/raid1/www/Hosts/bankrupt/TCRAP_Public/211229.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
Wednesday, December 29, 2021, Vol. 24, No. 254
Headlines
A U S T R A L I A
BA MURPHY: Builder Placed Into Liquidation
DYNAMIC DEVELOPMENTS: First Creditors' Meeting Set for Jan. 10
POKED GROUP: Collapses Into Liquidation
C H I N A
BAZHOU CITY: Condemned for Arbitrarily Fining Businesses
DATANG GROUP: S&P Withdraws 'B' LongTerm Issuer Credit Rating
SHIMAO GROUP: Plans to Use Own Funds to Pay Onshore Bonds
I N D I A
ARPAN INTERNATIONAL: Insolvency Resolution Process Case Summary
CARNIVAL SOFT: ICRA Lowers Rating on INR200cr Term Loan to D
CHADHA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
CHAITANYA CHEMICALS: ICRA Keeps B+ Ratings in Not Cooperating
DEGUSTIBUS HOSPITALITY: Insolvency Resolution Process Case Summary
EAGLE CONTINENTAL: ICRA Keeps D Debt Rating in Not Cooperating
EDIBLE OILS: ICRA Keeps B+ Debt Ratings in Not Cooperating
EVAN MULTI SPECIALTY: ICRA Keeps D Debt Ratings in Not Cooperating
KARVY DATA: Insolvency Resolution Process Case Summary
KIRATPUR NER: ICRA Keeps D Debt Rating in Not Cooperating
KISSAN POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating
KLR INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
MEP SANJOSE: ICRA Keeps D Debt Ratings in Not Cooperating
MS SUPPORT SERVICES: Insolvency Resolution Process Case Summary
MY AUTO: ICRA Keeps B Debt Rating in Not Cooperating Category
NIRMANGOLD ALLOYS: Insolvency Resolution Process Case Summary
OSIAN'S CONNOISSEURS: Insolvency Resolution Process Case Summary
PEBBLE GLOSSY: Insolvency Resolution Process Case Summary
POLARIS LIQUOR: ICRA Keeps B+ Debt Rating in Not Cooperating
QUALITY STEEL: Insolvency Resolution Process Case Summary
RANCHI EXPRESSWAY: ICRA Keeps D Debt Rating in Not Cooperating
REALTIME TECHSOLUTIONS: ICRA Keeps D Ratings in Not Cooperating
REGEN POWERTECH: ICRA Keeps D Debt Ratings in Not Cooperating
SHRIRAM TRANSPORT: Fitch Affirms 'BB' LT IDRs, Outlook Stable
SHRISHTI TECHNOLOGIES: ICRA Keeps B+ Rating in Not Cooperating
THERMOSET POLY: ICRA Keeps D Debt Rating in Not Cooperating
TRN ENERGY PRIVATE: Insolvency Resolution Process Case Summary
UNITED BREWERIES: NCLAT Stays CCI Order Imposing INR873cr Penalty
VARDHAMAN PRESSURE: ICRA Keeps B+ Debt Ratings in Not Cooperating
VARUN ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating
M A L A Y S I A
KNM GROUP: Proposes Asset Disposals to Boost Financial Position
N E W Z E A L A N D
G. BROWN: Creditors' Proofs of Debt Due on Jan. 12
G.R. TRANSPORT: Creditors' Proofs of Debt Due on Feb. 17
H AND N LIMITED: Creditors' Proofs of Debt Due on Jan. 20
LL SERVICES: Creditors' Proofs of Debt Due on Jan. 21
MITCHELL'S LIMITED: Creditors' Proofs of Debt Due on Jan. 21
OD 2019 LIMITED: Grant Reynolds Appointed as Liquidator
ORILLIA NZ: Creditors' Proofs of Debt Due on Jan. 18
S I N G A P O R E
AMROSE SINGAPORE: Court to Hear Wind-Up Petition on Jan. 28
AS-1 LOGISTICS: Court Enters Wind-Up Order
DINGX PTE: Court to Hear Wind-Up Petition on Jan. 21
EAGLE HOSPITALITY: Court Confirms Chapter 11 Plan to Liquidate
FU XIANG: Court Enters Wind-Up Order
KEE LINK: Court to Hear Wind-Up Petition on Jan. 21
NDN JAPAN: Creditors' Proofs of Debt Due on Jan. 25
RW NODA: Creditors' Proofs of Debt Due on Jan. 25
SIN TUNG: Court Enters Wind-Up Order
T A I W A N
NEXT DIGITAL: More Than One Suitor Emerge for Taiwan's Apple Daily
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A U S T R A L I A
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BA MURPHY: Builder Placed Into Liquidation
------------------------------------------
The Epoch Times reports that one of Queensland's major building
companies BA Murphy Constructions, has been put into liquidation
just before Christmas, adding to a growing list of insolvent
builders in Australia. The collapse came amidst the deepening
concerns that the ongoing surge in material and labour costs will
see more construction companies go under in the coming months, the
report says.
According to the notice on corporate watchdog ASIC, BA Murphy made
the resolution on Dec. 21 that the company be wound up and that
liquidators be appointed, The Epoch Times relates.
The move, which followed the loss of its licences earlier the month
for failing to pay subcontractors, has left millions of dollars
worth of projects unfinished. It is estimated the company could owe
up to AUD3 million, the report discloses.
According to the report, BA Murphy is just one of a string of big
construction casualties of material price hikes, labour shortage
and harsh lockdowns, as many builders have secured work at fixed
prices without factoring in the amount of profit margin needed to
keep business going.
In November, another prominent Queensland builder, the Privium
group, was placed in voluntary administration with debts of more
than AUD28 million. The firm, having completed 600 projects in
Queensland, NSW and Victoria, blamed the harsh operating condition
induced by the pandemic for its failure, The Epoch Times reports.
"The last six months have been very difficult in our industry with
the continued supply and demand challenges, significant price
increases and ongoing lockdowns in Victoria and NSW," the company
said in a letter to its shareholder, The Epoch Times relays.
The same month also saw Melbourne's high-rise builder ABD Group and
its subsidiary Marcus Group go into liquidation, leaving an
estimated up to AUD80 million (US$57.79 million ) in outstanding
debt, the report says.
In October, over ten builders in Melbourne were put into
administration, including the luxury builder Built by Guild.
The boutique builder, which is behind some of Melbourne's most
prestigious houses and apartments, was plunged into substantial
loss in 2020 due to material price increase and cost overrun, from
which it did not recover, adds The Epoch Times.
DYNAMIC DEVELOPMENTS: First Creditors' Meeting Set for Jan. 10
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Dynamic Developments Trading 1 Pty Ltd;
- Dynamic Developments Trading 2 Pty Ltd; and
- Dynamic Investment Ventures Pty Ltd
will be held on Jan. 10, 2022, at 2:30 p.m. via virtual meeting
technology.
Stephen Dixon of Hamilton Murphy Advisor was appointed as
administrator of Dynamic Developments on Dec. 24, 2021.
POKED GROUP: Collapses Into Liquidation
---------------------------------------
SmartCompany reports that a chain of Hawaiian-themed salad bars
called Poked have collapsed, with the directors attributing repeat
COVID-19 lockdowns in Sydney and Melbourne as the driving factors.
Founded in 2016, Poked Group operates eight restaurants employing
about 50 staff, with seven located across Melbourne's CBD and one
on Sydney's George Street. The restaurants sell customisable salad
bowls, including options for people with alternative dietary
requirements.
According to SmartCompany, Matthew Kucianski, partner at the
solvency firm Worrells, has been appointed to oversee the company's
liquidation process, which he says is "in its infancy".
"The liquidation of the Poked Group is in its infancy and the
underlying reasons for the insolvency will take some time to
determine," Mr. Kucianski told SmartCompany.
"But the directors attribute the insolvency of the group to the
COVID-19 lockdowns," he added.
SmartCompany relates that Poked's eight stores will remain
shuttered over at least the summer holiday period, pending the
outcome of the liquidation process. The group's employees have also
been stood down.
In the meantime, the owners of Poked are encouraging customers to
visit their sister stores at Grazeland in Melbourne, which is a
food hall in Spotswood with 50 different vendors, SmartCompany
reports. Poked also operates Katsu King, BBL tea, Fat Tony's and
Doughville at Grazeland.
Poked opened its first store five years ago with the intention of
bringing the 'poke craze' to Australia and offer a healthier type
of fast food.
Within two years, the company had expanded from one to eight
restaurants. But repeat lockdowns in NSW and Victoria emptied
cities of office workers, pushing the company to collapse.
Not all of Poked Group's entities are in liquidation and
SmartCompany understands the owners and stakeholders are hopeful
that they can restructure some of the group's businesses.
For the restaurants that are in liquidation, the outcome of the
process is yet to be determined.
"The Worrells team is focused on finding a way for the underlying
business operations to be salvaged, if at all possible," the report
quotes Mr. Kucianski as saying.
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C H I N A
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BAZHOU CITY: Condemned for Arbitrarily Fining Businesses
--------------------------------------------------------
Caixin Global reports that China has condemned a city government in
the northern province of Hebei for arbitrarily fining and
collecting fees from thousands of businesses to fill the hole in
its coffers.
The case reflects the struggles of some local governments in making
ends meet, as slowing economic growth and the troubled property
market have bitten into fiscal revenue, especially that from land
sales, Caixin says.
According to the report, the State Council, China's cabinet, issued
a statement on Dec. 24 blaming Bazhou for levying fees on
businesses "without any reason or procedure" and imposing unfair
penalties in order to collect more non-tax revenue.
Caixin relates that the State Council said the Bazhou government
had ordered lower-level authorities to increase non-tax revenue to
make up for its funding shortage, "provoking strong resentment
among businesses and the public."
DATANG GROUP: S&P Withdraws 'B' LongTerm Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B' long-term issuer credit
rating on Datang Group Holdings Ltd. at the company's request. The
rating outlook was negative at the time of the withdrawal.
SHIMAO GROUP: Plans to Use Own Funds to Pay Onshore Bonds
---------------------------------------------------------
Reuters reports that Shimao Group's flagship unit said it plans to
use its own capital to make onshore bond payments due in the next
three months, and it is in talks to sell its commercial and hotel
assets.
Reuters relates that Shanghai Shimao also said it will be difficult
to meet its CNY38 billion (US$5.96 billion) full-year sales target,
as sales in the first 11 months were CNY28.2 billion.
The firm published the comments made to investors in a filing on
Dec. 27, Reuters says.
According to Reuters, Shimao saw sharp falls in its shares and debt
this month, triggered by worries over an asset sale and cancelled
apartment deals, as well as downgrades by rating agencies on
increased financing risks.
Reuters relates that Shanghai Shimao also caused further worries
when it said earlier it had sold its property management business
to sister company Shimao Services for CNY1.7 billion (US$267
million), at a valuation some analysts said was higher than market
average.
According to Reuters, the firm said in the filing the proceed is
for developing and operating commercial complex, not repaying
debt.
Separately, Shimao Services - the group's property management arm -
said in a filing on Dec. 24 it is operating steadily, and it will
not conduct any major assets disposal or acquisition with parent
company in next six months, Reuters reports.
Reuters adds that Shimao Group has told investors in November its
sales this year would be around CNY290 billion due to a national
credit tightening, and it would consider selling come commercial
and hotel assets if prices were good.
About Shimao Group
Shimao Group Holdings Ltd, formerly Shimao Property Holdings Ltd,
is an investment holding company principally engaged in the sale of
properties. The Company operates its business through four
segments. The Sales of Properties segment is mainly engaged in the
development of residential real estate. The Property Management
Income and Others is mainly enga ged in property management. The
Hotel Operation Income segment is mainly engaged in hotel
operations. The Commercial Properties Operation Income segment is
mainly engaged in the development, investment and operation of
commercial, office and industrial park property projects.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
24, 2021, Moody's Investors Service has placed on review for
downgrade the Ba1 corporate family rating of Shimao Group Holdings
Limited. The outlook prior to the review for downgrade was
stable.
The TCR-AP reported on Nov. 11, 2021, that S&P Global Ratings
lowered its long-term issuer credit rating on Shimao Group Holdings
Ltd. to 'BB+' from 'BBB-'. S&P also lowered the long-term issue
rating on the property developer's senior unsecured notes to 'BB'
from 'BB+'.
The negative outlook reflects the rising uncertainty over Shimao's
commitment to debt and leverage control.
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I N D I A
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ARPAN INTERNATIONAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Arpan International Limited
536/12-D, Station Road
Dhandhari Kalan
Opposite Dhandhari Kalan Railway Station
Ludhiana, Punjab 141014
Insolvency Commencement Date: December 22, 2021
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: June 19, 2022
Insolvency professional: Deepankur Sharma
Interim Resolution
Professional: Deepankur Sharma
H.No. 60, Sector 38-A
Chandigarh 160036
E-mail: deepankursharma@yahoo.com
- and -
H.No. 272, Second Floor
Sector 37-A
Chandigarh 160036
E-mail: cirp.arpan@gmail.com
Last date for
submission of claims: January 4, 2022
CARNIVAL SOFT: ICRA Lowers Rating on INR200cr Term Loan to D
------------------------------------------------------------
ICRA has revised the rating on the bank facility of Carnival Soft
Private Limited (CSPL) as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 200.00 [ICRA]D; downgraded from
[ICRA]BB-(Stable)
Rationale
The rating downgrade reflects the irregularities in debt servicing
by CSPL. CSPL has been witnessing a delay in the receipt of rentals
from the tenants of its commercial office space (Carnival Infopark,
Kochi) over the past year as the tenants' businesses were impacted
by the Covid-19 pandemic. The pandemic also impacted the occupancy
level of the office space, with 1.22 lakh square feet (sq ft) area
out of the 6.83 lakh sq ft of leasable area being vacant as on
September 30, 2021 (around 18% vacancy). These factors impacted the
cashflow of the company, resulting in a delay in debt servicing.
ICRA, however, notes the adequate operational profile of the asset,
characterised by competitive rental rates and the resultant ability
to re-lease in case of vacancy, as reflected in the past
performance. ICRA also favourably notes that structural features
such as the escrow for the rentals and maintenance of the debt
service reserve account (DSRA). The company is in the process of
leasing the vacant space and the management expects the cashflow to
improve from January 2022.
Key rating drivers and their description
Credit strengths
* Competitive rentals compared to ongoing rates at similar
properties: The rental rates of the company's property, averaging
INR32/sq ft/month, are comparable to the prevailing market price.
This is likely to support the re-leasing of the vacant spaces, as
witnessed in the past.
* Presence of DSRA and escrow: The lease rentals have an escrow
structure in place and the company maintains a debt service reserve
account (DSRA) equivalent to one quarter of debt servicing.
However, ICRA notes that the DSRA has not been used for debt
servicing.
Credit challenges
* Delay in debt servicing and weak financial profile: CSPL has been
witnessing a delay in the receipt of rentals from the tenants of
its commercial office space (Carnival Infopark, Kochi) over the
past year as the tenants' businesses were impacted due to the
Covid-19 pandemic. The pandemic also impacted the occupancy level
of the office space, with 1.22 lakh square feet (sq ft) area out of
the 6.83 lakh sq ft of leasable area being vacant as on September
30, 2021 (around 18% vacancy). These factors impacted the cashflow
of the company, resulting in a delay in debt servicing. The
financial profile of the company is also exposed to the volatility
in interest rates and the resultant impact on the debt coverage
metrics.
* Considerable loans and advances to group companies: The company
has sizeable loans and advances to weak group companies and there
are no returns generated on the same. Further, the possibility of
the loans and advances getting repaid is low in the near future.
Given the ongoing litigations of a group company and the promoter
with a lender, any liability arising on CSPL also remains a risk.
* High tenant concentration risk: While the tenant concentration
remains high, the company's competitive rental rates as well as
demonstrated ability to fill up vacant area in the past provide
comfort.
* Lease non-renewal and escalation risk: The company has ~19% of
the leasable area due for renewal in FY2022. Hence, it is exposed
to non-renewal risks. Further, the ability of the company to charge
lease escalations in a timely manner remains essential.
Liquidity position: Poor
The liquidity position is poor because of the weak rental
collections and the increase in vacancy levels. Further, the weak
group risk profile and the inability to recover the loans advanced
to weak group companies have impacted the liquidity profile. The
company has a DSRA of INR6.56 crore as on September 30, 2021
compared to an average monthly debt repayment requirement of
INR2.44 crore in FY2022.
Rating sensitivities
Positive factors – A rating upgrade may be initiated if CSPL's
liquidity profile improves and it demonstrates timely debt
servicing on a sustained basis, supported by an improvement in the
rental collections and an increase in the office space
occupancy levels.
Negative factors – Not applicable
CSPL is involved in the business of leasing out commercial office
space. The company owns and operates a commercial office space
property, named Carnival Infopark, in Kochi, Kerala. The space is
located on a plot of 6.35 acres and comprises four
buildings, with an aggregate leasable area of 6.28 lakh sq ft.
CSPL is a part of the Carnival Group, which comprises a consortium
of companies. The Group has a diversified portfolio with presence
in businesses such as hospitality, media and entertainment,
agricultural commodities trading and multiplex. Asian Business
Connection Pvt. Limited (ABCPL), the holding company of the group,
holds ~100% equity stake in CSPL. The entire shareholding was
purchased by the Carnival Group from the Leela Group in July 2014
for an enterprise value of INR271 crore.
CHADHA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Chadha
Sugars & Industries Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 109.80 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Rating Continues to remain under
Cash Credit the 'Issuer Not Cooperating'
category
Long Term- 168.33 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Rating Continues to remain under
Term Loan the 'Issuer Not Cooperating'
Category
Long Term- 40.46 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
the 'Issuer Not Cooperating'
category
Short Term- 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-Fund Rating Continues to remain under
Based-Others the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
CSIL was incorporated in 2004. The company is a part of the Late
Mr. Hardeep Chadha Group which has business interests in diverse
areas such as real estate, sugar, liquor, paper etc. CSIL has set
up a 4500 TCD sugar plant (expanded to 5000 TCD), 26 MW
co-generation unit, 30 KLPD grain-based distillery and 30 KLPD
molasses-based distillery. The plant is located at village Teri
Afghana in Gurdaspur district of Punjab.
CHAITANYA CHEMICALS: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Chaitanya
Chemicals in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.50 [ICRA]B+ (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Cash Credit to remain under the 'Issuer
Not Cooperating' category
Long Term- 0.85 [ICRA]B+ (Stable); ISSUER NOT
Unallocated COOPERATING; Rating Continues
to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Chaitanya Chemicals is a partnership firm started by Mr. S.V. Rama
Moorthy (Managing Partner) and his family members (5 partners in
total) in 1990; each partner having equal share in the firm's
profit. The firm is located in Kadapa district of Andhra Pradesh
which is the only place in India where mining of barytes ore is
done and has the single largest deposit of barytes in the world.
DEGUSTIBUS HOSPITALITY: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Degustibus Hospitality Private Limited
A-2104, Floor-21
Plot-5/209, E1
Sky Flama, Tokersey Jivraj Road
Dosti Flamingo, Sewree
Mumbai 400015
Maharashtra
Insolvency Commencement Date: Septeber 27, 2021
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 17, 2022
(180 days from commencement)
Insolvency professional: Mr. Arun Bagaria
Interim Resolution
Professional: Mr. Arun Bagaria
701, Stanford Building
Junction of S.V. Road and
C D Burfiwala Marg
Andheri (W), Mumbai 400058
E-mail: arun@bagariaco.com
bagaria.arun@gmail.com
Last date for
submission of claims: January 2, 2022
EAGLE CONTINENTAL: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Eagle
Continental Foods Private Limited (ECFPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based- 47.50 [ICRA]D/[ICRA]D; ISSUER NOT
Long-term/ COOPERATING; Rating continues
Short Term to remain under 'Issuer Not
Facility/ Cooperating' Category
Working Capital
Fund-based- 2.00 [ICRA]D; ISSUER NOT
Long-term COOPERATING; Rating continues
Facility/ to remain under 'Issuer Not
Term Loan Cooperating' Category
Long-term/ 30.50 [ICRA]D/[ICRA]D; ISSUER NOT
short-term- COOPERATING; Rating continues
Unallocated to remain under 'Issuer Not
Cooperating' Category
Rationale
The rating continues to remain under "Issuer Not Cooperating
category" because of lack of adequate information regarding ECFPL)
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Eagle Continental Foods private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.
ECFPL, formerly known as Eagle Potteries Private Limited (EPPL),
was incorporated in 1982. The promoters of the company are Mr.
Shahid Ali Qureshi and Mr. Sajid Ali Qureshi, both of whom have
extensive experience in the buffalo meat processing industry. The
company has an integrated plant with slaughtering, processing,
packaging, freezing and cold storage facilities at Dasna in the
Ghaziabad district of Uttar Pradesh.
EDIBLE OILS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sunshine
Edible Oils in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 5.00 [ICRA]B+ (Stable); ISSUER NOT
Term Loan COOPERATING; Rating Continues
to remain under the 'Issuer
Not Cooperating' category
Fund based- 20.00 [ICRA]B+ (Stable); ISSUER NOT
Cash Credit COOPERATING; Rating Continues
to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Sunshine Edible Oils (SEO) is a partnership firm established in
December 2014 for manufacturing mustard oil and oil cake at Village
Chousla, Ajmer with an installed plant capacity to 5,760 MTPA. The
project has 10 expellers and 90 kohlus setup at a
cost of INR9.0 crore funded through a term loan of INR5.0 crore and
started commercial operations in May 2016.
EVAN MULTI SPECIALTY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Evan Multi
Specialty Hospital and Research Centre Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.70 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Rating Continues to remain under
Term Loan the 'Issuer Not Cooperating'
category
Long Term- 1.35 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Rating Continues to remain under
Cash Credit the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in December 2012, EHRL is a closely held company that
operates a 55-bedded multi-speciality hospital in Muzaffarnagar
(Uttar Pradesh). Amongst ten promoters of the company, eight are
qualified doctors having relevant experience
across different medical fields. The hospital commenced its
outpatient patient operations in July 2015 and the inpatient
operations was initiated in September 2015.
KARVY DATA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Karvy Data Managaement Services Ltd
Karvy Gateway
Plot No. 38 & 39
Nanakramguda Financial District
Gachibowli, Hyderabad 500032
Ranga Reddy Dt. Telangana
Insolvency Commencement Date: November 30, 2021
Court: National Company Law Tribunal, Hyderabad Bench-1
Estimated date of closure of
insolvency resolution process: July 15, 2022
(180 days from commencement)
Insolvency professional: Golla Ramakantha Rao
Interim Resolution
Professional: Golla Ramakantha Rao
Flat No. 1106, Block-4
SMR Vinay Fountainhead
Calvary Temple Road, Hydernagar
Hyderabad 500049
E-mail: gollarama@yahoo.com
- and -
M/s. Vserve Financial Services
Plot No. 9, Flat No. 602-B
6th Floor
Dream Home Vasista Baraf Bagh Colony
Lower Tankbund Road
Hyderabad 500029
E-mail: cirp.karvy@gmail.com
Last date for
submission of claims: January 1, 2022
KIRATPUR NER: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kiratpur
Ner Chowk Expressway Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1474.86 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based TL Rating Continues to remain under
issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Kiratpur Ner Chowk Expressway Limited (KNCEL), promoted by IL&FS
Transportation Networks Limited (ITNL), was incorporated on 12th
February 2012 to implement the project for widening from existing
two lanes to four lanes of Kiratpur to Ner-Chowk Section of NH-21
from Km 73.200 to Km 186.500 in the State of Himachal Pradesh. The
project has been awarded by NHAI as BOT (Toll) on Design Build
Finance Operate & Transfer (DBFOT) basis under National Highway
Development Programme (NHDP) Phase – III with a concession period
of 28 years commencing from the appointment date of November 14,
2013 to November 14, 2041 including a construction period of three
years. The total length of the project stretch is 84.38 km and the
project road is a critical stretch connecting Northern Himachal to
Southern Himachal and passes through Rupnagar district of Punjab
and Bilaspur & Mandi districts of Himachal Pradesh with key places
and settlements like Kiratpur Sahib, Swarghat, Nauni, Bilaspur,
Ghagas, Barmana, Sunder Nagar and Ner Chowk along the stretch.
KISSAN POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kissan
Poultry (India) Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.61 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Rating Continues to remain under
Term Loan the 'Issuer Not Cooperating'
category
Long Term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Rating Continues to remain under
Cash Credit the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
It is engaged in manufacturing of poultry feed and trading of day
old chicks and Eggs. The unit is in Jind District of Haryana. The
company started its commercial production in 2010 and has
production capacity of 210 tons per day. The day-to-day operations
of the company are managed by Mr. Tejbir Singh.
KLR INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of KLR
Industries Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 28.50 [ICRA] D; ISSUER NOT COOPERATING;
Limits Rating Continues to remain under
'Issuer Not Cooperating' category
Non-Fund 12.50 [ICRA] D; ISSUER NOT COOPERATING;
Based limits Rating Continues to remain under
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
KLR Industries Limited (KLRIL) was initially established as a small
unit—KLR Universal—by Mr. K. Laxma Reddy in 1985. KLR Universal
was engaged in manufacturing button bits, a tool used in water well
drilling applications, before being incorporated as KLR Industries
Limited in January 2002. The company has a manufacturing facility
at Cherlapally, Hyderabad. KLRIL is engaged in the business of
manufacturing drilling equipment such as drilling rigs, hammers,
and bits, for the application of water wells, mining, piling,
geological survey, construction, etc.
MEP SANJOSE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mep
Sanjose Arawali Kante Road Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 266.84 [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
issuer not cooperating category
Non-fund- (26.36) [ICRA]D; ISSUER NOT COOPERATING;
Based limit Rating Continues to remain under
(sub-limit issuer not cooperating category
Of term loan)
Fund based 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Working Capital Rating Continues to remain under
issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
MEP Sanjose Arawali Kante Road Private Limited (MSAKRPL) is a
Special Purpose Vehicle (SPV) promoted by MEP Infrastructure
Developers Ltd (MEPIDL) in joint venture with Sanjose India
Infrastructure & Construction Pvt. Ltd. (SIICPL) for implementing a
road project involving upgradation from two-lane to four-lane of
Arawali Kante road in the state of Maharashtra from Km 241.30 to Km
281.30 (total length 39.24 Km) and construction of additional 2
lanes. The project is awarded under the National Highway
Development Project – IV (NHDP-IV) on Hybrid Annuity mode (HAM).
The bid project cost is INR592.98 crore and has a concession period
of 17 years (including 2 years of construction period).
MS SUPPORT SERVICES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: MS Support Services Pvt. Ltd.
4th Floor, Khasra 378
Sri Sai Complex
Kapashera
New Delhi 110037
Insolvency Commencement Date: December 15, 2021
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 12, 2022
(180 days from commencement)
Insolvency professional: Sanjay Kumar
Interim Resolution
Professional: Sanjay Kumar
D-131/2, Chattarpur Ext.
Near Baba Balak Nath Mandir
New Delhi 110074
E-mail: ip.kumarsanjay@gmail.com
- and -
B-268, First Floor, Sushant Lok-III
Sector 57, Gurgaon 122003
E-mail: cirpms.km@gmail.com
Last date for
submission of claims: December 29, 2021
MY AUTO: ICRA Keeps B Debt Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of My Auto
World (Kanpur) Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B (Stable);ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.25 [ICRA]B (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Cash Credit to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2012, MAPL is an authorised dealer of Ashok Leyland
Limited's (ALL's) commercial vehicles and spare parts,
Suzuki Two-wheelers and is also a distributor of Samsung Mobile
Phones in Uttar Pradesh. The company has the sole dealership of
Ashok Leyland in nine districts of Uttar Pradesh.
NIRMANGOLD ALLOYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Nirmangold Alloys Private Limited
Gut No. 17, Sultanpur Shivar
Near Jikthan Phata
Aurangabad-Nagar Road
Aurangabad 431133
Insolvency Commencement Date: November 22, 2021
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 20, 2022
Insolvency professional: Mr. Prakash Dattatraya Naringrekar
Interim Resolution
Professional: Mr. Prakash Dattatraya Naringrekar
503-A, Blue Diamond CHS Ltd
Chincholi Bunder
Link Road Junction
Malad West, Mumbai 400064
E-mail: prakash03041956@gmail.com
ngapl.cirp@gmail.com
Last date for
submission of claims: January 5, 2022
OSIAN'S CONNOISSEURS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Osian's Connoisseurs of Art Private Limited
24-B, Nariman Bhavan Ground Floor
Nariman Point, Mumbai 400021
Insolvency Commencement Date: December 12, 2021
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 7, 2022
(180 days from commencement)
Insolvency professional: Mr. Girish Siriram Juneja
Interim Resolution
Professional: Mr. Girish Siriram Juneja
22 Dignity Apartments
Bon Bon Lane
7 Bunglows Versova
Andheri (West)
Mumbai 400053
E-mail: junejagirish31@gmail.com
- and -
701 Business Suites 9
S V Road Santacruz West
Mumbai 400054
E-mail: ip.osians@gmail.com
Last date for
submission of claims: December 30, 2021
PEBBLE GLOSSY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Pebble Glossy Metals Private Limited
H.No. B-923, Ground Floor
B-Block, Gharoli Dairy Farm
Mayur Vihar Phase-3
East Delhi 110096
Delhi
Insolvency Commencement Date: November 30, 2021
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: June 15, 2022
Insolvency professional: Sudhanshu Gupta
Interim Resolution
Professional: Sudhanshu Gupta
311, Agarwal Chamber-2
Plot No. 30, 31
Veer Savarkar Block
Opp. Metro Pillar No. 58
Shakarpur
East Delhi 110092
E-mail: sg_1973@rediffmail.com
cirp.pebbleglossy@gmail.com
Last date for
submission of claims: December 31, 2021
POLARIS LIQUOR: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Polaris
Liquor Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 32.50 [ICRA]B+ (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Cash Credit to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Polaris Liquor Private Limited (PLPL) is a part of the N.R. Group
of Companies, promoted by Mr. Neeraj Rawal and is a major
distributor of Indian Made Foreign Liquor (IMFL), especially of
United Breweries Group in Maharashtra and Andhra Pradesh.
Primarily, PLPL is engaged in distributorship of all brands of
United Breweries Limited (UBL) and United Spirits Limited (USL) in
specified areas of Pune except three brands, namely Signature, DSP
Blue and Antiquity. The company also sells imported wine and beer
among others.
QUALITY STEEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Quality Steel Products Limited
133/1, Juhi Gaushala
Kanpur, Uttar Pradesh 208014
Insolvency Commencement Date: December 20, 2021
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: June 18, 2022
Insolvency professional: Varun Goel
Interim Resolution
Professional: Varun Goel
1750, Eternia Tower
Mahagun Moderene
Sector 78, Noida
Uttar Pradesh 201301
E-mail: varun@casnva.com
- and -
908, 9th Floor, D Mall
Netaji Subhash Place
Pitampura 100034
E-mail: cirp.qspl@gmail.com
Last date for
submission of claims: January 3, 2022
RANCHI EXPRESSWAY: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ranchi
Expressway Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1151.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based TL Rating Continues to remain under
issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Ranchi Expressways Limited (REL) has been incorporated as a special
purpose vehicle promoted by Madhucon Infra Limited (MIL) and
Madhucon Projects Limited (MPL) to undertake the implementation of
Fourlaning of Ranchi to Jamshedpur section
of NH-33 from km 114.000 to km 277.500 in the state of Jharkhand
under NHDP Phase III on Design, Build, Finance, Operate, Transfer
(DBFOT) Annuity basis.
REALTIME TECHSOLUTIONS: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Realtime
Techsolutions Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 6.00 [ICRA] D; ISSUER NOT COOPERATING;
Rating Continues to remain under
'Issuer Not Cooperating' category
Letter of Credit 3.00 [ICRA] D; ISSUER NOT COOPERATING;
Rating Continues to remain under
'Issuer Not Cooperating' category
Bank Guarantee 16.00 [ICRA] D; ISSUER NOT COOPERATING;
Rating Continues to remain under
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in 1998, Realtime Techsolutions Private Limited (RTTS)
is a niche player delivering end-to-end system integration and
software solutions for the Defence sector that requires extreme
levels of performance reliability and robustness. The
company combines system integration and software capabilities
across multiple platforms and operating systems to deliver a range
of products and subsystems designed and tested to perform under
severe conditions. The company is ISO-9001-2008 certified.
REGEN POWERTECH: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Regen
Powertech Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 350.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Rating Continues to remain under
CC the 'Issuer Not Cooperating'
category
Long Term- 25.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Rating Continues to remain under
TL the 'Issuer Not Cooperating'
category
Short Term- 50.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based Rating Continues to remain under
issuer not cooperating category
External 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Commercial Rating Continues to remain under
Borrowings (US$) issuer not cooperating category
(Long-term)
Short Term- 1530.00 [ICRA]D; ISSUER NOT COOPERATING;
NonFund Based Rating Continues to remain under
issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Regen Powertech Private Limited (RPPL) was incorporated in December
2006 as a manufacturer of Wind Turbine Generators (WTGs) and
end-to-end service provider including consulting, supply, erection,
commissioning, and O&M of WTGs. The company has been promoted by
Mr. Madhusudan Khemka, Mr. R Sundaresh and M Mandava Prabhakar Rao
through the holding company NSL Power Equipment Trading Pvt. Ltd.
Private equity has also been infused in the company by Indivision
India Partners (IIP) and TVS Shriram Growth Fund. The company has
sourced the product technology from Vensys Energy AG under a
perpetual license agreement for the manufacture and sale of WTGs in
five countrie s in South Asia. Vensys is a German WTG 4
manufacturer and technology developer. The Vensys design is based
on the direct drive (gearless) concept backed by a multi-pole
generator.
SHRIRAM TRANSPORT: Fitch Affirms 'BB' LT IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed India-based Shriram Transport Finance
Company Limited's (STFC) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) at 'BB'. The Outlook is Stable.
This follows the announcement of the company's plans to merge with
other Shriram group companies, Shriram City Union Finance Limited
(SCUF) and Shriram Capital Limited (SCL).
KEY RATING DRIVERS
IDRs
The rating affirmation reflects Fitch's belief that the merger of
STFC with SCUF and SCL - if successful - is unlikely to materially
change STFC's credit profile. This assessment considers the
entities' longstanding franchises in their key products,
experienced management, adequate leverage and loss-absorption
buffers, and broadly stable funding and liquidity profiles.
STFC's primary segment of used commercial-vehicle (CV) financing
will form the predominant part - 75% to 80% - of the combined loan
book in the medium term, and should continue to drive the
performance of the combined entity. Fitch believes some of the key
segments in which SCUF operates - such as small business,
two-wheeler and personal loans - carry a greater risk of credit
fluctuations, as indicated by asset-quality performance in previous
years. These segments comprised more than 80% of SCUF assets under
management at end-September 2021. Nonetheless, their effect will be
mitigated by their moderate size relative to the combined book.
Recent improvement in the credit performance of some segments
should also be positive for blended asset quality, if sustained.
The company highlights cross-sell opportunities as part of the
merger rationale. This raises the risk of an increased risk
appetite or a lagging control structure as the merged entity
pursues growth. In particular, the entities' differentiated lending
products require some specific risk skillsets that may not be
immediately portable. Nonetheless, Fitch believes the combined
management team will have sufficient expertise to manage the
integration rollout, and continue consistent underwriting standards
and credit monitoring to avoid asset-quality setbacks. The combined
entity's proforma loan-loss allowance coverage of 98% of gross
impaired loans and equity-to-asset ratio of 19.4% at end-September
2021 provide some defense against credit impairment risk.
The combined pre-provision profitability of 5.4% in the year ended
March 2021 (FY21) was also slightly higher than STFC's 5.2%, mainly
due to SCUF's higher-yielding loan products, although partially
offset by its higher operational cost structure. Management expects
some post-merger cost efficiencies, but Fitch believes savings may
appear only in the medium term. Combined pro forma debt/tangible
equity of 4.2x at end-September 2021 also compares well against
STFC's 4.6x. Fitch expects limited pressure on leverage in the near
term as internal capital generation should substantially be able to
support the merged entity's loan growth targets.
Fitch expects the funding and liquidity profile of the combined
entity to be generally stable and comparable with that of STFC.
Both STFC and SCUF benefit from a largely diversified funding mix
with adequate banking relationships and access to debt capital
markets. The combined liquidity profile could benefit from the
typically lower tenor of SCUF's loans. Liquidity buffers for both
STFC and SCUF have increased from a year ago. However, Fitch
expects management to pare these buffers back as it becomes more
confident of the macroeconomic outlook.
The merger is subject to shareholder and regulatory approvals. For
more details on STFC's pre-merger credit profile, please see Fitch
Revises Outlook on Shriram Transport Finance to Stable; Affirms at
'BB', published 14 September 2021.
MTN PROGRAMME, SENIOR SECURED DEBT
The ratings on STFC's medium-term note (MTN) programme and senior
secured debt are at the same level as its Long-Term IDRs. Indian
non-bank financial institution (NBFI) borrowings are typically
secured and Fitch believes that non-payment of their senior secured
debt would best reflect uncured failure of the entity.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
IDRs
-- STFC's rating is at the higher end of Fitch's Indian NBFI
rating universe. A rating upgrade remains less likely in the
near term. In the longer term, an upgrade will be contingent
on a material strengthening in the operating environment and
domestic financial system, better and more stable asset
quality, more robust profitability and conservative leverage
below 4x debt/tangible equity on a sustained basis. STFC's
leverage tolerance may increase over time due to lower risk in
the operating environment and tighter management of asset
quality metrics.
MTN PROGRAMME, SENIOR SECURED DEBT
-- Any positive action on STFC's Long-Term IDRs would result in
similar action on the MTN programme and senior secured debt
ratings.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
IDRs
-- STFC's rating could be downgraded in the event of execution
slippages on its merger or an increase in risk appetite due to
material loosening of underwriting standards or aggressive
growth relative to the sector, which could result in asset
quality and profitability that are materially weaker than
Fitch's expectations. Significantly weakened liquidity
coverage due either to a materially shorter-term debt maturity
profile or overly thin liquidity buffers, or leverage
consistently greater than 5.5x, would also weigh on the
rating.
MTN PROGRAMME, SENIOR SECURED DEBT
-- Any negative action on STFC's Long-Term IDRs would drive
similar action on its MTN programme and senior secured debt
ratings.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond 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
STFC has a dominant position in used-CV financing and is among
India's larger NBFIs with over four decades of industry experience.
Its monoline business model would diversify after the merger
although used-CV financing would contribute the majority of its
loans.
ESG CONSIDERATIONS
STFC has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance and leasing
sector. This reflects its retail-focused operation, which exposes
it to risks around fair-lending, pricing-transparency,
repossession, foreclosure and collection practices. Aggressive
practices in these areas may subject the company to legal,
regulatory and reputational risk that may affect its credit profile
negatively. The relevance score of '3' for this factor reflects
Fitch's view that these risks are adequately managed and have a low
impact on STFC's credit profile to date.
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.
SHRISHTI TECHNOLOGIES: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shrishti
Technologies in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable): ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Cash Credit to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Shrishti Technologies manufactures and assembles electric fans for
Bajaj Electrical Limited, Luminous Power Technologies Private
Limited, Maharaja Whiteline Industries Private limited, Surya, and
Anchor Electricals Private Limited. The firm has its
manufacturing facility in Baddi, Himachal Pradesh.
THERMOSET POLY: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Thermoset
Poly Products (I) Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Rating Continues to remain under
Cash Credit the 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Thermoset Poly Products (I) Pvt. Ltd. was established in 1993 and
is engaged in manufacturing of fibrer reinforced
plastic/glass-fiber reinforced plastic (FRP/GRP) and other
engineering plastics. The management has an experience of more
than four decades in the field. The company has a manufacturing
facility of 40,000 sq. ft. spread over an area of 1,60,000 sq. ft.
located at Panvel, Raigarh.
TRN ENERGY PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: TRN Energy Private Limited
18, Vasant Enclave Rao Tula Ram Marg
New Delhi DL 110057
IN
Insolvency Commencement Date: December 7, 2021
Court: National Company Law Tribunal, New Delhi Bench-V
Estimated date of closure of
insolvency resolution process: June 5, 2022
(180 days from commencement)
Insolvency professional: Ramkripal Sharma
Interim Resolution
Professional: Ramkripal Sharma
Flat No. 133, DDA SFS
Sector-6 Pocket-1 Dwarka
New Delhi 110075
E-mail: iprksharma@gmail.com
Last date for
submission of claims: December 21, 2021
UNITED BREWERIES: NCLAT Stays CCI Order Imposing INR873cr Penalty
-----------------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Appellate Tribunal (NCLAT) has imposed a stay on the orders passed
by the fair trade regulator Competition Commission of India (CCI)
slapping penalties on several beer makers, including United
Breweries Ltd (UBL) that faces a fine of INR751.8 crore.
Passing an interim order, a two-member NCLAT bench has directed
parties, including United Breweries Ltd, to deposit 10 per cent of
the penalty amount by way of 'Fixed Deposit Receipt' within three
weeks, BusinessLine relates.
CCI on Sept. 24, 2021, imposed penalties totalling over INR873
crore on UBL, Carlsberg India, All India Brewers' Association
(AIBA) and 11 individuals for cartelisation in the sale and supply
of beer.
According to BusinessLine, the said order was challenged before the
NCLAT, which is an appellate authority over the CCI. It hears
appeals against any direction issued or decision made or order
passed by the CCI.
"During the pendency of the Appeal, to prevent an aberration of
justice and to secure the ends of justice, stays the impugned order
dated 24.09.2021 in suo moto case no. 6/2017 subject to the payment
of 10 per cent of the penalty amount levied by the first
Respondent/CCI, by way of 'Fixed Deposit Receipt' to and in favour
of the Registrar, NCLAT, New Delhi, within three weeks from the
date of passing of this order," said an NCLAT order passed on
December 23, the report relays.
BusinessLine relates that the NCLAT has also directed the CCI and
the All India Brewers Association to file replies over the notices
issued by it.
The appellate tribunal has directed to list the matter on
March 29, 2022, for admission, the report notes.
Confirming the development, UBL in a regulatory filing said it
received an order passed by the NCLAT, staying the CCI order upon a
condition of pre-deposit of 10 per cent of the penalty amount
imposed on the company, BusinessLine reports.
"The company will comply with the directions and the said 10%
amount shall be deposited through a fixed deposit receipt within
stipulated time as mentioned in the Order," UBL had said, now
controlled by Dutch-based multinational Heineken.
Earlier this year, Heineken had acquired additional ordinary shares
in UBL on June 23 taking its shareholding in the company from 46.5
per cent to 61.5 per cent.
BusinessLine says the CCI had passed the final order against UBL,
SABMiller India Ltd, now renamed as Anheuser Busch InBev India Ltd
(AB InBev), and Carlsberg India Private Ltd (CIPL), among other
entities.
In its 231-page order, which had come nearly four years after
ordering a detailed probe, the CCI had also directed the companies,
associations and individuals to "cease and desist" from
anti-competitive practices in the future, BusinessLine relates.
BusinessLine says the period of cartelisation was considered to be
from 2009 to at least October 10, 2018, with Carlsberg India
joining in from 2012 and AIBA serving as a platform for
facilitating such cartelisation since 2013. All three beer
companies were lesser penalty applicants before the regulator.
United Breweries Holdings Ltd. is an Indian conglomerate company
headquartered in UB City, Bangalore in the state of Karnataka,
India. The Company operates an airline, bottles beverages,
manufactures fertilizers, and offers construction services. United
Breweries is India's largest producer of beer with a market share
of more than 50% by volume.
VARDHAMAN PRESSURE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vardhaman
Pressure Die Casting in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.50 [ICRA]B+ (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Cash Credit to remain under the 'Issuer
Not Cooperating' category
Long Term- 4.50 [ICRA]B+ (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Term Loan to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Vardhaman Pressure Die Casting is engaged in the manufacturing of
aluminium castings which largely find use in various industries
like automobiles, home appliances, electrical, electronics and many
more. Incorporated in the year 2006 as a proprietorship firm, the
firm has its manufacturing facility at Bommasandra Industrial Area,
Bangalore with current capacity of 3.5 MT per day. Mr. Vikram
Kumar, the promoter of the firm has wide experience in the die
casting industry.
VARUN ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Varun
Enterprises in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.50 [ICRA]B+ (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
CC to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2009, Varun Enterprises is a proprietorship
concern, managed by Mr. Karthik K, having more than a decade's
experience in the trading business. The firm trades in cables,
wires and other electrical fittings, and is an authorised
distributor of KEI Industries Limited, Hager Electro Private
Limited, Jaguar & Company Private Limited and Indo Asian Switchgear
Private Limited in Karnataka. Varun's customers primarily include
electrical contractors and property developers based out of
Bengaluru.
===============
M A L A Y S I A
===============
KNM GROUP: Proposes Asset Disposals to Boost Financial Position
---------------------------------------------------------------
theedgemarkets.com reports that KNM Group Bhd has proposed a slew
of corporate exercises to improve its financial position, including
disposing of its Thai and UK plants and listing Germany-based
Borsig Group.
This comes as the group is seeking to resolve its recent default on
its THB2.78 billion Thai bonds, and "unlock the sum-of-the-parts
value of KNM Group for its shareholders," theedgemarkets.com
relates.
In a statement, KNM said that over the next three months, it plans
to sell its 72%-owned 200,000 litres-per-day bio-ethanol plant in
Thailand to fully settle the outstanding amount related to the Thai
bonds issued to finance the project, according to the report.
In the same period, the group said it is also in negotiation with
an investor for the proposed sale of land and project assets
related to its waste-to-energy (WTE) project in Peterborough in the
UK.
theedgemarkets.com says KNM first announced the WTE project a
decade ago, but only managed to secure financing in 2017 due to its
stretched balance sheet from past acquisitions, made worse by the
downturn in the oil and gas industry which it serviced.
Meanwhile, a longer-term timeline of six to 12 months has been set
for the proposed initial public offering of Borsig Group — its
largest income contributor - "at a suitable stock exchange," the
report says.
The report relates that monetisation of Borsig had been on the
cards for some time. The engineering group was acquired in 2008 for
EUR350 million. Other subsidiaries include Italy-based heat
exchanger supplier FBM Hudson Italiana SpA.
While the Thai bio-ethanol plant is up for sale, KNM said it
intends to remain as the engineering, procurement, construction and
commissioning contractor for its proposed expansion by another
100,000 litres per day, the report relays.
theedgemarkets.com says KNM will appoint a principal adviser, while
continuing to pursue other options to monetise the assets of
Borsig, including disposal of its subsidiaries.
"In order to oversee the corporate exercises, the board has formed
a restructuring committee consisting of four board members that
convenes on a regular basis so as to assist and guide the
management in an expeditious manner.
"The restructuring committee will also engage directly with various
lenders to ensure full commitment and transparency of the proposed
corporate exercises and their respective progress," KNM, as cited
by theedgemarkets.com, added.
In the next two months, the group is also seeking financing in
Germany, having mandated a bank in the country to arrange a new
term loan via a consortium of banks there, theedgemarkets.com
notes.
For that same period, the group is in discussion with advisers on
the proposed injection of selected subsidiaries into a special
purpose acquisition company (SPAC), in exchange for cash and a
stake in the SPAC within the next six to nine months.
According to the report, KNM said proceeds from the term loan and
the SPAC arrangement "will be used to repay KNM Group's borrowings,
working capital and other purposes to be determined by the board at
a later date".
"The proceeds from the corporate exercises will not only enable us
to rectify the outstanding amount due under the Thai bonds, but
will also enable the management to focus on growing our businesses
and unlock the sum-of-the-parts value of KNM Group for its
shareholders.
"The enhanced financial position and better clarity on the future
prospects of KNM Group will also be essential in convincing our
customers and suppliers to engage in business dealings with us and
would further improve employee retention," the group said.
About KNM Group
KNM Group Berhad is engaged in investment holding and provision of
management services. The Company's segments include Asia and
Oceania, Europe and America. The Asia and Oceania segment includes
Malaysia, Thailand, China, India, Singapore, Indonesia, Australia
and Uzbekistan. The Europe segment includes British Virgin Islands,
the United Arab Emirates, the Netherlands, Saudi Arabia, Italy, the
United Kingdom, Germany and Isle of Man. The America segment
includes the United States and Canada.
As reported in the roubled Company Reporter-Asia Pacific on Dec. 8,
2021, KNM Group Bhd has been granted Practice Note 17 (PN17) relief
measures in relation to the issuance of Thai bonds, resulting in
the company triggering suspended criteria and will not be
classified as PN17 affected listed issuer.
In a filing with Bursa Malaysia on Dec. 6, it said on Dec. 3, KNM
has triggered an event of default on the principal payment of the
bonds issued in Thailand amounting to THB2.78 billion which had
matured on Nov. 18, 2021, The Edge Markets reported.
KNM has been struggling to pay off its borrowings, which amounted
to MYR1.28 billion as at end-September, with net gearing at 0.6
times.
=====================
N E W Z E A L A N D
=====================
G. BROWN: Creditors' Proofs of Debt Due on Jan. 12
--------------------------------------------------
Creditors of G. Brown Developments Limited and G.R.I.D. Property
Developments Limited, which are in voluntary 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 Feb. 24, 2022.
The company's liquidators are:
Heath Gair
Palliser Insolvency
PO Box 57124
Mana, Porirua 5247
New Zealand
G.R. TRANSPORT: Creditors' Proofs of Debt Due on Feb. 17
--------------------------------------------------------
Creditors of G.R. Transport Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Feb. 17,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 16, 2021.
The company's liquidators are:
Thomas Lee Rodewald
Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road (PO Box 15543)
Tauranga 3144
New Zealand
H AND N LIMITED: Creditors' Proofs of Debt Due on Jan. 20
---------------------------------------------------------
Creditors of H and N Limited, which is in voluntary liquidation,
are required to file their proofs of debt by Jan. 20, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 20, 2021.
The company's liquidators are:
Brenton Hunt
PO Box 13400
City East, Christchurch 8141
New Zealand
LL SERVICES: Creditors' Proofs of Debt Due on Jan. 21
-----------------------------------------------------
Creditors of LL Services Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 21,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 17, 2021.
The company's liquidators are:
Gareth Russel Hoole
Clive Robert Bish
Ecovis KGA Limited
PO Box 37223
Parnell, Auckland 1151
New Zealand
MITCHELL'S LIMITED: Creditors' Proofs of Debt Due on Jan. 21
------------------------------------------------------------
Creditors of Mitchell's Limited, which is in voluntary liquidation,
are required to file their proofs of debt by Jan. 21, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 16, 2021.
The company's liquidators are:
Natalie Burrett
Neale Jackson
Calibre Partners
Level 21
88 Shortland Street (PO Box 982)
Auckland
New Zealand
OD 2019 LIMITED: Grant Reynolds Appointed as Liquidator
-------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited was appointed
as liquidator of OD 2019 Limited (formerly Oaks Development
Limited) on Dec. 16, 2021.
The liquidator can be reached at:
Grant Reynolds
Reynolds & Associates Limited
PO Box 259059
Botany, Auckland 2163
New Zealand
ORILLIA NZ: Creditors' Proofs of Debt Due on Jan. 18
----------------------------------------------------
Creditors of Orillia NZ Limited, which is in voluntary liquidation,
are required to file their proofs of debt by Jan. 18, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 17, 2021.
The company's liquidators are:
Brenton Hunt
PO Box 13400
City East, Christchurch 8141
New Zealand
=================
S I N G A P O R E
=================
AMROSE SINGAPORE: Court to Hear Wind-Up Petition on Jan. 28
-----------------------------------------------------------
A petition to wind up the operations of Amrose Singapore Pte. Ltd
will be heard before the High Court of Singapore on Jan. 28, 2022,
at 10:00 a.m.
Indian Bank filed the petition against the company on Dec. 9,
2021.
The Petitioner's solicitors are:
Mallal & Namazie
18 Cross Street
#14-01 Cross Street Exchange
Singapore 048423
AS-1 LOGISTICS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Dec. 17, 2021, to
wind up the operations of AS-1 Logistics Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Mr. Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
DINGX PTE: Court to Hear Wind-Up Petition on Jan. 21
----------------------------------------------------
A petition to wind up the operations of Dingx Pte. Ltd. will be
heard before the High Court at Singapore on Jan. 21, 2022, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
Dec. 20, 2021.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
EAGLE HOSPITALITY: Court Confirms Chapter 11 Plan to Liquidate
--------------------------------------------------------------
The Business Times reports that the United States Bankruptcy Court
has entered an order confirming the Chapter 11 plan to liquidate
entities of troubled Eagle Hospitality Trust (EHT), following a
confirmation hearing held on Dec. 20, 2021.
EHT is a stapled trust comprising Eagle Hospitality Reit (EH-Reit)
and the currently dormant Eagle Hospitality Business Trust (EH-BT).
In October, EHT's units in the US had filed for liquidation, with
the trust's bank lenders set to mop up the bulk of the proceeds, BT
recalls.
DBS Trustee, in its capacity as trustee of EH-Reit, said on Dec. 27
the effective date of the plan will be on or before Dec. 31,
according to BT.
Following the effective date, the liquidation trustee will be
authorised to dissolve the entities, other than EH-Reit and the
Singapore entities Eagle Hospitality Trust S1 and Eagle Hospitality
Trust S2, BT relays. The liquidation trustee will be jointly
selected by the Committee of Unsecured Creditors and Bank of
America - the administrative agent of EH-Reit's largest debt
facility.
Meanwhile, the Reit trustee will be authorised to dissolve EH-Reit,
Eagle Hospitality Trust S1 and Eagle Hospitality Trust S2, BT
relays.
As for stapled securityholders, DBS Trustee said it does not expect
they will receive any distributions on account of liquidating trust
interests at this time. Under the plan, the stapled securityholders
will only be entitled to a distribution only if there is value
available at EH-Reit and only if holders of claims against EH-Reit
have been paid in full.
About Eagle Hospitality Group
Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.
EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.
EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.
The Debtors tapped Paul Hastings LLP as bankruptcy counsel; FTI
Consulting, Inc., as restructuring advisor; and Moelis & Company
LLC, as investment banker. Cole Schotz P.C. is the Delaware
counsel. Rajah & Tann Singapore LLP is Singapore Law counsel, and
Walkers is Cayman Law counsel. Donlin, Recano & Company, Inc. is
the claims agent.
FU XIANG: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Dec. 17, 2021, to
wind up the operations of Fu Xiang F&B Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Mr. Gary Loh Weng Fatt
Mr. Leow Quek Shiong
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
KEE LINK: Court to Hear Wind-Up Petition on Jan. 21
---------------------------------------------------
A petition to wind up the operations of KEE Link Construction Pte.
Ltd. will be heard before the High Court of Singapore on Jan. 21,
2022, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Dec. 20, 2021.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
NDN JAPAN: Creditors' Proofs of Debt Due on Jan. 25
---------------------------------------------------
Creditors of NDN Japan Pte. Ltd., MDK Japan Pte. Ltd., MOR Japan
Pte. Ltd., which are in voluntary liquidation, are required to file
their proofs of debt by Jan. 25, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 20, 2021.
The company's liquidators are:
Keoy Soo Earn
Muk Siew Peng
6 Shenton Way
OUE Downtown 2 #33-00
Singapore 068809
RW NODA: Creditors' Proofs of Debt Due on Jan. 25
-------------------------------------------------
Creditors of RW Noda SPE 1 Pte Ltd, RW Noda Pte Ltd, RW Midori-Ku
Pte. Ltd., RW Midori-Ku SPE 1 Pte. Ltd., RW Moriya Pte. Ltd., and
RW Moriya SPE 1 Pte. Ltd., which are in voluntary liquidation, are
required to file their proofs of debt by Jan. 25, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 20, 2021.
The company's liquidators are:
Keoy Soo Earn
Muk Siew Peng
6 Shenton Way
OUE Downtown 2 #33-00
Singapore 068809
SIN TUNG: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Dec. 17, 2021, to
wind up the operations of Sin Tung Resources Pte Ltd (formerly
known as Sin Tung Investment Pte Ltd).
Tan Wei Leong and Tan Wan Fen filed the petition against the
company.
The company's liquidator is:
Mr. Lai Seng Kwoon
c/o Reliance 3P Advisory Pte. Ltd.
7500A Beach Road,
#05-303/304, The Plaza
Singapore 19959
===========
T A I W A N
===========
NEXT DIGITAL: More Than One Suitor Emerge for Taiwan's Apple Daily
------------------------------------------------------------------
Taipei Times reports that Taiwan's Apple Daily news site on Dec. 27
said that more than one potential buyer is interested in purchasing
the online publication.
According to the report, Avengers Ltd is the most active suitor,
Apple Daily said, citing a notice issued by the Hong Kong-based
accounting firm Kenny Tam & Co, which serves as the provisional
liquidator of the Web site's parent company, Next Digital Ltd.
Taipei Times relates that Taiwan's Apple Daily, the sister
publication of Hong Kong's Apple Daily, which stopped publishing
its print and online versions in June, said that Avengers does not
receive any funding from China and does not have any background
ties to the country.
Apple Daily said the main shareholder of Avengers has been living
in Taiwan for several years and has considerable experience in
media, the report relays.
If the news site is sold, it is expected to maintain its neutral
editorial stance, Apple Daily said, adding that it is also planning
to increase coverage of entertainment and food-related articles.
According to the report, Apple Daily said Kenny Tam hopes that the
deal to dispose of the Taiwanese publication would be completed as
soon as possible to allow a smooth liquidation of Next Digital.
The liquidation order was issued by the Hong Kong High Court on
Dec. 15, the report notes.
Taiwan's Apple Daily was founded in 2003 by Hong Kong media mogul
Jimmy Lai, who is serving a 20-month sentence in Hong Kong for four
counts of unauthorized assembly.
The report relates that the publication on May 18 became an
online-only outlet, but has since run out of funds.
The Taiwanese version of the tabloid Next Magazine, also owned by
Next Digital, ceased its online publication on Feb. 29 last year,
less than two years after closing its print edition and almost two
decades after launching in Taiwan, the report notes.
HK$18 million (US$2.3 million) of assets belonging to Next Digital,
which was renamed from Next Media in October 2015, but became
defunct in June, have been frozen by a court. The order to wind up
Next Digital would bring the 40-year-old company to an end, the
report states.
The Hong Kong Stock Exchange on June 17 suspended the trading of
Next Digital shares, Taipei Times recalls.
Next Digital Limited -- http://www.nextdigital.com.hk/investor/--
is a Hong Kong-based investment holding company principally engaged
in media and publishing businesses. The Company operates through
three segments. Digital segment is engaged in Internet advertising,
Internet subscription, content provision and the development of
mobile games and applications in Hong Kong, Taiwan and America.
Newspapers Publication and Printing segment is engaged in the sales
of newspapers and the provision of related newspapers printing and
advertising services in Hong Kong and Taiwan. Books and Magazines
Publication and Printing segment is engaged in the sales of books
and magazines, as well as the provision of books and magazines
printing and advertising services in Hong Kong, Taiwan, North
America, Europe and Oceania.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***