/raid1/www/Hosts/bankrupt/TCRAP_Public/220307.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, March 7, 2022, Vol. 25, No. 41
Headlines
A U S T R A L I A
BARLEON INVESTMENTS: Commences Wind-Up Proceedings
HITEC GLAZING: Commences Wind-Up Proceedings
LIBERTY FUNDING 2022-1: Moody's Assigns B2 Rating to Class F Notes
RESIMAC TRIOMPHE 2022-1: S&P Assigns Prelim 'B' Rating to F Notes
RESTPOINT PTY: First Creditors' Meeting Set for March 15
SUMO GROUP: First Creditors' Meeting Set for March 14
C H I N A
BILIBILI INC: Posts CNY6.8 Billion Net Loss in 2021
CHINA EVERGRANDE: Founder to Miss Top Political Party Meeting
JINKE PROPERTY: Moody's Affirms 'B1' CFR, Alters Outlook to Neg.
KWG GROUP: Moody's Lowers CFR to B2 & Alters Outlook to Negative
SHIMAO GROUP: Fitch Lowers IDR to 'CCC', Removes Watch Neg.
[*] CHINA: Number of High-Risk Banks to Fall, PBOC Says
[*] Property Builders' Broken Promises Erode Investor Confidence
I N D I A
BALA BALAJI: CRISIL Keeps D Debt Ratings in Not Cooperating
BHARANI SPINNINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
BOMMIDALA PURNAIAH: CRISIL Keeps C Ratings in Not Cooperating
CJ S HARITHA: CRISIL Keeps D Debt Ratings in Not Cooperating
EDEN CRITICAL: CRISIL Keeps D Debt Rating in Not Cooperating
GAJANAN GANGAMAI: CRISIL Keeps D Debt Ratings in Not Cooperating
GARV UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
GITA REFRACTORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
HCO INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
HYDERABAD GALVANISING: CRISIL Keeps B+ Ratings in Not Cooperating
INDIANA STEEL: CRISIL Lowers Long/Short Term Debt Rating to D
IRIISNET COMMUNICATION: Insolvency Resolution Process Case Summary
J. P. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
JKR MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
JMT AUTO LIMITED: Insolvency Resolution Process Case Summary
JOSAN FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
KERALA CHAMBER: Insolvency Resolution Process Case Summary
MOTILAL DHOOT: CRISIL Keeps D Debt Ratings in Not Cooperating
OSIA JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
P&M AND HI TECH: CRISIL Keeps D Debt Rating in Not Cooperating
PATWA AUTOMOTIVE: CRISIL Keeps D Rating in Not Cooperating
PMA CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
PUNE TUBES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAASHRI PAINTS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAM KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating
ROSEDALE DEVELOPERS: Insolvency Resolution Process Case Summary
SA RAWTHER: CRISIL Keeps D Debt Ratings in Not Cooperating
SABARIS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
SANCHETI ORNAMENTS: CRISIL Keeps D Debt Rating in Not Cooperating
SATYAM ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
TEAM INTERVENTURE: CRISIL Keeps D Debt Ratings in Not Cooperating
WARM FORGINGS: Insolvency Resolution Process Case Summary
N E W Z E A L A N D
AJ CHAMP: Creditors' Proofs of Debt Due March 31
HELI LEASE: High Court Enters Wind Up Order
LAKESIDE ROOFING: Placed Into Liquidation
NZ LIGHTING: BDO Tauranga Appointed as Liquidators
RESOURCES ENTERPRISES: Court to Hear Wind-Up Petition on March 11
VANGEN INTERNATIONAL: Court to Hear Wind-Up Petition on March 11
VOSN LIMITED: Creditors' Proofs of Debt Due April 1
S I N G A P O R E
ASPEN HOLDINGS: Two Units Face More Than SGD32.5MM in Claims
DEBAO PROPERTY: To Delist from SGX on Failure to Submit Proposal
GLOBAL SPORTS: Court to Hear Wind-Up Petition on March 18
GOOD UNITED: Creditors' Proofs of Debt Due April 4
MATRIX INTERIOR: Court to Hear Wind-Up Petition on March 25
OSA SYSTEMS: Creditors' Proofs of Debt Due April 5
THONG SIA: Creditors' Proofs of Debt Due April 4
- - - - -
=================
A U S T R A L I A
=================
BARLEON INVESTMENTS: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Barleon Investments Pty Ltd on March 2, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
David Joseph Levi
Levi Consulting Pty Ltd
Level 1, 84 Pitt Street
Sydney, NSW 2000
HITEC GLAZING: Commences Wind-Up Proceedings
--------------------------------------------
Members of Hitec Glazing Pty Ltd ATF Hitec Glazing Trust, Whight No
1 Pty Ltd ATF Whight No 1 Trust, and Whight No 2 Pty Ltd ATF Whight
No 2 Trust, on March 3, 2022, passed a resolution to voluntarily
wind up the company's operations.
The company's liquidators are:
Anthony Norman Connelly
Mark Alfred Holland
William James Harris
McGrathNicol
Level 15, 175 Eagle Street
Brisbane, Qld 4000
LIBERTY FUNDING 2022-1: Moody's Assigns B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty PRIME Series 2022-1.
Issuer: Liberty PRIME Series 2022-1
AUD968.0 million Class A1 notes, Assigned Aaa (sf)
AUD22.0 million Class A2 notes, Assigned Aaa (sf)
AUD23.1 million Class AB notes, Assigned Aaa (sf)
AUD50.6 million Class B notes, Assigned Aa2 (sf)
AUD11.0 million Class C notes, Assigned A2 (sf)
AUD8.8 million Class D notes, Assigned Baa2 (sf)
AUD13.2 million Class E notes, Assigned Ba2 (sf)
AUD2.2 million Class F notes, Assigned B2 (sf)
The AUD1.1million Class G notes are not rated by Moody's.
The transaction is a securitization of Australian residential
mortgages loans originated and serviced by Liberty Financial Pty
Ltd (Liberty, unrated). The transaction includes a three month
pre-funding period, whereby Liberty Funding Pty Ltd has issued
notes of AUD1.1 billion, based on the initial pool of AUD1.0
billion. During the pre-funding period, additional loans may be
sold into the trust, up to the pre-funding amount of AUD100.0
million, subject to certain portfolio parameters and the
eligibility criteria.
RATINGS RATIONALE
The definitive ratings take into account, among other factors:
Evaluation of the underlying receivables and their expected
performance;
Evaluation of the capital structure and credit enhancement
provided to the notes;
The availability of excess spread over the life of the
transaction;
The liquidity facility in the amount of 1.0% of the notes balance
subject to a floor of AUD1,350,000;
The prefunding period and the legal structure;
The experience of Liberty as the servicer; and
The presence of Perpetual Trustee Company Limited as the back-up
servicer.
According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, and a guarantee fee reserve account. However, Moody's notes
that the transaction features some credit weaknesses such the
pre-funding period, which may increase volatility of the portfolio
performance as it adds uncertainty to the collateral
characteristics of the pool, although this is mitigated by the
stringent portfolio parameters and the eligibility criteria.
Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
-- representing the loss that Moody's expects the portfolio to
suffer in the event of a severe recession scenario -- is 6.8%.
Moody's expected loss for this transaction is 0.70%.
The key transactional features are as follows:
Class A1 and Class A2 notes benefit from 12.0% and 10.0% note
subordination respectively.
Principal collections will be at first distributed sequentially.
Starting from the second anniversary from closing, all notes
(excluding the Class G notes) may participate in proportional
principal collections distribution subject to the step down
conditions being met. The step down criteria include, among others,
no charge offs on any of the notes and Class A1 note subordination
of at least 22.0%. The Class G notes' share of principal will be
allocated in reverse sequential order starting from the Class F
notes. Principal pay-down will revert to sequential once the
aggregate loan amount is at 20.0% or less of the aggregate loan
amount at closing, or on or following the payment date in March
2027.
The guarantee fee reserve account, which is unfunded at closing
and will build up to a limit of AUD3.3 million from excess spread.
The reserve account will firstly be available to meet losses on the
loans and charge-offs against the notes. Secondly, it can be used
to cover any required payment shortfalls that remain after
liquidity facility and principal draws.
The key features of the mortgage loan pool are as follows:
The portfolio has a weighted average scheduled loan-to-value (LTV)
ratio of 66.9%, with 7.0% of the loans with a scheduled LTV above
80.0% and 3.4% of the loans with a scheduled LTV above 90%.
Around 24.6% of the mortgage loans in the portfolio were granted
to self-employed borrowers.
All loans in the portfolio were extended on a verified income
documentation basis.
The portfolio contains no exposure to borrowers with prior credit
impairment (default, judgment or bankruptcy).
The portfolio has a weighted-average seasoning of 10.0 months,
with 79.4% of loans originated in the last six months.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
February 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization, or
better-than-expected collateral performance. The Australian jobs
market and the housing market are primary drivers of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, deterioration in credit quality of
transaction counterparties, fraud and lack of transactional
governance.
RESIMAC TRIOMPHE 2022-1: S&P Assigns Prelim 'B' Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2022-1. RESIMAC Triomphe
Trust - RESIMAC Premier Series 2022-1 is a securitization of prime
residential mortgage loans originated by RESIMAC Ltd.
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including that this is a closed portfolio, which means
no further loans will be assigned to the trust after the closing
date.
-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for the rated notes and lenders' mortgage insurance
on 23.0% of the loan portfolio, which covers 100% of the face value
of these loans, accrued interest, and reasonable costs of
enforcement.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws, and a
liquidity facility equal to 0.75% of the outstanding balance of the
rated notes, are sufficient under our stress assumptions to ensure
timely payment of interest.
-- The extraordinary expense reserve of A$150,000, funded by
RESIMAC Ltd. before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.
Preliminary Ratings Assigned
RESIMAC Triomphe Trust - RESIMAC Premier Series 2022-1
Class A1, A$90.00 million: AAA (sf)
Class A2, A$810.00 million: AAA (sf)
Class AB, A$50.00 million: AAA (sf)
Class B, A$17.00 million: AA+ (sf)
Class C, A$21.00 million: A (sf)
Class D, A$6.00 million: BBB (sf)
Class E, A$3.00 million: BB (sf)
Class F, A$1.50 million: B (sf)
Class G, A$1.50 million: Not rated
RESTPOINT PTY: First Creditors' Meeting Set for March 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Restpoint
Pty Ltd will be held on March 15, 2022, at 10:30 a.m. via virtual
meeting technology.
Mervyn Jonathan Kitay and Christopher Damien Darin of Worrells were
appointed as administrators of Restpoint Pty on March 4, 2022.
SUMO GROUP: First Creditors' Meeting Set for March 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Sumo Group Australia Pty Ltd;
- Sumo IP Holdings Pty Ltd;
- Sumo Salad (Franchising) Pty Limited;
- Sumo Salad Wholesale Pty Ltd;
- Thrive Home Delivery Pty Ltd;
- Thrive IP Pty Ltd;
- Sumo Marketing Fund Pty Ltd; and
- Thrive Group Holdings Pty Ltd
will be held on March 14, 2022, at 10:00 a.m. via teleconference
only.
Marcus William Ayres and Brett Stephen Lord of Kroll Advisory Co
Pty Limited were appointed as administrators of Sumo Group et al.
on March 3, 2022.
=========
C H I N A
=========
BILIBILI INC: Posts CNY6.8 Billion Net Loss in 2021
---------------------------------------------------
Caixin Global reports that China's video-streaming website Bilibili
reported a 2021 net loss of CNY6.8 billion (US$1.07 billion), more
than double the previous year's deficit, reflecting heavier
spending to recruit new users in a more competitive and tightly
regulated market.
Caixin says the figure marked the biggest annual loss for Bilibili,
a leading online community for China's Generation Z. Total 2021
revenue was CNY19.4 billion, up 61.6% from a year ago. Gross profit
margin was 20.86%, compared with major rival iQiyi's 11.9%,
Shanghai-based Bilibili reported on March 3 in its unaudited
financial report.
Bilibili Inc. provides online entertainment services. The Company
offers a platform that covers a wide array of genres and media
formats, including videos, live broadcasting, mobile games,
animation, and comics.
CHINA EVERGRANDE: Founder to Miss Top Political Party Meeting
-------------------------------------------------------------
Bloomberg News reports that the billionaire chairman of Evergrande
Group will miss an annual policy meeting of China's top political
advisory group, according to people familiar with the matter.
Hui Ka Yan requested personal leave from the annual convention of
the Chinese People's Political Consultative Conference, said the
people, who asked not to be identified because the matter is
private. He will sit out the week-long meeting as Evergrande tries
to defuse operational risks, they said, Bloomberg relays.
A Communist Party member for more than three decades, Mr. Hui was
elected to join the political advisory body in 2008 and later
secured two further five-year terms, the report notes.
Bloomberg relates that the Evergrande founder has been part of the
conference's elite 300-member standing committee since 2013. He
actively participated in the convention in previous years,
including by speaking at news briefings on economic reform and
poverty alleviation.
Mr. Hui's empire is at the centre of a credit crunch that rippled
through the real estate industry and hurt the economy in a key year
for the Chinese Communist Party, the report says. Evergrande has
officially become a defaulter and authorities from the developer's
home province of Guangdong are among those leading what could be
one of the nation's biggest debt restructuring efforts.
According to Bloomberg, the party conference's more than 2,000
members include the nation's most prominent politicians and
entrepreneurs, and delegates typically submit proposals on major
political and social issues.
Bloomberg relates that the meetings run alongside the National
People's Congress, the biggest event on China's political calendar,
before a twice-a-decade party gathering later this year that is
likely to confirm President Xi Jinping's precedent-defying third
term in power.
Chinese authorities are considering a proposal to dismantle
Evergrande by selling the bulk of its assets, Bloomberg reported
earlier this year. The company told creditors in January that it
aims to issue a preliminary restructuring plan in the next six
months.
Bloomberg says Evergrande and many of its peers have seen financing
channels dry up following a government campaign against excessive
leverage in the industry. Officials have eased up on the crackdown
recently as home sales and prices fall.
Premier Li Keqiang vowed to stabilise home prices at the opening of
the congress on March 5, Bloomberg relays. While reiterating Mr.
Xi's mantra that houses are for living in rather than for
speculation, Mr. Li also said China will explore new models for
residential development, including encouraging rentals along with
purchases.
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.
JINKE PROPERTY: Moody's Affirms 'B1' CFR, Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service has revised the rating outlook of Jinke
Property Group Co., Ltd. to negative from stable.
At the same time, Moody's has affirmed Jinke's B1 corporate family
rating.
"The negative outlook reflects our expectation that Jinke's sales
and credit metrics will weaken over the next 6-12 months amid
difficult operating and funding conditions," says Celine Yang, a
Moody's Vice President and Senior Analyst.
"The affirmation of the rating reflects our expectation that the
company will maintain adequate liquidity and access to various
onshore funding channels," adds Yang.
RATINGS RATIONALE
Moody's expects Jinke's contracted sales to decline by 10%-20% over
the next 6-12 months, driven by weak homebuyer confidence amid
tight funding conditions. This will weaken the company's operating
cash flow and credit metrics. In 2021, the company's gross
contracted sales fell 14% to RMB 187.6 billion compared with the
prior year's.
Moody's forecasts Jinke revenue/adjusted debt will decrease towards
around 75% over the next 12-18 months from 87% for the 12 months
ended June 2021, due to the expected reduction in revenue
recognition as a result of weakening contracted sales. Meanwhile,
its EBIT/interest coverage will moderate to around 2.2x-2.3x from
2.5x over the same period, as increased land costs and the
prevalence of price caps in its key markets will pressure its
profit margins.
Jinke's cash balance declined to RMB30 billion as of the end of
September 2021, from RMB37 billion as of end of June 2021 and
RMB43.5 billion as of the end of 2020. The cash balance reduction
was largely driven by debt repayment, narrowing the company's
liquidity buffer. However, Moody's expects the company to maintain
adequate liquidity and to have sufficient internal cash to repay
its maturing debt over the next 12 months. Specifically, Jinke will
have a total of RMB13 billion of onshore bond becoming mature or
puttable before end of March 2023.
Jinke Property's B1 CFR reflects the company's track record of
developing residential properties and its well-recognized brand in
the Chinese city of Chongqing; its sizable scale and geographic
diversification; and its adequate liquidity, supported by a good
cash collection ratio from its sales, and continued access to
various onshore funding channels.
On the other hand, Jinke Property's rating is constrained by its
weakening credit metrics and sizable exposure to trust financing.
In terms of environmental, social and governance (ESG)
considerations, Moody's has considered Jinke Property's
concentrated ownership by Huang Hongyun and persons acting in
concert, who together held a 29.39% stake as of January 17, 2021.
Moody's has also considered the fact that 10.95% of its total
outstanding shares were pledged by its major shareholder.
Moody's has also considered (1) the presence of three independent
non-executive directors on Jinke Property's nine-member board; (2)
the company's moderate 35%-37% dividend payout ratio over the past
three years; and (3) the application of the listing rules of the
Shenzhen Stock Exchange on the company.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
An upgrade of Jinke's ratings is unlikely over the next 12 months,
given the negative outlook.
However, the outlook could be revised to stable if Jinke improves
its liquidity buffer and reduces its trust loan exposure, while
strengthening sales and credit metrics.
Credit metrics that could indicate a stable rating outlook include
EBIT/interest coverage above 2.5x and revenue/adjusted debt above
65%-70%, all on a sustained basis.
Moody's could downgrade the rating if the company's funding access
weakens or liquidity worsens, such that its unrestricted
cash/short-term debt falls below 1.0x. The rating would also be
under pressure if the company's contracted sales weakens materially
such that EBIT/interest coverage falls under 2.0x and
revenue/adjusted debt remains below 60%-65% on a sustained basis.
The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.
Jinke Property Group Co., Ltd. is a residential property developer
based in Chongqing. It was listed on the Shenzhen Stock Exchange in
2011 through a backdoor listing. The company generates more than
90% of its revenue from property development. It reported RMB44.0
billion in revenue in the first half of 2021. As of June 30, 2021,
the company had a land bank of around 73 million square meters in
gross floor area, which is sufficient for around three years of
property development.
KWG GROUP: Moody's Lowers CFR to B2 & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded KWG Group Holdings
Limited's corporate family rating to B2 from B1.
At the same time, Moody's has changed KWG's rating outlook to
negative from stable.
"The rating downgrade reflects KWG's weakening contracted sales and
heightened refinancing risks due to its sizable debt maturities
amid a tight funding environment," says Celine Yang, a Moody's Vice
President and Senior Analyst.
"The negative outlook reflects our expectation that the company's
operations and liquidity will weaken over the next 12-18 months,"
adds Yang.
RATINGS RATIONALE
Moody's revised its assessment on KWG's liquidity to weak from
adequate, in view of its sizable maturing debt in the next 6-12
months and the rating agency's expectation of a decline in the
company's contracted sales amid difficult funding and operating
environments, which will pressure KWG's operating cash flow and, in
turn, its liquidity.
Specifically, KWG will have around USD900 million of offshore bonds
maturing before the end of 2022. But the company is unlikely to
issue new bonds at reasonable costs to refinance these bonds, given
its weakened funding access.
KWG had unrestricted cash of RMB42.6 billion as of the end of June
2021. However, Moody's believes the company will not be able to
fully mobilize all the cash for debt repayment at the holding
company level as it has to keep a considerable amount of cash at
the project level.
KWG has a large exposure to joint venture (JV) projects, which
lowers its corporate transparency and increases uncertainty over
its ability to control its project cash flow. The company also has
a large amount of contingent liabilities related to its JVs,
totaling RMB27 billion as of the end of June 2021.
Moody's expects KWG will endeavor to repay the maturing debt with
internal cash, but the company will likely have to raise funds
through asset sales or pledging its investment property portfolio
as alternative sources to replenish its liquidity.
Moody's forecasts that KWG's contracted sales will fall 10%-15%
over the next 1-2 years, driven by weak homebuyer confidence amid
tight funding conditions. The decline in contracted sales will also
strain the company's financial profile and liquidity. Although
KWG's contracted sales remained flat at around RMB103 billion in
2021 compared with that in 2020, its sales dropped significantly by
29% in the second half (H2) of 2021 as the market deteriorated,
compared with that during the same period a year ago.
Moody's projects KWG's revenue/adjusted debt and EBIT/interest
coverage will remain weak at 25%-30% and around 2.3x, respectively,
in the coming 12-18 months, from 27% and 2.3x for the 12 months
ended June 2021.
KWG's B2 CFR reflects the company's strong brand name in its main
operating regions and good operating track record, as well as its
quality land bank, which focuses on tier 1 and tier 2 cities.
Meanwhile, its rating is constrained by the company's high
leverage, and sizable exposure to its JVs.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered the concentration of KWG's ownership by its
controlling shareholders, Kong Jianmin and his family, who held a
total stake of 63% in the company as of June 30, 2021. Moody's has
also considered (1) the company's adherence to the internal
governance structures and disclosure standards under the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange; (2) the presence of audit, remuneration and nomination
committees, with the first two chaired by independent nonexecutive
directors (INEDs) and the audit committee comprising solely of
INEDs.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
An upgrade is unlikely, given the negative outlook.
However, Moody's could return KWG's rating outlook to stable if the
company improves its liquidity, access to funding and operating
cash flow.
Credit metrics that could indicate a stable rating outlook include
EBIT/interest coverage above 2.0x and unrestricted cash/short-term
debt above 1.5x, both on a sustained basis.
On the other hand, Moody's could downgrade the rating if the
company's liquidity and financial profiles deteriorate due to (1) a
significant decline in contracted sales and cash collections; or
(2) a material increase in the company's debt or contingent
liabilities.
Credit metrics indicative of a downgrade include unrestricted cash
to short-term debt falling below 1.0x and EBIT/interest coverage
below 1.5x, both on a sustained basis.
The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.
KWG Group Holdings Limited (KWG) is a Chinese property developer
that was founded in 1995. As of June 30, 2021, the company had a
total attributable land bank of 25.6 million square meters in gross
floor area (GFA) across 41 cities in China, which can support three
to five years of development. KWG mainly develops medium- to
high-end residential properties, office buildings, shopping malls
and hotels.
KWG listed on the Hong Kong Stock Exchange in July 2007. Its
chairman, Kong Jianmin, and his family owned about 63% of the
company as of June 30, 2021.
SHIMAO GROUP: Fitch Lowers IDR to 'CCC', Removes Watch Neg.
-----------------------------------------------------------
Fitch Ratings has downgraded China-based property-developer Shimao
Group Holdings Limited's Issuer Default Rating (IDR) to 'CCC' from
'B-', and the senior unsecured rating and outstanding senior
unsecured notes to 'CCC', from 'B-', with a Recovery Rating of
'RR4'. All ratings have been removed from Rating Watch Negative, on
which they were placed in December 2021 amid poor capital market
access and worsening market confidence.
The downgrade reflects Shimao's narrowing margin of safety for
refinancing capital market maturities. Fitch estimates Shimao has
to address around CNY22 billion of capital market maturities during
2022, despite some progress in asset sales. The repayment of the
capital market debt hinges on large asset disposals and the
successful refinancing or extension of bank and trust loans.
KEY RATING DRIVERS
Increasing Refinancing Risks: Shimao's capital market access
remains limited and the repayment of its debt depends on its
ability to extend maturities and dispose of asset, leaving a low
margin of safety. Shimao has around CNY22 billion of capital market
debt maturing or puttable during 2022, including a privately placed
bond with Singapore sovereign wealth fund, GIC, which is puttable
in April and CNY4.2 billion of asset-backed securities. Shimao also
has offshore syndicated loans, with HKD3.9 billion and USD700
million maturing this year.
Shimao had CNY53 billion in available cash as of 1H21, excluding
deposits in regulated accounts of CNY22 billion. However, only a
proportion of this was located at the rated entity level. Fitch
believes Shimao's available cash is likely to have decreased during
2021, given falling sales and the utilisation of its cash balance
to repay debt maturities.
Progress in Asset Disposals: Shimao has made some progress with a
number of asset disposals, raising around CNY10 billion of net cash
proceeds. However, this is insufficient to fully cover capital
market maturities in 2022. Shimao plans to continue its asset
disposals.
Falling Sales Impact Cash Flow: Weakened buyer confidence has
weighed on sales and stifled Shimao's operating cash generation.
Contracted sales continued to deteriorate in January 2022,
collapsing by around 60% yoy. The drop has been steeper than for
most peers. The average selling price has decreased to around
CNY16,200/square metre (sqm), from around CNY17,000/sqm, although
the decline is moderate compared with peers.
High Joint-Venture Exposure: Shimao's implied cash collection -
defined as the change in customer deposits plus revenue booked
during the year - was CNY150 billion in 1H21 on a 12-month basis,
which was around 45% of total sales. Fitch estimates that around
60%-65% of total contracted sales came from consolidated projects,
considering the effect of value added tax on property sales.
Shimao's consolidation ratio has been consistent in the past few
years, but is lower than that of similarly sized peers.
DERIVATION SUMMARY
Shimao's ratings reflect its low margin of safety in liquidity, as
well as high refinancing needs for the remainder of 2022. The
company is reliant on large asset disposals and the extension of
short-term maturities for liquidity.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Continued asset disposals;
-- Minimal land acquisitions in 2022.
KEY RECOVERY RATING ASSUMPTIONS
Fitch's recovery analysis assumes that Shimao would be liquidated
in a bankruptcy, because it is essentially an asset-trading
company.
Fitch assumes a 10% administrative claim, in line with criteria,
and use a multiple assumption tool to derive a 4x EBITDA multiple
to estimate going concern value. However, the liquidation value
approach results in a higher value, given 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 bankruptcy or insolvency proceedings and
distributed to creditors.
-- Advance rate of 80% applied to account receivables, increased
from 70%. This treatment is in line with Fitch's Recovery
Rating criteria.
-- Advance rate of 46% applied to net property inventory, lowered
from 60%. Shimao's inventory consists mainly of completed
properties held for sale, properties under development (PUD)
and deposits and prepayments for land acquisition. Different
advance rates were applied to the various inventory categories
to derive a blended advance rate.
-- Advance rate of 50% applied to completed properties held for
sale. Completed commodity housing units are closer to readily
marketable inventory, and typically have high recovery values.
-- Advance rate of 40% applied to PUD. PUDs, which are at various
stages of completion, are more difficult to sell than
completed projects. The PUD balance, prior to applying the
advance rate, is net of margin-adjusted customer deposits.
-- Advance rate of 90% applied to deposits and prepayments for
land acquisitions. Land held for development is closer to
readily marketable inventory, similarly to completed commodity
housing units, provided it is well located. Shimao's land is
generally located in good areas.
-- Advance rate of 50% applied to property, plant and equipment,
lowered from 60%. This consists mainly of hotels.
-- Advance rate of 40% applied to investment properties, as a
significant proportion remain uncompleted.
-- Advance rate of 40% applied to joint-venture net assets, which
typically include a combination of completed units, PUDs and
land bank. Fitch has applied a lower advance rate as Fitch
believes Shimao may be forced to sell its stakes at a large
discount.
-- No advance rate applied to excess cash. China's homebuilding
regulatory environment means that available cash, including
pre-sales that are regulated as cash, are typically
prioritised for project completion, which includes payment of
trade payables. Net payables (trade payables - available cash)
are included in the debt waterfall ahead of secured debt
The allocation of value in the liability waterfall results in
Recovery Rating corresponding to 'RR2' for the senior unsecured
offshore bonds. However, the Recovery Rating 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 the
group are subject to a soft cap at the IDR.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Sustained improvement in liquidity, funding access and
contracted sales
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Failure to address upcoming capital-market debt maturities;
-- Deterioration in liquidity and funding access;
-- Announcement of a debt exchange offer that Fitch classifies as
a distressed debt exchange.
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.
LIQUIDITY AND DEBT STRUCTURE
Large Maturities: Shimao has around CNY22 billion of capital market
maturities for the remainder of 2022, including asset-backed
securities. It had CNY53 billion in available cash, excluding
deposits in regulated accounts of CNY22 billion, as of 1H21; only a
proportion of this was located at the rated entity level. Fitch
believes Shimao's available cash decreased in 2021 and that it
requires significantly more asset disposals to improve liquidity.
ISSUER PROFILE
Shimao is one of China's largest property developers, with a focus
on residential property development. It is also active in office
and mall rental, property management as well as hotel and
theme-park operations.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch has excluded deposits in regulated accounts (1H21: CNY22
billion) from cash in Fitch's leverage calculation and included
this as inventory.
Restricted cash of CNY7.6 billion is included in cash to calculate
net debt, as it is mainly pledged for obtaining bank loans.
ESG CONSIDERATIONS
Shimao has an ESG Relevance Score of '4' for Group Structure. The
company has not fully addressed market concerns on debt maturities
amid limited access to capital, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.
Shimao has an ESG Relevance Score of '4' for Financial
Transparency. It has significant exposure to joint ventures and
associates, and there are some related-party transactions within
Shimao entities, which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
[*] CHINA: Number of High-Risk Banks to Fall, PBOC Says
-------------------------------------------------------
Bloomberg News reports that the People's Bank of China said it
expects the number of high-risk banks to continue to decline in
coming years, vowing to persist with its campaign to curb financial
risks in the economy.
By 2025, the number of lenders in the "high-risk" category in the
PBOC's quarterly reviews will likely drop below 200 from 316 in the
fourth quarter of 2021, the central bank said in a statement on
March 3. Bloomberg relates. At the peak in the third quarter of
2019, there were 649 banks listed in the category, according to the
statement.
Bloomberg relates that high-risk banks accounted for only 1.04% of
overall assets in the banking industry last year, indicating the
sector's stability, the PBOC said. China had 4,398 banking
institutions in the last quarterly review, it said.
The PBOC reiterated it will prevent any systemic financial risks
from happening and "defuse bombs with precision," Bloomberg relays.
The central bank said it curbed speculation in cryptocurrency
trading within the country, with the share of onshore Bitcoin
trading volume in the world plummeting to 10% from over 90% in the
past.
Companies have learned market principles from high-profile
bankruptcies in recent years such as those of Baoshang Bank Co. and
HNA Group Co., and compliance with laws and regulations is the
mainstream practice now, the PBOC said, adds Bloomberg.
[*] Property Builders' Broken Promises Erode Investor Confidence
----------------------------------------------------------------
The Wall Street Journal reports that after more than 10 dollar-debt
defaults by property developers over the past year, many investors
have come to the conclusion that trust is broken in the $200
billion market for high-yield bonds of Chinese companies.
Since last summer, when the financial troubles of China Evergrande
Group sparked a selloff in the giant property company's bonds and
those of its peers, the market has remained deeply distressed, with
no end in sight to the malaise, the Journal says. A string of
easing measures from Chinese authorities, local governments and
banks to support the housing market and help developers access
funding onshore have so far done little to change the mood in the
market. China's top 100 developers' monthly contracted sales volume
fell for the eighth straight month in February, plunging 47% from a
year earlier, the Journal discloses citing figures from Chinese
data provider CRIC.
For much of the past five months, the average yield on Chinese
developers' dollar bonds has been above 20%, making it too
expensive for most companies to raise fresh funds to pay off
maturing debt, the report states. To complicate matters, several
developers that earlier claimed to have ample liquidity to repay
their debts surprised investors by reneging on their statements
without warning, damaging bondholders' already-fragile confidence
in the transparency and truthfulness of companies' disclosures.
Since the beginning of 2021, Chinese developers have defaulted on
$8.8 billion of offshore dollar bonds and the equivalent of $5.1
billion of onshore yuan-denominated bonds, dwarfing the total
amount of defaulted bonds in previous years, according to Fitch
Ratings, the Journal relays.
=========
I N D I A
=========
BALA BALAJI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bala Balaji
Srinivasa Poultries (BBSP) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.2 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.03 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.50 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BBSP for
obtaining information through letters and emails dated December 21,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BBSP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBSP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BBSP continues to be 'CRISIL D Issuer Not Cooperating'.
Set-up in 1989 by Mr Gannamani Sree Ramarao, BBSP is engaged in
hatchery business and has capacity to breed 2 lakh layering birds.
BHARANI SPINNINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Bharani
Spinnings India Limited (SBSIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.25 CRISIL D (Issuer Not Cooperating)
Cash Credit 5.25 CRISIL D (Issuer Not Cooperating)
Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating)
Long Term Loan 4 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with SBSIL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBSIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBSIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBSIL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SBSIL was incorporated in 1994 as a private limited company for the
purpose of setting up a spinning mill with 3000 spindles. It was
reconstituted as a public Limited company. The company commenced
commercial production in 1995 with 5760 spindles. Presently, it has
14,880 spindles of capacity.
BOMMIDALA PURNAIAH: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bommidala
Purnaiah Holdings Private Limited (BPHL) continue to be 'CRISIL C
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Open Cash Credit 24.2 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term 0.77 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 4.80 CRISIL C (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with BPHL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BPHL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPHL continue to be 'CRISIL C Issuer Not Cooperating'.
Set up in 1996, BPHL is part of the Bommidala group, which has
diversified interests in packaging, rope manufacturing, and lease
financing. BPHL trades in tobacco. Mr Bommidala Venkata Raja
Srinivas is the managing director of the company. It is based in
Guntur, Andhra Pradesh.
CJ S HARITHA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of CJ S Haritha
Homes continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 13.22 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7.08 CRISIL D (Issuer Not
Cooperating)
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
Working Capital 4.70 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with CJ for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CJ, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CJ is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of CJ
continue to be 'CRISIL D Issuer Not Cooperating'.
Established in 2010, CJS is a Kottayam-based residential real
estate developer, promoted by Mr D Kumar and his wife Mrs Sreeja
Kumar. Prior to setting up of CJS, the promoters were engaged in
civil construction, primarily commercial buildings and shopping
malls, under their group firm, CJS Constructions.
EDEN CRITICAL: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Eden Critical
Care Hospital Private Limited (ECCHPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 19.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ECCHPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ECCHPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
ECCHPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of ECCHPL continue to be 'CRISIL D Issuer Not
Cooperating'.
Set up in 2011 by Dr. Sanjay Bansal and his family members, ECCHPL
operates a 100-bed multi-specialty hospital in Chandigarh. The
hospital began operations in July 2014.
GAJANAN GANGAMAI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gajanan
Gangamai Industries LLP (GGIL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9.4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 40 CRISIL D (Issuer Not
Cooperating)
Cash Credit 40 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Term Loan 25.6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GGIL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GGIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GGIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GGIL continues to be 'CRISIL D Issuer Not Cooperating'.
CRISIL Ratings has combined the financial and business risk
profiles of Gajanan Industries Limited (GIL), Gajanan Oil Pvt Ltd
(GOPL), Gajanan Solvex Ltd (GSL), GGIL, and Nirvedh Oil and Agro
Products Pvt Ltd (NOAL) since they have a common management, are
present in same line of activity, and have operational synergies.
They are referred to as the Gajanan group.
GOPL is a part of the Gajanan group and is promoted by Mr Nitin
Jadhav and his family. The company extracts soya and wash cotton
seed oil, and refines soya, cotton and palm oils. GOPL was
incorporated in December 2015 to undertake expansion of the brown
field project acquired from Bhaskar Foods Pvt Ltd of the Dainik
Bhaskar group.
GSL is a closely held public-limited company set up in 2010. It
extracts oil from cotton seeds and soya and also sells the
by-products, husk, DOC and lint to varied industries. The company
has its plant in Buldhana.
GIL is a closely held public-limited company set up in 2007. It
refines cotton and soya oil into edible oil in its facility in
Buldhana.
NOAL is a traditional oil mill that manufactures edible oil.
GGIL is a partnership concern incorporated in 2014 that extracts
oil from soya seed and sells by-product, DOC, to varied industries.
GGIL has its plant at Hingoli.
GARV UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Garv Udyog
(GU) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.25 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 6.50 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GU for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GU, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GU is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GU
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
GU is a partnership firm, manufacturing copper wires, which are
used in electrical products. The firm's manufacturing facility is
located in Shiv Ganga Industrial Estate, Haridwar. Its operations
are managed by current partners Mr Mukesh Dhawan and Mr Sumit
Magan.
GITA REFRACTORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gita
Refractories Private Limited (GRPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2.1 CRISIL D (Issuer Not
Bill Discounting Cooperating)
Long Term Loan 0.54 CRISIL D (Issuer Not
Cooperating)
Proposed Working 3.26 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with GRPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GRPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
GRPL incorporated in 1988 is part of the Gilada Group, promoted by
Mr. Rajgopal Gilada. The company is engaged in manufacturing of
refractory material. Its product line includes High Alumina Bricks,
Magnesia Carbon Bricks, Magnesite, Mag-chrome Bricks, Chrome-Mag
Bricks, Chromite Bricks, along with Monolithics consisting of
Conventional, LC/ULC Castables and Ramming, Felting, Gunning and
Spraying mixes.
HCO INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of HCO
Infrastructure (HCOI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.0 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.8 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.88 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with HCOI for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HCOI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HCOI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HCOI continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1986, HCOI is a partnership firm by Ravi Hulkoti,
Shailaja Hulkoti and Nikunj Hilkoyi. Frim is engaged in road
construction constriction of buildings for private players. The day
to day affairs of the firm is managed by Ravi Hulkoti.
HYDERABAD GALVANISING: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hyderabad
Galvanising Private Limited (HGPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Cash 3 CRISIL B+/Stable (Issuer Not
Credit/Bills Cooperating)
Discounting Limit
CRISIL Ratings has been consistently following up with HGPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HGPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HGPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2009 as a private limited company, HGPL is engaged
in fabrication and galvanizing of transmission and telecom towers.
Based in Hyderabad (Telangana), the company is promoted and managed
by Mr. N Srikanth Reddy.
INDIANA STEEL: CRISIL Lowers Long/Short Term Debt Rating to D
-------------------------------------------------------------
CRISIL Ratings lowers the rating of Indiana Steel Corporation
(INSTCO) to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
'CRISIL B/Stable')
Short Term Rating - CRISIL D (Downgraded from
'CRISIL A4')
The downgrade reflects delay in servicing of debt obligations and
continuous overdrawal in its working capital limit for more than 30
days. Subsequently, the account has been classified as NPA by its
lenders in October - 2021. Additionally, the management failed to
highlight the delay in the No Default Statement shared with CRISIL
for July and August 2021 and hence misrepresented this fact.
The rating also reflects presence in the highly fragmented and
competitive metal trading industry. The weakness is partially
offset by partner's extensive experience in the metal and cement
trading business.
Key Rating Drivers & Detailed Description
Weakness:
* Delays in servicing debt obligations: The firm has delayed in
servicing its debt obligations on account of weak liquidity
following increased working capital requirement.
* Presence in the highly fragmented and competitive metal and
cements trading industry: INSTCO trades in TMT bars and Cements
products. The metal and cement trading industry in India is
fragmented with several players. Hence, individual players have
limited pricing power and usually are price takers in the market.
INSTCO primarily trades in TMT bars, and cement products and sheets
which is a highly fragmented business, intensifying competition.
Besides, the resilience of a player with a larger scale to external
shocks is significantly higher than a player with smaller scale.
Strengths:
* Partner's extensive experience in the metal and cement trading
business: Mr Shameer Dawood has over a decade of experience in the
metal trading industry. Over the years, he has developed sound
understanding of the metal trading industry which has helped
anticipating price trends and make timely purchases and stocking
decisions. Partner's extensive experience, understanding of the
dynamics of the market and established relations with suppliers and
customers should continue to support the business risk profile.
Liquidity: Poor
Bank limit utilization were full and remains overdrawn for more
than 3 months. Its accruals are estimated to be inadequate to meet
the repayment obligations and subsequently its liquidity may remain
poor.
Rating Sensitivity Factors
Upward Factors
* Timely servicing of debt for a period of 90 days
* Improvement in the financial risk profile.
INSTCO was incorporated in 2008 and is promoted by Mr. Shameer
dawood. It was formed in 1998 the firm is engaged trading cement,
TMT bars. Mr. Dawood looks after the day to day business operations
of the company. The registered office of the company is in Kerala.
IRIISNET COMMUNICATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Iriisnet Communication Private Limited
S-12, Sector-8
Jasola, New Delhi
North Delhi
DL 110076
IN
Insolvency Commencement Date: February 25, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 22, 2022
(180 days from commencement)
Insolvency professional: Hemi Gupta
Interim Resolution
Professional: Hemi Gupta
24, Medi Center
Opp. Eves Petrol Pump
Hapur Road
Meerut U.P. 250002
E-mail: hemigupta@rediffmail.com
- and -
B-84, Takshila Colony
Garh Road
Near Medical College
Meerut U.P. 250004
E-mail: cirpiriisnet@gmail.com
Last date for
submission of claims: March 10, 2022
J. P. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J. P.
Industries (JPI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JPI for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JPI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JPI continue to be 'CRISIL D Issuer Not Cooperating'.
JPI was established in 1990 as a partnership firm by Mr Harish
Kumar, Mr Ashok Kumar and Mr Rakesh Kumar. The firm processes
basmati rice at its plant at Jalalabad in Punjab. It has milling
and sorting capacity of 4 tonne per hour.
JKR MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JKR Motors
Private Limited (JKRMPL) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JKRMPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JKRMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
JKRMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of JKRMPL continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
JKRMPL was incorporated in 2009, by Mr. Joginder Goel, Mr. Kunal
Goel and Mr. Tushar Goel. The company operates a dealership of
passenger cars (PC) manufactured by TML, and has one
showroom-cum-workshop and service center at Kangra.
JMT AUTO LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: JMT Auto Limited
3-L S C Pomposh Enclave
Guru Nanak Market
Opposite L.S.C. Market
New Delhi 110048
Insolvency Commencement Date: February 25, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 24, 2022
Insolvency professional: Mr. Pardeep Kumar Sethi
Interim Resolution
Professional: Mr. Pardeep Kumar Sethi
RBSA Restructuring Advisors LLP
1121, Building No. 11
Solitaire Corporate Park
Andheri Kurla Road
Andheri East, Mumbai
Maharashtra 400093
E-mail: peekay.sethi@gmail.com
jmtauto.irp@rbsa.in
Last date for
submission of claims: March 11, 2022
JOSAN FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Josan Foods
Private Limited (JFPL; part of the Josan group) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.56 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1 CRISIL D (Issuer Not
Cooperating)
Term Loan 19 CRISIL D (Issuer Not
Cooperating)
Warehouse Receipts 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JFPL for
obtaining information through letters and emails dated December 21,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JFPL continue to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JFPL and Ganesh Rice Mills (Partnership)
{GRM]. This is because these two entities, together referred to
herein as the Josan group, are in a similar line of business and
have a common management.
JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand
Josan in Ferozepur (Punjab), mills and shells rice. GRM, set up in
2010, mills rice. Currently, the firm is managed by its partners,
Mr. Sarvjeet Josan and Mr. Pushpinder Singh. The Josan group has
combined milling and sorting capacities of 14 tonnes per hour (tph)
and 10 tph, respectively.
KERALA CHAMBER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. Kerala Chamber of Commerce and Industry
XXXVII/801, Shanmugam Road
Kochi, Ernakulam
KL 682031
Insolvency Commencement Date: February 22, 2022
Court: National Company Law Tribunal
Estimated date of closure of
insolvency resolution process: August 20, 2022
Insolvency professional: Mr. K. Parameswaran Nair
Interim Resolution
Professional: Mr. K. Parameswaran Nair
37/1736E, Kripasagram
K Murali Road
Kadavanthara, Kochi 682020
E-mail: cakpnair@gmail.com
kccicirp@gmail.com
Mobile: 9567875348
Classes of creditors: Allottees for office and
commercial spaces
Insolvency
Professionals
Representative of
Creditors in a class: CA Rajendran P R
CA Rajmohan R
CA Krishnaraj M
Last date for
submission of claims: March 8, 2022
MOTILAL DHOOT: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Motilal Dhoot
Infrastructure Private Limited (MDIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.25 CRISIL D (Issuer Not Cooperating)
Cash Credit 3 CRISIL D (Issuer Not Cooperating)
Cash Credit 1.15 CRISIL D (Issuer Not Cooperating)
Term Loan 1.6 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with MDIPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MDIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MDIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MDIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MDIPL, based in Pune (Maharashtra) was incorporated in 2006 and was
acquired by its current promoters, Mr Sushil Dhoot and family, in
fiscal 2010. MDIPL manufactures ready-mix concrete and supplies
aggregates such as crushed stone and dust obtained from stone
crushing. It also undertakes civil construction activities.
OSIA JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Osia Jewels
Private Limited (OJPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.0 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term
Bank Loan Facility 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with OJPL for
obtaining information through letters and emails dated December 21,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of OJPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OJPL continue to be 'CRISIL D Issuer Not Cooperating'.
CRISIL Ratings consolidates the business and financial profile of
SOPL, Siddham Jewels Pvt Ltd (SJPL) and OJPL as all the entities
are in similar line of business and are managed by the same
management.
Sancheti Group is promoted by Mr Ashok Sancheti and his family. The
three group companies, SOPL, SJPL and OJPL were setup in 2011 in
Mumbai to manufacture and wholesale gold jewellery. The promoters
have been in business since 1988.
P&M AND HI TECH: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of P&M and Hi
Tech Infrastructures LLP (PMHT-LLP) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 40 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with PMHT-LLP for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMHT-LLP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PMHT-LLP is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of PMHT-LLP continue to be 'CRISIL D Issuer Not
Cooperating'.
PMHT-LLP, set up in 2010, is a partnership between P&M
Infrastructures Ltd, which developed the P&M Mall in Patna, and
Benko Traders, which represents the Jamshedpur-based Hi Tech group.
The firm was set up to develop and manage a multiplex-cum-mall in
Jamshedpur.
PATWA AUTOMOTIVE: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Patwa
Automotive Private Limited (PAPL; part of the Patwa Marketing
group) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 31.71 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.29 CRISIL D (Issuer Not
Cooperating)
Inventory Funding 9.00 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with PAPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PAPL continue to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of PAPL and Patwa Abhikaran
Ratlam Private Limited (PARPL). The two companies, together
referred to as the Patwa Marketing group, have common promoters,
management team, and business.
PARPL and PAPL were set up in 1989 and 2007, respectively, by Mr
Surendra Patwa, a Madhya Pradesh-based businessman. The group is an
authorised dealer of passenger vehicles and light commercial
vehicles of M&M in Madhya Pradesh. The companies are managed by Mr
Anil Sharma (CEO) with support from professionals. The group also
distributes polymer products.
PMA CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PMA
Constructions Private Limited continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.8 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7.7 CRISIL D (Issuer Not
Cooperating)
Term Loan 5.7 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.45 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.9 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.45 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PMA for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMA continue to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2003, PMA is a Faridabad-based company, engaged in
crushing of basalt stone to finer granules and dust. Operations are
managed by Mr Mukesh Kumar. The company has nine crushers at
present, each with a capacity of 200 tonne per hour. Basalt is used
in construction of roads, buildings and other structures.
PUNE TUBES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pune Tubes
Manufacturing Private Limited (PTMPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (Issuer Not
Proposed Cooperating)
Cash Credit 7.25 CRISIL D (Issuer Not
Limit Cooperating)
Term Loan 8.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PTMPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PTMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PTMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PTMPL continue to be 'CRISIL D Issuer Not Cooperating'.
Established in 2011, PTMPL, promoted by Mr Prakash Saxsena, Mr Atul
Dudhe, Mr Nitin Sathe, and Mr NM Parande, was set up a plant for
manufacturing ERW pipes in Pimpari Saandas near Pune (Maharashtra).
Commercial operations began October 2016. Its registered office is
in Pune.
RAASHRI PAINTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RPBPL
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.35 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 6.15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RPBPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RPBPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPBPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
EDCPL was originally set up as a partnership firm in 1974; the firm
was reconstituted as a private limited company in 1992-93 (refers
to financial year, April 1 to March 31). It manufactures metal
containers, cans, roll-on-pilfer-proof caps, barrels, and drums.
Its day-to-day operations are being managed by Mr. Kamal
Jhunjhunwala.
RAM KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Kumar
Narwani (RKN) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not Cooperating)
Overdraft Facility 3 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with RKN for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RKN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKN continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 2001, RKN is a partnership firm that constructs roads and
minor bridges for various government departments in Madhya Pradesh.
The firm is owned and managed by Mr. Ram Kumar Narwani and family.
ROSEDALE DEVELOPERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Rosedale Developers Private Limited
Plot No. III, Block-3
Rajarhat, Newtown
Kolkata, West Bengal 700156
Insolvency Commencement Date: February 28, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: August 28, 2022
Insolvency professional: Ananda Rao Korada
Interim Resolution
Professional: Ananda Rao Korada
Flat-3, 2nd Floor
400B/2F N S C Bose Road
B/1, Laxminarayan Colony
Kolkata 700047
E-mail: raoka55@gmail.com
cs.resolutionprofessional@
gmail.com
Last date for
submission of claims: March 14, 2022
SA RAWTHER: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SA Rawther
Spices Private Limited (SASPL) continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Purchase 0.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 70 CRISIL D (Issuer Not
Cooperating)
Packing Credit 85 CRISIL D (Issuer Not
Cooperating)
Post Shipment 120 CRISIL D (Issuer Not
Credit Cooperating)
Term Loan 24.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SASPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SASPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SASPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Promoted by Mr. Syed Mohammed Rawther, SASPL has been processing
and exporting spices (black pepper, cardamom, chilly, and dry
ginger) and coffee since 1985. Facilities are in Gorur, Karnataka;
and Hindupur, Andhra Pradesh.
SABARIS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sabaris
Educational Trust (SET) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL D (Issuer Not Cooperating)
Term Loan 11.2 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with SET for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SET continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1997 by Mr T N P Muthoo Nataraajan, SET manages a higher
secondary school, Sri Dhayanandapuri Matriculation Higher Secondary
School, and an engineering college for women, Tejaa Shakthi
Institute of Technology, near Tiruppur in Tamil Nadu.
SANCHETI ORNAMENTS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sancheti
Ornaments Private Limited (SOPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with SOPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SOPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SOPL continue to be 'CRISIL D Issuer Not Cooperating'.
CRISIL Ratings consolidates the business and financial profile of
SOPL, Siddham Jewels Pvt Ltd (SJPL) and Osia Jewels Private Limited
(OJPL) as all the entities are in similar line of business and are
managed by the same management.
Sancheti Group is promoted by Mr Ashok Sancheti and his family. The
three group companies, SOPL, SJPL and OJPL were setup in 2011 in
Mumbai to manufacture and wholesale gold jewellery. The promoters
have been in business since 1988.
SATYAM ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satyam Ispat
(North East) Limited (SINEL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 16.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 9.5 CRISIL D (Issuer Not
Cooperating)
Proposed Term Loan 9.2 CRISIL D (Issuer Not
Cooperating)
Working Capital 5.1 CRISIL D (Issuer Not
Term Loan Cooperating)
Working Capital 8.8 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with SINEL for
obtaining information through letters and emails dated December 14,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SINEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SINEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SINEL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SINEL, incorporated in 2005, is a part of Satyam Group of
Industries. It commenced commercial operations in April 2007, and
manufactures TMT bars and mild steel billets, which it sells under
Satyam Super TMT brand. The company has a semi-integrated plant in
Assam, with capacity to manufacture TMT and mild steel billets.
TEAM INTERVENTURE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Team
Interventure Exports India Private Limited (TIEIPL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 12.5 CRISIL D (Issuer Not
Purchase Cooperating)
Foreign Bill 59 CRISIL D (Issuer Not
Purchase Cooperating)
Foreign Bill 3 CRISIL D (Issuer Not
Purchase Cooperating)
Foreign Bill 20 CRISIL D (Issuer Not
Purchase Cooperating)
Foreign Bill 7 CRISIL D (Issuer Not
Purchase Cooperating)
Foreign Bill 0.5 CRISIL D (Issuer Not
Purchase Cooperating)
Foreign Bill 25 CRISIL D (Issuer Not
Purchase Cooperating)
Proposed Short 13 CRISIL D (Issuer Not
Term Bank Loan Cooperating)
Facility
CRISIL Ratings has been consistently following up with TIEIPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TIEIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
TIEIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of TIEIPL continue to be 'CRISIL D Issuer Not
Cooperating'.
Incorporated in 1990 in Mumbai and promoted by Mr. Suresh Agarwal,
Mr. Mahendra Agarwal, and Mr. Vinod Agarwal, TIEIPL exports cotton
yarn and fabric.
WARM FORGINGS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Warm Forgings Private Limited
Plot No. SP 238 (B & C)
Industrial Area Kaharani
Bhiwadi Extn., Bhiwadi Alwar
Rajasthan 301019
IN
Insolvency Commencement Date: Febraury 24, 2022
Court: National Company Law Tribunal, Rajasthan Bench
Estimated date of closure of
insolvency resolution process: August 23, 2022
Insolvency professional: Pramod Dattaram Rasam
Interim Resolution
Professional: Pramod Dattaram Rasam
Room No. 5, Shri Niwas Chawl
J B Nagar, Andheri (East)
Mumbai 400059
E-mail: pdrasam@gmail.com
pdrasamirp05@gmail.com
Last date for
submission of claims: March 10, 2022
=====================
N E W Z E A L A N D
=====================
AJ CHAMP: Creditors' Proofs of Debt Due March 31
------------------------------------------------
Creditors of AJ Champ Services Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 31,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on March 3, 2022.
The company's liquidators can be reached at:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour, Auckland 0751
HELI LEASE: High Court Enters Wind Up Order
-------------------------------------------
Otago Daily Times reports that a High Court judge has ordered Heli
Lease SI Ltd, a Queenstown company which owes money on two
helicopters, into liquidation.
On March 3, Heli Lease SI Ltd, formerly known as Over The Top
Helicopters Ltd, was placed in liquidation by Associate Judge Dale
Lester in the High Court at Dunedin on the application of Heli
Holdings Ltd (HHL).
Heli Lease SI owner Louisa Patterson did not appear in court and
the official assignee was appointed the liquidator, ODT says.
In December last year, HHL, a subsidiary of Airwork NZ, filed
liquidation proceedings against the company in response to unpaid
lease debts, according to ODT.
Heli Lease SI had been leasing two helicopters from HHL, which were
both repossessed two weeks ago.
Ms. Patterson did not respond to requests for comment, the report
notes. But she told the Mountain Scene earlier last week both
helicopters became "nonairworthy" last year, as Airwork had not
done the required maintenance.
"Who pays for an unairworthy leased helicopter?," the report quotes
Ms. Patterson as saying.
LAKESIDE ROOFING: Placed Into Liquidation
-----------------------------------------
Otago Daily Times reports that Cromwell company Lakeside Roofing
Ltd was placed into liquidation on March 3, 2022, by Associate
Judge Dale Lester in the High Court at Dunedin on the application
of the Inland Revenue Department.
The official assignee was appointed liquidator, ODT notes.
NZ LIGHTING: BDO Tauranga Appointed as Liquidators
--------------------------------------------------
Paul Thomas Manning and Jessica Jane Kellow of BDO Tauranga on
March 1, 2022, were appointed as liquidators of NZ Lighting &
Heating Limited and NZ Property Maintenance Solutions Limited.
The liquidators may be reached at:
BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road (PO Box 15660)
Tauranga 3144
RESOURCES ENTERPRISES: Court to Hear Wind-Up Petition on March 11
-----------------------------------------------------------------
A petition to wind up the operations of Resources Enterprises
Limited will be heard before the High Court at Auckland on March
11, 2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 11, 2021.
The Petitioner's solicitor is:
Cloete Van der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
VANGEN INTERNATIONAL: Court to Hear Wind-Up Petition on March 11
----------------------------------------------------------------
A petition to wind up the operations of Vangen International
Express Limited will be heard before the High Court at Auckland on
March 11, 2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 16, 2021.
The Petitioner's solicitor is:
Cloete Van der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
VOSN LIMITED: Creditors' Proofs of Debt Due April 1
---------------------------------------------------
Creditors of VOSN Limited are required to file their proofs of debt
by April 1, 2022, to be included in the company's dividend
distribution.
Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were
appointed liquidators of the company by order of the High Court at
Auckland on Feb. 25, 2022, on the application of EPAY New Zealand
Limited.
The company's liquidators can be reached at:
BDO Wellington
Level 1, 50 Customhouse Quay
Wellington 6011
=================
S I N G A P O R E
=================
ASPEN HOLDINGS: Two Units Face More Than SGD32.5MM in Claims
------------------------------------------------------------
The Business Times reports that two of Aspen Holdings' subsidiaries
have been served notices of claims for over MYR100.4 million
(SGD32.5 million) in total.
In a regulatory filing on March 3, mainboard-listed Aspen announced
that Aspen Glove had received a March 1 letter of demand from
Tialoc Malaysia claiming MYR93.2 million for construction works
done for the glove-making subsidiary's manufacturing facilities,
among other services, BT relays.
Tialoc demanded that payment be made within 7 days from the date of
the letter before taking legal action against the company and
claiming all legal costs incurred against Aspen Glove.
BT relates that Aspen said it was seeking legal advice on the
merits of the claim while also assessing counterclaims against
Tialoc.
In another update after trading hours on March 4, Aspen sought to
clarify that Tialoc's claim was allegedly for the full contract sum
based on interim payment certificates issued for work done. The
company claims that there are still material unresolved issues with
the contractual works done resulting in losses for Aspen due to
loss of production and drop in efficiency of production capacity.
Currently both Aspen and Tialoc are in negotiations without
prejudice basis for the ratification of defective works, production
losses and insurance claims. Aspen will only pay out the
outstanding payment if any, to Tialoc once all issues are resolved,
according to BT.
A countersuit might be filed against Tialoc and Aspen is assessing
the quantum of a possible claim, the report says. The company
assures shareholders that it would be able to mitigate any
immediate going concern risk with the current capital on the
balance sheet, credit facilities and planned additional capital
injections from shareholders.
Prior to this, Aspen on March 2 disclosed that its subsidiary Aspen
Vision City (AVC) had received a Feb. 24 writ of summons with a
statement of claim, BT reports.
This was filed by a group of purchasers of AVC's properties, who
are claiming MYR7.3 million for the alleged late delivery of vacant
possession of development properties.
BT relates that Aspen said it had sought formal legal advice on the
suit and concluded that it had strong legal defence against it,
based on initial advice received. As such, AVC intends to
"vigorously defend" against the suit filed by the purchasers.
Aspen is not expecting the suit to have any material financial
impacts on the group, pending the outcome of the legal proceedings,
the report adds.
Aspen (Group) Holdings Limited operates as a holding company. The
Company, through its subsidiaries, offers real estate services.
Aspen (Group) Holdings owns and develops single family homes,
residential complexes, shopping centers, resorts, fitness and
financial centers, and resorts. Aspen (Group) Holdings serves
customers in Malaysia and Singapore.
DEBAO PROPERTY: To Delist from SGX on Failure to Submit Proposal
----------------------------------------------------------------
The Business Times reports that Debao Property Development will be
delisted from the Singapore Exchange (SGX) after it failed to
submit a proposal to resume the trading of its shares within the
stipulated time.
According to BT, Debao said it received a notification of delisting
on March 2 from SGX Securities Trading (SGX-ST).
Trading in Debao's shares have been suspended since January 2021,
the report notes. The company announced that month that its auditor
issued a disclaimer of opinion on its FY2019 financial statements,
highlighting material uncertainties that may cast significant doubt
on the company's ability to continue as a going concern.
Debao was unable to demonstrate to SGX and its shareholders that it
may continue as a going concern, and requested for a trading
suspension as required by listing rules, BT relays.
BT says the company needed to submit the proposal to SGX within 12
months of the date of suspension to avoid a delisting, but has not
done so.
Under listing rules, Debao or its controlling shareholders must
provide a fair and reasonable exit to shareholders. It has to
inform SGX of its exit offer proposal no later than one month from
the date of the issue of the delisting notice, the report adds.
Debao Property Development Ltd. develops real estate in China. The
Company develops integrated residential and commercial properties.
GLOBAL SPORTS: Court to Hear Wind-Up Petition on March 18
---------------------------------------------------------
A petition to wind up the operations of Global Sports Commerce Pte
Ltd will be heard before the High Court of Singapore on March 18,
2022, at 10:00 a.m.
The Petitioner's solicitors are:
PRP Law LLC
3 Church Street
#27-05 Samsung Hub
Singapore 049483
GOOD UNITED: Creditors' Proofs of Debt Due April 4
--------------------------------------------------
Creditors of Good United Holdings Pte Ltd., 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 Feb. 25, 2022.
The company's liquidators can be reached at:
Lin Yueh Hung
Oon Su Sun
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
MATRIX INTERIOR: Court to Hear Wind-Up Petition on March 25
-----------------------------------------------------------
A petition to wind up the operations of Matrix Interior Pte Ltd
will be heard before the High Court of Singapore on March 25, 2022,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 25, 2022.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
OSA SYSTEMS: Creditors' Proofs of Debt Due April 5
--------------------------------------------------
Creditors of OSA Systems (S) Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by April 5,
2022, to be included in the company's dividend distribution.
The company's liquidators can be reached at:
Heng Lee Seng
331 North Bridge Road
#12-03 Odeon Towers
Singapore 188720
THONG SIA: Creditors' Proofs of Debt Due April 4
------------------------------------------------
Creditors of Thong Sia Optical (S) Pte Ltd, 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 Feb. 24, 2022.
The company's liquidators can be reached at:
Hui Kin Wai William
c/o 31 Ubi Road 1 #02-06
Singapore 408694
*********
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
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*** End of Transmission ***