/raid1/www/Hosts/bankrupt/TCRAP_Public/211118.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 18, 2021, Vol. 24, No. 225
Headlines
A U S T R A L I A
AK PERSONNEL: Second Creditors' Meeting Set for Nov. 24
AUSTRALIAN INSTITUTE: First Creditors' Meeting Set for Nov. 17
AVRWA PTY: In Administration; First Meeting Set for Nov. 19
BROADLINE GROUP: Second Creditors' Meeting Set for Nov. 24
CONOMI GROUP: Second Creditors' Meeting Set for Nov. 24
LADIES LET'S: Second Creditors' Meeting Set for Nov. 23
C H I N A
CHINA EVERGRANDE: Dissolves Some Units of Online Marketplace
KAISA GROUP: Fitch Lowers Foreign Currency IDR to 'C'
KAISA GROUP: Shares of Two Units Slump as Trading Resumes
KANGMEI PHARMACEUTICAL: Ex-Chairman Gets 12 Years Jail Sentence
[*] CHINA: One of Asia's Oldest Hedge Funds Buys Distressed Debt
I N D I A
ADITHYA GLOBAL: CRISIL Keeps B Debt Ratings in Not Cooperating
AHALYA AGENCIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
AKBAR INTERNATIONAL: CRISIL Moves B+ Rating to Not Cooperating
AL-QURESH AURANGABAD: CRISIL Keeps B+ Rating in Not Cooperating
AMAR GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
ANANT VENKATESH: CRISIL Keeps B Debt Rating in Not Cooperating
ARAN KITCHEN: CRISIL Keeps B- Debt Rating in Not Cooperating
BISHAMBHER SARAN: CRISIL Lowers Rating on INR9.75cr Loan to B-
BRITISH AGRO: CRISIL Lowers Rating on INR5cr Secured Loan to B
DHANASHREE AGRO: CRISIL Moves D Debt Ratings to Not Cooperating
G P MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
HARSHGEET OVERSEAS: CRISIL Keeps B+ Rating in Not Cooperating
K. S. ALLOYS: CRISIL Keeps B Debt Ratings in Not Cooperating
KHAN & CO INFRA: Insolvency Resolution Process Case Summary
KOTTIYOOR METALS: CRISIL Keeps B Debt Rating in Not Cooperating
LAV LAXMI: CRISIL Keeps B Debt Rating in Not Cooperating
LLOYDS SHIPPING: Insolvency Resolution Process Case Summary
MAHAKALI MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
MOTHERLAND GARMENTS: CRISIL Keeps B+ Rating in Not Cooperating
NAVANAAMI PROJECTS: CRISIL Keeps B+ Rating in Not Cooperating
REWA RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
STONE INDIA: Insolvency Resolution Process Case Summary
TECHNOVISION AUTO: CRISIL Lowers Rating on INR8cr Loan to B
UNIBERA DEVELOPERS: Insolvency Resolution Process Case Summary
VIBRANT CONTENT: CRISIL Keeps B+ Debt Rating in Not Cooperating
J A P A N
TOSHIBA CORP: S&P Puts 'BB+' ICR on Watch Negative Amid Spin-Off
N E W Z E A L A N D
CALTEX BLOCKHOUSE: Creditors' Proofs of Debt Due on Jan. 12
ENDEAVOUR CAPITAL: Creditors' Proofs of Debt Due on Dec. 17
FLOW CONTROL: Creditors' Proofs of Debt Due on Dec. 31
P H I L I P P I N E S
RURAL BANK OF KAROMATAN: Placed Under PDIC Receivership
UNITED PEOPLES: MB Orders PDIC To Takeover, Liquidate Bank
S I N G A P O R E
KANSEI TECHNOLOGIES: Court to Hear Wind-Up Petition on Dec. 3
KIM YUEN: Court to Hear Wind-Up Petition on Dec. 3
SEA LIMITED: Net Loss Widens to US$450MM in Q3 Ended Sept. 30
XIN SHENG: Creditors' Meeting Scheduled for Dec. 1
XIN SHENG: Grant Thornton Appointed as Liquidators
- - - - -
=================
A U S T R A L I A
=================
AK PERSONNEL: Second Creditors' Meeting Set for Nov. 24
-------------------------------------------------------
A second meeting of creditors in the proceedings of AK Personnel
Pty Ltd, trading as Priceline Pharmacy Cranbourne Park, has been
set for Nov. 24, 2021, at 11:00 a.m. virtual means only at the
office of Dye & Co. Pty Ltd, 165 Camberwell Road, in Hawthorn
East.
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. 23, 2021, at 5:00 p.m.
Hamish Alan MacKinnon and Nicholas Giasoumi of Dye & Co. Pty Ltd
were appointed as administrators of AK Personnel on Oct. 19, 2021.
AUSTRALIAN INSTITUTE: First Creditors' Meeting Set for Nov. 17
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Institute of Professional Photography Limited will be held on Nov.
29, 2021, at 2:00 p.m. via video conference.
Mathew Gollant of CJG Advisory was appointed as administrator of
Australian Institute on Nov. 17, 2021.
AVRWA PTY: In Administration; First Meeting Set for Nov. 19
-----------------------------------------------------------
Matthew Woods and Clint Joseph of KPMG, on Nov. 9, 2021, were
appointed as joint and several Voluntary Administrator of AVRWA Pty
Ltd and Avid Water Pty Ltd by its common sole director.
The Administrators will host a concurrent first meeting of
creditors on Nov. 19, 2021, in accordance with section 436E of the
Corporations Act 2001.
BROADLINE GROUP: Second Creditors' Meeting Set for Nov. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Broadline Group
Pty Ltd has been set for Nov. 24, 2021, at 4:00 p.m. via virtual
meeting.
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. 23, 2021, at 4:00 p.m.
Riad Tayeh and Antony Resnick of de Vries Tayeh were appointed as
administrators of Broadline Group on Aug. 23, 2021.
CONOMI GROUP: Second Creditors' Meeting Set for Nov. 24
-------------------------------------------------------
A second meeting of creditors in the proceedings of Conomi Group
Pty Limited has been set for Nov. 24, 2021, at 11:00 a.m. via
teleconference from the offices of Amos Insolvency, 25/185 Airds
Road, in Leumeah, 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. 23, 2021, at 4:00 p.m.
Peter Andrew Amos of Amos Insolvency was appointed as administrator
of Conomi Group on Oct. 20, 2021.
LADIES LET'S: Second Creditors' Meeting Set for Nov. 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of Ladies Let's
Roll Pty Ltd, trading as Shebah All Women Rideshare, and Shebah Pty
Ltd has been set for Nov. 23, 2021, at 2:00 p.m. via online video
conference using Zoom Meetings.
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. 22, 2021, at 5:00 p.m.
Sam Kaso of Cor Cordis was appointed as administrator of Ladies
Let's Roll on Oct. 18, 2021.
=========
C H I N A
=========
CHINA EVERGRANDE: Dissolves Some Units of Online Marketplace
------------------------------------------------------------
Reuters reports that China Evergrande Group has dissolved several
district-level units of Fangchebao (FCB), its online real estate
and automobile marketplace, due to shrinking capital and business,
Chinese media outlet Cailianshe said on Nov. 17, citing sources
close to the embattled developer.
FCB had planned for an initial public offering (IPO) late this year
or early next year. Evergrande in March sold 10% of the company to
17 investors for $2.10 billion, at a pre-financing valuation of
over CNY150 billion ($23.48 billion).
The world's most indebted property developer, with more than $300
billion in liabilities, has been scrambling for funds to pay its
many lenders as well as contractors.
It had hoped to spin off businesses including FCB and bottled water
to raise fund, Reuters notes.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.
S&P Global Ratings' rating for China Evergrande Group and its
subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji Holding
Ltd. was lowered to 'CC' from 'CCC' last September 15, 2021. S&P
also lowered its long-term issue rating on the U.S. dollar notes
issued by Evergrande and guaranteed by Tianji to 'C' from 'CCC-'.
KAISA GROUP: Fitch Lowers Foreign Currency IDR to 'C'
-----------------------------------------------------
Fitch Ratings has downgraded Chinese homebuilder Kaisa Group
Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating
to 'C' from 'CCC-', and its senior unsecured rating to 'C' from
'CCC-', with the Recovery Rating maintained at 'RR4'.
The downgrade reflects the likelihood that Kaisa missed the
interest payments on its senior unsecured notes and entered the
consequent 30-day grace period before non-payment constitutes an
event of default.
KEY RATING DRIVERS
Non-Payment of Bond Interest: The company or the trustee has not
made any announcement about the USD58.8 million coupon payment due
11 November 2021 for its USD1 billion 11.7% bond due 2025, and the
USD29.9 million coupon due 12 November for its USD500 million
11.95% bond due 2023. In addition, Fitch has not obtained
confirmation that the coupon payments have been made. Fitch has
therefore assumed that the company has entered the 30-day grace
period for interest non-payment before an event of default is
triggered.
The company announced on 9 November 2021 that Kaisa Group
(Shenzhen) Co., Ltd., an onshore subsidiary, provided a guarantee
to Shenzhen Jinheng Wealth Management Co., Ltd., another onshore
entity that has issued wealth-management products. Kaisa did not
redeem the products when they were due in early November 2021, and
is exploring measures to address the issue.
Kaisa has an ESG Relevance Score of '4' for Financial Transparency
due to its unreported wealth-management products, which may become
its additional obligations. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.
DERIVATION SUMMARY
Kaisa's ratings reflect the non-payment of bond interest.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Attributable contracted sales to stay flat in 2021 and drop by
8% in 2022 (2020: 21% increase);
-- Attributable land premium/contracted sales at 36%-39% in 2021-
2022 (2020: 44%);
-- Cash collection rate of around 65% in 2021 and 68% in 2022
(2020: 71%);
-- Construction costs/attributable contracted sales at 25% in
2021-2022 (2019-2020: 20%-24%);
-- Dividend payout ratio of 10% of net income (2020: 15%);
-- No asset sales or capital injection assumed.
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes the company would be liquidated in a
bankruptcy rather than operated as a going-concern, given the
asset-heavy nature of the homebuilding sector.
Fitch assumes a 10% administrative claim.
Liquidation Approach
The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidation
process conducted during a bankruptcy or insolvency proceeding and
distributed to creditors.
-- 40% haircut to adjusted net inventory, as Fitch anticipates
potentially lower recovery from inventory, given higher
probability of default;
-- 80% haircut to investment properties due to low rental yield
of around 1% annualised in 1H21. Fitch estimates the value of
the company's investment properties at CNY4.7 million based on
a 6.5% rental yield assumption, which was equivalent to 17% of
the CNY28.7 billion book value at end-1H21;
-- 30% haircut to account receivables;
-- 40% haircut to buildings under net property, plant and
equipment.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Resolution of the interest non-payment within the grace
period, and repayment of the principal of its maturing bonds,
without the use of a distressed debt exchange (DDE).
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Commencement of a DDE;
-- Announcement that the issuer entered into bankruptcy filings,
administration, receivership, liquidation or other formal
winding-up procedure, or otherwise ceased business.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
ISSUER PROFILE
Kaisa, which is based in Shenzhen, focuses on urban property
development in the Greater Bay Area, including Shenzhen, Guangzhou,
Foshan, Huizhou, Dongguan, Zhongshan and Zhuhai. The company has
expanded to the Yangtze River Delta, western China, central China
and the Pan-Bohai Bay Rim.
SUMMARY OF FINANCIAL ADJUSTMENTS
Cash of CNY6 billion that was classified as regulated proceeds for
construction in 2020 was added to net property assets.
ESG CONSIDERATIONS
Kaisa has an ESG Relevance Score of '4' for Financial Transparency
due to its unreported wealth-management products, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
KAISA GROUP: Shares of Two Units Slump as Trading Resumes
---------------------------------------------------------
South China Morning Post reports that the shares of two units of
China's Kaisa Group plunged to multi-year lows in Hong Kong after
emerging from a seven-day trading halt, even as they tried to draw
a distance from their embattled parent, which has missed payments
on an offshore bond and high-yielding financial products.
According to the report, Kaisa Prosperity Holdings retraced 10.6%
to HK$13.50 as the management services unit clawed back some of its
16.6% plunge, the biggest intraday drop since its 2019 initial
public offering. Kaisa Capital Investment Holdings Limited fell
10.9% to 41 Hong Kong cents, after tumbling by almost 22 per cent.
Kaisa Group, whose shares remained suspended in Hong Kong, missed
two bond coupon payments due on November 11 and 12, two people
familiar with the matter said, the Post notes. The company has been
given 30 days to comply before bondholders are entitled to declare
it in default, a move which could trigger cross defaults across all
its offshore debt, and in the worst case set, the stage for
creditors to petition for its liquidation.
According to the Post, Kaisa Group has about US$3.2 billion of
offshore senior notes due in the next 12 months, including US$400
million that matures on December 7. Trailing only China Evergrande
Group in the size of its offshore debt, a default by Kaisa Group
would reverberate through China's highly leveraged property sector
and spook investors.
Kaisa Prosperity, 67.7% owned by Kaisa Group, has not experienced
any "material delay" in receiving payments for services rendered,
and is not involved in any missed dividend payments by its parent,
the company's chairman Liao Chuanqiang said in a filing to the Hong
Kong stock exchange before trading of its stock resumed, the Post
relays.
Kaisa Health Group Holdings, which produces prosthetic dental
products, was the contrarian, jumping almost 26% to 12.2 Hong Kong
cents when its stock resumed trading, after soaring by 39%
earlier.
The Post says trading in the shares of Kaisa Group and its three
subsidiaries was halted on November 5 after the company failed to
make a payment on a high-yielding CNY12.8 billion wealth management
product a day earlier. That prompted Kaisa's chairman to plead for
more time in a video broadcast. A week later, the company announced
that it would not pay shareholders an interim dividend as it was
during “reviewing its financial position.”
Kaisa Group is reportedly seeking buyers for its property
management unit, valued at around HK$2.42 billion (US$310.8
million), the report relays. A 67.18% stake in Kaisa Prosperity –
equivalent to Kaisa Group's controlling stake – was mortgaged on
September 30 to Shandong High Speed Finance, in exchange for
selling US$120 million of Kaisa Group's notes to the state-owned
financial company, according to the Post.
Kaisa Prosperity, spun off from its parent in 2018, manages
property and installs equipment for Kaisa, where fees for the
services made up less than half of its first-half revenue, the
company said.
"Any liquidity issues faced by Kaisa Group would not have any
material adverse impact on the operations of the company," because
Kaisa Prosperity has not received any financial help from its
parent, it said, the Post relays.
For the six month ended June, Kaisa Prosperity's net profit
attributable to shareholders surged 75.6% to CNY209.1 million, the
Post discloses. It said in its interim report that such increase
was attributable partly to long-term cooperation with its
controlling shareholder Kaisa Group and its subsidiaries.
It is unclear whether Kaisa Prosperity could completely decouple
itself from the liquidity crunch faced by its parent over the
longer term, the Post notes.
About Kaisa Group
Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA. As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
15, 2021, Moody's Investors Service has downgraded the corporate
family rating of Kaisa Group Holdings Ltd to Ca from Caa1. At the
same time, Moody's has downgraded the senior unsecured rating on
the bonds issued by Kaisa to C from Caa2. The outlook remains
negative.
The TCR-AP reported on Nov. 12, 2021, that S&P lowered its
long-term issuer credit rating on Kaisa Group Holdings Ltd. to
'CCC-' from 'CCC+'. The negative outlook reflects Kaisa's very high
nonpayment risk and high probability of debt restructuring. S&P
subsequently withdrew its 'CCC-' long-term issuer credit rating on
Kaisa at the issuer's request.
KANGMEI PHARMACEUTICAL: Ex-Chairman Gets 12 Years Jail Sentence
---------------------------------------------------------------
Reuters reports that the former chairman of Kangmei Pharmaceutical
Co Ltd, Ma Xingtian, has been sentenced to jail for 12 years, state
news agency Xinhua said on Nov. 17.
According to Reuters, Xinhua reported Ma was sentenced for
manipulating the stock market, violating or failing to disclose
important information and offering bribes.
Former Vice Chairman Xu Dongjin and 10 other related persons have
also been sentenced to jail, Xinhua said, Reuters relays.
Kangmei Pharmaceutical became the first listed company to default
on a bond issue when the market reopened on Feb. 3 after the
extended Lunar New Year holiday, according to Caixin Global. The
supplier of traditional Chinese medicines said in a statement Feb.
2 that it couldn't make principal and interest payments and on
CNY2.4 billion (US$340 million) of bonds because of tight
liquidity. The bonds were issued in 2015 and due in 2022, but the
issuer had an option to raise the coupon rate and investors had an
option to sell back the bonds at the end of the fifth year.
[*] CHINA: One of Asia's Oldest Hedge Funds Buys Distressed Debt
----------------------------------------------------------------
Denise Wee at Bloomberg News reports that LIM Advisors, one of
Asia's oldest hedge funds, is picking up distressed bonds of
Chinese developers as the fallout from China Evergrande Group
deepens.
Bloomberg relates that George Long, the firm's founder and chief
investment officer, said LIM has been snapping up a "little bit" of
such debt but is staying away from bonds of Evergrande because of
its complex structure with both offshore and onshore securities and
risks that can't be gleaned from the balance sheet.
"We're looking very closely at buying some other distressed Chinese
property companies," the report quotes Mr. Long as saying,
declining to give names. "It's going be a great opportunity."
LIM, founded in 1995, isn't the only one wading into to a situation
the U.S. Federal Reserve has warned could have broader implications
also outside China, Bloomberg says.
Bloomberg says Beijing is easing up on some measures designed to
cool the housing market even as officials have said that risks from
Evergrande are under control.
Among others, Goldman Sachs Asset Management has been snapping up
Chinese real estate amid a sharp selloff that saw a Bloomberg index
of Chinese junk-rated dollar bonds plunge about 17% since the
beginning of September.
LIM is gradually building up positions, anticipating "more selling
pressure," Mr. Long said. He doesn't expect the Chinese government
to bail out Evergrande, but said it has an interest in ensuring the
property market is stable, Bloomberg relays.
"They don't want to have these units where people have made a
deposit and the developer goes bust," Mr. Long said.
According to Bloomberg, Chinese junk dollar bonds posted their
biggest gain in 20 months last week following signals that measures
to ease property sector distress are on the way.
Bloomberg relates that the bets come amid warnings from prominent
investors that China's broad crackdown on its biggest technology
companies, after-school tutoring firms and others has made it
impossible to invest in the country. Mr. Long disagrees with this
view, arguing that there are still spots of opportunity.
Shorting the market has also become prohibitive, with banks
charging 5% to 6% to lend out high-yield bonds and risks that
counterparties will reclaim debt in the volatile situation. "It's
quite dangerous to short high-yield bonds," he said.
The LIM Opportunistic Fund III - which holds its Chinese distressed
bonds - is up 17.2% year to date through September, on a net of fee
basis, according to Mr. Long, Bloomberg relays. The firm launched a
convertible bond fund for China in April, which is a long-only fund
seeded with $16 million of its own money. It has so far returned
19.04%, he said.
LIM has also posted strong returns in two other funds. They bought
distressed ships a few years ago and are now benefiting from rising
shipping prices and charter rates. The first fund, which holds two
container ships, is up 113% this year, and the second fund, which
owns five bulk carriers, has returned 184% year-to-date, Mr. Long,
as cited by Bloomberg, said.
But like other smaller funds in Hong Kong, LIM has struggled during
the pandemic with a shrinking asset base and difficulties in
retaining staff, Bloomberg notes. Earlier this year, credit
hedge-fund firm Double Haven Capital (Hong Kong) Ltd. said it would
shut after nine years as the pandemic made it harder to raise
capital and forced the separation of staff from their families
abroad.
LIM has about $400 million under management, down from $2.5 billion
at its peak, according to Mr. Long. It scaled back its direct
lending last year following the departure of Peter Warbanoff,
previously the head of distressed and opportunistic credit, the
report says.
Michael Gibson, a senior adviser, also left at the end of 2020,
according to Mr. Long. Mr. Gibson was with LIM for about 20 years,
according to his LinkedIn profile.
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I N D I A
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ADITHYA GLOBAL: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adithya
Global Health care Private Limited (AGHPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.25 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 10 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 15.25 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AGHPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AGHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AGHPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2015, AGHPL is setting up a 150-bed hospital at
Visakhapatnam, Andhra Pradesh. The hospital is expected to be
operational by April 2018. Mr. Suresh Naidu is the promoter.
AHALYA AGENCIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ahalya
Agencies continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.4 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Ahalya for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Ahalya, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Ahalya is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Ahalya continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Ahalya, established in 1968 by Mr. Vasudevan Nair, is engaged in
the trading of kitchen utensils and crockeries in Kerala.
AKBAR INTERNATIONAL: CRISIL Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Akbar
International (AI) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with AI for
obtaining information through letters and emails dated September
27, 2021 and October 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of AI to 'CRISIL B+/Stable Issuer not cooperating'.
AI was set up in 1979, as a sole proprietorship of Mr. Salim
Uddin. The firm manufactures and retails marble handicraft items,
through its two showrooms in Agra. It specialises in the
'Parchinkari' art form that involves inlay of semi-precious stones
in marble artefacts.
AL-QURESH AURANGABAD: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AL-Quresh
(Aurangabad City) Modern Abattoir Private Limited (AQAMA) continue
to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 15 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Long Term 27 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AQAMA for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AQAMA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AQAMA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AQAMA continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AQAMA has been awarded a build-operate-transfer contract by
Aurangabad Municipal Corporation for developing an integrated meat
processing facility with capacity to handle 800 buffaloes and 2000
sheep or goats per day. The facility is expected to be commissioned
by March 2018, and the concession period is 20 years.
AMAR GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amar Ginning
Factory (AG) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.75 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AG for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AG
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AG was established as a partnership firm in 1999. The operations
are managed by the Patel family, who has over 10 years of
experience in the cotton industry. The firm in processes raw cotton
to produce cotton bales and crushing of cotton seed to produce
cotton seed oil and cotton seed oil cake.
ANANT VENKATESH: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anant
Venkatesh Construction LLP (AVCLP) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 15 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AVCLP for
obtaining information through letters and emails dated August 31,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AVCLP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVCLP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVCLP continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Formed in 2014, AVCLP is a Pune-based limited liability
partnership. AVCLP is currently executing a residential real estate
project, Anant Venkatesh, at Sus-Pashan in Pune. The firm is
promoted by Dajikaka Gadgil Developers Pvt Ltd which in turn
belongs to the Gadgil family of Pune (promoters of PN Gadgil
Jewellers Pvt Ltd).
ARAN KITCHEN: CRISIL Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aran Kitchen
World India Private Limited (AKWIPL) continues to be 'CRISIL
B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AKWIPL for
obtaining information through letters and emails dated August 31,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AKWIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
AKWIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of AKWIPL continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
AKWIPL was incorporated as a joint venture between Aran Cucine (49%
of the shareholding) and Bohra Kitchenware Pvt Ltd (51% of the
shareholding) in 2008. The company distributes Italian-made modular
kitchens.
BISHAMBHER SARAN: CRISIL Lowers Rating on INR9.75cr Loan to B-
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Bishambher Saran Vinod Kumar (BSVK) to 'CRISIL
B-/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.75 CRISIL B-/Stable (Downgraded
from 'CRISIL B / Stable')
Proposed Fund- 2.15 CRISIL B-/Stable (Downgraded
Based Bank Limits from 'CRISIL B / Stable')
The downgrade reflects the deterioration in financial risk profile,
especially liquidity, in fiscal 2021 on account of continued
stretched working capital cycle. Small networth and higher reliance
on external debt have led to gearing of more than 8 times in the
three fiscals through 2021. Stretched receivables led to bank limit
utilization of 100.1% during the 12 months through September 2021.
Low cushion of 1.15 times between cash accrual and debt obligation
is expected to keep liquidity under pressure.
The rating reflects the modest scale of operations of BSVK amid
intense competition, large working capital requirement and a weak
financial risk profile. These weaknesses are partially offset by
the extensive experience of the proprietor.
Analytical approach
Unsecured loan of INR1.94 crore as on March 31, 2021, has been
treated as debt.
Key rating drivers & detailed description
Weaknesses:
* Modest scale of operations amid intense competition: Intense
competition in the allied steel products business will continue to
restrict scalability and operating flexibility. Limited capital
requirement and lack of value addition have led to the entry of
many unorganized players who cater to regional demand.
* Working capital-intensive operations: Gross current assets are
estimated at 304 days as on March 31, 2021, because of stretched
receivables and sizeable inventory (due to many products) of 123
days and 166 days, respectively.
* Below-average financial risk profile: Adjusted networth was small
at INR1.79 crore and gearing weak at 8.47 times, as of March 31,
2021. Debt protection metrics were muted, with interest coverage
and net cash accrual to total debt ratios of 1.26 times and 0.01
time, respectively, for fiscal 2021. Financial risk profile is
expected to remain subdued over the medium term.
Strength:
* Extensive experience of the proprietor: The three-decade-long
experience of the proprietor in the steel products business, strong
understanding of local market dynamics, and healthy relationships
with suppliers and customers will continue to support business risk
profile.
Liquidity: Poor
Expected annual cash accrual of INR17-25 lakh will tightly match
yearly debt obligation of INR15-20 lakh, over the medium term. Bank
limit of INR9.75 crore was utilized at an average of 100.1% over
the 12 months through September 2021. However, the proprietor
continues to extend unsecured loans (INR1.94 crore as of March 31,
2021) to help meet working capital requirement and debt obligation.
Current ratio was moderate at 1.09 times on March 31, 2021.
Outlook: Stable
The firm will continue to benefit from its longstanding
relationships with principals and the extensive experience of its
management.
Rating sensitivity factors
Upward factors:
* Better working capital cycle leading to lower bank limit
utilization
* Significant improvement in revenue leading to cash accrual of
more than INR25 lakh per annum
Downward factors:
* Deterioration in liquidity with Net cash accruals to Repayment
obligation ratio (NCA/ RO) of less than 1 time, resulting in delay
in meeting debt obligation
* Sizeable capital withdrawal further weakening financial risk
profile
BSVK was set up as a proprietorship firm by Mr. Vinod Kumar
Agarwal. The Kashipur (Uttarakhand)-based firm trades in building
materials such as TMT (thermo-mechanically treated) bars, stainless
steel, AC sheets, cement and all kinds of hardware material used in
the construction process.
BRITISH AGRO: CRISIL Lowers Rating on INR5cr Secured Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
British Agro Products India Private Limited (BAPIPL) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Secured Overdraft 5 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with BAPIPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BAPIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BAPIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BAPIPL Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Incorporated in 2013 and promoted by Dr Akilan Ramnathan, BAPIPL is
located in Kanchipuram, Tamil Nadu. The company cultivates and
sells white button mushrooms.The company also trades in
vegetables,fruits,pulses,red chillies etc.
DHANASHREE AGRO: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Dhanashree Agro Products Private Limited (DAPPL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 60 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 1.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 52 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 8 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with DAPPL for
obtaining information through letters and emails dated September
27, 2021 and October 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DAPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DAPPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of DAPPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
DAPPL (formerly, Lakshmi Sugar Mills Company Pvt Ltd), incorporated
in September 1940, is promoted by the Sawhney family. It is one of
the oldest sugar manufacturing companies in Uttarakhand. It has a
sugar factory at Iqbalpur in Haridwar.
G P MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G P Motors
Private Limited (GPMPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.7 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 0.8 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GPMPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GPMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GPMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GPMPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
GPMPL was incorporated in 2008 by Mr. Amit Agarwal and family. The
company is a dealer of four wheelers of TML and HMIL, and two
wheelers of Honda in Allahabad, where it has three showrooms.
HARSHGEET OVERSEAS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Harshgeet
Overseas continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Harshgeet
for obtaining information through letters and emails dated August
19, 2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Harshgeet, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Harshgeet is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Harshgeet continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Set up in 2011, Harshgeet trades in raw cotton. Based in Sendhwa
(Madhya Pradesh), the firm is promoted by Mr. Jaideep Singh Rajpal.
K. S. ALLOYS: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. S. Alloys
(KSA) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 5.3 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with KSA for
obtaining information through letters and emails dated August 19,
2021 and October 06, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KSA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSA continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
K. S. Alloys, a partnership concern, incorporated in 2013, is
engaged in manufacturing of M. S. Ingots, having its manufacturing
facility in Gobindgarh, Punjab. The company is having total
production capacity of 72 tonnes per day with average utilisation
of around 70-80%.
KHAN & CO INFRA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Khan & Co. Infra Projects Private Limited
Gala No. 40, Jai Bharat Industrial Estate
Opposite Virwani Industrial Estate
Western Express Hwy
Vishveshwar Nagar
Goregaon East
Mumbai 400063
Insolvency Commencement Date: November 8, 2021
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 6, 2022
Insolvency professional: S. Gopalakrishnan
Interim Resolution
Professional: S. Gopalakrishnan
R-2/202, Moraj Riverside Park
Takka, Panvel 410206
Raigad Zilla
Maharashtra
E-mail: gopi63.ip@gmail.com
- and -
A-42, II Floor
Raj Industrial and Commercial Complex
Military Road, Marol
Andheri East, Mumbai 400059
E-mail: khan.cirp@gmail.com
Last date for
submission of claims: November 28, 2021
KOTTIYOOR METALS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kottiyoor
Metals Private Limited (KMPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
KMPL was incorporated in July 2017 by Mr. M M Thomas and Mr. Sunny
Cyraic. Its stone crushing plant at Kanoon, Kerala, has capacity of
50,000 CFT per day, and its products are used in various local
infrastructure projects.
LAV LAXMI: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lav Laxmi Land
Developers Private Limited (LLLDPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 9.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LLLDPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LLLDPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
LLLDPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of LLLDPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Established in 2005, LLLDPL operates hotels in Varanasi and Goa.
The company has two directors: Mr. Jagat Kishore and Mrs Laxmi
Devi. It entered the hotel business in May 2005 with Hotel Meraden
Grand, Patel Nagar cantonment, Varanasi. Hotel Meraden La Oassis in
Goa was acquired in fiscal 2015. Another hotel, Hotel Madin, is
being constructed in Varanasi; this hotel is expected to be
operational by the third week of August 2016.
LLOYDS SHIPPING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Lloyds Shipping Private Limited
# 202, Golden Gate Pandurangapuram
Visakhapatnam, Andhra Pradesh 530003
India
Insolvency Commencement Date: October 27, 2021
Court: National Company Law Tribunal, Visakhapatnam Bench
Estimated date of closure of
insolvency resolution process: May 5, 2022
Insolvency professional: CS Sunkara Venkateswara Rao
Interim Resolution
Professional: CS Sunkara Venkateswara Rao
Plot # 18 B, D Block Expansion
Auto Nagar, Gajuwaka
Visakhapatnam
Andhra Pradesh 530012
E-mail: svraocs@gmail.com
cirp.lloyds@gmail.com
Last date for
submission of claims: November 20, 2021
MAHAKALI MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahakali
Motors Private Limited (MMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MMPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
MMPL, based in Bihar, was established in 2009 by the Choudhary
family. The company is an authorized dealer of commercial vehicles
of Tata Motors Ltd in Bihar.
MOTHERLAND GARMENTS: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Motherland
Garments Private Limited (MGPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 1.15 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MGPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MGPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
MGPL was incorporated in 2005, promoted by Mr. A J Pandian. The
company undertakes chemical washing and coloring of readymade
garments on a job-work basis at its facilities in Chennai and
Bengaluru.
NAVANAAMI PROJECTS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Navanaami
Projects Private Limited (NPPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NPPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NPPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2005 as a private limited company, Navanaami
projects Pvt Ltd (NPPL) is engaged in residential real estate
construction business in Hyderabad and Bangalore. The firm has two
on-going projects currently ' one in Hyderabad and one in
Bangalore. The firm is promoted and managed by Mr.G Venkat Naveen.
REWA RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Rewa
Rice Mills Private Limited (SSRMPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 7.45 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSRMPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSRMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSRMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSRMPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Incorporated in 2013, SSRMPL has set up a rice milling unit with
processing capacity of 100 tonnes per day at Udaipura in Raisen
(Madhya Pradesh). The company is promoted by Mr. Rajendra Singh
Raghuvanshi and Mr. Sandeep Raghuvanshi. Its registered office is
at Udaipura.
STONE INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Stone India Limited
16, Taratalla Road
Alipore Kolkata
West Bengal 700088
Insolvency Commencement Date: November 9, 2021
Court: National Company Law Tribunal, Kolkata Bench-I
Estimated date of closure of
insolvency resolution process: May 8, 2022
(180 days from commencement)
Insolvency professional: Mr. Kuldeep Verma
Interim Resolution
Professional: Mr. Kuldeep Verma
46, BB Ganguly Street
Unit 501
Kolkata 700012
E-mail: kuverma@gmail.com
cirp.stone@gmail.com
Last date for
submission of claims: November 23, 2021
TECHNOVISION AUTO: CRISIL Lowers Rating on INR8cr Loan to B
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Technovision
Auto Components Private Limited (TACPL) Revised to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 0.25 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with TACPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TACPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TACPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.
TACPL was set up in 2000 in Kolhapur as a proprietorship concern by
Mr. Nilesh Kulkarni, and was reconstituted as a private limited
company in 2006. The company manufactures machined iron and steel
castings used in the automotive industry. Mr. Nilesh Kulkarni and
his brother, Mr. Tushar Kulkarni, manage operations.
UNIBERA DEVELOPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Unibera Developers Private Limited
Registered office:
2 Jay House Bihari Park
Devli Road, Khanpur
New Delhi 110062
Corporate office:
A-11A, Sector 58
Noida, U.P.
Insolvency Commencement Date: November 12, 2021
Court: National Company Law Tribunal, New Delhi Bench-II
Estimated date of closure of
insolvency resolution process: May 11, 2022
(180 days from commencement)
Insolvency professional: Mr. Anil Kumar Mittal
Interim Resolution
Professional: Mr. Anil Kumar Mittal
5/99, Sector-2, Rajendra Nagar
Sahibabad, Distt. Ghaziabad
UP 201005
E-mail: mittalanil.ubi@gmail.com
- and -
E-10A, Kailash Colony
Greater Kailash-1
New Delhi, Delhi 110048
E-mail: uniberadevelopers@
aaainsolvency.com
Classes of creditors: Allottees of Real Estate Project
Insolvency
Professionals
Representative of
Creditors in a class: Anurag Nirbhaya
Anil Bhatia
Gaurav Rohilla
Last date for
submission of claims: November 27, 2021
VIBRANT CONTENT: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vibrant
Content Private Limited (VCPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 21.85 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VCPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Mumbai-based VCPL, incorporated in July 2012 and promoted by Mr.
Parthasarathi Iyer and Ms Chitra Deshmukh, trades in content for
television, primarily television series, movies, and music. It
mainly deals in television content in Hindi and Marathi.
=========
J A P A N
=========
TOSHIBA CORP: S&P Puts 'BB+' ICR on Watch Negative Amid Spin-Off
----------------------------------------------------------------
S&P Global Ratings has placed its 'BB+' long-term issuer credit
rating on Toshiba Corp. on CreditWatch with negative implications.
At the same time, S&P affirmed its 'B' short-term issuer credit and
commercial paper program ratings.
Toshiba announced on Nov. 12, 2021, it plans to spin off core
businesses into two newly listed companies in the second half of
fiscal 2023.
The spin-off, if implemented as planned, will transform Toshiba
into three companies and transfer most businesses and cash flow to
the new entities, very likely substantially eroding the remaining
entity's business base and cash flow generation.
S&P said, "The CreditWatch placement with negative implications is
based on our pessimistic view of the announcement by Toshiba that
it intends to spin off two businesses in the second half of fiscal
2023 (October 2023 to March 2024). Under the plan, Toshiba will
split into three companies, spinning off its core infrastructure
service and device businesses. The plan calls for the two new
companies to be listed. We need to examine the degree to which the
spin-offs will weaken the remaining entity's business base,
competitiveness, and cash flow generation. Most of Toshiba's
business base and cash flow sources will be transferred to the
newly established companies under the plan."
If Toshiba splits as planned, its competitiveness in a wide range
of businesses, and the solid market position of a part of its
business as a capital goods major, will highly likely diminish.
These strengths, which are under threat, currently underpin our
ratings on the company. Meanwhile, how assets, liabilities, and
shareholders' equity will be allocated at the time of the split is
unknown.
S&P said, "We expect Toshiba's business performance and key
financial ratios on a consolidated basis to remain stable in the
next 12 months or so. Its business is supported by a robust
semiconductor market and solid energy and infrastructure business.
Toshiba's management has been in disarray since April 2021, when
top management resigned and amid a complex relationship with
shareholders, including activist investors. Nevertheless, Toshiba
had a strong performance in the first half of fiscal 2021 (April to
September). We expect the company's ratio of debt to EBITDA, a
major cash flow indicator, will remain below 2.0x over the next
year or so. Over that period, we expect the company to allocate its
cash flow to investment for growth and shareholder returns
aggressively. The ratio was 1.4x as of March 31, 2021.
"We will examine the details of and progress in Toshiba's plan to
split and its relationship with domestic main lender banks,
reflecting any impact into our rating on the company. We may
consider downgrading the company and keeping it on CreditWatch if
the intentions of shareholders of the company remain unclear after
an extraordinary shareholders' meeting scheduled for the first
quarter of 2022 (January to March). In that case, we could come to
believe that management disarray will be prolonged and the
company's business performance and distribution of cash flow is
likely to worsen. Ultimately, resolving the CreditWatch placement
may not happen until the second half of fiscal 2023, when the split
will finally be completed."
=====================
N E W Z E A L A N D
=====================
CALTEX BLOCKHOUSE: Creditors' Proofs of Debt Due on Jan. 12
-----------------------------------------------------------
Creditors of Caltex Blockhouse Bay (2014) Limited, which is in
liquidation, are required to file their proofs of debt by Jan. 12,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 12, 2021.
The company's liquidators are:
Vivian Judith Fatupaito
Elizabeth Helen Keene
KPMG Auckland
18 Viaduct Harbour Avenue
PO Box 1584, Shortland Street
Auckland 1140
New Zealand
ENDEAVOUR CAPITAL: Creditors' Proofs of Debt Due on Dec. 17
-----------------------------------------------------------
Creditors of Endeavour Capital Limited, which is in liquidation,
are required to file their proofs of debt by Dec. 17, 2021, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 5, 2021.
The company's liquidators are:
Richard Nacey
Malcolm Hollis
PwC, PwC Wellington
PO Box 243
Wellington 6140
New Zealand
FLOW CONTROL: Creditors' Proofs of Debt Due on Dec. 31
------------------------------------------------------
Creditors of Flow Control Limited, which is in liquidation, are
required to file their proofs of debt by Dec. 31, 2021, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 12, 2021.
The company's liquidators are:
Garry Whimp
Blacklock Rose Limited
PO Box 6709, Victoria Street West
Auckland 1142
New Zealand
Email: gwhimp@blr.co.nz
New Zealand
=====================
P H I L I P P I N E S
=====================
RURAL BANK OF KAROMATAN: Placed Under PDIC Receivership
-------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Karomatan (Lanao del Norte), Inc. from
doing business in the Philippines through MB Resolution No. 1518A
dated November 11, 2021 which also directed the Philippine Deposit
Insurance Corporation (PDIC), as Receiver, to proceed with the
takeover and liquidation of the bank.
The PDIC took over the bank on November 12, 2021.
For the safety of the bank clients and local residents, the PDIC
field personnel complied with the health, quarantine and travel
protocols in accordance with Resolution No. 98-A issued by the
Inter-Agency Task Force for the Emerging Infectious Disease (IATF).
The same Resolution also authorized the PDIC personnel to travel on
official business unimpeded to ensure that the PDIC is able to
fulfill its mandates under the law.
Rural Bank of Karomatan (Lanao del Norte), Inc. is a single-unit
rural bank with Head Office located in A&A Parklane, Brgy.
Poblacion, Tubod (Capital), Lanao del Norte. Latest available
records show that as of June 30, 2021, Rural Bank of Karomatan
(Lanao del Norte), Inc. has 1,522 deposit accounts with total
deposit liabilities of PHP39.0 million, of which 63.2% or PHP24.6
million are insured deposits.
The PDIC assured depositors that all valid deposits and claims will
be paid up to the maximum deposit insurance coverage of
PHP500,000.00 per depositor.
Individual account holders of valid deposits with balances of
PHP100,000.00 and below, who have no outstanding obligations or
have not acted as co-makers of obligations with Rural Bank of
Karomatan (Lanao del Norte), Inc. are not required to file deposit
insurance claims. These individual depositors must ensure that they
have complete and updated addresses with the bank. Depositors may
update their addresses by submitting a Mailing Address Update Forms
(MAUF) until December 2, 2021, either through the drop box
available at the bank premises, or by sending a scanned copy of
said Form and valid ID to email address,
rbkaromatan-pad@pdic.gov.ph. MAUF will be made available at the
bank premises or may be downloaded from the PDIC website at
www.pdic.gov.ph. Insurance payments for valid deposits with
balances of PHP100,000.00 and below will be made through postal
money order and targeted to be sent via mail starting on December
16, 2021.
For business entities and all other depositors who are required to
file claims for insured deposit, receiving of claims is targeted to
start by December 24, 2021. Details will be announced through the
PDIC website www.pdic.gov.ph, and PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.
Borrowers are likewise reminded to continue paying their loan
obligations with the closed Rural Bank of Karomatan (Lanao del
Norte), Inc. and to transact only with designated PDIC
representatives. The procedures for settlement of loan obligations
are available in the PDIC website.
For more information on the requirements and procedures for filing
deposit insurance claims and settlement of loan obligations,
depositors and borrowers of the bank are enjoined to attend the
virtual Depositors-Borrowers' Forum scheduled on December 16, 2021.
Details of the Forum will also be announced in the PDIC website and
Facebook page.
As provided for by the PDIC Charter, the PDIC shall likewise accept
Letters of Intent from interested banks and non-bank institutions
for possible purchase of assets and assumption of liabilities (P&A)
as a mode of liquidating Rural Bank of Karomatan (Lanao del Norte),
Inc. Letters of intent should be submitted within 60 days from
takeover date subject to compliance with the requirements
prescribed under the Guidelines in Pre-qualifying Proponents and
Evaluating the Proposals for Purchase of Assets and Assumption of
Liabilities Mode of Liquidating Closed Banks which can be accessed
in the PDIC website.
UNITED PEOPLES: MB Orders PDIC To Takeover, Liquidate Bank
----------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited United Peoples Rural Bank, Inc. from doing business in
the Philippines through MB Resolution No. 1492.A dated November 4,
2021 which also directed the Philippine Deposit Insurance
Corporation (PDIC), as Receiver, to proceed with the takeover and
liquidation of the bank.
The PDIC took over the bank on November 5, 2021.
For the safety of the bank clients and local residents, the PDIC
field personnel complied with the health, quarantine and travel
protocols in accordance with Resolution No. 98-A issued by the
Inter-Agency Task Force for the Emerging Infectious Disease (IATF).
The same Resolution also authorized the PDIC personnel to travel on
official business unimpeded to ensure that the PDIC is able to
fulfill its mandates under the law.
United Peoples Rural Bank, Inc. is a three-unit rural bank with
Head Office located in Salazar St., Brgy. Poblacion, Candelaria,
Quezon. Its San Pablo Branch is in M. Paulino St., Barangay III-A
(Pob.), City of San Pablo, Laguna. Its Tayabas Branch is at 7
Nadera St., Brgy. Angeles, Zone III, City of Tayabas, Quezon.
Latest available records show that as of June 30, 2021, United
Peoples Rural Bank, Inc. has 2,755 deposit accounts with total
deposit liabilities of PHP127.87 million, of which 90.50% or
PHP115.72 million are insured deposits.
The PDIC assured depositors that all valid deposits and claims will
be paid up to the maximum deposit insurance coverage of
PHP500,000.00 per depositor.
Individual account holders of valid deposits with balances of
PHP100,000.00 and below, who have no outstanding obligations or
have not acted as co-makers of obligations with United Peoples
Rural Bank, Inc. are not required to file deposit insurance claims.
These individual depositors must ensure that they have complete and
updated addresses with the bank. Depositors may update their
addresses by submitting a Mailing Address Update Forms (MAUF) until
November 17, 2021, either through the drop box available at the
bank premises, or by sending a scanned copy of said Form and valid
ID to email address, unitedprb-pad@pdic.gov.ph. MAUF will be made
available at the bank premises or may be downloaded from the PDIC
website at www.pdic.gov.ph.
Insurance payments for valid deposits with balances of
PHP100,000.00 and below will be made through postal money order and
targeted to be sent via mail starting on December 10, 2021.
For business entities and all other depositors who are required to
file claims for insured deposit, receiving of claims is targeted to
start by December 17, 2021. Details will be announced through the
PDIC website www.pdic.gov.ph, and PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.
Borrowers are likewise reminded to continue paying their loan
obligations with the closed United Peoples Rural Bank, Inc. and to
transact only with designated PDIC representatives. The procedures
for settlement of loan obligations are available in the PDIC
website.
For more information on the requirements and procedures for filing
deposit insurance claims and settlement of loan obligations,
depositors and borrowers of the bank are enjoined to attend the
virtual Depositors-Borrowers' Forum scheduled on December 3, 2021.
Details of the Forum will also be announced in the PDIC website and
Facebook page.
As provided for by the PDIC Charter, the PDIC shall likewise accept
Letters of Intent from interested banks and non-bank institutions
for possible purchase of assets and assumption of liabilities (P&A)
as a mode of liquidating United Peoples Rural Bank, Inc. Letters of
intent should be submitted within 60 days from takeover date
subject to compliance with the requirements prescribed under the
Guidelines in Pre-qualifying Proponents and Evaluating the
Proposals for Purchase of Assets and Assumption of Liabilities Mode
of Liquidating Closed Banks which can be accessed in the PDIC
website.
=================
S I N G A P O R E
=================
KANSEI TECHNOLOGIES: Court to Hear Wind-Up Petition on Dec. 3
-------------------------------------------------------------
A petition to wind up the operations of Kansei Technologies Pte Ltd
will be heard before the High Court of Singapore on Dec. 3, 2021,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Nov. 9, 2021.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
KIM YUEN: Court to Hear Wind-Up Petition on Dec. 3
--------------------------------------------------
A petition to wind up the operations of Kim Yuen Electrical
Engineering Pte Ltd will be heard before the High Court of
Singapore on Dec. 3, 2021, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Nov. 9, 2021.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
SEA LIMITED: Net Loss Widens to US$450MM in Q3 Ended Sept. 30
-------------------------------------------------------------
The Business Times reports that Singapore-based Sea Limited, which
owns e-commerce platform Shopee and game developer Garena, reported
on Nov. 16 a third-quarter net loss attributable to ordinary
shareholders of US$450.1 million, after excluding share-based
compensation. The net loss widened from US$340.8 million a year
ago.
Revenue however rose 121.8% to US$2.7 billion for the three months
ended Sept. 30, BT discloses. Gross profit increased 147.5% to US$1
billion.
Loss per share was US$0.84, compared with US$0.69 a year ago,
missing an estimate of US$0.762 based on a Bloomberg poll of 5
analysts, according to BT.
Sea, which is listed on the New York Stock Exchange, reported
higher operating expenses during the quarter, with sales and
marketing comprising two-thirds of costs. Operating expenses rose
105.8% to US$1.5 billion, BT relays.
Under the e-commerce segment, revenue increased 134.4% from the
year before to reach US$1.5 billion.
According to BT, Sea again raised its guidance for e-commerce for
the full year of 2021. It expects revenue for e-commerce to be
between US$5 billion and US$5.2 billion, up from US$4.7 billion to
US$4.9 billion. This represents a 135.3% growth from 2020 at the
midpoint of the revised guidance.
Gross orders rose 123.2% to 1.7 billion while gross merchandise
value increased 80.6% to US$16.8 billion.
But adjusted earnings before interest, taxes, depreciation and
amortisation (Ebitda) loss for the segment widened to US$683.8
million from US$301.6 million in Q3 2020, BT notes. Sea said this
translated to an Ebitda loss per order of US$0.41, in line with the
year before. Ebitda was adjusted for share-based compensation, and
depreciation and amortisation expenses.
BT relates that Kristine Lau, an analyst at research house Third
Bridge, said Shopee's increased commission rate across Asean and
Taiwan signals increasing pricing power due to market share gains.
"Shopee's swift merchandising strategy and aggressive campaigns
have reinforced its leading positioning. Its expansion into other
seller services such as advertising and Shopee Express also
contribute towards steady growth in both first-party and
third-party seller take rate expansion," the report quotes Ms. Lau
as saying.
She added that the regional e-commerce industry remains highly
competitive, with Tokopedia and Lazada in aggressive expansion
mode. "However, our experts point out Shopee's strong user traffic
and particular edge in advertising offerings also help onboard and
retain branded retailers, leading to a network effect of wider
stock keeping unit selection and order volume growth."
Under Sea's digital entertainment segment, which is the group's
gaming arm, revenue rose 93.2% to US$1.1 billion, BT discloses.
Bookings, which represent generally accepted accounting principles
(GAAP) revenue plus change in deferred revenue, totalled US$1.2
billion, up 29.2 per cent.
Adjusted EBITDA was up 22.3% to US$715.1 million. Ebitda was
adjusted for share-based compensation, depreciation and
amortisation expenses, and the net effect of changes in deferred
revenue and its related cost for the segment.
Adjusted EBITDA, however, represented 58.6% of bookings, lower than
the 61.9% recorded in Q3 last year.
Quarterly active users rose 27.4% to reach 729 million; quarterly
paying users grew 42.7% to 93.2 million. Sea said average bookings
per user was US$1.70, in line with that for Q3 2020.
The group added that it continues to see strong growth in the
adoption of SeaMoney's offerings. The total payment volume for its
mobile wallet was US$4.6 billion in Q3, an increase of 111 per
cent.
Quarterly paying users for the mobile wallet services increased to
39.3 million from 32.7 million in Q2 2021.
The group had US$12.5 billion of cash on its balance sheet as at
end-September, up from US$7 billion as at end-Dec 2020, the report
notes. Sea raised US$6.3 billion in the largest equity offering of
the year in September this year.
On the back of its earnings report on Nov. 16, the group announced
the appointment of Chris Feng as group president effective Jan. 1,
2022, BT reports. Mr. Feng, who drove Shopee's meteoric rise as an
e-commerce player in South-east Asia, will continue in his roles as
chief executive officer of Shopee and SeaMoney.
XIN SHENG: Creditors' Meeting Scheduled for Dec. 1
--------------------------------------------------
Creditors of Xin Sheng Shipping (Pte) Ltd will hold a meeting on
Dec. 1, 2021, at 11:30 a.m.
Agenda of the meeting includes:
a. to receive a full statement of the company's affairs
together with a list of creditors and the estimated amount
of their claims;
b. to appoint liquidators;
c. to consider the judicial managers' remuneration and expenses
as an expense of the winding-up; and
c. to be authorised to appoint solicitors to (i) assist the
liquidators in the liquidators' duties; and/or (ii) to bring
or defend any action or legal proceeding in the name and on
behalf of the Company.
XIN SHENG: Grant Thornton Appointed as Liquidators
--------------------------------------------------
Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore on Nov. 3, 2021, were appointed as provisional
liquidators of Xin Sheng Shipping (Pte) Ltd.
The provisional liquidators can be reached at:
Paresh Tribhovan Jotangia
Ho May Kee
Grant Thornton Singapore
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960
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