/raid1/www/Hosts/bankrupt/TCRAP_Public/220304.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
Friday, March 4, 2022, Vol. 25, No. 40
Headlines
A U S T R A L I A
ELC SYSTEMS: Second Creditors' Meeting Set for March 14
GREENSILL CAPITAL: Credit Suisse, Creditors File Suits v. IAG
KICKZ101 PTY: Second Creditors' Meeting Set for March 11
PROBUILD CONSTRUCTION: Administrators Reveal Huge List of Creditors
PROFESSIONAL PAINTBALL: Second Creditors' Meeting Set for March 14
SUN KITCHEN: First Creditors' Meeting Set for March 11
VTEC PTY: Second Creditors' Meeting Set for March 11
C H I N A
GUO WENGUI: Legal Foe Calls Bankruptcy Filing 'Astonishing'
REDCO PROPERTIES: S&P Withdraws 'B-' LT Issuer Credit Rating
I N D I A
AARCOT CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
ASOPALAV DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
CHIRAYU CHARITABLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
CLASSIC DISPLAY: ICRA Keeps B+ Debt Ratings in Not Cooperating
CMYK PRINTECH: SC Temporarily Stays Insolvency Process
DNH PROJECTS: ICRA Keeps D Ratings in Not Cooperating Category
DSG CORP: ICRA Keeps B- Debt Ratings in Not Cooperating Category
FIELD MOTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating
FUTURE GROUP: Amazon Plans to File Criminal Case Against Retailer
HINDUSTAN FLOUR: ICRA Keeps B Debt Rating in Not Cooperating
INDUS MEGA: ICRA Keeps D Debt Rating in Not Cooperating Category
JUDE FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
LIFESTILE REALTY: ICRA Keeps B Debt Rating in Not Cooperating
MARBLE VALLEY: ICRA Withdraws B+ Rating on INR16cr LT Loan
MIRAJ METALS: ICRA Keeps D Debt Ratings in Not Cooperating
NIRMAL LIFESTYLE: NCLT Allows Withdrawal of Insolvency Proceedings
OM CORRUGATED: ICRA Keeps B+ Debt Ratings in Not Cooperating
PADMASRI RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Ratings in Not Cooperating
R. K. CHAVAN: ICRA Withdraws C Rating on INR14.50cr LT Loan
RAJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating Category
RAJALAXMI EDUCATION: ICRA Keeps B+ Debt Rating in Not Cooperating
SARASWATI EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
SETH ROSHAN: ICRA Keeps B+ Rating in Not Cooperating Category
SHIVAM COTTEX: ICRA Keeps D Debt Ratings in Not Cooperating
SRINIDHI REAL: ICRA Keeps B Debt Rating in Not Cooperating
TEXPLAS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
UMAVANSHI INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
VIDYA SANSKAAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
N E W Z E A L A N D
AUTOLEC LIMITED: Creditors' Proofs of Debt Due April 1
EQUIPMENT SERVICES: Creditors' Proofs of Debt Due April 4
LSR TRANSPORT: Court to Hear Wind-Up Petition on March 10
NZ LOBSTER: Creditors' Proofs of Debt Due May 2
SKYTEC ENGINEERING: Creditors' Proofs of Debt Due on March 24
S I N G A P O R E
ESCUDO PTE: Court to Hear Wind-Up Petition on March 18
FN TRANSPORT: Court Enters Wind-Up Order
JADENSWORTH HOLDINGS: Creditors' Proofs of Debt Due April 4
LAGUNA NATIONAL: Debenture holders Serve Demand Over Missed Payment
TAN'S HOLDINGS: Court Enters Wind-Up Order
T H A I L A N D
KTBST SECURITIES: Fitch Rates Upcoming THB550MM Debt 'BB(tha)'
- - - - -
=================
A U S T R A L I A
=================
ELC SYSTEMS: Second Creditors' Meeting Set for March 14
-------------------------------------------------------
A second meeting of creditors in the proceedings of ELC Systems Pty
Ltd has been set for March 14, 2022, at 3:00 p.m. via telephone
conference facilities.
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 March 14, 2022, at 9:00 a.m.
Jason Walter Bettles and James Robba of Worrells Solvency &
Forensic Accountants were appointed as administrators of ELC
Systems on Feb. 8, 2022.
GREENSILL CAPITAL: Credit Suisse, Creditors File Suits v. IAG
-------------------------------------------------------------
Byron Kaye at Reuters reports that Credit Suisse Group AG joined
creditors of Greensill Capital by filing lawsuits in Australia
seeking compensation from the country's biggest insurer over the
supply chain financier's collapse, court filings showed.
According to Reuters, Insurance Australia Group Ltd (IAG) was
previously named as potentially exposed to the 2021 failure of
Greensill since its former unit BCC Trade Credit sold policies to
Greensill, but said at the time it had no liability because it sold
its share of the unit two years earlier.
But lawsuits have been mounting against the Australian company,
which is best known at home for selling property and car
insurance.
Greensill's administrator and U.S. private lender White Oak Global
Advisors, which is working with Greensill client GFG Alliance, each
filed suit against IAG in late 2021, Reuters discloses citing court
filings.
Credit Suisse then filed two lawsuits against IAG last month,
filings showed. All four lawsuits were joined together and had
their first administrative hearing in the Federal Court on March 3,
court filings showed.
The Australian Financial Review reported that the total claimed by
the companies was nearly AUD300 million, about half of which was by
White Oak, Reuters discloses.
Switzerland's second-largest bank played a pivotal role in
Greensill's collapse by suspending $10 billion of supply chain
funds soon before Greensill filed for insolvency, Reuters notes.
Reuters adds that an IAG spokesperson said the company continued to
believe it was not liable for BCC policies, that it "anticipated
potential litigation by the administrators of Greensill or other
claimants" and would defend the lawsuits.
About Greensill Capital
Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia. It offers
structures trade finance, working capital optimization, specialty
financing and contract monetization. Greensill Capital Pty is the
parent company for the Greensill Group.
Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.
Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.
Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann of
Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.
Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. Jill M. Frizzley,
director, signed the petition. In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.
In the Chapter 11 case, the Debtor tapped Segal & Segal LLP as
bankruptcy counsel, Mayer Brown LLP as special counsel, and GLC
Advisors & Co., LLC and GLCA Securities, LLC as investment bankers
and financial advisors. Matthew Tocks is the chief restructuring
officer of the Debtor. The official committee of unsecured
creditors is represented by Arent Fox LLP.
Greensill Capital (UK) Limited filed a Chapter 15 petition (Bankr.
S.D.N.Y. Case No. 21-11473) to seek U.S. recognition of its UK
proceedings on Aug. 18, 2021. Allen & Overy LLP, led by Laura R.
Hall, is the Debtor's counsel in the Chapter 15 case.
KICKZ101 PTY: Second Creditors' Meeting Set for March 11
--------------------------------------------------------
A second meeting of creditors in the proceedings of KICKZ101 Pty
Ltd has been set for March 11, 2022, at 11:00 a.m. via virtual
meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 10, 2022, at 4:00 p.m.
Stephen Dixon and Leigh Dudman of Hamilton Murphy Advisory were
appointed as administrators of KICKZ101 Pty on Feb. 4, 2022.
PROBUILD CONSTRUCTION: Administrators Reveal Huge List of Creditors
-------------------------------------------------------------------
The Daily Telegraph reports that after Australian construction
giant Probuild's collapse sent shockwaves through the industry,
administrators have revealed they are facing a "nightmarish"
situation with at least 2,300 individual creditors identified so
far and more than AUD14 million owed to 784 workers.
However, the total amount owed overall by the company has yet to be
revealed by administrators Deloitte, as they grapple with a number
of issues, while 300 creditors were only uncovered on March 1, the
report says.
Probuild's parent company, WBHO Australia Group went under last
week after its South African owner announced it was pulling all
financial support, with 17 other companies also folding as part of
the group.
WBHO Australia, had boasted an annual revenue of AUD1.4 billion and
its collapse has seen 18 major commercial and public sector
projects in development around Australia left in limbo, according
to the report.
The Daily Telegraph relates that Hamish Austin, Deloitte's lawyer,
told the Federal Court that administrators were still trying to
establish the company's assets and creditors.
"The mind boggles at the amount of work the administrators have
been undertaking and are required undertake to try and get across
this type of administration," he said, according the ABC. "Where
you've got the nightmarish prospect of construction projects
ongoing in real time, and any disruption is likely to be extremely
costly and add complexity to the exercise."
According to the report, Mr. Austin said the extreme weather
battering the east coast of Australia and floodwaters were also
making it hard to access some of the builder's sites in Sydney and
Brisbane as the administrator deals with the complex task of
determining ownership of everything from leases to tools,
scaffolding and portable buildings.
"One might call this a perfect storm but it's certainly the final
insult in trying to make sense of what is a highly fluid and
complicated administration," the Australian Financial Review
reported Mr. Austin saying, the report relays.
He added "trying to untangle" all the claims on equipment was
particularly "chilling".
Deloitte applied for a 21 day extension to produce a preliminary
report on the collapse, which was granted by the court, The Daily
Telegraph notes.
Mr. Austin said the best case scenario would be to maintain
operations while administrators looked for a buyer of the
business.
WBHO South Africa said it had injected millions to prop up the
Australian arm, which had "severely depleted" its resources, and
also blamed the government's "hardline" stance with handling the
pandemic for creating issues, the report adds.
David Orr, Sal Algeri, Jason Tracy and Matt Donnelly of Deloitte
were appointed as administrators of Probuild Constructions and
related entities on Feb. 23, 2022.
PROFESSIONAL PAINTBALL: Second Creditors' Meeting Set for March 14
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Professional
Paintball Services Pty Ltd has been set for March 14, 2022, at
12:00 p.m. via virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 11, 2022, at 5:00 p.m.
Timothy Gumbleton and Andrew Bowcher of RSM were appointed as
administrators of Professional Paintball on Feb. 9, 2022.
SUN KITCHEN: First Creditors' Meeting Set for March 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sun Kitchen
F&B (Melbourne) Proprietary Limited will be held on March 11, 2022,
at 11:00 a.m. via electronic means.
Henry McKenna and Steven Staatz of Vincents were appointed as
administrators of Sun Kitchen on March 1, 2022.
VTEC PTY: Second Creditors' Meeting Set for March 11
----------------------------------------------------
A second meeting of creditors in the proceedings of VTEC Pty Ltd
has been set for March 11, 2022, at 11:00 a.m. via Virtual Meeting
Technology.
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 March 10, 2022, at 5:00 p.m.
Blair Pleash of Hall Chadwick was appointed as administrator of
VTEC Pty on Feb. 4, 2022.
=========
C H I N A
=========
GUO WENGUI: Legal Foe Calls Bankruptcy Filing 'Astonishing'
-----------------------------------------------------------
Bloomberg News reports that the insolvency case of Guo Wengui, the
exiled Chinese businessman, got off to raucous start on March 1
when a longstanding creditor called the move "astonishing" and
signaled it would wage an aggressive fight in bankruptcy court.
Guo, a former partner of Trump political strategist Steve Bannon,
filed for bankruptcy last month after moving a yacht from New York
waters, a shift that would keep it out of the reach of creditors,
and then facing a $134 million penalty for taking that step,
Bloomberg says. Guo's biggest creditor is Pacific Alliance Asia
Opportunity Fund, which made a loan of $30 million to the
businessman in 2008.
That loan has since ballooned to more than $116 million with
accrued interest, the report relates. In papers accompanying his
bankruptcy filing, Guo said he had almost no assets and little
income. But the businessman has often been seen aboard the yacht at
issue, a vessel purchased for about $30 million known as Lady May.
A New York judge found last month that Guo owns or controls the
yacht, an asset that was not disclosed in his bankruptcy filing,
according to Bloomberg.
"The lack of candor to this court already is what impels us to
believe that no quarter should be given," Bloomberg quotes Peter
Friedman, an attorney for Pacific Alliance Asia Opportunity Fund,
as saying at Guo's first bankruptcy hearing in Connecticut.
Mr. Friedman said Guo has "a maze of entities, and family members,
and trusted confidants to shift around assets" for him and said he
can't be trusted.
An attorney for Guo, Bennett Silverberg of law firm Brown Rudnick,
said his legal team had very little time to assemble the bankruptcy
filing papers, Bloomberg relays. Guo does not read or write in
English, Mr. Silverberg said, and the lawyer requested as much as
60 additional days to translate documents and disclose Guo's assets
and liabilities.
Bloomberg relates that Mr. Silverberg also said that Pacific
Alliance Asia Opportunity Fund may ultimately benefit from the
bankruptcy, as creditors will have the opportunity to investigate
Guo's finances.
"If the allegations are true, and we say they are not, then the
bankruptcy case may be the best thing that could've happened to
them," the report quotes Mr. Silverberg as saying. U.S. Bankruptcy
Judge Julie Manning gave Guo until March 9 to finish his financial
disclosures, far less than the 60 days requested.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
18, 2022, Chinese businessman Guo Wengui, also known as Ho Wan
Kwok, filed for individual bankruptcy protection in a U.S.
bankruptcy court in Bridgeport. Guo listed assets in the range of
$50,001 to $100,000 in the bankruptcy filing, and liabilities
between $100 million and $500 million, Reuters said.
REDCO PROPERTIES: S&P Withdraws 'B-' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B-' long-term issuer credit
rating on Redco Properties Group Ltd. at the company's request. S&P
also withdrew its 'CCC+' long-term issue rating on the China-based
company's outstanding senior unsecured notes. All the ratings were
on CreditWatch with negative implications at the time of the
withdrawal.
=========
I N D I A
=========
AARCOT CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Aarcot
Ceramic Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.55 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 2.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-Fund Based- Rating Continues to remain under
Bank Guarantee issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in November 2013, Aarcot Ceramic Pvt. Ltd. (ACPL) is
promoted by Mr. Lakhaman Zalariya, Mr. Ramesh Jain and Mr. Nirmal
Gami. It manufactures digital wall tiles in sizes 10"X 15", 10"X
12", 12"X 12" and 12"X 18". Its facility, located at Morbi in
Gujarat, has an installed capacity of producing ~5,500 boxes per
day (~18,500 MTPA).
ASOPALAV DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Asopalav
Developers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Rajkot-based Asopalav Developers (AD) was established in 2015. The
partners have experience of more than a decade in the real estate
segment. The current project Asopalav Enigma, consists of four
towers of 12 floors, which has 192 units covering a total saleable
area of 184,896 sq. ft. The construction started from April 2017
and was expected to be completed by September 2019.
CHIRAYU CHARITABLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Chirayu
Charitable Foundation in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 83.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 9.50 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
CCF was established in 2001 and is a registered society, operating
a medical college, a nursing college and a hospital at Bhopal in
Madhya Pradesh, under the names of 'Chirayu Medical College &
Hospital' and 'Chirayu College of Nursing'. The trust is managed by
Dr. Ajay Goenka, who is the managing trustee and dean of the
college. The society started with a 200- bed multispeciality
hospital, which increased to 990 beds in FY2017. It started out as
the 'Chirayu Medical College & Hospital (CMCH)' in Bhopal in 2011,
with Oncology and Cardiac as the only two super speciality
departments; and subsequently diversified into various other
specialities. In August 2016, the trust started its new cancer unit
with 60 dedicated beds at CMCH. The trust currently has 196
in-house consultants in different specialties such as oncology,
cardiac, radiology and pathology. The trust also operates an
institute for diploma in general nursing and midwifery courses. CCF
started its school of nursing in 2013. The colleges have close to
3,418 students enrolled in all its different courses.
CLASSIC DISPLAY: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Classic
Display Systems Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated 3.00 [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Classic Display Systems Pvt. Ltd. (CDS) was incorporated in 2003 by
Mr. Harsh Mohunta. The company is engaged in the manufacturing of
Point of Sale solutions, industrial packing etc. The company has
further added metal racks in its product mix. The company started
supplying to players like Liberty Shoes, Reckitt Benckiser and has
added number of clients since then. Mr. Harsh Mohunta is a
first-generation entrepreneur.
CMYK PRINTECH: SC Temporarily Stays Insolvency Process
------------------------------------------------------
Exchange4Media reports that Pioneer newspaper and its parent
company CMYK Printech Ltd's insolvency process has been temporarily
stayed by the supreme court.
A SC bench Comprising Honorable Justice L Nageswara Rao and
Honorable Justice B R Gavai ji has stayed the Corporate Insolvency
Resolution Process of Pioneer newspaper and its holding company
CMYK Printech Ltd, Exchange4Media relates. The SC also stayed the
judgement and final order dated Dec. 16, 2021, passed by the NCLAT
in company Appeal AT insolvency.
Incidentally the insolvency process was on the last date for final
bids for March 2, 2022, according to Exchange4Media.
Exchange4Media says the judgement was given on a Civil Appeal and
petition filed by late Sh Chandan Mitra's wife Shobori Ganguly.
The Pioneer is an English language daily newspaper in India. It is
published from multiple locations in India, including Delhi.
DNH PROJECTS: ICRA Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of DNH
Projects Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]C/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based/CC Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short Term- 6.00 [ICRA]A4; ISSUER NOT
NonFund Based COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
Long Term/ 10.00 [ICRA]C/[ICRA]A4; ISSUER NOT
Short Term COOPERATING; Rating continues to
Unallocated remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
DNHPL was initially incorporated as a private limited company—
Nagar Haveli Real Estate Private Limited in 1996. It was
subsequently renamed and converted to a closely held public limited
company in 2009. Its operations are collectively managed by Mr.
Vijay Desai and Mr. Ajay Desai who have an experience of over two
decades in the construction industry. The company is registered as
a contractor with the roads and buildings division of the
Government of Gujarat and undertakes the construction of industrial
units, factories, corporate and institutional buildings.
DSG CORP: ICRA Keeps B- Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of DSG Corp
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.10 [ICRA]B- (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
DCPL was started as a proprietorship firm by Mr. Sunil Gupta in
1992 which was converted to a partnership firm in 1995 and
subsequently converted to a private limited company in 1997 with
Mr. Sunil Gupta and Mrs. Kavita Gupta holding 100% shares of the
company. DCPL offered plumbing and fire-fighting equipment-related
systems and services to hotels, hospitals, information technology
parks, residential multiplexes, and educational institutions. On
August 31, 2010, Blue Star Limited (BSL) acquired the business of
DCPL; consequently, DCPL currently has no business operations.
FIELD MOTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Field
Motor Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 1.09 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based- 16.50 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Ad hoc cash COOPERATING; Rating continues
(e DFS) to remain under 'Issuer Not
Cooperating' category
Fund based- 1.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
(Spares and to remain under 'Issuer Not
Lubes) Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2001, FMPL is engaged in the automobile dealership
business of Toyota Kirloskar Motor Private Limited and has three
showrooms with 3S facilities (Sales-Services-Spares) in Cuttack,
Rourkela and Sambalpur, Odisha. The company also has two centres
with 1S facility (Sales) in Bhubaneswar and Angul, both in Odisha.
FUTURE GROUP: Amazon Plans to File Criminal Case Against Retailer
-----------------------------------------------------------------
Reuters reports that Amazon.com Inc. plans to initiate criminal
court proceedings this week against its Indian partner Future
Retail for allowing the transfer of assets to a major rival despite
a legal prohibition, three sources with direct knowledge of the
matter told Reuters.
For more than a year, Amazon and Future Group have been in a legal
stand-off that has stalled Future's $3.4 billion sale of assets to
Reliance Industries, the report says.
Amazon successfully halted Future's asset sale to rival Reliance
since 2020 by citing violation of certain contracts.
Future, India's second largest retailer, denies any wrongdoing.
Amazon's position has been backed by a Singapore arbitrator and
Indian courts.
Reuters reported this week that Reliance had started to take over
around 500 of Future's stores, rebranding them as its own outlets.
Reliance had previously transferred leases of some of Future's
flagship supermarkets to its name, but allowed Future to continue
to operate them. Reliance has now begun to take possession of them
after Future failed to make rental payments to it, sources have
said, Reuters relays.
Amazon plans to initiate criminal proceedings against Future in a
New Delhi court, and to urge the court to order an investigation
into the matter, one of the sources, who has direct knowledge of
the plans, told Reuters.
Two other sources said the lawsuit could be filed as early as this
week.
Amazon will allege that Future concealed information during legal
proceedings and allegedly transferred leases of its stores to rival
Reliance, even though a Singapore arbitrator had halted any
transfer or disposal of assets in the ongoing dispute, the first
source added, Reuters relays.
"This is going to be Amazon's last attempt (to stop the deal),"
said this source, notes the report.
Reuters says the plan to start criminal court proceedings would
mark a significant escalation in the legal battle between Amazon
and its Indian retail rivals - Future Retail and Reliance, which is
led by Indian billionaire Mukesh Ambani.
The protracted fight over Future's assets is seen as a battle for
retail supremacy between Reliance and Amazon in India's booming
retail market, the report notes.
In blocking the Future-Reliance transaction, Amazon has long argued
that Future violated the terms of a 2019 deal in which the U.S.
company invested $200 million in part of the Indian company.
Debt-laden Future has previously said Amazon is incorrectly
interfering in its retail business, the report adds.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.
Future, India's second-largest retailer, has sought to complete its
$3.4 billion retail asset sale to Reliance Retail since 2020. The
Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.
HINDUSTAN FLOUR: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Hindustan
Flour Mills in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Hindustan Flour Mills (HFM) was established in 1979 and was taken
over by Mr. G. Balasubramanian and three other partners in 2000.
HFM manufactures wheat products which primarily includes maida,
atta and sooji. The manufacturing facility is located in Coimbatore
with an installed capacity to grind 120 MT of wheat per day. The
firm markets its products under the brand name 'Five Star'.
Besides, the firm is also involved in trading of wheat and sale of
by-products including bran, bran flakes and dust.
INDUS MEGA: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long-term rating of Indus Mega Food Park Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Indus Mega Food Park Pvt. Ltd. (IMFPL) is a special purpose
vehicle, incorporated in 2011, for setting up a mega food park in
Panwa village of Madhya Pradesh under the mega food park scheme of
MoFPI. IMFPl is being promoted by Ananda Enterprises India Private
Limited, Ananda Aqua Exports Private Limited, Ananda Bhagavathi
Foods Pvt. Ltd., ARGM Agro Foods Pvt. Ltd., Devi Sea Foods Limited,
Him Kailash Hydro Power Private Limited, Vasistha Holdings Limited,
and HES Infra Pvt. Limited.
JUDE FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Jude Foods India Private Limited at the request of the company and
based on the No Objection Certificate received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Jude Foods India Private Limited, incorporated in 2003, is a
family-run business involved in the export of chilled and frozen
seafood, which primarily includes fish variants and crustaceans.
The company's registered office is in Ernakulam and its seafood
processing facility is in Kanyakumari, Tamil Nadu. The facility has
a storage capacity of 200 MT and a processing capacity of 23 MT/
day. The company derives a predominant share of revenues from
exports, with the UK and Europe being the major markets. The
products are sold under the brand Skipper Kape.
LIFESTILE REALTY: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of The
Lifestile Realty in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 13.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2014, The Lifestile Realty (TLR) is developing a
residential real estate project 'Amaltas' at Undri, Pune. TLR is a
partnership firm promoted by Mr. Arif Chowhan and his son Mr.
Ashraf Chowhan. The firm is a part of Hindustan Group which is
established in 1999 and promoted by Mr. Arif Chowhan. Mr. Arif
Chowhan is engaged in real estate development in Pune for around 2
decades and has already developed around 3.5 lacs sq ft area of
which ~2.4 lacs sq. ft. has been developed by himself and ~1.1 lacs
sq. ft. jointly with other real estate players in Pune underlining
the vast experience of promoters in real estate business.
MARBLE VALLEY: ICRA Withdraws B+ Rating on INR16cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Marble Valley Foods and Beverages Private Limited at the request of
the company and based on the No Objection Certificate received from
its banker. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.00 [ICRA]B+ (Stable); ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Marble Valley Foods And Beverages Private Limited, incorporated in
2003, is a family-run business involved in the export of chilled
and frozen seafood, which primarily includes fish variants and
crustaceans. The company's registered office is in Ernakulam and
its seafood processing facility is in Kanyakumari, Tamil Nadu. The
facility has a storage capacity of 200 MT and a processing capacity
of 23 MT/ day. The company derives a predominant share of revenues
from exports, with the UK and
Europe being the major markets. The products are sold under the
brand Skipper Kape.
Marble Valley Foods and Beverages Private Limited, a sister concern
of Marble Valley Foods And Beverages Private Limited, was
incorporated in 2007 and commenced operations in 2015. The company
is a family-run business, at present involved in the trading of
seafood such as fish and crustaceans and renting out of the cold
storage capacity. It is in the process of setting up a processing
facility in Tirunelveli with storage capacity of 2,000 MT and
processing capacity of 65 MT/ day. The same is expected to commence
operations in Q1 FY2020. The manufacturing facility also includes
rest material reprocessing plant,
seafood breading and batter mixes and cooking facility for
ready-to-eat products.
MIRAJ METALS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Miraj
Metals in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-Fund Based- Rating Continues to remain under
Letter of Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in August 2010, Miraj Metals (MM) is a proprietorship
concern, promoted by Mr. Hiten D Mehta and is engaged in the
business of trading of non-ferrous metal scrap. The concern has its
registered office in Vile Parle, Mumbai, a branch office in
Bhavnagar and a godown in Bhiwandi.
NIRMAL LIFESTYLE: NCLT Allows Withdrawal of Insolvency Proceedings
------------------------------------------------------------------
The Economic Times of India reports that the National Company Law
Tribunal (NCLT) has allowed withdrawal of insolvency proceedings
against Nirmal Lifestyle and has also lifted a moratorium on the
company. Nirmal Lifestyle has entered into a separate settlement
agreement with the financial creditor, ET says.
ET relates that the Mumbai bench of the NCLT had admitted the
company under the Corporate Insolvency Resolution Process (CIRP)
last year based on a petition filed by IDBI Trusteeship Services,
on behalf of Altico Capital, after the company defaulted on its
dues worth INR286 crore.
According to the report, another financial creditor SREI Equipment
Finance and a homebuyer had separately opposed the withdrawal of
insolvency proceedings against the company.
Advocate Darshit Dave of law firm AVP Partners, while appearing on
behalf of the company's other financial creditor SREI Equipment
Finance had objected to the withdrawal of the CIRP against the
Nirmal Lifestyle, the report relates.
The Kolkata-based lender had argued through its counsel that the
developer owes over INR100 crore to the company and its similar
plea before the other bench in NCLT is also pending.
"The withdrawal of CIRP will prejudicially and directly affect all
stakeholders including homebuyers," argued Mr. Dave on behalf of
Srei Equipment Finance.
However, the NCLT Mumbai bench has held that these objections were
not sustainable while allowing the withdrawal of insolvency
proceedings, ET states.
When contacted, Ashok Paranjpe, managing partner of law firm MDP &
Partners, appearing for Nirmal Lifestyle, confirmed the development
but refused to divulge any details, according to ET.
A division bench of the tribunal headed by judicial member HV Subba
Rao and technical member Chandra Bhan Singh passed the order on
Feb. 28.
Nirmal Lifestyle Limited is the flagship company of the Nirmal
group, which was founded by the late Mr. S P Jain in the late 1980s
and is one of the established developers in eastern Mumbai. It a
closely held company incorporated in 1999 to undertake residential,
commercial, and retail construction.
OM CORRUGATED: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Om
Corrugated Pack Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Limit COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Fund based- 2.65 [ICRA]B+ (Stable) ISSUER NOT
Limit- COOPERATING; Rating continues
Term Loans to remain under 'Issuer Not
Cooperating' category
Unallocated 2.70 [ICRA]B+ (Stable)/[ICRA]A4;
Limits ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2011, Om Corrugated Pack Private Limited (OCPPL)
manufactures corrugated boxes. The manufacturing facility is
located at Bihta, Bihar, with an installed capacity of 21,600
metric tonnes per annum (MTPA). The company is promoted by the
Patna-based Singh and Kumar families who have more than four
decades of experience in the packaging industry.
PADMASRI RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Padmasri
Rice Mill in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.67 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.33 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Padmasri Rice Mill (PRM), established in the year 2010, is engaged
in the milling of paddy and produces raw and boiled rice. It is
promoted by Mr. P. Gangi Reddy and partners. The firm has a milling
unit in Duppalapudi (East Godavari district) of Andhra Pradesh with
a milling capacity of 1,62,000 MTPA.
POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Polyplastics Automotive India Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 8.00 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Fund Based– 9.75 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
Fund Based– 1.20 [ICRA]D ISSUER NOT COOPERATING;
Rating Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-fund 0.25 [ICRA]D ISSUER NOT COOPERATING;
Based Rating continues to remain under
'Issuer Not Cooperating'
Category
Unallocated 5.80 [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due, but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
PAIPL is a manufacturer of injection-molded plastic auto components
for the automobile (four-wheeler passenger vehicles and
two-wheelers) industry. The company manufactures auto components
such as wheel covers, wheel caps, radiator grills (for passenger
vehicles) and garnish cowl, rear cowl center, gear speedo meter,
side cover, handle cover, wheel cap, throttle lever, inner door
handle, fuse box and cover, etc (for two-wheelers) at its
manufacturing facility located at Industrial Growth Centre in Bawal
(Rewari, Haryana). The unit has 20 injection molding machines and
painting facilities, which include body-color paint shop, automatic
wheel cover paint shop and conventional paint shops. The company's
client list includes Maruti Suzuki India Limited, Honda Motorcycle
& Scooter India Pvt. Ltd. and Hero Motocorp Ltd., apart from other
OEMs and Tier-1 suppliers.
R. K. CHAVAN: ICRA Withdraws C Rating on INR14.50cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
R. K. Chavan Infrastructure Pvt. Ltd. at the request of the company
and based on the No Objection Certificate received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.50 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Withdrawn
Limits-
Cash Credit
Long-term– 8.68 [ICRA]C; ISSUER NOT
COOPERATING;
Non Fund Withdrawn
based Limits
RKC is an engineering and infrastructure enterprise, with
operations in Maharashtra, Karnataka, and Chhattisgarh. Mr.
Rajkumar Chavan undertook construction projects under a
proprietorship firm, and in 2011 RKC was incorporated. At present,
the company is engaged in the business of civil construction
(primarily roads) as a sub-contractor for private players in the
EPC segment.
RAJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Raj Kumar
Goel Educational Foundations. in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due, but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
RKGEF established in 1999, is a trust started by the Late Mr. Raj
Kumar Goel. The trust established the Raj Kumar Goel Institute of
Technology in Ghaziabad, UP in Sep 2000. RKGIT is recognized by All
India Council for Technical Education, Ministry of Human Resources
and Development and is affiliated to Uttar Pradesh Technical
University, Lucknow. RKGIT offers Bachelor of Technology, Bachelor
of Pharmaceutical Science, Master of Computer Application, Master
of Business Administration and Masters of Pharmaceutical Sciences.
The Trust established Lala Mangat Ram Maha Vidyalaya in 2003. LMRM
offers open course Bachelor of Education. This course is approved
by National Council for Teacher Education and is affiliated to CCU
University, Meerut.
RAJALAXMI EDUCATION: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rajalaxmi
Education Trust in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 21.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/TL COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due, but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2005, Rajalaxmi Education Trust (RET) runs the
educational institute, "Mangalore Institute of Technology &
Engineering (MITE)", at Moodabidre in Mangalore, Karnataka. This
college was established in FY2008 and is approved by the All India
Council for Technical Education (AICTE), New Delhi, and is also
affiliated to the Visveshwariah Technological University, Belgaum,
Karnataka. It is, moreover, approved by the State Government of
Karnataka. The college offers B. Tech, M. Tech and MBA courses with
close to 3,133 students enrolled under the above courses in the
Academic Year (AY) 2016. The college's daily operations are managed
by its board of management, headed by the Chairman, Mr. Rajesh
Chout.
SARASWATI EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Saraswati
Education Society Kharghar in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 8.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 41.25 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due, but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SESK is a public charitable trust, incorporated in the year 1997.
The trust began its operation in the field of education with
Saraswati College of Engineering in 2004 in Maharashtra. Since
then, the society has established and acquired various other
educational institutions such as ReVera Institute of Technology,
Kharghar and Dongarai Shikshan Sanstha, Kadepur. These institutes,
recognized and affiliated to concerned authorities, are spread
across two campuses in the state of Maharashtra.
SETH ROSHAN: ICRA Keeps B+ Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Seth
Roshan Lal Jain Trust in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due, but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SRLJT, set up in 1998, operates College of Engineering, Roorkee,
which offers engineering, commerce, and management courses. The
COER campus, situated on NH-58, just 7 km from Roorkee has 75 acres
of campus and is affiliated to Uttarakhand Technical University
(UTU), Dehradun and recognized by All India Council of Technical
Education (AICTE).
SHIVAM COTTEX: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shivam
Cottex in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
'Issuer Not Cooperating'
Category
Unallocated 1.50 [ICRA]D;ISSUER NOT COOPERATING;
Limit Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due, but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2011, Shivam Cottex is involved in raw cotton
ginning and pressing. Its manufacturing facility is located at
Jasdan in Rajkot, Gujarat. It is equipped with 24 ginning machines
and a pressing machine with a total manufacturing capacity of 200
cotton bales per day (24 hours operation). The firm is owned and
managed by partners, Mr. Kanu Vaghasiya, Mr. Ashok Vaghasiya, Mr.
Ramesh Vaghasiya and Mr. Haresh Vaghasiya. The promoters of the
firm have extensive experience in the cotton industry.
SRINIDHI REAL: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of Srinidhi Real Estate And
Constructions in the 'Issuer Not Cooperating' category. The rating
isdenoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Unallocated 8.00 [ICRA]B (Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due, but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Srinidhi Real Estate and Constructions was incorporated as a
partnership firm on 19 November 2012 with 18 partners under Indian
Partnership Act 1932 with Registrar of Firm, Adilabad. The firm is
involved in development of real estate (acquiring land and
developing by plotting and constructing structures, apartments,
independent houses, etc). The promoters have earlier experience in
real estate and have completed Manjunath Apartment (a G+3 floor
apartment) in Mancherial in the past.
TEXPLAS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Texplas
India Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 11.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due, but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
TIPL was incorporated in September 1975 and is managed by Mr. J. C.
Jain, his son Mr. Shriyance Jain and his wife Mrs. Sunita Jain. The
company manufactures composite materials, plastic molding and
polymer-based insulators. The products find application industries
like thermal power, home appliances, chemical industry and general
engineering industries.
UMAVANSHI INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Umavanshi Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due, but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2011, Shree Umavanshi Industries (SUI) crushes
cotton seeds to produce cotton seed oil and cotton seed cake. The
manufacturing unit is located at Tankara (in Rajkot district) and
is equipped with 20 expellers, with an installed production
capacity of 20 MT of cottonseed oil and 150 MT of cottonseed cake
per day, operational for three shifts. The firm commenced crushing
operations from FY2014, prior to which, it was involved in trading
of cotton bales and cotton seeds.
VIDYA SANSKAAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vidya
Sanskaar Educational And Charitable Trust. in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+ (Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.69 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/TL COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 0.11 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due, but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Vidya Sanskaar Educational and Charitable Trust was established in
the year 2009 as a public charitable trust with Mr. S.P.
Muddahanume Gowda, Mr. H.B. Shyama Sundar and Mr. Purushotham Patel
as the trustees. The trust currently manages three institutions
namely –Vidya Sanskaar International Public School, Vidya
Sanskaar Pre-University College and Vidya Sanskaar Institute of
Science, Commerce and Management.
=====================
N E W Z E A L A N D
=====================
AUTOLEC LIMITED: Creditors' Proofs of Debt Due April 1
------------------------------------------------------
Creditors of Autolec Limited, which is in voluntary liquidation,
are required to file their proofs of debt by April 1, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 1, 2022.
The company's liquidators can be reached at:
Rachel Mason-Thomas
Jeffrey Philip Meltzer
Meltzer Mason Chartered Accountants
PO Box 6302
Victoria Street West, Auckland 1141
EQUIPMENT SERVICES: Creditors' Proofs of Debt Due April 4
---------------------------------------------------------
Creditors of Equipment Services Limited, which is in voluntary
liquidation, are required to file their proofs of debt by April 4,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on March 2, 2022.
The company's liquidators can be reached at:
Rachel Mason-Thomas
Jeffrey Philip Meltzer
Meltzer Mason, Chartered Accountants
PO Box 6302
Victoria Street West, Auckland 1141
LSR TRANSPORT: Court to Hear Wind-Up Petition on March 10
---------------------------------------------------------
A petition to wind up the operations of LSR Transport Limited will
be heard before the High Court at Christchurch on March 10, 2022,
at 10:00 a.m.
Traylorworx Limited filed the petition against the company on Dec.
20, 2021.
The Petitioner's solicitor is:
Gregory Trainor
MacLean & Associates Lawyers
Level 5, 88 Division Street
Riccarton, Christchurch 8041
NZ LOBSTER: Creditors' Proofs of Debt Due May 2
-----------------------------------------------
Creditors of NZ Lobster Pots Limited, which is in voluntary
liquidation, are required to file their proofs of debt by May 2,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on March 2, 2022.
The company's liquidators can be reached at:
Elizabeth Helen Keene
Luke Norman
KPMG Christchurch
Level 5, 79 Cashel Street (PO Box 1739)
Christchurch 8140
SKYTEC ENGINEERING: Creditors' Proofs of Debt Due on March 24
-------------------------------------------------------------
Creditors of Skytec Engineering Consultants Limited, which is in
voluntary liquidation, are required to file their proofs of debt by
March 24, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 18, 2022.
The company's liquidator can be reached at:
Brenton Hunt
PO Box 13400
City East, Christchurch 8141
=================
S I N G A P O R E
=================
ESCUDO PTE: Court to Hear Wind-Up Petition on March 18
------------------------------------------------------
A petition to wind up the operations of Escudo Pte Ltd. will be
heard before the High Court of Singapore on March 18, 2022, at
10:00 a.m.
DBS Bank Ltd filed the petition against the company on Feb. 21,
2022.
The Petitioner's solicitors are:
Kelvin Chia Partnership
6 Temasek Boulevard
29th Floor, Suntec Tower Four
Singapore 038986
FN TRANSPORT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Feb. 25, 2022, to
wind up the operations of FN Transport Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Mr. Leow Quek Shiong
Mr. Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
JADENSWORTH HOLDINGS: Creditors' Proofs of Debt Due April 4
-----------------------------------------------------------
Creditors of Jadensworth Holdings Pte. Ltd. and Extera Pte Ltd are
required to file their proofs of debt by April 4, 2022, to be
included in the company's dividend distribution.
The companies commenced wind-up proceedings on Feb. 23, 2022.
The liquidators can be reached at:
Mr. Don M Ho
Mr. David Ho Chjuen Meng
M/s DHA+pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
LAGUNA NATIONAL: Debenture holders Serve Demand Over Missed Payment
-------------------------------------------------------------------
The Business Times reports that two pioneer members of the Laguna
National Golf and Country Club have made a statutory demand on the
club, each asking to be paid SGD120,000 for their 30-year-old
debentures that are overdue for redemption.
Laguna National owner Peter Kwee was unable to fulfil his
obligations to settle payment owed to hundreds of the golf and
country club's debenture holders by the time the deadline set by
British and Malayan Trustees lapsed on July 2, 2021, The Strait
Times has reported.
The Straits Times said this comes after Mr. Kwee, 74, issued a
letter to the trust company on June 10, 2021, - a day before the
30-year-old notes were due for redemption - saying that the club
was unable to do so "due to our financial position".
The 36-hole course was incorporated in 1991 and its pioneer batch
of members took up a SGD120,000 unsecured note on top of paying
membership fees, which ranged from SGD40,000 (restricted
individual) to SGD180,000 (open corporate).
TAN'S HOLDINGS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 25, 2022, to
wind up the operations of Tan's Holdings Pte. Ltd. t/a FN Manpower
Services.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Mr. Leow Quek Shiong
Mr. Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
===============
T H A I L A N D
===============
KTBST SECURITIES: Fitch Rates Upcoming THB550MM Debt 'BB(tha)'
---------------------------------------------------------------
Fitch Ratings (Thailand) has assigned a National Long-Term Rating
of 'BB(tha)' to KTBST Securities Public Company Limited's
(KTBSTSEC, BB+(tha)/Stable/B(tha)) upcoming issue of up to THB550
million in subordinated unsecured debentures.
The debentures will have a maturity of one year. The company plans
to use the proceeds for the repayment of maturing subordinated
debentures and for working capital.
KEY RATING DRIVERS
The National Long-Term Rating on the subordinated debentures is one
notch below KTBSTSEC's National Long-Term Rating to reflect the
subordinated debentures' higher loss-severity risk relative to
senior unsecured instruments. This arises as subordinated
noteholders rank after senior creditors in the priority of claims.
Additional notching has not been applied due to the lack of
going-concern loss-absorption and equity conversion features. Fitch
uses the Corporate Hybrids Treatment and Notching Criteria for this
assessment, in line with Fitch's approach for other Thai securities
firms.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- The National Long-Term Rating on the subordinated debentures
is sensitive to changes in KTBSTSEC's National Long-Term
Rating. Hence, an upgrade of KTBSTSEC's National Long-Term
Rating is likely to lead to similar action on the rating of
the subordinated debentures.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- A downgrade of KTBSTSEC's National Long-Term Rating would
result in a downgrade of the subordinated debenture rating.
*********
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,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***