/raid1/www/Hosts/bankrupt/TCRAP_Public/240715.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, July 15, 2024, Vol. 27, No. 141
Headlines
A U S T R A L I A
22 SPOT: First Creditors' Meeting Set for July 19
HS FRESH: Second Creditors' Meeting Set for July 19
MEDICAL SENSORY: First Creditors' Meeting Set for July 22
MSQUARE ENERGY: First Creditors' Meeting Set for July 18
MUCHO AS: Second Creditors' Meeting Set for July 19
THORN ABS NO.1: Fitch Alters 'BB-sf' E Notes Rating Outlook to Neg.
URBAN TREND: Enters Liquidation Owing More Than AUD1.5 Million
C H I N A
CHINA EVERGRANDE: HK, China Regulators Cooperate on Probes of PwC
COUNTRY GARDEN: Moody's Withdraws 'Ca' Corporate Family Rating
I N D I A
A R COATING: Liquidation Process Case Summary
AARNA FOUNDATION: CRISIL Keeps B+ Debt Rating in Not Cooperating
ADITYA MOTOCORP: CRISIL Lowers Rating on INR7cr Loan to B
ADO ADDITIVES: Insolvency Resolution Process Case Summary
AGGARWAL RICE: CRISIL Keeps B Debt Rating in Not Cooperating
AHUJA COTSPIN: Insolvency Resolution Process Case Summary
AMAR REMEDIES: Liquidation Process Case Summary
AMIDEEP AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
ANUPAM COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
B. P. FOOD: ICRA Keeps D Debt Ratings in Not Cooperating Category
BADRI SARRAF: Liquidation Process Case Summary
BHARATI INT'L: CRISIL Keeps B Debt Ratings in Not Cooperating
CHIRAYU CHARITABLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
CIAN HEALTHCARE: Insolvency Resolution Process Case Summary
CITIZEN CARS: ICRA Keeps D Debt Ratings in Not Cooperating
CLASSIC DISPLAY: ICRA Keeps B+ Debt Ratings in Not Cooperating
INDIAN GEM: ICRA Keeps D Debt Ratings in Not Cooperating Category
IWORLD BUSINESS: Insolvency Resolution Process Case Summary
J C CONSTRUCTION: ICRA Keeps B+ Debt Ratings in Not Cooperating
J. P. FLOUR: ICRA Keeps B+ Debt Ratings in Not Cooperating
JANTA RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category
KANTI FLOOR: ICRA Keeps D Debt Ratings in Not Cooperating
KBR AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
LAKSHMI POULTRY: ICRA Keeps B+ Debt Ratings in Not Cooperating
LOKAA DEVELOPER: Insolvency Resolution Process Case Summary
M/S KHANDESH BUILDERS: Insolvency Resolution Process Case Summary
MADHAV COPPER: CRISIL Keeps B- Debt Ratings in Not Cooperating
MANIKARAN VINCOM: Liquidation Process Case Summary
MIRAJ METALS: ICRA ICRA Keeps D Debt Ratings in Not Cooperating
PIRAMAL CAPITAL: S&P Rates Proposed Sr. Sec. Notes Drawdown 'BB-'
PIRAMAL CAPITAL: S&P Rates US$1BB Secured Euro MTN Program 'BB-/B'
RAAMA PAPER: Insolvency Resolution Process Case Summary
RAMA POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
S N G EXIM: CRISIL Keeps B Debt Rating in Not Cooperating
SHOMUK CONSULTANCY: Insolvency Resolution Process Case Summary
SHORAPUR SOLAR: ICRA Withdraws B Rating on INR36.25cr Term Loan
SIMBHAOLI SUGARS: NCLT Orders Initiation of Insolvency Proceedings
SPACETECH EQUIPMENTS: ICRA Hikes Rating on INR1.75cr Loan to B+
SRI MARUTI: Liquidation Process Case Summary
SRIKARA PARENTERALS: CRISIL Keeps D Ratings in Not Cooperating
SUPREME AND COMPANY: Insolvency Resolution Process Case Summary
SVP BUILDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
YES BANK: Moody's Affirms 'Ba3' Bank Deposit, Outlook Now Positive
[*] INDIA: Resolved Insolvency Cases May Hit Fresh Record in FY25
M A L A Y S I A
IQZAN HOLDING: Malacca Securities Quits as Principal Adviser
N E W Z E A L A N D
COOK ISLANDS: S&P Affirms 'B+/B' SCRs, Outlook Stable
MACPHERSON ARCHITECTURE: Court to Hear Wind-Up Petition on Aug. 12
MORROW CONTRACTING: Creditors' Proofs of Debt Due on Aug. 12
STAR COMMS: Grant Bruce Reynolds Appointed as Liquidator
THREE60DEGREES LIMITED: Court to Hear Wind-Up Petition on July 25
WAITONUI MILLTRUST: Court to Hear Wind-Up Petition on Aug. 2
P A K I S T A N
PAKISTAN: Secures New US$7 Billion Loan Program From IMF
P A P U A N E W G U I N E A
PAPUA NEW GUINEA: IMF Gives Country Access to About US$125MM
S I N G A P O R E
ACE AUTOLUTION: Court to Hear Wind-Up Petition on July 26
AL-ZAMAS RIVER: Court Enters Wind-Up Order
LSY HOMES: Court to Hear Wind-Up Petition on July 26
RADIANCE COMMUNICATIONS: Creditors' Proofs of Debt Due on Aug. 8
SYCNIFIC PTE: Court to Hear Wind-Up Petition on July 26
T A I W A N
MERCURIES LIFE: FSC Restricts Insuser's Trading Activities
- - - - -
=================
A U S T R A L I A
=================
22 SPOT: First Creditors' Meeting Set for July 19
-------------------------------------------------
A first meeting of the creditors in the proceedings of 22 Spot Pty.
Ltd. will be held on July 19, 2024 at 10:30 a.m. via virtual
meeting.
Andrew Stewart Reed Hewitt and Matthew James Byrnes of Grant
Thornton Australia were appointed as administrator of the company
on July 9, 2024.
HS FRESH: Second Creditors' Meeting Set for July 19
---------------------------------------------------
A second meeting of creditors in the proceedings of HS Fresh Food
Pty Ltd, HS Fresh Farms Pty Ltd, HS Salads Pty Ltd, and HS Fresh
Food Holding Pty Ltd has been set for July 19, 2024 at 2:00 p.m.
via online facility only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 18, 2024 at 10:00 a.m.
Joanne Dunn, Ben Campbell, and Vaughan Strawbridge of FTI
Consulting were appointed as administrators of the company on June
14, 2024.
MEDICAL SENSORY: First Creditors' Meeting Set for July 22
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Medical
Sensory Solutions Pty Ltd will be held on July 22, 2024 at 10:30
a.m. at the offices of PKF Melbourne at Level 15/500 Bourke Street
in Melbourne.
Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of the company on July 10, 2024.
MSQUARE ENERGY: First Creditors' Meeting Set for July 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Msquare
Energy Pty Ltd will be held on July 18, 2024 at 10:30 a.m. via
Microsoft Teams.
Duncan Clubb and Andrew Sallway of BDO were appointed as
administrators of the company on July 8, 2024.
MUCHO AS: Second Creditors' Meeting Set for July 19
---------------------------------------------------
A second meeting of creditors in the proceedings of Mucho As Pty
Ltd has been set for July 19, 2024 at 11:00 a.m. at the offices of
O'Brien Palmer at Level 9, 66 Clarence Street in Sydney and Zoom
videoconferencing and teleconferencing.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 18, 2024 at 4:00 p.m.
Daniel Frisken and Liam Bailey of O'Brien Palmer were appointed as
administrators of the company on June 19, 2024.
THORN ABS NO.1: Fitch Alters 'BB-sf' E Notes Rating Outlook to Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed five classes of notes issued by Thorn
ABS Warehouse Trust No. 1. The transaction is backed by a pool of
first-ranking Australian automotive and commercial-finance
receivables originated by Thorn Australia Pty Limited and
Thornmoney Pty Ltd (Thorn). The notes were issued by Perpetual
Corporate Trust Limited as trustee for Thorn ABS Warehouse Trust
No. 1.
Fitch has revised the Outlook on the class E notes to Negative from
Stable, reflecting the notes' sensitivity to increased defaults.
All other notes have a Stable Outlook.
Entity/Debt Rating Prior
----------- ------ -----
Thorn ABS Warehouse
Trust No. 1
A LT AAAsf Affirmed AAAsf
B AU3FN0070298 LT A+sf Affirmed A+sf
C AU3FN0043956 LT BBB+sf Affirmed BBB+sf
D AU3FN0043964 LT BB+sf Affirmed BB+sf
E AU3FN0043972 LT BB-sf Affirmed BB-sf
On 31 August 2023, Resimac Asset Finance Pty Ltd purchased Thorn's
asset finance portfolio. The purchase included AUD150 million of
asset receivables and involved Resimac acquiring the warehouse's
class G notes. The transaction's revolving period ended in November
2023.
KEY RATING DRIVERS
Deteriorating Performance Mitigated by Increased Credit
Enhancement: The portfolio's 30+ day arrears, as a percentage of
performing receivables, were 5.8% at end-May 2024 and 60+ day
arrears were 2.7%, above Fitch's 4Q23 ABS Dinkum Index of 1.36% and
0.66%, respectively. In the absence of an equipment-specific index,
the auto ABS index has been used as a comparison due to the
similarities between the asset classes.
Arrears and losses have increased materially in the past six
months, leading Fitch to increase its weighted-average (WA)
one-year default probability to 6.0% from 2.4%. Fitch expects
defaults to remain elevated. The increase in defaults is mitigated
by the increase in credit enhancement to the rated notes caused by
sequential principal paydown.
Recovery Rates Increased: Fitch increased its base case assumption
to 20% from 0% due to additional data provided by the issuer, which
detailed observed recoveries from primary and secondary assets.
Fitch will continue to examine this expectation as more data is
received.
Significant Industry Concentration: The pool is granular, with the
largest single obligor accounting for 0.8% of the portfolio
balance. The 10-largest obligors account for 5.7%. The portfolio is
concentrated in Transport/Logistics and Construction, with these
industries making up 39.9% and 27.3% of the pool respectively. All
receivables are amortising, paying a fixed-rate.
Economic Growth Supports Rating: Portfolio performance is supported
by Australia's continued economic growth and tight labour market,
despite rapid interest rate hikes in 2022-2023. The GDP growth for
the year ending March 2024 was 1.1% with unemployment of 4.0% in
May 2024. Fitch forecasts that economic conditions will stabilise
in 2024, projecting GDP growth of 1.2% and a slight increase in
unemployment to 4.2%. This reflects Fitch's expectation that the
effects of restrictive monetary policy and persistent inflation
will continue to hinder domestic demand.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the credit enhancement
available to the notes.
Downgrade Sensitivities
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline.
Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions.
This section provides insight into the model-implied sensitivities
the transaction faces when assumptions regarding weighted-average
foreclosure frequency are modified, while holding others equal. The
modelling process uses the modification of default assumptions to
reflect asset performance in up and down environments. The results
below should only be considered as one potential outcome, as the
transaction is exposed to multiple dynamic risk factors.
Fitch conducted sensitivity analysis by increasing gross default
levels and decreasing recovery rates over the life of the
transaction.
Downgrade Sensitivity:
Notes: A/B/C/D/E
Rating: AAAsf/A+sf/BBB+sf/BB+sf/BB-sf
Increase rating case default rate (RDR) by 25% of mean defaults:
AAAsf/A+sf/BBB+sf/BB+sf/B+sf
Increase RDR by 50% of mean defaults: AAsf/A-sf/BBB-sf/BB-sf/B-sf
Decrease recovery rate by 25%: AAAsf/A+sf/BBB+sf/BB+sf/BB-sf
Decrease recovery rate by 50%: AAAsf/A+sf/BBB+sf/BB+sf/BB-sf
Increase RDR by 25% of mean defaults and decrease recovery rate by
25%: AAAsf/Asf/BBBsf/BBsf/Bsf
Increase RDR by 50% of mean defaults and decrease recovery rate by
50%: A+sf/BBB+sf/BBB-sf/B+sf/B-sf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's expectations, or sufficient build-up of
credit enhancement that would fully compensate for the credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal, would affect the transaction's
performance.
Decrease RDR by 25% of mean defaults and increase recovery rate by
25%:
AAAsf/AAAsf/Asf/BBB+sf/BBB-sf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch.
Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
URBAN TREND: Enters Liquidation Owing More Than AUD1.5 Million
--------------------------------------------------------------
News.com.au reports that clients are left grappling with the
prospect of incomplete homes after the sudden liquidation of a
regional Queensland builder.
News.com.au, citing the Daily Mercury, relates that Mackay builder
Urban Trend Construction (UTC) has recently entered liquidation.
Documents reported by the publication reveal that UTC, directed by
Kenneth and Kathryn Ogilvie of Blacks Beach in Mackay, owes
creditors over AUD1.549 million, news.com.au discloses.
UTC, previously registered for work on the Gold Coast, has a
history of accolades, including numerous awards from the Housing
Industry Association and Master Builders Queensland for its
exceptional new builds and renovations over the past 15 years,
according to the report.
"I'd been asking to be removed (as a director) for a while because
I was under the understanding they (Mr and Ms Ogilvie) were going
along okay," Mr. Preen explained.
He noted that his claim as a creditor stemmed from attempts to
support his daughter and son-in-law through a challenging business
period.
News.com.au says Mr. Preen attributed UTC's downfall to cash flow
issues exacerbated by fixed-price contracts, particularly for
architecturally designed homes like a AUD4.5 million build in
Airlie Beach, which suffered due to soaring material and labour
costs.
"It's pretty sad actually because they worked hard . . . Ken is a
second-generation builder, his father was as well," he said.
QBCC records reportedly indicate that UTC's license was suspended
earlier this year due to "failure to satisfy financial
requirements."
Former clients of UTC, now creditors, are urging others with
unfinished builds or defect concerns to contact SV Partners by the
July 16 deadline.
Frank O'Neill, director at SV Partners Mackay, has been appointed
as the liquidator for UTC, news.com.au discloses.
According to the report, Mr. O'Neill told the regional Queensland
masthead that they are investigating whether UTC traded while
insolvent and are in discussions with stakeholders, including QBCC
and Master Builders.
"Depending on the date that I determine that the company became
insolvent, the directors, including the former director, may be
liable . . . I note Charlie (Mr Preen) provided a significant
amount of WCAP (working capital) to assist with the company's daily
operations so that will need to be considered," he said.
He added that the QBCC has either terminated or is in the process
of terminating existing contracts with UTC, and homeowners are
advised to contact the QBCC to make claims through the Queensland
Home Warranty Scheme or their relevant insurance.
In a recent report by news.com.au, it was revealed that despite a
high demand for new homes, the construction industry has been hit
hard by economic downturn.
Nearly 3000 building companies have gone bankrupt in the past year,
showing a significant increase of 28 per cent compared to the
previous year.
Data from ASIC indicated that there were 2,832 insolvency
appointments made in the construction industry over the past 12
months, while there were 2,213 insolvencies in the previous year.
=========
C H I N A
=========
CHINA EVERGRANDE: HK, China Regulators Cooperate on Probes of PwC
-----------------------------------------------------------------
South China Morning Post reports that China's Ministry of Finance
and Hong Kong's audit regulators are assisting each other in their
separate investigations of PwC's audit work of the now-liquidated
China Evergrande Group.
"Under the memorandum of understanding (MOU) signed between the
Ministry of Finance and Hong Kong's Accounting and Financial
Reporting Council [AFRC] in 2019, the two regulators are mutually
reliant on each other regarding investigations," the Post quotes
AFRC chairman Kelvin Wong Tin-yau as saying.
According to the Post, the Evergrande investigation should fall
under the purview of cooperation between the two regulators under
the MOU, as Mr. Wong noted that the agreement allows the two sides
to provide assistance to each other in their investigations. He,
however, did not allude to any particular case.
The MOU calls for the Ministry of Finance to assist the AFRC in its
investigation involving audit papers on the mainland, while Hong
Kong's regulator will extend the same courtesy to the other side,
according to Mr. Wong.
Evergrande, which was ordered to undergo liquidation by a Hong Kong
court in January, had inflated its sales by US$78 billion in the
years leading up to its downfall in 2021, China's securities
regulator said in March.
The Post says the AFRC and the Ministry of Finance have conducted
separate investigations into the Hong Kong and mainland units of
PwC, respectively, on the quality of the company's audit work
related to Evergrande.
On July 10, the AFRC issued a statement saying that after examining
the internal investigation carried out by PwC, it had determined
that the evidence does not support some of the allegations made by
anonymous whistle-blowers concerning the auditing firm's quality
controls.
The Hong Kong regulator cleared three allegations against PwC as it
found no evidence the auditor had failed to establish and maintain
effective quality controls, failed to adhere to professional
standards regarding its client relationship with Evergrande, and
failed to assign appropriate personnel to key positions.
However, a separate investigation by the AFRC into the quality of
PwC's audit work related to Evergrande is still under way.
"There may be some individual cases of audit failures in Hong Kong,
but the overall audit work in the city is of good quality," the
Post quotes Mr. Wong as saying. "I am not worried about the quality
of the accounting or auditing standards."
The AFRC on June 11 published the results of its fourth annual
inspection of the quality of accounting firms in Hong Kong.
The overall quality control of accounting firms in Hong Kong is
satisfactory, said Janey Lai, CEO of AFRC, noting that most of them
have stepped up efforts to make improvements.
She said the largest accounting firms, which audit listed companies
that account for 89 per cent of the Hong Kong stock market's
capitalisation, show they have strong internal controls and systems
in place with regard to their auditing work.
"We expect to see better results in future as these large
accounting firms continue their journey on audit quality
improvements," Lai said.
Smaller accounting firms, which represent firms accounting for
about 3 per cent of the market cap in the city, are still showing
some unsatisfactory results, but they have improved from last
year.
"Last year, our report described the situation as 'unacceptable'
but this year has improved to mostly 'below satisfactory' level,"
Mr. Wong said.
"Reputation is important for the financial sector and we would like
to see more improvement in the auditing quality to strengthen Hong
Kong's role as an international financial centre," she added.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
COUNTRY GARDEN: Moody's Withdraws 'Ca' Corporate Family Rating
--------------------------------------------------------------
Moody's Ratings has withdrawn Country Garden Holdings Company
Limited's Ca corporate family rating and C senior unsecured rating.
Prior to the withdrawal, the rating outlook was negative.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.
COMPANY PROFILE
Country Garden is a Chinese integrated property developer that
engages in property development, construction, decoration and
property investment, as well as hotel development and management.
=========
I N D I A
=========
A R COATING: Liquidation Process Case Summary
---------------------------------------------
Debtor: A R Coating Solutions India Private Limited
Office No. 402, B-Wing, Sector 15
Plot No. 53, Brahma Shopping Complex
CBD Belapur Navi Mumbai Thane
Maharashtra 400614
Liquidation Commencement Date: May 21, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Hemantprakash Shyamsunder Jain
7, Jyotika Park Society
Near Police Commissioner Office
Shahibag Road, Ahmadabad
Gujarat 380004
Email: hpsjca@gmail.com
-- and --
501, Aalin Complex
Nr. Rambha Complex
Opp. Gujarat Vindyapith
Ashram Rd., Amedabad 380014
Email: liq.arcoating@gmail.com
Last date for
submission of claims: June 19, 2024
AARNA FOUNDATION: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aarna
Foundation (AF) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 1 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AF for
obtaining information through letter and email dated June 11, 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 AF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AF
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set in 2001, AF operates schools in Lucknow UP. AF is also is
engaged in providing various schemes operated by state and central
Govt. and surrounding areas. AF is currently managed by Mr. Rahul
Singh (Managing Director).
ADITYA MOTOCORP: CRISIL Lowers Rating on INR7cr Loan to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Aditya
Motocorp Private Limited (AMPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Inventory 7 CRISIL B/Stable (ISSUER NOT
Funding Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Proposed 2 CRISIL B/Stable (ISSUER NOT
Inventory COOPERATING; Revised from
Funding 'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with AMPL for
obtaining information through letter and email dated June 11, 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 AMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.
AMPL, incorporated in August 2015, is an authorised dealer of HMIL
and operates from two showrooms in Uttar Pradesh – one each in
Varanasi (2S facility) and Chandauli (with 3S facility); the
company is based in Varanasi. Mr Dharamhari Prasad Singh, Mr
Brajbhushan Prasad Singh and Mr Ahibhushan Singh are the
promoters.
ADO ADDITIVES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Ado Additives Mfg Private Limited
Registered Address:
No. 7 Monmohan Bose Street
Kolkata -- 700006
West Bengal, India
Insolvency Commencement Date: June 5, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 2, 2024
Insolvency professional: Manish Agarwal
Interim Resolution
Professional: Manish Agarwal
Metcalfe Tower
56 Metcalde Street
3rd Floor, Room No. 3B
Kolkata 700013
Email: camanishagarwal1508@gmail.com
Email: cirp.adoadditives@gmail.com
Last date for
submission of claims: June 19, 2024
AGGARWAL RICE: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aggarwal Rice
and General Mills - Punjab (ARGM) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ARGM for
obtaining information through letter and email dated June 11, 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 ARGM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ARGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ARGM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
ARGM was set up in 1999 in Muktsar, Punjab, as a partnership firm
by Mr Manish Ahuja, Mr Parmod Kumar Saluja, Mr Parveen Ahuja, Mr
Rahul Saluja, Mr Satish Kumar Saluja and Mr Vikrant Ahuja. The firm
mills and sorts rice.
AHUJA COTSPIN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Ahuja Cotspin Private Limited
Registered Address:
B-VI-I, Kucha No. 1
Madhopuri, Ludhiana
Punjab 141008
Factory Address:
Village Bhattian, Koahara Road
Machiwara, District Ludhiana
Punjab 141115
Insolvency Commencement Date: June 12, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: December 9, 2024
Insolvency professional: Priya Bhushan Sharma
Interim Resolution
Professional: Priya Bhushan Sharma
1299, Sector 15-B
Chandigarh 160015
Email: bhushansharma@hotmail.com
Mobile: 77194-02001
-- and --
Sco-818, 1st Floor
Above Yes Bank
NAC, Manimajra
Chandigah 160101
Email:cirp.ahujacotspin@gmail.com
Last date for
submission of claims: June 26, 2024
AMAR REMEDIES: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Amar Remedies Limited
Registered Address:
Block No. 3, 2nd Floor
Sane Guruji Premises 386
S.V. Savarkar Marg
opp Siddhivinayak Temple
Mumbai City
Preabhadevi, Maharashtra
India 400025
Liquidation Commencement Date: March 11, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Anil Kohli
ARCK Resolution Professionals LLP
409, 4th Floor, Ansal Bhawan
16 Katurba Gandhi Marg
Connaught Place
New Delhi 110001
Email: insolvency@arck.in
Email: amarremedies.ibc@gmail.com
Last date for
submission of claims: July 10, 2024
AMIDEEP AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amideep
Automobiles (AA) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 9.9 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AA for
obtaining information through letter and email dated June 11, 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 AA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AA
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2012 as a partnership firm, AA is an authorised
dealer of two-wheeler vehicles of Honda Motorcycle and Scooter
India Pvt Ltd. The firm also services vehicles and sells spare
parts and accessories. AA operates through one showroom, two outlet
showrooms and one service centre in Surat, Gujarat. It is owned and
managed by Mr Amitkuamar P. Kachhadiya and his family members.
ANUPAM COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anupam Cold
Storage Private Limited (ACSPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.3 CRISIL B+/Stable (Issuer Not
Cooperating)
Fund-Based 4.6 CRISIL B+/Stable (Issuer Not
Facilities Cooperating)
Proposed Long Term 0.2 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ACSPL for
obtaining information through letter and email dated June 11, 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 ACSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ACSPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 1978, ACSPL is promoted by Mr Anupam Kumar. The
company operates a cold storage facility in Begusarai, Bihar. The
six-chamber unit has total capacity of 14,200 tonne per annum and
caters primarily to potato farmers and traders. It also trades in
potato seeds.
B. P. FOOD: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long term and short ratings for the bank
facilities of B. P. Food Products Pvt Ltd 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- 61.29 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 75.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 45.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 18.71 [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 B. P. Food Products Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
B. P. Food Products Pvt Ltd, incorporated in December 1994, was
engaged in the milling of wheat and manufacturing of food products
like whole wheat flour, refined flour, semolina, bran for cattle
feed and broken wheat. The company's promoters include Mr. Ravi
Prakash Bansal and Ms. Rekha Bansal, who also serve as directors.
BPFP had followed an inorganic growth strategy by acquiring
unsuccessful plants and turning them around into profitable units,
while expanding capacity. As per last information, the company had
five plants, one each at Sanchi, Gotegaon, Jabalpur, Pithampur and
Malanpur (all in Madhya Pradesh). As per feedback received from
lenders, all the plants have been inoperative since July-September
2017.
BADRI SARRAF: Liquidation Process Case Summary
----------------------------------------------
Debtor: Badri Sarraf Jewels Pvt.Ltd.
A-70, Lajpat Nagar Part - II
New Delhi-110024
Liquidation Commencement Date: May 3, 2024
Court: National Company Law Tribunal, New Delhi
Liquidator: Anju Agarwal
73, National Park, Lajpat Nagar IV
National Capital Territory of Delhi-110024
Email Id: anju@insolvencyservices.in
-- and --
C-100, Sector 2, Noida, UP-201301
Email Id: cirpbsjewels@gmail.com
Last date for
submission of claims: June 30, 2024
BHARATI INT'L: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bharati
International Private Limited (BIPL; part of the Bharati group)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 1.03 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Fund- 2.47 CRISIL B/Stable (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with BIPL for
obtaining information through letter and email dated June 11, 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 BIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of BIPL and Bharati Poultry
Pvt Ltd (BPPL) as the two companies have the same promoter and
strong operational and financial linkages.
Incorporated in fiscal 2011, BIPL produces and sells eggs.
Operations are managed by Mr Bablu Kundu.BPPL is in the same line
of business as BIPL. BPPL is incorporated in the year 2003. And it
is also managed by Mr. Kundu.
CHIRAYU CHARITABLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term ratings of Chirayu Charitable
Foundation in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 83.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 9.50 [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 Chirayu Charitable Foundation, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
CCF was established in 2001 and is a registered society, operating
a medical college, a nursing college and a hospital at Bhopal in
Madhya Pradesh, under the names of 'Chirayu Medical College &
Hospital' and 'Chirayu College of Nursing'. The trust is managed by
Dr. Ajay Goenka, who is the managing trustee and dean of the
college. The society started with a 200- bed multi- speciality
hospital, which increased to 990 beds in FY2017. It started out as
the 'Chirayu Medical College & Hospital (CMCH)' in Bhopal in 2011,
with Oncology and Cardiac as the only two super speciality
departments; and subsequently diversified into various other
specialities. In August 2016, the trust started its new cancer unit
with 60 dedicated beds at CMCH. The trust currently has 196
in-house consultants in different specialties such as oncology,
cardiac, radiology and pathology. The trust also operates an
institute for diploma in general nursing and midwifery courses. CCF
started its school of nursing in 2013. The colleges have close to
3,418 students enrolled in all its different courses.
CIAN HEALTHCARE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Cian Healthcare Limited
Registered Address:
Milkat No. 3339 Block No. 1
From South Side
C.S. No. 227/23A
Harpale Park
Opp. Berger Paint
P, Hursungi, Pune 412308
Insolvency Commencement Date: June 11, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 8, 2024
Insolvency professional: Roshen Chordiya
Interim Resolution
Professional: Roshen Chordiya
114, Solaris Hubtown, N.S. Phadke Marg
Near East West Flyover
Andheri (E), Mumbai 400069
Email: risingsun192123@gmail.com
-- and --
Renascence Insolvency Resolution Professionals
Private Ltd.
101, Kanakia Atrium 2, Cross Road A
Chakala MIDC
Andheri East, Mumbai 400093
Email: cirp.cianhealthcare@gmail.com
Last date for
submission of claims: June 25, 2024
CITIZEN CARS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term ratings of Citizen Cars in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Citizen Cars, 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 1998 by Mr. Haneef Sait as a proprietorship firm in
Bangalore, Citizen Cars is a private pre-owned car (POC) dealer
which primarily deals in high-end range of cars. The major car
brands include Ford, Honda, Hyundai, Rolls Royce,
Bentley, Land Rover, Toyota, Benz, BMW, Audi, Bugatti, Harley
Davidson, Lamborghini, Jaguar, Volkswagen, Chevrolet and Skoda. It
has one leased showroom in Hebbal which has a capacity of keeping
~110 cars. Prior to 2013, it was operating in an owned showroom in
Banaswadi which had a capacity of keeping ~60 cars. It has a sister
concern, called, New Citizen Cars, which is also a private POC
dealer and operates out of a showroom with a capacity of keeping
~60 cars in Banswadi, Bangalore.
CLASSIC DISPLAY: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Classic Display Systems Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Classic Display Systems Pvt. Ltd., ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Classic Display Systems Pvt. Ltd. (CDS) was incorporated in 2003 by
Mr. Harsh Mohunta. The company is engaged in the manufacturing of
Point of Sale solutions, industrial packing etc. The company has
further added metal racks in its product mix. The company started
supplying to players like Liberty Shoes, Reckitt Benckiser and has
added number of clients since then. Mr. Harsh Mohunta is a
first-generation entrepreneur.
INDIAN GEM: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Indian Gem & Jewellery
Imperial Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term 5.00 [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 Indian Gem & Jewellery Imperial 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 November 2006 by Mr. Prasanna Dugar, IGJIPL is
involved in manufacturing and trading of gold, diamond and
stone-studded jewellery. The promoter was earlier involved in the
jewellery business through Indian Gem & Jewellery Private Limited.
However, the same was demerged in FY2007 and accordingly, IGJIPL
was formed. The company earns revenue from both wholesale and
retail sales.
IWORLD BUSINESS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: IWorld Business Solutions Private Limited
Registered Address:
30/1 East Patel Nagar
New Delhi, Delhi
India 110008
Insolvency Commencement Date: June 4, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: December 9, 2024
Insolvency professional: Megha Agrawal
Interim Resolution
Professional: Megha Agrawal
001, Shivranjini Apartments in Circle of
Congress Nagar Garden, Congress Nagar,
Nagpur - 440012 (M.S.)
Email: ip.meghaagrawal@gmail.com
-- and --
Ground Floor, 175, Vaishali Sector -6
Ghaziabad (U.P.)- 201012
Email: cirp.iworld@gmail.com
Last date for
submission of claims: June 26, 2024
J C CONSTRUCTION: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
facilities of J C Construction Private Limited 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- 3.00 [ICRA]B+ (Stable); ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based- 2.00 [ICRA]B+ (Stable); ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 11.00 [ICRA]A4 ISSUER NOT
Non Fund based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with J C Construction Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
The entity was promoted by Mr. J C Hazarika in 1974 as a
proprietorship firm to undertake civil construction works. In 1999,
the firm was converted into a private limited company and was
renamed as J C Construction Private Limited. It is involved in
civil construction works, particularly in road construction and
registered as a class I contractor with major Government
departments in Assam. JCCPL's day-to-day operations are being
presently looked after by the director Mr. Amitabh Hazarika, son of
Mr J C Hazarika.
J. P. FLOUR: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of J. P. Flour
Mills Pvt Ltd in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.62 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 4.00 [ICRA]A4; ISSUER NOT
Non fund Based COOPERATING Rating Continues
Others to remain under the 'Issuer
Not Cooperating' category
As part of its process and in accordance with its rating agreement
with J. P. Flour Mills Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2004, JPFMPL's plant is located at Bighati, in
Hooghly district of West Bengal. JPFMPL has the facility for
manufacturing wheat-based products namely maida, atta, suji, rawa
and bran with an annual flour-milling capacity of 1,35,000 metric
tonne per annum (MTPA). JPFMPL primarily caters to the markets in
eastern India, except to the NorthEast.
JPFMPL posted an OI of INR187.62 crore (provisional) and a profit
before tax of INR4.79 crore (provisional) in FY2018. In FY2017, the
firm reported a net profit of INR4.35 crore on an OI of INR194.16
crore.
JANTA RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Janta Rice Mills in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Janta Rice Mills, 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.
JRM is a partnership firm established in 1978. It is primarily
involved in milling of basmati and non-basmati rice to produce raw
and boiled rice. JRM's milling unit is located in Nissing, District
Karnal, Haryana, in close proximity to the local grain market. The
firm has a milling capacity of 2 tonnes/hour and a sorting capacity
of 4 tonnes/hour.
KANTI FLOOR: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Kanti Floor
Furnishers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 1.10 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term- 32.74 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Kanti Floor Furnishers, 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 the year 1930, Kanti Floor Furnishers (KFF) is
primarily engaged in the manufacture and export of door mats and
rugs made up of coir, rubber, jute, and poly propylene. Initially,
the firm was setup as a manufacturing feeder unit for its parent
organisation, M/s Commercial Emporium which dealt with exports of
mats and rugs. Since 1956, KFF started exporting coir mats under
its own name. KFF is also a certified ISO 9001:2000 unit and is
also awarded with BRC Global Standards certification. The firm has
four units, namely, Bala Shearing Factory, Vinod Coir Works, MGM
Exports and an EOU unit. All the manufacturing facilities are
situated in and around Allepey, Kerala, majorly exporting to United
Kingdom, United States and other European countries.
KBR AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term ratings of KBR Agro Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 8.00 [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 Kbr Agro Industries, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in October 2013, KBR is a partnership firm with Mr.
Bhagwan Dass Singla, Mr. Krishan Murari and Mrs Adesh Singla as
partners. The firm is involved in the milling, processing and
trading of Basmati and non-Basmati rice. KBR's plant is located at
Jundla near Karnal (Haryana).
LAKSHMI POULTRY: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sri Lakshmi
Poultry Complex Private Limited 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
---------- ----------- -------
Fund based- 32.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated 4.50 [ICRA]B+(Stable)/[ICRA]A4;
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 Sri Lakshmi Poultry Complex Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sri Lakshmi Poultry Complex Private Limited was initially formed as
a partnership firm in 1989 and subsequently incorporated as a
private limited company in October 2014. The company is engaged in
commercial layer poultry farming. The total installed capacity of
1316912 layer birds is spread across five farms in different
locations.
LOKAA DEVELOPER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Lokaa Developer Private Limited
Registered Address:
No. 14 2nd Main Road
Jannapan Nagar Extn.
Thiruvanmiyur, Chennai 600041
Insolvency Commencement Date: June 7, 2024
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: December 4, 2024
Insolvency professional: Ramakrishnan Sadasivan
Interim Resolution
Professional: Ramakrishnan Sadasivan
Old No 22, New No 28
Menod Street
Purasawalkam, Chennai
Tamil Nadu 600007
Email: sadasivanr@gmail.com
Email: lokaa.cirp@gmail.com
Last date for
submission of claims: June 24, 2024
M/S KHANDESH BUILDERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M/s Khandesh Builders Private Limited
Registered Address:
B 110, Damji Shamji Corporate Square
Lakshmi Nagar
Ghatkopar Andheri East Link Road,
Mumbai City, Mumbai
Maharashtra, India 400075
Insolvency Commencement Date: June 10, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 10, 2024
Insolvency professional: Shashant Sudhakar Yeola
Interim Resolution
Professional: Shashant Sudhakar Yeola
Flat No. 7, Indrayani, Ganesh Nagar
Opp. Lekha Nagar, Agra Road
Nashik, Maharashtra, 422009
Email: shashantsyeola@gmail.com
Email: khandeshcirp@gmail.com
Last date for
submission of claims: June 24, 2024
MADHAV COPPER: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Madhav Copper
Limited (MCL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 10 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MCL for
obtaining information through letter and emails dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative and the ratings on bank
facilities of MCL continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated May 16, 2024.
'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 MCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
MCL was set up as a private limited company in 2012 and
reconstituted as a public limited company in 2017. Promoted by Mr
Nilesh N Patel, Mr Rohit B Chauhan, and Ms Divya A Monapara,
Bhavnagar (Gujarat)-based MCL manufactures and trades in enameled
and submersible wires. It is a part of the Madhav group.
MANIKARAN VINCOM: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Manikaran Vincom Private Limited
9/A/1B, Chetla Road
Kolkata, Howrah
WB 700027, IN
Liquidation Commencement Date: June 5, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Brinda Bidasaria
Siddha Weston
9 Weston Street
Unit 107, 1st Floor
Kolkata 700013
Email: cabrindadalmia@gmail.com
Email: manikara.vincom@gmail.com
Last date for
submission of claims: July 5, 2024
MIRAJ METALS: ICRA ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Miraj Metals
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- 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 13.00 [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 Miraj Metals, 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 August 2010, Miraj Metals (Miraj) is a
proprietorship concern, promoted by Mr. Hiten D Mehta and is
engaged in the business of non-ferrous metals scrap. Mr. Hiten D
Mehta has over two decades of experience in the non-ferrous metal
industry. Miraj is an importer and trader of non-ferrous metals.
The company primarily sources its requirement of various types of
non-ferrous metals scrap from the international markets for supply
to various manufacturing units in India. Sales
operations are primarily through the high seas sales channel while
indigenous sales are to a small extent. The firm has its registered
office in Vile Parle, Mumbai, a branch office in Bhavnagar and a
godown in Bhiwandi.
PIRAMAL CAPITAL: S&P Rates Proposed Sr. Sec. Notes Drawdown 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to
U.S. dollar-denominated senior secured notes that Piramal Capital
and Housing Finance Ltd. (PCHFL) proposes to issue. The issuance is
a drawdown from PCHFL's US$1 billion euro medium-term notes
program. The rating is subject to our review of the final issuance
documentation.
The rating on the notes is equalized with the long-term issuer
credit rating on PCHFL (BB-/Stable/B), an India-based finance
company. The proposed notes will constitute direct, unconditional,
secured, and unsubordinated obligations of PCHFL, and shall at all
times rank equally with all other secured obligations of the
finance company.
The terms of the notes require PCHFL to maintain a net
nonperforming asset ratio of 5% or less, minimum security coverage
ratio of at least 1.0x (excluding nonperforming assets), and
capital ratios above the regulatory minimum.
PIRAMAL CAPITAL: S&P Rates US$1BB Secured Euro MTN Program 'BB-/B'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term and 'B' short-term
issue ratings to a US$1 billion secured euro medium-term note (MTN)
program set up by Piramal Capital and Housing Finance Ltd.
(PCHFL).
S&P has equalized the ratings on the MTN program with its long-term
issuer credit rating on PCHFL (BB-/Stable/B), reflecting the
program's equal ranking in right of payment with all of the
company's secured obligations. Notes issued from the program will
constitute direct, general, secured, and unconditional obligations
of PCHFL.
Security will be over all (both present and future) current assets,
book-debts, loans and advances and receivables and all the
benefits, rights, title, interest, claims and demands in respect of
these amounts, subject to conditions. The company must ensure that
notes are at least 100% covered by assets, excluding assets
classified as nonperforming.
Under the program, PCHFL may issue both short-term and long-term
notes. In the context of S&P's criteria, while assessing default on
the payment obligation, in this instance we would apply the stated
grace period, i.e., two business days.
PCHFL may also issue index-linked notes from the program. Under its
rating criteria, S&P does not rate the notes if principal payments
are linked to fluctuations in equity or commodity prices, or equity
or commodity indices.
The rating is subject to S&P's review of the final documentation.
RAAMA PAPER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Raama Paper Mills Limited
Registered Address:
Najibabad Road
Kiratpur District
Bijnor-246 731
Uttar Pradesh
Corporate Office:
214, Deepshikha Building
8, Rajendra Place
New Delhi 110008
Insolvency Commencement Date: June 7, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: December 4, 2024
Insolvency professional: Sandeep Kumar Agrawal
Interim Resolution
Professional: Sandeep Kumar Agrawal
523, Pocket-E, Mayur Bihar
Phase-2, Delhi 110091
Email: ipsandeepagrawal@gmail.com
Email: cirp.raamapaper@gmail.com
Last date for
submission of claims: June 21, 2024
RAMA POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Rama
Poultry Feeds (SRP) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 0.75 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRP for
obtaining information through letter and email dated June 11, 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 SRP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SRP was set up in year 2015.SRP is engaged in poultry feed
manufacturing. SRP is managed by Mr. Rajesh Kapoor.
S N G EXIM: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S N G Exim
Private Limited (SNG) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Warehouse Receipts 30 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SNG for
obtaining information through letter and email dated June 11, 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 SNG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNG continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SNG, incorporated in 1995, in Punjab, trades in agro commodities
specially sugar. The company is promoted by Mr. Kunal Yadav, Mr.
Pankaj Sharma and Mr. DK Tyagi.
SHOMUK CONSULTANCY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shomuk Consultancy Services Private Limited
Registered Address:
5A, Palm Avenue
Kolkata, West Bengal
India 700019
Insolvency Commencement Date: June 11, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 8, 2024
Insolvency professional: Jitendra Lohia
Interim Resolution
Professional: Jitendra Lohia
Klass Insolvency Resolution Professionals Pvt. Ltd.
2/7 Sarat BosVasundhara Building, 2nd Floor
Kolkata 700020
Email: jitulohia@knjainco.com
Email: cirp.shomukconsultancy@gmail.com
Last date for
submission of claims: June 25, 2024
SHORAPUR SOLAR: ICRA Withdraws B Rating on INR36.25cr Term Loan
---------------------------------------------------------------
ICRA has withdrawn the Long-term Rating assigned to Shorapur Solar
Power Limited at the request of the company and based on the No
Objection certificate (NOC) received from its banker. However, ICRA
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key Financials
Indicators have not been captured as the rated instruments are
being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 36.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Term Loan
Long Term- 8.75 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Withdrawn
Shorapur Solar Power Limited (SSPL) was incorporated in May 2016
with the main objective of setting up a 10 MW solar power plant at
Yalgi village, Shorapur taluk, Yadgir district, Karnataka. The COD
was achieved on Feb 24, 2018. The company is promoted by Karvy
group with Karvy Consultants Ltd (KCL) holding 99.91% of the
shareholding while the rest is held by the promoters of KCL in
their individual capacity. The total project cost was INR64.66
crore and was funded by debt of INR38.36 crore from Tata Cleantech
and INR26.30 crore of promoter equity. The total project cost was
increased from estimated INR56.27 crore to INR64.66 crore. The EPC
contract was executed by Karvy Renewable Energy Projects Limited
(KREPL) including civil works, module, inverter supply and other
BOP materials and erection and commissioning of the solar power
plant. Karvy group has a total of 60 MW solar power plant capacity
spread across states of Telangana and Karnataka.
SIMBHAOLI SUGARS: NCLT Orders Initiation of Insolvency Proceedings
------------------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT) has ordered initiation of insolvency resolution proceedings
against Simbhaoli Sugars Ltd on a petition filed nearly six years
ago.
Business Standard relates that the plea was filed in September 2018
by erstwhile Oriental Bank of Commerce which has been merged with
state-owned Punjab National Bank (PNB) now.
The lender had sought initiation of Corporate Insolvency Resolution
Process (CIRP) against the company under section 7 of the
Insolvency and Bankruptcy Code.
". . . petition has been admitted by the NCLT, Allahabad Bench vide
order dated July 11, 2024," Simbhaoli Sugars said in a filing to
stock exchanges on July 12, Business Standard relays.
According to the report, NCLT has appointed Anurag Goel as interim
resolution professional. With the NCLT ruling, the company's board
stands suspended and it would be run by Goel.
Business Standard, citing application filed before the NCLT,
relates that the default amount stood at over INR130 crore as of
November 22, 2017.
Simbhaoli sells sugar under the brand 'Trust' and has factories in
Uttar Pradesh.
SPACETECH EQUIPMENTS: ICRA Hikes Rating on INR1.75cr Loan to B+
---------------------------------------------------------------
ICRA has upgraded the long-term rating of Spacetech Equipments &
Structurals Private Limited (SESPL)) to [ICRA]B+(Stable) and
removed the ratings from Issuer non-cooperation category. The
revision in ratings follows the curing of the past delays, and
improvement in the working capital cycle.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.75 [ICRA]B+ (Stable); upgraded from
Fund Based- [ICRA]D ISSUER NOT COOPERATING
Cash Credit and removed from Issuer not
cooperating category; Stable
outlook assigned
Short Term- 4.25 [ICRA]A4; upgraded from [ICRA]D
Non-Fund Based- ISSUER NOT COOPERATING and
Bank Guarantee/ removed from Issuer not
Letter of credit cooperating category
ICRA also notes the expected improvement in the scale of operations
reflected by the healthy outstanding order book position of INR~101
crore as on May 11th, 2024, which is expected to be executed
entirely in FY2025 with typical execution tenor being ~4-6 months
for an order. Consequently, revenues for FY2025 are expected to
increase to more than INR100 crore from INR~65 crore achieved
during FY2024. The ratings continue to take into account the long
experience of the promoters in the fabrication business and reputed
customer base (Tata Steel, Linde, Jindal Steel, INOX Air Products,
Ion Exchange, Thyssenkrupp, JMI Group, Danieli, etc.). ICRA also
factors in the improvement in working capital cycle (NWC/OI
improved to 20% in FY2024 from 35% in FY2023) as well coverage
indicators (interest coverage improved to 3.3 times in FY2024 from
1.3 times in FY2023) observed during FY2024, which are expected to
sustain going forward as well.
The ratings are however constrained on account of low scale of
operations, despite the above-mentioned growth, and modest net
profits and net-worth base, leveraged capital structure and
industry concentration risks. ICRA also notes that the company
remains exposed to forex risks due to its export presence, in the
absence of a fully hedged exports receivables and exposure to steel
price volatility.
Moreover, the company has high sector concentration risk with its
operations mainly catering to two sectors - steel and, oil & gas.
The rating is also constrained by the working capital-intensive
nature of operations, resulting in high utilisation of the working
capital limits and a stretched liquidity position. Any moderation
in working capital intensity due to delayed payments from clients,
could limit the company's ability to timely execute pending order
book. Moreover, the scale of operations is expected to grow at a
healthy pace and the ability of the company to execute the pending
order book in a timely manner remains to be seen.
The Stable outlook on the rating reflects ICRA's opinion that the
company will continue to benefit from its established position as a
supplier of pressure vessels for various industrial gases,
translating into comfortable cash flow generation.
Key rating drivers and their description
Credit strengths
* Long experience of the promoters in the fabrication business:
SESPL was incorporated in 1982 and has been involved in the
fabrication of pressure vessels, with its facility at Ambernath in
Thane district of Maharashtra. The pressure vessels manufactured by
the company find application mainly in the steel, oil and gas,
power and engineering sectors.
* Reputed clientele with a healthy order book position: SESPL has
many reputed clients, like Tata Steel, Linde, Jindal Steel, INOX
Air Products, Ion Exchange, Thyssenkrupp, JMI Group, Danieli, etc.
The entity has an outstanding order book of around ~INR101 crore as
of May 11th, 2024, thereby providing healthy revenue visibility
over the near term.
* Expected improvement in revenues and profits: The outstanding
order book is expected to be executed entirely in FY2025 with
typical execution tenor being ~4-6 months for an order.
Consequently, revenues for FY2025 are expected to increase to over
INR~100 crore from INR~65 crore achieved during FY2024. Better
operating leverage and capacity utilization is expected to aid
profitability as well. Revenues FY2026 onwards would depend on the
fresh order inflow, and sustainability of healthy order inflows
over the medium term remains a key monitorable.
Credit challenges
* Financial profile characterized by small scale of operations,
weak albeit improving debt indicators: The company's revenue stood
at around ~INR40-50 crore over FY2018-FY2023, though it grew by
~30% in FY2024 to INR65 crore. TNW was also modest at INR9.4 crore
as on Mar-2024. Despite a healthy outstanding order book position,
the scale of operations of SESPL remains moderate. The company's
capitalization and coverage indicators remain weak with gearing of
2 times as on Mar-2024(improved from 3 times as on Mar-2023) and
debt/OPBIDTA of 3.1 times in FY2024 (improved from 4.3 times in
FY2023).
* Susceptibility to raw material price fluctuation risks: The
company's orders are fixed price in nature and sharp fluctuation in
prices of key raw material like steel can adversely impact
profitability, with orders being fixed price in nature. Further,
export orders remain exposed to foreign exchange risk in absence of
any absence of any hedging policy in place. However, there have
been no forex losses in the past due to net receivables position at
all times and appreciation of USD against INR over the years. The
company has nil imports.
* Moderately high working capital-intensive nature of business and
nil cushion in working capital limits: The working capital cycle is
moderately high with NWC/OI at 20% in FY2024, even as it has
improved from 66%/26%/35% in FY2021/FY2022/FY2023. Further, there
have been LC devolvements and CC overdrawings in the past (around
FY2017), which were regularized within a month, due to delayed
payments from clients. While the credit profile of customers is
good, disputes over quality at multiple inspection points/contract
terms can elongate working capital cycle. This results in high
debtor days.
Further, the company's working capital limits of INR~10.25 crore
are fully utilised at all points of time. Sustainable improvement
in scale of operations remains contingent on the company's ability
to tie up additional working capital limits or infusion of
unsecured loans from promoters, alongwith efficient working capital
management.
Liquidity position: Stretched
SESPL's liquidity position remains stretched with no buffer in
working capital limits as it has been almost fully utilised over
the last 12 months. The company has debt repayment obligations of
~INR0.67 crore in FY2025 and ~INR0.68 crore in FY2026 and has
unencumbered cash and bank balances of ~INR3.8 crore as on March
31, 2024.
Rating sensitivities
Positive factors – The rating could witness an upward revision if
the company demonstrates a healthy revenue growth and
profitability, with improvement in the working capital intensity
and liquidity position.
Negative factors – The rating could witness a downward revision
if any adverse impact on the company's revenue/profitability
results in a significant deterioration in its debt protection
metrics and further stretches the working capital cycle and
liquidity position.
Established in 1982, SESPL is involved in the fabrication of
pressure vessels, with its facility at Ambernath in Thane district
of Maharashtra. SESPL's fabrication facility is ISO 9001-2000
certified, and the pressure vessels manufactured by the company
find application mainly in the steel, oil and gas, power and
engineering sectors.
SRI MARUTI: Liquidation Process Case Summary
--------------------------------------------
Debtor: SRI Maruti Wind Park (India) Private Limited
B-402, 4th Floor, Ujwal Serene
S. No. 273 /1, Near Mauli Garden Baner
Pune 411045
Liquidation Commencement Date: June 5, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Prasad Kamalakar Dharap
47, Prasad, Opp. Lendra Park
New Ramdaspeth, Nagpur - 440 010
Email: dharap65@rediffmail.com
Email: marutiwind.cirp@gmail.com
Last date for
submission of claims: July 5, 2024
SRIKARA PARENTERALS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Srikara
Parenterals Private Limited (SPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Funded Interest 2.58 CRISIL D (Issuer Not
Term Loan Cooperating)
Long Term Loan 2.52 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.72 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 2.18 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated June 11, 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 SPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2006 and based in Vijayawada (Andhra Pradesh), SPPL
manufactures intravenous fluids used in the healthcare industry.
The company is promoted by Mr. Gorla Naga Manikyala Rao, and its
day-to-day operations are managed by Mr. Prem Raj Rayepudi.
SUPREME AND COMPANY: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Supreme and Company Private Limited
Registered Address:
53, Justice Chandra Madhav Road
Kolkata, West Bengal 700020
Insolvency Commencement Date: June 5, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 7, 2024
Insolvency professional: Tripti Agarwal
Interim Resolution
Professional: Tripti Agarwal
174A, Maniktalla Main Road
9C Ekta Residency, Kolkata 700054
Email: ip.tripti@gmail.com
Email: supreme.cirp@gmail.com
Last date for
submission of claims: June 25, 2024
SVP BUILDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long- Term rating for the Bank facilities of SVP
Builders (I) Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 50.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SVP Builders (I) 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.
The flagship company of SVP Group, SVP Builders (I) Limited, is a
real estate development company with presence in commercial and
residential real estate. The company has executed various real
estate residential projects mainly in Ghaziabad like 'Gulmohar
Enclave' in Nehru Nagar (Ghaziabad), 'Gulmohar Residency' in
Indirapuram (Ghaziabad), 'Gulmohar Garden' in Raj Nagar Extension
(Ghaziabad), and 'Gulmohar Vatika' in Wave City (Ghaziabad).
Further, it has entered into a partnership with its promoter, Mr.
Vijay Kumar Jindal, in the firm -Friends land Developers [rated
[ICRA] B (Stable) Issuer not Cooperating], to develop 'Gulmohar
Greens' near Hindon Air Force Station in Ghaziabad. And has also
entered a partnership with Ashok Wadia Group for undertaking
development of a residential real estate project – Grand Royale -
at Kaushambi.
Currently the company is executing residential real estate projects
in Ghaziabad by the name of Utopia the Nest (Gulmohar Garden Phase
3) in Raj Nagar Extension and The Imperial (Gulmohar Vasant) in
Nehru Nagar which was completed in December 2022 and company has
received the completion certificate in January 2023.
V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of V3S Infratech
Limited 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- 30.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 40.00 [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 V3S Infratech 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.
V3S Infratech Limited (V3S), earlier known as Gahoi Buildwell
Limited) was promoted in the year 2003 by Mr. Yogendra Chandra
Kurele. In FY 2007 and FY 2008, several promoter group companies
were amalgamated with V3S and in 2009- 10, the name of the company
was changed from Gahoi Buildwell Limited to V3S Inf ratech Limited.
The company has been engaged in the development of
multiplexes-cum-malls and commercial space in Delhi. The completed
real estate projects of the company include – V3S mall, V3S East
Centre and North Delhi Mall. However, since February 2008 the
company has shifted its focus from real estate development to civil
construction mainly in residential, industrial and commercial
segments particularly for government agencies.
YES BANK: Moody's Affirms 'Ba3' Bank Deposit, Outlook Now Positive
------------------------------------------------------------------
Moody's Ratings has affirmed Yes Bank Limited's Ba3 long-term (LT)
foreign currency (FC) and local currency (LC) bank deposit ratings,
its Ba3 LT FC issuer rating, its Ba3 LT FC and LC Counterparty Risk
Ratings (CRR), its b1 Baseline Credit Assessment (BCA) and Adjusted
BCA, the Not Prime (NP) short-term (ST) FC and LC bank deposit
ratings and CRR, as well as the (P)Ba3 senior unsecured medium-term
note program rating. Moody's have also affirmed Yes Bank's Ba3(cr)
and NP(cr) LT and ST Counterparty Risk (CR) Assessments,
respectively.
At the same time, Moody's have affirmed Yes Bank, IFSC Banking Unit
Branch's Ba3 LT FC and LC CRR, its (P)Ba3 senior unsecured
medium-term note program rating, the NP ST FC and LC CRR and the
branch's Ba3(cr) and NP(cr) LT and ST CR Assessments, respectively.
Moody's have changed the rating outlooks to positive from stable on
both entities where applicable.
RATINGS RATIONALE
The change in outlook to positive reflects Moody's expectation that
a gradual improvement in Yes Bank's depositor base and lending
franchise will help improve its core profitability over the next
12-18 months. The positive outlook takes into account the
improvement in the bank's asset quality and capitalization over the
past 2-3 years, somewhat offset by the bank's weak core
profitability driven by high funding costs and the strain from
meeting priority sector lending (PSL) targets.
Moody's expect Yes Bank's core profitability, which is measured by
pre-provisioning profits to total assets, will gradually improve to
above 1.2% over the next 12-18 months from 0.8% in the financial
year ended March 2024 (fiscal 2024). An improvement in Yes Bank's
ability to meet the central bank's PSL rules through new lending
from its branches will help reduce operating expenses for meeting
the targets, improving its overall profitability. In addition, Yes
Bank's lending focus on higher yielding, albeit higher-risk retail
and small and medium enterprise segments will help widen its net
interest margins. A gradual increase in the bank's credit costs
will be largely offset by recoveries from its legacy stressed
assets, given the high loan loss provision coverage of those
assets. Despite these improvements, Yes Bank's profitability will
remain weak compared with the Indian peers Moody's rate and a key
drag on further improvements to its credit profile.
Deposits grew 10.3% in fiscal 2023 and 22.5% in fiscal 2024.
Deposit quality has also improved, with current and savings account
(CASA) deposits accounting for 30.9% of the bank's total deposits
as of the end of March 2024 from 26.1% in March 2021. Despite these
improvements, Yes Bank's funding and liquidity are modest compared
with those of other large private-sector Indian banks Moody's rate.
This has also translated into the bank's higher funding costs than
those of its peers. Moody's expect the bank's funding costs to
remain higher than its peers' over the next 12-18 months because of
increasing competition amongst banks for deposits.
The bank's asset quality has significant improved. Its
non-performing loan (NPL) ratio declined to 1.7% as of March 31,
2024 from 2.2% a year earlier, supported by lower slippages as well
as stronger recoveries and higher write-offs. Moody's expect a
gradual increase in NPLs due to portfolio aging and a shift towards
riskier, high-yield segments. However, the NPL ratio will remain
stable because of write-offs and recoveries of legacy problem
loans.
Capitalization has also improved and provides adequate cushion to
fund loan growth. As of March 31, 2024, the Common Equity Tier 1
(CET1) ratio including conversion of outstanding warrants was
13.2%. Over the next 12 to 18 months, Moody's expect the bank's
capitalization to moderately decline because credit growth will
outpace internal capital generation. For fiscal 2025, Moody's
project a loan growth rate of around 13%-17%.
Yes Bank's issuer and deposit ratings are one notch above its BCA,
reflecting a moderate probability of support from the Government of
India (Baa3 stable) in times of need. The support assumption is in
line with the support Moody's expect for other private-sector banks
in India.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the bank's ratings and BCA if the bank
manages to sustainably improve its core profitability while
maintaining stable asset quality and capitalization. Specifically,
an improvement of pre-provisioning profits to total assets above
1.2% while maintaining stable asset quality and capitalization
without a significantly increase in credit costs will be positive
for the BCA and rating.
Given the positive outlook, a downgrade of Yes Bank's ratings is
unlikely over the next 12-18 months. Nevertheless, Moody's could
downgrade Yes Bank's ratings if its asset quality significantly
deteriorates, leading to an erosion of its profitability and
capitalization. Specifically, a decline in its total common
equity/risk-weighted assets to below 10% with pre-provisioning
profits to total assets remaining below 0.8% will exert downward
pressure on the BCA. Any weakening in Yes Bank's funding and
liquidity would also be negative for the rating.
The principal methodology used in these ratings was Banks
Methodology published in March 2024.
Yes Bank is headquartered in Mumbai and reported consolidated
assets of INR181.4 billion ($2.2 billion) as of March 31, 2024.
[*] INDIA: Resolved Insolvency Cases May Hit Fresh Record in FY25
-----------------------------------------------------------------
The Economic Times reports that the number of resolved cases under
the Insolvency and Bankruptcy Code (IBC) may beat last year's
record in FY25, the chief of the bankruptcy regulator said on July
12.
About 270 insolvency cases were resolved under the IBC last fiscal
year, Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi
Mittal said at an event organised by the Institute of Chartered
Accountants of India (ICAI), ET discloses. This was way beyond the
annual average of 125 cases that saw resolution since the IBC was
rolled out in late 2016, he added. In FY23, 189 bankrupt firms were
rescued through the IBC.
According to ET, Mittal called on insolvency professionals, who are
mostly chartered accountants, to be "as innovative as possible",
promising that no action would be taken by the regulator even if
genuine innovation doesn't at times yield the intended result.
He exhorted the insolvency professionals to strive their best to
ensure bankrupt firms are resolved as going concerns, instead of
getting liquidated, and that the resolution process must be done
"in the fastest time". "It's to no one's credit if the stressed
firms are liquidated," Mr. Mittal said, hinting at job losses when
firms are liquidated.
The chief of the insolvency regulator also asked the professionals
to be "as transparent as possible". "If we do all these things, the
recovery will improve further," he said.
ET relates that Mr. Mittal said the cumulative recovery from
stressed assets has been about 85% of the fair values and 162% of
the liquidation value of firms when the insolvency proceedings
started. But the recovery against the creditors' claims has been to
the tune of 32%, he said, indicating substantial erosion of the
value of stressed firms when the IBC was tapped by the creditors.
Speaking at the event, ICAI president Ranjeet Kumar Agarwal called
for further bolstering the institutional mechanism to improve
resolution, according to ET. This includes increasing the number of
benches and judges at the National Company Law Tribunal (NCLT) and
the National Company Law Appellate Tribunal (NCLAT).
He also called for cutting delays in insolvency resolutions and
promoting alternative mechanisms, including mediation, to resolve
stress. He said the ICAI is setting up a non-profit company under
Section 8 of the Companies Act to boost mediation and arbitration,
ET adds.
===============
M A L A Y S I A
===============
IQZAN HOLDING: Malacca Securities Quits as Principal Adviser
------------------------------------------------------------
Iqzan Holding Berhad said that Malacca Securities Sdn Bhd has
terminated its services as the Principal Adviser to Iqzan in
relation to the Company's proposed regularisation plan with effect
from July 12, 2024.
On Jan. 4, 2024, Malacca Securities announced that it had been
appointed as the Principal Adviser in relation to the Company's
regularisation plan.
The Company is in the midst of preparing and formulating its
regularisation plan and will make the necessary announcement with
regards to any development on the regularisation plan.
On May 29, 2024, the Company had submitted an application for
further extension of time of approximately six (6) months until
Dec. 8, 2024 to submit its regularisation plan to Bursa Securities.
About Iqzan Holding
Iqzan Holding Berhad, formerly known as Ire-Tex Corp Bhd, operates
as a holding company. The Company, through its subsidiaries,
invests in business ventures such as green packaging, environmental
friendly engineering processes, and recycled industrial material
processing, and manufacturing industries. IQZAN Holding serves
customers in Malaysia, Thailand, and Indonesia.
The company slipped into PN17 status after its external auditor
Nexia SSY PLT expressed a disclaimer of opinion on the group's
financial statements for the financial year ended June 30, 2019 in
its annual report issued on Oct. 31, 2019.
=====================
N E W Z E A L A N D
=====================
COOK ISLANDS: S&P Affirms 'B+/B' SCRs, Outlook Stable
-----------------------------------------------------
On July 12, 2024, S&P Global Ratings affirmed its 'B+' long-term
and 'B' short-term sovereign credit ratings on Cook Islands. The
outlook is stable.
Outlook
The stable outlook on S&P's long-term rating on Cook Islands
reflects its expectation that, over the next 12 months or so, the
economic recovery will narrow fiscal deficits and reduce net debt
relative to GDP.
Downside scenario
S&P could lower its ratings if Cook Islands' public finances were
to materially underperform our forecasts. This could occur if
fiscal deficits do not narrow and the resulting rise in debt
increases the interest burden to more than 5% of government
revenues.
Upside scenario
S&P could raise its ratings if there is a sustained strengthening
of the government's fiscal outlook or economic wealth and
diversification.
Rationale
Cook Islands' economic outlook is recovering after several years of
disruption stemming from the pandemic. The tourism sector remains
the key driver of the economy and fiscal outcomes. S&P expected
real economic growth to slow to about 3.7% per year between fiscal
years 2025 and 2027 (years ending June 30) from an average of 12.5%
over fiscals 2023 and 2024. The economy contracted significantly
during the pandemic when borders were closed.
S&P said, "We expect fiscal deficits to narrow over the next three
fiscal years. Government revenues should increase as tourists
return, allowing the government to slowly reduce its net debt as a
proportion of GDP. Furthermore, the Asian Development Bank's (ADB)
reclassification of Cook Islands as a Group B country will allow it
access to concessional funding. That eases its interest burden and
lengthens its maturity profile. Cook Islands' debt burden remains
modest compared with its peers', and all of its debt is via
official lenders.
"Our ratings on Cook Islands also reflect the vulnerabilities
associated with weak institutional settings and capacity
constraints, lack of an independent monetary policy, and a narrow
economic base. Partly offsetting these factors are the government's
supportive relationship and high labor mobility with New Zealand
(foreign currency AA+/Stable/A-1+; local currency AAA/Stable/A-1+),
financial and technical assistance from donor agencies, and the
country's sound financial system."
Institutional and economic profile: Economic growth returning to
normal after several years of disruptions due to border closures
-- Cook Islands has a medium-income economy that is concentrated
in tourism and experiences high levels of emigration.
-- Its policymaking culture, capacity constraints, and
institutional settings are key ratings constraints.
-- Cook Islands benefits from a close and comprehensive political
and economic relationship with New Zealand.
S&P said, "As we previously expected, Cook Islands is seeing a
strong recovery in the tourism sector; the country is benefiting
from its proximity to its largest tourism source market, New
Zealand, and new direct flights to Australia. Tourism flows for the
first three months of this year are strongly outpacing those in
2023, with the government forecasting 161,000 tourist arrivals this
year. We expect real GDP growth of 11.5% in fiscal 2024, spurred by
tourism. The economy centers on tourism, which is the country's
major revenue earner.
"Cook Islands is a medium-income economy with per capita GDP of
about US$21,600 in fiscal 2024. We estimate real per capita GDP
growth will average 5.4% between fiscals 2018 and 2027, well above
that of economies with similar GDP. Cook Islands' GDP per capita is
aided by strong growth and tourism, a small population, and high
levels of emigration. However, data can fluctuate, as seen with
historical GDP revisions, limited national account information, and
large changes to population figures. The government estimates total
population grew by 13% in the June 2023 quarter while resident
population contracted by 18% between fiscal 2020 and 2022.
"In our view, the economy's concentration in tourism makes it
particularly vulnerable to tourist preferences, weather events, and
downturns in major tourism markets. About 127,000 tourists visited
the Cook Islands in 2023. Tourism numbers had collapsed to zero
when the government shut borders to stem the spread of COVID-19.
"We believe Cook Islands' relatively weak policymaking culture,
capacity constraints, and institutional settings are key ratings
constraints." Although the government maintains a strong position
in parliament, it relies on several independents to pass
legislation. The government lost a seat at a recent by-election,
which was held after the former deputy prime minister was convicted
for fraud. The next election is due in 2026.
The outcome of the 2022 election continued the country's history of
political uncertainty. Parliament was unable to sit for six months
due to contentions around election polling. The fragmentation
leaves Cook Islands vulnerable to policy shifts driven by populist
sentiment, which hampers economic development and much-needed land,
migration, and political reforms. Shortages of skilled labor
continue to weigh on institutional capacity. The policymaking
settings derive support from a vigorous free press, an outspoken
business community, and efforts by major aid donors to promote
sound financial and economic public policies and stronger
administration.
The Tainted Cryptocurrency Recovery Bill 2023 highlights both the
strengths and vulnerabilities of the Cook Islands' institutional
settings. If the bill is passed in its current form, S&P believes
the economy, government, and financial sector will be exposed to
significant risks associated with cyber-attacks, potential
sanctions, and anti-money laundering and anti-bribery and
corruption laws. It appears the bill wasn't reviewed by the Crown
Law Office or the Minister of Justice before it was tabled at
parliament. The bill was drafted by independent lawyers on behalf
of a private firm that would likely benefit from it being enacted.
In saying this, the political process saw the bill referred to
select committee for further investigation. It has received
substantial feedback from industry experts, the media, and the
public. It is likely that the bill will be amended, if it is
passed.
In April 2023, Cook Islands renegotiated terms regarding its
developing nation status with the ADB. This allows Cook Islands
access to the ADB's concessional funding window. In contrast, Cook
Islands no longer qualifies to receive official development
assistance through the Organization for Economic Co-operation and
Development's (OECD) development assistance committee. On Jan. 1,
2020, Cook Islands acquired the status of a developed country from
the OECD. Official technical assistance provides vital help to the
islands. Additionally, S&P expects New Zealand--the country's
largest aid donor--to maintain its historical support, reflecting
long-standing political and social ties. Throughout the pandemic,
the New Zealand government provided the nation with additional
budget support in the form of grants to support the government's
economic response plan and economic recovery plans.
Cook Islands is a self-governing country with a free association
with New Zealand. Cook Islanders are citizens of New Zealand. The
country achieved self-governance in 1965, but New Zealand controls
part of its foreign policy, defense, and continues to provide
budgetary support. The country benefits from a close and
comprehensive political and economic relationship with New
Zealand.
Flexibility and performance profile: Fiscal outcomes improving, but
absence of central bank and external accounts hinder credit rating
-- Narrowing fiscal deficits help keep debt low. Access to
concessional loans eases interest burden.
-- Lack of detailed and timely external accounts constrains the
sovereign rating.
-- Cook Islands has limited monetary policy flexibility because of
the absence of a central bank and use of the New Zealand dollar.
S&P said, "The growing Cook Islands economy and fiscal restraint
are helping to reduce the government's fiscal deficits. We expect
the change in net debt to fall to about 1.4% per year in fiscals
2025-2027, from 3.2% in fiscal 2024. The medium-term fiscal
strategy for fiscals 2025-2028 established minimum cash reserves,
net debt limits, and expenditure and investment rules. There are
risks that some of these targets (such as minimum cash reserves)
will be breached, although we still expect fiscal outcomes to
improve.
"We expect tax revenue growth to ease in fiscal 2025, reflecting a
4hgbnormalization of operating and economic conditions." strongly
in fiscal 2024, driven by the return of tourists, high inflation,
value-added taxes, fishing revenues, and migration fees. Expense
growth should also ease as inflation slows and capacity constraints
make it difficult for the government to fill vacancies and deliver
its infrastructure budget on time.
The pandemic interrupted three years of fiscal surpluses in Cook
Islands. In fiscal 2021, the general government deficit blew out to
23% of GDP when borders closed.
Cook Islands' debt metrics are credit strengths. The narrowing of
fiscal deficits means net general government debt will reduce
toward 32% of GDP in fiscal 2027. Net debt rose sharply during the
pandemic because the government used its cash reserves and borrowed
from official lenders to support the economy and fund large
deficits. In recent years, the amount of debt denominated in New
Zealand dollars has increased to more than 60% of gross debt as
more lending is undertaken in local currency. The concessional and
long-term nature of current government borrowings, as well as the
government's relatively low debt mean the ratio of general
government interest expenditure to revenues is low, but higher than
in the past. S&P estimates it will average 4.4% of revenues from
fiscals 2024-2027. This could continue to rise until fiscal 2030
when two large, pandemic-related loans mature. Typically,
borrowings have tenors of more than 15 years in maturity.
The banking sector doesn't currently present a material risk to our
ratings on Cook Islands. The key risk to the sector, in S&P's view,
is the Tainted Cryptocurrency Recovery Bill 2023, which, in its
current form, could raise issues with international banking
regulations on anti-money laundering and anti-bribery and
corruption. Outside of this, the banking sector remains steady,
entirely deposit funded, and has benign credit growth. Credit
growth has contracted in recent years because borrowers have repaid
debt to de-risk their balance sheets. Credit growth could pick up
slightly when tourism operators increase maintenance. Nonperforming
loans are modest.
Poor coverage and timeliness of statistical releases prevent a
robust analysis of Cook Islands' economic and external accounts.
S&P considers New Zealand to be the starting point, and it also
recognizes limitations to Cook Islands' external data gaps.
The country's monetary policy flexibility is limited because of the
absence of a central bank and its use of the New Zealand dollar.
This arrangement means it lacks an important lever for promoting
economic and financial stability. It can also make it difficult for
the country to control inflation, even though the use of the New
Zealand dollar previously enabled Cook Islands to benefit from
lower inflation than its peers.
S&P equalizes the local currency rating with the foreign currency
rating, reflecting Cook Islands' absence of monetary policy
flexibility, its use of the New Zealand dollar, and its lack of a
domestic capital market.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
RATINGS AFFIRMED
COOK ISLANDS
Sovereign Credit Rating B+/Stable/B
Transfer & Convertibility Assessment
Local Currency AAA
MACPHERSON ARCHITECTURE: Court to Hear Wind-Up Petition on Aug. 12
------------------------------------------------------------------
A petition to wind up the operations of Macpherson Architecture
Limited will be heard before the High Court at Hamilton on Aug. 12,
2024, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 5, 2024.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
MORROW CONTRACTING: Creditors' Proofs of Debt Due on Aug. 12
------------------------------------------------------------
Creditors of Morrow Contracting Limited are required to file their
proofs of debt by Aug. 12, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 8, 2024.
The company's liquidator is:
Brent Thomas Dickins
CS Insolvency
Coombe Smith (PN) Limited
168 Broadway Avenue
PO Box 788
Palmerston North
STAR COMMS: Grant Bruce Reynolds Appointed as Liquidator
--------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on July 9, 2024, was
appointed as liquidator of Star Comms Engineering Limited, Star
Communications Group Limited, Star Group of Companies Limited, Star
Infotech Limited and Superior Manufacturing Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
THREE60DEGREES LIMITED: Court to Hear Wind-Up Petition on July 25
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A petition to wind up the operations of Three60degrees Limited will
be heard before the High Court at Christchurch on July 25, 2024, at
10:00 a.m.
Probuild NZ Limited filed the petition against the company on June
19, 2024.
The Petitioner's solicitor is:
Josh Taylor
Bailey McIntosh
Wynn Williams, Lawyers
Level 5, Wynn Williams House
47 Hereford Street
Christchurch 8013
WAITONUI MILLTRUST: Court to Hear Wind-Up Petition on Aug. 2
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A petition to wind up the operations of:
- Waitonui Milltrust Agricultural Holdings;
- Farm Management Limited Partnership;
- Wmah Farm Management General Partner Limited;
- Waitonui Milltrust Agricultural Holdings Limited Partnership;
and
- Waitonui Milltrust Agricultural Holdings General Partner
Limited
will be heard before the High Court at Auckland on Aug. 2, 2024, at
10:45 a.m.
WMAH Farm Management General Partner Limited and Waitonui Milltrust
Agricultural Holdings General Partner Limited filed the petition
against the companies on June 4, 2024.
The Petitioner's solicitor is:
Craig Sizer
C/O- Buddle Findlay
Level 18, HSBC Tower
188 Quay Street
Auckland 1010
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P A K I S T A N
===============
PAKISTAN: Secures New US$7 Billion Loan Program From IMF
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Bloomberg News reports that Pakistan reached a new US$7 billion
loan deal with the International Monetary Fund, offering breathing
room for new Prime Minister Shehbaz Sharif's government to shore up
a faltering economy and manage its mounting debts.
To secure the new IMF loan, announced July 12, Sharif's government
forced through a series of unpopular reforms, including record-high
taxes and increased energy prices, to meet IMF conditions, standard
practice that has often triggered public backlash, Bloomberg
relates.
"The new program aims to support the authorities' efforts to cement
macroeconomic stability and create conditions for a stronger, more
inclusive, and resilient growth," the IMF said in a statement.
According to Bloomberg, the new 37-month deal, which will be
Pakistan's 25th since independence, comes as the country faces loan
repayments of about $24 billion this fiscal year, which started
July 1.
Bloomberg says the staff-level agreement will need to be approved
by the IMF's executive board, which is almost always a formality,
before the funds can be released. No date has been set for the
board vote.
The nation has moved from one loan program to another amid chronic
economic crisis, completing its last IMF program of about $3
billion in April, Bloomberg notes. While the country's inflation
has cooled from 28 per cent in January, it was still running at
Asia's hottest rate of more than 12 per cent last month.
Pakistan will aim to raise tax revenues by 1.5 per cent of gross
domestic product in the current fiscal year, and by 3 per cent of
GDP over the course of the new program, the IMF, as cited by
Bloomberg, said. That includes bringing some retail, export and
agriculture incomes "properly into the tax system," it said.
Bloomberg adds that Finance Minister Muhammad Aurangzeb has said
that the loan package is necessary to attract more foreign
investments. Sharif is seeking funds from Gulf states including
Saudi Arabia and the United Arab Emirates, and is pushing to launch
the second phase of China's multi-billion economic corridor in
Pakistan.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Fitch Ratings affirmed Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below.
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P A P U A N E W G U I N E A
===============================
PAPUA NEW GUINEA: IMF Gives Country Access to About US$125MM
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Reuters reports that the International Monetary Fund will provide
Papua New Guinea with immediate access to about $125 million, the
IMF said in a statement on July 12 following its executive board's
second review that cited "authorities' strong commitment to
reforms."
"The program will continue to support Papua New Guinea's reform
agenda, help protect the vulnerable and foster inclusive growth,
with a focus maintained on strengthening debt sustainability,
alleviating FX shortages, and enhancing governance and
anti-corruption frameworks," the IMF wrote.
Papua New Guinea is an island country that lies in the
south-western Pacific. Officially known as the Independent State of
Papua New Guinea, the country comprises the eastern half of the
island of New Guinea and its offshore islands in Melanesia. It
shares its only land border with Indonesia to the west and its
other close neighbors are Australia to the south and the Solomon
Islands to the east. Its capital, located on its southern coast, is
Port Moresby.
As reported in the Troubled Company Reporter-Asia Pacific in early
July 1, 2024, S&P Global Ratings on June 27, 2024, affirmed its
'B-' long-term and 'B' short-term foreign- and local-currency
sovereign credit ratings on Papua New Guinea (PNG). The transfer
and convertibility assessment remains 'B-'.
The stable outlook reflects S&P expectation that PNG will continue
on its path of gradual fiscal consolidation, stabilizing the
country's public debt burden over the next 12 months.
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S I N G A P O R E
=================
ACE AUTOLUTION: Court to Hear Wind-Up Petition on July 26
---------------------------------------------------------
A petition to wind up the operations of Ace Autolution Pte Ltd will
be heard before the High Court of Singapore on July 26, 2024, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
July 3, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
AL-ZAMAS RIVER: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on June 28, 2024, to
wind up the operations of Al-Zamas River Valley Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
LSY HOMES: Court to Hear Wind-Up Petition on July 26
----------------------------------------------------
A petition to wind up the operations of LSY Homes Pte Ltd will be
heard before the High Court of Singapore on July 26, 2024, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
July 3, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
RADIANCE COMMUNICATIONS: Creditors' Proofs of Debt Due on Aug. 8
----------------------------------------------------------------
Creditors of Radiance Communications Pte. Ltd. are required to file
their proofs of debt by Aug. 8, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 2, 2024.
The company's liquidators are:
Goh Wee Teck
Lin Yueh Hung
c/o 8 Wilkie Rd
#03-08 Wilkie Edge
Singapore 228095
SYCNIFIC PTE: Court to Hear Wind-Up Petition on July 26
-------------------------------------------------------
A petition to wind up the operations of Sycnific Pte Ltd will be
heard before the High Court of Singapore on July 26, 2024, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
July 1, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
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T A I W A N
===========
MERCURIES LIFE: FSC Restricts Insuser's Trading Activities
----------------------------------------------------------
Taipei Times reports that the Financial Supervisory Commission
(FSC) has banned Mercuries Life Insurance Co from trading with or
granting credit to interested parties, and demanded detailed
capital enhancement measures within a month to meet regulatory
requirements.
Taipei Times relates that the punitive measures do not affect old
deals and should not cause substantive damage, but they should help
the Taipei-based insurer improve its capital strength in a timely
fashion, Insurance Bureau Deputy Director-General Tsai Huo-yen told
a media briefing on July 11.
Mercuries Life at the end of last year had a risk-based capital
ratio of 111.09 percent and a net worth ratio of 2.97 percent,
lagging behind the required minimums of 200 percent and 3 percent
respectively, Tsai said, adding that the inadequacy dates back to
the second half of 2022, according to Taipei Times.
The remedial measures the company filed in May would not correct
the inadequacy this year and beyond, not to mention the grave
uncertainty involved, he added.
Taipei Times relates that Tsai said Mercuries proposed enhancement
measures including the transfer of real estate as investment, the
issuance of 300 million new common shares, the issuance of special
debts through private placement, and the issuance of NT$5 billion
(US$153.56 million) in subordinated bonds.
The official further cited the insurer as saying that the company
plans to complete the issuance of common or special shares and
convertible bonds next year and then conduct a review if
supplementary measures are needed.
However, Mercuries Life has not yet inked a deal with potential
investors over the timetable for share issuances and other details,
raising doubts it could obtain the needed funds by the end of this
year, Tsai, as cited by Taipei Times, said.
Even if all things were to go smoothly, the cash injection would
only lift the company’s capital by a maximum of 30.4 percentage
points to 180.4 percent, still below the 200 percent benchmark, the
official said.
The insurer must come up with more concrete remedies detailing how
and when it would comply with the capital requirements, Tsai said,
adding that the commission would otherwise deal out further
punishments, Taipei Times relays.
According to Taipei Times, Mercuries Life said it is working hard
and has gained headway in bolstering its capital and protecting the
interests of shareholders and policyholders.
Net income in the first half totaled NT$6.32 billion, or earnings
of NT$1.24 per share, raising its net worth ratio to 3.34 percent
and its risk-based capital to 150 percent, meaning the remedial
measures would work if carried out successfully, Taipei Times
notes.
Taipei Times says the financial improvement came from stable
increases in fixed income and capital gains, bolstered by stock
market rallies at home and abroad, the insurer said.
Profit improvement should be sustainable in the second half, as the
US Federal Reserve is widely expected to lower interest rates
toward the end of the year, which would be favorable to its
bondholdings, it said.
Taipei Times adds currency hedging costs would remain high in the
short term, and the company would maintain active and balanced
wealth management practices by guiding more cash to blue-chip
stocks and add foreign debt without straining its liquidity, it
said.
About Mercuries Life
Mercuries Life Insurance Co., Ltd. is principally engaged in life
insurance business. The Company primarily provides individual life
insurance, individual health insurance, individual accident
insurance, individual annuities insurance, investment insurance and
group insurance, among others. The Company operates its business in
Taiwan through branches and offices located in Taipei, Taichung,
Chiayi, Tainan and Kaohsiung.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***