/raid1/www/Hosts/bankrupt/TCRAP_Public/220207.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, February 7, 2022, Vol. 25, No. 21
Headlines
A U S T R A L I A
21 BOURKE: First Creditors' Meeting Set for Feb. 14
CELLOS SOFTWARE: Second Creditors' Meeting Set for Feb. 14
HUB FURNITURE: Second Creditors' Meeting Set for Feb. 11
KICKZ101 PTY: First Creditors' Meeting Set for Feb. 16
M ADVERTISING: First Creditors' Meeting Set for Feb. 14
MALIVER PTY: Owner's Luxury Cars to be Sold Off at Auction
SIGNEX GROUP: Creditors' Meeting Set for February 15
B A N G L A D E S H
JUBILEE BANK: HC Orders Liquidation of Bank Within 9 Months
C H I N A
CHINA EVERGRANDE: To Push Ahead With Sale of Hong Kong Land
LVGEM CHINA REAL: Fitch Lowers LT FC IDR to 'B-', Outlook Negative
I N D I A
ABHIRAJ ENGICON: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
ATHANI SUGARS: Ind-Ra Affirms & Withdraws BB- LT Issuer Rating
AVIRAL EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating
COLOUR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
DEEN DAYAL: CARE Keeps D Debt Ratings in Not Cooperating
DIMYRA INTERNATIONAL: CARE Lowers Rating on INR5.91cr Loan to D
FOX CASHEW: CARE Lowers Rating on INR6.0cr LT Loan to B-
G AND T INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
G V AUDIO: CARE Keeps D Debt Rating in Not Cooperating Category
GENA PHARMACEUTICALS: Liquidation Process Case Summary
GMW ENGINEERS: Ind-Ra Affirms BB Issuer Rating, Outlook Negative
GRAPHENE MEDIA: Insolvency Resolution Process Case Summary
GUNA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
INDIA OFFSET: Insolvency Resolution Process Case Summary
INDIAN SURGICAL: CARE Reaffirms B+ Rating on INR2.94cr LT Loan
JAYANTA KHAUND: CARE Lowers Rating on INR4.0cr LT Loan to C
K R F LIMITED: CARE Lowers Rating on INR9.0cr LT Loan to B
KETAN CERAMICS: Liquidation Process Case Summary
KPR INDUSTRIES INDIA: Insolvency Resolution Process Case Summary
LAKSHMI SRINIVASA: CARE Moves B+ Debt Rating to Not Cooperating
MF PROCESS & SOLUTIONS: Voluntary Liquidation Process Case Summary
MODI TELECOMMUNICATIONS: Liquidation Process Case Summary
ORIOR DVELOPERS: Insolvency Resolution Process Case Summary
PAIX TECHNOLOGY: Voluntary Liquidation Process Case Summary
PATHY ASSOCIATES: CARE Lowers Rating on INR50.00cr Loan to B+
PAVATHAL SPINNING: CARE Lowers Rating on INR10.03cr Loan to B
PRASAD AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
RADISSION RESOURCES: Insolvency Resolution Process Case Summary
RAJ CHICK: CARE Keeps D Debt Rating in Not Cooperating Category
RAJPROTIM AGENCIES: Insolvency Resolution Process Case Summary
RAM EDUCATIONAL: Ind-Ra Lowers Bank Loan Rating to 'D'
RAVINDRA RICE: CARE Lowers Rating on INR16.50cr Loan to D
RUKMINI IRON: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
SANJAY DANCHAND: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
SHIVAM INDUSTRIES: CARE Lowers Rating on INR3.99cr Loan to C
SLO INDUSTRIES LIMITED: Liquidation Process Case Summary
SONALAC PAINTS: CARE Keeps B+ Debt Rating in Not Cooperating
SONIGARA JEWELLERS: CARE Cuts Rating on INR12cr LT Loan to B+
SPS AGRONICO: CARE Moves B Debt Rating to Not Cooperating
SRP TRADE & UNITY: Voluntary Liquidation Process Case Summary
SS INFRASTRUCTURE: Ind-Ra Moves D Issuer Rating to Non-Cooperating
STARBIGBLOC BUILDING: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
SUMATI PRODUCTION: Voluntary Liquidation Process Case Summary
SUXXUS DBS SECURITIES: Voluntary Liquidation Process Case Summary
TOPSGRUP ELECTRONIC: Insolvency Resolution Process Case Summary
TRIVENI WIRES: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
TRUBA EDUCATION: CARE Lowers Rating on INR23.63cr Loan to B-
VIRTUE INDUSTRIES: CARE Lowers Rating on INR10.50cr Loan to D
WALIA TREXIM: Voluntary Liquidation Process Case Summary
WEIGANDT CONSULTING: Voluntary Liquidation Process Case Summary
J A P A N
TOSHIBA CORP: May Split in Half Instead of Into Three Firms
N E W Z E A L A N D
AA CONSTRUCTION: Commences Wind-Up Proceedings
AUDIO VISUAL: Creditors' Proofs of Debt Due March 3
JINBO RESTAURANT: Creditors' Proofs of Debt Due March 11
LITTLE RIVER: Creditors' Proofs of Debt Due March 2
S I N G A P O R E
EZRA HOLDINGS: Court Enters Wind-Up Order
FN TRANSPORT: Court to Hear Wind-Up Petition on Feb. 25
ORANGE CARZ: Court to Hear Wind-Up Petition on Feb. 18
ROMSDALEN HOLDINGS: Creditors' Proofs of Debt Due on March 8
TAN'S HOLDINGS: Court to Hear Wind-Up Petition on Feb. 25
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A U S T R A L I A
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21 BOURKE: First Creditors' Meeting Set for Feb. 14
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A first meeting of the creditors in the proceedings of 21 Bourke
Street Developments Pty Ltd will be held on Feb. 14, 2022, at 11:00
a.m. via telephone facilities.
Philip Newman of PCI Partners Pty Ltd was appointed as
administrator of 21 Bourke on Feb. 2, 2022.
CELLOS SOFTWARE: Second Creditors' Meeting Set for Feb. 14
----------------------------------------------------------
A second meeting of creditors in the proceedings of CellOS Software
Ltd has been set for Feb. 14, 2022, at 3:00 p.m. via Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 13, 2022, at 4:00 p.m.
Paul William Langdon and Ian Graham Grant of Vince & Associates
were appointed as administrators of CellOS Software on Jan. 10,
2022.
HUB FURNITURE: Second Creditors' Meeting Set for Feb. 11
--------------------------------------------------------
A second meeting of creditors in the proceedings of Hub Furniture
Lighting Living Pty Ltd has been set for Feb. 11, 2022, at 11:00
a.m. via Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 10, 2022, at 4:00 p.m.
Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed
as administrators of Hub Furniture on Dec. 2, 2021.
KICKZ101 PTY: First Creditors' Meeting Set for Feb. 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of KICKZ101
Pty. Ltd. will be held on Feb. 16, 2022, at 11:00 a.m. via virtual
meeting technology.
Stephen Dixon and Leigh Dudman of Hamilton Murphy Advisory were
appointed as administrators of KICKZ101 Pty on Feb. 4, 2022.
M ADVERTISING: First Creditors' Meeting Set for Feb. 14
-------------------------------------------------------
A first meeting of the creditors in the proceedings of M
Advertising Pty Limited will be held on Feb. 14, 2022, at 10:30
a.m. at Level 7, 28 O'Connell Street, in Sydney, NSW.
Andrew John Spring of Jirsch Sutherland was appointed as
administrator of M Advertising on Feb. 3, 2022.
MALIVER PTY: Owner's Luxury Cars to be Sold Off at Auction
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The West Australian reports that two luxury cars that belonged to
missing Sydney conwoman Melissa Caddick will be auctioned off to
reimburse investors who were defrauded.
The Sydney businesswoman disappeared in November 2020 shortly after
her home was raided by the Australian Federal Police as part of an
Australian Securities and Investments Commission investigation into
her and her business, the report says.
She has not been seen since, although her decomposed foot, still
encased in an Asics running shoe, was discovered on Bournda Beach
near Tathra a year ago.
According to the report, a notice posted by the auction firm
Pickles said the cars would be sold under instructions from the
accountants in charge of the liquidation of Ms. Caddick's company,
Maliver Pty Ltd.
An Audi R8 Plus V10 and a Mercedes Benz CLA45 AMG would go under
the hammer on February 21 at 6:00 p.m., the notice said, the report
relays.
The Audi is a supercar that would have cost about $400,000 new.
It's the same type of ride that was featured in Marvel's Iron Man
movies as driven by Tony Stark.
The Mercedes is a performance car that would have cost about
$100,000 when it was new.
"This is an important step in commencing the asset realisation
process in the liquidation and we are also advancing other efforts,
including recovering potential tax refunds as part of the
liquidation," the report quotes Bruce Gleeson, principal at Jones
Partners, which is overseeing the liquidation, as saying.
There are also plans to sell off the Dover Heights home and another
property, Mr. Gleeson said.
"In relation to the receivership property, which includes assets
such as the Dover Heights and Edgecliff properties and share
portfolios, significant work has been undertaken during December
and January and we are taking legal steps to expedite the sale of
these assets to progress being in a position to return moneys to
investors," Mr. Gleeson said, notes the report.
The West Australian relates that Mr. Gleeson has previously told
reporters that it appeared Ms. Caddick had tricked investors into
giving her money that she used to live an extravagant lifestyle.
She was "meticulous and systematic" in the way she "lured"
investors into handing over money, sometimes their life savings, he
said in February 2021.
"The way that she continually represented to investors that their
investments were safe, that their investments were increasing in
value.
"All the investors believed that all was going well, but nothing
could obviously be further from the truth," Mr. Gleeson said, the
report adds.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
21, 2020, following a successful Australian Securities and
Investments Commission application, the Federal Court on Dec. 15,
2020, ordered the appointment of receivers to the property of
Melissa Louise Caddick and provisional liquidators to Maliver Pty
Ltd.
SIGNEX GROUP: Creditors' Meeting Set for February 15
----------------------------------------------------
Wide Format Online reports that administrators of Melbourne events
signage company Signex Group and its wide format print business
Prologica Digital Print have called a meeting of creditors for
February 15 to decide if the company will be wound up.
Bayswater-based Signex and Prologica entered voluntary
administration in November 2020 after losing over AUD1 million
worth of work following the Covid-related cancellation of major
events including the Grand Prix, the Melbourne International Flower
and Garden Show and several golf tournaments, the report notes.
Owner Doug Pieper told Wide Format Online at the time that he hoped
the administration process would be over "in a few weeks" - that
was before Melbourne broke world records in 2021 for the amount of
time spent in Covid lockdowns.
According to the report, administrators Stephen Dixon and Leigh
Dudman from Hamilton Murphy Advisory have now called a virtual
meeting of creditors to be held on February 15 at 11:30 a.m.
"Creditors are required to attend by electronic means and no
physical place for the meeting is provided," said an ASIC notice.
Signex Group was established in 1985 and specializes in corporate,
exhibition and event signage as well as point of sale and visual
merchandising material.
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B A N G L A D E S H
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JUBILEE BANK: HC Orders Liquidation of Bank Within 9 Months
-----------------------------------------------------------
The Business Standard reports that the High Court on February 3
issued a directive for liquidating the century-old Jubilee Bank in
Kushtia within nine months.
According to the report, the court appointed AHM Shamsuddin
Chowdhury Manik, retired judge of the Appellate Division of the
Supreme Court, as the official liquidator and Supreme Court lawyer
Barrister Faria Huq as the additional liquidator.
Lawyers Tanjib-ul Alam and Kazi Ershadul Alam represented the
Bangladesh Bank in the court, while Barrister Khan Mohammad Shamim
Aziz stood for the liquidator, Deputy Attorney General Abdul Wahab
for the state and AKM Badruddoza for the Joint Stock Companies and
Firms (RJSC), The Business Standard discloses.
In February last year, a HC bench of Justice Muhammad Khurshid Alam
Sarkar had directed that the bank be liquidated. The full order was
released on Feb. 3.
The report says the bank's fate has been determined after a series
of legal fights starting in 2012 over several issues, including
claim of ownership by various shareholders and non-compliance with
laws.
Jubilee Bank was first registered by the RJSC in April 1913 as
Khoksha-Janipur Bank, which was later changed to Jubilee Bank Ltd
in January 1987. The central bank recognised it as a non-scheduled
bank on June 26, 1984.
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C H I N A
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CHINA EVERGRANDE: To Push Ahead With Sale of Hong Kong Land
-----------------------------------------------------------
Reuters reports that China Evergrande Group will continue with
efforts to sell a plot of undeveloped land in Hong Kong even after
the appointment of a receiver by a creditor, a person with direct
knowledge of the matter said.
The appointment of a receiver will also not have any bearing on the
group's restructuring process, said the person, the report relays.
U.S. asset manager Oaktree Capital Management, a lender to
Evergrande to develop a vast land plot in the rural Yuen Long
district, has sought to seize control of the asset by appointing a
receiver, a separate person said last month.
Reuters relates that Oaktree's move came after Evergrande, the
world's most indebted property developer with more than $300
billion in debt, defaulted on a secured loan, said the first
person, declining to be identified as he was not authorised to
speak to the media.
The person said that the asset was likely to be sold in the
"relative near term", and that Oaktree would be repaid after the
sale was completed, and any residual proceeds would be recovered by
Evergrande.
The Financial Times reported on Jan. 28 that Oaktree also took
control of a residential development project of Evergrande in
Shanghai after the developer defaulted on a secured loan provided
by the asset manager late last year, Reuters relays.
The person said that no other international creditor of Evergrande
had taken similar actions.
Evergrande said in an exchange filing on Jan. 30 that it was
seeking legal advice on the appointment of a receiver for the Yuen
Long plot and that the company was in discussions with the lender,
recalls Reuters.
According to the report, the developer said that the land in Yuen
Long is charged as security for $520 million advanced to the group
in January 2021. Evergrande's filing, however, did not mention the
name of the creditor.
Once China's top-selling developer, Evergrande said last month it
aimed to have a preliminary restructuring proposal in place within
six months as it scrambled to reassure creditors hit by defaults
since its finances began to unravel last year, the report recalls.
Reuters says the developer has been struggling to repay creditors,
suppliers and investors in wealth management products. Nearly $20
billion of its international bonds are now deemed to be in
default.
"It's a very complex situation so the company needs time to
evaluate alternatives and formulate a restructuring plan; it has
set a six-month deadline within which (it needs) to achieve these
objectives," said the person.
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.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze, the Post
recalls. It has since worked with more advisers in the past two
months by turning to China International Capital Corp, BOCI Asia
and Zhong Lun Law Firm on its debt workout plan.
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.
LVGEM CHINA REAL: Fitch Lowers LT FC IDR to 'B-', Outlook Negative
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Fitch Ratings has downgraded LVGEM (China) Real Estate Investment
Company Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'B-', from 'B'. The Outlook is Negative. Fitch has also
downgraded LVGEM's senior unsecured rating and the rating on its
outstanding US-dollar senior notes, issued by Gemstones
International Limited, to 'B-', from 'B', with a Recovery Rating of
'RR4'.
Fitch has removed all the ratings from Under Criteria Observation
(UCO), on which they were placed on 20 October 2021, following the
publication of its updated Corporate Rating Criteria.
The downgrade reflects LVGEM's small contracted sales scale and
concentration in a small number of projects, notably the Baishizhou
project. However, this project is centrally located in Shenzhen and
will bring in stronger contracted sales from 2023. Construction
appears to be on schedule.
The Negative Outlook reflects LVGEM's tight liquidity and
refinancing risk, but Fitch believes some investors may not
exercise their put options.
KEY RATING DRIVERS
Tight Liquidity: Fitch believes LVGEM's tight liquidity and the
challenging funding environment increase refinancing risk on its
capital market instruments that mature or become puttable in 2022.
However, LVGEM's capital market investors have been long-term
investors in the company and are likely to see stronger contracted
sales from the Baishizhou project. Therefore, Fitch does not expect
many to exercise their put options.
LVGEM had CNY5.0 billion of available cash and CNY10.1 billion of
short-term debt as at 1H21; an available cash/short-term debt ratio
of 0.5x. Of the short-term debt, CNY2.1 billion comprised onshore
bonds (refinanced in August 2021, with CNY1.4 billion now becoming
puttable in August 2022), and CNY1.4 billion was convertible bonds
becoming puttable or maturing in 1H22. LVGEM also has USD470
million of offshore bonds maturing in March 2023.
Low Contracted Sales Scale: LVGEM recorded annual contracted sales
of around CNY4 billion-5 billion in the past few years, lower than
most similarly rated peers. Fitch expects contracted sales to
strengthen once Baishizhou project presales begin in 2023, but to
still be significantly below those of higher-rated peers.
Project Concentration: LVGEM's business is focused on a small
number of projects in the Greater Bay Area, mainly Shenzhen and
Zhuhai; the two cities accounted for over 70% of total contracted
sales in 2020. Fitch expects concentration to increase further from
2023 due to the contribution from the Baishizhou project. However,
geographical concentration risk is mitigated by the region's strong
economic fundamentals and the quality of the Baishizhou project,
for which there should be strong demand given its prime location.
Progress on Baishizhou: Progress on the Baishizhou project is on
track, positioning the company for medium-term contracted sales
growth. Construction work is underway at phase 1 of the Baishizhou
urban renewal project (URP), which Fitch expects to provide around
CNY40 billion of total saleable resources from 2023. Fitch expects
LVGEM's EBITDA margin to remain much higher than that of peers due
to its focus on low-churn, high-margin URPs.
Moderate Leverage: Fitch expects LVGEM's leverage, measured by net
debt/adjusted inventory, to exceed 50% in 2022, against 44% in
1H21. This will be driven by the cash flow needs of the large
Baishizhou URP, including land premium, compensation to villagers
and construction costs, before pre-sales commence.
DERIVATION SUMMARY
Both LVGEM and Skyfame Realty (Holdings) Limited (B-/Negative) have
weak liquidity and face refinancing risk on capital market debt
maturing or becoming puttable in the next 12 months. LVGEM is also
comparable with Skyfame in terms of contracted sales scale and
leverage.
Guorui Properties Limited's (CCC+) rating was downgraded on 24
January 2022 to reflect the heightened refinancing risk of the
company's USD323.75 million senior notes puttable in April 2022.
Guorui has told Fitch it is communicating with bondholders to avoid
the exercise of the put option, potentially by enhancing the credit
terms. Compared with Guorui, LVGEM is in a stronger liquidity
position, given its higher available cash balance/short-term
capital market debt ratio. LVGEM is also supported by the upcoming
presale of its Baishizhou project, which should significantly
improve its financial profile.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Attributable contracted sales of CNY4 billion, CNY5 billion
and CNY8 billion in 2021, 2022 and 2023, respectively;
-- Annual development costs, including land and construction
costs, of CNY4 billion, CNY5 billion and CNY7 billion in 2021,
2022 and 2023, respectively;
-- EBITDA margin of over 30% in 2021-2023.
KEY RECOVERY RATING ASSUMPTIONS
-- The recovery analysis assumes that LVGEM would be liquidated
in a bankruptcy.
-- Fitch assumes a 10% administrative claim.
-- Fitch uses a multiple assumption tool to derive a 4x EBITDA
multiple to estimate the going concern value. The liquidation
value approach always results in a higher value than going
concern, due to the nature of homebuilding.
Liquidation Approach
The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.
57% advance rate applied to net inventory. LVGEM's inventory mainly
consists of completed properties held for sales, properties under
development (PUD) and deposits/prepayments for land acquisitions.
Different advance rates are applied to the various inventory
categories to derive a blended advance rate for net inventory
50% advance rate applied to PUD. PUDs are more difficult to sell
than completed projects. The assets are also at various stages of
completion. This has led Fitch to apply a 50% advance rate. The PUD
balance - prior to applying the advance rate - is net of
margin-adjusted customer deposits and other no-current liabilities
that mainly relate to the Baishizhou project.
90% advance rate applies to completed properties held for sale.
Completed commodity housing units are closer to readily marketable
inventory, and LVGEM has historically recorded a strong gross
margin of over 40%. As such, Fitch applied a higher advance rate
than the typical 50% mentioned in the criteria.
90% advance rate to deposits/prepayments for land acquisitions.
Similarly to completed commodity housing units, land held for
development is closer to readily marketable inventory in light of
LVGEM's well-located land. As such, Fitch applied a higher advance
rate than the typical 50% mentioned in the criteria.
50% advance applies rate to investment properties. LVGEM's
investment property portfolio mainly consists of commercial
buildings located in higher-tier cities, such as Shenzhen and Hong
Kong. The portfolio has an average rental yield of 2.7%. Fitch
regards a 50% advance rate to be appropriate, as the implied rental
yield on the liquidation value would be 5.5%. Fitch considers this
to be acceptable in secondary-market transactions.
80% advance rate applied to trade receivables. Account receivables
constitute a small percentage of LVGEM's total assets, as typical
in China's homebuilding industry. The advance rate is in line with
the advance rate for accounts receivable as mentioned in the
criteria.
60% advance rate applied to property, plant and equipment (PPE).
LVGEM's PPE mainly consists of land and buildings, the value of
which is insignificant.
No advance rate to excess cash. China's homebuilding regulatory
environment means that available cash, including pre-sales
regulated cash, is typically prioritised for project completion,
which includes payment for trade payables. Net payables, defined as
trade payables less available cash, are included in the debt
waterfall ahead of secured debt. However, Fitch does not assume
available cash in excess of outstanding trade payables would be
available for other debt-servicing purposes.
There is no net payables as available cash exceeds trade payables.
The allocation of value in the liability waterfall results in a
Recovery Rating of 'RR1' for the offshore senior unsecured debt.
However, the Recovery Rating for senior unsecured debt is capped at
'RR4', because under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- The Outlook may be revised to Stable upon a sustained
improvement in liquidity.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Failure to address the capital market debt maturing or
becoming puttable in the next 12-18 months;
-- Deterioration in liquidity or contracted sales;
-- Significant delays or execution issues in the Baishizhou
project.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
ISSUER PROFILE
LVGEM recorded contracted sales of CNY3.7 billion in 2021 and is
listed on the Hong Kong Stock Exchange.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch excludes funds under regulation by banks for specific
purposes and performance deposits required by government from cash
and include them as inventory in Fitch's leverage calculation.
Restricted bank deposits are included in cash to calculate net
debt, as these are mainly pledged for obtaining bank loans.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
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I N D I A
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ABHIRAJ ENGICON: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
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India Ratings and Research (Ind-Ra) has migrated Abhiraj Engicon
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR100 mil. Fund-based limit migrated to non-cooperating
category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
NOT COOPERATING) rating;
-- INR25 mil. Non fund-based limit migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR38.9 mil. Term loan due on June 2024 migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 23, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Pune-based AEPL is engaged in the execution of engineering,
procurement, construction of dams and canals mainly for Water
Resources Department in the Konkan and Vidarbha regions of
Maharashtra. The company was incorporated as a partnership firm
named P I Rachkar & Company in 1995 and was reconstituted as a
private limited company in 2007. AEPL is a registered as a Class-IA
contractor in Maharashtra.
ATHANI SUGARS: Ind-Ra Affirms & Withdraws BB- LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Athani Sugars
Limited's (ASL) Long-Term Issuer Rating at 'IND BB-' with a Stable
Outlook and simultaneously withdrawn it. The Outlook was Stable.
The instrument-wise rating actions are:
-- INR771.5 mil. Term loan* due on August 2028 affirmed and
withdrawn;
-- INR3,378.5 bil. Fund-based working capital facilities**
affirmed and withdrawn; and
-- INR500 mil. Short-term loans** affirmed and withdrawn.
*Affirmed at 'IND BB-'/Stable before being withdrawn
**Affirmed at 'IND BB-'/Stable/'IND A4+' before being withdrawn
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.
KEY RATING DRIVERS
Liquidity Indicator - Stretched: ASL's maximum average fund-based
limit utilization was 84.37% over the 12 months ended December
2021. The cash flow from operations turned positive INR546.14
million in FY21 (FY20: INR92.95 million) due to an improvement in
the absolute EBITDA and a favorable change in working capital.
However, the company has principal repayment obligations of
INR695.00 million for FY22 and INR655.00 million in FY23. Ind-Ra
thus expects the debt service coverage ratio for FY22 to remain
below 1x; the shortfall will continue to be funded through other
income or unsecured loans. Also, the company has high working
capital requirements owing to a long inventory period. Its working
capital cycle improved to 136 days in FY21 from (FY20: 201 days)
due to a decrease in inventory days to 205 (284). The cash and cash
equivalent of the company as on 30 September 2021 stood at
INR159.55 million (FY21: INR113.96 million).
The affirmation reflects ASL's modest margin at 10.55% in 1HFY22
(FY21: 9.43%). The marginal improvement in margin was due to a
lower operating expense. The return on capital employed stood at 7%
in FY21 (FY20: 5%). Margins in the sugar industry are vulnerable to
various factors such as government-led changes in minimum support
prices as well as in fair and remuneration price of sugarcane.
The ratings also reflect ASL's continued weak credit metrics.
Considering scheduled debt repayments, the agency expects the
credit metrics to improve in FY22; however, given the high level of
debt, the overall net leverage could remain weak. As of 1HFY22, the
net leverage (adjusted net debt/operating EBITDA) stood at 11.41x
(FY21: 8.52x) and the interest coverage (EBITDA/gross interest
expense) stood at 2.17x (1.61x).
The ratings however are supported by ASL's large scale of
operations. The management expects the company's revenue to
increase in FY22 (FY21: INR12,333.68 million), basis 1HFY22 revenue
of revenue of INR5,876.72 million, bumper sugarcane production and
water availability in both Maharashtra and Karnataka. The sharp
rise in FY21 revenue was on account of increased capacity and
better availability of cane for crushing. The company booked 72.4%
of revenue from the sugar segment, 22.1% from the distillery
segment and 4.1% from the co-generation segment in FY21 (FY20:
77.5%, 17.5% and 3.4%, respectively).
The ratings are also supported by ASL's promoters about 22 years of
experience in the sugar industry, leading to established
relationships with suppliers (farmers).
COMPANY PROFILE
Incorporated in 1995, ASL has an integrated sugar plant, with an
18,000 tons per day cane crushing capacity, a 52MW co-generation
unit with power generation capacity, and a 180klpd distillery
unit.
AVIRAL EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aviral
Education Welfare and Cultural Society (AEWCS) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.72 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 19,
2021, placed the rating(s) of AEWCS under the 'issuer
non-cooperating' category as AEWCS had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. AEWCS continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 5, 2021, December 15,
2021, December 25, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Aviral Education Welfare and Cultural Society (AEWCS) was
registered as an educational society in July 2007 under Societies
Registration Act, 1860 with an objective to provide education
services by establishing and operating an educational institution
and started its commercial operations in April 2018. The society
operates a school under the name of Delhi Public School (DPS) with
a single campus spread over at 1.089 acre of land located at
Ghaziabad, Uttar Pradesh. AEWCS located in Ghaziabad, Uttar Pradesh
was established for providing primary and secondary education from
Nursery to standard XII. The day-to-day management of the trust is
carried by Mr. Jyoti Gupta (director), Mr. Adarsh Gupta (President)
and Mr. Panchanan Mali (Manager Accounts). The society has employed
experienced teaching and administrative staff to run the courses in
efficient manner. The society has around 30 teaching staff and 30
administrative & supportive staff. AEWCS has a total strength of
186 students in school in the current academic session AS2019-20.
COLOUR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Colour
Cottex Private Limited (CCPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 78.98 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of CCPL under the 'issuer
non-cooperating' category as CCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CCPL
continues to be noncooperative despite repeated requests for
submission of information through email dated December 15, 2021,
December 25, 2021, January 4, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in June 2012, Colour Cottex Private Limited (CCPL) is
engaged in the manufacturing and trading of readymade garments
(primarily T-shirts) and knitted cloth. The company is currently
operating with Mr. Rajesh Dhanda as the Managing Director. The
manufacturing unit of the company is located in Ludhiana, Punjab
having an installed capacity of 10,80,000 pieces for ready-made
garments and 936 tons for knitted cloth as of March 30, 2016. The
company also engages in trading of garments and cloth.
DEEN DAYAL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deen Dayal
Foods Private Limited (DDFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.49 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 11,
2021, placed the rating(s) of DDFPL under the 'issuer
non-cooperating' category as DDFPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. DDFPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 27, 2021, December 7,
2021, December 17, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Deen Dayal Foods Private Limited (DDFPL) was incorporated in 2010
by Mr. Dileep Kumar Singhal, Mrs Aradhna Singhal and Mr. Vijay Pal.
The company is engaged in the business of manufacturing milk and
milk products. It purchases milk from local farmers with the help
of agents. Its products include loose milk, skimmed milk powder,
butter, Ghee, etc. It has a good customer base all over India. The
company supplies its products mainly to Parle Products Private
Limited and Virat Crane Industries Limited.
DIMYRA INTERNATIONAL: CARE Lowers Rating on INR5.91cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dimyra International (DI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.91 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Short Term Bank 1.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE A4
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 25, 2021,
placed the rating(s) of DI under the 'issuer non-cooperating'
category as DI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 28, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of Dimyra International
have been revised on account of delays in debt servicing as
recognized from publicly available information i.e. possession
notice issued by the lender.
Dimyra International (DIN) is a proprietorship firm established in
April 2016 by Mrs. Sheela Jain. DIN is engaged in manufacturing and
trading of fabric and readymade garments for women, men and kids at
its manufacturing facility located at Ludhiana, Punjab, which has a
total installed capacity of manufacturing 5.5 lakh pieces of
textiles per annum, as of January 31, 2018. The product line of the
firm mainly comprises sweaters, coats, jackets, tops, sportswear,
shirts, trousers, kurtis, etc.
FOX CASHEW: CARE Lowers Rating on INR6.0cr LT Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Fox
Cashew Industries (FCI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of FCI under the 'issuer
non-cooperating' category as FCI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. FCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 8, 2021, December 18, 2021 and December
28, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of FCI have been
revised on account of non-availability of requisite information.
Fox Cashew Industries (FCI) was established in the year 2009 as
proprietorship firm by Mrs. Janet Pais. The firm is engaged in
processing of raw cashew nut into cashew kernels with installed
capacity of 4 tons per day at Valpady, Karnataka. The 3 Press
Release process involves steam roasting, shell cutting, peeling and
grading. The firm majorly procures raw material (raw cashew nuts)
from African countries like Benin, Togo, Ivory Coast, and Tanzania
etc. The firm imports 100% of the raw cashew nut (70% of total
purchases) owing to better quality and relatively lower prices as
compared to the domestic market. The firm is also engaged in
trading of cashew kernels. The firm purchases the cashew kernels
for trading from the local traders in Karnataka. The firm sells the
cashew kernels to wholesalers in the state of Karnataka and
Gujarat. The firm also generates income from sale of by-products
cashew shells, cashew husk and rejections.
G AND T INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G And T
Industries Private Limited (GTIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 20,
2021, placed the rating(s) of GTIPL under the 'issuer
non-cooperating' category as GTIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GTIPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 6, 2021, December 16,
2021, December 30, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Tamil Nadu based, G and T Industries Private Limited (GTIPL) was
established in the year 2013 as Private Limited Company, promoted
by Mr. G. Prakash Kumar and family. GTIPL plant is located at
Pulliline Village, Varalakshmi Nagar, Vadaperumbakkam, Chennai,
Tamil Nadu. The company is engaged in manufacturing of electrical
wires like copper wires, winding wires and aluminum wires with an
installed capacity of 200 MT per month. The company started its
commercial operations from October 2016.
G V AUDIO: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G V Audio
Visionn Private Limited (GVAVPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 20,
2021, placed the rating(s) of GVAVPL under the 'issuer
non-cooperating' category as GVAVPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GVAVPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 6, 2021, December 16,
2021, and December 30, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Erode (Tamilnadu) based G V Audio Visionn Private Limited was
established on November 05th 2008 by Mr. KKM Khatir (Director) and
other promoter directors. The company retail outlet for consumer
durable products such as Television, AC, Fridge, Washing Machine,
etc pertaining to various brands. The promoter started the business
in the name of partnership firm M/s G V Audio Vision, Later on, the
constitution of entity was changed to Private Limited during 2008.
The company is head quartered at Erode with branch showrooms
located at Coimbatore, Tiruppur, Gobi, Namakkal and Tiruchengode in
Tamilnadu. Mr. KKM Khatir, Director of the company, has experience
in the same line of business from past 3 decades.
GENA PHARMACEUTICALS: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Gena Pharmaceuticals Limited
7/2/1, Thakurpukur (N/W) Road
P.S. Barasat Kolkata
Parganas North
WB 700128
Liquidation Commencement Date: January 7, 2022
Court: National Company Law Tribunal, Kolkata Bench
Date of closure of
insolvency resolution process: January 6, 2022
Insolvency professional: Vasudeo Agarwal
Interim Resolution
Professional: Vasudeo Agarwal
5, Fancy Lane
3rd Floor, Room No. 9
Kolkata
West Bengal 700001
E-mail: vdainfo@gmail.com
liquidator.genpharmaceuticals@
gmail.com
Last date for
submission of claims: February 27, 2022
GMW ENGINEERS: Ind-Ra Affirms BB Issuer Rating, Outlook Negative
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised GMW Engineers
Private Limited's (GEPL) Outlook to Negative from Stable while
affirming its Long-Term Issuer Rating at 'IND BB'.
The instrument-wise rating actions are:
-- INR17 mil. (increased from INR12 mil.) Fund-based working
capital limits affirmed; Outlook revised to Negative from
Stable with IND BB /Negative/IND A4+ rating;
-- INR100 mil. (reduced from INR105 mil.) Non-fund-based working
capital limits affirmed with IND A4+ rating; and
-- INR1.8 mil. (reduced from INR4 mil.) Term loan due on October
2024 affirmed; Outlook revised to Negative from Stable with
IND BB/Negative rating.
The Negative Outlook reflects Ind-Ra's expectation of a continued
decline in GEPL's scale of operations, leading to deterioration in
the credit metrics and elongation of its net working capital cycle
in FY22.
KEY RATING DRIVERS
The affirmation reflects GEPL's continued small scale of operations
as reflected by revenue of INR98.0 million in FY21 (FY20: INR136.8
million). In FY21, the revenue declined on account of slow
execution of orders due to the covid-19-led disruptions. The
company achieved net revenue of INR32.5 million in 9MFY22. As of 31
December 2021, GEPL had an order book of INR198.08 million (2.02x
of FY21 revenue), which the management expects to execute by FY24.
However, Ind-Ra expects the company to achieve marginally lower
revenue in FY22 than FY21 on account of the lower revenue recorded
in 9MFY22.
The ratings also factor in the company's continued modest EBITDA
margins of 12.8% in FY21 (FY20: 12.1%) with a return on capital
employed of 8.1% (10.9%). Despite the decline in revenue in FY21,
the EBITDA margins improved on account of a reduction in the cost
of goods sold and execution of a lower number of orders. However,
Ind-Ra expects the margins to decline in FY22 on account of an
increase in operating expenses with the stabilization of
operations.
Liquidity Indicator - Stretched: In FY21, the net cash conversion
cycle elongated to 182 days (FY20: 138 days) on account of an
increase in the receivable period to 167 days (108 days) and an
increase in the inventory holding period to 156 days (92 days). At
FYE21, the company had a low cash and cash equivalent balance of
INR0.2 million (FYE20: INR0.4 million). The average maximum use of
the fund-based and the non-fund-based limits was 66.6% and 65.5%,
respectively, over the 12 months ended December 2021. In FY21, the
cash flow from operations increased to INR11.9 million (FY20:
INR3.9 million) on account of favorable changes in working
capital.
The ratings also continue to factor in GEPL's continued modest
credit metrics. In FY21, the interest coverage (operating
EBITDA/gross interest expense) declined to 3.2x (FY20: 3.4x) on
account of a decline in the absolute EBITDA to INR12.6 million
(FY20: INR16.5 million). However, the net leverage (total adjusted
net debt/operating EBITDAR) improved to 1.0x in FY21 (FY20: 1.2x)
on account of a reduction in total debt at the end of the year. As
of 21 January 2022, the total unsecured loans reduced to INR2.8
million from INR3.8 million in FY21; the existing unsecured loans
carry an interest rate of around 8% interest and are not
subordinated debt. GEPL does not have any major debt-led capex plan
for the next two-to-three years. Ind-Ra expects the credit metrics
to remain moderate in FY22 on account of no major debt-led capex
plans.
The ratings are also constrained by GEPL's high customer and
supplier concentration risk. In FY21, the top three customers
contributed around 93% to the total sales, while the top three
suppliers accounted for around 61% of the total purchases.
However, the ratings remain supported by the promoters' experience
of more than 30 years in executing engineering, procurement and
construction contracts.
RATING SENSITIVITIES
Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics along with an improvement in the
liquidity profile, could lead to the Outlook being revised back to
Stable.
Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics or liquidity profile, will be
negative for the ratings.
COMPANY PROFILE
Incorporated in 1986, GEPL manufactures and installs
hydro-mechanical and water intake equipment such as hydel gates,
stop log gates, hoists and gantry cranes, and piping work for
various power projects, mainly hydro and thermal power projects.
The work includes designing, supply and installation of steel
structures for meeting the demands of projects. The company
undertakes majorly sub-contract works for small-sized hydro power
civil contractors. Its head office is located in Vadodara (Gujarat)
and branch office is in Chennai.
GRAPHENE MEDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Graphene Media Private Limited
E-610, Crystal Plaza
Opp. Infinity Mall
New Link Road
Andheri (West)
Mumbai, Mumbai City
MH 400053
Insolvency Commencement Date: January 25, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: July 24, 2022
Insolvency professional: Ritesh Prakash Adatiya
Interim Resolution
Professional: Ritesh Prakash Adatiya
B-401, The First
B/h ITC Hotels
Keshavbaugh Party Plot
Vastrapur
Ahmedabad 380015
E-mail: riteshadatiya01@gmail.com
cirp.gmpl@gmail.com
Last date for
submission of claims: February 8, 2022
GUNA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guna
Poultry Feeds (GPF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of GPF under the 'issuer
non-cooperating' category as GPF had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GPF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 8, 2021, December 18, 2021, December
28, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Guna Poultry Feeds (GPF) was established in the year 2002 as
proprietorship firm by Mrs.R. Gunavathi. The firm is engaged in
manufacturing of poultry feed with an installed capacity of 40 tons
per day at Rajagoundanur, Namakkal, Tamil Nadu. The firm is also
engaged in trading of eggs. The firm purchases major raw materials
(Maize, Soya) from the local dealers in and around Namakkal. The
firm sells the poultry feeds to its associate concern Rajamanickam
Poultry Farm (RPF) (75% of total poultry feed sales) and other
local poultry farms (25% of total poultry feed sales). The firm
purchases eggs from RPF and sells them to local traders.
INDIA OFFSET: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: India Offset Printers Private Limited
B-20/1 Okhla Industrial Area
Phase 2, New Delhi
South Delhi DL 110020
Insolvency Commencement Date: November 17, 2021
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: May 18, 2022
Insolvency professional: Mr. Sanjay Chopra
Interim Resolution
Professional: Mr. Sanjay Chopra
S-4, 21/681
Ghawri Chambers 3rd Floor
Faiz Road, Karol Bagh
New Delhi 110005
E-mail: casanjaychopra@outlook.com
cirpofindiaoffsetprinters@
gmail.com
Tel: 011-42436778
Last date for
submission of claims: December 3, 2021
INDIAN SURGICAL: CARE Reaffirms B+ Rating on INR2.94cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Indian Surgical Equipment Company Private Limited (ISECPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.94 CARE B+; Stable; Reaffirmed
Facilities
Short Term Bank
Facilities 5.00 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of ISECPL continue to
remain constrained by small scale of operations, leveraged capital
structure and weak coverage indicators, elongated operating cycle
and stretched liquidity position. The ratings are further
constrained on account of foreign exchange fluctuation risk and
Risk associated with the government regulations in the industry.
Further, the ratings, continue to derive comfort from experienced
promoters with long track record of operations and moderate
profitability margins.
Rating Sensitivities
Positive Factors - Factors that could lead to positive rating
action/upgrade
* Sizable improvement in total operating income to INR30.00 crore
and above on a sustained basis
* Improvement in total debt to GCA below 7x on a sustained basis
Negative Factors- Factors that could lead to negative rating
action/downgrade
* Deterioration in PBIDLT margin and PAT margin below 10% and 1%
respectively on continuous basis
* Deterioration in capital structure as marked by overall gearing
of above 2.50x on a sustained basis
* Elongation in operating cycle of above 130 days on a sustained
basis
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operations: The scale of operations remained small
marked by total operating income and gross cash accruals of INR8.05
crore and INR0.38 crore during FY21 as against INR8.80 crore and
INR0.39 crore respectively during FY20 (refers to the period April
01 to March 31). The marginal decline in scale of operations of the
company is on account of lower intake from existing clients.
Further, in 8MFY21 (refers to the period April 01 to November 30,
2021), the company has achieved INR5.10 crore. Further, the
company's capital base was relatively small to 2.35 Cr as on March
31, 2020. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.
* Elongated operating cycle: The operating cycle of the company
elongated and stood at 124 days for FY21 as against 105 days for
FY20 on account of increase in collection period. The company
normally maintains inventory of around 1-2 month in form of traded
goods to meets the immediate requirements of its customers
resulting in average inventory period of 36 days in FY21 as against
59 days in FY20. ISECPL normally allow credit period of around 3-4
months to its customers, there are many projects which require
installation at multiple sites and ISEPL receives payments only
after successful installation at all the sites. Further, the
customer base also comprises of government bodies/departments and
there's normally delay in realization of payment due to procedural
issues and due to slow allocation of budget in health sector by
government resulting into payment getting delayed resulting in
average collection period of 160 days in FY21 as against 111 days
in FY20. Furthermore, the company receives a credit period of 2-3
months from their suppliers.
* Risk associated with the government regulations in the industry:
In India, the Central Drugs Standard Control Organization is the
main regulatory body for Notified Medical equipment. Hence, any
violation is punishable, and the authority can also make provisions
for penalizing the manufacturing units in terms of suspension or
cancelling of license. Any adverse change in policies of government
can affect business.
* Foreign exchange fluctuation risk: The company is also importing
material (30%) from United Kingdom, Germany, and USA. Though the
proportion of imports vary according to the type of orders. The
final products manufactured by the company are sold in the domestic
market, with initial cash outlay for procurement in foreign
currency and significant chunk of sales realization in domestic
currency, the company is exposed to the fluctuation in exchange
rates. Further, company doesn't hedge for any foreign currency
transaction thus, exposing company's profitability margins to
foreign currency fluctuation risk.
Key Rating Strengths
* Experienced promoters with long track record of operations: The
operations of the company are managed by Ms. Sneha Rajpal, who is
graduate by qualification and have vast experience of more than
three decade in dealing with medical equipment. She is associated
with ISECPL since inception, and she is supported by Mr. Abhinav
Rajpal who is post graduate by qualification and looks after sales
& service part of medical equipment.
* Moderate profitability margins: ISECPL offers installation and
annual maintenance servicing facility of the medical equipment's
which requires specialized technical know-how. Owing to the trading
nature of the business with low value addition, the profitability
margins of the company continue to remain moderate as marked by
PBILDT margin of 10.87% in FY21 as against 11.36 in FY20. The PAT
margin improved marginally and stood above unity at 1.61% in FY20
as against 1.25% in FY20, due to decline in interest cost and
depreciation.
Liquidity: Stretched
The liquidity position of the company remained stretched as marked
by tightly matched repayment vis-Ã -vis obligations. The company
has generated GCA of INR0.38 crore in FY21 and is expected to
envisage GCA of INR0.40 crore in FY22 against repayment obligation
of INR0.26 crore in same year. Further, the working capital limits
of the company is 90% utilised for the past twelve months ending
December 2021. The company also have low cash & bank balances of
INR0.14 crore as on March 31, 2021.
Indian Surgical Equipment Company Private Limited (ISECPL) was set
up as August 4, 1981, as proprietorship concern, it got converted
into private limited company in 1987.It is currently managed by Ms
Sneha Rajpal and Mr. Abhinav Rajpal. ISEPL is engaged in the
trading of medical equipment across India and mostly deals in Life
science & diagnostic equipment like Operation table, Anesthesia
Machine, surgical instruments etc. ISEPL have also started
manufacturing Warm blanket and the same is sold under brand name
"Therma". The company imports the equipment from Germany and USA
and caters to hospitals such as All India Institute of Medical
Sciences, Shri Ganga Ram hospital and various government hospital,
VDPL is authorized dealer of "Thermo Fisher Scientific (Germany)
medical equipment in North.
JAYANTA KHAUND: CARE Lowers Rating on INR4.0cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jayanta Khaund (JK), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 10.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 21,
2021, placed the rating(s) of JK under the 'issuer non-cooperating'
category as JK had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 7, 2021, December 17, 2021, and December 27, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of JK have been revised
on account of non-availability of requisite information.
Established in 1998, Jayanta Khaund (JK) was promoted by Mr.
Jayanta Khaund based out of Guwahati, Assam. Since its inception,
the firm has been engaged in execution of rural electrification
works on turnkey basis.
K R F LIMITED: CARE Lowers Rating on INR9.0cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of K R
F Limited (KRFL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 24.19 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Short Term Bank
Facilities 6.00 CARE A4; ISSUER NOT
COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 19,
2021, placed the rating(s) of KRFL under the 'issuer
non-cooperating' category as KRFL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KRFL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 5, 2021, December 15, 2021, December
25, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The ratings also consider increasing in
overall debt as well as accruing losses in FY20 over FY19.
KRF was incorporated as a proprietorship firm in 1962 and later
converted into public limited company in 1992. KRF is engaged in
the manufacturing of various garment accessories such as woven
labels, printed labels, paper tags, buttons, hangers, bar code
stickers, etc. The company has a total of 9 manufacturing
facilities in Delhi-NCR.
KETAN CERAMICS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Ketan Ceramics Private Limited
5th Floor, Gupta House
Civil Lines, Nagpur
Maharashtra 440001
Liquidation Commencement Date: January 21, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: January 20, 2022
Insolvency professional: Prajakta Madhav Shidhore
Interim Resolution
Professional: Prajakta Madhav Shidhore
Plot No. 23, Ground Floor
Umashankar, Tarun Bharat Society
Chakala, Andheri East
Mumbai 400099
Tel: 9820366899
Last date for
submission of claims: February 19, 2022
KPR INDUSTRIES INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s K.P.R. Industries (India) Limited
Survey No. 1, 2, 3, 4
Kanedumetta Road
Balabhadrapuram Guntur
AP 533343
IN
Insolvency Commencement Date: January 19, 2022
Court: National Company Law Tribunal, Amaravati Bench
Estimated date of closure of
insolvency resolution process: July 18, 2022
(180 days from commencement)
Insolvency professional: Chinna Gurappa
Interim Resolution
Professional: Chinna Gurappa
Flat No. E1, Plot No. 45
Surya Residency, Siddartha Nagar
Vengalrao Nagar Post
Near ICICI Bank Limited
Kalyan Nagar Branch
Hyderabad, Telangana 500038
E-mail: gurappa@rediffmail.com
Last date for
submission of claims: February 2, 2022
LAKSHMI SRINIVASA: CARE Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sri
Lakshmi Srinivasa Agro Industries (SLSAI) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category moved to
ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE has been seeking "No Default Statement" from SLSAI to monitor
the rating(s) vide e-mail communications dated December 14,2021,
January 3, 2022 and January 19,2022 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the "No Default Statement" for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
Sri Lakshmi Srinivasa Agro Industries bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The revision in rating of bank facilities of Sri Lakshmi Srinivasa
Agro Industries is on account of non-submission of No Default
Statements (NDS) for 3 consecutive months as well as absence of
critical information on its financial and operational performance
to assess its ability to service the debt obligations and hence the
revision in rating.
Detailed description of the key rating drivers
At the time of last rating on June 8, 2021 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* Small scale of operations with fluctuating total operating income
during the review period: Total operating income of the firm stood
at INR32.46 crore with low net worth base of INR2.78 crore in FY20.
The total operating income of the firm is fluctuating in the range
of INR25.42 crore in FY18 to INR32.46 crore on FY20. The total
operating income of the firm has increased from INR25.42 crore in
FY18 to INR32.51 crore in FY19 on account of increase in scale of
operation and receiving of more number of orders from the existing
customers during the review period.
* Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators during the review period: The capital
structure of the company stood leveraged with overall gearing at
4.49x as on March 31, 2020 (Audited) on account of low net worth
and high debt levels. The debt coverage indicators of the company
remained weak during FY20 (Audited), the total debt/GCA of the firm
detriorated from 10.78x as on March 31, 2018 to 20.61x as on March
31, 2020. The Interest coverage ratio of the firm is fluctuating in
the range of 1.89x in FY18 to 2.08x in FY20 due to increase in
interest costs during the review period. However, total debt/CFO
remained negative during the review period.
* Seasonal nature of availability of paddy and margins susceptible
to raw material price fluctuations and Regulations by Government:
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The major procurement of Paddy happens during the months
of October to January and April to July. The firm's raw material
being paddy, for proper harvest and availability of paddy, the
weather conditions should be adequate. Adverse weather conditions
directly affect the supply and availability of the paddy and raw
material price fluctuations. The central Government of India (GOI),
every year decides a minimum support price of paddy which limits
the bargaining power of rice millers over the farmers. The sale of
rice in the open market is also regulated by the government through
levy quota and fixed prices. Due to the above said regulations
along with the intense competition, the bargaining power of the
rice millers against the suppliers of paddy and the customers is
limited.
* Highly fragmented and competitive business segment due to
presence of numerous players: The firm is engaged into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized firms that compete with each other
along with several large enterprises. There are several small sized
firms in and around Bangalore area which compete with SLSAI.
Key Rating Strengths
* Experienced partners with more than 3 decades of experience in
Agro Industry: SLSAI was incorporated in 2015 and promoted by Mr. M
Srinivas Rao along with his family members. The promoters have
around 30 years of experience in trading and rice milling. Through
their vast experience in rice mill business, they have established
healthy relationship with key suppliers, customers, local farmers,
dealers and also with the brokers facilitating the ease in sale of
products.
* Satisfactory profitability margins albeit fluctuating during the
review period: The profitability margins of the firm stood
satisfactory albeit fluctuating during the review period. The
PBILDT margin of the firm is fluctuating in the range of 3.98% to
4.92% during the review period. The PBILDT margin of the company
has decreased from 4.72% in FY18 to 3.98% in FY19 due to increase
in cost of materials consumed on account of purchase of raw
materials.
Bellary (Karnataka) based Sri Lakshmi Srinivasa Agro Industries
(SLSAI) is a partnership firm established in 2015 by Mr. M Srinivas
Rao. The firm is engaged in Rice Milling and processing of
non-basmati rice varieties. The firm majorly deals in rice, steamed
rice, boiled rice, broken rice, rice bran, etc. SLSAI has an
installed capacity to process 3 tonnes per day. The firm sells rice
to domestic wholesalers, restaurants and hospitals in the units of
10 kgs, 25 kgs, 50 kgs.
MF PROCESS & SOLUTIONS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: MF Process & Solutions Private Limited
Shyam Plaza, 1st Floor IB 3
Aswani Nagar, Baguihati
Kolkata 700159
West Bengal
Liquidation Commencement Date: January 28, 2022
Court: National Company Law Tribunal, Kolkata Bench
Insolvency professional: Birendra Kumar Tripathi
Interim Resolution
Professional: Birendra Kumar Tripathi
60/2/1, Haripada Dutta Lane
Golf View Apartment
Flat No. 7, 3rd floor
Kolkata 700033
E-mail: bkt9000@gmail.com
Last date for
submission of claims: February 28, 2022
MODI TELECOMMUNICATIONS: Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Modi Telecommunications Limited
14th Floor, Signature Tower A
South City, NH-8
Gurgaon, Haryana 122001
Liquidation Commencement Date: January 24, 2022
Court: National Company Law Tribunal, Delhi Bench
Date of closure of
insolvency resolution process: January 24, 2022
Insolvency professional: Atul Mittal
Interim Resolution
Professional: Atul Mittal
174, BALCO Apartments
Plot No. 58, IP Extn.
Patparganj, Delhi 110092
E-mail: a.mittalmc@gmail.com
- and -
163, BALCO Apartments
Plot No. 58, IP Extn.
Patparganj, Delhi 110092
E-mail: contact@aarshrp.com
Last date for
submission of claims: February 23, 2022
ORIOR DVELOPERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Orior Developers and Infrastructure Private Limited
Registered office:
Flat No. 969 Radhika Apartment
Sector-14, Pocket-1
Dwarka South West Delhi
New Delhi 110078
Residential Township Project:
Bhaskar Enclave-II
Tonk Road, NH-12
Jaipur Rajasthan 302015
Insolvency Commencement Date: January 28, 2022
Court: National Company Law Tribunal, New Delhi Bench V
Estimated date of closure of
insolvency resolution process: July 27, 2022
Insolvency professional: Prabhakar Kumar
Interim Resolution
Professional: Prabhakar Kumar
E-18, Ground Floor
Guru Nanak Pura
Janakpuri
New Delhi 110058
E-mail: prabhakar_acs@rediffmail.com
cirp.orior@gmail.com
Classes of creditors: Allottees/Investors under the Real Estate
Project
Insolvency
Professionals
Representative of
Creditors in a class: Anshuman Kaushik
E-mail: anshumanksk@gmail.com
Mr. Vinay Kumar Singhal
E-mail: vinaysinghal.ip@gmail.com
Mr. Deepak Kumar Garg
E-mail: deepakgarg07@rediffmail.com
Last date for
submission of claims: February 14, 2022
PAIX TECHNOLOGY: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Paix Technology Private Limited
401, 4th Floor, Shree Krishna Plaza
Behind Hind Mata School
Digha, Navi Mumbai
Thane 400708
Maharashtra, India
Liquidation Commencement Date: January 17, 2022
Court: National Company Law Tribunal, Mumbai Bench
Insolvency professional: Ms. Nayana Premji Savala
Interim Resolution
Professional: Ms. Nayana Premji Savala
1/101-A, Vishal Susheel CHS
Nariman Road, Vile Parle East
Mumbai 400057, Maharashtra
India
E-mail: nalinisavala@gmail.com
Tel: 9869043453
9082605500
Last date for
submission of claims: February 15, 2022
PATHY ASSOCIATES: CARE Lowers Rating on INR50.00cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Pathy Associates Private Limited (SPAPL), as:
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/Short 50.00 CARE B+; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE BB; Stable/CARE A4
Short Term Bank 25.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 06,
2021, placed the rating(s) of SPAPL under the 'issuer
non-cooperating' category as SPAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SPAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 22, 2021, December 2,
2021 and December 12, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SPAPL have been
revised on account of non-availability of requisite information.
Sri Pathy Associates Private Limited (SPAPL) was established as a
partnership firm in 1989 under the name of 'Sri Pathy Associates'
to undertake civil engineering contracts. The firm was promoted by
two partners 'Mr. S Sekar' and 'Mr. S Srinivasamoorthy'. Effective
from June 17, 2019 constitution was changed from partnership to
private limited and the name was changed to 'Sri Pathy Associates
Private Limited' (SPAPL). SPAPL primarily executes projects for
state and central government agencies like Tamilnadu Housing Board
(TNHB), Tamilnadu Public Works Department (PWD), Water Resources
Department (WRD), Fisheries department, Tamilnadu Maritime Board,
etc. The day to day operations are managed by both the promoters
'Mr. S Sekar' and 'Mr. S Srinivasamoorthy'. The company has an
order book of around INR1,361 crore to be executed in two years
(FY20 and FY21).
PAVATHAL SPINNING: CARE Lowers Rating on INR10.03cr Loan to B
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pavathal
Spinning Mills Private Limited (PSMPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.03 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Short Term Bank 0.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of PSMPL under the 'issuer
non-cooperating' category as PSMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. PSMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 8, 2021, December 18,
2021, December 28, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of PSMPL have been
revised on account of non-availability of requisite information.
The ratings also factored decline in scale of Operation,
profitability and debt coverage indicators during FY20.
Pavathal Spinning Mills Private Limited (PSMPL) was established in
1982 as 'Palani Karthik Spinning Mills Private Limited' and was
taken over by the promoters of PSMPL in 1992. The company engaged
in manufacturing and sale of only viscose yarn. The
manufacturing facility of the company is located in Dindigul, Tamil
Nadu.
PRASAD AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prasad Agro
Industries (PAI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of PAI under the 'issuer
non-cooperating' category as PAI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 14, 2021, December 24, 2021, January 3,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Prasad Agro Industries (PAI) was established in November 2013 and
is based out of Latur, (Maharashtra). The firm is engaged in the
business of processing of Toor dal at its processing facility
located at Latur with an installed capacity of 50 metric tons Dal
per annum (MTPA).
RADISSION RESOURCES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Radission Resources Private Limited
F-1, Asha Apartment Kalpanapuri
Adityapur Jamshedpur Seraikela
JH 831013
IN
Insolvency Commencement Date: January 27, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: July 26, 2022
Insolvency professional: Neeraj Jain
Interim Resolution
Professional: Neeraj Jain
4 Synagogue Street
Suite # 205, 2nd Floor
Facing Brabourne Road
Kolkata 700001
E-mail: reachneerajjain@gmail.com
- and -
Unit 1, Floor 14
Chatterjee International Centre
33A, Jawaharlal Nehru Road
Kolkata 700071
E-mail: cirp.radission@gmail.com
Last date for
submission of claims: February 10, 2022
RAJ CHICK: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj Chick
Farms Private Limited (RCFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.99 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 18,
2021, placed the rating(s) of RCFPL under the 'issuer
non-cooperating' category as RCFPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RCFPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 4, 2021, December 14,
2021, December 24, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Andhra Pradesh-based, Raj Chick Farms Private Limited (RCFPL), was
incorporated in 2002 as a Private Limited Company by Mr. Guarav
Khurana and Mr. Omprakash Khurana. The Company is engaged in
farming of egg laying poultry birds (chickens) and trading of eggs
and cull birds and its registered office is at Banjarahills,
Hyderabad, Telangana with installed capacity of 1,00,000 number of
birds per annum.
RAJPROTIM AGENCIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Rajprotim Agencies Private Limited
49/89, Prince Goulam
Mohammad Shah Road
Golf Gardens
Kolkata 700033
West Bengal
Insolvency Commencement Date: January 12, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: July 11, 2022
(180 days from commencement)
Insolvency professional: Sandip Mitra
Interim Resolution
Professional: Sandip Mitra
53/C, Harish Mukherjee Road
Kolkata 700025
E-mail: sasoso@gmail.com
sandipmitra_2001@hotmail.com
Last date for
submission of claims: January 26, 2022
RAM EDUCATIONAL: Ind-Ra Lowers Bank Loan Rating to 'D'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating of
Shri Ram Educational Trust's bank facilities to 'IND D' from 'IND
BB+ (ISSUER NOT COOPERATING)'.
The detailed rating action is:
-- INR150 mil. Working capital facility downgraded with IND D
rating; and
-- INR121.28 mil. Term loan due on October 2022 downgraded with
IND D rating.
KEY RATING DRIVERS
The downgrade reflects Shri Ram Educational Trust's delays in debt
servicing during the last six months and the account being in
overdue since November 30, 2021.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.
COMPANY PROFILE
Shri Ram Educational Trust runs five institutes under its ambit.
These institutes are collectively known as the Greater Noida
Institute of Technology Group of Institutions. The institutes offer
diploma, undergraduate and postgraduate courses in engineering,
management, computer applications and pharmacy.
RAVINDRA RICE: CARE Lowers Rating on INR16.50cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ravindra Rice and General Mills (RRGM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 24,
2021, placed the rating(s) of RRGM under the 'issuer
non-cooperating' category as RRGM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RRGM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 31, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of RRGM have been
revised on account of ongoing delay in debt servicing.
Ravindra Rice and General Mills (RRGM) got established in 1998 as a
partnership firm and are currently being managed by Mr. Ravinder
Kumar Girdhar and Mr. Sanjeev Kumar Girdhar sharing profit and
losses in equal ratio. RRGM is engaged in the processing of paddy
at its manufacturing facility located at Fazilka (Punjab). The firm
sells its products to wholesalers in and around the Punjab Region.
The firm is also engaged in milling for various government entities
like PUNSUP, Pungrain, etc. The paddy for processing is procured
from local grain markets through commission agents based in Punjab.
RRGM has a group concern namely Ravindra Trading Company (RTC)
which was established in 1980 as a proprietorship firm and is
working as a commission agent for buying and selling paddy and
wheat.
RUKMINI IRON: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rukmini Iron
Private Limited's (RIPL) Long-Term Issuer Rating to 'IND D' from
'IND BB'/Stable.
The instrument-wise rating actions are:
-- INR380 mil. Fund-based working capital limit (Long-term/Short-
term) downgraded with IND D rating; and
-- INR93.98 mil. Term loan (Long-term) due on October 2024
downgraded with IND D rating.
KEY RATING DRIVERS
The downgrade reflects RIPL's delay in repayment of the term loan.
The account was categorized as non-performing asset on November 30,
2021. However, this was informed by the respective lender on
February 1, 2022.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.
COMPANY PROFILE
Incorporated in 2004, New Delhi-based RIPL is engaged in the
manufacturing and trading of mild steel billets/ingots,
thermo-mechanically treated bars and other allied products. The
company's manufacturing plant is located in Bahadrabad, Haridwar,
Uttar Pradesh. In 2017, the company collaborated with the Kamdhenu
Group for a franchise in Uttarakhand to manufacture two of the
latter's products, Kamdhenu Nxt and Kay-2. Prior to this, the
company used to sell thermo-mechanically treated bars under the
brand, Rukmini Power-X TMT.
SANJAY DANCHAND: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sanjay Danchand
Ghodawat (Windmill Division)'s (SDGWM) term loan as follows:
-- INR414.6 mil. (reduced from INR579.6 mil.) Term loan due on
September 30, 2025 affirmed with IND BB+/Stable rating.
Change in Analytical Approach: To arrive at the rating, Ind Ra has
revised its approach to a consolidated view of the cash flows for
three SDGWM's projects, - its 16.50MW wind project in Madhya
Pradesh, 15.60MW wind project in Karnataka and 1.60MW wind project
in Gujarat, against the previous approach in which the agency had
taken a standalone view of the Madhya Pradesh project. The revision
in approach is on account of the receipt of cash flows from all
three projects in the designated escrow account maintained for the
rated term loan. At the time of the agency's earlier assessment,
only cash flows from the Madhya Pradesh project were being routed
through the designated escrow. Furthermore, the lenders have the
first and exclusive charge on the cash flows of the Karnataka and
Madhya Pradesh projects. The management has also confirmed that no
additional debt will be availed in any of the three projects.
The rating affirmation reflects the consolidation of cash flows of
all the three wind projects led by the formalization of an escrow
account, their satisfactory power generation and operational
performance for more than five years, firm offtake arrangements
with Madhya Pradesh Power Management Company Limited (MPPMCL),
Hubli Electricity Company Limited (HESCOM), and Gujarat Urja Vikas
Nigam Limited (GUVNL), a moderate debt structure, and an adequate
debt service coverage ratio (DSCR) over the currency of the
instrument. However, the rating is constrained by the
proprietorship nature of the business, significantly delayed
receivables from MPPMCL, and the inherent generation risks
associated with wind power projects, including resource
variations.
KEY RATING DRIVERS
Moderate Counterparty Risk; Inconsistent Payment Trend: SDGWM has a
25-year power purchase agreement (PPA) with MPPMCL for a fixed
tariff of INR5.92 per kWh. It has also PPAs with HESCOM and GUVNL
for a period of 25 years for a fixed tariff of INR3.10 per kWh and
INR3.40 per kWh The distribution companies of Madhya Pradesh under
MPPMCL (Madhya Pradesh Pash. Kshetra Vidyut Vitaran Co Ltd, Madhya
Pradesh Poorv Kshetra Vidyut Vitaran Co Ltd and Madhya Pradesh
Madhya Kshetra Vidyut Vitran Co Ltd) have moderate financials and
liquidity profiles. This is marked by an elongation of the average
collection period from MPPMCL to 222 days in FY21 (FY20:116 days,
FY19: below 60 days). The last payment received from MPPMCL was in
January 2022 against the invoice raised for August 2020, while
payments from Karnataka project (i.e. HESCOM) and Gujarat project
(GUVNL) are coming on a timely basis, i.e. within 30-45 days of
raising invoices, as per the escrow account maintained with the
term loan lender.
The continuation of payment delays or any indication of
discontinuation of liquidity support from the Karnataka project
cash flows (as the lender has first and exclusive charge on the
assets and cash flows of the Karnataka and Madhya Pradesh projects)
could affect the ratings negatively. Timely receipts of payments
from MPPMCL is a key rating monitorable.
Significant Generation Risk: The rating remains constrained by the
inherent generation uncertainty experienced by the wind projects.
The 16.50MW assets have a reasonable operating history of more than
five years, but had an average plant load factor (PLF) of just
21.06% during trailing twelve months ended November 21 (FY21:
19.71%, FY20: 21.3%). Ind-Ra has considered an average PLF of
20.50% since commercial operations date in FY16 in its base case
projections, in line with the historical performance. Overall,
generation volatility constraints the rating and remains a key
rating monitorable.
Modest Debt Structure; Proprietorship Structure: SDGWM has
maintained a debt service reserve account (DSRA) of INR64.6 million
covering for more than two quarters of debt servicing. The
structure has a balloon repayment and the current rate of interest
is 10.75%, a reduction of 35bp since the last review. Although the
PPA tenure of the wind plants is 25 years, the door-to-door debt
period is only nine years and six months, therefore concentrating
the principal repayment over the shorter tenure against other wind
projects in Ind-Ra's portfolio. The lender also has the first
charge on the cash flow and assets of 15.60MW wind project in
Karnataka and 16.50MW assets in Madhya Pradesh. An escrow account
that was formed after consolidating the cash flows from the
Karnataka and Madhya Pradesh projects was executed in FY21. The
cash flows from the Gujarat and Karnataka projects are unencumbered
as the projects are debt free.
Ind-Ra views the proprietorship structure weaker than the company
structure, thereby limiting the rating. A waterfall mechanism will
restrict SDGWM's ability to distribute dividends.
Moderate Operations Risk: SDGWM signed a five-year operations and
maintenance (O&M) agreement with Renom Energy Services LLP, which
is backed by the same sponsor group as SDGWM. Renom Energy Services
has about 1,000MW capacity of projects under its management,
catering to a diversified clientele across India. The O&M contract
rate of INR1.50 million per wind turbine generator per year with a
5% escalation every year is comparable to the project company's
peer set. The management expects to renew the O&M contract directly
with Renom Energy Services by end-FY22 at the same rate. Ind-Ra
considers the sponsor's ability to manage operations risk as
moderate, given that it is operating a renewable portfolio of
126MW.
Liquidity Indicator - Adequate: Ind-Ra believes the firm has
sufficient headroom in the form of DSRA in case of a worsening
receivables profile. SDGWM's DSRA is equivalent to about six months
of debt servicing in line with the stipulated requirement. The firm
has maintained enough liquidity in the past even though receivables
from MPPMCL were deteriorating. Moreover, it had free cash balance
of INR35.0 million as of 31 December 2021. Also, the project's
coverage ratios are above 1.20x which is adequate for the various
levels of stress applied on generation, operating expenses and
interest rates. Ind-Ra also derives comfort from the unencumbered
cash flows of Karnataka and Gujarat projects, which are regularly
received in designated escrow account maintained with the term loan
lender, forming part of collateral security.
Satisfactory Experience in Renewable Energy: The Ghodawat group had
an operational wind capacity of 118MW and operational solar assets
of 8.20MW as of December 31, 2021. The group has reasonable
experience in the installation and commissioning of wind turbines
and towers across Maharashtra, Gujarat, Madhya Pradesh, Rajasthan
and Karnataka. The group also sells power to third parties.
Furthermore, the group has business interests in the FMCG,
textiles, air charter services, education and real estate sectors.
The combined net worth of the group as on 31 December 2021 stood at
INR15,000 million.
RATING SENSITIVITIES
Positive: Future developments that could, individually or
collectively, lead to a positive rating action are:
-- a sustained improvement in the operational and financial
performance with cash DSCR above 1.20x
-- a considerable improvement in the internal liquidity backed by
an improvement in the receivables cycle of the Madhya Pradesh
project
Negative: Future developments that could, individually or
collectively, lead to a negative rating action are:
-- a significant fall in PLF below 18.50% on a sustained basis;
-- a sustained elongation of the receivable cycle, resulting in
depletion of liquidity or credit profile deterioration of the
off-taker;
-- sustained moderation of cash DSCR below 1.05x on account of an
operational or financial underperformance; and
-- incremental debt in any of the three projects.
COMPANY PROFILE
SDGWM, a proprietorship firm, operates three wind power projects,
one each in Madhya Pradesh, Karnataka and Gujarat. The firm had
drawn a term loan of INR750 million for the construction of the
16.50MW wind mill project at Ghatiya, Madhya Pradesh. The project
achieved commercial operations in March 2016. The Karnataka and
Gujarat projects are operational since March 2007.
SHIVAM INDUSTRIES: CARE Lowers Rating on INR3.99cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Shivam Industries (SSI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.99 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 2.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 15,
2021, placed the rating(s) of SSI under the 'issuer
non-cooperating' category as SSI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SSI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 1, 2021, December 11, 2021, December
30, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SSI have been
revised on account of non-availability of requisite information.
Shree Shivam Industries (SSI) was established in March 2016 as a
partnership firm by Mr. Gulshan Agrawal and Mrs. Priyanka Agrawal.
The firm is engaged in rice milling, processing and trading of rice
and its by products business and started its
commercial operations since January 2017 at its plant, located at
Dhamtari district of Chhattisgarh with aggregate installed capacity
of 2,400 metric ton per month. Moreover, the firm has availed
moratorium from its lender under the terms of recent
RBI circular.
SLO INDUSTRIES LIMITED: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: S.L.O. Industries Limited
447/265, 2nd Floor
Poonamalle High Road
Aminjikarai, Chennai
TN 600029
IN
Liquidation Commencement Date: January 21, 2022
Court: National Company Law Tribunal, Chennai, Division Bench-I
Date of closure of
insolvency resolution process: May 31, 2021
Insolvency professional: C.A.S. Palaniappan
Interim Resolution
Professional: C.A.S. Palaniappan
B5, Patteswarar Park North Block
Dr. Ramasamy Layout
Velandipalayam
Coimbatore 641025
E-mail: palyegu@yahoo.co.in
sloliqn@gmail.com
Last date for
submission of claims: February 20, 2022
SONALAC PAINTS: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sonalac
Paints and Coatings Limited (SPCL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 20,
2021, placed the rating(s) of SPCL under the 'issuer
non-cooperating' category as SPCL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SPCL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 6, 2021, December 16, 2021, December
30, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sonalac Paints and Coatings Limited (SPCL) was incorporated in 1988
as a public limited company and is currently being managed by Mr.
Radhe Shyam Garg, Mr. Bobby Garg, Ms Kiran Garg and Mr. Rupesh
Garg. SPCL is engaged in the manufacturing of various dry and
liquid decorative paints like exterior emulsions, interior
emulsions, plastic emulsions, cement paints, acrylic distemper, dry
distemper, dry wall putty, acrylic wall putty, cement primer, etc,
at its two manufacturing facilities based in J & K and Rajasthan
having an installed capacity of 60,000 Tonnes of dry and liquid
decorative paint per year, as on June 30, 2018. The finished goods
are sold under the brand name of "Sonalac" to various wholesalers
and retailers through a network of 40 dealers and network of depots
at 12 locations spread across India.
SONIGARA JEWELLERS: CARE Cuts Rating on INR12cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sonigara Jewellers Private Limited (SJPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-;
Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of SJPL under the 'issuer
non-cooperating' category as SJPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SJPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 14, 2021, December 24, 2021, January 3,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SJPL have been
revised on account of non-availability of requisite information.
Incorporated in 2006, Sonigara Jewellers Private Limited (SJPL) is
managed by Mr. Jitendra Sonigara, and Ms. Shwetali Sonigara who
have more than two decades of experience the jewelry business. SJPL
is engaged in manufacturing and retailing of gold jewellery such as
chains and bracelet, amongst others. The company has obtained
certification from BIS under hallmarking scheme as well as
importing license for gold upto 2 MT/annum. The manufacturing
facility is spread over 7000 Sq. feet and houses a laboratory for
quality inspections.
SPS AGRONICO: CARE Moves B Debt Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of SPS
Agronico India LLP (SPS) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.55 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
moved to ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE has been seeking "No Default Statement" from SPS to monitor
the rating(s) vide e-mail communications dated November 19, 2021,
December 14, 2021, January 3, 2022 and January 10, 2022 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the "No Default Statement" for monitoring
the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of best available information which however, in
CARE's opinion is not sufficient to arrive at fair rating. The
rating on SPS Agronico India LLP bank facilities will now be
denoted as CARE B; Stable; ISSUER NOT COOPERATING and CARE A4;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The revision in rating of bank facilities of SPS Agronico India LLP
is on account of non-submission of No Default Statements (NDS) for
3 consecutive months as well as absence of critical information on
its financial and operational performance to assess its ability to
service the debt obligations and hence the revision in rating.
Detailed description of the key rating drivers
At the time of last rating on February 12, 2021 the following were
the rating strengths and weaknesses
Key Rating Weaknesses
* Leverage capital structure and weak debt coverage indicators:
Overall gearing though improved stood leveraged at 8.54x as of
March 31, 2020 due to lower working capital utilization and
repayment of unsecured loans of INR1.14 Cr supported by internal
accruals and return of short term loans and advances of INR1.50 Cr
in FY 20. The debt profile of the firm consists of term loan of
INR14.05 crore, working capital borrowings of INR11.56 crore and
interest-free unsecured loan of INR5.13 crore as on March 31, 2020.
Further, the debt coverage indicators marked by total debt/GCA
deteriorated from 4.73x as of March 31, 2019 to 10.12x as of March
31, 2020 due to decrease in cash accruals. However, the interest
coverage ratio stood satisfactory at 2.25x in FY20.
* High working capital intensity and exposure to vagaries of
nature: Rice milling is a working capital-intensive business as the
rice millers have to stock rice by the end of each season till the
next season as the price and quality of paddy is better during the
harvesting season. During this season the firm keeps a stock of up
to 3 months, hence the operating cycle stood elongated from 62 days
in FY19 to 71 days in FY20. Further, the millers are required to
extend a credit period of around 30 days to its customers. Also,
paddy cultivation is highly dependent on monsoons exposing the fate
of the entities' operation to vagaries of nature. Accordingly, the
working capital intensity remains high leading to higher stress on
the financial risk profile of the rice milling units. Furthermore,
the average utilization of working capital remained at about 70-75%
during the last 12 months ended January 31, 2020.
* Constitution of the entity as a partnership firm: SPS Agronico
India LLP, being a partnership firm, is exposed to inherent risk of
the partner's capital being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth.
* Fragmented and competitive nature of industry: The rice milling
business requires limited quantum of investment in machinery,
however has high working capital needs. Further, rice milling is
not very technology-intensive and as a consequence the industry is
highly fragmented with large number of players operating in the
organized and unorganized segments. The high level of competition
has ensured limiting bargaining power, as a consequence of which
rice mills are operating at low to moderate profitability margins.
Key Rating Strengths
* Experience of the promoters for more than two decades in trading
and processing of rice: Mr. Savitri Srikar Nag (Managing Partner)
has been the Managing Partner of Savitri Group from 2002. He is a
Graduate in Engineering and completed Masters in Business
Administration. He is responsible for procurement, purchases and
other overall operations of the firm. Mr. Savitri Sriharsha
(Managing Partner) has been the Managing Partner of Savitri Group
from 2007.
* Modest scale of operation and satisfactory PBILDT margins albeit
thin PAT margin: Despite of short operational track record, the
total operating income of the firm improved from INR54.01 crore in
FY19 to INR83.16 crore in FY20 representing a growth of 53.97%.
This is increasing year on year basis mainly on account of stable
demand of the product along with repeated orders from the existing
customers supported by vast experience of the promoters and
established association with large clientele base through group
firms. The PBILDT margin decreased by 709bps from 18.22% in FY19 to
7.09% in FY20 on account of increase in the raw material costs due
to shortage in the supply of paddy coupled with increase in
employee cost and selling expenses. Though PBILDT declined, the PAT
margin improved by 60bps from 0.14% in FY19 to 0.60% in FY20 mainly
due to decrease in the depreciation cost.
SPS Agronico India LLP (SPS) was incorporated on July 17th, 2015 as
a Limited Liability Partnership by the partners Mr. Savitri Srikar
Nag (Designated Partner) along with his family members with
registered office at Yeshwanthpur, in order to establish a fully
automized rice processing mill, with an installed capacity of 87600
MT per year as on February 3, 2021. The firm is engaged in the
process of rice, rice bran, broken rice and husk from paddy.
SRP TRADE & UNITY: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: SRP Trade and Equity Private Limited
4735/22, Room No. 219
Prakash Deep building, 2nd Floor
Delhi Medical Association Road
Darya Ganj, Delhi 110002
Liquidation Commencement Date: January 25, 2022
Court: National Company Law Tribunal, New Delhi Bench
Insolvency professional: Sachin Sapra
Interim Resolution
Professional: Sachin Sapra
2/11B, Basement
Jangpura Block-A
New Delhi 110014
Mobile: 9910219977
E-mail: sachinsapracs@yahoo.com
Last date for
submission of claims: February 24, 2022
SS INFRASTRUCTURE: Ind-Ra Moves D Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S.S.
Infrastructure Development Consultants Limited's Long-Term Issuer
Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR30 mil. Fund-based limits (Long term) migrated to non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR50 mil. Non-fund-based limits (Short term) migrated to non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR19.7 mil. Long-term loans (Long term) due on September 2022
migrated to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 7, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
S.S. Infrastructure Development Consultants provides strategic
project design and planning services to India's defense sector and
private companies.
STARBIGBLOC BUILDING: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Starbigbloc
Building Material Private Limited's Long-Term Issuer Rating to 'IND
BB' from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR117.61 mil. (increased from INR117 mil.) Term loans due on
March 2027 upgraded with IND BB/Stable rating; and
-- INR35 mil. Fund-based working capital limit Long-term rating
upgraded; short-term rating affirmed with IND BB/Stable/IND
A4+ rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of Starbigbloc and its parent Bigbloc Construction Limited
(Bigbloc) to arrive at the ratings, on account of the strong legal,
operational and strategic linkages between them. Bigbloc has
extended a corporate guarantee towards Starbigbloc's bank debt and
an unsecured loan, which will be used mainly for meeting the
latter's working capital requirement.
The upgrade reflects an improvement in the consolidated EBITDA
margins and credit metrics in FY21.
KEY RATING DRIVERS
The consolidated EBITDA margins improved to 11.6% in FY21 (FY20:
8.7%) on account of decline in operating expenses and increased
sales at a higher margin by Starbigbloc. However, the margins
remained modest with a return on capital employed of 7.6% in FY21
(FY20: 6.8%). Ind-Ra expects the consolidated EBITDA margins to
improve further in FY22 owing to increased sales at a higher margin
by both Starbigbloc and Bigbloc. On a standalone basis, the EBITDA
margins increased to 14.1% in FY21 (FY20: 9.4%).
On a consolidated basis, the interest coverage (operating
EBITDA/gross interest expense) improved to 2.7x in FY21 (FY20:
2.3x) and the net leverage (total adjusted net debt/operating
EBITDAR) to 5.1x (5.2x) because of an increase in the absolute
EBITDA to INR119.3 million (INR103.4 million). At FYE21, the
consolidated debt comprised of unsecured interest-free loans of
INR155.9 million (FYE20: INR149.4 million). As per management, the
group had unsecured loans of around INR100 million as of January
18, 2022. The management does not expect an increase in unsecured
loans in the next two to three years. Ind-Ra expects the group's
credit metrics to improve further in FY22 on account of an increase
in the absolute EBITDA. On a standalone basis, the interest
coverage improved to 2.0x in FY21 (FY20: 1.8x) and the net leverage
to 4.5x (6.6x) on account of an increase in absolute EBITDA. The
credit metrics remained modest.
The ratings also factor in the company's medium scale of
operations. The consolidated revenue marginally reduced to
INR1,027.8 million in FY21 (FY20: INR1,187.9 million) on account of
the Covid-19 impact on Bigbloc's business, for which Mumbai is the
main market. In 1HFY22, the group booked revenue of INR697.6
million. Ind-Ra expects the group to achieve a higher revenue in
FY22 than FY21 on account of its steady operations. On a standalone
basis, the revenue grew to INR503.5 million in FY21 (FY20: INR431.7
million) on account of an increase in the installed capacity by 25%
from October 2020, higher realization and steady inflow of orders.
Starbigbloc achieved a net revenue of INR500 million in 9MFY22 and
Bigbloc achieved a net revenue of INR423.6 million in 1HFY22 on
account of higher realizations.
Liquidity Indicator - Stretched: The average maximum use of the
group's fund-based limits was 97.9% over the 12 months ended
December 2021. At FYE21, the group reported low cash and cash
equivalents of INR3.0 million (FYE20: INR2.9 million). In FY21, the
group's cash flow from operations turned negative to INR7.0 million
(FY20: positive INR12.5 million) on account of unfavorable changes
in working capital. Furthermore, the group's net cash conversion
cycle elongated to 76 days in FY21 (FY20: 54 days) on account of an
increase in the debtor collection period to 85 days (75 days) and
an increase in the inventory holding period to 55 days (37 days).
On a standalone basis, Starbigbloc's average maximum use of the
fund-based limits was 94.6% over the 12 months ended December 2021.
The company reported low cash and cash equivalents of INR0.74
million at FYE21 (FYE20: INR0.02 million). The net cash conversion
cycle also elongated to 29 days in FY21 (FY20: 2 days) on account
of an increase in the debtor collection period to 64 days (47
days).
The ratings also factor in the group's moderate supplier
concentration risk. In FY21, Starbigbloc's top three suppliers
accounted for around 51% of the total purchases (FY20: 56%), while
Bigbloc's top three suppliers accounted for around 64% of the total
purchases (FY20: 74%).
However, the ratings remain supported by Starbigbloc's promoter's a
decade-long experience in the manufacturing of autoclaved aerated
concrete (AAC) blocks.
RATING SENSITIVITIES
Positive: A significant increase in the consolidated revenue and
margins, leading to the consolidated net leverage reducing below
3.25x, while maintaining the liquidity position, would lead to a
positive rating action.
Negative: Weakening of support from the parent or a substantial
decline in the consolidated revenue, leading to deterioration in
the credit metrics, on a sustained basis, would lead to a negative
rating action.
COMPANY PROFILE
Starbigbloc manufactures AAC blocks and sand-based blocks at its
Ahmedabad facility (Gujarat) with a total installed capacity of
0.25 million cubic meters.
Bigbloc manufactures AAC blocks at its manufacturing unit in
Umargaon (Valsad- Gujarat) with a total installed capacity of 0.3
million cubic meters. In 2016, the company demerged itself from
Mohit Industries Limited. In September 2018, it acquired
Ahmedabad-based Hiltop Concrete Private Limited. In November 2018,
the Hiltop Concrete's name was changed to Starbigbloc.
SUMATI PRODUCTION: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: M/s Sumati Production and Marketing Private Limited
House no. 6, Sumati Niwas
Pachim Boragaon, Guwahati
Kamrup 781033
Liquidation Commencement Date: January 24, 2022
Court: National Company Law Tribunal, Guwahati Bench
Insolvency professional: Dhiraj Kumar Jain
Interim Resolution
Professional: Dhiraj Kumar Jain
3rd Floor, Meena Bhawan
Kanchan Path
Opp. Bora Service Bus Stop
Kanchan Path, Bora Service
Guwahati 781007
E-mail: dhiraj@icai.org
Last date for
submission of claims: February 23, 2022
SUXXUS DBS SECURITIES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Suxxus DBS Securities Limited
771/8B-Part E&E, Industrial Estate
Campus Avanashi Road
Civil Aerodrome Post
Coimbatore 641014
Liquidation Commencement Date: January 24, 2022
Court: National Company Law Tribunal, Coimbatore Bench
Insolvency professional: Mr. M.D. Selvaraj
Interim Resolution
Professional: Mr. M.D. Selvaraj
35, Mayflower Avenue
Behind Senthil Nagar
Sowripalayam Road
Coimbatore 641028
E-mail: mds@mdsservices.in
Tel: 0422-2318780
0422-2316755
Mobile: +919894030535
Last date for
submission of claims: February 23, 2022
TOPSGRUP ELECTRONIC: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Topsgrup Electronic systems Limited
5, Royal Palms Golf & Country Club
Aarey Milk Colony, Goregaon (E)
Mumbai MH 400065
IN
Insolvency Commencement Date: January 28, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: July 27, 2022
Insolvency professional: Mr. Sanjay Shrivastava
Interim Resolution
Professional: Mr. Sanjay Shrivastava
205 B Suraksha Apartment
Hindustan Colony
Amravati Road Nagpur
Maharashtra 440033
E-mail: casanjayshrivastava@gmail.com
- and -
AAA Insolvency Professionals LLP
A301, Bsel Tech Park, Sector 30a
Opp. Vashi Railway Station
Vashi, Navi Mumbai 400705
E-mail: shopcjnetwork@aaainsolvency.com
Tel: 022-42667394
Last date for
submission of claims: February 11, 2022
TRIVENI WIRES: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Triveni Wires
Private Limited (TWPL) a Long-Term Issuer Rating of 'IND BB+' with
a Stable Outlook.
The instrument-wise rating actions are:
-- INR220 mil. Term loan due on March 31, 2024 assigned with IND
BB+/Stable rating; and
-- INR200 mil. Fund-based working capital limit assigned with
IND BB+/Stable/IND A4+ rating.
KEY RATING DRIVERS
The ratings reflect TWPL's moderate scale of operations as
indicated by a revenue of INR1,212.73 million in FY21
(FY20:INR1,158.67 million), due to increased demand. Ind-Ra expects
the revenue to increase further in FY22 as the company had already
recorded a revenue of INR949.23 million over April-October 2021 on
increased demand from existing customers.
The ratings also factor in TWPL's modest EBITDA margin of 8% in
FY21 (FY20: 6.50%) with a return on capital employed of 11.6%
(8.6%). In FY21, the EBITDA margin improved yoy, due to a decline
in the raw material prices. In FY22, Ind-Ra expects the EBITDA
margin to remain at similar levels.
The ratings also reflect TWPL's moderate credit metrics with
interest coverage (operating EBITDA/gross interest expense) of
3.20x in FY21 (FY20: 2.13x) and net financial leverage (adjusted
net debt/operating EBITDAR) of 3.83x (5.16x). The improvement in
TWPL's credit metrics in FY21 was primarily on account of an
increase in its net worth base with the accretion of profit and a
decline in its debt level due to the lower utilization of working
capital bank borrowings and repayment of term loans. Ind-Ra
believes the firm's metrics will improve marginally in FY22, owing
to the repayment of a term debt.
Liquidity Indicator - Stretched: The average utilization of TWPL's
fund-based facilities over the 12 months ended November 2021 was
79.71%. TWPL's net working capital cycle was 65 days in FY21 (FY20:
62 days), with a majority of working capital invested in debtors
and inventory. Furthermore, the company makes payment to its
suppliers in seven days. The cash flow from operations improved to
INR43.84 million in FY21 (FY20: INR0.91 million). The cash and cash
equivalents stood at INR0.31 million at FYE21 (FYE20: INR0.37
million).
However, the ratings are supported by TWPL using a niche patented
technology for its manufacturing process and the company's presence
in various states of India by selling wires under its own brand
MICON. The promoter's experience of over two decades in the
business of metal coating and manufacturing of wires also supports
the ratings.
RATING SENSITIVITIES
Negative: A significant decline in the scale of operations leading
to deterioration in the credit metrics or further deterioration in
the liquidity position could lead to a negative rating action.
Positive: An improvement in the scale of operations, leading to an
improvement in the overall credit metrics with the net leverage
ratio reducing below 3.5x, along with an improvement in the
liquidity position will be positive for ratings.
COMPANY PROFILE
TWPL was incorporated on December 8, 1981 in Nagpur. The company is
engaged in manufacturing and supplying a wide assortment of round
cable armor, flat cable armor, medium coated galvanized wire,
commercial graded galvanized wire, MS/HB wire, MS annealed binding
wire and barbed wire under its own brand name MICON wire.
TRUBA EDUCATION: CARE Lowers Rating on INR23.63cr Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Truba Education Society (TES), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.63 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of TES under the 'issuer
non-cooperating' category as TES had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 8, 2021, December 18, 2021, December
28, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of TES have been
revised on account of non-availability of requisite information.
Bhopal (Madhya Pradesh)-based, TES was formed in 2003 as a Society
under Madhya Pradesh Societies Registrikaran Adhiniyam, 1973 by Mr.
Dharmendra Singh Raghuvanshi, Mr. Shyam Rathore, Mr. Shailendra
Sharma and Mr. Pankaj Dandir with an object of setting up
professional education institutions. However, management of TES has
been changed and new members are Mr. Sanjeev Agrawal, Mr. Sunil
Dandir, Mrs Kiran Agrawal, Mr. M. R. Gupta, Mr. Prashant Jain have
been appointed since January 4, 2016. The society offers various
graduation and post-graduation courses in Engineering and
postgraduation in management through its college named "Truba
College of Engineering & Technology ". Subsequently, in April,
2016, name of the college has been changed from "Truba College of
Engineering & Technology" to "Sagar Institute of Research and
Technology (SIRT)" and is affiliated to Rajiv Gandhi Technical
University (RGTU), Devi Ahilya Vishva Vidhyalaya (DAVV),
Directorate of Technical Education (DTE) and All India Council of
Technology & Engineering (AICTE). In November, 2016, TES have also
started its own University, "SAGE University" situated at Kailot
Kartal, AB Road, Indore which is approved by Madhya Pradesh Private
University Regulatory Commission, Bhopal.
VIRTUE INDUSTRIES: CARE Lowers Rating on INR10.50cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Virtue Industries (VI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 27,
2022, placed the rating(s) of VI under the 'issuer non-cooperating'
category as VI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 8, 2021, December 18, 2021, December 28, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of VI have been revised
on account of ongoing delays in debt servicing recognized from
publicly available information.
Krishna District (Andhra Pradesh) based, Virtue Industries was
established in the year 2016 as a partnership firm by Munsunuru
family. The firm is engaged in the manufacturing and sale of
construction aggregates (in the range of 0mm to 40mm) to the
construction industry. The blue-metals are acquired from Virtue's
group associate "Sri Sai Ganesh Stone Crusher" (SSGSC). The various
types of aggregates manufactured are sold to domestic
infrastructure and construction companies. The firm has an
installed capacity of 350 TPH (Tons Per Hour) as of December 27th,
2017 located at Krishna District, Andhra Pradesh.
WALIA TREXIM: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: M/s. Walia Trexim Private Limited
N-98-B, South Avenue
Sainik Farm
New Delhi 110062
Liquidation Commencement Date: January 28, 2022
Court: National Company Law Tribunal, Delhi Bench
Insolvency professional: Mr. Amit Agrawal
Interim Resolution
Professional: Mr. Amit Agrawal
H-63, Vijay Chowk
Laxmi Nagar
Delhi 110092
E-mail: amitagcs@gmail.com
Tel: 01143019279
Last date for
submission of claims: Febraury 28, 2022
WEIGANDT CONSULTING: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Weigandt Consulting Private Limited
Workafella Business Center
150/1, Infantry Road
Bangalore 560001
Karnataka, India
Liquidation Commencement Date: January 18, 2022
Court: National Company Law Tribunal, Bangalore Bench
Insolvency professional: Rakesh Maganlal Nathwani
Interim Resolution
Professional: Rakesh Maganlal Nathwani
G-504, Mystique Moods
Behind Symbiosis College
Viman Nagar, Pune 411014
Maharashtra, India
E-mail: rmnffti@gmail.com
Last date for
submission of claims: Within 30 days from the liquidation
commencement date
=========
J A P A N
=========
TOSHIBA CORP: May Split in Half Instead of Into Three Firms
-----------------------------------------------------------
Reuters reports that Toshiba Corp.'s management has opted for a
two-way split to "suit themselves," a top 15 shareholder in the
company said on Feb. 4, slamming what it described as a lack of
trust and management accountability at the conglomerate.
The shareholder spoke on condition of anonymity.
Reuters relates that the Nikkei earlier reported that Toshiba is
considering splitting in half instead of three and will offload its
U.S. air conditioning business to U.S. counterpart Carrier Global
Corporation for around JPY100 billion ($870 million), in an attempt
to overcome shareholder opposition to its turnaround plan.
The change would mark the latest twist in Toshiba's drawn out
battle with foreign shareholders, many of them activists and hedge
funds, and highlights the once-mighty conglomerate's fight to
revive itself after a dramatic fall from grace, according to
Reuters.
A Toshiba spokesperson said it was true that it was reviewing its
portfolio but that nothing had been decided. The company would give
further details at an investor day today, Feb. 7, the spokesperson
said, Reuters relays.
By splitting into two, Toshiba will save more money that it can
return to shareholders, the newspaper said.
About Toshiba Corp.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
18, 2021, S&P Global Ratings has placed its 'BB+' long-term issuer
credit rating on Toshiba Corp. on CreditWatch with negative
implications. At the same time, S&P affirmed its 'B' short-term
issuer credit and commercial paper program ratings.
=====================
N E W Z E A L A N D
=====================
AA CONSTRUCTION: Commences Wind-Up Proceedings
----------------------------------------------
Members of AA Construction And Installation Limited and Everkool
Services Limited, on Feb. 2, 2022, passed a resolution to
voluntarily wind up the company's operations.
The company's liquidator is:
Grant Reynolds
Reynolds & Associates Limited
PO Box 259059
Botany, Auckland 2163
AUDIO VISUAL: Creditors' Proofs of Debt Due March 3
---------------------------------------------------
Creditors of Audio Visual Techniques 2016 Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 3, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 2, 2022.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour, Auckland 0751
JINBO RESTAURANT: Creditors' Proofs of Debt Due March 11
--------------------------------------------------------
Creditors of Jinbo Restaurant Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt by
March 11, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 2, 2022.
The company's liquidator is:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany, Auckland 0752
LITTLE RIVER: Creditors' Proofs of Debt Due March 2
---------------------------------------------------
Creditors of Little River Gallery Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt by
March 2, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 2, 2022.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East, Christchurch 8141
=================
S I N G A P O R E
=================
EZRA HOLDINGS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Jan. 21, 2022, to
wind up the operations of Ezra Holdings Limited.
The company's liquidators are:
Goh Thien Phong
GTP Advisory PAC
7500A Beach Rd, #05-303/304, The Plaza
Singapore 199591
- and -
Chan Kheng Tek
PricewaterhouseCoopers Advisory Services Pte Ltd
7 Straits View, Marina One East Tower, Level 12
Singapore 018936
FN TRANSPORT: Court to Hear Wind-Up Petition on Feb. 25
-------------------------------------------------------
A petition to wind up the operations of FN Transport Pte Ltd will
be heard before the High Court of Singapore on Feb. 25, 2022, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 28, 2022.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
ORANGE CARZ: Court to Hear Wind-Up Petition on Feb. 18
------------------------------------------------------
A petition to wind up the operations of Orange Carz Singapore Pte.
Ltd. (formerly known as Orange Carz Rental Pte. Ltd.) will be heard
before the High Court of Singapore on Feb. 18, 2022, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Jan. 26,
2022.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
ROMSDALEN HOLDINGS: Creditors' Proofs of Debt Due on March 8
------------------------------------------------------------
Creditors of Romsdalen Holdings Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by March 8,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 28, 2022.
The company's liquidator is:
Lim Soh Yen
c/o 133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
TAN'S HOLDINGS: Court to Hear Wind-Up Petition on Feb. 25
---------------------------------------------------------
A petition to wind up the operations of Tan's Holdings Pte. Ltd.
t/a FN Manpower Services will be heard before the High Court of
Singapore on Feb. 25, 2022, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 28, 2022.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***