/raid1/www/Hosts/bankrupt/TCRAP_Public/220331.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
Thursday, March 31, 2022, Vol. 25, No. 59
Headlines
A U S T R A L I A
ALEKSANDER GROUP: Hall Chadwick Appointed as Liquidators
CORONADO GLOBAL: S&P Raises ICR to 'B+', Outlook Stable
FULLERTON PROPERTY: Moore Recovery Appointed as Liquidators
MARTIN BALL: Placed in Administration
PEPPER RESIDENTIAL 32: S&P Assigns B Rating on Class F Notes
STALLION ELEVATORS: First Creditors' Meeting Set for April 7
SYDNEY ALLEN: Liquidator Set to File Legal Action vs. Directors
C H I N A
CHINA EVERGRANDE: Seized $2.1BB Was Pledged Last Year, Probe Shows
CHINA EVERGRANDE: To Sell Crystal City Project for US$575MM
CIFI HOLDINGS: S&P Affirms 'BB' ICR & Alters Outlook to Negative
I N D I A
ABMAY HEALTH: Insolvency Resolution Process Case Summary
ADITYA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
AGARWAL GENERAL: CARE Moves B Debt Rating to Not Cooperating
AMBASSADOR LOGISTICS: Insolvency Resolution Process Case Summary
AMITECH TEXTILES: Liquidation Process Case Summary
APEX MEADOWS: Insolvency Resolution Process Case Summary
ARM WINSYS: Liquidation Process Case Summary
AUTOCOP INDIA: Insolvency Resolution Process Case Summary
BAHRA EDUCATIONAL: CARE Reaffirms D Rating on INR25cr LT Loan
CELEBRATION CITY: Insolvency Resolution Process Case Summary
COLOSSUS TRADE: CARE Lowers Rating on INR25cr LT Loan to B+
DEVI ENGINEERING: CARE Withdraws D Rating on LT/ST Loan
DIGITALPERSONA ID: Voluntary Liquidation Process Case Summary
FUTURE RETAIL: Lenders Keep Insolvency Option Alive
G.R. FABRICS: CARE Moves B+ Debt Rating to Not Cooperating
GREATWALL CORPORATE: Insolvency Resolution Process Case Summary
GUWAHATI CONSTRUCTIONS: Insolvency Resolution Process Case Summary
IL&FS LTD: Resolves 62% of Group's INR99,355 crore Debt
JAGDISH AGRI: CRISIL Withdraws B+ Rating on INR2.4cr Cash Loan
KNITCRAFT APPARELS: CARE Moves D Debt Rating to Not Cooperating
LOGIX CITY: Insolvency Resolution Process Case Summary
M/S BALDOVINO: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHA ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHADHAN SEEDS: CRISIL Withdraws B+ Rating on INR7cr Loan
MAITRI AND MAITRI: CRISIL Keeps B Debt Rating in Not Cooperating
MARUTI DEVELOPERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
MILAN TEXTILE: Insolvency Resolution Process Case Summary
MORINDA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
NICE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
NINANIYA ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating
NTC FINANCE: CARE Reaffirms B+ Rating on INR25cr LT Loan
OPTIONS LAWNS: CARE Moves D Debt Rating to Not Cooperating
PERIWINKLE HERBALS: Insolvency Resolution Process Case Summary
PESCO BEAM: Insolvency Resolution Process Case Summary
PRABHU DAYAL: CARE Keeps D Debt Rating to Not Cooperating Category
PRECISION ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
PRESIDENCY EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
RAI ISPAT: Insolvency Resolution Process Case Summary
RANGOLI PARTICLE: CRISIL Lowers Rating on INR5cr Loan to D
RENAISSANCE CORP: Insolvency Resolution Case Summary
RPA FERRO-INDUSTRIES: Insolvency Resolution Process Case Summary
S.K. HATCHERIES: CARE Moves D Debt Rating to Not Cooperating
SAHELI EXPORTS: Insolvency Resolution Process Case Summary
SAMRAT FERRO: CRISIL Moves B- Debt Rating to Not Cooperating
SEYA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
SGM STEELS PRIVATE: Insolvency Resolution Process Case Summary
SUPERTECH LIMITED: Insolvency Resolution Process Case Summary
UNIVERSAL TUBE: CRISIL Keeps D Debt Rating in Not Cooperating
VINESH TRADERS: Insolvency Resolution Process Case Summary
ZEXUS AIR: Insolvency Resolution Process Case Summary
N E W Z E A L A N D
KANSAS CITY BBQ: Court to Hear Wind-Up Petition on April 12
MILANOS LIMITED: Creditors' Proofs of Debt Due on April 25
PLUMBCO LIMITED: Creditors' Proofs of Debt Due on May 13
STAR WORLD: Creditors' Proofs of Debt Due on April 25
WHOLESALE CONNECTION: Creditors' Proofs of Debt Due on May 2
S I N G A P O R E
AETURNUM ENERGY: Creditors' Proofs of Debt Due on April 15
AN XING: Creditors' Meeting Set for April 14
EZRA MARINE: Members' Final Meeting Set for April 29
INTERNATIONAL GOLF: Court to Hear Wind-Up Petition on April 12
PDV MARINA: Court to Hear Wind-Up Petition on April 8
S O U T H K O R E A
DOOSAN BOBCAT: S&P Rates New US$850MM Sr. Secured Term Loan 'BB'
- - - - -
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A U S T R A L I A
=================
ALEKSANDER GROUP: Hall Chadwick Appointed as Liquidators
--------------------------------------------------------
Steven Arthur Gladman of Hall Chadwick on March 29, 2022, was
appointed as liquidator of Aleksander Group Pty Ltd.
The liquidator can be reached at:
Steven Arthur Gladman
Hall Chadwick
Level 40, 2 Park Street
Sydney, NSW 2000
CORONADO GLOBAL: S&P Raises ICR to 'B+', Outlook Stable
-------------------------------------------------------
S&P Global Ratings, on March 30, 2022, raised its long-term issuer
credit rating on Australia-based coal company Coronado Global
Resources Inc. to 'B+' from 'B'. At the same time, S&P raised the
issue rating on the company's senior secured debt to 'BB-' from
'B+'. The recovery rating on the senior secured debt is '2' (85%).
The stable outlook reflects S&P's view that Coronado will operate
with more prudent liquidity levels, maintaining at least US$200
million of liquidity, as well as low absolute debt, while managing
its capital investments and shareholder distributions.
Continued elevated pricing conditions for met coal have delivered
robust cash flow, consolidating the recovery of Coronado's
financial position. Supply disruptions have driven met coal prices
above US$300 per ton since September 2021, reaching levels above
US$600 in early March 2022, compared with about US$100 a year ago.
Pricing momentum, sparked by economic recovery from the pandemic
impact, has continued due to tight supply conditions stemming from
factors including unseasonal weather impacts and the Russia-Ukraine
conflict. These macroeconomic trends led S&P to lift its 2022 met
coal price forecast to US$350 per ton from US$250.
Continued strong prices and normalizing met coal production in
Australia and the U.S. have delivered robust cash flow to Coronado.
The company has effectively deleveraged to be in a net cash
position as of Dec. 31, 2021. This compares with an adjusted
debt-to-EBITDA ratio of more than 8x in 2020. At an average met
coal price of US$350 per ton, S&P expects Coronado to achieve a
gross debt-to-EBITDA ratio of 0.2x-0.3x for 2022.
Coronado redeemed 10% of its US$350 million notes last October.
Given the expected strong cash flows for the remainder of 2022, S&P
believes the company is likely to redeem a further US$35 million
later this year and internally fund capital expenditure (capex)
while keeping its dividend policy of 60%-100% of free cash flow.
Coronado's improved liquidity reflects management commitment to a
conservative liquidity policy, providing buffer against periods of
low prices. Strong cash flows have boosted the company's liquidity
to more than US$500 million as of Dec. 31, 2021 (US$438 million in
cash and an undrawn US$100 million asset-based loan [ABL]). After
Coronado survived a liquidity crunch in mid-2021, S&P believes the
company will take advantage of its strong cash position to operate
with a more conservative liquidity policy. Coronado is likely to
endeavor to retain a minimum of US$200 million in available cash,
plus its US$100 million ABL. Such liquidity levels should give the
company the buffer to meet its liquidity needs even at low price
levels for six to 12 months, depending on how deep and protracted
the weakness in met coal prices may be.
Further upward rating momentum is limited due to Coronado's
financial sponsor ownership and relatively high fixed cost
position. The financial sponsor ownership (The Energy & Minerals
Group [EMG] owns 50.4%) and our view that such control creates an
inherent skew for aggressive shareholder returns constrain the
company's creditworthiness. S&P's assessment of Coronado's
financial risk profile as highly leveraged reflects its view that
corporate decision-making will prioritize the interests of the
controlling owner, in line with its view of the majority of rated
entities owned by private-equity sponsors.
Coronado's cost base is also relatively high so that when prices
trend at the 10 year average price of about US$160 per ton or
lower, earnings are modest resulting in a natural increase in
leverage from present low levels. In addition to royalties, the
company's thermal coal supply contract to the Stanwell power
station has an obligation to pay volume-based export rebates until
2026. These rebates are linked to reference prices on a 12 month
look-back weighted average. S&P notes that despite weak coal prices
in the low US$100s per ton in 2020 and 2021, Coronado still had a
liability of US$55 million in 2021, exacerbating financial pressure
from low coal prices in 2021. This obligation also weighs on cash
flows when prices begin to recover, causing a lag in the concurrent
improvements in the financial position relative to peers'.
S&P said, "We expect Coronado to utilize its current strong cash
flows to reinvest in the business to improve its mining and
operational cost position; in particular for its Curragh mine in
Queensland, which we expect will provide about 60% of the group's
met coal. We assume hard coking coal benchmark price will fall to
US$190 per ton in 2023 and US$150 per ton thereafter. Therefore, we
anticipate the company will need to lower its operating costs to
sustain strong earnings.
"The stable outlook reflects our expectation that Coronado will
maintain robust liquidity and its leverage will not materially
exceed 1x through the met coal price cycle.
"Moreover, we expect any acquisitions to sustain or improve the
company's position on the met coal cost curve without materially
weakening credit metrics.
"We could lower the rating on Coronado if the company's liquidity
materially weakens, for example if total liquidity falls to less
than US$200 million (including the undrawn ABL of US$100
million)."
Rating pressure could also arise if Coronado's leverage stays
materially above 1x (after netting cash balances above US$200m)
over the longer-term price cycle. This could occur if the
company's:
-- Operating performance deteriorates, which leads to material
negative free cash flows, likely due to a sharp deterioration in
coal prices; or
-- Capital deployment is more aggressive than S&P forecasts, such
as from higher capex, large dividend distributions, or large-scale
debt-funded acquisitions that erode available liquidity and
increase gross debt levels.
S&P considers rating upside to be limited.
Any rating upside would likely be reliant on Coronado materially
improving its business position, including significantly reducing
its break-even costs across its portfolio, while maintaining
conservative leverage. A moderation of the influence of the
financial sponsor EMG through a material decrease in its
shareholding would also be required for any positive rating
action.
Environmental, Social, And Governance
E-4, S-3, G-3
Notwithstanding the rating upgrade, environmental factors are a
negative consideration in our credit rating analysis of Coronado.
While the company primarily focuses on met coal production, S&P
expects it to face similar climate-transition risks over the longer
term as thermal coal companies given the greenhouse gas emission
intensity of its products. Accordingly, adherence to strict and
evolving environmental regulations will remain a key rating
driver.
Social factors are a moderately negative consideration given the
inherent risks in Coronado's workplaces, noting that the company
has experienced periodic fatalities notwithstanding an overall
improving trend in its injury rates that is more comparable to
peers'. Coal mining is also a major source of economic activity in
the regions where the company operates, underpinning the need to
maintain strong community relationships.
Governance is also a moderately negative consideration given EMG
has a controlling ownership share in Coronado.
FULLERTON PROPERTY: Moore Recovery Appointed as Liquidators
-----------------------------------------------------------
Desmond Teng of Moore Recovery on March 30, 2022, was appointed as
liquidator of Fullerton Property Pty Ltd.
The liquidators may be reached at:
Desmond Teng
Moore Recovery
Suite 2, Level 14
9 Castlereagh Street
Sydney, NSW 2000
MARTIN BALL: Placed in Administration
-------------------------------------
Atle Crowe-Maxwell at DBA Advisory was appointed as administrator
of Martin Ball Holdings Pty Limited on March 30, 2022.
PEPPER RESIDENTIAL 32: S&P Assigns B Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
non-conforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No.32. Pepper Residential Securities
Trust No. 32 is a securitization of non-conforming and prime
residential mortgages originated by Pepper Homeloans Pty Ltd.
The ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.
-- The availability of a retention amount and amortization amount,
which will all be funded by excess spread, but at various stages of
the transaction's term. They will have separate functions and
timeframes, including reducing the balance of notes outstanding.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, principal
draws, and a yield-enhancement reserve--to the extent it is
funded--are sufficient under S&P's stress assumptions to ensure
timely payment of interest.
-- The condition that a minimum margin will be maintained on the
assets.
-- That S&P also has factored into our ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets its criteria for insolvency remoteness.
Ratings Assigned
Pepper Residential Securities Trust No.32
Class A1-s, A$100.0 million: AAA (sf)
Class A1-a, A$275.0 million: AAA (sf)
Class A2, A$65.0 million: AAA (sf)
Class B, A$34.0 million: AA (sf)
Class C, A$9.75 million: A (sf)
Class D, A$6.75 million: BBB (sf)
Class E, A$4.0 million: BB (sf)
Class F, A$3.0 million: B (sf)
Class G, A$2.5 million: Not rated
STALLION ELEVATORS: First Creditors' Meeting Set for April 7
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Stallion
Elevators Pty. Limited will be held on April 7, 2022, at 10:30 a.m.
at the offices of Cor Cordis, One Wharf Lane Level 20, 171 Sussex
Street, in Sydney, NSW.
Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Stallion Elevators on March 28, 2022.
SYDNEY ALLEN: Liquidator Set to File Legal Action vs. Directors
---------------------------------------------------------------
Print21 reports that liquidator John Morgan of BCR Advisory will
shortly commence legal proceedings that allege Sydney Allen Print,
whose director was John Mangos, and Sydney Allen Manufacturing,
whose directors were Mangos and Chris Wallace, traded while
insolvent for two years, until the companies' demise in April 2016.
It will also allege that the directors of MacMillan Investment
Holdings were part of that for the last year, when it had what the
liquidator alleges were "shadow directors" in the business.
Unsecured creditors are owed AUD4.27 million in total by both
Sydney Allen Printing (AUD3.24 million), and Sydney Allen
Manufacturing (AUD1.03 million), Print21 discloses. Secured
creditors include MacMillan Investment Holdings, which is owed
AUD1.8 million.
According to Print21, the liquidator has provided an affidavit
detailing the estimated gross insolvent trading quantum, costs and
creditor claims. That affidavit provided for an estimated AUD4.5
million recovery on an "optimistic recovery basis" against John
Mangos and Chris Wallace after an insolvency date of April 7, 2014,
and a recovery of AUD3.65 million on a "pessimistic recovery basis"
against the directors of MacMillan Investment Holdings for debts
from March 25, 2015 to April 7, 2016.
Print21 relates that the liquidator said there are three possible
outcomes from its current proceedings, with creditors to be repaid
either on a 'pessimistic cents in the dollar basis', in which case
no-one will get anything, or a 'low cents in the dollar' basis in
which case priority creditors - which includes the government with
its AUD1.3 million FEG payout - will get all their money back,
while unsecured creditors will get up to 36.9c in the dollar, or a
'high cents in the dollar' basis in which case the priority
creditors get all their money back while unsecured creditors will
receive up to 57.3 cents in the dollar.
Print21 says the liquidator has already managed to have the court
order that Sydney Allen Print and Sydney Allen Manufacturing be
pooled together for the purpose of paying creditor claims. The
order means that the assets and liabilities of the two companies
are considered as one for creditors purposes. At the same time,
the third defendant, McMillan Investment Holdings (MIH), sought to
and was joined as a defendant to the proceedings, and opposed the
relief sought by the plaintiffs. In the court judgement, Justice
Rares ordered MIH to pay the liquidator's costs. MacMillan
Investment Holdings has filed an appeal against the orders made by
the judge, with that appeal set to be held in May.
Print21 notes that the liquidator is being largely funded by the
government's attorney general's department, which is aiming to get
back the AUD1.3 million it paid out under the FEGs scheme to Sydney
Allen employees. The funding from the attorney general has so far
totalled AUD806,000, and has allowed the liquidator to obtain what
he says is "detailed and forensic evidence" to support his case,
which he says has come in the main from "extensive public
examinations." The liquidator has shelled out AUD811,000 in legal
fees so far, and charged AUD254,000 in his own fees. Total paid
out by the liquidator in pursuit of the funds has been AUD1.2
million, the report notes.
He has already been granted an extension to pursue his claims. The
liquidator is now seeking approval from creditors for further
remunerations to itself of AUD101,000 and AUD21,000 for work
already completed, and a further AUD35,000 and AUD45,000 for work
to the end of the liquidation, Print21 says.
Sydney Allen went down at a time of turmoil for the Sydney offset
print trade, with Good Impressions - whose building Sydney Allen
moved into - and Lyndsay Yates among other high-profile casualties,
with Lindsay Yates also ultimately dragging Melbourne trade printer
Whirlwind into liquidation after its ill-fated purchase of the
business, according to Print21.
There is a great deal of sympathy for John Mangos and Chis Wallace
within Sydney print circles, who many feel did their best to manage
a good businesss through trying times, and now find themselves
caught up in a legal nightmare, the report says.
Sydney Allen Printers specialised in sheet-fed printing, which is
ideal for limited-edition books and small-to-medium print runs, and
turns over around AUD14 million. The company, which was founded in
1994, employed around 50 people.
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C H I N A
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CHINA EVERGRANDE: Seized $2.1BB Was Pledged Last Year, Probe Shows
------------------------------------------------------------------
Bloomberg News reports that China Evergrande Group said a
preliminary investigation showed that $2.1 billion of deposits at
its property-services unit was pledged last year as the embattled
developer's slide into distress accelerated.
The company has set up an independent investigation committee to
look into the pledges that have been enforced by banks, according
to a statement to the Hong Kong stock exchange on March 29.
Bloomberg notes that Evergrande has left investors in the dark over
how the funds at the property-services unit came to be used as
security. The third-party pledge guarantee wipes out most of
Evergrande Property Services Group Ltd.'s cash holdings.
While Evergrande's main property business has been in financial
distress for months, the services unit has long been considered
among the stronger parts of founder Hui Ka Yan's group.
Evergrande's independent investigation committee, chaired by
independent non-executive director Chau Shing Yim, has appointed
Reed Smith Richards Butler LLP as professional adviser, according
to the statement cited by Bloomberg.
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. 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.
CHINA EVERGRANDE: To Sell Crystal City Project for US$575MM
-----------------------------------------------------------
Reuters reports that China Evergrande Group said on March 30 it
will sell its Crystal City Project in the eastern city of Hangzhou
for CNY3.66 billion (US$575 million) to two state-owned firms as
the group's liquidity issues dampen the progress of its projects.
The firm is selling the land-use and building ownership rights for
the project, which is under construction, to Zhejiang Zhejian Real
Estate Group and Zhejiang Construction Engineering Group,
Evergrande said in a filing, Reuters relays.
It will use the proceeds to repay construction fees of CNY920.7
million owed to Zhejiang Construction Engineering and the rest for
its own general working capital. The deal is expected to post a
gain of about CNY216 million, according to Reuters.
Saddled with over $300 billion in liabilities, Evergrande has been
struggling to repay suppliers, creditors and complete projects.
State-owned enterprises have stepped in to help with the debt
restructuring process and taken over some of its assets to quell
market concerns about a disorderly collapse.
In a separate filing late on March 29, Evergrande said it had set
up an independent committee to investigate how banks seized CNY13.4
billion in deposits of its property services arm, Evergrande
Property Services Group, that had been pledged as security for
third party guarantees, Reuters reports.
Preliminary investigation has found the pledge of the relevant
deposits and the enforcement by banks took place in 2021,
Evergrande said.
Reuters notes that shares of the group's unit China Evergrande New
Energy Vehicle Group resumed trading on March 30 and plunged up to
14.5%.
They have been suspended since March 21 pending news of the
enforcement. But trading will be halted again on April 1 per
listing rules as the firm will not be able to publish its 2021
financial results by March 31.
Shares of Evergrande and Evergrande Property Services have both
been suspended since March 21, the report notes.
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. 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.
CIFI HOLDINGS: S&P Affirms 'BB' ICR & Alters Outlook to Negative
-----------------------------------------------------------------
S&P Global Ratings, on March 30, 2022, revised its outlook on CIFI
Holdings (Group) Co. Ltd. to negative from stable. S&P affirmed its
'BB' long-term issuer credit rating on CIFI and 'BB-' long-term
issue rating on the company's outstanding senior unsecured notes.
S&P said, "The negative outlook on CIFI reflects the risk that its
leverage will edge up more than we expect over the next 12 months,
given weakening industry sales and declining margins. It also
reflects the company's JV risk, which may increase due to the
sector downturn.
"We revised the rating outlook on CIFI to negative because the
company will face a difficult operating environment over the next
six to 12 months from weakening property sales. This should result
in weaker earnings, and subsequently, leverage deterioration. Given
CIFI's attributable ratio of slightly more than 50% for its land
bank, JV risk may also increase as more developers succumb to
liquidity stress.
"We affirmed the rating as we believe CIFI is well positioned to
weather this downturn. In our view, the company has effective debt
management, as can be seen in its low short-term debt position and
recent capital-market refinancing. Its 2021 results were also
largely in line, with leverage within our rating threshold due to
faster revenue recognition.
"Risk for its JV model remains contained. We estimate that at most,
5%-10% of CIFI's projects are associated with developers already in
financial distress. While the company is under no explicit
obligation, it may still purchase stakes from troubled developers
to make sure the property projects run smoothly. This kind of
acquisition should still be on a case-by-case basis and
opportunity-driven. For the past six months, CIFI spent less than
Chinese renminbi (RMB) 1 billion to acquire two project stakes from
two partners; the company guided that the sellers gave sufficient
discounts to make the acquisitions profitable.
"Sales outlook remains challenging, given weaker demand and the
COVID-19 outbreak. We forecast CIFI's sales will drop by about 15%
in 2022 to RMB205 billion-RMB210 billion. Downside risk to our
forecasts exists as CIFI's contracted sales had already dropped by
45.5% year on year in the first two months of the year.
"Nevertheless, the company's salable resources are mainly in
higher-tier cities where property demand is generally more
resilient. Its recent average selling price of RMB17,000 per square
meter underscores this. We estimate salable resources of RMB360
billion for 2022 with potential upside from new land acquisitions.
These should provide some support during current uncertain times.
"Leverage could mildly increase in 2022-2023. We expect CIFI's
debt-to-EBITDA ratio to edge up to 5.7x-6.0x in 2022-2023 from 5.5x
in 2021 amid the weaker sales outlook and margin decline. This does
not leave much room for error from our rating trigger threshold.
Given a difficult sales environment, CIFI could resort to more
sales discounts, which may lower its gross margin to 17%-18% in
2022-2023 from 19.3% in 2021.
"If weak industry sales persist longer than we expect, CIFI's JVs
will pose a bigger challenge for the company. In our base case, we
assume China's property sales will bottom out in the first half of
2022, with a recovery or smaller declines in the second half.
However, if the recovery is delayed, more of CIFI's partners, even
the financially healthier ones, will face tighter liquidity. As
these developers will likely prefer cash flow to profitability,
CIFI's overall profitability may be affected. In situations where
cash for more JV projects has been locked up, CIFI's total
accessible cash may also be affected more than we anticipate at the
moment."
CIFI should be able to manage capital-market debt outstanding in
2022 and even the first half of 2023. After repaying a January 2022
offshore U.S. dollar senior note and a March 2022 onshore corporate
bond, CIFI only has 12% of total debt outstanding due in 2022. Of
these short-term debts, most are bank loans backed by projects. For
the rest of 2022, the company only has an April 2022 offshore dim
sum bond due, totaling RMB1.48 billion after it repurchased RMB120
million. In the first half of 2023, it only has one offshore bond
of US$300 million due in January and an onshore bond of RMB2.1
billion due in May.
CIFI also succeeded in issuing new bonds over the last three
months, despite the difficult refinancing environment. The company
raised US$150 million through a tap of its existing bond in January
and issued another onshore medium-term note of RMB1 billion in
March at a cost of 4.75%.
CIFI should be able to maintain its banking relationships. S&P
believes the company will remain in full compliance with the three
red lines. It should stay within the green camp as well as maintain
sufficient liquidity to manage its onshore banking relationships
well. Onshore bank loans increased mildly from RMB46 billion in
December 2020 to RMB54 billion in December 2021, accounting for 47%
of total debt. Recently, the company also obtained a RMB5 billion
merger and acquisition loan quota from Ping An Bank Co. Ltd. Only a
handful of state-owned enterprises and privately owned developers
were able to get these quotas recently.
S&P said, "The negative outlook on CIFI reflects the risk that its
leverage will edge up more than we expect over the next 12 months,
given weakening sales in the industry and declining margins. It
also reflects the company's JV risk. Although the risk appears
manageable at this stage, it may intensify with more developers
going under liquidity stress.
"We could downgrade CIFI if the company's sales decline is worse
than we expect, such that its leverage rises above 6.0x or
look-through debt-to-EBITDA ratio increases above 5.5x for an
extended period.
"We could also downgrade the company if CIFI's JV projects cause
more liquidity stress than we expect on the company. That can
happen if CIFI acquires stakes from its JV partners using debt
funding, or the cash locked up in the JVs increases more than we
anticipate. A liquidity ratio deteriorating sharply would indicate
that, with liquidity sources over uses becoming less than 1.2x.
"We could revise the outlook back to stable if CIFI's sales decline
is less than we expect and the company maintains its leverage with
a debt-to-EBITDA ratio below 6.0x or a look-through debt-to-EBITDA
ratio below 5.5x, while the risk for JV projects stays
manageable."
ESG credit indicators: E-3, S-2, G-3
=========
I N D I A
=========
ABMAY HEALTH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Abmay Health Ventures LLP
179-180, 1st Floor, Kamlacharan Building
Jawahar Nagar, Road 2
Goregaon (W), Mumbai
MH 400062
IN
Insolvency Commencement Date: March 23, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 19, 2022
Insolvency professional: Mr. Sanjay Shrivastava
Interim Resolution
Professional: Mr. Sanjay Shrivastava
205 B Suraksha Apartment
Hindustan Colony
Amravati Road, Nagpur
Maharashtra 440033
E-mail: casanjayshrivastava@gmail.com
- and -
AAA Insolvency Professionals LLP
A301, Bsel Tech Park, Sector 30a
Opp. Vashi Railway Station
Vashi, Navi Mumbai 400705
E-mail: abmayhealth@aaainsolvency.com
Last date for
submission of claims: April 6, 2022
ADITYA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aditya Agro -
Chhindwara continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 0.28 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.44 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Aditya Agro
for obtaining information through letters and emails dated January
22, 2022 and February 7, 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 Aditya Agro, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Aditya Agro is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Aditya Agro continue to be 'CRISIL D Issuer Not
Cooperating'.
Aditya Agro, a partnership firm set up in 2013, is promoted by
Suryawanshi family of Chhindwara, Madhya Pradesh. It is
constructing a warehouse with capacity of 27,000 tonnes for
agricultural products in Chhindwara.
AGARWAL GENERAL: CARE Moves B Debt Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Agarwal
General Engineering Works Private Limited (AGEWPL) to Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.50 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Short Term Bank 6.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd has been seeking information from AGEWPL to
monitor the ratings vide e-mail communications/letters dated
January 31, 2022, February 4, 2022, February 12, 2022, February 15,
2022, March 17, 2022 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings
on the basis of the best available information which however, in
CARE Ratings Ltd's opinion is not sufficient to arrive at a fair
rating. The rating on AGEWPL's bank facilities will now be denoted
as CARE B; Stable; ISSUER NOT COOPERATING/CARE A4; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of Agarwal General
Engineering Works Private Limited (AGEWPL) remain primarily
constrained on account of its modest scale of operations with
moderate profit margins, Leveraged capital structure and weak debt
coverage indicators. The ratings, further, continue to remain
constrained on account of susceptibility of profitability margins
to volatile raw material prices and its presence in the highly
fragmented and competitive industry. The ratings, however,
favorably take into account experienced management with established
track record of operations and strong clientele base.
Detailed description of the key rating drivers
At the time of last rating on March 31, 2021 the following were the
rating strengths and weaknesses: (updated from information
available from Registrar of the companies)
Key Rating Weaknesses
* Modest scale of operations with moderate profit margins: During
FY21, the scale of operation marked by total operating income(TOI)
of the company has declined over FY20 and stood modest at INR7.80
crore as against INR11.88 crore during FY20. The profitability of
AGEWPL stood moderate marked by PBILDT margin of 9.14% as against
6.72% in FY20. However, with increase in interest and depreciation
cost on proportionate basis PAT margin remained below unity at
0.19% in FY21 against 0.36% in FY20.
* Leveraged capital structure and weak debt coverage indicators: As
a result of comparatively higher overall debt level with low
networth base, the capital structure remained leveraged marked by
overall gearing ratio of 9.00 times as on March 31, 2021,
marginally improved from 9.10 times as on March 31, 2020. Further,
owing to leveraged gearing level with low profitability, debt
service coverage indicators stood weak marked by total debt to GCA
of 34.37 years as on March 31, 2021 as against 22.72 years as on
March 31, 2020 and interest coverage ratio of 1.15 times in FY21
against 1.22 times in FY20.
* Susceptibility of profitability margins to volatile raw material
prices coupled with presence in a highly fragmented and competitive
industry: The major raw materials required for manufacturing of
conductors are electrolytic copper and aluminium, prices of which
are highly fluctuating in nature and move in tandem with global
demand-supply factors. Adverse changes in prices of the same would
have an impact on the profitability margins of the firm. To
mitigate its risk, AGEWPL stocks up raw material as and when it
gets a favorable rate.
AGEWPL operates in a highly fragmented market with the presence of
a large number of organized and unorganized players due to low
entry barriers. Also, the presence of large players with an
established marketing & distribution network leads to intense
competition in the industry. Additionally, on account of rapidly
changing dynamics of the end user industries (power distribution &
transmission and electrical products) as well as competition from
cheap Chinese imports, conductor manufacturers are required to
upgrade their facilities at regular intervals resulting in regular
capital commitments.
Key Rating Strengths
* Experienced management with established track record of
operations: AGEWPL was incorporated in 1979 and hence, has a track
record of more than three decades in the industry. The overall
activities of AGEWPL are managed by Mr. Nand Lal Bansal, Director,
who is Chartered Accountant by qualification and has more than four
decades of experience in the industry. He is assisted by his son,
Mr. Saurabh Bansal, who is MBA by qualification and has more than 7
years of experience in the industry. Further, due to longstanding
presence in the industry, the company has established relations
with its customers and suppliers. Further, the top management is
assisted by second tier management who has relevant experience in
the industry.
* Strong clientele base with moderate order book position: Being
present in the industry since long period of time, it has
established relationship with State Electricity Boards (SEBs). Due
to established relationship with its customers, it gets repeated
orders from its clients. As on March 26, 2021, the company has an
order book position of INR10.00 Crore from Jaipur Vidyut Vitran
Nagam Limited, Jodhpur Vidyut Vitran Nagam Limited etc. They are
expected to be completed within a period of 12-18 months.
Jaipur (Rajasthan) based, AGEWPL was incorporated in 1979 by Mr.
Nand Lal Bansal along with his family members as a private limited
company. AGEWPL is engaged in the business of manufacturing of All
Aluminum Conductors (AAC) and Aluminum Conductor Steel Reinforced
(ACSR). The manufacturing unit of the company is located in
Vishwakarma Industrial Area, Jaipur with combined total installed
capacity of 1062 Metric Tonnes Per Annum (MTPA) as on March 31,
2020. The company participates in the tenders for supply of
conductors and has longstanding association with Madhya Pradesh
State Electricity Board (MPSEB), Power Grid Corporation of India
Limited (PGCIL), Punjab State Electricity Board (PSEB) and
Rajasthan State Electricity Board (RSEB).
AMBASSADOR LOGISTICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Ambassador Logistics Private Limited
1899, 1st Floor
Opp. NDSE-I Uday Chand Marg
Kotla Mubarakpur
New Delhi 110003
Insolvency Commencement Date: March 9, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 10, 2022
(180 days from commencement)
Insolvency professional: Gunjan Mittal
Interim Resolution
Professional: Gunjan Mittal
A-25A, LGF
Lajpat Nagar-II
New Delhi 110024
E-mail: ip.gunjanmittal@gmail.com
Last date for
submission of claims: March 23, 2022
AMITECH TEXTILES: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Amitech Textiles Limited
Arazi No. 153
Amitech Industries Complex
Vill: Khanchandrapur
Tehsil Akbarpur
Post Rania Kanpur
Dehat UP 209304
Liquidation Commencement Date: March 16, 2022
Court: National Company Law Tribunal, Allahabad Bench
Date of closure of
insolvency resolution process: March 16, 2022
Insolvency professional: Sharavan Kumar Vishnoi
Interim Resolution
Professional: Sharavan Kumar Vishnoi
BCC Tower, 1008
10th Floor, Arjunganj
Nr. Saheed Path
Lucknow 226002
E-mail: shravan.vishnoi@yahoo.com
Mobile: +915222971455
Last date for
submission of claims: April 15, 2022
APEX MEADOWS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Apex Meadows Private Limited
S.No. 104/2, Opp S.B.T. Hotel
N.H. 5, Gajuwaka
Visakhapatnam
AP 530026
IN
Insolvency Commencement Date: March 22, 2022
Court: National Company Law Tribunal, Amaravathi Bench
Estimated date of closure of
insolvency resolution process: September 17, 2022
Insolvency professional: Immaneni Eswara Rao
Interim Resolution
Professional: Immaneni Eswara Rao
Sankalp Restructuring Private Limited
40-26-22, Mohiddin Street
Opp. BSNL Exchange
Labbipeta, MG Road
Vijayawada Krishna
Andhra Pradesh 520010
Mobile: 9052000041
9248123333
E-mail: ier_ca@outlook.com
ip.apexmeadows@gmail.com
Last date for
submission of claims: April 6, 2022
ARM WINSYS: Liquidation Process Case Summary
--------------------------------------------
Debtor: M/s Arm Winsys tech Private Limited
Registered office:
B-27, Second and Third Floor
Sector 64, Noida
Gautam Budh Nagar
U.P. 201301
Principal office:
GI-547, RIICO Industrial Area
Khushkhera, Bhiwadi
Rajasthan
Liquidation Commencement Date: March 16, 2022
Court: National Company Law Tribunal, Allahabad Bench
Date of closure of
insolvency resolution process: August 1, 2021
Insolvency professional: Mr. Deepak Kumar Garg
Interim Resolution
Professional: Mr. Deepak Kumar Garg
Shanti Niketan
Tibra Road, Street No. 4
Modinagar 201204
Distt. Ghaziabad
E-mail: deepakgarg07@rediffmail.com
- and –
411, 4th Floor, Essel House
Asaf Ali Road
New Delhi 110002
E-mail: irp.armwinsys@gmail.com
Last date for
submission of claims: April 15, 2022
AUTOCOP INDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Autocop (India) Private Limited
Plot no. F-14, Additional Industrial
MIDC, Ambad
Nashik, MH 422010
IN
Insolvency Commencement Date: March 21, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 12, 2022
(180 days from commencement)
Insolvency professional: Madan Bajarang Lal Vaishnawa
Interim Resolution
Professional: Madan Bajarang Lal Vaishnawa
341/794 Kalpataru, CHS Limited
Srishti Sector 3, Mira Road (E)
Near Surya Shopping Centre
Thane 401107
Mobile: 9004686180
E-mail: madan.vaishnawa@icai.org
- and -
405-407, Hind Rajasthan Building
95, Dada Saheb Phalke Road
Dadar East, Mumbai 400014
Maharashtra, India
E-mail: cirp.autocop@gmail.com
Last date for
submission of claims: April 4, 2022
BAHRA EDUCATIONAL: CARE Reaffirms D Rating on INR25cr LT Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Bahra Educational and Charitable Society (BECS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 25.00 CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facility of BECS factors in the
ongoing delays in the servicing of the debt obligation.
Rating Sensitivities
Positive Factors - Factors that could lead to positive rating
action/upgrade:
* Timely track record of debt servicing by company for more than 3
months.
* Sustainable improvement in operations of the company.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Ongoing delays in servicing of debt obligation: The overdraft
limit availed by the society has remained overdrawn for more than
30 days owing to its stretched liquidity position.
Liquidity: Poor
The liquidity of the company is poor, leading to delays in debt
servicing.
Bahra Educational & Charitable Society (BECS) was established in
2009 and has established a Private University in Solan, named Bahra
University Shimla. BECS is running one campus having seven colleges
located in Solan (operational from 2009), Himachal Pradesh. The
Society was established by Mr. Gurvinder Singh Bahra (Chairman)
with an objective to provide education in the field of engineering
and technology, management and pharmacy. The different courses
offered are duly approved by HP-PERC (Himachal Pradesh Private
Educational Institutions Regulatory Commission) and UGC (University
Grants Commission).
CELEBRATION CITY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Celebration City Projects Private Limited
Flat No. 206, situated at Vikas Plaza
on Plot No. 2, Local Shopping Centre
Kalkaji, South Delhi
Delhi 110019
Insolvency Commencement Date: March 25, 2022
Court: National Company Law Tribunal, Principal Bench, New Delhi
Estimated date of closure of
insolvency resolution process: September 20, 2022
Insolvency professional: Amit Agrawal
Interim Resolution
Professional: Amit Agrawal
H-63, Vijay Chowk
Laxmi Nagar, Delhi 110092
E-mail: amitagcs@gmail.com
celebration.amitagcs@gmail.com
Classes of creditors: Real Estate Project
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Anuj Maheshwari
201, Harsh Bhawan
65, 64, Nehru Place
New Delhi 110019
E-mail: anuj@vksa.in
Mr. Sudhanshu Gupta
311, Agarwal Chamber-2
Plot No. 30, 31
Veer Savarkar Block
Opp. Metro Pillar No. 58
Shakarpur, Delhi 110092
E-mail: sg_1973@rediffmail.com
Mr. Pradeep Kumar Ray
WZ 108, Shadipur Main Bazar
New Delhi 110008
E-mail: pkrayip@gmail.com
Last date for
submission of claims: April 8, 2022
COLOSSUS TRADE: CARE Lowers Rating on INR25cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised ratings on certain bank facilities of
Colossus Trade Links Limited (CTLL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 25.00 CARE B+; Stable; ISSUER NOT
COOPERATING; Revised from
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. has been seeking information from CTLL to monitor
the rating(s) vide e-mail communications March 8, 2022, March 4,
2022, March 1, 2022, etc among others and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The ratings of Colossus Trade Links
Limited bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been revised on account of non-availability of
requisite information due to non-cooperation by Colossus Trade
Links Limited (CTLL) with CARE Ratings Ltd.'s efforts to undertake
a review of the rating outstanding. CARE Ratings Ltd. views
information availability risk as a key factor in its assessment of
credit risk. Further, the rating continues to remain constrained on
account of modest scale of operations, low profitability margins
and debt coverage indicators, leveraged capital structure,
elongated operating cycle and fortunes linked to the metal industry
which is cyclical in nature. The rating, however, continues to draw
comfort from experienced management and reputed though concentrated
client base.
Detailed description of the key rating drivers
At the time of last rating on April 5, 2021, the following were the
rating strengths and weaknesses:
(Updated for the information available from Registrar of
Companies)
Key Rating Weaknesses
* Modest scale of operations: The scale of operations continues to
remain modest though improved as marked by total operating income
and gross cash accruals of INR88.70 crore and INR0.56 crore
respectively in FY21 as against INR80.21 crore and INR0.30 crore
respectively in FY20. CTLL's raw material consists of metal scrap
procured from automobile companies which is further processed, and
the final product is sold to various steel companies. Thus, CTLL's
raw material procurement is directly linked to automobile sector.
Thus, due to slump in automobile sector in the past few years, the
raw material availability for the company was affected. The modest
scale limits the company's financial flexibility in times of stress
and deprives it from scale benefits.
* Low profitability margins and weak debt coverage indicators: The
profitability margins continue to remain low as marked by PBILDT
and PAT margins of 5.24% and 0.31% respectively in FY21 as against
6.02% and 0.01% respectively in FY20. The company is exposed to raw
material price fluctuation, thus leading to weaker profitability.
Further, due to decreased interest cost, the PAT margin improved in
FY21. Leveraged capital structure: As on March 31, 2021, the
capital structure stood leveraged as marked by overall gearing
which stood at 3.02x as on as against 2.78x as on March 31, 2020.
In FY18 and FY19, there was a subordination clause in the sanction
letter, based on which CARE had considered unsecured loans
amounting to INR2.37 crore and INR2.01 crore in FY18 and FY19
respectively as quasi equity. However, after the merger of OBC with
PNB, unsecured loans are not treated as Quasi Equity in FY20 as
such clause is not applicable in PNB. The same has led to
deterioration in capital structure on account of infusion of
unsecured loans in FY20.
* Elongated operating cycle: The operating cycle of the company
stood elongated at 125 days for FY21 as against 117 days in FY20.
The company is required to maintain adequate inventory to meet the
sudden and bulk demand of the customers resulting in average
inventory holding of 72 days for FY21. Being a highly competitive
business, the average collection period remained high at around 61
days during FY21. CTLL offers reasonable credit period of around
80-90 days as it caters mainly to large players like Jindal Steel,
TATA Steel, AIA Group, TVS Group etc. who possess high bargaining
power. However, the company procures the scrap metal from large
sized OEMs like TATA Motors, Honda Motors, JBM Group, Maruti Suzuki
etc. thus it gets a limited credit period of around 10-15 days from
its suppliers, resulting into average credit period of 8 days in
FY21.
* Fortunes linked to the metal industry which is cyclical in
nature: Prospects of iron, steel, copper industry are strongly
co-related to economic cycles. Demand for iron, steel and copper
products is sensitive to trends of particular industries such as
automotive, construction, infrastructure, Gems and jewellery etc.,
which are the key consumers of iron, steel and copper products.
These key user industries in turn depend on various macroeconomic
factors, such as consumer confidence, employment rates, interest
rates and inflation rates, etc., in the economies in which they
sell their products. When downturns occur in these economies or
sectors, these metals may witness decline in demand, which may lead
to decrease in metal putting pressure on the entity.
Key Rating Strength
* Experienced management: Colossus Trade Links Limited (CTLL) is a
company limited by shares incorporated in the year 2004 by Mr.
Deepak Gulati, Mr Namit Gulati and Mr. Tarun Gulati who all are
well qualified and have an adequate experience of more than 2
decades in trading of scrap metal through this company along with
their family run business- Ganpati Steels Reputed client base
though concentrated: The company has been catering to reputed
players like Jindal Steel and Power Limited (CARE BBB+; Stable/CARE
A2), TATA Steel Limited (CARE AA; Negative), AIA Group, Jai Bharat
Steel Industries (ICRA B+; Stable/A4; issuer not cooperating) etc.
The same is evidence of acceptance of the company's products and
their quality in the market. Further, because of the reputed
clientele, the credit default risk remains low. The company has
regularly supplied various components to these companies and has
been able to get repeat orders from these clients since two decades
on account of established relationship. The top 5 customers
aggregate to 80% of the total sales of CTLL, thus exposing the
company to customer concentration risk. Any change in procurement
policy of these customers may adversely impact the business of the
company. This also exposes the company's revenue growth and
profitability to its customer's future growth plans. CARE cannot
comment on the same as updated information is not available due to
non-cooperation by CTLL.
Liquidity analysis: Stretched
The liquidity position of the company stood stretched marked by low
current ratio of 1.30x and quick ratio of 0.64x, as on March 31,
2021.
Delhi-based Colossus Trade Links Limited (CTLL) was incorporated as
a public limited company (unlisted) in April 2004 by Mr. Deepak
Gulati, Mr. Namit Gulati and Mr. Tarun Gulati, who all are
currently managing the overall operations of the company. The
company is engaged in trading of scrap metal procured from various
automobile OEMs like JBM Group, TATA Motors, Maruti Suzuki, Honda
Motors, Mahindra etc. which is segregated into reusable metal which
is bundled and sent for sale directly and the actual scrap is
processed further and converted into small parts (i.e., blanking)
as per customers' requirements. The goods are sold to major metal
and steel companies like Jindal Steel, TATA Steel, AIA Group, Jai
Bharat Steel, TVS Group etc. The company has 7 godowns/warehouses
located in Ahmedabad, Delhi, Gurugram, Noida etc. where hubs of
automobile companies are located.
DEVI ENGINEERING: CARE Withdraws D Rating on LT/ST Loan
-------------------------------------------------------
CARE has reaffirmed and withdrawn outstanding rating of 'CARE D;
Issuer Not Cooperating/CARE D; Issuer Not Cooperating' assigned to
the bank facilities of Devi Engineering And Constructions Private
Limited (DECPL) with immediate effect.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank - Rating continues to remain
Facilities under ISSUER NOT COOPERATING
category; Reaffirmed at CARE D;
ISSUER NOT COOPERATING
and Withdrawn
Short Term Bank - Rating continues to remain
Facilities under ISSUER NOT COOPERATING
category; Reaffirmed at CARE D;
ISSUER NOT COOPERATING
and Withdrawn
The ratings consider the delays in debt servicing in recent past.
The rating withdrawal is at the request of DECPL and 'No Objection
Certificate' received from the banks that has extended the
facilities rated by CARE.
Detailed description of the key rating drivers
At the time of last rating on February 23, 2022, the following was
the rating weakness (updated based lender due diligence):
Key Rating Weakness
* Delays in debt servicing in recent past: As per verbal feedback
from lender, there were delays in debt servicing during February
2022.
Devi Engineering and Constructions Private Limited (DECPL) was
incorporated in the year 2014 by Mr. J.V. Gangadhar and his wife,
Mrs. J.V. Laxmi. The company is engaged in providing 2D & 3D
seismic survey, data acquisition services, gas compression services
and Engineering, Procurement & Construction (EPC) projects on a
turnkey basis. The company has its presence in the state of Andhra
Pradesh, Telangana, Assam, Tripura, Gujarat and Karnataka. The
company has clients viz. Oil and Natural Gas Corporation (ONGC),
TATA Projects Limited, GAIL (India) Limited (GAIL), Ramagundam
Fertilizers and Chemicals Limited, etc. and projects are spread
across the states of Andhra Pradesh, Telangana, Assam, Tripura,
Gujarat and Karnataka.
DIGITALPERSONA ID: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: DigitalPersona ID Management Solutions Private Limited
Unit No. 101, 1st Floor, Tower B
The Millenia Towers
Murphy Road, Ulsoor
Bengaluru 560008
Karnataka
Liquidation Commencement Date: March 15, 2022
Court: National Company Law Tribunal, Chennai Bench
Insolvency professional: Viswanathan Rajagopalan
Interim Resolution
Professional: Viswanathan Rajagopalan
Plot No.4, 1/787A
Deivanai Nagar II Street
Madipakkam Chennai 600091
TamilNadu
Mobile: 6379252059
E-mail: viswanathan.irp@gmail.com
Last date for
submission of claims: March 29, 2022
FUTURE RETAIL: Lenders Keep Insolvency Option Alive
---------------------------------------------------
BloombergQuint reports that lenders to Future Group's flagship firm
Future Retail Ltd. are keeping the insolvency option alive, even as
they hope that a transaction with Reliance Retail Ventures Ltd. is
consummated soon.
According to the report, two people with direct knowledge of the
matter said lenders have invited pitches from prospective
insolvency professionals as they are preparing a contingency plan
for Future Retail. The people spoke on the condition of anonymity.
BloombergQuint relates that the lenders will watch for shareholder
meetings across Future Group entities set to be convened on April
20 and 21, the people said. Shareholders will vote to approve a
transaction between Future Group and Reliance Retail, as part of
which the Mukesh Ambani-owned company is set to buy Kishore
Biyani's retail and logistics businesses for around INR25,000
crore.
By the time the shareholder meet is convened, there will be more
clarity on the actual value that Reliance Retail will pay for the
transaction. While the INR25,000-crore value was arrived at in
August 2020, much has changed since, the people quoted above said,
BloombergQuint relays. It is possible that the value might be
lowered, they added.
If the transaction does not pass the shareholder test or if the
value of the deal is lowered significantly, lenders may be forced
to take the insolvency route, the people quoted above said.
Lenders continue to believe that an insolvency proceeding for
Future Retail should be the last option, as it may lead to
significant erosion of value and larger haircuts for the lenders,
the people said, according to BloombergQuint.
Over the last 18 months or so, Reliance Group entities have been
supporting Future Group stores to remain open, the report notes.
Earlier this month, Future Retail and Future Lifestyle Fashions had
informed exchanges that Mukesh Ambani's Reliance Group entities had
sent lease termination notices to the two companies, recalls
BloombergQuint. Future Retail said it received such notices for 835
stores and Future Lifestyle received it for 112 such stores.
"These stores have been historically contributing 55-65% of retail
revenue operations of the company. As of now these stores are not
operational for stock and inventory reconciliation," both companies
had said in their respective exchange statements.
Following this, lenders led by Bank of India had issued public
notices, warning anyone from dealing with Future Retail's assets,
without their consent, BloombergQuint says. The move is expected to
preserve the value of Future Group's assets till the transaction
with Reliance Retail is completed.
BloombergQuint notes that the Reliance-Future transaction has seen
long delays due to legal challenges posed by Amazon Inc., which is
seeking to stop the deal. Lenders had described the situation at
Future Retail as a complete mess.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.
Future, India's second-largest retailer, has sought to complete its
US$3.4 billion retail asset sale to Reliance Retail since 2020. The
Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.
G.R. FABRICS: CARE Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of G.R.
Fabrics Private Limited (GRF) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.33 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Short Term Bank
Facilities 1.00 CARE A4; ISSUER NOT
COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd has been seeking information from GRF to monitor
the rating vide e-mail communications/letters dated October 5,
2021, October 7, 2021, October 22, 2021, October 29, 2021, November
8, 2021, November 17, 2021, November 30, 2021, December 9, 2021,
December 15, 2021, December 31, 2021, January 28, 2022, February
23, 2022, February 28, 2022, March 2, 2022, March 4, 2022, March 5,
2022, March 8, 2022, March 9, 2022, March 11, 2022, March 14, 2022,
March 15, 2022, March 19, 2022 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the ratings on the basis of the best available information
which however, in CARE Ratings Ltd's opinion is not sufficient to
arrive at a fair rating. The rating on GRF's bank facilities will
now be denoted as CARE B+; Stable/CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of GRF takes into
account modest scale of operations and profitability, leveraged
capital structure and weak debt coverage indicators. The rating
also factors in presence in the highly competitive and fragmented
textile industry with vulnerability of margins to fluctuation in
the raw material prices. However, the rating derives strength from
experienced and qualified management with group support,
established track record of operations and established client
base.
Detailed description of the key rating drivers
At the time of last rating on June 25, 2021, the following were the
rating strengths and weaknesses (updated with FY21(A) financials
available from MCA).
Detailed description of key rating drivers
Key Rating Weaknesses
* Modest scale of operations and profitability: The scale of the
operations of the company decreased by 79% and remained modest
marked by Total Operating Income (TOI) at INR4.46 crore in FY21 as
against INR21.03 crore in FY20. The profitability margins of the
company have continued to remain moderate marked by PBILDT and PAT
margins of 33.49% and 0.21% respectively in FY21 as against 8.08%
and 0.06% respectively in FY20.
* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company deteriorated and continue to
remain leveraged marked by overall gearing of 3.15 times as on
March 31, 2021 as against 2.78 times as on March 31, 2020. The debt
coverage indicators also deteriorated and remained weak marked by
total debt to GCA of 28.62 times as on March 31, 2021 as against
21.14 times as on March 31, 2020. The interest coverage ratio also
remained weak at 1.40 times in FY21 as against 1.42 times in FY20.
* Presence in a highly competitive and fragmented textile industry
and vulnerability of margins to fluctuation in raw material prices:
GRF has presence in the textile industry which is highly fragmented
and competitive with presence of numerous independent small-scale
enterprises owing to low entry barriers leading to high level of
competition. Smaller companies are more vulnerable to intense
competition and have limited pricing flexibility, which constrains
their profitability as compared to larger companies who have better
efficiencies and pricing power considering their scale of
operations. Also, the prices of yarn are fluctuating in nature and
hence, the profitability of the company is vulnerable to any
adverse movement in the raw material prices.
Key Rating Strengths
* Experienced and qualified management and group support: Mr.
Girraj Kishore Goyal, one of the key promoters of GRF has more than
four decades of experience and looks after the overall affairs of
the company. He is supported by Mr Brajesh Goyal, Director, who has
25 years of experience in the industry. Further, the promoters are
supported with the experienced second-tier management which
include; Mr M.L Sharma who looks after production and factory
department, Mr Praduman who looks after marketing department, Mr.
Arpit Jain, Chartered Accountant by qualification who looks after
accounts and finance function of the company. They are supported by
a team of qualified and skilled employees. Further, the company
also gets support in the form of established marketing and sales
network, from its other group concerns, namely G.R Weavers Private
Limited (GRW) and Shree Vallabbh Agencies which is engaged in the
business of manufacturing of PP woven bags and trading of cloth and
fabrics. Further the company sells one of its products - Multi
filament yarn to its group concern G.R Weavers Private Limited.
* Established track record of operations with established client
base: GRF was incorporated in the year 1987 and hence, has a track
record of more than three decades in the industry having
established relationship with its customers and suppliers. The
company is empanelled for supplying uniforms fabrics to Central
Police Canteen, Para Military forces and Border Security Force
across India. Further, the company offers diversified types of
fabrics including synthetic and Khadi according to the requirement
of the national armed forces. GRF purchases fabrics from GRW and
then process its further, post which it sells Multifilament yarn to
GRW.
Gwalior (Madhya Pradesh) based G.R. Fabrics Private Limited (GRF)
was incorporated in 1987 by Mr Brajesh Goyal along with other
family members. GRF is engaged in the manufacturing and processing
of all types of fabrics such as synthetics and khadi etc. It also
gets the work done on job work basis. The plant of GRF is located
at Banmore, Madhya Pradesh and has 8 sulzer looms with total
installed capacity of 12 lakh metres per annum as of March 31,
2021. Further from June, 2018, it has commenced manufacturing of
Multifilament yarn and BCS printed woven fabric and bags.
GREATWALL CORPORATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Greatwall Corporate Services Private Limited
Office no. 2, S.No. 120
MHADA Commercial Complex
Near Phule Nagar
RTO, Pune-Alandi Road
Yerawada, Pune 411006
Maharashtra
Insolvency Commencement Date: March 15, 2022
Court: National Company Law Tribunal, Nagpur Bench
Estimated date of closure of
insolvency resolution process: September 11, 2022
Insolvency professional: Atul Rajwadkar
Interim Resolution
Professional: Atul Rajwadkar
47, Hindusthan Colony
Wardha Road
Nagpur 440015
E-mail: vervecapital@gmail.com
greatwall.insolvecny@gmail.com
Last date for
submission of claims: March 29, 2022
GUWAHATI CONSTRUCTIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Guwahati Constructions Private Limited
Suren Paradise
Opposite Hanuman Mandir
G.S. Road, Guwahati
Assam 781007
Insolvency Commencement Date: March 24, 2022
Court: National Company Law Tribunal, Guwahati Bench
Estimated date of closure of
insolvency resolution process: September 20, 2022
(180 days from commencement)
Insolvency professional: CA Purshotam Gaggar
Interim Resolution
Professional: CA Purshotam Gaggar
P Gaggar & Associates
Chartered Accountants
3rd Floor, Advika
Opp. Sukreswar Ghat Garden
M G Road, Panbazar
Guwahati, Assam 781001
E-mail: purshotamgaggar@hotmail.com
rp.gcpl@gmail.com
Last date for
submission of claims: April 7, 2022
IL&FS LTD: Resolves 62% of Group's INR99,355 crore Debt
-------------------------------------------------------
The Economic Times reports that three-and-a-half years after the
government asked banker Uday Kotak to head a new board to salvage
the largest non-banking infra lender IL&FS that went belly up in
October 2018, the management has announced the resolution of
INR61,000 crore or 62 per cent of the INR99,355 crore the group
with 347 entities owed to the system. Addressing the media, Kotak
also announced the end of his term as the chairman of the
six-member board from April 2, and the elevation of managing
director C S Rajan as chairman and managing director for a
six-month term, the report says.
Explaining the recovery of INR61,000 crore which is 62 per cent of
the total IL&FS owed to banks and other lenders across 347 group
entities, Kotak said as of March 29, they have completely addressed
INR55,000 crore debt through the sale of assets and or taking the
companies back as running concerns, along with a few best of them
paying back INR1,000 crore in interest alone by fully servicing
loans, according to ET.
Of the total 347 entities, 248 have been resolved, Kotak said,
adding, the group had over 100 entities overseas and of the
remaining 101 entities some are defunct and only the government can
take a call on them, ET relays.
Of the INR55,000 crore of addressed debt, up from INR52,200 crore
in early November 2021, means the board has been able to meet over
90 per cent of its commitment made for this fiscal, he said.
Of the INR61,000 crore of aggregate resolution, INR21,000 crore
have been fully discharged/paid back by way of asset monetization
and surprisingly, Kotak said, public sector banks, which lent only
to operating SPVs, gained the maximum from the resolution, while
the so-called better-nosed private sector banks went by external
credit ratings and lost badly.
Yet 62 per cent recovery is one of the best and is exactly double
of the average IBC recoveries as of December 2021 at a low 31.3 per
cent, Kotak said, adding IL&FS resolution is not under the IBC
process under sections 241 &242 of the Companies Act, ET relates.
That apart, the group has a cash balance or cash equivalents in the
form InVits of INR20,000 crore, of which INR16,000 crore will be
paid to creditors as soon as the judicial approvals are in and the
remaining INR4,000 crore will be kept for company expenses, he
added.
Thirdly, the group is awaiting a resolution of INR14,000 crore
pending court approvals, and of this INR7,500 crore have been
approved by the board and will be closed at the earliest post legal
nods, according to the report.
Explaining how they went about doing their public duty, Rajan said
it was largely possible due to the continued commitment of the
board to preserve the value in assets of national importance and
maintaining going concern status. Of the total of 347 entities as
of October 2018, 248 entities stand resolved, leaving only 101
entities to be resolved in the next financial year.
He also said an application has been filed with NCLAT seeking to
make interim distribution of INR16,000 crore to creditors. Over 75
per cent of this would be distributed to creditors of three large
holding companies of IL&FS, IFIN and ITNL, which have a large base
of public fund creditors, he added.
The incremental resolution of over INR2,700 crore since November
2021 comprises INR1,080 crore from the sale of the iconic IL&FS
headquarters (TIFC) in BKC to Brookfield, INR900 crore from Khed
Sinnar settlement with NHAI, INR230 crore from settlement of IFIN's
non-performing loan accounts and INR520 crore from other
recoveries, Rajan said, adding the group also continues to service
debt of INR1,000 crore across companies.
ITNL has completed the transfer of two road assets (Sikar Bikaner
Highway and Moradabad Bareilly Expressway) to Roadstar Infra
Investment Trust at a cumulative valuation of INR4,200 crore.
Transfer of the remaining SPVs to the InvITs is being undertaken in
multiple phases, Rajan, as cited by ET, said.
But both Rajan and Kotak underlined the challenges they faced and
the new board will continue to face in completing the resolution,
which in turn, have impacted timelines. Their job so far is a fit
case-study and one of the biggest learnings in their carrier they
added. ET adds that Rajan said the group will continue to
implement its three-pronged strategy of resolution, restructuring
and recovery to maximise recoveries for all classes of creditors,
while adopting an equitable distribution approach and balancing the
interests of stakeholders.
Both Rajan and Kotak said they hope to completely recover the
INR14,000 crore near-complete resolution through the course of
FY23, adds ET.
About IL&FS
Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.
The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.
JAGDISH AGRI: CRISIL Withdraws B+ Rating on INR2.4cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Jagdish Agri Export Private Limited (JAEPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.85 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Cash Credit 2.4 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Cash Credit 2 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Proposed Long Term
Bank Loan Facility 0.75 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Term Loan 3 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with JAEPL for
obtaining information through letters and emails dated January 28,
2022 and February 24, 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 JAEPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JAEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JAEPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
JAEPL, incorporated in 2003, is promoted by Mr. Jagdish Patidar and
family. JAEPL is engaged in the business of processing, individual
quick freezing and sale of packaged vegetables and fruits namely
green peas, sweet corn and mangoes. JAEPL's manufacturing facility
is located in Indore, Madhya Pradesh.
KNITCRAFT APPARELS: CARE Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Knitcraft Apparels International Private Limited (KAIPL) to Issuer
Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 35.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating moved to
Bank Facilities ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from KAIPL to monitor the rating
vide e-mail communications dated November 1, 2021, January 14,
2022, February 26, 2022, March 2, 2022, March 15, 2022, and
numerous phone calls etc., However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating based on the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Knitcraft
Apparels International Private Limited now be denoted as CARE D;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating considers non-availability of requisite information and
due diligence conducted with banker due to non-cooperation by
Knitcraft Apparels International Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.
Rating Sensitivities
Positive Factors
* Repayment of debts on timely basis.
Delhi-based Knitcraft Apparels International Private Limited
(KAIPL) has succeeded an erstwhile partnership firm Knitcraft
Apparels International established in 1999 and converted into
private limited company in in the year 2007. The company is
currently being managed Mr. Sanjay Khurana, Mr. Sandeep Khurana and
Mr. Sanchit Khurana. KAIPL is predominantly an export-oriented
unit. The company is engaged in manufacturing of readymade garments
which includes knitting, dyeing, finishing, printing, embroidery,
stitching etc. of Shirts, Fleece, and Jacquard etc. The company
also manufactures 100% micro polyester & polyester spandex products
used in golf & other active wears. KAI majorly exports its product
directly to various retail chains & stores located in USA, Canada,
U.K and Europe. These include reputed customer base like
G-IIIApparel Canada LLC, Tommy Hilfiger, Van Heusan, Calvin Klein,
Ralph Lauren Corp (Polo) (USA), Superdry Plc (UK), DKNY(USA),
Esprit (Europe), Debenhams Retail PLC, Flag & Anthem etc.
LOGIX CITY: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Logix City Developers Private Limited
Registered office:
DGL006, Ground Floor
DLF Galleria
Mayur Vihar Phase-I
New Delhi, East Delhi 110091
Principal office for Books of Account:
A-4 & 5, Sector 16
Noida 201301 UP
Insolvency Commencement Date: March 22, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: September 18, 2022
Insolvency professional: Mr. Yogesh Kumar Gupta
Interim Resolution
Professional: Mr. Yogesh Kumar Gupta
C-17B LGF, Kalkaji
New Delhi 110019
E-mail: ykgupta64@yahoo.co.in
cirp.logix@gmail.com
Classes of creditors: Homebuyers
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Sanjeev Ahuja
Mr. Subhash Chand Agrawal
Mr. S Prabhakar
Last date for
submission of claims: April 5, 2022
M/S BALDOVINO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M/S Baldovino
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 4 CRISIL D (Issuer Not
Credit Cooperating)
Foreign Discounting 6 CRISIL D (Issuer Not
Bill Purchase Cooperating)
CRISIL Ratings has been consistently following up with Baldovino
for obtaining information through letters and emails dated January
22, 2022 and February 7, 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 Baldovino , which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Baldovino is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Baldovino continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
M/S Baldovino was set up in 2010 as a proprietorship concern by Mr.
Rikin Shah. The firm is also engaged in cutting and polishing of
diamonds.
MAHA ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maha
Electronics Private Limited (MEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MEPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 MEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MEPL continues to be 'CRISIL D Issuer Not Cooperating'.
MEPL was set up as a partnership firm, Maha Electronics Service, in
1994 by Mr. S Venkateswarulu and his wife Mrs. S Punyavathy; the
firm was reconstituted as a private limited company and it got its
current name in 2002. MEPL is an authorized service partner for HP
and has also started erection and installation of towers. The
company is based out of Hyderabad, Telangana.
MAHADHAN SEEDS: CRISIL Withdraws B+ Rating on INR7cr Loan
---------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Mahadhan Seeds Private Limited (MSPL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL A4/Issuer Not
Cooperating (Withdrawn)
Cash Credit 5 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Proposed Fund-
Based Bank Limits 7 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with MSPL for
obtaining information through letters and emails dated January 11,
2022 and January 15, 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 MSPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MSPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Set up in 1998 by Mr. Sudhir Soni, MSPL processes and sells
certified seeds of soya bean, gram, and wheat, under its 'Mahadhan'
brand. The manufacturing facility is in Indore, Madhya Pradesh.
MAITRI AND MAITRI: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Maitri and
Maitri Builders and Developers (MMBD) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MMBD for
obtaining information through letters and emails dated January 31,
2022 and February 28, 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 MMBD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMBD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMBD continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
MMBD was setup in 2011 as a proprietorship concern of Mr. Mitesh
Chhaganbhai Patel. MMBD is developing a residential complex in
Vasind, Thane. The project is expected to be completed by March
2017.
MARUTI DEVELOPERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Maruti
Developers (MD) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MD for
obtaining information through letters and emails dated January 22,
2022 and February 28, 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 MD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MD
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2001, MD constructs residential real estate projects
in Ahmedabad, Gujarat. The proprietor of the firm is Mr. Akshay
Thakkar, who is supported by his father Mr. Niranjan Thakkar.
MILAN TEXTILE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Milan Textile Enterprise Private Limited
Registered office:
No. 12-13-14, Amman Sannathi
Madurai 600001
Corporate office:
Milan "EM Hall"
Opp. to Walkford College
K K Nagar, 80 Feet Road
Madurai 600020
Insolvency Commencement Date: March 22, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: September 17, 2022
Insolvency professional: Gopalsamy Ganesh Babu
Interim Resolution
Professional: Gopalsamy Ganesh Babu
986, H Block
24th Street
Anna Nagar West
Chennai 600040
E-mail: babu@finrespro.com
Last date for
submission of claims: April 4, 2022
MORINDA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Morinda Rice
and Gen. Mills (MRGM) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.25 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.75 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MRGM for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 MRGM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MRGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MRGM continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1981 as a proprietorship entity and promoted by Mr.
Prem Singh, Morinda Rice & Gen. Mills (MRGM) is engaged in the
milling and processing of paddy into non-basmati rice. It has an
installed paddy milling capacity of 10 tonnes per hour (tph) at
Ropar district in Punjab.
NICE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nice Marine
Exportts (India) Private Limited (NMEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Packing Credit 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NMEPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 NMEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NMEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NMEPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in April 2012, NMEPL is based in Hyderabad, and trades
in shrimp and other fishes.
NINANIYA ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ninaniya
Estates Limited (NEL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 32.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NEL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 NEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NEL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in fiscal 2005 and promoted by Mr. Vijay Singh Rao,
NEL operates in the real estate development and construction
industry. It is developing two projects, Prism and Prism Portico,
in Gurugram, Haryana. Prism comprises Tower A (commercial space),
Tower B (hotel), and Tower C (executive suites). The hotel will
have 162 rooms for which the company has pre-defined agreements
with M/s Starwood Hotels and Resorts Pte Ltd, Singapore, for use of
its registered brand, Four Points by Sheraton.
NTC FINANCE: CARE Reaffirms B+ Rating on INR25cr LT Loan
--------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
NTC Finance Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE B+; Positive Reaffirmed;
Facilities Outlook revised from Stable
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of NTC continues to be
constrained by the small scale of operations with geographical
concentration of loan portfolio, low capital base despite infusion
of INR0.89 crore equity in FY21 (refers to the period April 1 to
March 31), moderate asset quality, concentrated resource profile
and exposure to market risk of the gold jewellery kept as
security.
The rating draws strength from the experience of the management
team and continuation of profitable operations.
Rating Sensitivities
Positive Factors - Factors that could, individually or
collectively, lead to positive rating action/upgrade:
* Improvement in the scale of operations along with good asset
quality and profitability on a sustained basis.
* Significant infusion of equity capital
Negative Factors- Factors that could, individually or collectively,
lead to negative rating action/downgrade:
* Weakening of asset quality levels and profitability
* Weakening of capitalization levels
Outlook: Positive
The revision in outlook is on account of expected improvement in
scale of operations and profits. During FY21, the company mobilized
fresh equity of INR0.89 crore. Going forward, the improvement in
net worth is expected to support the company to grow its loan
portfolio and improve its profits. The outlook may be revised to
'Stable' if there is absence of improvement in scale of operations
and profits.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operations with geographical concentration of loan
portfolio: The company started the operations in Kerala from 2016.
Though the company has witnessed growth over the last 3 years, the
portfolio remained small. As on March 31, 2021, AUM stood at
INR18.05 crore as against INR2.76 crore as of March 31, 2019. As of
March 31, 2021, 89% of the portfolio consists of Gold Loan. The
portfolio is concentrated in the state of Kerala across 10
branches.
* Low capital base: NTC Finance has a net worth of INR5.62 crore as
of March 31, 2021 (INR4.52 crore as of March 31, 2020). Over the
past 4 years ended March 31, 2021, promoters have infused INR4.13
crore in the company. Overall Gearing stood at 2.61x as of March
31, 2021 (2.96x as on September 30, 2021). The company needs to
raise fresh equity capital continuously in order to support the
growth and change in regulatory capital if any.
* Concentrated Resource profile: NTC Finance's resource profile has
been concentrated with borrowings majorly in terms of NCD/Sub-debt
from retail investors. However, company has also availed term loan
facility from bank against pledging of gold. Going forward, the
ability of the company to raise funds at competitive interest rates
would remain critical for the growth prospects and profitability of
the company.
* Moderate Asset Quality: GNPA and NNPA stood at 3.78% and 2.57% as
of March 31, 2021 as against 2.80% and 2.23% as of March 31, 2020.
Majority of NPA comprised of business loans and property loans
which the company has stopped disbursing since 2019. NTC Finance
has started its operations in a full-fledged manner in 2016 and
thus has relatively limited track record and limited seasoning of
the loan portfolio especially in the non-gold segments.
Key Rating Strengths
* Experienced Management: NTC is led by Mr. Varghese Jose, the
Managing Director of the company. He is supported by the board of
directors of the company who have good amount of experience in the
lending business and hold various directorship roles in the NTC
group.
* Profitable operations: The company has been profitable and the
company reported a PAT of INR0.18 crore on a total income of 2.89
crore in FY21 as against INR0.11 crore on a total income of INR2.10
crore in FY20. NIM declined to 8.10% in FY21 from 15.18% in FY20 on
account of decrease in yields. Other income improved to 2.99% (as %
of total assets) from 2.27% in FY20 mainly consisting of penal
interest. Opex decreased to 6.38% in FY21 from 14.01% in FY20.
Credit cost remains low at 0.36% in FY21 (0.60% in FY20). The
company reported ROTA of 0.97% in FY21 (1.09% in FY20). During
H1FY22 (Prov.), company reported profits of INR0.09 crore on a
total income of INR1.57 crore. ROTA stood at 0.83% during H1FY22.
* Impact of Covid-19: The company has not restructured any of the
loans. For the gold loan portfolio, the impact was majorly on the
branch operations.
Liquidity: Adequate
The company's cash and cash equivalents stood at INR3.98 crore as
of February 28, 2021. The liquidity is expected to be adequate as
majority of the portfolio are of tenor of less than one year
whereas the borrowings majorly consists of NCDs and sub-debt which
are longer tenor in nature.
NTC Finance Private Limited is a NBFC registered with RBI as a
Non-Deposit taking company. NTC Finance Private Limited was
originally incorporated with the name Ajit Leasing & Finance
Private Limited with Registered office at Punjab. In the year 2013,
Ajit Leasing and Finance Private Limited was acquired by NTC Group
and the registered office was changed from the state of Punjab to
Kerala in 2016. In the year 2018, the name of the company has been
changed to NTC Finance Private Limited. NTC Finance is primarily
into gold loan business, followed by vehicle loan, personal loan,
and business loan. The company operates in state of Kerala with 10
branches.
As of March 31, 2021, the company has an AUM of INR18.05 crore
(INR19.75 crore as of September 30, 2021).
OPTIONS LAWNS: CARE Moves D Debt Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Options
Lawns Private Limited to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.72 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. has been seeking information from Options Lawns
Private Limited to monitor the rating(s) vide e-mail communications
dated November 24, 2021, December 29, 2021, February 9, 2022, March
1, 2022, March 5, 2022, March 7, 2022 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on Options Lawns Private
Limited Bank Facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
Key Rating Weakness
* Ongoing delays in debt Servicing: OLPL has been irregular in
servicing its debt obligation due to weak liquidity position of the
company.
Jabalpur- based (Madhya Pradesh), Options Lawns Private Limited
(OLPL) was incorporated on April 1, 2016 by Mr Rajneesh Verma. The
company is held by Six Sigma Ventures Limited (erstwhile 'Riqueza
Capital Investments Limited', a Mauritius based company) along with
Mr Rajneesh Verma and Ms. Sakshi Verma. OLPL was incorporated with
a purpose to operate a resort in an area of 14000 sq. ft. on
Bedhaghat Road, Jabalpur with 52 rooms, 3 banquet halls, 1 garden
restaurant, pub, camping site, spa, wellness centre etc.
PERIWINKLE HERBALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Periwinkle Herbals Private Limited
3D & C, 3rd Floor, Gopala Tower
Rajendra Place, New Delhi 110008
Insolvency Commencement Date: March 17, 2022
Court: National Company Law Tribunal, New Delhi Bench-III
Estimated date of closure of
insolvency resolution process: September 11, 2022
(180 days from commencement)
Insolvency professional: Ahsan Ahmad
Interim Resolution
Professional: Ahsan Ahmad
C-108, 3rd Floor
Sector-2, Noida 201301
UP
E-mail: ahsan_123ahmad@yahoo.co.in
cirp.periwinkle@gmail.com
Last date for
submission of claims: March 29, 2022
PESCO BEAM: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Pesco Beam Environmental Solutions Private Limited
No. 147/4D, 4E, 4F, 4G
136, Thodugadu Village
Sri Perumbudur
Tamil Nadu 602105
Insolvency Commencement Date: March 21, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: October 17, 2022
Insolvency professional: Ebenezar Inbaraj
Interim Resolution
Professional: Ebenezar Inbaraj
397, Precision Plaza
No. 23, Third Floor
Teynampet, Anna Salai
Chennai 600018
E-mail: ebiadvocate@gmail.com
pescobeamcirp@gmail.com
Last date for
submission of claims: April 4, 2022
PRABHU DAYAL: CARE Keeps D Debt Rating to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prabhu
Dayal And Brothers (PDB) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 10,
2021, placed the rating(s) of PDB under the 'issuer
non-cooperating' category as PDB had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PDB
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 27, 2021, January 6, 2022, January 16,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh based, Prabhu Dayal and Brothers (PDB) was
established in October 1988 as a partnership firm and is currently
managed by Mr. Rajendra Prasad and Mrs. Shashi Arora sharing
profits and losses equally. PDB is engaged in the distribution and
trading of fertilizers, pesticides, seeds and other allied
products. The firm procures these traded products from
manufacturers all over India and further sells these products to
the retailers and farmers who are situated in Allahabad, Ghaziabad
and nearby regions.
PRECISION ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Precision
Engineering Corporation (PEC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PEC for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 PEC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PEC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
PEC was originally set up as a proprietorship concern by Mr. H D
Gupta in 1982, as an ancillary to Bhilai Steel Plant; it gradually
added other customers. In 2010, it was reconstituted as a
partnership firm after the founder's son, Mr. Vaibhav Gupta, joined
the business. PEC manufactures heat exchanger coils used in boilers
in power plants. Its manufacturing facility and office are in
Bhilai (Chhattisgarh).
PRESIDENCY EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Presidency
Exports & Industries Ltd in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 13.00 [ICRA]D/[ICRA]D; ISSUER NOT
bank limits COOPERATING; Rating Continues to
remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Presidency Exports & Industries Ltd, promoted by Kolkata-based
Bajoria family, was incorporated in the year 1919. The company had
been engaged in the export of iron ore fines from the year 2007
onwards. However, unfavorable changes in the Government policies
related to iron ore mining in the past few years adversely impacted
its revenues from this segment. The company also exports onion and
rice to Bangladesh. It also has a warehouse in Rishra which has
been leased to the corporate.
RAI ISPAT: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s. Rai Ispat Private Limited
Old No. 13, New No. 6, Park Avenue
Kesavaperumalpuram
Off Greenways Road
Chennai 600028
Insolvency Commencement Date: March 18, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: September 14, 2022
(180 days from commencement)
Insolvency professional: Asir Raja Selvan
Interim Resolution
Professional: Asir Raja Selvan
376, 30th Street
6th Sector, K.K. Nagar
Chennai 600078
E-mail: asir.cs@gmail.com
- and -
New No. 13 / Old No. 39
Anna Main Road
MGR Nagar, K.K. Nagar
Chennai 600078
E-mail: raiispat@gmail.com
Last date for
submission of claims: April 1, 2022
RANGOLI PARTICLE: CRISIL Lowers Rating on INR5cr Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded the rating on bank facilities of
Rangoli Particle Boards private Limited to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating', as
there has been delay in term debt servicing.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
CRISIL B+/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 2.5 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Downgraded from
CRISIL B+/Stable ISSUER NOT
COOPERATING')
Term Loan 5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with Rangoli for
obtaining information through letters and emails dated March 26,
2021 August 19, 2021 and October 6, 2021 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as it is arrived at without any
management interaction and is based on best available or limited or
dated information on the company.
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 Rangoli. This restricts CRISIL
Ratings ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on Rangoli is consistent with 'Assessing Information Adequacy
Risk'.
Based on the last available information, CRISIL Ratings has
downgraded the rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating', as there has been delay
in term debt servicing.
Rangoli was incorporated in 2012 by Mr. Bhupendra Limbani at
Kolhapur (Maharashtra). It trades in prelam boards used in interior
designing and furniture.
Status of non cooperation with previous CRA
Rangoli has not co-operated with Credit Analysis and Research Ltd
(CARE) which has classified it as 'non-cooperative' vide release
dated March 08, 2022. The reason provided by CARE is non-furnishing
of information for monitoring of ratings.
RENAISSANCE CORP: Insolvency Resolution Case Summary
----------------------------------------------------
Debtor: Renaissance Corporaton Limited
Registered and Principal office:
802, Floor-8, Plot-175
Cotton Exchange Building
Kalbadevi Road, Nr Cotton Exchange
Bhuleshwar Kalbadevi
Mumbai 400002
Insolvency Commencement Date: March 15, 2022
Court: National Company Law Tribunal, Gurugram Bench
Estimated date of closure of
insolvency resolution process: September 11, 2022
Insolvency professional: Mr. Manoj Sehgal
Interim Resolution
Professional: Mr. Manoj Sehgal
Flat 304, Tower 5
Ansal Valley View Estate
Gwal Pahadi, Gurgaon
Haryana 122003
E-mail: manojsehgal_1121@yahoo.co.in
renaissancecorporation.cirp@
gmail.com
Last date for
submission of claims: April 7, 2022
RPA FERRO-INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: RPA Ferro-Industries Private Limited
303, SVP Road
Khetwadi, Mumbai
Maharashtra 400004
Insolvency Commencement Date: March 25, 2022
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: September 11, 2022
Insolvency professional: Mr. Kumar Rajan
Interim Resolution
Professional: Mr. Kumar Rajan
Flat No. 702, Wing 3 Ahad Euphria
Sarjapur Main Road
Chikkanalli, Bangalore
Karnataka 560035
- and -
RBSA Advisors, 912
Venus Atlantis Corporate Park
Prahaladnagar, Ahmedabad
Gujarat 380015
Last date for
submission of claims: April 8, 2022
S.K. HATCHERIES: CARE Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of S.K.
Hatcheries to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.23 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. has been seeking information from S.K. Hatcheries
to monitor the rating(s) vide e-mail communications dated March 7,
2022, February 7,2022, January 14, 2022, January 13, 2022, etc,
among others and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating of S.K Hatcheries bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been revised on account of non-availability of
requisite information due to non-cooperation by S.K. Hatcheries
with CARE Ratings Ltd.'s efforts to undertake a review of the
rating outstanding. CARE Ratings Ltd. views information
availability risk as a key factor in its assessment of credit risk.
Further, the rating continues to remain constrained on account of
delays in servicing of its debt obligations due to stressed
liquidity position.
Detailed Rationale & Key Rating drivers
At the time of last rating on February 25, 2021 the following were
the rating weaknesses:
Key rating weakness
* Ongoing Delays: As per the bank statements, there have been
delays in repayment of term debt obligation in relation to the
servicing of interest and principal repayment for term loan in the
months of March'2020, September'2020, November'2020 and January
2021. The penal interest has also been charged in the month of
March' 2020 and September 2020.
Stretched Liquidity
Liquidity is stretched marked by fully utilized bank limits during
the past 12 months ending January 31, 2021.
S. K. Hatcheries (SKH) was established in 2005 by Mr. Ramehar Singh
as a proprietorship firm and is engaged in poultry farming of egg
laying poultry birds (chicken) and trading of broiler hen in the
poultry farm located in Village Jatauli, Haryana. Firm procures
feeding material i.e. maize, millets, soyabean, DCP (Di Calcium
Phosphate), vitamins and medicines etc. from suppliers based in
Delhi NCR. Currently, the firm has 40,000 broiler parent (hen
giving eggs) and 7,00,000 broilers (hen giving chicks). SKH has one
associate concern namely Om Feed Meal which is engaged in similar
line of business.
SAHELI EXPORTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Saheli Exports Private Limited
New No. 25 / Old No. 10
Sir Madhavan Nair Road
Mahalingapuram, Nungambakkam
Chennai 600034
Insolvency Commencement Date: March 23, 2022
Court: National Company Law Tribunal, Erode Bench
Estimated date of closure of
insolvency resolution process: September 17, 2022
Insolvency professional: Ramasamy Shanmuggam
Interim Resolution
Professional: Ramasamy Shanmuggam
No. 207, 1st Floor
Thirukumaran Building
Near Kalyan Silks, 11F
Metur Road, Erode 638011
E-mail: shanmuggamr@gmail.com
shanmuggam@yahoo.co.in
Last date for
submission of claims: April 6, 2022
SAMRAT FERRO: CRISIL Moves B- Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Samrat
Ferro Alloys Private Limited (SFAPL) to 'CRISIL B-/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SFAPL for
obtaining information through letters and emails dated February 26,
2022, March 8, 2022 and March 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 SFAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFAPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SFAPL to 'CRISIL B-/Stable Issuer not
cooperating'.
SFAPL, incorporated in 1995 and based in Jammu & Kashmir, is owned
and managed by Mr. Sandeep Gulati, Ms Sadhna Gupta and Ms Ritu
Gupta. The company has a pipe manufacturing facility in Sidco
Industrial Complex, Jammu and Kashmir, with capacity of 70,000
tonne per annum.
SEYA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Seya
Industries Limited (SIL) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 509.95 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 515.95 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 14,
2020, placed the rating(s) of SIL under the 'issuer
non-cooperating' category as SIL had failed to provide information
for monitoring of the rating. SIL continues to be non-cooperative
despite repeated requests for submission of information through
phone calls and e-mails dated February 21, 2022, February 11, 2022
and February 1, 2022. In line with the extant SEBI guidelines, CARE
Ratings Ltd. has reviewed the rating on the basis of the best
available information which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating of March 18, 2021 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* Ongoing delays in debt servicing: The debt servicing of SIL has
been irregular in the recent past as indicated by overutilization
of its working capital limits for over 30 days and delays in
payment of debt servicing obligations towards its term loans.
* Time overrun in ongoing capex: SIL has been undertaking the capex
for expansion of its manufacturing facilities. The scope of capex
was revised in past and project has ran into time overruns.
Liquidity: Poor
Significantly high working capital utilization indicating poor
liquidity position for SIL. This has also restrained the ability of
SIL to service its debt obligations in a timely manner.
Incorporated in 1990 as Sriman Organic Chemical Industries Private
Limited, Seya Industries Limited (SIL) is engaged in manufacturing
of benzene based organic chemicals, viz., mono chloro benzene
(MCB), para nitro chloro benzene (PNCB), ortho nitro chloro benzene
(ONCB), 3,3 di chlorobenzidine (3,3 DCB), 2,4 di nitro chloro
benzene (2,4 DNCB) and para nitro aniline (PNA) and by-products
like sulphuric and hydrochloric acid which find application in
pharmaceutical, dyes, agrochemical, fertilizer and rubber
industries. The manufacturing facility is located at Tarapur,
Boisar (Maharashtra).
SGM STEELS PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: SGM Steels Private Limited
Registered office:
House No. 73, 1st Floor
Prashant Vihar, Blk-F
Rohini, North West Delhi 110085
India
Former Registered office address:
A-26, Basement Pushpanjali Enclave
Pitampura, New Delhi
North West 110034
Insolvency Commencement Date: March 23, 2022
Court: National Company Law Tribunal, Bench-VI, New Delhi
Estimated date of closure of
insolvency resolution process: September 18, 2022
(180 days from commencement)
Insolvency professional: Mr. Akhil Ahuja
Interim Resolution
Professional: Mr. Akhil Ahuja
D-65, Ground Floor, ZBC-001
Defence Colony, South
National Capital Territory of Delhi
110024
E-mail: caakhilahuja@gmail.com
- and -
Immaculate Resolution Professionals
Private Limited
Unit No. 112, First Floor
Tower-A, Spazedge Commercial Complex
Sector-47, Sohna Road
Gurgaon 122018
E-mail: cirpsgmsteel@gmail.com
Last date for
submission of claims: April 5, 2022
SUPERTECH LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Supertech Limited
Registered office:
1114, Hemkunt Chamber 89
Nehru Place
New Delhi 110019
India
Corporate office address:
E-Square, Plot No. C2
Sector 96, Noida
Gautam Buddha Nagar
Uttar Pradesh 201303
Insolvency Commencement Date: March 25, 2022
Court: National Company Law Tribunal, Gurugram Bench
Estimated date of closure of
insolvency resolution process: September 21, 2022
Insolvency professional: Mr. Hitesh Goel
Interim Resolution
Professional: Mr. Hitesh Goel
KPMG Restructuring Services LLP
Building No. 10, Tower C
8th Floor, DLF cyber City
Phase II Gurgaon
Haryana 122002
E-mail: hiteshgoel@kpmg.com
irpsupertech@kpmg.com
Classes of creditors: Real Estate Allottee
Insolvency
Professionals
Representative of
Creditors in a class: Kamlesh Taneja
Anju Agarwal
Sanjeet Kumar Sharma
Last date for
submission of claims: April 8, 2022
UNIVERSAL TUBE: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Universal
Tube Accessories Private Limited (UTAPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.68 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.32 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with UTAPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 UTAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UTAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UTAPL continues to be 'CRISIL D Issuer Not Cooperating'.
UTAPL, incorporated in 2011 by Mr. Dayanand Petkar, manufactures
plastic pipe fittings used in oil and gas industries; it also
produces plastic packaging material for paint and chemical
industries, and food products. The production facility at Jejuri
MIDC (Pune) has installed capacity of 3.6 lakh sets per annum.
VINESH TRADERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Vinesh Traders Private Limited
C-122, Mansarover Garden
New Delhi 110015
Insolvency Commencement Date: March 22, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: September 18, 2022
(180 days from commencement)
Insolvency professional: Mr. Sapan Mohan Garg
Interim Resolution
Professional: Mr. Sapan Mohan Garg
C-585 Basement, # Z-94
Defence Colony, New Delhi
National Capital Territory of Delhi
110024
E-mail: sapan10@yahoo.com
- and -
D-54, First Floor
Defence Colony
New Delhi 110024
E-mail: ip.vineshtraders@gmail.com
Last date for
submission of claims: April 5, 2022
ZEXUS AIR: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Zexus Air Services Private Limited
Registered office:
O.L. 48, Office Level 4 Terminal 3
IGI Airport New Delhi
South West Delhi 110037
India
Also at:
2nd Floor, JMK Tower
NH8, D Block
Kapas Hera Estate
New Delhi 110037
Delhi, India
Office No. 148-149, 1st Floor
Centrum Plaza
Golf Course Road
Gurgaon 122002
Haryana
Insolvency Commencement Date: March 25, 2022
Court: National Company Law Tribunal, Bench-IV, New DElhi
Estimated date of closure of
insolvency resolution process: September 21, 2022
(180 days from commencement)
Insolvency professional: Mr. Aahish Gupta
Interim Resolution
Professional: Mr. Aahish Gupta
221-A/19, Ground Floor
Onkar Nagar B, Tri Nagar
North West, New Delhi 110035
E-mail: aashish11_11@yahoo.co.in
- and -
Immaculate Resolution Professionals
Private Limited
Unit No. 112, First Floor, Tower A
Spazedge Commercial Complex
Sector 47, Sohna Road
Gurgaon 122018
E-mail: cirp.zexusair@gmail.com
Last date for
submission of claims: April 8, 2022
=====================
N E W Z E A L A N D
=====================
KANSAS CITY BBQ: Court to Hear Wind-Up Petition on April 12
-----------------------------------------------------------
A petition to wind up the operations of Kansas City BBQ Holdings
Limited will be heard before the High Court at Wellington on April
12, 2022, at 10:00 a.m.
Stonecold Distributors Limited filed the petition against the
company on Jan. 20, 2022.
The Petitioner's solicitor is:
Malcolm David Whitlock
Whitlock & Co.
C/- Level 4
162 Victoria Street West, Auckland
MILANOS LIMITED: Creditors' Proofs of Debt Due on April 25
----------------------------------------------------------
Creditors of Milanos Limited are required to file their proofs of
debt by April 25, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 24, 2022.
The company's liquidator is Kelera Nayacakalou.
PLUMBCO LIMITED: Creditors' Proofs of Debt Due on May 13
--------------------------------------------------------
Creditors of Plumbco Limited are required to file their proofs of
debt by May 13, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 24, 2022.
The company's liquidator is:
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu Peninsula, Auckland 0651
STAR WORLD: Creditors' Proofs of Debt Due on April 25
-----------------------------------------------------
Creditors of Star World Limited are required to file their proofs
of debt by April 25, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 24, 2022.
The company's liquidator is Kelera Nayacakalou.
WHOLESALE CONNECTION: Creditors' Proofs of Debt Due on May 2
------------------------------------------------------------
Creditors of Wholesale Connection Properties Limited and PCS
Kempton Limited are required to file their proofs of debt by May 2,
2022, to be included in the company's dividend distribution.
Wholesale Connection and PCS Kempton commenced wind-up proceedings
on March 24, 2022 and March 28, 2022, respectively.
The company's liquidator is:
Heath Gair
Palliser Insolvency
PO Box 57124
Mana, Porirua 5247
=================
S I N G A P O R E
=================
AETURNUM ENERGY: Creditors' Proofs of Debt Due on April 15
----------------------------------------------------------
Creditors of Aeturnum Energy International Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their proofs
of debt by April 15, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 8, 2022.
The company's liquidator is:
Mr. Don M Ho
C/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
AN XING: Creditors' Meeting Set for April 14
--------------------------------------------
An Xing Shipping Pte Ltd will hold a meeting for its creditors on
April 14, 2022, at 10:00 a.m.
Agenda of the meeting includes:
a. to receive a full statement of the company's affairs
together with a list of creditors and the estimated amount
of their claims;
b. to appoint Liquidator; and
c. to be authorised to appoint solicitors to (i) assist the
liquidators in the liquidators' duties; and/or (ii) to bring
or defend any action or legal proceeding in the name and on
behalf of the Company.
Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore Private Limited were appointed joint and several
provisional liquidators of the company on March 17, 2022.
EZRA MARINE: Members' Final Meeting Set for April 29
----------------------------------------------------
Members of Ezra Marine Services Pte. Ltd, Hmlet Services Pte. Ltd,
and CF Investments Holdings Pte. Ltd, will hold their final meeting
on April 29, 2022, at 10:00 a.m., 11:30 a.m., and 2:00 p.m.
At the meeting, Abuthahir Abdul Gafoor of AAG Corporate Advisory,
the company's liquidator, will give a report on the company's
wind-up proceedings and property disposal.
INTERNATIONAL GOLF: Court to Hear Wind-Up Petition on April 12
--------------------------------------------------------------
A petition to wind up the operations of International Golf Resorts
Pte Ltd will be heard before the High Court of Singapore on April
12, 2022, at 10:00 a.m.
Energy Resource Investment Pte Ltd filed the petition against the
company on March 18, 2022.
The Petitioner's solicitors are:
Davinder Singh Chambers LLC
1 Wallich Street
#20-02 Guoco Tower
Singapore 078881
PDV MARINA: Court to Hear Wind-Up Petition on April 8
-----------------------------------------------------
A petition to wind up the operations of PDV Marina S.A. will be
heard before the High Court of Singapore on April 8, 2022, at 10:00
a.m.
Noah Maritime Co, Ace Maritime Inc, Racer Shipping S.A. (formerly
known as Colt Marine Inc.) and Alcot Shipmanagement Co filed the
petition against the company on March 18, 2022.
The Petitioner's solicitors are:
M/S Asialegal LLC
1 Coleman Street
#07-02A The Adelphi
Singapore 179803
=====================
S O U T H K O R E A
=====================
DOOSAN BOBCAT: S&P Rates New US$850MM Sr. Secured Term Loan 'BB'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to
Doosan Bobcat Inc.'s (DBI) proposed issuance of a US$850 million
senior secured term loan. The recovery rating on the Korea-based
construction equipment maker's senior secured debt remains at '3'.
DBI (BB/Stable/--) plans to use the proceeds of the U.S.
dollar-denominated issuance to repay an existing US$1,126 million
term loan. The issue rating is subject to our review of final terms
and conditions.
S&P said, "We affirmed the 'BB' long-term issue rating on DBI's
existing senior secured notes with a recovery rating of '3' (55%).
"We expect the company to maintain robust credit metrics over the
next 12 months on the back of steady earnings. Due to its partial
debt redemption of about US$300 million through refinancing, its
cash balance could go down to about US$500 million from US$803
million as of end-December 2021. The balance should still be at the
higher end of its cash level of US$200 million-US$500 million in
the past several years.
"DBI's steady free operating cash flow will help the company build
a buffer for investments and further reduce debt, in our view."
Key analytical factors
-- S&P has completed a review of the recovery analysis for DBI,
and the recovery ratings on the company's senior secured term loan
B and US$300 million senior secured notes due 2025 (ranked on par
with the term loan B).
-- S&P used an enterprise value approach to assess the recovery
prospects and applied a 5x valuation multiple to its emergence
EBITDA of US$218.8 million. The 5x valuation multiple reflects the
industry-specific multiple derived from its empirical analysis of
the capital goods industry. As a result, S&P estimates a gross
emergence enterprise value (EV) of US$1,094 million.
S&P said, "Our simulated default scenario contemplates a payment
default occurring in 2027 against a backdrop of a prolonged global
economic downturn. A combination of business activity declines in
key end markets and increased competition from major competitors in
the construction equipment segment would cause a substantial
deterioration in DBI's cash flow. We believe the company would
reorganize rather than liquidate under our default scenario, given
its position in the construction equipment industry and diverse
customer base.
"We expect the net EV of US$1,039 million (after deducting
estimated priority unpaid administrative expenses of 5%) to be
available for distribution to all creditors. We have assumed that
about 80% of the net EV will be attributable to the guarantor
group."
After satisfying the priority claims of the asset-based lending
(ABL) revolver lenders, the collateral value, together with
residual foreign subsidiaries' unpledged EV, should be sufficient
to provide the senior secured term loan B lenders and five-year
senior secured notes holders with recovery expectations of a
meaningful recovery (50%-70%) in the event of a default.
Simulated default assumptions
-- Simulated year of default: 2027
-- Emergence EBITDA: US$219 million
-- Multiple: 5x
Simplified waterfall
-- Net recovery value for waterfall after administrative expenses
(5%): US$1,039 million
-- Obligor/non-obligor valuation split: 80%/20%
-- Estimated priority claims (ABL or other): US$366 million
-- Remaining recovery value: US$601 million
-- Estimated first lien claim: US$1,135 million
-- Value available for first lien claims (collateral +
non-collateral): US$674 million
-- Recovery range: 50%-70% (rounded to an estimate: 55%)
*Note: All debt amounts include six months of prepetition
interest.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***