/raid1/www/Hosts/bankrupt/TCRAP_Public/220105.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, January 5, 2022, Vol. 25, No. -2
Headlines
A U S T R A L I A
AG HANGAR: Commences Wind-Up Proceedings
KILLARA KINGSVALE: Commences Wind-Up Proceedings
M & D ELECTRICAL: RSM Australia Appointed as Liquidators
PACIFIC BAUXITE: To Acquire PGE Projects and Recapitalise
R&P REMOVALS: Commences Wind-Up Proceedings
C H I N A
CHINA EVERGRANDE: Contracted Sales Dropped 38.7% in 2021
CHINA EVERGRANDE: Suspends Trading Shares in Hong Kong
CHINA: Foreign Debt Edges Up to $2.7 Trillion at End-September
IDEANOMICS INC: Signs Shareholder Agreement
IDEANOMICS INC: Stockholders Re-Elect Five Directors
TD HOLDINGS: Audit Alliance Replaces BF Borgers as Auditor
H O N G K O N G
CITIZEN NEWS: Says Closure Triggered by Stand News Collapse
STAND NEWS: Closes After Police Raided Office, Froze Assets
I N D I A
AASHAPURA AGRO: CRISIL Moves B Debt Rating to Not Cooperating
ADHUNIK INFRA: CRISIL Lowers Long Term Rating to B
ALASKA FABTECH: Insolvency Resolution Process Case Summary
APCO AUTOMOBILES: CRISIL Withdraws D Rating on INR8cr Loan
CAPITHAN EXPORTING: CRISIL Moves B+ Rating to Not Cooperating
CHOUNDESHWARI SAHAKARI: CRISIL Moves B- Rating to Not Cooperating
GRAND BAZAAR: CRISIL Withdraws B+ Rating on INR43cr Term Loan
GREATER ARAFAT: Insolvency Resolution Process Case Summary
HANSA TRAVELS: CRISIL Keeps B CCR in Not Cooperating Category
HYPER TECHNO: Insolvency Resolution Process Case Summary
KDP BUILDWELL PRIVATE: Insolvency Resolution Process Case Summary
LIOLI CERAMICA: CRISIL Withdraws B- Rating on INR6.64cr Loan
MAHAVIR SHIP: CRISIL Assigns B Rating to INR30.2cr Bank Loan
MOTHER INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
N S AGRICULTURAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
NEMCARE HOSPITALS: CRISIL Lowers Rating on INR16cr Loan to B
RAM COMTRADE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RELCON FOUNDATIONS: CRISIL Withdraws B+ Rating on Bank Debts
SATRAMDAS AND CO: CRISIL Keeps C Debt Rating in Not Cooperating
SHIMITA TRADING: Insolvency Resolution Process Case Summary
SHIRANI AUTOMOTIVE: Insolvency Resolution Process Case Summary
STANLEY RETAIL: CRISIL Keeps B+ Debt Rating in Not Cooperating
SWATI ELECTROTECH: CRISIL Keeps B+ Ratings in Not Cooperating
SYNERGY INDIA: CRISIL Assigns B+ Rating to INR10cr Bank Loan
T LINE: CRISIL Moves B Debt Rating to Not Cooperating Category
TIP TOP: Insolvency Resolution Process Case Summary
UPL ENVIRONMENTAL: CRISIL Assigns B Rating to INR1.0cr Loans
VADILAL INDUSTRIES: CRISIL Keeps FB+ Rating in Not Cooperating
VRJ TRADERS PRIVATE: Insolvency Resolution Process Case Summary
J A P A N
JPA NO. 111: Case Summary & Unsecured Creditor
S I N G A P O R E
DOWN ROUTE: Creditors' Proofs of Debt Due on Feb. 3
FENNOTECH PTE: Court to Hear Wind-Up Petition on Jan. 21
S O U T H K O R E A
SSANGYONG MOTOR: Edison to Sign Final Deal to Acquire Firm
- - - - -
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A U S T R A L I A
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AG HANGAR: Commences Wind-Up Proceedings
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Members of AG Hangar Pty Ltd, as trustee for AG Hangar Trust, on
Jan. 4, 2022, passed a resolution to voluntarily wind up the
company's operations.
The company's liquidator is:
Steven B Kugel
c/o The Insolvency Experts
Suite 101, 788A Pacific Highway,
Gordon, NSW, 2072
Email: steve@insolvencyexperts.com.au
KILLARA KINGSVALE: Commences Wind-Up Proceedings
------------------------------------------------
Members of Killara Kingsvale Pty Ltd, on Jan. 4, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
John Bowring
24 Cloete Street
Young, NSW 2594
M & D ELECTRICAL: RSM Australia Appointed as Liquidators
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Members of M & D Electrical (WA) Pty Ltd, on Jan. 4, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Gregory Bruce Dudley
RSM Australia Pty Ltd
Level 32, Exchange Tower
2 The Esplanade
Perth, WA 6000
PACIFIC BAUXITE: To Acquire PGE Projects and Recapitalise
---------------------------------------------------------
Pacific Bauxite Ltd announced on Dec. 31, 2021, that it has entered
into agreements to acquire 100% of the issued capital of Western
Yilgarn PGM Pty Ltd and AAM Resources Pty Ltd, who own various
projects located in the Eastern Goldfields and Pilbara regions of
Western Australia prospective for platinum group metals, gold,
nickel and other minerals (Proposed Acquisitions).
The tenement package to be acquired as a result of the Proposed
Acquisitions comprises three exploration licences (E36/1010,
E36/1011 and E70/5767) granted to Western Yilgarn, three
exploration licences (E52/3861, E58/0562 and E59/2496) granted to
AAM Resources and two exploration licence applications (E36/1025
and E70/5921) applied for by Western Yilgarn in its own name
(collectively, the PGE Projects).
The Proposed Acquisitions are conditional on various conditions
precedent including the Company obtaining all necessary regulatory
and shareholder approvals to effect the Proposed Acquisitions and
satisfying all other requirements of the ASX for the reinstatement
to official quotation of the Company's shares on ASX.
On completion, the Proposed Acquisitions, together with the
transactions contemplated in connection with the recapitalisation
of the Company pursuant to the Deed of Company Arrangement (DOCA)
presented by Oceanic Capital Pty Ltd signed on Sept. 6, 2021, as
previously announced by the Company, will amount to a significant
change to the scale of the Company's activities. As such, the
Company will be required to obtain approval from shareholders and
re-comply with Chapters 1 and 2 of the ASX Listing Rules.
To facilitate its application for re-admission to the official list
of the ASX and to provide funding for the Company's proposed
activities, the Company proposes to undertake a capital raising to
raise up to AUD4,500,000 (before costs) through the issue of shares
at AUD0.20 per share and free attaching options on a 1:2 basis
(each exercisable at AUD0.30 and expiring three years from issue)
under a full form prospectus (Re-ListingProspectus) (Capital
Raising).
The Company's securities have been suspended form quotation on the
official list of ASX since Dec. 24, 2019 (following the Company
being placed into voluntary administration) and will remain
suspended from quotation until the Company has re- complied with
Chapters 1 and 2 of the ASX Listing Rules, including by satisfying
the conditions to reinstatement imposed by ASX. If the Proposed
Acquisitions do not proceed, the Company may not complete the
re-compliance.
Pursuant to ASX Guidance Note 33, ASX's policy is to remove from
the official list an entity whose securities have been suspended
from quotation for a continuous period of 2 years. Pursuant to ASX
guidance, ASX may agree to a short extension of this 2 year
deadline for delisting if the entity can demonstrate to ASX's
satisfaction
As at Dec. 24, 2021, the Company's shares had been suspended from
trading for a continuous period of 2 years. ASX has advised the
Company that its delisting date has been extended, subject to
various conditions. The Company will provide an update to
shareholders in due course. Extensions to the Company's delisting
date are at the ultimate discretion of ASX. Shareholders should be
aware that there is no guarantee that the Company will be able to
meet any conditions imposed by ASX to avoid automatic removal of
the Company from the official list of ASX. If that occurs, the
Administrators will be required to convene a meeting of the
Company's creditors (in accordance with the DOCA) for the purposes
of varying or terminating the DOCA. In those circumstances, the
administrators are currently uncertain about the return likely to
the Company's creditors.
Pacific Bauxite Limited operates as a mineral exploration company.
The Company focuses on exploration, mining, and production of
bauxite projects.
Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Pacific Bauxite on Dec. 23, 2019.
R&P REMOVALS: Commences Wind-Up Proceedings
-------------------------------------------
Members of R&P Removals Pty Ltd, on Jan. 4, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Jason Porter
Level 7, 151 Castlereagh Street
Sydney, NSW 2000
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C H I N A
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CHINA EVERGRANDE: Contracted Sales Dropped 38.7% in 2021
--------------------------------------------------------
CNBC.com reports that China Evergrande's contracted sales plunged
last year as the real estate giant struggled to repay creditors.
CNBC.com relates that a filing Jan. 4 showed the company’s
contracted sales of properties totaled CNY443.02 billion ($69.22
billion) last year, down 38.7% from the CNY723.25 billion in
contracted sales reported for 2020.
Evergrande shares reopened higher in Hong Kong on Jan. 4, with
shares trying to hold gains of about 3%.
Trading was halted as of 9:00 a.m. on Jan. 3, with shares at 1.59
Hong Kong dollars (20 cents) each. That’s just above the all-time
intraday low of 1.42 Hong Kong dollars per share set on Dec. 24,
according to FactSet.
Shares have plunged more than 88% over the last 250 trading days.
The company missed payments to creditors in December, Fitch Ratings
said, sending the developer into default.
Evergrande, China's second-biggest developer by sales in 2020, is
the largest Chinese real estate developer by issuance of offshore,
U.S. dollar-denominated debt, which stood at $19 billion last year.
The developer had a total of $300 billion in liabilities as of last
year.
According to CNBC.com, the company said Jan. 4 it "will continue to
actively maintain communication with creditors, strive to resolve
risks and safeguard the legitimate rights and interests of all
parties."
The developer added that a demolition order for its Ocean Flower
Island project only applied to 39 buildings, according to filing
with the Hong Kong stock exchange on Jan. 4.
CNBC.com says Evergrande's public statements have tried to assure
investors the company is completing and delivering apartments to
customers. But demand is drying up for the developer's future
projects.
The full-year figures indicate contracted sales of only CNY720
million in just over two months, between Oct. 21 and Dec. 31,
CNBC.com discloses. In contrast, contracted sales in August totaled
CNY38.08 billion, and stood at CNY3.65 billion between the
beginning of Sept. and Oct. 20.
CNBC.com adds that S&P Global Ratings warned in November that an
Evergrande default "is highly likely" since the company is no
longer able to sell new homes. Like other Chinese real estate
developers, Evergrande's business model relies heavily on sales of
apartments to customers before the units are completed.
CNBC.com says Evergrande’s troubles have raised concerns about
the health of China's massive real estate industry overall.
Chinese authorities have called the company a "unique case."
Analysts have pointed out that in contrast with other developers,
Evergrande made little progress toward complying with new
regulations aimed at restricting the industry’s reliance on debt,
says CNBC.com.
However, a prominent Chinese developer that met government
requirements on debt, has also warned of falling sales.
Shanghai Shimao told investors in late December it would be
difficult to hit its full-year contracted sales target of CNY38
billion since sales in the first 11 months of the year were CNY28.2
billion, CNBC.com discloses citing a filing. In addition to stock
declines, the company’s bonds have plunged in the last few
months.
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 in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'. S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'. S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.
The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 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'.
The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.
CHINA EVERGRANDE: Suspends Trading Shares in Hong Kong
------------------------------------------------------
The New York Times reports that trading in the shares of the
indebted property developer China Evergrande Group were suspended
on the Hong Kong Stock Exchange on Jan. 3 as the company raced to
deliver apartments to millions of home buyers and raise cash to
manage its $300 billion in debt.
According to the report, Evergrande said in a filing that its
shares were halted pending an announcement "containing inside
information," without giving more details. The company had halted
its shares once before, in October, as it tried to finalize the
sale of a $2.6 billion stake in its property management unit, the
report says.
That deal ultimately fell through, the report notes.
The giant property developer entered into default last month after
failing to make a final debt payment to foreign investors, the NY
Times recalls. The company owes an estimated 1.6 million apartments
to home buyers and is facing dozens of lawsuits.
Although Evergrande has yet to solve its cash squeeze, it pledged
last week to finish building 39,000 apartments before the end of
2021, the report relays. The announcement sent Evergrande shares
soaring, but they dropped the next day after the company failed to
meet another payment deadline on its foreign debt.
On Dec. 31, Evergrande appeared to revise its plan to repay
investors in its wealth management unit, promising to make monthly
payments of about $1,260 to each investor for three months. It had
previously not given a specific repayment amount, according to the
report. In its statement to wealth management investors on Dec. 31,
Evergrande said that it plans to "actively raise funds," and added
that the situation was not "ideal."
At one point, as many as 80 percent of Evergrande employees were
asked to put money into wealth management products to help fund its
operations, the NY Times states. In September, Evergrande
employees, contractors and home buyers protested outside company
offices and government buildings.
Government officials joined a risk committee created in December to
help steer Evergrande and restructure the company, the report
adds.
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 in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'. S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'. S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.
The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 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'.
The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.
CHINA: Foreign Debt Edges Up to $2.7 Trillion at End-September
--------------------------------------------------------------
Bloomberg News reports that China added $16.7 billion in foreign
debt in the third quarter of 2021 due in part to increased
purchases of onshore yuan-denominated bonds by foreign investors.
About 47% of China's outstanding debt of $2.7 trillion at the end
of September are medium to long-term obligations, up three
percentage points from the end of June, Wang Chunying, deputy
director and spokesman of the State Administration of Foreign
Exchange, said in a statement released on Dec. 31, 2021, Bloomberg
relates.
Offshore investors' increased holdings of onshore bonds reflect
China's achievement in opening up its financial markets and their
confidence in the country's economic outlook, Wang was quoted as
saying, Bloomberg relays.
According to Bloomberg, the authority will continue to closely
monitor the scale and structure of China's foreign debt and guard
against risks from cross-border capital flows, Wang said, citing
challenges from the global pandemic and expected monetary tapering
by some developed economies.
IDEANOMICS INC: Signs Shareholder Agreement
-------------------------------------------
Ideanomics, Inc. entered into a Shareholders Agreement with each of
Bruno Wu, Lan Yang, Sun Seven Stars Trust, Sun Seven Stars
Investment Group Limited, Wecast Media Investment Management
Limited, Shanghai Sun Seven Stars Cultural Development Limited,
Tianjin Sun Seven Stars Culture Development Ltd., Beijing Sun Seven
Stars Culture Development Ltd., and Tianjin Sun Seven Stars
Partnership Management Ltd., as a shareholder of the Company,
effective Dec. 29, 2021. One of the Shareholders is Sun Seven
Stars Investment Group, Limited, which is 100% owned by Sun Seven
Stars Trust, and whose sole trustee is Lan Yang.
As of the Effective Date, the Shareholders beneficially own
34,949,141 shares of the Company's Common Stock and 7,000,000
shares of the Company's Series A Preferred Stock, convertible into
933,333 shares of Common Stock.
Pursuant to the Agreement, the Shareholders agreed that for a
period of 12 months from the Effective Date, they will not offer,
sell, contract to sell, pledge, give, donate, transfer or otherwise
dispose of, directly or indirectly, any Shares owned as of the
Effective Date, enter into a transaction which would have the same
effect, or enter into any swap, hedge or other arrangement that
transfers, in whole or in part, any of the economic or voting
consequences of ownership of such securities, whether any such
aforementioned transaction is to be settled by delivery of the
Lock-Up Shares or other securities, in cash or otherwise, or
publicly disclose the intention to make any such offer, sale,
pledge or disposition, or to enter into any such transaction, swap,
hedge or other arrangement; provided, however, in addition to other
customary exceptions set forth in the Agreement, the Shareholder
shall have the right to effect Transfers of the Lock-Up Shares, by
any Transfer in an aggregate amount not to exceed: (i) with respect
to 13.95 million shares of common stock owned by the Shareholders
and any other Shares owned by the Shareholders, on a daily basis
the greater of (x) 500,000 shares of Common Stock and (y) 5% of the
average daily volume of Common Stock traded for the preceding 10
trading days of the national stock exchange on which the Shares are
then listed for trading; and (ii) with respect to any Shares in the
Second Block only, during any calendar quarter, no more than an
aggregate of 8,750,000 shares of Common Stock.
In connection with the Agreement, Lan Yang granted a voting proxy
for the Shares to Alfred P. Poor, chief executive officer of the
Company, or such other executive as may be directed by the board of
directors of the Company and such person shall vote in accordance
with the directive of the board of directors. The Proxy is a
continuing voting proxy with respect to all matters submitted to a
vote of stockholders of the Company at a meeting of stockholders or
through the solicitation of written consent of stockholders,
provided that (i) no such note shall detract from or contradict any
rights of the Shareholders under the Agreement or otherwise and
(ii) the grant of the Proxy shall be subject to the Company
complying with its agreements in Section 1 of the Agreement. The
Proxy shall remain in full force and effect for as long as SSSIG or
Lan Yang directly or indirectly own the Shares for a term of 24
months from the Effective Date. If the Company does not comply
with its agreements in Section 1 of the Agreement, the Proxy shall
terminate and shall be no longer of any effect.
In connection with the Agreement, each of Lan Yang and SSSIG has
agreed to provide to the Company the indemnification described in
the Agreement to induce the Company to agree to facilitate the
transfers of Shares of Common Stock owned by Lan Yang and SSSIG.
Subject to the terms of the Agreement, the Company agreed to (i)
facilitate and effect the transfer of the First Block; (ii)
facilitate any future requested transfers of the Second Block as
soon as possible after receipt of written request for transfer;
(iii) facilitate the conversion of the Company's Series A Preferred
Stock owned by the applicable Shareholders and issue 933,333 shares
of Common Stock to the applicable Shareholder; and (iv) use its
commercially reasonable efforts to prepare and file with the U.S.
Securities and Commission, following the Company filing its Annual
Report on Form 10-K which is due March 1, 2022, a registration
statement registering all of the Shares owned by the Shareholders
as of the Effective Date.
Pursuant to the Agreement, all parties acknowledged that in the
event a party breaches the terms of the Agreement the non-breaching
party shall no longer be obligated to satisfy their obligations
contained therein.
About Ideanomics
Ideanomics, Inc. is a diversified solutions provider for electric
mobility. The company provides turn-key vehicle, finance and
leasing, and energy management services for commercial fleet
operators. The Company is headquartered in New York, NY, with
operations in the U.S., China, Ukraine, and Malaysia.
Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $96.83 million for
the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company
had $595.88 million in total assets, $62.01 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $532.60 million in total equity.
IDEANOMICS INC: Stockholders Re-Elect Five Directors
----------------------------------------------------
At the Annual Meeting of Stockholders of Ideanomics, Inc. held on
December 22, 2021, the Company's stockholders:
(1) re-elected Alfred Poor, Shane McMahon, James Cassano, Jerry
Fan and Harry Edelson to serve on the board of directors for a
one-year term expiring at the Company's 2022 Annual Meeting of
Stockholders, and until their respective successors have been
elected, or until their earlier resignation or removal; and
(2) ratified the appointment of BDO USA, LLP as the independent
registered accounting firm of the Company for the fiscal year
ending December 31, 2021.
About Ideanomics
Ideanomics, Inc. is a diversified solutions provider for electric
mobility. The company provides turn-key vehicle, finance and
leasing, and energy management services for commercial fleet
operators. The Company is headquartered in New York, NY, with
operations in the U.S., China, Ukraine, and Malaysia.
Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $96.83 million for
the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company
had $595.88 million in total assets, $62.01 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $532.60 million in total equity.
TD HOLDINGS: Audit Alliance Replaces BF Borgers as Auditor
----------------------------------------------------------
The audit committee of the board of directors of TD Holdings, Inc.
dismissed BF Borgers CPA, PC as the company's independent
registered public accounting firm, effective Dec. 23, 2021.
For the fiscal year ended Dec. 31, 2020, BFB's audit reports on the
company's financial statements did not contain an adverse opinion
or disclaimer of opinion, nor was it qualified as to audit scope or
accounting principles.
During the fiscal years ended Dec. 31, 2020 and any subsequent
interim period through the date of dismissal, Dec. 23, 2021, (i)
there were no "disagreements" (as described in Item 304(a)(1)(iv)
of Regulation S-K and the related instructions) between the company
and BFB on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedures,
which disagreements, if not resolved to BFB's satisfaction, would
have caused BFB to make reference in connection with BFB's opinion
to the subject matter of the disagreement; and (ii) except for the
matter relating to internal control over financial reporting
described below, there were no "reportable events" as the term is
described in Item 304(a)(1)(v) of Regulation S-K.
On Dec. 22, 2021, the audit committee approved the appointment of
Audit Alliance LLP as the company's independent registered public
accounting firm to audit the company's consolidated financial
statements as of and for the fiscal year ending Dec. 31, 2021,
effective Dec. 23, 2021.
During the two most recent fiscal years and through Dec. 23, 2021,
the company has not consulted with AA regarding (1) any matter that
was the subject of a disagreement or a reportable event described
in Items 304(a)(1)(iv) or (v), respectively, or (2) any matter that
was the subject of a disagreement or a reportable event described
in Items 304(a)(1)(iv) or (v), respectively, of Regulation S-K.
About TD Holdings
TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China. Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers. Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading. For more
information, please visit http://ir.tdglg.com.
TD Holdings reported a net loss of $5.95 million for the year ended
Dec. 31, 2020, compared to a net loss of $6.94 million for the year
ended Dec. 31, 2019. As of June 30, 2021, the Company had $186.59
million in total assets, $37.33 million in total liabilities, and
$149.26 million in total equity.
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H O N G K O N G
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CITIZEN NEWS: Says Closure Triggered by Stand News Collapse
-----------------------------------------------------------
Reuters reports that Hong Kong independent online publication
Citizen News said on Jan. 3 its decision to shut down was triggered
by the closure of a pro-democracy media outlet last week following
a police raid and seven arrests.
Reuters relates that Stand News, a prominent pro-democracy news
site, closed last week after 200 police officers raided its
newsroom, froze its assets and arrested seven people on suspicion
of conspiring to publish seditious material.
According to Reuters, Citizen News said on Jan. 2 it will cease
operations from Jan. 4, describing the media environment in the
Chinese-ruled city as "deteriorating," and citing the need to
ensure the safety of its staff.
"The decision was made within a short period of time. The trigger
point was the fate of Stand News," Chris Yeung, chief writer at
Citizen News and former president of the Hong Kong Journalists
Association, told reporters.
"We could not rule out that . . . we might be exposed to some
risks."
Established in 2017, Citizen News described itself as independent,
with no party affiliation and promoting freedom, openness,
diversity and inclusion. It had 40 employees.
Hong Kong returned to Chinese rule in 1997 with the promise that
wide-ranging individual rights, including a free press, would be
protected. But rights groups and some Western governments say
freedoms have been eroded, in particular since Beijing imposed a
national security law on Hong Kong in 2020.
Reuters notes that Hong Kong's government denies targeting the
media and curbing freedoms in the global financial hub. China says
rights advocacy is being used as an attempt to disrupt Hong Kong's
progress after the security law restored stability.
Stand News was the most prominent remaining independent
pro-democracy publication in Hong Kong after a national security
investigation in June 2021 led to the closure of jailed tycoon
Jimmy Lai's Apple Daily newspaper, says Reuters.
Two former senior editors of Stand News were charged on Thursday
with conspiracy to publish sedition materials and denied bail.
"What changed is not us, but the outside environment," Citizen News
Chief Editor Daisy Li told reporters.
STAND NEWS: Closes After Police Raided Office, Froze Assets
-----------------------------------------------------------
Reuters reports that Hong Kong pro-democracy media outlet Stand
News shut down on Dec. 29, 2021, after police raided its office,
froze its assets and arrested senior staff on suspected "seditious
publication" offences in the latest crackdown on the city's media.
The raid raises more concerns about press freedom in the former
British colony, which returned to Chinese rule in 1997 with the
promise that its freedoms, including a free press, would be
protected, according to the report.
Reuters relates that the police action prompted censure by Germany
and the U.N. Human Rights Office, which said it was alarmed at the
"extremely rapid closing of the civic space and outlets for Hong
Kong's civil society to speak and express themselves freely".
Stand News, set up in 2014 as a non-profit organisation, was the
most prominent remaining pro-democracy publication in Hong Kong
after a national security investigation this year led to the
closure of jailed tycoon Jimmy Lai's Apple Daily tabloid.
"Stand News is now stopping operations," the publication said on
Facebook, adding all employees had been dismissed, Reuters relays.
Sedition is not among the offences listed under a sweeping national
security law imposed by Beijing in June 2020 that punishes
terrorism, collusion with foreign forces, subversion and secession
with possible life imprisonment.
But recent court judgements have enabled authorities to use powers
conferred by the new legislation to deploy rarely used colonial era
laws covering sedition, the report says.
Reuters relates that Steve Li, head of the police national security
department, told reporters Stand News had published news and
commentary inciting hatred against authorities.
He said some of the articles said protesters went missing during
the city's 2019 pro-democracy unrest or were sexually harassed,
which he called "factually baseless" and "malicious". Li also said
some articles falsely claimed the Communist Party extended its
powers through the city's independent courts or called for foreign
sanctions, the report notes.
Li did not specify the exact articles. Reuters has not
independently reviewed any Stand News articles.
=========
I N D I A
=========
AASHAPURA AGRO: CRISIL Moves B Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Aashapura Agro Industries (AAI) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 2.45 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 1.15 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with AAI for
obtaining information through letters and emails dated December 23,
2021 and December 29, 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 AAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAI
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 AAI to 'CRISIL B/Stable Issuer not
cooperating'.
Established in May 2014 as a partnership firm set up by Mr Sandip
Chandak and his family members, AAI processes and sells rice. Its
facility is in Dantali, Gujarat.
ADHUNIK INFRA: CRISIL Lowers Long Term Rating to B
--------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Adhunik Infrastructures Private Limited (AIPL) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letters and emails dated September
15, 2021 and November 29, 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 AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.
AIPL, incorporated in 1996 and promoted by Kolkata based Sureka
family, undertakes civil construction activities, primarily road
infrastructure development, in West Bengal and Jharkhand. It has
also started developing commercial complexes, horticulture parks,
industrial infrastructures, and undertaking mastic asphalt
surfacing. Further, the company has diversified into construction
of bridges, drains, and water treatment plants.
ALASKA FABTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Alaska Fabtech Private Limited
#SCF-64, Amrik Singh Road
Bathinda, Punjab 151001
Insolvency Commencement Date: December 22, 2021
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: June 20, 2022
(180 days from commencement)
Insolvency professional: Subhash Saini
Interim Resolution
Professional: Subhash Saini
Flat No. 1405 GF, Sector 61
Chandigarh 160036
E-mail: subhsaini1@gmail.com
irpsubhashsaini@gmail.com
dalmiabathinda@gmail.com
Last date for
submission of claims: January 5, 2022
APCO AUTOMOBILES: CRISIL Withdraws D Rating on INR8cr Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn the rating on bank facilities of Apco
Automobiles Private Limited (AAPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Inventory Funding 8 CRISIL D/Issuer Not
Facility Cooperating (Withdrawn)
Inventory Funding 9.5 CRISIL D/Issuer Not
Facility Cooperating (Withdrawn)
Inventory Funding 3.5 CRISIL D (ISSUER NOT
Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with AAPL for
obtaining information through letters and emails dated December 07,
2021 and December 11, 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 AAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAPL
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 AAPL to 'CRISIL D Issuer not cooperating'.
CRISIL Ratings has withdrawn its rating on the INR4 crore Cash
Credit and INR17.5 crore Inventory Funding Facility on the bank
facilities of AAPL on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.
Kozhikode-based AAPL, incorporated in 2007, is an authorised dealer
for Tata Motors Ltd's small commercial vehicles in five districts
of Kerala. The company also sells light and intermediate commercial
vehicles. Mr A P Abdul Kareem and his family are the promoters.
CAPITHAN EXPORTING: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Capithan Exporting Company (CEC) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 27 CRISIL B+/Stable (ISSUER NOT
Discounting COOPERATING; Rating Migrated)
Packing Credit 36 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with CEC for
obtaining information through letters and emails dated December 20,
2021 and December 25, 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 CEC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CEC
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 CEC to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Set up in 1974 and promoted by Mr. Alphonse Joseph, the CEC
processes and exports cuttlefish, peeled un-deveined shrimp, fin
fishes, shell fish, and cooked/blanched fish.
CHOUNDESHWARI SAHAKARI: CRISIL Moves B- Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Choundeshwari Sahakari Soot Girani Limited (CSSGL) to 'CRISIL
B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Working Capital
Term Loan 8 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with CSSGL for
obtaining information through letters and emails dated December 21,
2021 and December 25, 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 CSSGL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CSSGL
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 CSSGL to 'CRISIL B-/Stable Issuer not
cooperating'.
Registered in 1996, CSSGL is a co-operative organisation formed
under the leadership of the Devang Koshti Samaj and its steering
committee. All its members are weavers. It is based in Kolhapur,
Maharashtra, and manufactures 100% cotton yarn. Mr Sunil Sangale is
the chairman.
GRAND BAZAAR: CRISIL Withdraws B+ Rating on INR43cr Term Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Grand Bazaar Developers LLP (GBDLLP) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL Rating's policy on withdrawal
of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.75 CRISIL A4/Issuer Not
Cooperating (Withdrawn)
Proposed Term Loan 40.25 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Term Loan 43.00 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with GBDLLP for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 GBDLLP. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on GBDLLP is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
GBDLLP to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.
CRISIL Ratings has withdrawn its rating on the bank facilities of
GBDLLP on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL Rating's policy on withdrawal of its rating on bank
loan facilities.
Established in 2017, GBDLLP is engaged in real estate construction.
Tirumala Vinayak Projects Pvt Ltd, Solidwood Constructions Pvt Ltd,
Tirumala Infrastructure and Development Pvt Ltd and JRG Developers
Pvt Ltd are the partners.
GREATER ARAFAT: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Greater Arafat Tanners Private Limited
12-C, New Jajmau Road
Kanpur, Uttar Pradesh
UP 208010
India
Insolvency Commencement Date: December 22, 2021
Court: National Company Law Tribunal, Lucknow Bench
Estimated date of closure of
insolvency resolution process: June 19, 2022
(180 days from commencement)
Insolvency professional: Swami Deen Gupta
Interim Resolution
Professional: Swami Deen Gupta
2/64, Vishesh Khand Gomti Nagar
Lucknow 226010
E-mail: sdguptacmaip@gmail.com
cirp.greaterarafal@gmail.com
Last date for
submission of claims: January 7, 2022
HANSA TRAVELS: CRISIL Keeps B CCR in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hansa Travels
(Hansa) continues to be 'CCR B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Corporate Credit - CCR B/Stable (ISSUER NOT
Rating COOPERATING)
CRISIL Ratings has been consistently following up with Hansa for
obtaining information through letters and emails dated September
15, 2021 and November 29, 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 Hansa, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Hansa
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Hansa continues to be 'CCR B/Stable Issuer Not Cooperating'.
Set up in 1991, Hansa, a proprietorship firm of Mr Dilip Chhajed,
is engaged in intra-city transport services for corporates, schools
and government bodies in Nagpur, Maharashtra.
HYPER TECHNO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Hyper Techno Buildmart Private Limited
'Shri Nath Residency' A-2 & 3
V.S.P. Nagar
Near Mahila Ashram College Bhilwara
Rajasthan 311001
India
Insolvency Commencement Date: December 23, 2021
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: June 21, 2022
Insolvency professional: Rishabh Chand Lodha
Interim Resolution
Professional: Rishabh Chand Lodha
E-5, Shraman Basant Vihar
Gandhi Nagar, Bhilwara
Rajasthan 311001
E-mail: rishabhlodha57@gmail.com
cirp.hypertechno@gmail.com
Classes of creditors: Home Buyers under the Real Estate
Project of the Corporate Debtor
Insolvency
Professionals
Representative of
Creditors in a class: Nitin Mehta
Vijay Singh Chaplot
Anil Kumar Mittal
Last date for
submission of claims: January 7, 2022
KDP BUILDWELL PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: KDP Buildwell Private Limited
A-213 Shant Global Chamber
Vikas Marg Shakarpur
New Delhi 110092
Insolvency Commencement Date: December 21, 2021
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 19, 2022
Insolvency professional: Mr. Rajiv Rattan
Interim Resolution
Professional: Mr. Rajiv Rattan
RTF-32, Royal Tower Market
Shipra Suncity, Indirapuram
Ghaziabad 201014
E-mail: carajivrattan@gmail.com
- and -
2F-CS-52, Ansal Plaza
Sector-1, Vaishali
Ghaziabad 201010
E-mail: cirp.kdpbuildwell@gmail.com
Classes of creditors: Home Buyers
Insolvency
Professionals
Representative of
Creditors in a class: IP Rajeev Lochan
IP Anil Mittal
IP Radhey Shyam Yadav
Last date for
submission of claims: January 7, 2022
LIOLI CERAMICA: CRISIL Withdraws B- Rating on INR6.64cr Loan
------------------------------------------------------------
CRISIL has withdrawn the ratings on certain bank facilities of
Lioli Ceramica Private Limited (LCPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6.40 CRISIL A4/Issuer Not
Cooperating (Withdrawn)
Cash Credit 6.64 CRISIL B-/Stable/Issuer Not
Cooperating (Withdrawn)
Cash Credit 10.36 CRISIL B-/Stable/Issuer Not
Cooperating (Withdrawn)
Cash Credit 8.00 CRISIL B-/Stable/Issuer Not
Cooperating (Withdrawn)
Term Loan 40.14 CRISIL B-/Stable/Issuer Not
Cooperating (Withdrawn)
Term Loan 44.46 CRISIL B-/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with LCPL for
obtaining information through letters and emails dated
December 7, 2021 and December 11, 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 LCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LCPL
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 LCPL to 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.
CRISIL Ratings has withdrawn its rating on INR6.4 Crore Bank
Guarantee, INR17 Crore Cash Credit and INR44.46 Crore Term Loan of
LCPL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.
LCPL was incorporated in 2016 and is promoted by members of Detroja
and Gadara families. It is engaged in manufacturing and exporting
of porcelain vitrified tile slabs such as marble, flooring tiles,
ventilated tiles, polished porcelain tiles, ceramic wall, etc. It
has started its commercial operation from May 2018 and having
manufacturing facility located in Morbi-Gujarat. Caesarstone Ltd is
in the process of acquiring 55% in LCPL through purchase of shares
from existing promoters.
MAHAVIR SHIP: CRISIL Assigns B Rating to INR30.2cr Bank Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
to the bank facilities of Mahavir Ship Breakers (MSB).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (Assigned)
Letter of Credit 34.8 CRISIL A4 (Assigned)
Proposed Fund-
Based Bank Limits 30.2 CRISIL B/Stable (Assigned)
The rating reflects MSB's extensive industry experience of the
partners. These strengths are partially offset by its weak
financial profile, working capital intensive operations, and
exposure to risks related to cyclicality, industry fragmentation,
and volatility in scarp prices and forex rates.
Key Rating Drivers & Detailed Description
Weaknesses:
* Weak financial profile: MSB had accumulated losses of INR7 cr and
total outside liabilities to tangible net worth ratio (TOLTNW) of
negative 10.6 times as on March 31, 2021. Its interest coverage was
moderate at 2.7 times for fiscal 2021. Benefitting from healthy
sales of INR63 cr till October, 2021, MSB's net worth is estimated
to have turned positive, though modest, currently.
* Working capital-intensive operations: Players in the
ship-breaking industry have to maintain large inventory as
procurement of a single ship happens in one go while realisation
through sales proceeds may take up to 6-9 months. Gross current
assets were 270 days as on March 31, 2021.
* Exposure to risks related to cyclicality, industry fragmentation,
and volatility in scarp prices and forex rates:
The ship-breaking industry is cyclical and the viability of the
business is inversely correlated with the international freight
index. Domestic players also face competition from ship-breakers in
China, Bangladesh, and Pakistan. Furthermore, ship purchases are in
foreign currency (US dollars) while realisation is in Indian
rupees. Though the firm uses forward contracts to hedge its forex
risk, the cover is partial and taken based on management's
expectations on forex movement. Also, the scrap rates are volatile
over the period of ship breaking, which impacts operating margin.
Furthermore, the industry faces risks associated with changes in
applicable regulatory norms.
Strengths:
* Extensive industry experience of the partners: The partners have
an experience of over 30 years in ship breaking industry. This has
given them an understanding of the dynamics of the market and
enabled them to establish relationships with suppliers and
customers. The firm has broken 81 ships till date, with the largest
ship being around 16000 tons. Also, firm has forayed in trading of
coal, iron ore in fiscal 2020.
Liquidity: Stretched
MSB's liquidity is marked by highly working capital intensive
operations (entailing procurement of ship against LC) which
restrains the liquidity profile. Also, MSB's negative networth
restrains the financial flexibility though it does not have any
outstanding term loan or bank borrowings.
Outlook: Stable
CRISIL Ratings believe MSB will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.
Rating Sensitivity factors
Upward factors:
* Significant improvement in the net worth of firm to over INR5 cr
with sharp improvement in financial profile
* Steady and sustained performance resulting in healthy cash
accruals
Downward factors:
* Adverse scrap rates or forex leading to much weakened margin
below 3%
* Significant withdrawal of capital or deterioration in working
capital cycle.
SB was established as partnership firm in 1983. It is engaged in
ship breaking activity at Alang ship breaking yard, Bhavnagar. Also
started trading of coal and iron ore from FY 2020. Firm is owned
and managed by Mr. Mukesh Jain and family members.
MOTHER INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mother
Industries (MI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not Cooperating)
Cash Credit 1 CRISIL D (Issuer Not Cooperating)
Term Loan 5 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with MI for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 MI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MI
continues to be 'CRISIL D Issuer Not Cooperating'.
MI was set up in 2006 as a proprietorship concern by Mr. Raju
Bharani. The firm, based in Vellore (Tamil Nadu), manufactures
semi-finished and finished leather, and caters to the footwear
industry.
N S AGRICULTURAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of N S
Agricultural College (NSAC) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 12 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NSAC for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 NSAC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NSAC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
NSAC, founded by Mr. Nadella Subramanyam and his son Mr Nadella
Chandra Mouli, runs an agricultural college- in Markapur, Andhra
Pradesh, providing education in agriculture field. The college has
started operations in fiscal 2018.
NEMCARE HOSPITALS: CRISIL Lowers Rating on INR16cr Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Nemcare Hospitals Private Limited (NHPL) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 16 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Term Loan 43.2 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Term Loan 2.8 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with NHPL for
obtaining information through letters and emails dated September
22, 2021 and November 12, 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 NHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NHPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.
Incorporated in 2008, NHPL operates a 200-bed multi-specialty
hospital in Guwahati, Assam. The hospital commenced operations in
fiscal 2018.
NEMCARE runs a reputed, 100-bed hospital at Bhangagarh, Guwahati.
The hospital began operations in 2001 with a 25-bed capacity.
RAM COMTRADE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of with Shri Ram
Comtrade Private Limited (SRCPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.75 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 1.25 CRISIL B+/Stable (Issuer Not
Cooperating)
Inland/Import 7.50 CRISIL A4 (Issuer Not
Letter of Credit Cooperating)
CRISIL Ratings has been consistently following up with SRCPL for
obtaining information through letters and emails dated September
22, 2021 and November 12, 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 SRCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRCPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
SRCPL, which was incorporated in 2012, trades in garments,
construction materials such as steel and cement, as well as jute,
electrical items, and sanitary ware. The Ranchi-based company has
been promoted by Mr Abhishek Agarwal, who has over two decades of
experience in trading of construction materials.
RELCON FOUNDATIONS: CRISIL Withdraws B+ Rating on Bank Debts
------------------------------------------------------------
CRISIL has withdrawn the ratings on certain bank facilities of
Relcon Foundations Private Limited (RFPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 0.8 CRISIL B+/Stable (ISSUER NOT
Overdraft facility COOPERATING; Rating Migrated)
Proposed Bank 2.0 CRISIL B+/Stable/Issuer Not
Guarantee Cooperating (Withdrawn)
Proposed Cash 1.5 CRISIL B+/Stable/Issuer Not
Credit Limit Cooperating (Withdrawn)
Proposed Working 2.0 CRISIL B+/Stable/Issuer Not
Capital Facility Cooperating (Withdrawn)
Proposed Working 3.7 CRISIL B+/Stable/Issuer Not
Capital Facility Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with RFPL for
obtaining information through letters and emails dated October 29,
2021 and November 24, 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 RFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFPL
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 RFPL to 'CRISIL B+/Stable Issuer not
cooperating'.
CRISIL Ratings has withdrawn its rating on INR2 Crore Proposed Bank
Guarantee, INR1.5 Crore Proposed Cash Credit Limit, INR2 Crore
Proposed Working Capital Facility and INR3.7 Crore Proposed Working
Capital Facility of RFPL on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL Rating's policy on withdrawal of its rating
on bank loan facilities.
Established in 1987, by Mr. T.K. Alexander Vaidian, based in
Kerala are engaged into piling foundation work.
SATRAMDAS AND CO: CRISIL Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satramdas and
Co. (SAC; part of the Agicha group) continue to be 'CRISIL C/CRISIL
A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 7 CRISIL A4 (Issuer Not
Cooperating)
Working Capital 10 CRISIL C (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with SAC for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 SAC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAC continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SAC and Jawahar Saw Mills
Pvt Ltd (JSMPL). The entities, together referred to as the Agicha
group, are managed by the same promoter family, and trade in the
same product. There have been instances of financial transactions
between them, and they share infrastructure, and procurement,
finance, and management teams.
The Agicha group, founded by the Agicha family in 1956, trades in
timber logs. Its operations are managed by Mr Manohar Agicha.
SHIMITA TRADING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shimita Trading Private Limited
Room No. 1-2
Kapadia Chambers 51
Bharuch Street
Masjid Bunder (E)
Mumbai MH 400009
IN
Insolvency Commencement Date: December 10, 2021
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 26, 2022
(180 days from commencement)
Insolvency professional: Mr. Navin Khandelwal
Interim Resolution
Professional: Mr. Navin Khandelwal
206, Navneet Plaza
5/2 Old Palasia
Indore 452018
E-mail: navink25@yahoo.com
cirpshimita@gmail.com
Last date for
submission of claims: January 11, 2022
SHIRANI AUTOMOTIVE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shirani Automotive Private Limited
K 20/2, Lasudia Mori
A.B. Road Dewas Naka
Indore MP 452010
IN
Insolvency Commencement Date: December 23, 2021
Court: National Company Law Tribunal, Indore Bench
Estimated date of closure of
insolvency resolution process: May 22, 2022
(180 days from commencement)
Insolvency professional: Mr. Ashutosh Gokhale
Interim Resolution
Professional: Mr. Ashutosh Gokhale
206, Manas Bhawan Extn.
11, RNT Marg Indore
MP 452001
IN
E-mail: gokhale206@gmail.com
Last date for
submission of claims: January 8, 2022
STANLEY RETAIL: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Stanley
Retail Limited (SRL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 6 CRISIL B+/Stable (Issuer
Bank Loan Facility Not Cooperating)
CRISIL Ratings has been consistently following up with SRL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 SRL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
The Stanley group consists of two entities, Stanley Lifestyle Ltd
(SLL) and SRL, which were set up in 1996 and 2001, respectively.
SLL manufactures leather-based furniture and leather car seat
covers. SRL is a furniture retailer. The group's day-to-day
operations are managed by the managing director Mr. Sunil Suresh
and his wife Mrs. Shubha Sunil.
SWATI ELECTROTECH: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swati
Electrotech Private Limited (SEPL; part of Swati group) continue to
be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Bank 35 CRISIL B+/Stable (Issuer Not
Guarantee Cooperating)
Proposed Cash 20 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with SEPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 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 SEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at its ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SEPL and Swati Enterprises
(SE), collectively referred to as Swati group. The entities are
under common management, operate in similar business and have
operational linkages.
SEPL, incorporated in 2015, is based in Nashik (Maharashtra). SEPL
is promoted by Mr. Satish Mohole, Mr. Aaditya Mohole and Mr. Anil
Sakhare. The company has received three large contracts for setting
up of substations and transmission lines for state power
transmission and distribution utilities in Madhya Pradesh. The
promoters also operate SE since 1990 in which small capacity
electrical contracts are undertaken.
SYNERGY INDIA: CRISIL Assigns B+ Rating to INR10cr Bank Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long term bank facilities of Synergy India Foundation (SIF).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund-
Based Bank Limits 10 CRISIL B+/Stable (Assigned)
The rating reflects SIF's modest scale of operations and modest
financial risk profile. These weaknesses are partially offset by
established network and track record of successful contract
execution in the past.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: SIF is a not-for-profit society that
primarily promotes the school health programs, medical screening
and awareness programs. Owing to the low-value government social
projects in a few Tier-2 and -3 cities and dependence on corporate
donations the society's operations have remained small with an
annual turnover of around INR4 crore in fiscal 2021. Scale of
operations will remain a key rating sensitivity factor over the
medium term.
* Modest financial risk profile: Net worth is modest at INR0.43
crore as on March 31, 2021 and constrains financial flexibility to
contract additional debt in case of any exigency. However, absence
of any major working capital borrowing and debt funded capex plans
partially supports the capital structure.
* High dependence on government authorities for tenders/contracts
awarded: These are tender-based contracts awarded by various
government authorities, which has to be renewed regularly. The work
order is received from local district authority and is also renewed
in a timely manner. Thus, SIF remains exposed to the risk of not
securing sufficient tenders in a particular year or delay in
getting the licenses renewed.
Strength:
* Established network and track record of successful contract
execution in the past: The society has extensive network Telangana
and Andhra Pradesh and has been operating for more than 15 years.
It mostly caters to the weaker sections of the rural and urban
areas and also plans to provide more benefits under various
government schemes. Also the trustees are experienced people and
are associated with educational institutions and related
backgrounds.
Liquidity: Stretched
Cash accrual is expected to be over INR0.32 crore in fiscal 2021
and similar range over the next few fiscals against no term debt
obligation. The same is expected to act as cushion to liquidity.
Current ratio was moderate at 2.59 times as on March 31, 2021.
Outlook: Stable
CRISIL Ratings believes SIF's business risk profile will remain
constrained over the medium term on account of its small scale of
operations.
Rating Sensitivity factors
Upward factors
* Steady improvement in scale of operations by 50% and sustenance
of operating margin, leading to higher cash accrual
* Better working capital cycle
Downward factors
* Decline in revenue to below Rs.3 crore or significant increase in
operating expenses
* Large, debt-funded capital expenditure weakening capital
structure
About the Society
SIF was established in 2007 as a non-profit organization and
located in Hyderabad. SIF focuses in the areas of health,
education, environment, and sustainable livelihoods.
SIF provide services in the rural areas for education, meal scheme,
school health programs, medical screening, skill development and
awareness programs for various government mandated schemes and
receives donation from government of Telangana as well as third
parties, which are utilized for the welfare activities.
T LINE: CRISIL Moves B Debt Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of T Line
Infra Private Limited (TIPL) to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL B /Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Short Term Rating - CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with TIPL for
obtaining information through letters and emails dated December 21,
2021 and December 25, 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 TIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TIPL
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 TIPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
TIPL was incorporated in Kerala in 2012. The company is mainly
engaged in the business of building and developing commercial,
industrial and residential complexes, roads, bridges, ports and
other infrastructure projects and to act as structural, civil,
mechanical and electrical contractors and consultants. Mr. K. V.
Abraham and Mr. Antony Thomas manage the business.
TIP TOP: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Tip Top Furniture Pvt Ltd
4/704 FF NH Kottakkal
Edarikkode PO
Malappuram, KL 676501
IN
Insolvency Commencement Date: December 21, 2021
Court: National Company Law Tribunal, Thrissur Bench
Estimated date of closure of
insolvency resolution process: June 19, 2022
Insolvency professional: C J Davis
Interim Resolution
Professional: C J Davis
No. 23/1223, Chandy House
Golden gate, Rareeram Road
Anchangady, East Fort
Behind Selex Mall, Thrissur
Kerala 680005
E-mail: davistheip@gmail.com
cirp.ttfpl@gmail.com
Last date for
submission of claims: January 6, 2022
UPL ENVIRONMENTAL: CRISIL Assigns B Rating to INR1.0cr Loans
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
to the bank facilities of UPL Environmental Engineers Limited
(UPLEEL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 11 CRISIL A4 (Assigned)
Cash Credit 0.25 CRISIL B/Stable (Assigned)
Proposed Fund-
Based Bank Limits 0.75 CRISIL B/Stable (Assigned)
The ratings reflect the stretched working capital cycle, modest
scale of operations and weak financial risk profile. These
weaknesses are partially offset by the strong track record of
successful implementation of waste management projects.
Analytical Approach
Unsecured loans from the promoter of Rs.60.60 crores and
compulsorily convertible debentures issued to holding company of
Rs.14.22 crores have been treated as neither debt nor equity as
these are expected to be retained in business over medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital requirement: Gross current assets (GCAs)
were high at 2,447 days as on March 31, 2021, led by stretched
receivables (Rs.31.64 crores over 180 days). Delays in receipt of
payments from counterparties have led to stretch in GCA days.
* Modest scale of operations: With no new projects undertaken by
the company, operations continue to remain modest as highlighted by
revenues of Rs.6.25 crores in fiscal 2021. With no new major
projects to be undertaken over medium term, scale of operations are
expected to modest.
* Weak financial risk profile: High operating losses incurred in
the three fiscals through 2021 due to delays in receipt of payment
eroded networth, thereby impacting overall financial risk profile.
Debt protection metrics continue to remain weak due high operating
losses with interest coverage of (8.53) times in fiscal 2021.
Improvement in financial risk profile will remain a key monitorable
over the medium term.
Strength:
Track record of successful implementation of waste management
projects: UPLEEL has been engaged in solid and liquid waste
management for over 20 years, mainly catering to government
entities. It also undertakes projects through associate companies.
Liquidity: Poor
Cash losses has been reported in past few years and expected to
continue. Utilisation of bank limit of Rs.0.25 crore is unutilised
in the 6 months through October 2021. Need-based funding support
from the management supports liquidity. The promoters have
supported operations through unsecured loans of INR60.82 crore and
compulsory convertible debentures of INR14 crore, as on March 31,
2021.
Outlook: Stable
UPLEEL will continue to benefit from the promoters' fund support.
Rating Sensitivity factors
Upward factors:
* Sustained increase in revenue and operating margin leading to
higher net cash accrual
* Improvement in debtor days to below 180 days
* Improvement in financial risk profile with interest cover above
1.5 times.
Downward factors:
* Increase in outside liabilities leading to increase in Total
outside liability to total networth (TOL/TNW) to above 2 times
* Reduction in fund support from promoters and group companies,
thereby leading to further weakening of liquidity profile
Incorporated in 1994, UPLEEL undertakes turnkey projects for
managing waste water and solid/liquid waste. It also offers
operations and maintenance services for waste management
facilities. Currently the company is being managed by Mr. Santosh
Nair, Mr. Dinesh Patel and Mr. Ashok Sharma.
VADILAL INDUSTRIES: CRISIL Keeps FB+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vadilal
Industries Limited (VIL) continues to be 'FB+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Fixed Deposits 15 FB+/Stable (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with VIL for
obtaining information through letters and emails dated September
15, 2021 and November 29, 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 VIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VIL continues to be 'FB+/Stable Issuer Not Cooperating'.
CRISIL Ratings continues to combine the business and financial risk
profiles of Vadilal Industries Ltd (VIL) and Vadilal Enterprises
Ltd (VEL), together referred to as the Vadilal group, due to strong
operational and financial linkages. VEL acts as the marketing and
sales arm of the group. In the long term, the promoters intend to
merge the two companies. However, this may take some time due to
procedural issues (as both the companies are listed).
About the Group
VIL, incorporated in 1982 in Gujarat, primarily manufactures ice
cream under the Vadilal brand. This business was started by Mr
Vadilal Gandhi in 1907. The company diversified into the processed
food segment in 1991.
VEL, incorporated in 1985, serves as the marketing and sales arm
for VIL's ice cream and processed food products in India.
VRJ TRADERS PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: VRJ Traders Private Limited
2, Press Enclave Road
Saket, New Delhi 110017
Insolvency Commencement Date: December 22, 2021
Court: National Company Law Tribunal, New Delhi Bench VI
Estimated date of closure of
insolvency resolution process: June 20, 2022
Insolvency professional: Alok Kumar Kuchhal
Interim Resolution
Professional: Alok Kumar Kuchhal
C—154, Sector-51
Noida, Uttar Pradesh 201301
E-mail: akkuchal.ip@gmail.com
vrjtraders.cirp@gmail.com
Last date for
submission of claims: January 5, 2022
=========
J A P A N
=========
JPA NO. 111: Case Summary & Unsecured Creditor
----------------------------------------------
Debtor: JPA No. 111 Co., Ltd.
Kasumigaseki Common Gate West Tower
3-2-1 Kasumigaseki
Chiyoda-Ku Tokyo 100-0013
Business Description: JPA No. 111 Co. and its subsidiary JPA No.
49 Co., Ltd. are special purpose vehicles
formed under the laws of Japan. The Debtors
are each direct, wholly owned subsidiaries
of JP Lease Products & Services Co. Ltd.,
which is a direct wholly owned subsidiary of
JIA. JPL offers financial services based on
a financial scheme combining the borrowings
from financial institutions and funds to
manage valuable assets including aircraft,
ships, containers for maritime
transportation, and solar power generation
equipment. JIA, in turn, creates
and sells unique financial instruments to
investors that consist of small and medium
enterprises in Japan through a network of
financial institutions, including banks and
securities companies, and tax and accounting
firms.
Chapter 11 Petition Date: December 17, 2021
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 21-12075
Judge: Hon. David S. Jones
Debtor's Counsel: Kyle J. Ortiz, Esq.
Bryan M. Kotliar, Esq.
Amy M. Oden, Esq.
Amanda C. Glaubach, Esq.
TOGUT, SEGAL & SEGAL LLP
One Penn Plaza, Suite 3335
New York, NY 10119
Tel: 212-594-5000
E-mail: kortiz@teamtogut.com
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Teiji Ishikawa, representative
director.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/MFZV5IA/JPA_No_111_Co_Ltd__nysbke-21-12075__0001.0.pdf?mcid=tGE4TAMA
Debtor's Unsecured Creditor That is Not an Insider:
Entity Nature of Claim Claim Amount
------ --------------- ------------
JP Lease Product & Services Co. Loan/Debt $1,461,803
Kasumigaeski Common Gate
West Tower
3-2-1 Kasumigaeski
Chiyoda-Ku, Tokyo Japan
Vedder Price
1633 Broadway, 31st Floor
New York, New York 10019
Email: cgee@vedderprice.com;
medelman@vedderprice.com
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S I N G A P O R E
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DOWN ROUTE: Creditors' Proofs of Debt Due on Feb. 3
---------------------------------------------------
Creditors of Down Route (Singapore) Pte. Ltd., which is in
voluntary liquidation, are required to file their proofs of debt by
Feb. 3, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 29, 2021.
The company's liquidators are:
Don M Ho
David Ho Chjuen Meng
c/o Avery Corporate Advisory Pte. Ltd.
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
FENNOTECH PTE: Court to Hear Wind-Up Petition on Jan. 21
--------------------------------------------------------
A petition to wind up the operations of Fennotech Pte. Ltd. will be
heard before the High Court at Auckland on Jan. 21, 2022, at 10:00
a.m.
Insta-Wireless Pty Ltd filed the petition against the company on
Dec. 22, 2021.
The Petitioner's solicitors are:
SIM CHONG LLC
1 North Bridge Road
#14-06 High Street Centre
Singapore 17909
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S O U T H K O R E A
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SSANGYONG MOTOR: Edison to Sign Final Deal to Acquire Firm
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Yonhap News Agency reports that a consortium led by South Korean
electric carmaker Edison Motors Co. said on Jan. 4 it aims to sign
a final deal to acquire the embattled SsangYong Motor Co. by Jan.
10.
In April, SsangYong was placed under court receivership for the
second time after undergoing the same process a decade earlier. Its
Indian parent Mahindra & Mahindra Ltd. failed to attract an
investor due to the prolonged COVID-19 pandemic and its worsening
financial status.
The Edison-led consortium is on track to take over the financially
troubled carmaker, though Keystone Private Equity Co., one of its
partners, has recently withdrawn from the consortium, a company
spokeswoman said over the phone, Yonhap relays.
"Edison is in talks with another partner Korea Corporate Governance
Improvement (KCGI) fund to attract additional investment in the
deal," she said.
But the consortium's acquisition plan appears to face a bumpy road
due to possible fund-raising problems following Keystone's dropout
and differences over the management rights between the consortium
and SsangYong, Yonhap relates.
Under the initial deal, the consortium agreed to lend KRW40 billion
(US$34 million) in operating capital to SsangYong and now wants to
make it clear Edison can have the rights to supervise the usage of
the funds in the final agreement, a SsangYong official said,
according to the report.
"SsangYong is under court receivership, and the debt-rescheduling
process is under way. All of the company's expenditure is under the
court's management. Any intervention in the management rights is
not possible until the deal is closed," the official said.
Moreover, there might be a possible leakage of the carmaker's
future business strategies and technologies if Edison has the
supervision rights before the deal's closure, he said, Reuters
relays.
Reuters notes that Edison has said it will set up a special purpose
company to raise money ranging from KRW800 billion to KRW1 trillion
to acquire SsangYong and increase capital starting this year by
issuing new shares to achieve a turnaround within three to five
years.
Edison, an electric bus and truck maker, said it aims to transform
the SUV-focused SsangYong into an EV-focused carmaker in the next
decade in line with changes in the automobile market.
It plans to produce 10 new EV models, including the Smart S, by
2022, 20 by 2025 and 30 by 2030, the report adds.
About SsangYong Motor
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of Rexton Sports, Korando,
Korando Sports, Korando Turismo, Tivoli, Tivoli Air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.
Mahindra & Mahindra Ltd. acquired a 70% stake in SsangYong for
KRW523 billion in 2011 and now holds a 74.65% stake in the
carmaker.
On Dec. 21, 2020, SsangYong Motor filed for court receivership as
it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.
On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra failed to
attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.
SsangYong and its lead manager, the EY Hanyoung accounting firm,
recently selected a local consortium led by Edison Motors Co. as
the preferred bidder for the debt-laden carmaker.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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