the underlying receivables and of the capital
structure and credit enhancement provided to the notes, the
availability of excess spread over the life of the transaction, the
liquidity facility in the amount of 1.00% of the note balance, the
legal structure, and the credit strength and experience of NAB as
servicer.
Moody's MILAN Stressed Loss — representing the loss that Moody's
expects the portfolio to suffer in the event of a severe recession
scenario — is 3.0%. Moody's expected loss for this transaction is
0.3%, which represents a stressed, through-the-cycle loss relative
to Australian historical data.
Initially, the notes will be repaid on a sequential basis. Once
serial paydown triggers are met, Class A1 Notes will receive
pro-rata share of the principal payments. The serial paydown
triggers include, among others, the payment date occurring on the
later of (1) the second anniversary from closing; or (2) the Class
A subordination reaching at least 16%.
The key pool features are as follows:
-- The pool has an average weighted-average scheduled
loan-to-value (LTV) ratio of 59.6% and 6.1% of the loans have a
scheduled LTV ratio above 80%.
-- The portfolio has a relatively low exposure to investment loans
(21.5%) and interest-only loans (5.0%).
-- The portfolio is geographically well diversified, due to NAB's
wide distribution network.
-- The portfolio has a high proportion of non-purchase loans
(33.7%).
-- The portfolio is well seasoned (31.0 months), with around 15.2%
of the mortgages with seasoning greater than 48 months.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in May 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.
TRIPLE K: First Creditors' Meeting Set for June 13
--------------------------------------------------
A first meeting of the creditors in the proceedings of Triple K
Management Pty Ltd will be held on June 13, 2024 at 10:00 a.m. via
virtual meeting only.
Daniel O'Brien and Danny Vrkic of DV Recovery Management were
appointed as administrators of the company on June 3, 2024.
=========
C H I N A
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QUTOUTIAO INC: Shandong Haoxin CPAs Raise Going Concern Doubt
-------------------------------------------------------------
Qutoutiao Inc. disclosed in a Form 20-F Report filed with the U.S.
Securities and Exchange Commission for the fiscal year ended
December 31, 2023, that its auditor has expressed substantial doubt
about the Company's ability to continue as a going concern for the
next 12 months.
Weifang, China-based Shandong Haoxin Certified Public Accountants
Co., Ltd., the Company's auditor since 2023, issued a "going
concern" qualification in its report dated May 15, 2024, citing
that there are certain facts and circumstances including
accumulated and recurring losses from operations, net cash used in
operating activities, negative working capital as of December 31,
2023, and uncertainties on the repayment of a convertible loan
raise substantial doubt about the Company's ability to continue as
a going concern.
The following factors raise substantial doubt about the Group's
ability to continue as a going concern:
* For the years ended December 31, 2021, 2022 and 2023, the
Group incurred net losses of RMB1,240.2 million, RMB914.8 million
and RMB185.3 million, respectively.
* For the years ended December 31, 2021, 2022 and 2023, the
Group had net cash used in operating activities of RMB279.1million,
RMB443.8 million and RMB65.7 million, respectively.
* As of December 31, 2023, the Group had an accumulated
deficit of RMB8,724.5 million and a deficit in working capital of
RMB458.9 million.
* As of December 31, 2023, the Group had cash, cash
equivalents, restricted cash and short-term investments of RMB91.7
million.
* As of December 31, 2023, the Group has a Convertible Loan
from Alibaba of approximately RMB1.94 billion, including principal
of US$171.1 million and unpaid interest that was expected to be
matured within the next 12 months.
The liquidity of the Group is primarily dependent on management's
ability to adjust the pace of its operation expansion, to control
operating cost and expenses to reduce the cash used in operating
cash flows, to pursue financing arrangements, including the renewal
of its Convertible Loan with the creditor, and to obtain additional
funds from the sale of its assets.
The Company is currently exploring a variety of measures to improve
the Group's liquidity and financial position.
Based on the management's assessment, there can be no assurance,
however, that the operating measures will be successfully completed
due to factors outside of the Company's control. There can also be
no assurance that new financing, additional funds from the sale of
assets, extension of the maturity date of the Convertible Loan
under the supplemental agreement, continuous renewal of the
Convertible Loan, or other transactions will be available to the
Company on commercially acceptable terms, or at all. In addition,
the potential worsening global economic conditions may adversely
impact the Group's ability to secure additional financing.
A full-text copy of the Company's Form 20-F is available at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1733298/000149315224019547/form20-f.htm
About Qutoutiao Inc.
Shanghai, China-based Qutoutiao Inc. operates innovative and
fast-growing mobile content platforms in China with a mission to
bring fun and value to its users.
As of December 31, 2023, the Company has US$58.2 million in total
assets, US$389.8 million in total liabilities, $222.98 million in
redeemable non-controlling interests, and US$554.6 million in total
Qutoutiao Inc. shareholders' deficit.
RETO ECO-SOLUTIONS: YCM CPA Raises Going Concern Doubt
------------------------------------------------------
ReTo Eco-Solutions, Inc. disclosed in a Form 20-F Report filed with
the U.S. Securities and Exchange Commission for the fiscal year
ended December 31, 2023, that its auditor has expressed substantial
doubt about the Company's ability to continue as a going concern
for the next 12 months.
Irvine, Calif.-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of December 31, 2023, and the Company currently has net
working capital deficit, continued net losses and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
The Company's net loss from continuing operations amounted to
approximately $16.1 million, $15.4 million and $20.5 million for
the year ended December 31, 2023, 2022 and 2021, respectively. Its
net loss from discontinued operations amounted to approximately
nil, nil and $1.6 million for the year ended December 31, 2023,
2022 and 2021, respectively. Total net loss amounted to
approximately $16.1 million, $15.4 million and $22.1 million for
the year ended December 31, 2023, 2022 and 2021, respectively.
Management's plan to alleviate the substantial doubt about ReTo's
ability to continue as a going concern include working to improve
the Company's liquidity and capital sources mainly through cash
flow from its operations, renewal of bank borrowings, equity or
debt offering and borrowing from related parties. In order to fully
implement its business plan and recover from continuing losses, the
Company may also seek equity financing from outside investors. At
the present time, however, it does not have commitments of funds
from any potential investors. There can be no assurance that
additional financing, if required, would be available on favorable
terms or at all and/or that these plans and arrangements will be
sufficient to fund its ongoing capital expenditures, working
capital, and other requirements.
If the Company is unable to achieve these goals, its business will
be jeopardized, and it may not be able to continue. If the Company
ceased operations, it is likely that all of its investors will lose
their investment.
A full-text copy of the Company's Form 20-F is available at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1687277/000121390024043803/ea0205638-20f_retoecosolu.htm
About ReTo
Beijing, China-based ReTo Eco-Solutions, Inc. manufactures building
materials. The Company produces abrasives, asbestos, nonmetallic
mineral products, concretes, bricks, pavers, and tiles. ReTo
Eco-Solutions markets its products throughout China.
As of December 31, 2023, the Company has $25.2 million in total
assets, $20.4 million in total liabilities, and $4.9 million in
total shareholders' equity.
=========
I N D I A
=========
AB&CO GLOBAL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating for the Bank
facilities of Ab&Co Global Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D;ISSUER NOT
COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- (35.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- (10.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term 50.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Ab&Co Global 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.
AB&Co Global Private Limited (AB&Co) was initially incorporated in
the name of Navib Constrade Pvt. Ltd. in the year 1997. In 2001,
its name was changed to AB&Co Advisors Pvt. Ltd. In 2011, the
company was renamed as 'AB&Co Global Private Limited'. AB&Co trades
in various products such as raw cotton, mild steel ingots, angles,
plates, rounds, chemicals, IT products and copper, depending upon
the demand scenario. The company sells its products primarily in
the domestic market. The major customers of AB&Co are domestic
textile, engineering and chemical companies. From FY13 onwards, the
company diversified into civil construction business to reduce its
dependence on trading operations.
ACME GENERICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Acme
Generics LLP in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 71.19 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.81 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AGL, 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.
Acme Generics LLP (AGL) was incorporated in 2014 as a partnership
firm. It was primarily established as an extended arm to AFPL to
continue to enjoy the excise exemption benefits, which expired in
March 2015 for AFPL. However, with implementation of GST in FY2016,
the excise exemption benefits are no longer applicable and thus
both companies operate similarly with strong business linkages and
the same management team. AFPL holds a majority stake in AGPL (81%
through direct and indirect holdings). AGL's development and
manufacturing capabilities cover prescription products in solid and
semi-solid dosage forms. Its manufacturing facility is situated in
Baddi (Himachal Pradesh), spread across an area of 3.0 lakh sq. ft.
The facility has an annual capacity of 13 billion tablets and two
billion capsules. It is accredited by European Union – Good
Manufacturing Practice Hungary (EU-GMP Hungary), Therapeutic Goods
Administration(TGA) Australia and U.S. Food and Drug Administration
(US- FDA) particularly for manufacturing OTC and dietary
supplements.
AMAY HOME: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Amay Home Services Limited
Registered Address:
F-6, Royal Villa
Gautam Marg Rani Sati Nagar
Niirman Nagar Japur 302006
Insolvency Commencement Date: May 17, 2024
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: November 13, 2024
Insolvency professional: Garima Diggiwal
Interim Resolution
Professional: Garima Diggiwal
91, Moji Colony
Malviya Nagar
Jaipur, Rajasthan 302017
E-mail: garima286@gmail.com
E-mail: cirp.amayhomeservices@gmail.com
Last date for
submission of claims: May 31, 2024
ANANT PROMOTERS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Short-term rating of Anant Promoters And Fincon
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Anant Promoters And Fincon Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2011, Anant Promoters And Fincon Pvt. Ltd. has been
engaged in trading of timber logs, veneers and plywood. The
directors of the company are Mr. Rajiv Agarwal & Mr. Yash Agrawal
who have extensive experience of two decades in manufacturing
plywood, block board and trading of timber. The company is part of
the Deccan Group, which has a history of about two decades in the
plywood business. All the group companies are involved in plywood
and Veneer related business.
ARJUN MALL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Arjun Mall Retail Holdings Pvt Ltd
Registered Address:
Scheme No. 1 Hargobind Nagar SCF 29-30
Phagwara, District Kapurthala
Punjab 144401
Insolvency Commencement Date: May 14, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 11, 2024
Insolvency professional: Hans Raj Bhogra
Interim Resolution
Professional: Hans Raj Bhogra
5, Ground Floor, Garg Plaza
Bhera Enclave, Paschim Vihar
Near Bhatnagar International School
West, New Delhi 110087
E-mai: hansrajbhogra@gmail.com
E-mail: Arjunmallretails.cirp@gmail.com
Last date for
submission of claims: May 28, 2024
BARON INFOTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Baron Infotech Limited
Registered Address:
Flat No. 504, Survey No. 131 to 141
Kompally, Secunderabad 500014
Telagana, India
Insolvency Commencement Date: May 10, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: November 6, 2024
Insolvency professional: Haridasu Sambasiva Rao
Interim Resolution
Professional: Haridasu Sambasiva Rao
107, Prajapathi Elite 3
Mayurinagar, Miyapur
Hyderabad, Telangana 500049
Email: hsrao.siva@gmail.com
-- and --
Plot No. 645, Unit #A3
1st Floor, Vaishnavi@36
Road No. 36, Jubilee Hills
Hyderabad 500033
Email: ip.baroninfortech@gmail.com
Last date for
submission of claims: May 28, 2024
BASANT MARKETING: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Basant Marketing Limited
Imax Lohia Square
Office No. 4b, 4th Floor
Premises No. 23
Gangadhar Babu Lane
Kolkata 700012
West Bengal
Liquidation Commencement Date: May 14, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Anal Basu
27, Haladhar Bradhan Lane
Kolkata 700012
West Bengal
E-mail: basu_anal@rediffmail.com
E-mail: basantmarketinglimited@gmail.com
Last date for
submission of claims: June 13, 2024
CEM ELECTROMECH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of CEM
Electromech Private Limited (CEM) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.88 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.36 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.11 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.65 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CEM 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 CEM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CEM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CEM continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, CEM manufactures electrical components.
CHAITANYA CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chaitanya
Cashew Company (CCC) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 2.25 CRISIL D (Issuer Not
Cooperating)
Packing Credit 5.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CCC 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 CCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CCC continues to be 'CRISIL D Issuer Not Cooperating'.
CCC was set up as a proprietorship firm in 2011 by Ms Veena
Prabhakumar, who also manages operations. The firm, based in
Kollam, Kerala, trades in cashew kernels.
CHEEMA PAPER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Cheema Paper Mills Private Limited
Registered Address:
Ramraj Road Bajpur
Bajpur, Uttarakhand,
India, 262401
Insolvency Commencement Date: May 14, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: November 10, 2024
Insolvency professional: Nipan Bansal
Interim Resolution
Professional: Nipan Bansal
10-B Udham Singh Nagar
Ludhiana, Punjab-141001
E-mail: irp@parshotamandassociates.com
E-mail: cirp.cheemapapermills@gmail.com
Last date for
submission of claims: May 28, 2024
CHILAKALURUPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
--------------------------------------------------------------
ICRA has kept the Long-Term rating for the Issuer rating of
Chilakalurupet Municipality in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable);ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+(Stable);ISSUER NOT
COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Chilakalurupet Municipality, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
The CPM was upgraded to a first-grade municipality in 2001 and is
governed as per the Andhra Pradesh Municipal Act, 1994. The
municipality manages the municipal services in Chilakalurupet town,
situated in the Guntur district of Andhra Pradesh and covers an
area of 18.13 square kilometre (Sq. Km.), serving a population of
101,398 (as per Census 2011). The major functions of the CPM
include water supply, solid waste management and construction,
repair and maintenance of roads and streetlights in its area. The
CPM is divided into 34 municipal wards and is supervised by an
elected body, the Council, consisting of ward councillors, who
further elect a chairperson. The Commissioner is appointed by the
State Government and is the principal executive officer of the
municipality.
DHANNVIJAY TEXMILLS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree
Dhannvijay Texmills Private Limited (SDTPL) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.54 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SDTPL 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 SDTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDTPL continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2004 by Mr Vijay Shankar and his wife, Ms
Dhanalakshmi, Coimbatore-based SDTPL manufactures polyester cotton
yarn.
DWARKADHISH UDYOG: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree
Dwarkadhish Udyog Private Limited (SDUPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SDUPL 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 SDUPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDUPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDUPL continues to be 'CRISIL D Issuer Not Cooperating'.
SDUPL is based in Ranchi (Jharkand) and was incorporated in 2012.
The company trades in steel, cement, and other construction
materials such as electrical items and sanitary ware. It started
operations in July 2012. The company is promoted by Mr Amit Sarawgi
and Mr Gyan Prakash Sarawgi, who have experience of more than 15
years in trading of steel and cement products.
ELURU MUNICIPAL: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating for the Issuer rating of Eluru
Municipal Corporation (EMC) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable);ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+(Stable);ISSUER NOT
COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with EMC, 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.
In the year 1866, the urban local body (ULB) in Eluru was
established as a Municipality and, subsequently, the Municipality
was upgraded to a Municipal Corporation in April 2005. The
functioning of Eluru Municipal Corporation (EMC) is governed by the
Andhra Pradesh Municipal Corporation Act, 1994 (Act), which is
administered by the Municipal Administration and Urban Development
Department (DMA), Government of Andhra Pradesh (GoAP). EMC is
primarily responsible for providing basic civic services and
amenities to the inhabitants of the city. The key services extended
by the Corporation are construction and maintenance of roads,
drains and streetlights, solid waste management, and creation and
maintenance of amenities such as shopping stalls, community hall,
playgrounds, parks/gardens etc.
FASHION FLARE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and short-term rating of Fashion Flare
International Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Fashion Flare International 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.
Formed in 1998, FFIPL is engaged in the manufacturing and export of
woven readymade garments (RMG) for women (western style) that
account for the most part of the production. Small portion of sales
is also for knitted RMGs. The company has been into direct exports
since commencement of operations. The company operates a unit in
Okhla which has a built-up area of 50,000 sq. ft. The manufactured
products are in the economy segment with a price range between $4-8
(average realization $6 per piece -billing rate for FFIPL). The
garments supplied by the firm are designed in-house, after getting
samples approved by customers and incorporating changes, if any.
The firm's sewing facilities are at small scale with about 200
sewing machines which and total production capacity of 8.5 lac
pieces per annum. The designing, sampling, cutting and packaging
processes are done in-house. The company purchases grey as well as
dyed/ printed fabric on a credit of up to 30 days.
GAJAVELLI SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term rating of Gajavelli Spinning Mills
Private Limited (GSPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 70.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 11.64 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 0.87 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with GSPL, 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.
Gajavelli Spinning Mills Private Limited (GSPL), incorporated as
private limited company in April 2006 by Mr.Gajavelli Venkateswara
Rao and Mr. Gajavelli Poornachadra Rao, is primarily engaged in
producing cotton yarn.The mill is located in Guntur district of
Andhra Pradesh and has a capacity of 35184 spindles. Cotton yarn,
cotton waste and lint are the major products of the company. GSPL
produces carded and combed yarn of 32'scount.
GOPINATH DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Gopinath Dairy Products
Private Limited (GDPPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 0.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 11.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 14.00 [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 GDPPL, 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 1994, GDPPL was operating as an industrial
warehouse in Navi Mumbai till 2009. Between 1994 and 2009, the
company was operating as a repacking cum warehousing for Kodak
India Private Limited (for cameras and camera rolls), Saregama
India Limited (for CDs and cassettes) and Voltas Limited (for
chemicals). The unit measures about 1,268 square meters and is
taken on 99 years sub lease from Maharashtra Industrial Development
Corporation 2 (MIDC) by the promoters In 2011, the promoters
entered into a ten-year job-work agreement with Reliance Dairy
Foods Limited (RDFL), which is a stepdown subsidiary of the
financially strong Reliance Industries Limited, for processing raw
milk into pasteurized milk and milk products such as cottage
cheese, curd and clarified butter to be sold under the brand name
Reliance Dairy Life.
GRIP PROSPERITY: ICRA Assigns Prov. B+ Rating to INR4.42cr Loan
---------------------------------------------------------------
ICRA has assigned a provisional rating to the Series 1 pass-through
certificates (PTCs) issued by Grip Prosperity Asset 1 under a
securitisation transaction originated by Vriksh Advisors Private
Limited (Vriksh/Originator/Lessor). The PTCs are backed by lease
receivables of INR5.48 crore from Waterwala Labs Private Limited
(WLPL/Obligor/Lessee) for Water purifiers leased by Vriksh.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Grip Prosperity 4.42 Provisional [ICRA]B+(SO);
Asset 1 Assigned
Series 1 PTCs
The receivables shall include all rental payments, including the
goods and services tax (GST) component (rentals) and tax deducted
at source net of TDS (if applicable), due from the Lessee to the
Lessor as per the terms of the Master Rent Agreement (MRA). The
rentals will be discounted at the PTC yield to arrive at the
purchase consideration for the PTC investors. As per the terms of
the draft MRA to be executed between the Lessor and the Lessee, the
rental payments represent an unconditional and irrevocable
obligation of the Lessee.
The assigned rating is based on WLPL's credit profile, the
established relationship between Vriksh and WLPL, the track record
of rental payments between them under other existing lease
agreements and the integrity of the legal structure. The
provisional rating is subject to the fulfilment of all the
conditions under the structure and the review of the documentation
pertaining to the transaction by ICRA.
Key rating drivers
Credit strengths
* Transaction structure ensuring no co-mingling of receivables with
the Originator thereby effectively carrying the credit risk of the
Lessee (WLPL)
* Established track record of lease payments under other existing
lease agreements between Originator and Lessee
* Cushion of 17-20 days between the due dates of the rental
payments and the corresponding PTC payout dates an additional gap
of more than 70 days between the last payout date and the legal
maturity date.
Credit challenges
* The pool has a single obligor; hence, the payouts on the
instrument are strongly linked to the credit profile of the
obligor.
Description of key rating drivers highlighted above
The Trustee shall settle a Trust and the receivables due from the
Lessee to the Lessor shall be assigned by the Lessor to the Trust
(on a non-recourse basis). The Trust would issue PTCs backed by the
same. The receivables shall include all rental payments including
the GST component and net of TDS (if applicable) due from the
Lessee to the Lessor as per the terms of the MRA. The gross rentals
will remain unchanged even if there is any change in the GST rate
applicable.
The Trustee shall open a no-lien Collection and Payout Account
(CPA) in the nature of a Trust & Retention Account (Trust Account)
with a bank. The Lessee shall directly transfer the rentals into
the CPA of the Trust. All monies credited in the CPA shall be held
in the Trust for the benefit of the investors and as per the
waterfall mechanism defined in the transaction documents. Thus, the
transaction structure ensures that there is no commingling of
receivables with the Lessor, thereby effectively carrying the
credit risk of the Lessee.
The rentals payable by the Lessee would be paid directly by it to
the Trust at quarterly intervals over a period of three years. In
the event of the termination of the MRA, the receivables shall
include the termination amount due from the Lessee to the Lessor as
per the terms of the MRA. The termination amount shall mean the
present value of all future receivables due on the date of the
termination of the MRA (arrived at by discounting the future
receivables at a yield not higher than the PTC yield). Thus, even
under a scenario where the MRA is terminated, the PTC investors
will not face any shortfall.
Though the PTCs will be paid on a quarterly basis, the principal
and interest payment on the PTCs is promised on the final maturity
date, which would be 36 months from the date of issuance. The
rentals must be deposited in the CPA before each expected payout
date. In ICRA's view, the cushion of 17-20 days between the due
date of the rental payment under the MRA and the corresponding PTC
payout date is sufficient to manage any operational delays in the
rental payment by the Lessee, thus ensuring timely payment to the
PTC investors. Further, there is an additional gap of more than 70
days between the last payout date and the legal maturity date.
The rating remains exposed to high concentration risk as the
rentals are to be received from a single counterparty, viz. WLPL.
However, the established track record of lease payments under other
existing lease agreements provides comfort. The Lessor would be
assigning its rights in the receivables to the Trust and the Trust
would therefore be entitled to all the rights available to the
Lessor, which would be a mitigant to the risk of non-payment by
WLPL. The rental payments will be bankruptcy remote from the
Lessor.
The assigned rating is based on the credit profile of WLPL, the
established relationship between Vriksh and WLPL, the track record
of payments between them and the integrity of the legal structure.
Key rating assumptions
To arrive at the rating, ICRA has relied on the credit profile of
the Lessee. Also, the track record of timely payments by the Lessee
against the lease rental invoices raised in the past and various
other structural features add strength to the transaction.
Liquidity position: Stretched
The payment obligations of WLPL to Vriksh are being securitised in
the proposed transaction. As per the transaction structure, both
the interest and the principal amount are promised to the PTC
holders on the scheduled maturity date of the transaction. Basis
the on-balance sheet liquidity available with WLPL to meet its
various payment obligations, the liquidity is deemed to be
"Stretched" for the transaction to meet the promised payouts to the
Series 1 PTC investors.
Rating sensitivities
Positive factors – Rating can be upgraded if there is an
improvement in the credit profile of the Lessee.
Negative factors – The rating can be downgraded if there is a
deterioration in the credit profile of Lessee or non-adherence to
the terms of the transaction. The rating would be under pressure if
there are delays observed in the lease rental payments by the
Lessee.
Analytical approach
The rating action is based on the legal structure of the
transaction and factors in the payment mechanism along with the
credit profile of the Lessee.
Pending actions/documents required to be completed for conversion
of the provisional rating into final:
The assigned rating is provisional and would be converted into
final upon the execution of:
1. Trust deed
2. Deed of Assignment
3. Legal opinion
4. Trustee letter
5. Notice of Assignment
6. Master Rental Agreement
7. Any other documents executed for the transaction
* Validity of the provisional rating: The Trust is expected to
complete the pending actions/execute the pending documents in the
near term. However, in case of continued pendency of the
actions/documents beyond one year of this publication, the
provisional rating would be withdrawn for the transaction even if
the instrument has been issued.
* Risks associated with the provisional rating: In case the
issuance is completed, but the pending actions/documents are not
completed for the transaction within one year (validity period)
from the assignment of the rating, the provisional rating will be
withdrawn in accordance with ICRA's Policy on Provisional Ratings
available at www.icra.in.
About the originator/Lessor
Vriksh Advisors Private Limited, (Vriksh) is in the business of
leasing of various movable assets to its identified customers on an
operating lease model for a mutually agreed period. Concurrently
with the lease of assets, Vriksh assigns all or a significant
portion of the lease rent receivables from its customers on a
non-recourse basis to third parties. Till date, Vriksh has
originated 9 LeaseX (leasing transaction via securitization
structure is referred to as "LeaseX") opportunities executed in the
form of SDI. These 9 transactions had a cumulative value of approx.
INR 100 Cr+ and involved 20 Lessees with monthly payout to
investors.
Grip Invest Technologies Private Limited ("Grip") which is Vriksh's
related entity operates a digital platform to discover alternate
investment options and offers its users access to various
asset-backed, fixed-income asset classes. Asset-backed leasing is
the primary asset class offered to its users. Grip has enabled
26,000 investors to invest Rs 950+ crore since its launch 4 years
ago.
Grip has enabled leasing to 135+ companies with a focus on
mobility, warehousing, medical equipment, furniture, etc. Grip has
raised equity capital from institutional investors Stride Ventures,
Venture Highway, Endiya Partners, AdvantEdge, Anicut Capital, Nueva
Capital and Multiply Ventures. Grip leverages its experience in
identifying and managing leasing transactions entered between
Vriksh and various Lessees.
About the Lessee
WLPL is in the business of providing water purifiers on
subscription model from 2016 under the brand name "Drink Prime".
WLPL has proprietary technology for IOT BOT for the said water
purifiers which helps in monitoring the quality of water (like
checking hardness of water etc.) and helps in calculating the
consumption of water by the users. The USP of subscription-based
model is cost savings for the customers. Drink Prime's subscription
model is based on number of litres consumed, which includes
maintenance cost also. It can be either litres-based (in case the
subscribed number of litres gets consumed before the month ends,
the user can recharge number of litres) or time-based (in case the
month has ended, the user can recharge for another month).
IFCI LIMITED: ICRA Reaffirms B+ Rating on INR973.35cr Bonds
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of IFCI
Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based/ 300.00 [ICRA]B+ (Negative); reaffirmed
non-fund based
bank limits
Long-term bonds 913.10 [ICRA]B+ (Negative); reaffirmed
(incl. sub debt)
Long-term bonds 250.62 [ICRA]B+ (Negative); reaffirmed
(incl. sub debt) and withdrawn
Bonds/NCD 973.35 [ICRA]B+ (Negative); reaffirmed
Programme
Commercial 500.00 [ICRA]A4; reaffirmed
paper programme
Rationale
The ratings continue to factor in IFCI Limited's stretched
liquidity position owing to its forthcoming debt maturities as well
as the delays in the finalisation of its business revival plan. The
revival plan may include capital infusion from the Government of
India (GoI), among other actions, to enable IFCI to turn around its
operations. The capitalisation profile continues to remain weak
with Tier I capital of -48.36% as on March 31, 2024 (against
-71.06% as on March 31, 2023). IFCI has managed its debt repayments
during the last few years by running down its standard loan book,
making recoveries from non-performing assets (NPAs) and divesting
its non-core assets. However, with the significant reduction in the
standard loan book and its limited scale relative to repayment
obligations, the company's ability to incrementally manage debt
repayments from the residual book will remain a challenge.
Moreover, IFCI will have to rely on timely support from the GoI, in
case NPA recoveries and divestment proceeds trail its upcoming
repayment obligations.
Cumulatively, the GoI has infused a capital of INR1,500 crore over
the last five years (INR500 crore each in FY2024 and FY2023, INR100
crore in FY2022 and INR200 crore each in FY2021 and FY2020).
However, the quantum of capital remains limited in relation to the
company's capital requirements, given its negative Tier I capital
and high level of stressed assets.
The Negative outlook continues to reflect ICRA's expectation of
continued liquidity pressure, which poses challenges for the
company's debt-servicing ability. The rating outlook will be
changed to Stable if IFCI's strategic importance to the GoI
increases significantly along with the infusion of sizeable
capital, which would improve its solvency and liquidity position
and enable it to resume business growth by securing fresh funds.
ICRA has withdrawn the rating assigned to the INR250.62-crore
long-term bonds (including sub-debt) as these bonds have been fully
redeemed, and no amount is outstanding against the same. The rating
was withdrawn in accordance with ICRA's withdrawal policy (click
here for the policy).
Key rating drivers and their description
Credit Strength: Not applicable
Credit challenges
* Liquidity risk persists: IFCI remains highly dependent on
recoveries from its stage 3 assets to service its debt obligations.
It recovered INR951 crore from its NPAs in FY2024 (INR820 crore in
FY2023) compared to debt servicing obligations of INR960 crore in
FY2024. As on March 31, 2024, IFCI's standard loan book (net stage
1 and stage 2) declined to INR83 crore from INR356 crore as on
March 31, 2023 (INR457 crore as on March 31, 2022) due to
continuing repayments/prepayments and a pause on incremental
disbursements. Consequently, cash flows from standard assets will
be limited on an incremental basis.
As on April 30, 2024, the company reported on-balance sheet
liquidity of INR1,128 crore. However, despite this, liquidity
remains stretched due to upcoming debt repayment obligations
(principal and interest) of INR1,867 crore for the rest of FY2025
and INR549 crore for FY2026. There is limited clarity on the
quantum and timing of capital support from the GoI and company's
plans for divestment of stake in subsidiaries, if any. Such factors
are crucial for IFCI's ability to meet its repayment obligations.
* Timely support from GoI continues to remain critical: As on April
30, 2024, the GoI holds a majority stake in IFCI with 71.72% of
equity shares. With regular capital infusion, the stake increased
from 56% as on March 31, 2020. However, the GoI has not allocated
significant equity capital infusion for IFCI yet, in FY2025.
Moreover, given the sizeable debt levels in relation to standard
advances and investment value, ICRA maintains that IFCI's capital
requirements are much higher than the amount infused in the recent
past, therefore, timely and meaningful support from the GoI will
remain critical in the interim. As a step towards its revival, IFCI
has submitted a business plan to the GoI, which is under
consideration with the Department of Financial Services (DFS),
Ministry of Finance.
* Weak asset quality and capital position: IFCI's asset quality
remains weak, with gross stage 3 assets of INR4,9361 crore (97.94%
of gross loans) as on March 31, 2024 against INR6,054 crore (93.96%
of gross loans) as on March 31, 2023 because of negligible fresh
disbursements in last few years and rundown of loan book to meet
debt repayments. Furthermore, IFCI's share of net stage 3 assets in
the overall net loans and advances stood at 94.60% as on March 31,
2024 (79.97% as on March 31, 2023).
Since the December 2020 quarter, the Tier I capital remained
negative and stood at -INR1,689 crore or -48.36% as on March 31,
2024 compared to -INR2,596 crore or -71.06% as on March 31, 2023.
The Tier I capital position remains much lower than the net worth
of INR1,214 crore as on March 31, 2024, as it excludes net deferred
tax assets and investments in subsidiaries. Government-owned
non-banking financial companies (NBFCs) are required to maintain
Tier I of 10% and a capital-to-risk weighted assets ratio (CRAR) of
15%. Going forward, IFCI's weak asset quality and capital position
are unlikely to improve without a substantial capital infusion.
* Earnings profile to remain weak amid declining loan book and high
level of stressed assets: With a standard net loan book of INR83
crore and debt of INR6,100 crore (including interest accrued but
not due) as on March 31, 2024, IFCI's interest-bearing assets are
much lower than its interest-bearing liabilities. Hence, the net
interest income (NII) is negative on a cash basis. Although the
company reported a net profit of INR128 crore during FY2024
(INR-288 crore in FY2023) on account of strong recoveries from
Stage 3 assets and healthy non-interest income (dividend income,
fee/commission income, rental and other income), the sustainability
will continue to be driven by recoveries from NPAs.
Given its weak funding profile and stretched liquidity position,
IFCI's fresh net sanctions and disbursements were limited to INR19
crore to its subsidiary in 2024 and remained nil during FY2023 and
FY2022. Hence, the declining standard loan book and funding
constraints, limiting fresh business activity, will continue to
affect the earnings profile over the longer term. The company's
ability to secure fresh funding and raise capital to offset the gap
between the income generated on earning assets and borrowing costs
will also be dependent on the approval of the revival plan
submitted to the GoI.
Liquidity position: Stretched
IFCI's liquidity position remains stretched, with repayment
obligations of INR1,867 crore (including interest) due in FY2025
(May 1, 2024 onwards), while its on-balance sheet liquidity stood
at INR1,128 crore as on April 30, 2024. Although IFCI met its
borrowings/repayment obligations in recent years by running down
its performing loan book, its ability to ensure meaningful
recoveries from its sizeable NPA pool along with capital support
from GoI will remain critical from a liquidity perspective, as the
residual performing book has shrunk considerably in scale.
Rating sensitivities
Positive factors – Given the significantly weak capital position,
liquidity, solvency profile and earnings outlook, the ratings could
get upgraded if IFCI's strategic importance to the GoI increases
significantly along with the infusion of sizeable capital. The
infusion would improve its solvency and liquidity position and
enable it to resume business growth by securing fresh funds.
Negative factors – The ratings could be downgraded on further
weakening of the liquidity position.
The GoI established the Industrial Finance Corporation of India
(IFCI) on July 1, 1948, as a development financial institution (a
statutory corporation) to cater to the long-term financial needs of
the industrial sector. IFCI's constitution was changed in 1993,
transitioning it from a statutory corporation to a company under
the Indian Companies Act, 1956. Subsequently, its name was changed
to IFCI Limited with effect from October 1999. The company's
financing activities covered various kinds of projects spanning
airports, roads, telecom, power, real estate, manufacturing,
services and other such allied industries. However, IFCIs lending
operations stopped in FY 2022 due to capital and liquidity
constraints.
INDIA STEEL WORKS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: India Steel Works Limited
Registered Address:
India Steel Works Complex
Zenith Compound, Khopoli,
Maharashtra, India, 410203
Insolvency Commencement Date: May 8, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: November 11, 2024
Insolvency professional: Vallabh Narayandas Sawana
Interim Resolution
Professional: Vallabh Narayandas Sawana
Building No. 11, Flat No. 505,
Regency Sarvam
Ganesh Mandir Road
Titwala (E), Kalyan,
District-Thane 421 605,
Maharashtra, India
E-mail: vallabhsawana@gmail.com
E-mail: irp.indiasteel@gmail.com
Last date for
submission of claims: May 25, 2024
KAUR SAIN: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Kaur Sain Spinners Limited
Registered Address:
Village Arrincha, GT Road
Opposite MacDonalds
P.O. Doraha, Ludhiana
Doraha, Punjab, India, 141421
Insolvency Commencement Date: May 14, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: November 10, 2024
Insolvency professional: Nipan Bansal
Interim Resolution
Professional: Nipan Bansal
10-B Udham Singh Nagar
Ludhiana, Punjab-141001
E-mail: irp@parshotamandassociates.com
E-mail: cirp.kaursain@gmail.com
Last date for
submission of claims: May 28, 2024
LAKSHMINARASIMHA WAREHOUSING: ICRA Keeps B Rating in Not Coop.
--------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Lakshminarasimha Warehousing in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable);ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.85 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term-
Fund Based-
Term Loan 5.15 [ICRA]B(Stable);ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Lakshminarasimha Warehousing, 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.
Lakshminarasimha warehousing a partnership concern was established
on October 2015 and is mainly engaged in the activity of
construction of go-downs and leasing out to FCI/CCI. The firm has
availed a term loan from Corporation Bank to build and lease grain
storage godowns which is being built at Gajalpuram village,
Thripuraram Mandal of Nalgonda district. The present capacity of
the godowns being constructed the firm is 8,000 MT and is expected
to commence its operations from April 2017.
MULTISTONE GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Multistone
Granito (P) Limited (MGPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 32.40 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 4.42 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MGPL, 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 May 2016, Multistone Granito (P) Limited (MGPL)
commenced commercial production from April 2018 with its product
profile comprising double charged vitrified tiles of 600X600 mm and
800X800 mm. MGPL's manufacturing unit is located at Wankaner,
Morbi, the ceramic tile manufacturing hub of Gujarat. MGPL is
equipped to manufacture 73,800 metric tonnes (MT) of tiles per
annum. In FY2018 (eight months of operations), on a provisional
basis, it reported a net loss before depreciation and taxation of
INR6.64 crore on an operating income of INR14.23 crore.
MUNDHRA JEWELLERS: ICRA Lowers Rating on INR10cr LT Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Mundhra
Jewellers Private Limited (MJPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB (Stable); ISSUER
NOT COOPERATING and continues
to remain under the 'Issuer Not
Cooperating' category
Long Term/ 10.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Long-term Rating downgraded
Letter of Credit from [ICRA]BB (Stable); ISSUER
NOT COOPERATING and both the
ratings continues to remain
under the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding MJPL performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating, as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade."
As part of its process and in accordance with its rating agreement
with Mundhra Jewellers 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.
MJPL is a part of the Mundhra Group and is a wholesale trader of
jewellery in India. Based out of Chennai, the company derives
majority of its revenues from exports to Dubai and domestic sales
to Tamil Nadu and Karnataka. It was established in 1996 as a
partnership firm and was converted into a private limited company
in September 2019. MJPL is now managed by Ashish Mundhra and his
family members.
NARASARAOPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
------------------------------------------------------------
ICRA has kept the Long-Term rating for the Issuer rating of
Narasaraopet Municipality (NPM) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable);ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+(Stable);ISSUER NOT
COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with NPM, 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.
NPM, established in 1980, is a Municipality, governed under the
Andhra Pradesh Municipal Act, (APMC Act) 1994. NPM manages the
municipal services of Narasaraopet town, which is located in the
Guntur district of Andhra Pradesh (AP). The town is one of the
major trading and business centres of the Guntur district of AP.
Narasaraopet is also the head quarter town for two other taluks,
namely, Vinukonda and Palanadu. The NPM covers an area of 7.65
square kilometre (Sq. Km.) and serves a population of 117,568 (as
per Census 2011). The major services provided by NPM include water
supply, solid waste management, repair and maintenance of roads and
street lighting in its area. The city has 34 municipal wards. The
Commissioner is the Chairman of the municipality and overseas the
functioning of the local body.
PATEL COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Patel Cotton Industries -
Veraval (PCI) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with PCI, 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 1997 as a partnership firm, Patel Cotton Industries
(PCI) is involved in the business of cotton ginning and pressing to
produce cotton bales and cottonseeds. Its manufacturing facility is
located at Veraval in Gujarat. The firm is equipped with 48 ginning
machines and 2 automatic pressing machines, with an installed
capacity of producing ~300 bales per day or 51 MTPD. The promoters
of the firm have over 25 years of experience in the cotton ginning
business.
PATWARI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Patwari
Steels Private Limited (PSPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 11.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 0.81 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 1.17 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with PSPL, 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 1981, PSPL manufactures MS ingots and TMT bars with
annual installed capacity of 16,000 metric tonnes and 33,000 metric
tonnes, respectively. The manufacturing units are in Patna, Bihar.
PROGRESSIVE AUTOMOBILES: ICRA Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Progressive
Automobiles Private Limited (PAPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.70 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 7.30 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with PAPL, 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 August, 2015, Progressive Automobiles Private
Limited (PAPL) is a sole authorised dealer of Tata Motors Limited
(TML) in Tripura and deals in the entire range of commercial
vehicles manufactured by TML. The company commenced its operations
in February 2016 with a 3S (sales-service-spares) facility in
Agartala. The workshop facility of the company houses 11 workshop
bays and two accident bays. In addition to this, PAPL also operates
five customer touch-points across Tripura.
RALPH AGRI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ralph Agri Science Pvt. Ltd.
Registered Address:
A1/3 Flat No-103
First Floor Anupam Bahwan
Azadpur Delhi Dl 110033 India
Insolvency Commencement Date: April 25, 2024
Court: National Company Law Tribunal, New Delhi
Estimated date of closure of
insolvency resolution process: October 22, 2024
Insolvency professional: Madasa Kumar
Interim Resolution
Professional: Madasa Kumar
M/s Global Insolvency Professionals
Private Limited
H No- 8-2-248/S/5/16,
Plot No :717, Road No-2,
Banjara Hills, Hyderabad
Telangana-500034
E-mail: cirp.ralph@gmail.com
Last date for
submission of claims: May 9, 2024
RBT PRIVATE: Liquidation Process Case Summary
---------------------------------------------
Debtor: RBT Private Limited
Khasra No. 48/21 47125,
Village Dhatir, Tehsil
And District Palwal,
Faridabad, Palwal,
Haryana, India 121102
Liquidation Commencement Date: May 5, 2024
Court: National Company Law Tribunal, Chandigarh Bench Court I
Liquidator: Sanyam Goel
Unit No, 110, First Floor
JMD Pacific Square, Sector 15
Part II, Gurugram-122001
Haryana, India
E-mail: goelsanyam@gmail.com
Last date for
submission of claims: June 14, 2024
RIDDHI SIDDHI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Riddhi Siddhi
Cotspin Private Limited (RSCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12.50 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 0.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RSCPL 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 RSCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSCPL continues to be 'CRISIL D Issuer Not Cooperating'.
RSCPL was incorporated in April 2013, by promoters, Mr Ankit
Lotiya, Mr Sureshkumar Lotia, and Mr Kanu Vekariya. The company has
a cotton-ginning unit in Rajkot (Gujarat) and commenced operations
in March 2014. It sells cotton bales and cotton seeds.
S.S. CONSTRUCTION: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of S.S. Construction (SSC) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B- (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.95 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.05 [ICRA]B- (Stable) 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 SSC, 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.
S.S. Construction (SSC) is a proprietorship firm based in
Ghaziabad, Uttar Pradesh and was set up in 2007. The firm is
promoted by Mr. Ravi Chaudhary. SSC undertakes civil construction
work for state and Central Government agencies. It is registered as
an 'A' class contractor with UP State Power Utilities, UPSIDC Ltd,
Kanpur, Ghaziabad Development Authority, Hapur Pilkhuwa Development
Authority, Kanpur Development Authority, Bulandshahr Development
Authority etc. The company has worked in various towns of UP,
including Ghaziabad, Kanpur, Moradabad, Noida, Agra, Meerut,
Bulandshahr, Hapur, Bareilly etc. The firm has completed two small
real estate projects with a saleable area of 13,600 sq. ft. each,
costing INR5.28 crore and INR5.29 crore respectively in February
2017. Project I consists of 16 3BHK flats with sales value of
INR8.0 crore, and project II consists of 24 2BHK flats with the
sales value of INR7.5 crore.
SUPERCAST TECHNOLOGIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Supercast Technologies Private Limited
Registered Address:
C-45, Sector 62
Ghaziabad, Noida
Uttar Pradesh 201307, India
-- and --
Plot No. 2 Ecotech Sector-16
Greater Noida West
Gautam Budh Nagar
Uttar Pradesh 201301
Insolvency Commencement Date: May 14, 2024
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: November 10, 2024
Insolvency professional: Satyendra Sharma
Interim Resolution
Professional: Satyendra Sharma
M-3, Block No. 51
Anupam plaza-II, First Floor
Above Axis Bank
Sanjay Place, Agra 282002
Uttar Pradesh, India
Email: cirp.supercast@outlook.com
satyendrasirp@gmail.com
Last date for
submission of claims: May 31, 2024
SWADESHI ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swadeshi
Aluminium Company Private Limited (SACPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 23 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SACPL 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 SACPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SACPL continues to be 'CRISIL D Issuer Not Cooperating'.
SACPL, based in Sonipat (Haryana), was established by Mr Shyam
Sunder Nagpal, Mr Satpal Nagpal, Mr Sanjay Nagpal, and Mr Som
Bhutani in 2000. It manufactures aluminium profiles used in the
real estate sector.
TIMBLO DRYDOCKS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Timblo
Drydocks Private Limited (TDPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 75 CRISIL D (Issuer Not
Cooperating)
Cash Credit 50 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 15 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with TDPL 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 TDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TDPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1973, TDPL is engaged in shipbuilding. It started
manufacturing cylinders in fiscal 2017. Its daily operations are
managed by Mr Sarvesh Pramod Timblo, elder son of founder Mr Pramod
Panduronga Timblo.
VENTURES NAGPUR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Ventures - Nagpur (SV) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SV 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 SV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SV is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SV
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2011 in Nagpur as a proprietorship concern by Mr. Ujwal
Pagariya, SV is engaged in wholesale trading of agricultural
products.
=================
I N D O N E S I A
=================
SAKA ENERGI: Moody's Affirms 'B2' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Ratings has affirmed Saka Energi Indonesia (P.T.)'s (Saka)
B2 corporate family rating and maintained the stable outlook.
"The affirmation of Saka's B2 CFR reflects its fixed-price gas
sales contracts with quality counterparties, which provide some
revenue stability. Although Saka's credit metrics are strong
particularly following its bond repayment in May 2024, the rating
remains constrained by the company's small scale, declining
production profile and limited commodity and geographical
diversity," says Rachel Chua, a Moody's Vice President and Senior
Analyst.
"The one-notch uplift from parental support incorporated into
Saka's rating takes into account the cross-default clauses between
Saka and its parent Perusahaan Gas Negara (P.T.) (PGN, Baa2
stable), and the reputational and funding risks to PGN and its
ultimate shareholder Pertamina (Persero) (P.T.) (Pertamina, Baa2
stable), the 100% state-owned national oil company in Indonesia
(Baa2 stable), should Saka default," adds Chua.
RATINGS RATIONALE
On May 7, Saka fully repaid its outstanding bond of $156 million
using its internal cash balance.
Nonetheless, refinancing risk remains as the company has to address
its shareholder loan of $283 million. Half the amount will come due
in December 2024 and the remainder in December 2025.
If oil prices moderate from the mid-$80 per barrel level, the
company will likely not generate sufficient cash flow to make the
$141.5 million repayment in December 2024.
Moody's believes it is unlikely that the maturity of the full $283
million loan will be extended. Nevertheless, there will likely be
some flexibility for Saka to repay as much as it can before seeking
an extension on the maturity.
Negotiations between the two companies are ongoing but Moody's
notes that there was no formalization of such an arrangement
between Saka and its shareholder PGN as of May 2024.
Moody's forecasts Saka will generate an annual EBITDA of $200
million-$250 million over the next three years, based on the rating
agency's medium-term brent price assumptions of $55-$75 per barrel,
with an estimated average daily production of 25-28 thousand
barrels of oil equivalent per day (kboepd) annually.
Moody's projects Saka's credit metrics will remain strong over the
next three years. Its adjusted retained cash flow/debt will likely
remain above 80% and adjusted debt/EBITDA will remain around 1.0x.
Saka's rating remains constrained by its small scale. The company's
proved reserve stood at 71.6 million barrels of oil equivalent as
of December 31, 2023. It also has limited geographical diversity
given that almost all of its producing assets are located within
Indonesia. In particular, its two main operating assets at Pangkah
and Muara Bakau accounted for over two-thirds of its revenue in
2023.
OUTLOOK
The stable rating outlook reflects Moody's view that Saka's
operational performance will remain healthy over the next 12-18
months.
LIQUIDITY
Saka has adequate liquidity over the next 18 months. As March 31,
2024, the company had cash and cash equivalents of $269 million.
Following the repayment of its US dollar bond in May, its cash
balance and projected cash flow from operations will likely be
sufficient to support its capital spending, part of which can be
deferred. The flexibility to push out the maturity of part of its
shareholder loan that will come due in December 2024 and December
2025 will also help support its liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
There is limited upward pressure on Saka's rating, given its
limited geographic and product diversification.
An upgrade would require an improvement in its business profile
through geographic diversification, while adhering to conservative
financial policies. It will also have to fully address the maturity
of its remaining $283 million shareholder loan due over 2024-2025.
Moody's could downgrade Saka's ratings if a lower level of parental
support is incorporated into the ratings. This could be driven by a
significant change in Saka's ownership structure; a deterioration
in Saka's importance to PGN; or an early repayment of the
shareholder loan by Saka, which results in a significant strain on
its liquidity.
The ratings could also be downgraded if Saka's standalone credit
profile deteriorates because of weak liquidity, or the company's
reserves and production continue to decline.
Credit metrics indicative of a downgrade include adjusted retained
cash flow/debt falling below 10% or adjusted EBITDA/interest
falling below 2.5x.
METHODOLOGY
The principal methodology used in this rating was Independent
Exploration and Production published in December 2022.
COMPANY PROFILE
Saka Energi Indonesia (P.T.) is an independent oil and gas
exploration and production company in Indonesia. The company holds
working interests in 11 oil and gas blocks, six of which are
producing.
Saka is wholly owned by natural gas distribution and transmission
company Perusahaan Gas Negara (P.T.) (PGN), which in turn is 56.96%
owned by Pertamina (Persero) (P.T.), Indonesia's 100% state-owned
national oil company.
=========
J A P A N
=========
[*] JAPAN: Corporate Bankruptcies Rise 1.8-Fold in Fiscal 2023
--------------------------------------------------------------
The Asahi Shimbun reports that the number of corporate bankruptcies
in Japan rose 1.8-fold to 837 in fiscal 2023, a survey by private
research firm Teikoku Databank showed.
High prices were blamed for many of the business failures.
Asahi Shimbun relates that TDB said the figure for last year was
significantly higher than in the past five years and already at a
high level in the current fiscal year.
Of the 837 failures, the construction industry accounted for 25.0
percent of cases at 209, followed by the manufacturing industry
with 180 cases (21.5 percent) and the transportation and
communications industry with 151 cases (18.0 percent), the report
discloses.
Bankruptcies due to high prices stood at 463 in fiscal 2022; 136 in
fiscal 2021; 94 in fiscal 2020; 123 in fiscal 2019; and 96 in
fiscal 2018, Asahi Shimbun relays.
Since fiscal 2022, the impact of high prices against the backdrop
of soaring raw material costs has become more pronounced.
=====================
N E W Z E A L A N D
=====================
ASTORIA DEVELOPMENT: Court to Hear Wind-Up Petition on June 24
--------------------------------------------------------------
A petition to wind up the operations of Astoria Development Limited
will be heard before the High Court at Tauranga on June 24, 2024,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 24, 2024.
The Petitioner's solicitor is:
Timothy Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
AUPOURI AVOCADOS: Creditors' Proofs of Debt Due on June 26
----------------------------------------------------------
Creditors of Aupouri Avocados Limited Partnership are required to
file their proofs of debt by June 26, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 20, 2024.
The company's liquidators are:
Rees Logan
Andrew McKay
BDO Auckland
Level 4 BDO Centre
4 Graham Street
Auckland 1010
AUTO ONE: Court to Hear Wind-Up Petition on June 27
---------------------------------------------------
A petition to wind up the operations of Auto One Manukau Limited
will be heard before the High Court at Auckland on June 27, 2024,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 2, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
FMS CONSTRUCTION: Court to Hear Wind-Up Petition on July 9
----------------------------------------------------------
A petition to wind up the operations of FMS Construction Limited
will be heard before the High Court at Wellington on July 9, 2024,
at 10:00 a.m.
Wellington Developments Limited filed the petition against the
company on April 30, 2024.
The Petitioner's solicitor is:
Jaesen Sumner
Ford Sumner Lawyers
45 Johnston Street
Wellington Central
Wellington 6011
MINIMALIST LIMITED: Creditors' Proofs of Debt Due on June 30
------------------------------------------------------------
Creditors of The Minimalist Limited and Antonel & Park's Werkstatt
Limited are required to file their proofs of debt by June 30, 2024,
to be included in the company's dividend distribution.
The Minimalist Limited commenced wind-up proceedings on May 24,
2024.
Park's Werkstatt Limited commenced wind-up proceedings on May 29,
2024.
The company's liquidator is:
Heath Gair
Palliser Insolvency
PO Box 57124
Mana
Porirua 5247
=================
S I N G A P O R E
=================
FAB MARKET: Court to Hear Wind-Up Petition on June 21
-----------------------------------------------------
A petition to wind up the operations of FAB Market Pte Ltd will be
heard before the High Court of Singapore on June 21, 2024, at 10:00
a.m.
DBS Bank Ltd filed the petition against the company on May 29,
2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
FERROMET INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 3
----------------------------------------------------------------
Creditors of Ferromet International Trading Pte. Ltd. are required
to file their proofs of debt by Sept. 3, 2024, to be included in
the company's dividend distribution.
The company's liquidator is:
Yio Swee Khim
c/o 20 Peck Seah Street
#05-00
Singapore 079312
FORCHN INT'L: Jointly Liable for US$11.3MM After Loan Default
-------------------------------------------------------------
The Business Times reports that an application has been filed
against Forchn International (FIPL) and the chairman of its parent
company for an order that they are jointly and severally liable to
pay US$11.3 million to Franklin Medici Alternative Investment.
Forchn Holdings Group, the parent company of FIPL, is also the
sponsor of EC World Real Estate Investment Trust (Reit).
According to BT, EC World Reit's manager said on June 4 that it was
informed by FIPL on June 3 that it entered into a loan agreement
with Franklin Medici Alternative Investment on or about Feb. 27
last year.
The loan bore a principal amount of US$10 million for a term of six
months.
At the same time, a wholly owned subsidiary of FIPL - Forchn Global
- entered into a deed of charge for 58 million units in EC World
Reit to secure the repayment obligation of FIPL, BT relates.
Zhang Guobiao, chairman of Forchn Holdings Group and EC World Reit,
provided a personal guarantee in favour of Franklin Medici
Alternative Investment.
BT says FIPL failed to repay the loan and, as at May 19, the
outstanding principal amount and the accrued interest amounted to
US$11.3 million.
BT relates that the manager said it understands that FIPL and Zhang
are negotiating with Franklin Medici Alternative Investment on
possible settlement plans.
The board of directors of the manager will give further updates as
and when there are material developments.
EC World Reit's units have been suspended from trading on the
Singapore Exchange since Aug 31 last year, after its manager said
the Reit and its subsidiaries were unable to fully repay their
offshore interest expenses due on that day.
GLOBAL INVACOM: Included in SGX Watch List
------------------------------------------
The Business Times reports that satellite communications equipment
provider Global Invacom, construction player Keong Hong and
green-energy solutions provider Green Build Technology will be put
on the watch list of the Singapore Exchange Regulation (SGX RegCo)
from June 5.
SGX RegCo undertakes a review of all mainboard-listed companies
every six months, BT notes.
BT says listing rules require a company to be put on the watch list
if it records pre-tax losses for the last three consecutive
financial years, and fails to maintain an average daily market
capitalisation of at least S$40 million over the last six months.
According to BT, the three companies have to take active steps to
restore their financial health and improve their market valuation
within 36 months from June 5, failing which they may be delisted,
or have the trading of their shares suspended with a view to being
delisted.
Global Invacom said its board will work at meeting the criteria to
exit the watch list; Green Build Technology and Keong Hong said
they would continue business as usual, BT relays.
Headquartered in Singapore, Global Invacom Group Limited (SGX:QS9)
-- https://www.globalinvacom.com/ -- an investment holding company,
engages in the research, development, design, and supply of
integrated satellite communications equipment in the United States,
Europe, Asia, and internationally. The company operates through
Satellite Communications and Contract Manufacturing segments. It
serves satellite broadcasters and data over satellite providers.
HARMONIC QUANTITATIVE: Creditors' Proofs of Debt Due on July 4
--------------------------------------------------------------
Creditors of Harmonic Quantitative Fund VCC are required to file
their proofs of debt by July 4, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 29, 2024.
The company's liquidator is:
Farooq Ahmad Mann
Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
MULLENLOWE SALT: Creditors' Proofs of Debt Due on July 5
--------------------------------------------------------
Creditors of Mullenlowe Salt Singapore Pte. Ltd. are required to
file their proofs of debt by July 5, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 30, 2024.
The company's liquidators are:
Ong Kok Yeong David
c/o Tricor Singapore
9 Raffles Place #26-01
Republic Plaza
Singapore 048619
TARGA SOLUTION: Creditors' Meeting Set for June 20
--------------------------------------------------
Targa Solution Pte Ltd, which is in provisional liquidation, will
hold a meeting for its creditors on June 20, 2024, at 11:00 a.m.
via Zoom.
Agenda of the meeting includes:
a. to nominate liquidator(s) or to confirm members' nomination
of liquidator(s);
b. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;
c. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. to consider any other matters which may be brought before
the meeting.
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
provisional liquidator of the Company on May 28, 2024.
TERAS SINGAPORE: Creditors' Meeting Set for June 13
---------------------------------------------------
Teras Singapore Pte Ltd will hold a meeting for its creditors on
June 13, 2024, at 2:30 p.m. via audio-visual conference.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint Liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
=====================
S O U T H K O R E A
=====================
IGIS ASSET: Fund Defaults on Loan Linked to German Office
---------------------------------------------------------
The Korea Economic Daily reports that a 370-billion-won ($270
million) real estate fund managed by IGIS Asset Management Co.
faces a heavy loss from its investment in Trianon, a landmark
office building in Frankfurt after it defaulted on loans linked to
the skyscraper, the Korean asset management firm said on June 4.
KED relates that the special purpose vehicle (SPC) used to buy the
property for KRW880 billion in 2018 is expected to file for
bankruptcy within the next three years, according to the company.
The vehicle confirmed the default on the loan after it failed to
agree on a loan restructuring plan with lenders by the May 31
deadline. Accordingly, the creditors declined to extend the
standstill period, during which they did not demand loan
repayments.
The so-called Trianon fund was formed in 2018 with contributions
from institutional and individual investors, KED notes.
Last year, it saw about an 80% loss after Deka Bank, which
represented 60% of the building's tenants, did not extend its lease
in 2020 amid the office market downturn.
Its moving out led to sharp depreciation in the value of the
45-story building and a surge in its loan-to-value ratio (LTV) to
over 65%, KED states.
The exact size of losses will be confirmed after its asset
disposal.
As the loan ratio skyrocketed, the SPC fell into a cash trap at the
end of 2021, in which the lease income was first used to pay
interest, with the remainder set aside to provide additional
security to the lenders, according to the report.
At the end of December last year, its LTV shot up to nearly 70%.
In July last year, IGIS Asset decided to sell the high-rise
building and extended the fund's expiration date by two years at a
meeting with limited partners in October.
But it has not yet found a new buyer of the property, KED notes.
IGIS Asset Management Co., Ltd provides real estate asset
management services. The Company offers retail property investment
services, collective investment for real estate funds, investment
sales, marketing, and real estate advisory services. IGIS Asset
Management serves customers throughout South Korea.
=============
V I E T N A M
=============
SAIGON JOINT: Vietnam's Central Bank Lends Another US$1.2 Billion
-----------------------------------------------------------------
Reuters reports that Vietnam's central bank lent another $1.2
billion to ailing Saigon Joint Stock Commercial Bank (SCB) over the
last two months, according to a bank document seen by Reuters,
taking the total to $24.5 billion as part of its efforts to rescue
depositors.
According to Reuters, the massive bailout of SCB's depositors has
so far cost the central bank the equivalent of 6% of Vietnam's 2023
gross domestic product in special loans.
Reuters reported in April that the central bank had mounted an
"unprecedented" rescue of SCB, a lender engulfed in the nation's
biggest financial fraud, which a source at that time said would
collapse without the funding.
As of May 29, the central bank had lent SCB VND622.7 trillion
($24.5 billion), according to the document prepared by SCB that
detailed daily injections into the bank to keep track of the funds
and their use, up from VND592.7 trillion ($23.3 billion) as of
April 2.
SCB used the central bank funds to help it settle withdrawals and
payments of VND626.9 trillion since October 2022 when the lender
was put under central bank supervision, the document, as cited by
Reuters, showed. At that time, it had deposits of VND669 trillion.
The State Bank of Vietnam and SCB, previously one of the country's
largest commercial lenders by deposits, did not reply to Reuters'
requests for comment. The State Bank of Vietnam confirmed in April
it was providing financial support to SCB.
Reuters says the run on SCB was triggered by the October 2022
arrest of real estate tycoon Truong My Lan, who in April was
sentenced to death after being found guilty of masterminding a huge
fraud at the bank.
Judges concluded that she siphoned off $12.5 billion in loans from
SCB to shell companies while effectively controlling the bank
through proxies. She pleaded not guilty and has appealed the
ruling.
Under Vietnam's official deposit guarantee scheme, only about
$5,000 is covered per depositor per bank, but as of early April,
the central bank's cash injections into SCB amounted to about a
quarter of Vietnam's foreign exchange reserves, Reuters notes.
Saigon Joint Stock Commercial Bank (SCB) was a commercial joint
bank operating in the Vietnam financial system.
===============
X X X X X X X X
===============
[*] Paul Hastings Adds Premier Restructuring, Private Credit Team
-----------------------------------------------------------------
In a move that further strengthens its market-leading restructuring
and global finance platforms, Paul Hastings LLP announced June 3,
2024, that a team of top-tier restructuring, private credit and
special situations lawyers has joined the firm across multiple
locations.
The team joins from King & Spalding LLP and includes Jennifer Daly,
who was co-head of the global finance and restructuring practice
and previously headed the private credit and special situations
practice, Roger Schwartz, Matthew Warren, Christopher Boies,
Zachary Cochran, Peter Montoni, Geoffrey King, Lindsey Henrikson,
and Robert Nussbaum. Daly, Schwartz, Boies, Montoni, and Nussbaum
will be based in New York; Warren will split time between Chicago,
where he will be joined by King and Henrikson, and Houston; and
Cochran will work out of the Washington, D.C., and New York
offices. Prior to working at King & Spalding, Schwartz and Warren
were restructuring partners at Latham & Watkins LLP.
Collectively, the team has extensive in-house experience and
represents diverse clients ranging from private credit funds and
business development companies (BDCs) to banks, financial
institutions, and CLOs. The team's experience spans all market
cycles and demonstrates an ability to navigate complex financial
issues and provide immediate value to clients.
"We are incredibly excited about building on our premier
restructuring and finance platforms with the addition of one of the
leading private credit and special situation groups in the U.S.,"
said firm Chair Frank Lopez. "Jennifer, Roger, Matt, and the entire
team will provide our clients with exceptional talent and
reputations that are synergistic with our existing practices and
will enable us to gain market share at the top of the market."
"The addition of this sophisticated interdisciplinary team deepens
our financial restructuring group's capabilities and client base,
and further cements our reputation as one of the few truly global
destination practices," added Kris Hansen, co-chair of the firm's
global financial restructuring group.
Chambers-ranked for Banking & Finance, Daly serves as lead counsel
for private credit funds, special situation and opportunistic
funds, BDCs, hedge funds, and other investment advisors. With a
focus on direct lending transactions, she advises financial
institutions and borrowers in LBOs, leveraged finance, as well as
debtor-in-possession, unitranche, first lien/second lien, and
mezzanine financings, rescues, exits, liability management
transactions, and other secured and unsecured lending transactions.
She also has deep experience working on in-court and out-of-court
workouts and restructurings. She previously held senior roles at
Bank of America, Merrill Lynch, and Avenue Capital, and was the
chief operating officer and chief compliance officer at hedge fund
Hunter Peak Investments.
"We're excited to join the firm and work across its elite finance,
corporate, and restructuring practices," said Daly. "After seeing
what's been happening at Paul Hastings, we knew we wanted to be a
part of what the firm is building and bring our unique blend of
experience to the firm’s preeminent practices."
Schwartz represents companies, direct lenders, strategic and
financial buyers, and investors across a spectrum of restructuring
and special situations matters, including Chapter 11 cases,
out-of-court restructurings and workouts, and distressed and
opportunistic acquisitions, sales and financings. He also advises
equity sponsors, portfolio companies, directors, and special
committees in connection with liability management transactions and
corporate governance issues in distressed, out-of-court situations
and transactions. He previously served as senior counsel of
workouts at GE Capital.
Warren advises clients on restructuring matters with an emphasis on
distressed debt and insolvency issues, including Chapter 11
proceedings, distressed acquisitions, out-of-court restructurings,
exchange offers, debt-to-equity conversions, rescue financing, and
cross-border bankruptcies.
Boies concentrates his practice on private credit funds, special
situations, opportunistic funds, BDCs, investment and commercial
banks, hedge funds, and other investment advisors across the entire
life cycle of financing transactions, from structuring and loan
origination to in-court and out-of-court restructuring
transactions.
Cochran represents companies and investors in a variety of capital
markets transactions, such as offerings of investment-grade and
sustainability-linked bonds, convertible bonds, preferred stock,
IPOs, secondary offerings, shelf offerings, tender offers, and
liability management transactions. He previously served as a senior
corporate counsel at an artificial intelligence software company.
Henrikson, King, Montoni, and Nussbaum focus their practices on
diverse restructuring and special situations matters.
The addition of this premier team builds on other prominent moves
that have enhanced Paul Hastings' global restructuring platform,
including: an elite 18-partner group of financial restructuring
lawyers who joined from Stroock & Stroock & Lavan LLP; finance and
special situations partner David Hong who joined from Kirkland &
Ellis LLP in New York; and, in London, partners Will Needham and
Helena Potts, who joined from KKR and Shearman & Sterling,
respectively.
The firm's restructuring practice won three "Deal of the Year"
accolades at M&A Advisor's 2024 Turnaround Awards and advised on
five matters recognized by Turnarounds & Workouts as "Successful
Restructurings of 2023." It advises on many of the world's most
complex, high-profile matters, such as representing the Official
Committee of Unsecured Creditors in the Chapter 11 proceedings for
FTX and WeWork Inc., and advising lenders in the $1.2 billion
in-court restructuring of Pennsylvania Real Estate Investment Trust
(PREIT) and the $4.3 billion out-of-court restructuring of
Travelport.
Paul Hastings has also recently added top-tier talent in other
areas, as it is quickly becoming one of the premier global
platforms in leveraged finance and private credit, advising
virtually every leading investment bank and direct lender in the
world. Additions to the finance practice include a Band 1 finance
team in Texas; a premier three-partner finance group from Cahill
Gordon & Reindel LLP; elite New York finance partner Morgan Bale,
Stephen Gruendel, and, in London, Patrick Bright and a Band 1
high-yield team joining forces with a Band 1 finance team from
Latham & Watkins LLP.
In 2024, the firm's global finance practice has advised Blue Owl,
Blackstone, and Ares in the $6.9 billion Take-Private of
Squarespace; Goldman Sachs in Thoma Bravo's $5.3 Billion
Acquisition of Darktrace; the financing sources on the $5.6 billion
financing of KKR's investment in Cotiviti; the lead arrangers in
connection with a $1.465 billion refinancing of Wood Mackenzie's
credit facilities; and the financing sources on the $1.45 billion
financing in connection with Partners Group's acquisition of The
Rosen Group. Paul Hastings earned "Americas Law Firm of the Year -
Transactions" at the 2023 Private Debt Investor (PDI) Global Awards
and the "Team of the Year: Loans" award at the IFLR Europe Awards
2024 for the second consecutive year.
About Paul Hastings
With widely recognized elite teams in finance, mergers &
acquisitions, private equity, restructuring and special situations,
litigation, employment, and real estate, Paul Hastings is a premier
law firm providing intellectual capital and superior execution
globally to the world’s leading investment banks, asset managers,
and corporations.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
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