/raid1/www/Hosts/bankrupt/TCRAP_Public/191121.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, November 21, 2019, Vol. 22, No. 233
Headlines
A U S T R A L I A
AUS CONFEC: First Creditors' Meeting Set for Nov. 28
B. & A. DEANE: First Creditors' Meeting Set for Nov. 28
EQUITABLE FINANCIAL: Second Creditors' Meeting Set for Nov. 26
INDUS MINING: Second Creditors' Meeting Set for Nov. 27
KEMPSEY TIMBERS: First Creditors' Meeting Set for Nov. 29
P J M FLEET: Second Creditors' Meeting Set for Nov. 27
PERTH FASHION: First Creditors' Meeting Set for Nov. 28
RALAN GROUP: Second Creditors' Meeting Set for Dec. 9
T & J CONSTRUCTION: First Creditors' Meeting Set for Nov. 28
C H I N A
SHENYANG MACHINE: Court Approves State-Run Co's Takeover Plan
TUNGHSU GROUP: S&P Lowers ICR to 'CCC-', On Watch Negative
TUNGHSU OPTOELECTRONIC: Misses $280 Million Bond Repayment
I N D I A
ANMOL STEEL: CRISIL Maintains 'D' Rating in Not Cooperating
ARADHANA DISTRIBUTORS: CRISIL Keeps B- Rating in Not Cooperating
ATTIRE DESIGNERS: CRISIL Maintains 'D' Rating in Not Cooperating
BHAVIN IMPEX: CRISIL Maintains 'D' Rating in Not Cooperating
BURGUNDY LIFESTYLE: CRISIL Keeps 'D' Rating in Not Cooperating
C. M. INDUSTRIES: CRISIL Maintains 'B' Rating in Not Cooperating
CHOICE PRECITECH: CRISIL Maintains 'D' Rating in Not Cooperating
CISCONS PROJECTS: CRISIL Maintains 'D' Rating in Not Cooperating
COSMOPOLITAN TECHNOFAB: Insolvency Resolution Process Case Summary
DURHA VITRAK: Insolvency Resolution Process Case Summary
EPITOME PETROCHEMICAL: CRISIL Keeps 'D' Rating in Not Cooperating
ESSAR STEEL: ArcelorMittal to Complete Acquisition by Year End
G. N. PET: CRISIL Maintains 'D' Rating in Not Cooperating
GARIB NAWAZ: CRISIL Maintains 'D' Rating in Not Cooperating
GLOBAL SOURCING: Insolvency Resolution Process Case Summary
GOVERDHAN COTTEX: CRISIL Maintains 'B' Rating in Not Cooperating
GURANDITTA MAL: CRISIL Maintains 'B' Rating in Not Cooperating
GURUDEV MOTORS: CRISIL Lowers Rating on INR21cr Loan to B+
HARSHA LINERS: CRISIL Maintains 'B' Rating in Not Cooperating
HIND CHARITY: CRISIL Maintains B Rating in Not Cooperating
HOTEL SUKHAMAY: CRISIL Maintains 'B-' Rating in Not Cooperating
INDU TECHZONE: Insolvency Resolution Process Case Summary
INTOUCH TRADING: CRISIL Maintains 'D' Rating in Not Cooperating
JOSHI DEODHAR: Insolvency Resolution Process Case Summary
KINGS ELECTRONICS: Insolvency Resolution Process Case Summary
KINGS IMPEX: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
LATAKISAN INFRA: Insolvency Resolution Process Case Summary
MECWEL CONSTRUCTIONS: CRISIL Cuts Rating on INR13cr Loan to 'D'
MONICA ELECTRONICS: Insolvency Resolution Process Case Summary
NEOTERIC INFORMATIQUE: Insolvency Resolution Process Case Summary
PINNACLE VEHICLES: CRISIL Cuts Rating on INR5cr Loan to 'D'
POLIXEL SECURITY: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
R D ALLOYS PRIVATE: Insolvency Resolution Process Case Summary
R D RUBBER RECLAIM: Insolvency Resolution Process Case Summary
RAA INTERNATIONAL: Insolvency Resolution Process Case Summary
SAB GLOBAL: Insolvency Resolution Process Case Summary
STERLING BIOTECH: Promoters Given 30 More Days to Settle Dues
SURYA EXIM: CRISIL Lowers Rating on INR9cr Loan to 'D'
UNIBIOTECH FORMULATIONS: CRISIL Cuts Rating on INR6cr Loan to B+
UNITEX APPARELS: Insolvency Resolution Process Case Summary
WELLDONE EXIM: CRISIL Maintains 'D' Rating in Not Cooperating
J A P A N
MITSUI E&S: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC+
S I N G A P O R E
ALPHA ENERGY: Fails to Repay US$3.1MM Debt on Time
HYFLUX LTD: Gets Shorter Extension from Acra to Hold AGM by Dec 31
HYFLUX LTD: Utico Made Last-Minute Changes to Rescue Package
- - - - -
=================
A U S T R A L I A
=================
AUS CONFEC: First Creditors' Meeting Set for Nov. 28
----------------------------------------------------
A first meeting of the creditors in the proceedings of Aus Confec
Pty Ltd will be held on Nov. 28, 2019, at 10:30 a.m. at McGrath
Executive Suites, Level 5, at 115 Pitt Street, in Sydney, NSW.
Justin Holzman -- justin@dwadvisory.com.au -- and Anthony Elkerton
-- anthony@dwadvisory.com.au -- of DW Advisory were appointed as
administrators of Aus Confec on Nov. 18, 2019.
B. & A. DEANE: First Creditors' Meeting Set for Nov. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of B. & A.
Deane Investments Pty Ltd, trading as Deane Transport Services,
will be held on Nov. 28, 2019, at 10:00 a.m. at the offices of
Gifford Room, 'Pilgrim House', at 69 Northbourne Avenue, in
Canberra, ACT.
Anthony Graeme Lane of Vincents was appointed as administrator of
B. & A. Deane on Nov. 18, 2019.
EQUITABLE FINANCIAL: Second Creditors' Meeting Set for Nov. 26
--------------------------------------------------------------
A second meeting of creditors in the proceedings of:
-- Equitable Financial Solutions Pty. Ltd.
-- EFSOL Westin Pty. Ltd.
-- EFSOL Hilton Pty. Ltd.
-- EFSOL Asset Management Pty. Ltd.
has been set for Nov. 26, 2019, at 10:30 a.m. at the offices of
Grant Thornton Australia Limited, Level 17, at 383 Kent Street, in
Sydney, NSW.
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 Nov. 25, 2019, at 4:00 p.m.
Said Jahani and Philip Campbell-Wilson of Grant Thornton Australia
were appointed as administrators of Equitable Financial on Oct. 23,
2019.
INDUS MINING: Second Creditors' Meeting Set for Nov. 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of Indus Mining
Services Pty Ltd (Formerly Indus Civil & Mining Pty Ltd) and Indus
Consolidated Pty Limited (Formerly Indus Holdco Ltd and Indus
Consolidated Ltd) has been set for Nov. 27, 2019, at 11:00 a.m. at
Institute of Chartered Accountants Australia and New Zealand, Level
11, at 2 Mill Street, in Perth, WA.
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 Nov. 26, 2019, at 5:00 p.m.
Todd Andrew Gammel and Barry Anthony Taylor of HLB Mann Judd were
appointed as administrators of Indus Mining on Oct. 23, 2019.
KEMPSEY TIMBERS: First Creditors' Meeting Set for Nov. 29
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Kempsey
Timbers Pty Ltd and Kempsey Timbers (Sawmilling) Pty Ltd will be
held on Nov. 29, 2019, at 11:00 a.m. at the offices of Hayes
Advisory, Level 16, at 55 Clarence Street, in Sydney, NSW.
Alan Hayes of Hayes Advisory was appointed as administrator of
Kempsey Timbers on Nov. 19, 2019.
P J M FLEET: Second Creditors' Meeting Set for Nov. 27
------------------------------------------------------
A second meeting of creditors in the proceedings of P J M Fleet
Management Pty Ltd, trading as Atlas Car & Truck Rentals, has been
set for Nov. 27, 2019, at 12:30 p.m. at The Stock Room,
InterContinental Melbourne, at 495 Collins Street, in Melbourne,
Victoria.
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 Nov. 26, 2019, at 5:00 p.m.
Richard Albarran and John Vouris of Hall Chadwick were appointed as
administrators of P J M Fleet on Oct. 22, 2019.
PERTH FASHION: First Creditors' Meeting Set for Nov. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Perth
Fashion Festival Pty Ltd will be held on Nov. 28, 2019, at 10:00
a.m. at The Duxton Hotel, at 1 St Georges Terrace, in Perth, WA.
Richard Albarran and Cameron Shaw of Hall Chadwick were appointed
as administrators of Perth Fashion on Nov. 18, 2019.
RALAN GROUP: Second Creditors' Meeting Set for Dec. 9
-----------------------------------------------------
A second meeting of creditors in the proceedings of Ralan Group, et
al., has been set for Dec. 9, 2019, at 2:00 p.m. at Wesley
Conference Centre, at 220 Pitt Street, in Sydney, NSW.
The Ralan Group entities in administration are:
-- The Ralan Group Pty. Ltd
-- Garryspillane Pty Ltd
-- Menufeast Pty Limited
-- Ralan (Culworth) Pty Ltd
-- Ralan 888 Pty Ltd
-- Ralan Arncliffe Pty Ltd
-- Ralan Beaconsfield Pty Ltd
-- Ralan Boundary Street Pty Ltd
-- Ralan Budds Beach Holdings Pty Ltd
-- Ralan Budds Beach No.1 Pty Ltd
-- Ralan Budds Beach No.2 Pty Ltd
-- Ralan Budds Beach No.3 Pty Ltd
-- Ralan Burwood Pty Limited
-- Ralan Capital Investment Pty Ltd
-- Ralan Cecil Street Pty Ltd
-- Ralan Cherry Street Pty Ltd
-- Ralan Constructions Pty Ltd
-- Ralan Corona Pty Ltd
-- Ralan Culworth No.2 Pty Limited
-- Ralan Developments No.2 Pty Ltd
-- Ralan Developments Pty Limited
-- Ralan Duff Street Pty Ltd
-- Ralan Dumaresq No.2 Pty Ltd
-- Ralan Dumaresq Pty Ltd
-- Ralan Eulbertie Pty Ltd
-- Ralan Gordon Pty Ltd
-- Ralan Holdings Pty Limited
-- Ralan Killara Pty Ltd
-- Ralan Lamond Pty Ltd
-- Ralan Marian Pty Ltd
-- Ralan Mascot Pty Limited
-- Ralan McIntyre Pty Ltd
-- Ralan Merriwa Pty Ltd
-- Ralan Mortgage Corporation Pty Limited
-- Ralan Nominees Pty Limited
-- Ralan Ocean Avenue Holdings Pty Ltd
-- Ralan Ocean Avenue No.1 Pty Ltd
-- Ralan Ocean Avenue No.2 Pty Ltd
-- Ralan Ocean Avenue No.3 Pty Ltd
-- Ralan Paradise No.1 Pty Ltd
-- Ralan Paradise Holdings Pty Ltd
-- Ralan Paradise No.2 Pty Ltd
-- Ralan Paradise No.3 Pty Ltd
-- Ralan Paradise No.4 Pty Ltd
-- Ralan Paradise Resort Pty Ltd
-- Ralan Property Care Pty Ltd
-- Ralan Property Services Pty Limited
-- Ralan Property Services QLD Pty Ltd
-- Ralan Pymble Pty Ltd
-- Ralan Rhodes Pty Ltd
-- Ralan Rosebery Pty Ltd
-- Ralan Ruby No.2 Pty Ltd
-- Ralan Ruby Pty Limited
-- Ralan St Leonards Pty Ltd
-- Ralan Warrangi Pty Ltd
-- Ruby Apartments Pty Ltd
-- Ruby Collection Management Pty Ltd
-- Ruby GC Holdings Pty Ltd
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 Dec. 6, 2019, at 4:00 p.m.
Said Jahani, Graham Killer and Philip Campbell-Wilson of Grant
Thornton Australia were appointed as administrators of Ralan Group
and related companies on July 30, 2019.
T & J CONSTRUCTION: First Creditors' Meeting Set for Nov. 28
------------------------------------------------------------
A first meeting of the creditors in the proceedings of T & J
Construction (TAS) Pty Ltd will be held on Nov. 28, 2019, at 11:00
a.m. at Half Merino Room, The Old Woolstore Apartment Hotel, at 1
Macquarie Street, in Hobart, Tasmania.
Michael Carrafa and Fabian Kane Micheletto of SV Partners were
appointed as administrators of T & J Construction on Nov. 18, 2019.
=========
C H I N A
=========
SHENYANG MACHINE: Court Approves State-Run Co's Takeover Plan
-------------------------------------------------------------
Li Liuxi and Yang Ge at Caixin Global report that bankrupt
regionally-controlled machine-tool maker Shenyang Machine Tool
Group Co. Ltd. and a related listed unit will be taken over by a
centrally-administered state-run firm that has already made several
similar acquisitions, according to a newly approved reorganization
plan.
Caixin says the move marks the latest step by Beijing to bail out
an ailing sector that supplies equipment to industries engaged in
car, airplane, boat and electronics production and is seen as
important to the country's manufacturing capabilities. Shenyang
Machine Tool and two other companies that have also been taken over
by China General Technology Group Holding Co. Ltd. are located in
the northeastern provinces of Liaoning and Heilongjiang, often
called the country's rust belt.
According to Caixin, Shenyang Machine Tool was once a powerhouse in
its area, distinguished as the world's largest machine tool maker
by revenue in 2011. But it has declined steadily since then, as
profits fell and it accumulated a large debt load. In late 2017, a
group of central government bodies issued a plan to overhaul the
company. But that ultimately failed and the company was forced into
bankruptcy, Caixin recalls.
The new reorganization plan hammered out over the summer will see
China General Technology pump CNY2.5 billion ($357 million) into
Shenyang Machine Tool Group, and another CNY1.8 billion into its
listed subsidiary, Shenyang Machine Tool Co. Ltd., according to a
copy of the plan seen by Caixin. The plan was approved by creditors
on Nov. 15 before receiving the court's green light the next day,
Caixin states.
In exchange for its investment, China General Technology will
receive 57% of Shenyang Machine Tool Group's shares, and about 30%
of the listed subsidiary's shares, Caixin relates. Shenyang Machine
Tool Group had held about 25% of the listed company's stock, but
will no longer be a shareholder after the reorganization.
Caixin relates that China General Technology aims to position
Shenyang Machine Tool Group as a provider of products aimed at the
mid-to-high end of the market. It hopes to position the listed
company as a developer of smart machine tools and a specialist in
industrial internet applications.
The move marks the latest bailout of locally-administered
state-owned machine tool firms by China General Technology, a
state-owned company administered by the central government, the
report notes. China General Technology's other assets include
machine tool makers in the city of Qiqihar, Heilongjiang province;
and in Dalian, a major city in Liaoning province where Shenyang
Machine Tool is also located.
Shenyang Machine Tool Co, Ltd, is engaged in manufacture and sale
of metal cutting machine tools and spare parts. The Company's main
products include computerized numerical control machine tools,
general lathes, general boring machines and general drilling
machines, as well as relevant spare parts. The Company's products
are mainly used for the cutting and processing of metal materials.
The Company distributes its products in domestic market and to
overseas markets.
TUNGHSU GROUP: S&P Lowers ICR to 'CCC-', On Watch Negative
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Tunghsu Group Co. Ltd. to 'CCC-' from 'B-'. S&P also lowered its
long-term issue ratings on the company's outstanding guaranteed
senior unsecured notes to 'CC' from 'CCC+'.
S&P said, "At the same time, we placed all the ratings on Tunghsu
on CreditWatch with negative implications pending resolution of
potential cross-default repayment acceleration events and the
company formulating a credible refinancing plan for its short-term
debt.
"We lowered the ratings on Tunghsu because the company's liquidity
profile has deteriorated with increasing refinancing pressure. We
believe a default or distressed exchange is highly likely within
the next six months, absent significantly favorable changes in
Tunghsu's circumstances."
Tunghsu's shrinking liquidity is evidenced by the missed principal
and interest payment by Dongxu Optoelectronic Technology Co. Ltd.
(Dongxu Optoelectronic), a key subsidiary of the company, on its
onshore puttable medium-term notes (MTN). Bondholders put Chinese
renminbi (RMB) 1.87 billion out of the RMB2.2 billion notes
outstanding. The notes were puttable as of Nov. 18, 2019, and
mature in November 2021. Dongxu Optoelectronic also missed the
coupon payment for its RMB800 million MTN due November 2021.
The missed payment by Dongxu Optoelectronic points to Tunghsu's
limited ability to provide critical support to one of its most
important operating subsidiaries. Dongxu Optoelectronic accounts
for about 30% of the group's debt, 35% of its assets, and 40% of
its revenue as June 30, 2019. Dongxu Optoelectronic manufactures
glass substrates and equipment and is 22% owned by Tunghsu.
Meanwhile, S&P believes the announcement by Tunghsu that its
largest shareholder, Dongxu Optoelectronic Investment Co., is in
discussions to transfer its 51.46% stake in the group to
Shijiazhuang State-owned Assets Supervision and Administration
Commission is highly uncertain. The transfer could constitute a
change of control under the group's guaranteed U.S. dollar notes.
Tunghsu has substantial near-term debt maturities and faces
significant refinancing risks, given recent events and tight credit
conditions in China. Most imminent bond maturities include Dongxu
Optoelectronic's RMB1.7 billion MTN due December 2021 (puttable on
Dec. 2, 2019) and the group's RMB700 million private bond due Dec.
26, 2019. As of June 30, 2019, the group has about RMB80 billion of
total debt, of which more than RMB35 billion will mature over the
next 12 months, including the puttable bonds.
Tunghsu's operational underperformance exacerbates the refinancing
pressure, in our view. The company's revenue fell 7.8% in the first
six months of 2019 due to tough macroeconomic conditions. We
forecast a 8%-16% increase for full-year 2019. Tunghsu's rapid
expansion in the renewable energy and new-energy bus segments in
the past two years has swelled its balance sheet, increased its
exposure to policy risks, and significantly lengthened its cash
conversion cycle.
The CreditWatch placement reflects the heightened uncertainty over
Tunghsu's refinancing plan for its short-term debt. The company's
ability to resolve possible cross default repayment acceleration
events, and formulate a concrete and credible plan to refinance and
repay its near-term maturities will be crucial for a resolution of
the CreditWatch.
S&P said, "We could lower the rating on Tunghsu if we believe the
company cannot avoid cross default repayment acceleration events on
its outstanding debt obligations, or if it cannot repay its
imminent maturities. We could also lower the rating if Tunghsu
fails to come up with a credible refinancing plan for its other
upcoming short-term maturities, or if we believe the refinancing
plan represents a distressed exchange.
"We will affirm and possibly raise the rating if Tunghsu can meet
its imminent maturities, avoid repayment acceleration events, and
quickly formulate a refinancing plan for its short-term financial
obligations due in the next six to 12 months."
TUNGHSU OPTOELECTRONIC: Misses $280 Million Bond Repayment
----------------------------------------------------------
Bloomberg News reports that a Chinese maker of electronic display
panels missed payment on two of its yuan bonds, a sign that the
nation's private businesses continue to face a funding crunch amid
an economic slowdown.
Bloomberg relates that Tunghsu Optoelectronic Technology Co., a
Shenzhen-listed unit of Tunghsu Group Co., said in a stock exchange
announcement Nov. 18 that it failed to repay CNY1.97 billion ($280
million) principal and interest on a note because of tight
liquidity after bondholders exercised a put option. It also missed
interest payment on another bond.
The missed payments underscore rising credit risks among Chinese
private sector companies, which form the majority of the country's
bond defaulters. Onshore defaults in China excluding Tunghsu were
at CNY110 billion, close to last year's full-year record of CNY122
billion, according to data compiled by Bloomberg.
According to Bloomberg, a Tunghsu Group official as well as an
underwriter of the overdue bond said the company is talks with
bondholders to extend the repayment deadline by six months. The
company official also said Tunghsu was looking to extend the coupon
repayment deadline on a separate bond by more than six months.
Bondholders haven't reached an agreement on the deadline extensions
yet, according to the company official and bond underwriter,
Bloomberg relays.
Tunghsu Group's parent Dongxu Optoelectronic Investment Co. is
planning to sell its 51.46% stake in the company to the State-owned
Assets Supervision and Administration of Shijiazhuang Municipal
Government, Bloomberg says citing a statement on the Shenzhen stock
exchange. Trading in the shares of Tunghsu Group's two listed units
were halted on Nov. 19.
Tunghsu Group's dollar bond due 2020 was indicated at around 50
cents on the dollar on Nov. 18, Bloomberg notes. Its offering
memorandum states that a cross-default will be triggered on the
note if the company's parent guarantor or any restricted subsidiary
fails to repay principal amount of $10 million or more when due.
Tunghsu Group had CNY50.9 billion of cash and cash equivalents as
of the end of June and a total liability of CNY129.1 billion,
according to its interim financial results, Bloomberg discloses.
Tunghsu Optoelectronic Technology Co., Ltd. engages in the
development and sale of liquid crystal glass substrates and
equipment in China. It also offers energy buses, and single-layer
graphene and graphene-based lithium-ion battery related products;
and purchases and sells memory chip products, peripherals and
e-sports main computers, LCD screen modules, and whole machine
products. In addition, the company is involved in the development
and sale of real estate properties.
=========
I N D I A
=========
ANMOL STEEL: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Anmol Steel
Processors Private Limited (ASPPL) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
Channel Financing 50 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 75 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with ASPPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of ASPPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
ASPPL, incorporated in 1994, is promoted and managed by Mr Dinesh
Shah and his sons, Mr Amar Shah and Mr Paras Shah. The company
processes and trades in hot- and cold-rolled coils, galvanised
coils, and other steel products. It is an authorised distributor
for JSW Steel Ltd, which accounts for 40% of total purchases. Its
processing facility is at Navi Mumbai, Maharashtra.
ARADHANA DISTRIBUTORS: CRISIL Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aradhana Distributors
Private Limited (ADPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Fund- 0.79 CRISIL B-/Stable (ISSUER NOT
Based Bank Limits COOPERATING)
CRISIL has been consistently following up with ADPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ADPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ADPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of ADPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
ADPL, incorporated in 1997, is an authorised dealer for Honda
Motorcycle & Scooter India Pvt Ltd in Kolkata. The company also
owns an authorised service centre for Mitsubishi Motors
Corporation. Its operations are managed by Mr. Sanjay Patodia.
ATTIRE DESIGNERS: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Attire Designers
Private Limited (ADPL, part of the RBD group) continues to be
'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 19 CRISIL D (ISSUER NOT
Purchase COOPERATING)
Packing Credit 6 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with ADPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ADPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ADPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of ADPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Attire Designers Pvt Ltd, Welldone Exim
Pvt Ltd, High Value Exim Pvt Ltd, RBD International, and Goodone
Traders Pvt Ltd. This is because all these entities, together
referred to as the RBD group, have the same board of directors and
senior management team with common procurement, marketing, and
finance functions.
The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.
BHAVIN IMPEX: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhavin Impex Private
Limited (BIPL) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing
Credit 9.5 CRISIL D (ISSUER NOT COOPERATING)
Proposed Cash
Credit Limit 9.5 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with BIPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of BIPL continues to be 'CRISIL D Issuer not
cooperating'.
Incorporated in 2001, BIPL is promoted by the Sayani group, which
has been involved in the manufacturing and export of copper alloys
and brass fittings since more than a decade. BIPL manufactures,
exports, and trades in brass ingots, billets, brass extrusion,
brass fasteners and fittings.
BURGUNDY LIFESTYLE: CRISIL Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Burgundy Lifestyle
Private Limited continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.2 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 6.25 CRISIL D (ISSUER NOT
COOPERATING)
Packing Credit 3.45 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with Burgundy for
obtaining information through letters and emails dated April 23,
2019 and October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Burgundy, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Burgundy
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of Burgundy continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Burgundy's production facilities were initially set up by Prime
Textiles Ltd in Tiruppur (Tamil Nadu). In 2008, the entire
production facility was acquired by the Kolkata-based Jhawar group.
Burgundy manufactures high-end T-shirts and innerwear under various
brands, including Burgundy.
C. M. INDUSTRIES: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of C. M. Industries
(CMI) continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with CMI for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CMI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CMI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of CMI continues to be 'CRISIL B/Stable Issuer not
cooperating'.
CMI, a proprietorship firm, manufactures oil and oil cakes from
cotton seeds, sells packaged and graded wheat, and trades in other
agricultural commodities such as chana, soybean, maize, and pulses.
The firm also trades in cotton bales. Mr. Anant Goyal is the
proprietor of the firm and also manages the operations.
CHOICE PRECITECH: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Choice Precitech
India Private Limited continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee .63 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 3.50 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 1.00 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 2.16 CRISIL D (ISSUER NOT
COOPERATING)
Standby Line
of Credit 0.50 CRISIL D (ISSUER NOT
COOPERATING)
Working Capital
Demand Loan 2.00 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with Choice for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Choice, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Choice is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of Choice continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Set up in 1994 by Mr. B Narayana Murthy and his family, Choice
manufactures moulds for industrial plastics, glass bulbs shells,
and sheet metal components. The company is based in Hyderabad,
Telangana.
CISCONS PROJECTS: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ciscons Projects
Private Limited continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (ISSUER NOT
COOPERATING)
Overdraft 2.75 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 13.25 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 1.00 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with Ciscons for
obtaining information through letters and emails dated April 23,
2019 and October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ciscons , which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Ciscons is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of Ciscons continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Ciscons was set up in 2008 by Mr. N Rama Krishna and his family
members. The company undertakes civil construction, and mainly
caters to power generation companies. It is based in Hyderabad
(Telangana).
COSMOPOLITAN TECHNOFAB: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Cosmopolitan Technofab Textiles Private Limited
A-342, Meera Bagh
Paschim Vihar
New Delhi, West Delhi
DL 110087
IN
Insolvency Commencement Date: November 5, 2019
Court: National Company Law Tribunal
Estimated date of closure of
insolvency resolution process: May 2, 2020
(180 days from commencement)
Insolvency professional: Harish Taneja
Interim Resolution
Professional: Harish Taneja
236-L, Model Town
Near Mukhija Hospital
Sonipat 131001
E-mail: harishtaneja78@gmail.com
606, Anushka Tower
Garg Trade Centre
Sec-11, Rohini
New Delhi 110085
E-mail: cirp.cosmofab@gmail.com
- and -
Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan
Shankar Market, Connaught Circus
New Delhi 110001
2nd Floor, Jeevan Vihar Building
Parliament Street
New Delhi 110001
Last date for
submission of claims: November 22, 2019
DURHA VITRAK: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Durha Vitrak Private Limited
Plot No. 20, Sector A-7 Narela
North West Delhi
Delhi 110040
E-mail: febrisjha@gmail.com
Insolvency Commencement Date: November 8, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: May 6, 2020
(180 days from commencement)
Insolvency professional: Mr. Aishwarya Mohan Gahrana
Interim Resolution
Professional: Mr. Aishwarya Mohan Gahrana
D-74-76, 2nd Floor
BK Dutt Colony
New Delhi, Delhi 110003
India
E-mail: aishwaryam_gahrana@yahoo.com
cirp.durha@gmail.com
Last date for
submission of claims: November 25, 2019
EPITOME PETROCHEMICAL: CRISIL Keeps 'D' Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Epitome Petrochemical
Private Limited (EPPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Funded Interest
Term Loan 2.89 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 16.56 CRISIL D (ISSUER NOT
COOPERATING)
Working Capital
Term Loan 14.02 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with EPPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of EPPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
EPPL was incorporated in 2007 and started commercial production in
January 2009. It manufactures poly-ethylene terephthalate (PET)
preforms for bottlers of carbonated soft drinks, and has capacity
of 6900 tonnes per annum at its unit in Sikkim.
ESSAR STEEL: ArcelorMittal to Complete Acquisition by Year End
--------------------------------------------------------------
Livemint.com reports that following the Supreme Court verdict on
Essar Steel resolution plan, ArcelorMittal said it expects to
complete the acquisition of the debt-ridden company by the end of
this year.
ArcelorMittal India Private Limited's (AMIPL) resolution plan for
Essar Steel India Limited ('ESIL') has been unconditionally
approved by the Supreme Court of India and the approval of AMIPL's
resolution plan is the final procedural step in ESIL's corporate
insolvency process, the company said in a statement, Livemint.com
relays.
"Completion of the transaction is now expected before the end of
the year. After completion, ArcelorMittal will jointly own and
operate ESIL in partnership with Nippon Steel Corporation, Japan's
largest steel producer and the third largest steel producer in the
world, in-line with the joint venture formation agreement signed by
the two companies," it said.
According to the report, the Supreme Court on Nov. 15 paved the way
for ArcelorMittal takeover of Essar Steel for INR42,000 crore and
set aside the July 4 National Company Law Appellate Tribunal
(NCLAT) order giving equal status to financial creditors and
operational creditors.
A court bench clarified that financial creditors enjoy primacy over
operational creditors and the adjudicating authority cannot
interfere with the decision approved by the committee of
creditors.
Livemint.com relates that the top court said that the adjudicating
authority can send back the resolution plan to the committee of
creditors (COC) for implementation in accordance with the
guidelines but cannot change the commercial decision taken by the
COC.
Livemint.com adds that the bench said that the COC resolution plan
must balance the interest of all stakeholders.
The apex court had on July 22 ordered status quo in the Essar
insolvency case, Livemint.com notes.
The verdict came on a plea of the committee of creditors
challenging NCLAT's order of July 4 in which it had approved steel
tycoon Lakshmi Mittal-led ArcelorMittal's INR42,000-crore bid for
the acquisition of Essar Steel after it rejected a plea by the lead
shareholder of the debt-laden firm challenging the eligibility of
the bidder, says Livemint.com.
Essar Steel was auctioned under the new Insolvency and Bankruptcy
Code to recover INR54,547 crore of unpaid dues of financial lenders
and operational creditors.
About Sterling Biotech
Sterling Biotech Ltd is the flagship company of the Vadodara based
Sandesara group. SBL, a listed company, is mainly engaged in the
manufacturing of pharmaceutical grade gelatin which has wide range
of applications such as capsules, tablets, etc. It is one of the
leading manufacturers of pharmaceutical grade gelatin in India with
good presence in U.S.A. which is the largest market for
Pharmaceuticals. It also manufactures Di-calcium Phosphate (DCP, a
by-product of gelatine) and Co-enzyme Q10 (CoQ10). The group has
over 27 years of industrial experience and has diversified
interests ranging from Pharmaceuticals, Healthcare, Oil & Gas,
Engineering Infrastructure, etc. The other companies of the
Sandesara group are Sterling Port Lt, Sterling Oil Resources Ltd,
PMT Machines Ltd, etc.
On June 10, Sterling Biotech was admitted by the NCLT Mumbai bench
under the corporate insolvency debt resolution process (CIRP) for
defaulting on more than INR5,400 crore, according to LiveMint.
On June 11, the Mumbai bench of NCLT admitted the insolvency
petition filed by lead lender Andhra Bank against the company.
The pharmaceutical firm owes around INR5,400 crore to various
lenders, LiveMint disclosed.
G. N. PET: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of G. N. Pet (GNP; part
of the GN group) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (ISSUER NOT
COOPERATING)
Funded Interest 1.37 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
Proposed Long Term .02 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 3.55 CRISIL D (ISSUER NOT
COOPERATING)
Working Capital 2.56 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
CRISIL has been consistently following up with GNP for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GNP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GNP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of GNP continues to be 'CRISIL D Issuer not
cooperating'.
GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP, which
is in the same line of business and commenced commercial operations
in 2011. Both entities' manufacturing facilities are in Baddi
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GNP and Garib Nawaz Polymers Private
Limited (GNPPL). This is because the two entities, together
referred to as the GN group, are in the same line of business, have
close operational and financial linkages, and are under a common
management.
GARIB NAWAZ: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Garib Nawaz Polymers
Private Limited (GNPPL; part of the GN group) continues to be
'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (ISSUER NOT
COOPERATING)
Funded Interest 1.14 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
Proposed Long Term 1.24 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 2.42 CRISIL D (ISSUER NOT
COOPERATING)
Working Capital 2.70 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
CRISIL has been consistently following up with GNPPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GNPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GNPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of GNPPL continues to be 'CRISIL D Issuer not
cooperating'.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GNPPL and G.N. Pet (GNP) This is because
the two entities, together referred to as the GN group, are in the
same line of business, have close operational and financial
linkages, and are under a common management.
GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP, which
is in the same line of business and commenced commercial operations
in 2011. Both entities' manufacturing facilities are in Baddi.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GNPPL and G.N. Pet (GNP) This is because
the two entities, together referred to as the GN group, are in the
same line of business, have close operational and financial
linkages, and are under a common management.
GLOBAL SOURCING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Global Sourcing and Procurement Consolidation Limited
Registered office address of Corporate Debtor:
Office No. 53, Satra Plaza
Sector 19D, Vashi
Navi Mumbai 400703
Raigarh Maharashtra
India
Insolvency Commencement Date: November 4, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 6, 2020
(180 days from commencement)
Insolvency professional: Ms. Veena Sharma
Interim Resolution
Professional: Ms. Veena Sharma
Balaji Tower
Flat No. C-503
Sector 30, Vashi
Navi Mumbai 400705
E-mail: veenayash@outlook.com
- and -
Legasis, Parinee Crescenzo
(Standard Chartered Bank Building)
13th Floor, Bandra-Kurla Complex (BKC)
Bandra (East), Mumbai 400051
E-mail: cirp.gspcl@gmail.com
Last date for
submission of claims: November 22, 2019
GOVERDHAN COTTEX: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Goverdhan Cottex (GC)
continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 4.0 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 1.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GC for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of GC continues to be 'CRISIL B/Stable Issuer not
cooperating'.
GC, based in Barwani (Madhya Pradesh) was set up in 2012-13 (refers
to financial year, April 1 to March 31) by the Harsola family. The
firm commenced operations in February 2014 and undertakes cotton
ginning and pressing.
GURANDITTA MAL: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Guranditta Mal Mohan
Lal (GMML) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 17 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GMML for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GMML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMML is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of GMML continues to be 'CRISIL B/Stable Issuer not
cooperating'.
GMML was set up as a partnership firm in 1978. The firm is being
managed by Mr. Roshan Lal and Mr. Adarsh Kumar. It primarily
processes basmati and non-basmati rice. Its production facilities
are in Fazilka (Punjab), with a milling and sorting capacity of
around 4 tonnes per hour, which is utilised at around 90 percent.
GURUDEV MOTORS: CRISIL Lowers Rating on INR21cr Loan to B+
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Gurudev Motors
Private Limited (GMPL) revised to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inventory 21 CRISIL B+/Stable (ISSUER NOT
Funding Facility COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Letter of credit 1.9 CRISIL A4 (ISSUER NOT
& Bank Guarantee COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Term Loan 9.3 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with GMPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Incorporated in 2004, GMPL is an authorized dealer and service
centre for all passenger vehicles of Skoda Auto India Private Ltd
(SAIPL) in Chennai, Madurai, Trichy and Vellore (Tamil Nadu). It
also has a Tata Motors showroom with service centre in Chennai.
HARSHA LINERS: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Harsha Liners Private
Limited (HLPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 3.96 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Cash 2.04 CRISIL B/Stable (ISSUER NOT
Credit Limit COOPERATING)
CRISIL has been consistently following up with HLPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HLPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of HLPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
KIL was incorporated in April 1992 as a private limited company; in
March 1998, it was reconstituted as a public limited company. The
group manufactures products such as cylinder liners, aluminium
block liners, piston rings, valve seats and guides, centrifugal
castings, scraps, and pallets. HLPL, a subsidiary of KIL,
manufactures cylinder liners. The group is based in Vijayawada
(Andhra Pradesh).
HIND CHARITY: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Hind Charity Trust
(HCT) continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 2 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Term Loan 33 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HCT for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HCT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HCT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of HCT continues to be 'CRISIL B/Stable Issuer not
cooperating'.
HCT runs an international school, Global Indian International
School (GIIS), in Pune. The school has all modern infrastructure
facilities such as libraries, computer laboratory, gaming zone at
each floor, and badminton and basketball courts.
HOTEL SUKHAMAY: CRISIL Maintains 'B-' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hotel Sukhamay
Private Limited (HSPL) continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee .75 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 2.00 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Term Loan 4.25 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HSPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of HSPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.
HSPL, incorporated in 1981, operates a three-star hotel named The
Crown in Bhubaneswar (Orissa). The hotel has facilities such as a
swimming pool, a health club, a bar, four banquet halls, and three
restaurants.
INDU TECHZONE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Indu Techzone Private Limited
Registered office:
"INDU FORTUNE FIELDS"
1009, 13th Phase
Kukatpally
Hyderabad 500072
Insolvency Commencement Date: November 8, 2019
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: May 6, 2020
(180 days from commencement)
Insolvency professional: Senapati Varaha Satyanarayana
Interim Resolution
Professional: Senapati Varaha Satyanarayana
Flat-201, Pearl Block
Sri Sairam Manor Apartments
Yousufguda, Hyderabad 500045
E-mail: svatya30@gmail.com
- and -
Atlas Financial Research & Consulting
Pvt. Ltd.
Plot No. 5, KPR Avenue
Jaihind Enclave, Madhapur
Hyderabad 500081
E-mail: ip.indutechzone@gmail.com
Last date for
submission of claims: November 22, 2019
INTOUCH TRADING: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Intouch Trading
Private Limited (ITPL) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 3 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 9.5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with ITPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ITPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ITPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of ITPL continues to be 'CRISIL D Issuer not
cooperating'.
ITPL, incorporated in 2001, is a part of the City group established
by Mr. R R Modi and his associates. The company is developing an
information technology park in Noida (Uttar Pradesh).
JOSHI DEODHAR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Joshi Deodhar Engineering Company Limited
Plot No. 5/E
Parvati Industrial Estate Yadrav
Taluka: Shirol
Dist: Kolhapur 416145
India
Insolvency Commencement Date: October 15, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: April 12, 2020
(180 days from commencement)
Insolvency professional: Sunil Khanolkar
Interim Resolution
Professional: Sunil Khanolkar
Flat No. 103 & 104 A Wing
Om Sai Residency
Near Supreme Marble
Dawdi Naka, Kalyan-Shil Road
Dombiwali, Mumbai
Maharashtra 421203
E-mail: ssk_7983@yahoo.com
Last date for
submission of claims: October 31, 2019
KINGS ELECTRONICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kings Electronics Private Limited
Eden Garden, Office No. 301-304
3rd Floor, Near Sai Baba Mandir
Takka Panvel, Raigarh
Maharashtra 410206
Insolvency Commencement Date: November 4, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 2, 2020
(180 days from commencement)
Insolvency professional: Ms. Poonam Basak
Interim Resolution
Professional: Ms. Poonam Basak
904-23d, Pallazio Chs. Powai
Mumbai Suburban
Maharashtra 400076
E-mail: poonamb.irp@gmail.com
kepl.cirp@gmail.com
Last date for
submission of claims: November 25, 2019
KINGS IMPEX: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kings Impex Pvt.
Ltd. (KIPL) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable.
The instrument-wise rating actions are:
-- Long-term Issuer affirmed with IND B+/Stable rating; and
-- INR75 mil. (Short-term)Fund based working capital limit
(packing credit & foreign bills purchased) affirmed with IND
A4 rating.
KEY RATING DRIVERS
The affirmation reflects KIPL's continued small scale of operations
even though its revenue grew to INR237.35 million in FY19 (FY18:
INR176.40 million). The revenue declined on a year-on-year basis
over FY15-FY17 owing to a fall in orders, mainly from Nigeria which
accounted for 90% of the total sales of INR77.31 million till 31
August 2019.
The ratings are constrained by the company's modest margins of
7.95% in FY19 (FY18: 7.738%) with a return on capital employed of
13.88% (10.39%). KIPL's profitability depends on its product mix
and is vulnerable to foreign currency fluctuations. However, the
company uses a forward control limit (hedging instrument) to
mitigate the foreign currency risk.
The ratings are, however, supported by KIPL's comfortable credit
metrics, on account of low reliance on external borrowing to meet
working capital requirements. In FY19, KIPL's interest coverage
(operating EBITDA/gross interest expense) improved to 10.01x (FY18:
8.17x) primarily due to an improvement in EBITDA to INR18.81
million (INR13.65 million).
Liquidity Indicator: Adequate: The company had liquid cash and cash
equivalents of INR17.55 million at FYE19 (FYE18: INR9.98 million)
with no debt outstanding. Cash flow from operations declined to
INR4.28 million in FY19 (FY18: INR35.83 million), even as the
working capital cycle improved to 63 days (74 days), due to higher
receivables. Its average working capital limit utilization was
2.67% for the 12 months ended in September 2019.
RATING SENSITIVITIES
Negative: A decline in the scale of operations and deterioration in
credit metrics with interest coverage below 1.8x could lead to
negative rating action.
Positive: A substantial rise in the revenue, while maintaining
comfortable credit metrics, could result in a positive rating
action.
COMPANY PROFILE
Incorporated in 1983, KIPL exports material handling equipment and
industrial machinery. Its major customers are in African countries
such as Nigeria, Ghana, and Ethiopia.
Its suppliers include Godrej & Boyce Mfg, Elgi Equipments Ltd,
Ferromatik Milacron, Neo Plast Pvt Ltd and Emrald Reilient Tire Mfg
Pvt Ltd.
LATAKISAN INFRA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Latakisan Infra Private Limited
Registered office:
Flat No. A-1
Ganga Sagar Aptt. Canal Road
Ramdaspeth Nagpur 440010
Insolvency Commencement Date: November 6, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 4, 2020
Insolvency professional: Ajay Gupta
Interim Resolution
Professional: Ajay Gupta
A-701, La Chappelle CHS
Evershine Nagar
Near Ryan International School
Malad (West), Mumbai 400064
E-mail: fca.ajaygupta@gmail.com
caip.ajay@gmail.com
Last date for
submission of claims: November 25, 2019
MECWEL CONSTRUCTIONS: CRISIL Cuts Rating on INR13cr Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Mecwel Constructions Private Limited (MCPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'. The downgrade in the ratings
reflect delays in debt servicing for more than 30 days due to
stretched liquidity.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Downgraded from
'CRISIL A4+')
Cash Credit/ 13 CRISIL D (Downgraded from
Overdraft facility 'CRISIL BB-/Stable')
Proposed Long Term 9 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB-/Stable')
The rating continues to reflect modest scale of operations in the
competitive engineering-procurement-construction (EPC) industry and
working capital intensive operations. These rating strengths are
partially offset by requirement the promoters' extensive industry
experience, and the company's moderate financial risk profile.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the competitive
engineering-procurement-construction industry
MCPL has a modest scale of operations in the competitive EPC
industry, despite being in operations for more than three decades.
Revenue was around INR69.03 crore in fiscal 2019. Additionally,
operations are entirely order-based making revenue susceptible to
flow and timing of orders.
* Working capital intensive operations
Operations remain working capital intensive as reflected in gross
current assets of around 267 days as on March 31, 2019, driven by
receivables of 193 days.
Strengths
* Promoters' extensive experience
The promoters' experience of over three decades in the EPC industry
has helped develop established relationships with key customers and
suppliers.
* Moderate financial risk profile
The Company has moderate net worth of around INR8.09 Cr as on March
31, 2019. Capital structure remains moderate with gearing of 3.24
times as on March 31, 2019. The company has adequate debt
protection metrics as indicated by its NCATD and interest coverage
ratio of 0.25 and 4.33 times respectively for fiscal 2019.
Liquidity: Poor
Due to working capital intensive operations, bank limit utilization
was high at around 100 percent with instances of overutilization
for the past twelve months ending July 2019. MCPL has surplus cash
accruals to meet repayment obligations. Current ratio is healthy at
1.5 times on March 31, 2019.
Rating Sensitivity Factors
Upward factors
*Track record of timely debt servicing for at least over 90 days
* Sustained improvement in financial risk profile.
MCPL, set up in 1985 (later converted to Private limited in 2017)
undertakes mechanical engineering contracts for erection,
commissioning, testing, and maintenance of structural works and
electrical equipment. The Company primarily caters to the power and
sugar industries and based out of Vijayawada. It currently has five
partners ' Mr. A V V Narayana, Mrs. A Vijayalakshmi, Mr. P Prasad
Rao, Mr. P Shivaram, and Mr. P Vijayaratnam.
MONICA ELECTRONICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Monica Electronics Limited
Shop No. 21
C/o Ashiyaana Residency
Chaudhary Dharambir Market
Near Sebel Cinema Badarpur
New Delhi 110044
India
Insolvency Commencement Date: November 4, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: May 2, 2020
Insolvency professional: Sanjay Kumar Singh
Interim Resolution
Professional: Sanjay Kumar Singh
003, Windsor Grand Forte
Plot No. 76, Sigma-IV
Greater Noida
Uttar Pradesh 201310
E-mail: singhsk.adv@gmail.com
Last date for
submission of claims: November 28, 2019
NEOTERIC INFORMATIQUE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M/s Neoteric Informatique Limited
Unit No. U0201 Floor-2
Plot-249, A Wing
Matulya Centre
Senapati Bapat Marg
Lower Parel Mumbai
MH 400013
IN
Insolvency Commencement Date: November 11, 2019
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: May 9, 2020
Insolvency professional: Tejas Shah
Interim Resolution
Professional: Tejas Shah
B 201, Narayan Krupa Avenue
Opp. Prernatirth Derasar
Jodhpur, Satellite
Ahmedabad, Gujarat 380015
E-mail: tejasshah44@yahoo.com
- and -
9/B, Vardan Complex
Lakhudi Circle, Navrangpura
Ahmedabad 380014
E-mail: iptejaskshah@gmail.com
Last date for
submission of claims: November 28, 2019
PINNACLE VEHICLES: CRISIL Cuts Rating on INR5cr Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pinnacle Vehicles and Services Private Limited (PVSPL) to
'CRISIL D' from 'CRISIL BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Inventory Funding 5 CRISIL D (Downgraded from
Facility 'CRISIL BB-/Stable')
The downgrade reflects delays by the company in servicing its debt
obligations on account of lower sales and high inventory level.
The rating continues to reflect company's modest financial risk
profile. The weakness is partially offset by extensive experience
of the promoter.
Key Rating Drivers & Detailed Description
Weakness
* Modest financial risk profile
Gearing was high at 13.18 times as on March 31, 2018, with networth
of INR2.67 crore. Debt protection metrics were average, with
interest coverage and net cash accrual to total debt ratios of 1.6
times and 0.04 time, respectively, in fiscal 2018.
Strength
* Extensive experience of the promoter
Benefits from the promoter's experience of more than 20 years, his
strong understanding of local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business.
Liquidity: Poor
Liquidity is poor marked by delays in servicing its debt
obligations. Bank limits are fully utilized. Net cash accruals are
expected to be around 1.5 crores against repayment of 1-1.2 crores
over the medium term
Rating Sensitivity Factor
Upward factor
*Timely servicing of debt obligations for 3 months
*Improvement in liquidity profile with cushion in bank limits.
PVSPL, established in 2014, by Mr. P.M. Shabeen and Mr. A. T. Moosa
is an authorised automobile dealer for Skoda Auto India Pvt Ltd and
Hyundai Motor India Ltd.
POLIXEL SECURITY: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Polixel Security
Systems Private Limited's (PSSPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR25 mil. Fund-based working capital limit Long-term rating
downgraded; short-term rating affirmed with IND BB/Stable/IND
A4+ rating; and
-- INR100 mil. Non-fund-based working capital limit affirmed with
IND A4+ rating.
KEY RATING DRIVERS
The downgrade reflects the decline of 18.61% YoY in PSSPL's revenue
to INR178.79 million in FY19 owing to the impact of GST
implementation and demonetization. The scale of operations
continued to be small.
Furthermore, PSSPL's credit metrics deteriorated in FY19 due to a
decline in operating EBITDA to INR10.65 million (FY18: INR16.14
million). The net financial leverage (Ind-Ra adjusted
debt/operating EBITDAR) was 3.02x in FY19 (FY18: 2.45x) and
interest coverage (operating EBITDA/gross interest expense) was
1.45x (1.68x).
The ratings reflect PSSPL's modest operating margins, as the
company has low pricing power due to the fragmented nature of the
industry. The EBITDA margin fell to 5.96% in FY19 (FY18: 7.35%)
owing to the decline in the revenue. The RoCE was 6.65% in FY19
(FY18: 10.52%).
The ratings are also constrained by the company's significant
client concentration. The top 10 customers accounted for over 97%
of the total revenue in FY19 (FY18: 86%).
Liquidity Indicator - Adequate: The average utilization of
fund-based limits was 93.02%% for the 12 months ended October 2019.
The cash and cash equivalent stood at INR1.03 million in FY19
(FY18: INR2.93 million). The cash flow from operations turned
positive at INR7.99 million in FY19 (negative INR7.66million) due
to improved working capital management.
The ratings are supported by PSSPL's established track record in
the security systems industry and its reputed client base.
RATING SENSITIVITIES
Positive: A substantial increase in the revenue along with reduced
customer concentration while improving the credit metrics, on a
sustained basis, will be positive for the ratings.
Negative: A further decline in the revenue and operating margins,
leading to deterioration in the credit metrics, on a sustained
basis, will be negative for the ratings.
COMPANY PROFILE
Incorporated on February 15, 2010, PSSPL is a 100% subsidiary of
Himachal Futuristic Communications Ltd. The company is engaged in
the business of integrated security and surveillance solutions such
as CCTV, traffic management, fire alarm, etc. PSSPL also provides
turnkey solutions for the electronic security, safety, and video
surveillance and safety needs of businesses across verticals.
R D ALLOYS PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: R D Alloys Private Limited
Registered office:
4, Middleton Street, First Floor
Kolkata, 700071
West Bengal
Factory:
M-7, 6th Phase
Adityapur Industrial Development Area
Jamshedpur 832108
Jharkhand
Insolvency Commencement Date: October 25, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 22, 2020
(180 days from commencement)
Insolvency professional: Dr.(h.c.) Advocate Mamta Binani
Interim Resolution
Professional: Dr.(h.c.) Advocate Mamta Binani
2A, Ganesh Chandra Avenue
Commerce House
4th Floor, Room No. 6
Kolkata 700013
West Bengal
E-mail: mamtabinani@gmail.com
ibcrdalloys@gmail.com
Last date for
submission of claims: November 13, 2019
R D RUBBER RECLAIM: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: R D Rubber Reclaim Limited
Registered office:
4, Middleton Street, First Floor
Kolkata, 700071
West Bengal
Factory:
Plot No. 4
Medium Industrial Area
Gamaria, Jamshedpur 832108
Jharkhand
Insolvency Commencement Date: October 25, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 22, 2020
(180 days from commencement)
Insolvency professional: Dr.(h.c.) Advocate Mamta Binani
Interim Resolution
Professional: Dr.(h.c.) Advocate Mamta Binani
2A, Ganesh Chandra Avenue
Commerce House
4th Floor, Room No. 6
Kolkata 700013
West Bengal
E-mail: mamtabinani@gmail.com
ibcrdrubber@gmail.com
Last date for
submission of claims: November 13, 2019
RAA INTERNATIONAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: RAA International Limited
Flat 4B, 6 Central Park
Jadhavpur, Kolkata
WB 700032
IN
Insolvency Commencement Date: November 8, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: May 6, 2020
(180 days from commencement)
Insolvency professional: Shri Sachin Gopal Jathar
Interim Resolution
Professional: Shri Sachin Gopal Jathar
B-1/8, Samadrita
EKTP Phase-III, EKT
Kolkata, West Bengal 700107
E-mail: sgjathar@gmail.com
- and -
AAA Insolvency Professionals LLP
Mousumi Co-operative Housing Society
15B, Ballygunge Circular Road
Kolkata 700019
E-mail: raail@aaainsolvency.com
Last date for
submission of claims: November 25, 2019
SAB GLOBAL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: SAB Global Entertainment Media Pvt Ltd
Registered office:
Shop no. 187, 1st Floor
Citi Mall, New Link Road
Andheri West
Mumbai 400053
Insolvency Commencement Date: November 5, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 3, 2020
Insolvency professional: Mukesh Verma
Interim Resolution
Professional: Mukesh Verma
A 504, Manish Garden CHS
Manish Nagar, JP Road
Andheri West
Mumbai 400058
E-mail: ip.mukeshverma@gmail.com
- and -
Nucleus House
Saki Vihar Road
Andheri East
Mumbai 400072
E-mail: sgempl.ip.mv@gmail.com
Last date for
submission of claims: November 25, 2019
STERLING BIOTECH: Promoters Given 30 More Days to Settle Dues
-------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal has granted 30 days more to the promoters of Sterling
Biotech Ltd. to settle dues of creditors, failing which liquidation
process of the company will start.
A three-member bench headed by Chairperson Justice SJ Mukhopadhaya
also said the Enforcement Directorate will probe and ascertain
whether the money paid by the promoters is not from proceeds of
crime, BloombergQuint relates.
The promoters of the company include absconding Nitin Jayantilal
Sandesara and Chetankumar Jayantilal Sandesara.
Clarifying its earlier order dated Aug. 28, the NCLAT said if
settlement under Section 12A is not given effect within a period of
30 days from the date of this order, in such case its order would
be cancelled and order of liquidation dated May 8 passed by the
National Company Law Tribunal shall stand restored, according to
BloombergQuint.
"In view of the aforesaid position, we have allowed 'Resolution
Professional' to continue till the process is completed under
Section 12A for a period of another 30 days," NCLAT said,
BloombergQuint relays. "In case the amount is not paid within 30
days as observed above and order of liquidation is restored, the
Liquidator appointed by Adjudicating Authority will continue," it
said.
BloombergQuint relates that the appellate tribunal also said it has
allowed 'Promoters' or 'Shareholders' and or 'Directors' to pay the
dues in their "individual capacity from their respective account
which should not be 'proceeds of crime".
"We direct them to disclose source of the funds to Enforcement
Directorate and 'Resolution Professional' before such payment," it
said.
According to the report, the NCLAT order came over an application
moved by the liquidator Mamta Binani seeking clarification of the
order dated Aug. 28.
The NCLAT had said it will not come in the way of the individuals
such as promoters and directors, if they pay back to the creditors
in their individual capacity, and not from proceeds of crime.
Earlier, on May 8 Mumbai-bench of the National Company Law Tribunal
had rejected Sterling's plea filed under section 12A of IBC to
bring the company, which is facing a debt of around INR9,000 crore,
out of insolvency proceedings, BloombergQuint recalls.
BloombergQuint relates that he NCLT had also raised questions over
the manner in which lenders of Sterling Biotech had agreed to
settle their claims with the absconding promoters.
Section 12A of the Insolvency and Bankruptcy Code allows a
corporate debtor to settle its defaults and get the company out of
insolvency proceedings after settling the claims of lenders after
getting 90 percent votes of the Committee of Creditors, adds
BloombergQuint.
About Sterling Biotech
Sterling Biotech Ltd is the flagship company of the Vadodara based
Sandesara group. SBL, a listed company, is mainly engaged in the
manufacturing of pharmaceutical grade gelatin which has wide range
of applications such as capsules, tablets, etc. It is one of the
leading manufacturers of pharmaceutical grade gelatin in India with
good presence in U.S.A. which is the largest market for
Pharmaceuticals. It also manufactures Di-calcium Phosphate (DCP, a
by-product of gelatine) and Co-enzyme Q10 (CoQ10). The group has
over 27 years of industrial experience and has diversified
interests ranging from Pharmaceuticals, Healthcare, Oil & Gas,
Engineering Infrastructure, etc. The other companies of the
Sandesara group are Sterling Port Lt, Sterling Oil Resources Ltd,
PMT Machines Ltd, etc.
On June 10, Sterling Biotech was admitted by the NCLT Mumbai bench
under the corporate insolvency debt resolution process (CIRP) for
defaulting on more than INR5,400 crore, according to LiveMint.
On June 11, the Mumbai bench of NCLT admitted the insolvency
petition filed by lead lender Andhra Bank against the company.
The pharmaceutical firm owes around INR5,400 crore to various
lenders, LiveMint disclosed.
SURYA EXIM: CRISIL Lowers Rating on INR9cr Loan to 'D'
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Surya
Exim Limited (SEL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL D (Downgraded from
'CRISIL A4+')
Bill Discounting 9 CRISIL D (Downgraded from
under Letter 'CRISIL A4+')
of Credit
Cash Credit 76.25 CRISIL D (Downgraded from
'CRISIL BB+/Stable')
Letter of Credit 172.50 CRISIL D (Downgraded from
'CRISIL A4+')
Proposed Long Term 12.25 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB+/Stable')
The downgrade reflects SEL's stretched liquidity, resulting in
devolvement of the letter of credit (LC) and overdrawn bank lines
continuously for more than 30 days. Significant stretch in the
working capital cycle led to increased reliance on external
borrowings resulting in a higher-than-expected total outside
liabilities to adjusted networth (TOL/ANW) ratio of 3.98 times as
on March 31, 2019 as against earlier estimates of 2.94 times.
The ratings reflect working capital intensive operations and poor
liquidity; below average debt protection metrics and high total
outside liability to tangible networth (TOLTNW), modest operating
profitability and susceptibility to volatile polymer and coal
prices. The company also has a diversified product portfolio.
Key Rating Drivers & Detailed Description
* Stretched working capital and continuously overdrawn bank lines
for more than 30 days
Significant stretch in the working capital cycle and cash flow
mismatches resulted in devolvement of LC and overdrawn bank lines
continuously for more than 30 days.
Weaknesses
* Working capital intensive operations led to high TOL/ANW and
below average debt protection metrics
Gross current assets were sizeable, averaging close to 6 months as
on March 31, 2019, driven by a huge inventory and moderate
receivables of about 5 months and 1 months, respectively. The
elongated working capital has led to increased reliance on external
borrowings reflected in higher-than-expected TOL/ANW ratio of 3.98
times as on March 31, 2019. Debt protection metrics was also
subdued, with interest coverage and net cash accrual to adjusted
debt ratios of 1.56 times and 0.08 time, respectively, in fiscal
2019.
* Modest profitability, with susceptibility to volatile polymer and
coal prices
Operating margin has remained average at 4.02% in fiscal 2019 owing
to higher revenue contribution from the trading nature of business.
Exposure to fluctuating prices of raw materials (coal and polymer)
along with intense competition limits the ability to immediately
pass on the price hike, thereby constraining scalability, pricing
power, and profitability.
Strength
* Diversified product profile
The company has well-diversified product portfolio comprises coal,
polymer - polyvinyl chloride resins and polyethylene terephthalate
resin, and textile-specialised yarn. The company also provides
logistic services to various end-user industries such as cement,
paper, textile, chemicals, plastic products, and steel.
Liquidity: Poor
The liquidity of SEL is poor on account of cash flow mismatches
resulting in LC devolvement and overdrawn bank lines continuously
for more than 30 days.
Rating sensitivity factors
Upward factors
*Track record of timely debt servicing for at least more than 90
days
* Improvement in working capital cycle and overall financial risk
profile particularly liquidity.
SEL, incorporated in 1989, is a Surat (Gujarat)-based company that
processes and trades in products such as coal, specialised yarn,
and polymer resins; it also provides logistic services and is an
authorised distributor of Indian Oil Corporation Ltd for selling
plastic granules. The operations are managed by Mr J P Saboo.
UNIBIOTECH FORMULATIONS: CRISIL Cuts Rating on INR6cr Loan to B+
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Unibiotech
Formulations (UBF) revised to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 6 CRISIL B+/Stable (ISSUER NOT
Overdraft COOPERATING; Revised from
facility 'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with UBF for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of UBF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UBF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of UBF revised to be 'CRISIL B+/Stable Issuer not
cooperating'.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of UBF and Unimarck Pharma (India) Ltd
(UPIL). This is because these two entities, together referred to as
the Uni group, have the same management, promoters, and customers
and are engaged in similar line of business.
UBF was incorporated in 2004 by Chandigarh-based Bhatia family. The
firm manufactures and markets tablets, capsules, syrups and
pharmaceutical formulations. The manufacturing unit is in Baddi,
Himachal Pradesh.
UPIL was incorporated in 1984 by Chandigarh-based Bhatia family.
The company manufactures, markets and trades in pharmaceutical
formulations under its own brand name. The manufacturing unit is in
Baddi. UPIL mainly manufactures injections and ointments.
UNITEX APPARELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Unitex Apparels Private Limited
No. 24, Pete Channappa Industrial Estate
Sumanahalli Circle, Kamakshipalya
Bangalore 560079
Insolvency Commencement Date: October 29, 2019
Court: National Company Law Tribunal, Bangalore Bench
Estimated date of closure of
insolvency resolution process: April 26, 2020
(180 days from commencement)
Insolvency professional: Ratnakar Shetty
Interim Resolution
Professional: Ratnakar Shetty
F507, Mantri Tranquil Apt
Gubbalala Gate
Off Kanakapura Road
Subramanyapura Post
Bangalore 560061
E-mail: rcshetty.co@gmail.com
- and -
RPAR & Co LLP
#16, Level 3
Skyline Towers
7th Cross, Sampige Road
Malleswaram, Bangalore 560003
E-mail: cirp.unitex@gmail.com
Last date for
submission of claims: November 21, 2019
WELLDONE EXIM: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Welldone Exim Private
Limited (WEPL; part of the RBD group) continues to be 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 40 CRISIL D (ISSUER NOT
Purchase COOPERATING)
Packing Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with WEPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of WEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on WEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of WEPL continues to be 'CRISIL D Issuer not
cooperating'.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of WEPL, High Value Exim Pvt Ltd, Attire
Designers Pvt Ltd, RBD International, and Goodone Traders Pvt Ltd.
This is because all these entities, together referred to as the RBD
group, have the same board of directors and senior management team
with common procurement, marketing, and finance functions.
The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.
=========
J A P A N
=========
MITSUI E&S: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC+
-------------------------------------------------------------
Egan-Jones Ratings Company, on November 13, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsui E&S Holdings Co Limited to CCC+ from B-. EJR
also downgraded the rating on commercial paper issued by the
Company to C from B.
Headquartered in Japan, Mitsui E&S Holdings Co Limited provides
investment holdings in engineering, construction, and shipbuilding
services. It operates through the following segments: Ship, Marine
Development, Machinery, Engineering, and Others.
=================
S I N G A P O R E
=================
ALPHA ENERGY: Fails to Repay US$3.1MM Debt on Time
--------------------------------------------------
Natalie Choy at The Business Times reports that Alpha Energy called
for an immediate trading halt on Nov. 18 over its failure to repay
US$3.1 million to ING Capital on Oct. 1.
The oil exploration and production firm had received a notice from
ING Capital on Nov. 14 to "accelerate" the firm's indebtedness, due
to its failure to make payment of approximately US$3.1 million on
Oct. 1 and to declare the entire principal sum of all debt owed to
ING Capital immediately due and payable, said the firm in a
statement on Nov. 18, BT relays.
Earlier in May, Alpha Energy had restructured a loan it took from
ING Capital in 2015 to fund the 95 per cent of tax credits
available to working interest owners of its Mustang oilfield in
Alaska. The firm, along with other loan parties – TP North Slope
Development (TPNSD) as borrower and BRPC as operator – owed ING
Capital a loan balance of US$13.3 million as at June 7, the report
says.
Under the agreement, Alpha Energy and TPNSD have to make repayments
to ING Capital in quarterly instalments of US$600,000 starting June
15, 2020, BT relates. This is the second time the loan parties
restructured the loan facility, the last being via a term sheet
entered in Sept 6, 2018. Its debt to ING Capital had matured on May
1, 2017.
According to the report, Alpha Energy said it is currently engaging
in further negotiations with ING Capital which are "sensitive in
nature" and involve "key assets" of the firm. To avoid any
"irregular movement" in share price and prevent "irregular trading
activities that may result from the leakage of any information",
the firm has called for the trading of its shares to be suspended
with immediate effect.
Alpha Energy Holdings Limited operates as a holding company. The
Company, through its subsidiaries, focuses on the development of
independently certified oil and gas assets. Alpha Energy Holdings
serves customers worldwide.
HYFLUX LTD: Gets Shorter Extension from Acra to Hold AGM by Dec 31
------------------------------------------------------------------
The Business Times reports that Hyflux Ltd must hold its FY2018
annual general meeting (AGM) by Dec. 31, 2019 and file its 2018
annual return by Jan 31, 2020 after the Accounting and Corporate
Regulatory Authority (Acra) granted it a two-month extension, three
months less than what Hyflux had requested.
Hyflux also requested to extend its FY2019 AGM deadline to June 30,
2020 and to file its annual return with Acra by July 31, 2020. Acra
had rejected the 2019 extension requests, the troubled water
treatment firm said in a bourse filing on Nov. 19, BT relays.
Separately, the Singapore Exchange (SGX) had granted Hyflux further
extensions to release its 2018 and 2019 financial results and hold
both fiscal years' AGMs, according to BT.
Hyflux got a further four-month extension from SGX to release its
unaudited FY2018 results and hold its FY2018 AGM by March 31, 2020.
However, Hyflux must comply with Acra's shorter deadline of Dec.
31, 2019 to hold its FY2018 AGM.
It also obtained four-month extensions from SGX to release its Q1,
Q2 and Q3 FY2019 results by March 31, 2020, and a two-month
extension to release its unaudited FY2019 results by April 30,
2020.
Additionally, it got a two-month extension to hold its FY2019 AGM
by June 30, 2020, the report says.
BT notes that the Singapore High Court had previously granted
Hyflux a two-month extension on its debt moratorium until Dec 2. A
further hearing is scheduled on Nov. 29 to consider any further
applications or extensions.
The company said it is working towards a binding investment
agreement with a potential investor, understood to be Middle
Eastern full-service utility provider Utico, adds BT.
The timeline to finalise its financial statements have been
prolonged due to the reorganisation of its liabilities and
businesses, Hyflux added.
About Hyflux
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It has business
operations across Asia, Middle East and Africa.
As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses. The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.
The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.
HYFLUX LTD: Utico Made Last-Minute Changes to Rescue Package
------------------------------------------------------------
Ng Ren Jye at The Business Times reports that Securities Investors
Association of Singapore (SIAS) founder and CEO David Gerald said
SIAS is "seriously concerned that there is no finality yet on
Utico's offer" for Hyflux.
In a letter to media, he highlighted that while Hyflux and the
various creditor groups have been working within the timelines set
by the Singapore High Court to finalise a deal, "changes have been
repeatedly introduced at the eleventh hour by the investor".
"SIAS hopes that such strategies designed to achieve advantages for
one party only would not be allowed to scuttle an outcome which
could potentially benefit a great number of stakeholders, including
the holders of the perpetual securities and preference shares," BT
quotes Mr. Gerald as saying.
SIAS "urged all parties, including Utico, to continue negotiations
with a view to achieve a commercially acceptable outcome for all
stakeholders involved, including in particular, the holders of the
perpetual securities and preference shares".
The High Court on Sept. 30 granted Hyflux a two-month extension on
its debt moratorium until Dec. 2.
Hyflux and Utico had held talks ahead of a Nov. 1 deadline for a
rescue plan, with Hyflux's lawyer stating then that it was in talks
with two other parties about potential investments in the water
treatment firm.
About Hyflux
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It has business
operations across Asia, Middle East and Africa.
As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses. The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.
The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.
*********
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 2019. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***