/raid1/www/Hosts/bankrupt/TCRAP_Public/220606.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, June 6, 2022, Vol. 25, No. 106
Headlines
A U S T R A L I A
5B SOLAR: Sacks 25% of Staff Amid Short Term Headwinds
ASCENT INVESTMENT: Deloitte Appointed as Provisional Liquidators
BELLA LAMPA: First Creditors' Meeting Set for June 14
KONG HWA: First Creditors' Meeting Set for June 10
MATHS AND LEARNING: First Creditors' Meeting Set for June 16
MLSP HOLDINGS: Second Creditors' Meeting Set for June 9
SIP'S INDUSTRIES: Second Creditors' Meeting Set for June 13
C H I N A
CHINA VAST: S&P Withdraws 'B-' Issuer Credit Rating
GOHO ASSET: Moody's Lowers CFR to B2 & Alters Outlook to Negative
YUZHOU GROUP: Moody's Lowers CFR to Ca, Outlook Remains Negative
I N D I A
AADHI CARS: ICRA Moves B+ Debt Rating to Not Cooperating
ADARSHA MOTOR: ICRA Moves B+ Debt Rating to Not Cooperating
ASHIANA DWELLINGS: ICRA Keeps C Debt Rating in Not Cooperating
BEKO DIMON: ICRA Keeps D Debt Ratings in Not Cooperating Category
CHANDI CRANES: Insolvency Resolution Process Case Summary
CHORUS LABS: ICRA Keeps B- Debt Ratings in Not Cooperating
CLASSIC MICROTECH: ICRA Keeps B Debt Ratings in Not Cooperating
DESTINATION TEXOFAB: Liquidation Process Case Summary
DIAMOND ENGINEERING: Liquidation Process Case Summary
DOR TECH DOORS: Insolvency Resolution Process Case Summary
FARIDABAD STAMPINGS: Insolvency Resolution Process Case Summary
IL&FS TAMIL: ICRA Keeps D Debt Ratings in Not Cooperating
KAKATIYA CONSTRUCTIONS: ICRA Cuts Rating on INR3cr LT Loan to B+
LANARSY INFRA: ICRA Lowers Rating on INR10cr LT Loan to B+
MAHAKALESHWAR: ICRA Moves D Issuer Rating to Not Cooperating
NIKKO AUTO: Insolvency Resolution Process Case Summary
PRISM FEEDS: Insolvency Resolution Process Case Summary
PROMINENT POLYMERS: Insolvency Resolution Process Case Summary
PUNJ LLOYD: Liquidation Process Case Summary
RAJALAKSHMI EDUCATION: ICRA Hikes Rating on INR20cr Loans to B
RATNAAKAR SHELTERS: ICRA Withdraws B Rating on INR50cr Loans
ROYAL CASTOR: ICRA Moves B+ Deposit Rating from Not Cooperating
SHREEJI CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
SHUBH SWASTIK: ICRA Keeps B Debt Rating in Not Cooperating
SONA PROCESSORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SPARTAINFOTECH SOLUTIONS: Insolvency Resolution Case Summary
SRAVANTHI ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
SUBHLAXMI COMPUSIS: Insolvency Resolution Process Case Summary
SUNCITY SYNTHETICS: ICRA Keeps D Debt Ratings in Not Cooperating
SUSHEEL MOTORS: ICRA Lowers Rating on INR7.50cr LT Loan to B+
TAMRA DHATU: Insolvency Resolution Process Case Summary
TIN TIME: Insolvency Resolution Process Case Summary
TRIDENT SUGARS: ICRA Keeps C Debt Ratings in Not Cooperating
WHEEL FLEXIBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
J A P A N
TOSHIBA CORP: Director Opposes Nominees From Elliott, Farallon
M A L A Y S I A
BRAHIM'S HOLDINGS: Delisting No Effect on Dewina Group
N E W Z E A L A N D
CREATEPRIME IP: Court to Hear Wind-Up Petition on July 5
HUKA VIEW: Court to Hear Wind-Up Petition on June 16
N.Z. PROTEINS: Creditors' Proofs of Debt Due on July 5
RAMBOLL NEW ZEALAND: Creditors' Proofs of Debt Due on June 17
SMITH TREE: Court to Hear Wind-Up Petition on June 10
VECTOR LTD: S&P Puts 'BB+' Rating on New Subordinated Capital Bonds
S I N G A P O R E
CHARLTON RESIDENCES: Creditors' Proofs of Debt Due on July 4
INTEGRATED GREEN: Court to Hear Wind-Up Petition on July 1
RAFFLES EDUCATION: Says Allegations in India 'Without Legal Merit'
SUNMAX GLOBAL: Court to Hear Wind-Up Petition on July 1
TENGAH ENGINEERING: Court to Hear Wind-Up Petition on June 24
S R I L A N K A
SRI LANKA: Seeks to Secure US$5BB in Funds for Import Payments
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A U S T R A L I A
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5B SOLAR: Sacks 25% of Staff Amid Short Term Headwinds
------------------------------------------------------
news.com.au reports that 5B Solar, an Australian company focused on
solar power projects, has sacked 25% of its workforce.
The start-up, which boasts backing from former Primer Minister
Malcolm Turnbull and wealthy climate crusader Simon Holmes, had
made dozens of employees redundant two weeks ago, a Court revealed,
the report relates.
Yet, it also announced on June 3 that it has just completed a
capital raise that it kicked off in August last year, which would
inject AUD30 million into the business. It also plans to raise
another AUD20 million.
According to news.com.au, co-founder and chief executive officer at
5B Solar Chris McGrath blamed "challenges" that hit the business on
"multiple different fronts" for the staff cuts, including supply
chain and logistics disruptions brought on by the pandemic, as well
as the soaring cost of materials.
The company, which has developed pre-mounted solar panels to be
deployed quickly, has been also been hit by lengthy project delays
and skyrocketing costs, the report relays.
This has included a shortage of materials and a spike in prices
partly brought on the invasion of Ukraine, "chaos" in the shipping
industry and issues manufacturing equipment causing a blow out in
costs, forcing the company to pull back from projects on the
ground.
Mr. McGrath added trade restrictions between the US and China was
also making it difficult to import key products, while doing
anything "physically in the world was far more expensive",
news.com.au relays.
These "short term headwinds" made a restructure of the company
necessary, Mr. McGrath added, meaning almost 50 staff were let go
from the operational side of the business, which had seen 59
projects completed around the world.
Instead, the company would be focusing on its technology and
products rather than projects in the short term, he added, as the
company continues its mission of fighting climate change, according
to the report.
"The way that I see it is the fundamental demand for what we are
developing remains very strong as does the validation of what needs
to be done in this huge growing solar market as it continues to
evolve," he told news.com.au.
"However the today demand on actually using that technology to
build projects is both seeing those headwinds compresseing demand
and the need to build the operational side of the business to
translate the product on to ground into projects has been reduced.
"Those affected by the redundancies included project managers,
supply chain co-ordinators and business operations who were part of
back of house systems and processes to support the larger
business."
5B Solar had also predicted it would be further along in its growth
so had hired more people for a business it thought would be
substantially bigger by now.
Mr. McGrath added he was "confident" no more cuts would be made to
its workforce, although he acknowledged the business was not yet
profitable, news.com.au relates.
Mr. McGrath, who helped to found the company in 2013, said the
redundancies were a "tough decision" but were crucial to ensuring
the business was sustainable and not "just being blown around by
the winds of economic conditions".
The AUD30 million funding injection would be used to help its local
and international market expansion which already includes the
United States, Latin America, Europe and India, aid its supply and
delivery chain development and support its tech and product road
map, according to the company.
"As a young business, we have never enjoyed more than 12 months of
runway so we have always needed to be very responsible with our
funding requirements, as opposed to now we have enough time to
achieve our transformation outcomes," news.com.au quotes Mr.
McGrath as saying. "For that reason we are really confident that
whilst the changes were tough to make, we made a hard decision
earlier and a reset to make sure we have a really sustainable and
enduring strategy for the next two years and beyond."
Last month, buy now, pay later provider BizPay, which has offices
in Sydney, was a another company to make a heavy round of cuts,
news.com.au recalls.
It made 30 per cent of its workforce redundant blaming market
conditions, yet, the company was in the process of trying to raise
AUD25 million in funding and had partially completed it.
But Mr. McGrath added the company hadn't been battered by
plummeting investor confidence around tech companies and their
valuations, with many including Australian giant Atlassian
experiencing massive drops on the share market, as the 5B Solar
also had a heavy hardware infrastructure arm.
Send, an Australian company that promised to deliver groceries in
under 15 minutes collapsed last month putting the jobs of 300 staff
in Sydney and Melbourne at risk.
"There were a number of circumstances globally that had made it
fundamentally harder to raise the necessary capital to scale the
business, ranging from the war in Ukraine, harshening global
economies and wide spread scrutiny among investors regarding the
levels of capital intensity associated with the business model," he
told news.com.au.
ASCENT INVESTMENT: Deloitte Appointed as Provisional Liquidators
----------------------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Federal Court has ordered the
appointment of provisional liquidators to Ascent Investment and
Coaching Pty Ltd.
The Court outcome follows ASIC action against Ascent and its
director, Michael Dunjey, where ASIC suspected that Ascent had been
providing financial services without an Australian financial
services licence and had been operating an unregistered managed
investment scheme that was required to be registered.
ASIC's action sought to protect the assets of Ascent and its
clients following concerns that:
* Ascent is producing little business-generated revenue and is
being sustained almost entirely through borrowings;
* Ascent's primary means to make payments on loans is money it
receives from further loans;
* Ascent has substantial liabilities in comparison to its
assets;
* Ascent's financial records are inaccurate and incorrect.
As of December 2021, when freezing orders were obtained, Ascent
owed approximately AUD149 million to clients and held approximately
AUD4 million in assets.
The Court appointed Matthew Donnelly and Sean Hughes of Deloitte
Financial Advisory as provisional liquidators and made orders for a
report to be provided to the Court by 22 June 2022, including
information about:
* the assets and liabilities of Ascent;
* an opinion as to the solvency of Ascent;
* the likely return to creditors if Ascent was wound up;
* an opinion as to whether the Ascent has kept adequate and
accurate financial records.
The matter is set to return to Court for a hearing on June 29 and
June 30 regarding the winding up of Ascent and appointment of
liquidators.
ASIC's investigation of Ascent and Mr. Dunjey is continuing.
Any person who is concerned they have invested with Ascent can
contact ASIC at Ascent.Investigation@asic.gov.au
On Dec. 13, 2021, the Federal Court made orders freezing the assets
of Ascent and its director, Micheal Dunjey, who was also ordered to
surrender his passport and be restrained from departing Australia.
On Dec. 20, 2021, those orders were extended by consent until
further order.
On March 1, 2022, ASIC made an application to the Federal Court to
wind up Ascent and for the appointment of provisional liquidators
to Ascent.
BELLA LAMPA: First Creditors' Meeting Set for June 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Bella Lampa
Pty Ltd, trading as Orbit Lighting, will be held on June 14, 2022,
at 10:00 a.m. via electronic means.
Shelley-Maree Brooks of Rodgers Reidy (TAS) was appointed as
administrator of Bella Lampa on June 3, 2022.
KONG HWA: First Creditors' Meeting Set for June 10
--------------------------------------------------
A first meeting of the creditors in the proceedings of Kong Hwa
Laundry (Sydney) Pty. Ltd. (As Trustee For 'Q and V Discretionary
Trust'), Kong Hwa Laundry Australia (Mel) Pty Ltd (As Trustee For
'Kong Hwa Laundry Australia (Mel) Trust'), and Kong Hwa Laundry
Australia Pty Ltd (As Trustee For 'Kong Hwa Laundry Australia
Trust') will be held on June 10, 2022, at 10:00 a.m., 11:00 a.m.,
and 12:00 p.m. via teleconference.
Peter Gountzos & Timothy James Brace of SV Partners were appointed
as administrators of Kong Hwa Laundry on May 31, 2022.
MATHS AND LEARNING: First Creditors' Meeting Set for June 16
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Maths and
Learning Excellence Pty Ltd, formerly trading as "Edumedia" and
"Edumedia Group", will be held on June 16, 2022, at 10:00 a.m. at
the offices of GTS Advisory, Level 1, Suite 145, 580 Hay Street, in
Perth, WA.
Mathieu Tribut of GTS Advisory was appointed as administrator of
Maths and Learning on June 3, 2022.
MLSP HOLDINGS: Second Creditors' Meeting Set for June 9
-------------------------------------------------------
A second meeting of creditors in the proceedings of:
- MLSP Holdings Pty Ltd;
- MLSP Land Holdings Pty Ltd;
- MLSP SubHoldCo Pty Ltd;
- MLSP Finance Pty Ltd;
- Mugga Lane Solar Park Pty Ltd; and
- MLSP Assets Pty Ltd as trustee for MLSP Assets Trust
has been set for June 9, 2022, at 12:30 p.m. via online conference
facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 8, 2022, at 12:30 p.m.
David Osborne and Scott Langdon of KordaMentha were appointed as
administrators of MLSP Holdings et al. on May 5, 2022.
SIP'S INDUSTRIES: Second Creditors' Meeting Set for June 13
-----------------------------------------------------------
A second meeting of creditors in the proceedings of SIP's
Industries Australia Pty Ltd has been set for June 13, 2022, at
3:00 p.m. via Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 10, 2022, at 4:00 p.m.
Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of SIP's Industries on May 6, 2022.
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C H I N A
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CHINA VAST: S&P Withdraws 'B-' Issuer Credit Rating
---------------------------------------------------
S&P Global Ratings has withdrawn its 'B-' issuer credit rating on
China VAST Industrial Urban Development Co. Ltd. at the company's
request. The rating on the China-based industrial park developer
had a stable outlook at the time of withdrawal.
GOHO ASSET: Moody's Lowers CFR to B2 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded GOHO Asset Management Co.,
Ltd.'s (GOHO AMC) corporate family rating to B2 from B1. Moody's
has also downgraded GOHO AMC's local currency and foreign currency
issuer ratings to B3 from B1.
At the same time, Moody's has changed the entity-level outlook on
GOHO AMC to negative from stable.
The downgrade of GOHO AMC's ratings reflects the company's weakened
asset quality, increased business complexity and opacity, and
modest liquidity with weaker financial flexibility. The downgrade
of GOHO AMC's issuer ratings also reflects the fact that a large
proportion of the company's assets have been collateralized and the
structural subordination of senior unsecured debt to its secured
indebtedness.
The negative outlook reflects increasing asset-quality risks that
GOHO AMC may face over the next 12-18 months, due to the slowdown
in China's economic growth and the disruption caused by the
coronavirus pandemic, especially considering the high concentration
of GOHO AMC's portfolio.
RATINGS RATIONALE
GOHO AMC's asset quality has weakened significantly. 83% of its
debt investments were at stage 2 as of the end of 2021. The debt
investments, which are mainly distressed assets acquired from
corporates, are GOHO AMC's main business, representing 61% of the
company's total assets and 54% of its revenue in 2021.
GOHO AMC also has high asset concentration risks, which would bring
significant volatility to its financial performance especially
under the backdrop of slowing economic growth in China and the
disruption caused by the coronavirus pandemic. The largest
investment represented 28% of the company's total assets and 72% of
its shareholder equity as of the end of 2021. While the collateral
assets partially temper the risk, the time needed to dispose the
collateral assets is highly uncertain.
The company had a strong tangible common equity/tangible managed
assets ratio of 36.3% as of the end of 2021 and return on average
assets (ROAA) of 3.0% in 2021. Nevertheless, Moody's expects
asset quality deterioration to have a considerable negative impact
on GOHO AMC's capitalization and profitability going forward.
GOHO AMC's business complexity and opacity have also increased. The
regulator issued a warning to the company in January 2022 for
noncompliance with disclosure rules, reflecting a weakness in the
company's disclosure practices that increased governance risks
given its high business complexity. The company has shifted its
business focus from acquiring distressed assets from financial
institutions, to acquiring distressed assets from corporates and
helping listed companies in their restructuring process.
GOHO AMC's modest liquidity is weakened by reduced financial
flexibility given a large proportion of its assets have been
collateralized. In addition, its actual controller, Mr. Li Houwen,
has collateralized the majority of his own indirect shares in GOHO
AMC to support the company's offshore funding. The company's uneven
debt maturity schedule also increases refinancing risks and adds to
the liquidity management challenge.
Moody's regards weakness in risk management and disclosure
practices, as well as key man risk, as a governance risk under the
agency's environmental, social and governance (ESG) framework,
given its implications for the company's financial strategy, risk
management, management credibility and track record, as well as
compliance and reporting. GOHO AMC is controlled by its chairman,
Mr. Li Houwen, who held 52.2% stake indirectly as of the end of
2021. GOHO AMC's high asset concentration indicates the company's
lax controls on managing its single project concentration,
reflecting a weakness in its risk management. The rating action
also reflects the impact on GOHO AMC from its governance weakness.
Structural considerations
Moody's CFR reflects the likelihood of a default on a corporate
family's contractually promised payments and the expected financial
loss suffered in the event of default. A CFR is assigned to a
corporate family as if it had a single class of debt and a single
consolidated legal entity structure. Moody's issuer rating reflects
the ability of entities to honor senior unsecured financial
counterparty obligations and contracts.
The one-notch difference between GOHO AMC's B2 CFR and B3 issuer
rating reflects the fact that a large proportion of GOHO AMC's
assets are encumbered for secured borrowings, as well as increasing
asset quality risk for the company's uncollateralized assets, which
are mainly debt investments. GOHO AMC's senior unsecured debt is
structurally subordinated to its secured indebtedness.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the current negative outlook, it is unlikely that GOHO AMC's
ratings would be upgraded.
GOHO AMC's outlook could return to stable if (1) the company does
not incur significant provisions or losses; (2) asset quality does
not deteriorate materially from an economic slowdown; (3) the
company improves its risk management and lowers its asset
concentration; and (4) the company maintains stable liquidity as
well as prudent liquidity management, including concrete debt
refinancing plans.
Moody's could downgrade GOHO AMC's CFR if the company's (1)
liquidity weakens or liquidity management risk increases, including
the lack of concrete debt refinancing plans; (2) asset quality
further deteriorates; (3) the company incurs significant losses;
(4) tangible common equity/tangible managed assets ratio decreases
materially, due to reasons including losses, rapid asset expansion,
or off-balance-sheet liabilities; (5) corporate governance risk
increases; or (6) business and earnings are significantly affected
by changing regulations.
GOHO AMC's issuer ratings could be downgraded if (1) the CFR is
downgraded; or (2) the company's secured debt increases
materially.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
GOHO Asset Management Co., Ltd. is headquartered in Hefei, Anhui
Province, and reported total assets of RMB13.4 billion as of
December 31, 2021.
YUZHOU GROUP: Moody's Lowers CFR to Ca, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Yuzhou Group Holdings Company Limited to Ca from Caa2,
and the company's senior unsecured ratings to C from Caa3.
The outlook remains negative.
"The downgrade reflects our expectation of weak recovery prospects
for Yuzhou's bondholders following its interest payment defaults,"
says Daniel Zhou, a Moody's Analyst.
"The negative outlook reflects our view that the recovery prospects
for Yuzhou's creditors could weaken further if the interest payment
defaults trigger a wider cross default of the company's other
debt," adds Zhou.
RATINGS RATIONALE
Yuzhou announced on May 31, 2022 that it had missed the interest
payments on several bonds after the expiration of the grace period
[1].
Yuzhou's missed interest payments reflect the company's limited
financial flexibility and weak liquidity. This could trigger a
cross default and accelerate the repayment of the company's other
debt obligations.
As a result, the company will likely go through a debt
restructuring process and have to rely on asset sales or
investments from potential investors to generate funds for debt
servicing. However, these fundraising activities entail high
execution risk and the recovery prospects for creditors remain
uncertain.
Yuzhou's C senior unsecured bond rating is one notch below its CFR
because of the risk of structural subordination. This subordination
risk reflects the fact that most of Yuzhou's claims are at the
operating subsidiaries and have priority over claims at the holding
company in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the expected recovery rate for claims at the holding
company will be lower.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered Yuzhou's concentrated ownership given the
controlling shareholder, Mr. Lam Lung On, holds a 59.09% stake in
the company as of December 31, 2021.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is unlikely given the negative outlook.
However, positive rating momentum could develop if Yuzhou repays
its maturing debt and improves its liquidity position materially.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Yuzhou Group Holdings Company Limited is a property developer that
focuses on residential housing in the Yangtze River Delta and the
West Strait Economic Zone.
Yuzhou listed its shares on the Hong Kong Stock Exchange in 2009.
As of December 31, 2021, Yuzhou's land bank totaled 20.42 million
square meters in saleable gross floor area.
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I N D I A
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AADHI CARS: ICRA Moves B+ Debt Rating to Not Cooperating
--------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Aadhi
Cars Private Limited (ACPL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 1.42 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating downgraded
from [ICRA]BB (Stable) and
moved to 'Issuer Non-
Cooperating' category
Short-term 20.00 [ICRA]A4 ISSUER NOT
Fund-based COOPERATING; Rating Moved to
Facilities the 'Issuer Not Cooperating'
category
Long-term/ 3.58 [ICRA]B+ (Stable)/[ICRA]A4
Short-term- ISSUER NOT COOPERATING;
Unallocated Long term rating downgraded
from [ICRA]BB (Stable) and
moved to the 'Issuer Not
Cooperating' category;
Short term rating Moved to
the 'Issuer Not Cooperating'
category
Rationale
The ratings moved to Issuer Non-Cooperating category and long-term
ratings downgraded because of lack of adequate information
regarding ACPL performance and hence the uncertainty around its
credit risk.
ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
“Policy in respect of non-cooperation by a rated entity”
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Aadhi Cars Private Limited (ACPL), ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Aadhi Cars Private Limited (ACPL), incorporated in 2012, operates
as an authorized automobile dealer of Maruti Suzuki India Limited
based out of Coimbatore, Tamil Nadu. ACPL operates eight Maruti
Suzuki showrooms in Coimbatore and Tirunelveli with multiple
touchpoints. ACPL also operates service centres and Maruti driving
schools in these locations. Status of non-cooperation with previous
CRA: CRISIL has migrated the ratings of Aadhi Cars Private Limited
to 'CRISIL B/Stable ISSUER NOT COOPERATING' on October 11, 2021, as
the issuer has remained non-cooperative.
ADARSHA MOTOR: ICRA Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------
ICRA has downgraded the ratings for the bank facilities of Adarsha
Motor Sales Private Limited's (AMSPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable)
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.77 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating downgraded
from [ICRA]BB-(Stable) and
moved to the 'Issuer Not
Cooperating' category
Long Term- 1.23 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating downgraded
from [ICRA]BB-(Stable) and
moved to the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Adarsha Motor Sales Private Limited's (AMSPL), 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. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.
Incorporated as a private limited company in March 2012 by Mr.
Satyanarayana Goud and Mr. G. Satyanarayana Reddy, AMSPL is the
sole authorized dealer of motorcycles, mopeds, scooters, along with
spares and services for TVS Motors Limited in Karimnagar, Jagtial
and Peddapalli districts of Telangana. The company has operated as
partnership firm named Adarsha Motors since 1999 and has been
converted to private limited company in March 2012. It operates
three showrooms cum service centers in those districts. AMSPL is a
part of the Adarsha Group, which comprises Adarsha Auto Private
Limited [authorized dealer of Maruti Suzuki India Limited (NEXA)],
Adarsha Motor Sales, Susheel Motors, Adarsha Automobiles, and
Thirumal Motors [authorised distributor of TVS Motors Limited in
different parts of Telangana].
ASHIANA DWELLINGS: ICRA Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Optionally Convertible Debenture of Ashiana
Dwellings Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]C; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Optionally 64.81 [ICRA] C; ISSUER NOT COOPERATING;
Convertible Rating continues to remain under
Debenture '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. 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.
ADPL is an SPV of Ashiana Homes Private Limited (AHPL),
incorporated in 2014 for the purpose of development of Ashiana
Mulberry project. AHPL, which holds majority stake in the company,
was incorporated in 1987, with presence mostly in north India, and
has developed more than 3.4 msf (million square feet) of area.
Ashiana Mulberry is a residential project located in Sector 2,
Sohna, Gurugram with total saleable area of 0.95 msf.
BEKO DIMON: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-term and Short Term ratings of Beko
Dimon Fishing Co in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/ [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short term– 15.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based- Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Beko Dimon Fishing Company was established in the year 2003. It is
registered as a 100% Export Oriented Unit (EOU). The firm is into
manufacturing of fishing hooks, snoods, lines, swivels,
monofilament lines and rubber tubing for the long line fishing
industry and for other commercial and non-commercial fishing
purposes. The firm has its manufacturing 2 facility in Nilgiris
with a built up area of approximately 1830 sq m. in 1.0 acre of
land. It has a capacity to manufacture 20,000 to 25,000 hooks per
day which would increase to ~200,000 hooks per day with the
installation of the new machinery.
CHANDI CRANES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Chandi Cranes Private Limited
Near Harchand Mill Road
Motia Khan, Mandi Gobindgarh
Punjab 147301
Insolvency Commencement Date: May 27, 2022
Court: National Company Law Tribunal, Ludhiana Bench
Estimated date of closure of
insolvency resolution process: November 23, 2022
Insolvency professional: Bhupinder Sethi
Interim Resolution
Professional: Bhupinder Sethi
B34-6650/24 B, Street No. 2
New Atam Nagar, Jassian Road
Haibowal, Ludhiana
Punjab 141001
E-mail: ip.bresthi@gmail.com
ip.chandicranes@gmail.com
Last date for
submission of claims: June 10, 2022
CHORUS LABS: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term and Short Term ratings of Chorus
Labs Limited in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B- (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.25 [ICRA]B- (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 2.75 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Chorus Labs Limited came into existence in 2009 as a result of
acquisition of BSN Pharma by Mr. B.N. Reddy. The company is
primarily involved in the manufacturing of anti-inflammatory, anti
fugal and anti bacterial Active Pharma Ingredients (APIs). Mr.
Reddy had earlier been associated with Dr. Reddy Laboratories
Limited and Hetero Drugs Limited and has a vast experience in
pharmaceutical industry. CLL manufacturing facilities are located
in Bidar, Karnataka.
CLASSIC MICROTECH: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-term and Short Term ratings of Classic
Microtech Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Fund Based COOPERATING; Rating continues
Limits 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. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Classic Microtech Pvt. Ltd. (CMPL), incorporated in 2000, is
engaged in the business of manufacturing zirconium silicatea
mineral used as an input during manufacturing of ceramic glaze
frits for tiles, sanitary ware etc. CMPL has an installed capacity
to manufacture ~4200 Metric Tonnes Per Annum (MTPA) of zirconium
silicate at its manufacturing facility located in Pratij, Gujarat.
CMPL is a closely held entity with the members of the Patel family
being the key stakeholders.
DESTINATION TEXOFAB: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Destination Texofab Private Limited
106, T-10 Main Patel Nagar Road
Guruarjun Nagar, Shadi Khampur
New Delhi 110008
Liquidation Commencement Date: May 26, 2022
Court: National Company Law Tribunal, New Delhi Bench-III
Date of closure of
insolvency resolution process: May 26, 2022
Insolvency professional: Atiuttam Prasad Singh
Interim Resolution
Professional: Atiuttam Prasad Singh
A-97 & 98 UGF, Street No. 6
Madhu Vihar, Delhi 110092
E-mail: atiuttamsingh@gmail.com
cirpdestinationtexofab@gmail.com
Last date for
submission of claims: June 25, 2022
DIAMOND ENGINEERING: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Diamond Engineering (Chennai) Private Limited
Door No. 501, Vandalur-Kelambakkam Main Road
Mambakkam Chennai TN 600127
IN
Liquidation Commencement Date: May 30, 2022
Court: National Company Law Tribunal, Chennai Bench
Date of closure of
insolvency resolution process: September 30, 2019
Insolvency professional: Lakshmanan Krishnan
Interim Resolution
Professional: Lakshmanan Krishnan
T1 Gokul Flats
12 Taylors Estate
2nd Street, Kodambakkam
Chennai, Tamil Nadu 600024
E-mail: kichaa_feb05@yahoo.co.in
- and -
BKC Centre, 31E
Laxmi Industrial Estate
New Link Road, Andheri (W)
Mumbai 400053
E-mail: liq.diamondengg@gmail.com
Last date for
submission of claims: June 29, 2022
DOR TECH DOORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Dor Tech Doors India Private Limited
B-4/44-45, First Floor
Sector-11, Rohini
Delhi 110085
Insolvency Commencement Date: May 26, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 21, 2022
(180 days from commencement)
Insolvency professional: Rajesh Kumar Parakh
Interim Resolution
Professional: Rajesh Kumar Parakh
5/51, 2nd Floor
W.E.A. Karol Bagh
New Delhi 110005
E-mail: parakh.rajesh@gmail.com
- and -
C-108, 3rd Floor
Sector-2
Noida 201301
UP
E-mail: cirp.dortech@gmail.com
cirp.prominent@gmail.com
Last date for
submission of claims: June 8, 2022
FARIDABAD STAMPINGS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Faridabad Stampings Private Limited
H.No. 2644/6, Narag Colony
Tri Nagar, New Delhi 110035
Insolvency Commencement Date: May 31, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 26, 2022
Insolvency professional: Mr. Kunwarpreet Singh
Interim Resolution
Professional: Mr. Kunwarpreet Singh
77, Ground Floor, Sant Nagar
East of Kailash, Post Office
Sant Nagar, South Delhi
National Capital Territory of Delhi
110065
E-mail: singhkunwar2012@gmail.com
cirp.fspl@gmail.com
Last date for
submission of claims: June 14, 2022
IL&FS TAMIL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings of Bank Facilities and
Non-Convertible Debenture Programme of IL&FS Tamil Nadu Power
Company Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 6,080 [ICRA] D; ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-Convertible 500 [ICRA] D; ISSUER NOT
Debenture COOPERATING; Rating continues
Programme 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. 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.
ITPCL is a special purpose vehicle promoted by IL&FS Energy
Development Company Limited (IEDCL), which is a subsidiary of IL&FS
Limited, for the development of a 3180-MW coal-based thermal power
plant at Cuddalore in Tamil Nadu. The project would be implemented
in phases and in the first phase, the company has set up a 1200 MW
(2x600 MW) power plant based on imported coal with sub-critical
technology. IL&FS has an established track record of financing
various infrastructure projects as well as developing projects
through the SPV route. IEDCL is a subsidiary of IL&FS and the
holding company for project SPVs in the power domain. The total
project cost in the first phase, which was estimated at INR6371
crore initially, was revised by the lenders to INR9116 crore
because of execution delays and increase in project scope and was
financed be INR6080 crore of term loans and balance through equity.
KAKATIYA CONSTRUCTIONS: ICRA Cuts Rating on INR3cr LT Loan to B+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Kakatiya
Constructions (KC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Downgraded from
[ICRA]BB-(Stable) and
continues to remain under the
'Issuer Not Cooperating'
Category
Short term– 3.00 [ICRA]A4; ISSUER NOT
Non fund based/ COOPERATING; continues to
BG Remain under the 'Issuer Not
Cooperating' category
Long term/ 4.00 [ICRA]B+(Stable); ISSUER NOT
Short term– COOPERATING; Downgraded from
Unallocated [ICRA]BB-(Stable) and
[ICRA]A4; ISSUER NOT
COOPERATING continues to
remain under the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding KC's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Kakatiya Constructions' (KC), 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
based on the best available information. Despite repeated requests
by ICRA, the entity's management has remained non-cooperative. In
the absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.
Kakatiya Constructions (KC) was started in 1999. The firm primarily
operates in Telangana. It is a special class civil contractor in
Andhra Pradesh and Telangana for executing building construction.
The firm has been executing building construction contracts for
various Government departments such as Telangana State Education
and Welfare Infrastructure Development Corporation (TSEWIDC),
Tribal Welfare Department and Telangana State Medical Services and
Infrastructure Development Corporation (TSMSIDC), etc.
LANARSY INFRA: ICRA Lowers Rating on INR10cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Lanarsy
Infra Limited (LIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Downgraded from
[ICRA]BB (Stable) and rating
moved to 'Issuer Not
Cooperating' category
Long term/ 20.00 [ICRA]B+(Stable); ISSUER NOT
Short term– COOPERATING; Downgraded from
Unallocated [ICRA]BB(Stable) and
[ICRA]A4; ISSUER NOT
COOPERATING and rating moved
to 'Issuer Not Cooperating'
category.
Short-term– 20.00 [ICRA]A4; ISSUER NOT
Non-fund based COOPERATING; rating moved to
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade is because of lack of adequate information
regarding LIL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Lanarsy Infra Limited's (LIL), 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. Despite multiple
requests by ICRA, the entity's management has remained
noncooperative. In the absence of requisite information and in line
with the aforesaid policy of ICRA, the rating has been moved to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.
LIL was incorporated in 2011 as a closely held public limited
company, in Hyderabad. The company started its commercial
operations in FY2013 by executing contracts related to transmission
and distribution in the power sector. It specializes in laying
transmission lines, setting up of sub-stations, etc. The company's
operations are managed by its directors, Mr. Venugopal Rao and
Padmaja. It mainly acts as a sub-contractor to PPSPL, which is a
related entity. Its top clients include Karnataka Power
Transmission Corporation Limited (KPTCL), Chhattisgarh State Power
Distribution Company Limited (CSPDCL), South Bihar Power
Distribution Corporation Limited (SBPDCL) and Jharkhand Bijli
Vitran Nigam Limited (JVBNL).
MAHAKALESHWAR: ICRA Moves D Issuer Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the issuer rating of Mahakaleshwar Tollways Private
Limited (MTPL) to the 'Issuer Not Cooperating' category. The rating
has been denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer rating - [ICRA]D; ISSUER NOT COOPERATING;
Rating moved to 'Issuer Not
Cooperating' category
As a part of its process and in accordance with its rating
agreement with Mahakaleshwar Tollways Private Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information. 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 ratings action
has been taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
MTPL is a special purpose vehicle (SPV) promoted majorly by Bharat
Road Network Limited (BRNL) and SREI Infrastructure Finance
Limited, for implementing a BOT toll road project in Madhya
Pradesh, along the Indore-Ujjain Road, on SH-27 from km 5/2 at
Indore to Km 53 at Ujjain (Total length- 49 km). The 25-year
concession agreement for the project was signed in September 2008
with MPRDC, with appointed date of May 2009. The project achieved
COD in February 2011.
NIKKO AUTO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Nikko Auto Ltd
Registered office:
806, Devika Tower
6, Nehru Place
New Delhi 110019
Principal office:
UM House, Plot No. 35P
Sector-44, Gurugram
Haryana 122002
Others:
Plot No. 9G, Sector-6
Faridabad
Haryana 121006
Insolvency Commencement Date: May 25, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 21, 2022
Insolvency professional: Satish Joshi
Interim Resolution
Professional: Satish Joshi
F-207, Aditya Trade Tower
Plot No. 4
Local Shopping Complex
Pocket O & P, Dilshad Garden
Delhi 110095
E-mail: recourse2018@gmail.com
Last date for
submission of claims: June 8, 2022
PRISM FEEDS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Prism Feeds India Private Limited
7/1 Srinivasa Complex
R.S. Puram
Mahalingapuram Post
Pollachi, Tamilnadu 642002
Insolvency Commencement Date: April 20, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: October 16, 2022
(180 days from commencement)
Insolvency professional: S Dehaleesan
Interim Resolution
Professional: S Dehaleesan
4/22 First Cross Street
Raghavan Colony
Ashoknagar, Chennai 600083
E-mail: dehaleesan@gmail.com
cirp.prismfeedsipl@gmail.com
Last date for
submission of claims: May 4, 2022
PROMINENT POLYMERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Prominent Polymers Private Limited
Plot No. A-609 G/F
GD Colony Mayur Vihar-III
Delhi East, Delhi 110096
Insolvency Commencement Date: May 26, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 21, 2022
(180 days from commencement)
Insolvency professional: Rajesh Kumar Parakh
Interim Resolution
Professional: Rajesh Kumar Parakh
5/51, 2nd Floor
W.E.A. Karol Bagh
New Delhi 110005
E-mail: parakh.rajesh@gmail.com
- and -
C-108, 3rd Floor
Sector-2
Noida 201301
UP
E-mail: cirp.prominent@gmail.com
Last date for
submission of claims: June 8, 2022
PUNJ LLOYD: Liquidation Process Case Summary
--------------------------------------------
Debtor: Punj Lloyd Limited
Registered office:
Punj Lloyd House
17-18, Nehru Place
New Delhi 110019
Corporate office:
Corporate office I
78, Institutional Area
Sector-32, Gurgaon 122001
Haryana
Liquidation Commencement Date: May 31, 2022
Court: National Company Law Tribunal, Principal Bench, New Delhi
Date of closure of
insolvency resolution process: May 27, 2022
Insolvency professional: Mr. Ashwini Mehra
Interim Resolution
Professional: Mr. Ashwini Mehra
C 1201, Salarpuria Magnificia
Old Madras Rd.
Bangalore 560016
E-mail: mehra.ashwini@gmail.com
- and -
C/o Mr. Surendra Raj Gang
GT Restructuring Services LLP
L-41, Connaught Circus
New Delhi 110001
E-mail: lq.punj@in.gt.com
claims.punj@in.gt.com
Tel: +911242620150/776/790
Last date for
submission of claims: June 26, 2022
RAJALAKSHMI EDUCATION: ICRA Hikes Rating on INR20cr Loans to B
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Rajalakshmi Education Services Private Limited (RESPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 15.0 [ICRA]B (Stable); upgraded from
Term Loan [ICRA]D
Unallocated 5.0 [ICRA]B (Stable); upgraded from
[ICRA]D
Rationale
The rating revision for RESPL considers the regularisation of its
debt servicing track record from July 2021, supported by part
recovery of receivables from Rajalakshmi Engineering Trust (RET)
infusion of unsecured loans from promoter as well as restructuring
of term loans with a two-year principal moratorium. The rating
favourably factors in the association of RESPL with the Rajalakshmi
Group, whose promoters have rich experience in the higher education
sector. The rating continues to derive comfort from the fixed
rental income from RET, which ensures revenue stability.
The rating, however, is constrained by RESPL's modest scale of
operations and coverage indicators, with an elongated receivable
cycle from RET, which adversely impacts its liquidity position.
Further, with RET being the sole revenue contributor, any
deterioration in the financial profile of the trust's educational
institutions would affect its ability to pay its rental obligations
towards RESPL. ICRA also notes the company's exposure to regulatory
risks associated with the higher education sector.
The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that the company will continue to benefit from the established
presence of the Rajalakshmi Group in the higher education sector.
Key rating drivers and their description
Credit strengths
* Established presence of the Group in higher education sector:
RESPL is a part of the Chennai-based Rajalakshmi Group, whose
promoters have rich experience in the higher education sector. The
Group has two flagship trusts – Rajalakshmi Educational Trust
(which operates Rajalakshmi Engineering College [REC] and
Rajalakshmi School of Architecture) and Sabari Foundation (which
operates Rajalakshmi Institute of Technology and Rajalakshmi School
of Business).
* Fixed rental income from RET ensures revenue stability: RESPL
derives rental income from RET for the canteen and parking space
that has been rented out to it. The rental income for RESPL is
fixed, based on the area leased out, which ensures stability of
contracted revenue.
* Timely servicing of debt obligation from July 2021: The company
made timely debt servicing from July 2021, after delay in debt
obligations in June 2021 as its liquidity was supported by receipt
of receivables from RET and unsecured loans from the promoter.
Further, the company's debt was re-structured in October 2021 by
allowing 18 months' moratorium on principal repayments and later
was taken over by Hinduja Leyland Finance.
Credit challenges
* Modest scale of operations and modest coverage indicators: The
company's scale of operations remains modest with revenues of
INR3.50 crore in FY2022 (PY: INR3.12 crore in FY2021) declining
from INR5.32 crore in FY2020 owing to reduced rental income due to
pandemic. The scale of operations is likely to be constrained
despite the expected increase in revenues to pre-Covid levels in
FY2023. RESPL's debt coverage indicators remain modest on account
of its sizeable debt servicing obligations amid a small scale of
operations and limited operating profits. Further, the timely debt
repayments would depend on timely recovery of receivables from RET
going forward.
* Elongated receivable cycle: The high working capital intensity is
attributable to significant increase in receivables as on March 31,
2021 due to delay in payments from RET, as fee collection from
students was delayed owing to the pandemic. Despite a reduction in
receivables to INR3.80 crore as on March 31, 2022 from INR5.60
crore as on March 31, 2021 on the back of resumption of regular
operations at the facilities from October 2021, the same remain
high.
* Linkage of RESPL's revenue receipts to that of RET's financial
profile: RET is the sole revenue driver of RESPL and any
deterioration in the performance of RET's educational institutions
would affect its ability to pay rentals towards RESPL. The higher
education sector is highly regulated in nature, with the sanctioned
student intake, tuition fees and student-faculty ratio subject to
regulatory norms. This apart, the trusts are required to incur
regular capital expenditure towards
infrastructural developments.
Liquidity position: Stretched
RESPL's liquidity position is stretched with moderate cash balances
of INR0.03 crore and higher receivables from RET. The company has
debt repayment obligations of INR0.56 crore in FY2023, which will
be funded from its internal accruals and promoter contribution, in
case of any shortfall. Nonetheless, the financial support extended
by the promoters and the absence of any major debt-funded capital
expenditure in the near term provide comfort to an extent.
Rating sensitivities
Positive factors – ICRA may upgrade the rating if there is an
increase in the company's earnings and improvement in the working
capital cycle resulting in an improvement in debt coverage metrics
and liquidity position.
Negative factors – The rating will be downgraded if the company's
liquidity position deteriorates because of any stretch in the
working capital cycle or lack of timely support from the promoters.
Incorporated in 2008, RESPL owns and leases the canteen block and
the parking spaces to an educational institution – REC, which is
run by Rajalakshmi Educational Trust (a Group trust) in lieu of
rental income. RESPL is promoted by Mr. S. Meganathan and his
family. The promoters are also the trustees at RET. REC remains an
established engineering college in Chennai.
RATNAAKAR SHELTERS: ICRA Withdraws B Rating on INR50cr Loans
------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Ratnaakar Shelters LLP (RSLLP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 40.65 [ICRA]B (Stable); withdrawn
Unallocated Limits 9.35 [ICRA]B (Stable); withdrawn
Rationale
The long-term rating assigned to the bank facilities of RSLLP has
been withdrawn at the company's request, based on the No Objection
Certificate received from the banker, and in accordance with ICRA's
withdrawal policy. However, ICRA does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. The key rating drivers, liquidity position,
rating sensitivities, and key financial indicators have not been
captured as the rated instruments are being withdrawn.
RSLLP was set up in March 2015, as a limited liability partnership
firm and is a part of the Mumbai-based Aventus Realty Group
(erstwhile Ratnaakar Group), which is jointly promoted by Mr.
Sukhraj Mehta, Mr. Vinod S. Mehta and Mr. Deven P. Mody. RSLLP is a
special purpose vehicle (SPV) established to develop a residential
project under the slum rehabilitation scheme in Govandi (East),
Mumbai. The scope of the project includes redevelopment of a slum
rehabilitation authority (SRA) society located in Govandi (E) by
constructing two buildings i.e, a composite building and a saleable
building. The composite building with a carpet area of 59,924 sft.
is reserved for the existing tenants while the saleable building
(in the name of 'Aventus Heights') with a revised carpet area of
95,596 sq. ft. is for sale in the open market. The revised project
configuration offers 174 units of affordable residential of 1 BHK
and 2 BHK units and 26 commercial units.
ROYAL CASTOR: ICRA Moves B+ Deposit Rating from Not Cooperating
---------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Royal
Castor Products Limited from medium-term rating scale/Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Public Deposit 10.00 [ICRA]B+(Stable) ISSUER NOT
Programme COOPERATING; Migrated from
MB+ (Stable) ISSUER NOT
COOPERATING
Fund Based- 3.00 [ICRA]B+ (Stable); ISSUER NOT
Term loan COOPERATING Outstanding
Long Term- (20.00) [ICRA]B+ (Stable); ISSUER NOT
Interchangeable COOPERATING Outstanding
Fund-based- 55.00 [ICRA]A4; ISSUER NOT
EPC/FBD/FBP COOPERATING Outstanding
Non-fund Based 3.00 [ICRA]A4; ISSUER NOT
Limits COOPERATING Outstanding
Short Term- (10.00) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING Outstanding
Rationale
In compliance with the circular
[SEBI/HO/MIRSD/MIRSD_CRADT/P/CIR/2021/594] issued by the Securities
and Exchange Board of India (SEBI) on July 16, 2021 and the
subsequent circular SEBI/HO/MIRSD/MIRSD_CRADT /P/CIR/2022/43 of
April 1, 2022, for standardizing the rating scales used by the
Credit Rating Agencies, ICRA has discontinued the medium-term
rating scale which was being used to assign ratings to the fixed
deposit programmes of entities.
Accordingly, ICRA has migrated the rating currently outstanding for
the fixed deposits programme of Royal Castor Products Limited from
the medium-term rating scale to the long-term rating scale. The
medium-term rating scale of ICRA was a 14-point scale, while the
long-term rating scale is a 20-point scale. The migration of the
rating has resulted in a change in the rating symbol; however, this
is to be construed only as a recalibration of the rating from one
scale to another, and not as a reflection of a change in the credit
risk of the fixed deposit programme.
Royal Castor Products Limited (RCPL) was incorporated in August
1994 and is based out of Siddhpur in the Patan district of Gujarat.
The Company was initially promoted by Mr. Mohanbhai M Patel and
presently has more than 50 shareholders. Standard Greases &
Specialities Private Limited has a stake of around 23%. In FY 2013,
Kusumoto Chemicals Limited, (a company with whom RCPL has
established relations for over a decade) infused around INR11.10 Cr
for an 8.8% stake in the company. RCPL is engaged in the business
of manufacturing derivative products by processing castor oil and
refined castor oil. Its portfolio consists of more than 20
derivative products. It has a refining plant with a capacity of
73,214 tonnes per annum (TPA).
SHREEJI CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shreeji
Construction in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1989, SC is a proprietorship which operates as a
civil contractor based in Mumbai. The firm was started by Late Mr.
Mahendra Sheth and is currently managed by Mr. Bhavesh M. Sheth. It
specializes in the construction of asphalt and concrete roads,
drains and allied activities and operates primarily in Mumbai and
its suburbs. Its clients typically consist of Maharashtra
government and semi- government agencies such as MMRDA, MBMC, and
VVMC etc. among others.
SHUBH SWASTIK: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term ratings of Shubh Swastik Dal Mill
Co. Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 6.00 [ICRA]B (Stable) ISSUER NOT
Limit COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Shubh Swastik Dal Mill Company Private Limited (SSDMCPL) processes
red gram (arhar dal), red lentil (masoor dal), bengal gram (chana
dal), yellow peas (matar dal), corn flakes, soya bean nuggets among
others at its facility in Raipur, Chhattisgarh, with an installed
capacity of 50 metric tonnes (MT) per day. Promoted by the
Raipur-based Sachdev family, the entity was set up in 2002 as a
proprietorship concern named Swastik Industries, and was converted
into a private limited company in 2011. The promoters have a long
experience in the pulses-processing industry.
SONA PROCESSORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-term ratings of Sona Processors (India)
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 19.47 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/TL COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1994, Sona Processors (India) Limited (SPIL) is a
Bhilwara (Rajasthan) based fabric processing house having an
installed processing capacity of about 400 lac meter fabric per
annum. In addition to the fabric processing business, the company
has also invested in a 1.6 MW wind turbine generator, which is
installed in Jaisalmer, Rajasthan.
SPARTAINFOTECH SOLUTIONS: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: M/s Spartainfotech Solutions Private Limited
Vill. Bakhtawarpur Sector-127
Noida, Gautam Buddha Nagar
UP 201301
India
Insolvency Commencement Date: May 24, 2022
Court: National Company Law Tribunal, Ghaziabad Bench
Estimated date of closure of
insolvency resolution process: November 19, 2022
Insolvency professional: Parag Singhal
Interim Resolution
Professional: Parag Singhal
1002-B, Plot No. 11
Eldeco Apartment
Sector-4, Vaishali
Ghaziabad, UP 201010
E-mail: sparagca@yahoo.co.in
cirpspartainfotech@gmail.com
Last date for
submission of claims: June 6, 2022
SRAVANTHI ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-term rating of Sravanthi Energy Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 633.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long term– 50.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based 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.
SEPL is developing a 2*225 MW gas-based power project in two phases
(Phase-I and Phase-II) at Udham Singh Nagar district In Uttarakhand
state of India. Land has been fully acquired and all clearances are
in place. The total project cost is to be funded in a debt equity
ratio of 3:1. The combined cycle for Phase-I of the project was
completed in Mar 2012.
SUBHLAXMI COMPUSIS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Subhlaxmi Compusis Pvt. Ltd.
9 Ezra Street
Top Floor-Room No. 47
Kolkata 700001
Insolvency Commencement Date: March 25, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: November 19, 2022
Insolvency professional: Mr. Amit Patni
Interim Resolution
Professional: Mr. Amit Patni
190A Maniktalla Main Road
2nd Floor, Kankurgachi
Kolkata, West Bengal 700054
E-mail: caamit.patni@gmail.com
- and -
AAA Insolvency Professionals LLP
Mousumi Co.Op. Housing Society
15B, Ballygunge Circular Road
Kolkata 700019
E-mail: subhlaxmicompusis.cirp@gmail.com
Last date for
submission of claims: June 6, 2022
SUNCITY SYNTHETICS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term ratings of Suncity Synthetics
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 8.35 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 1.74 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 0.85 [ICRA]D; ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain under
limits 'Issuer Not Cooperating'
Bank Guarantee Category
Long Term- 4.06 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
Limits '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.
Suncity Synthetics Ltd. (SSL) was incorporated in February 1988 and
has its registered office at Surat, Gujarat and administrative
office at Jodhpur, Rajasthan. The promoters were earlier involved
in yarn manufacturing business and later switched to the production
of nylon chips. Till FY2013, the company was involved in the
business of manufacturing nylon granules, which are basically used
as the matrix material in composite materials for reinforcing
fibres like glass or carbon fibre. The good heat resistance of such
materials makes these feasible alternatives to metals. Such
materials are also used in technical textile products. The company
was one of the pioneers in India, producing nylon double chips
using German technology. Since April 2013, the company started
manufacturing polyester staple fibre as well. SSL is ISO 9001:2000
and ISO 14001 certified. It has also forayed into the manufacturing
of nylon staple fibre (NSF), which finds applications in technical
textile products as well as automotive industries. The plant became
operational in August 2015 but due to low demand and intense
competition, the company used the enhanced capacity to manufacture
PSF only from FY2017. SSL has two factories in Jodhpur, Rajasthan.
One factory premise is used for manufacturing PSF and the other one
is used for nylon granule and fibre manufacturing.
SUSHEEL MOTORS: ICRA Lowers Rating on INR7.50cr LT Loan to B+
-------------------------------------------------------------
ICRA has downgraded the ratings for the bank facilities of Susheel
Motors Private Limited's (SMPL) to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based COOPERATING; Rating downgraded
from [ICRA]BB-(Negative) and
moved to the 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating downgraded
from [ICRA]BB-(Stable) and
moved to the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SMPL's, 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. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.
Incorporated as a private limited company in 2011 by Mr.
Satyanarayana Goud and Mr. Satyanarayana Reddy, SMPL is the
authorised dealer of TVS Motors Limited for the sale of motor
cycles, mopeds, scooters along with spares and services in
Hyderabad, Telangana.
TAMRA DHATU: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Tamra Dhatu Udyog Private Limited
Registered office:
2, N.C. Dutta Sarani
Sagar Estate, 7 Floor
Room No. 709
Kolkata 700001
West Bengal
Factory 1:
SP2 873 RIICO Industrial Area
Pathredi Bhiwadi 301707
Rajasthan
Factory 2:
Dhulagarh Industrial Park
Bhagwatipur, Sankrail
Howrah 711302
West Bengal
Insolvency Commencement Date: May 25, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: November 21, 2022
Insolvency professional: Mamta Binani
Interim Resolution
Professional: Mamta Binani
Second Floor, Nicco House
2 Hare Street
Kolkata 700001
West Bengal
E-mail: mamtabinani@gmail.com
tamracirp@gmail.com
Last date for
submission of claims: June 8, 2022
TIN TIME: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Tin Time Consultancy Private Limited
302, CFC Bldg No. 1, 3rd Floor
Asmeeta Textile Park
Addl Kalyan-Bhiwandi Industrial Area
Village Kon Bhiwandi
Mumbai 421311
Insolvency Commencement Date: May 27, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: November 23, 2022
Insolvency professional: Mr. Prakash Dattatraya Naringrekar
Interim Resolution
Professional: Mr. Prakash Dattatraya Naringrekar
503-A, Blue Diamond CHS Ltd.
Chincholi Bunder, Link Road
Malad West, Mumbai 400064
E-mail: prakash03041956@gmail.com
- and -
16, 2nd Floor, Surendra Niwas
Behind Malvan Katta Hotel
Peru Bagh, Goregaon East
Mumbai 400063
E-mail: tintime.cirp@gmail.com
Last date for
submission of claims: June 10, 2022
TRIDENT SUGARS: ICRA Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term rating of Trident Sugars Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]C; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 28.00 [ICRA]C; ISSUER NOT COOPERATING;
Rating Continues to remain under
'Issuer Not Cooperating'
Category
Term Loan 13.95 [ICRA]C; ISSUER NOT COOPERATING;
Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Trident Sugars Limited commenced its operation as a cooperative
mill and was acquired by Ganapati Sugar Mills in 2002. TSL was then
acquired by Rajshree Sugars and Chemicals Limited in 2006, further
it was subsequently acquired by Natems Sugar Private Limited (NSPL)
in April 2017 and now is a 100% subsidiary of NSPL. The standalone
sugar mill of TSL, having crushing capacity of 2500 tons of cane
per day, is located in Zaheerabad Tq. of Andhra Pradesh.
WHEEL FLEXIBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term rating of Wheel Flexible Packaging
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 3.38 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based- 11.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Wheel Flexible Packaging was established in the year 1999 as a
partnership firm by Mr. A.C.B Nambiar and three other partners.
Currently Mr. A.C.B Nambiar, Mr. P.A. Mohammed Abdulrehaman, Ms.
Vidya Pathak, Mr. Zaidalibabu Mohammed Kutty and Mr. Abhilash
Nambiar are looking after the management of the firm. The firm is
located in zero tax industrial area of Dadra. The firm is engaged
into manufacturing of plastic packaging material i.e. printed,
nonprinted, laminated rolls and pouches. Design of packing material
is provided by the client. The plant is currently operating with an
input capacity of processing 7500 MTPA.
=========
J A P A N
=========
TOSHIBA CORP: Director Opposes Nominees From Elliott, Farallon
--------------------------------------------------------------
Bloomberg News reports that a Toshiba Corp. outside director
opposed the nominations of two directors representing the company's
activist investors, suggesting possible conflict ahead in what has
become a litmus test for corporate governance in Japan.
Bloomberg relates that Mariko Watahiki, a former Nagoya High Court
chief justice, opposed the nomination of directors from Elliott
Capital Advisors LP and Farallon Capital Management LLC, fellow
Toshiba outside director Jerry Black said at a media event on June
3. Mr. Black declined to comment further on why Mr. Watahiki was
against the appointments, Bloomberg says. Hedge funds are sometimes
seen to prioritize their own short-term investment gains over
companies' long-term growth.
Under criticism that it was ignoring the wishes of shareholders,
Toshiba last month nominated to its board Eijiro Imai and Nabeel
Bhanji to represent activist investors Farallon and Elliott,
Bloomberg recalls.
Bloomberg relates that Toshiba said the previous day it received
eight offers to buy out the conglomerate, as well as two proposals
for capital and business alliances. The company said in a filing it
will evaluate the non-binding bids and choose one or more to pursue
after its annual shareholder meeting scheduled for June 28.
The likelihood of any bid to pass clearance with Japan's Foreign
Exchange and Foreign Trade Act will be one of the criteria when
narrowing down the bids, Mr. Black said. The country's Ministry of
Economy, Trade and Industry will play an important role, he added.
Private equity investors including CVC Capital Partners, Blackstone
Inc. and Bain Capital were considering making bids, Bloomberg News
has reported. State-backed investment fund Japan Investment Corp.
was also mulling an offer, Bloomberg reported last month. Private
equity fund MBK Partners also submitted a bid and may form a
consortium for Toshiba, Maeil Business Newspaper reported, citing
unidentified people in investment banking industry. Toshiba has not
disclosed the bidders, Bloomberg adds.
About Toshiba Corp.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific on April
1, 2022, S&P Global Ratings has affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.
===============
M A L A Y S I A
===============
BRAHIM'S HOLDINGS: Delisting No Effect on Dewina Group
------------------------------------------------------
Bernama reports that Dewina Holdings Sdn Bhd (Dewina) and its
subsidiaries will continue to operate as usual despite the
delisting of its associate company Brahim's Holdings Bhd from Bursa
Malaysia effective Friday (June 3).
In a statement June 3, group executive chairman Datuk Seri Ibrahim
Ahmad said Brahim's' delisting is not expected to have a
significant impact on the Dewina group of companies, Bernama
relates.
"Dewina group handles all manufacturing and supply of Brahim's
branded products and services operating under its parent company,
Dewina Holdings Sdn Bhd, so there will be no business disruption as
a result of this delisting.
"Brahim's brand resilience has helped us weather all the challenges
and the recovery of the economic sector will provide greater
opportunities for us to further expand our brand presence," he
said.
The Dewina group of companies consists of Dewina Food Industries
(manufacturer of Brahim's brand food), Desatera (military catering
services, public and private institutions), Dewina Consult
(research and consulting) and Dewina Trading (distributor of
Brahim's brand products), Bernama discloses.
Earlier, Brahim's, a Practice Note 17 (PN17) company, was delisted
28 years after its debut on Bursa Malaysia, after the exchange
rejected the company's appeal for additional time to submit its
restructuring plan, Bernama reports.
About Brahim's Holdings
Brahim's Holdings Berhad is a holding company. The Company's core
business is airport-centric, focusing on the provision of in-flight
catering and restaurant operations. Brahim through its subsidiary
holds a concession with Malaysia Airlines System Berhad (MAS) for
the provision of in-flight catering and related services.
Brahim's Holdings Berhad slipped into PN17 (Practice Note 17)
status in February 2019 as it has triggered the Prescribed Criteria
under Paragraph 2.1 (a) of PN17. Based on the unaudited interim
financial results of BHB for the fourth quarter ended December 31,
2018, the shareholders' equity of BHB on a consolidated basis of
less than MYR40.0 million represented 25% or less of its issued
capital.
=====================
N E W Z E A L A N D
=====================
CREATEPRIME IP: Court to Hear Wind-Up Petition on July 5
--------------------------------------------------------
A petition to wind up the operations of Createprime IP Limited will
be heard before the High Court at Wellington on July 5, 2022, at
10:00 a.m.
End-Game Limited, Helen Rebecca Shorthouse and Andrew David Butel
filed the petition against the company on May 10, 2022.
The Petitioner's solicitor is:
Kris Morrison
Parry Field Lawyers
1 Rimu Street
Riccarton, Christchurch 8041
HUKA VIEW: Court to Hear Wind-Up Petition on June 16
----------------------------------------------------
A petition to wind up the operations of Huka View Dairies Limited
will be heard before the High Court at Palmerston North on June 16,
2022, at 10:00 a.m.
International Nutritionals Limited filed the petition against the
company on March 29, 2022.
The Petitioner's solicitor is:
Malcolm David Whitlock
Whitlock & Co.
Level 19, 191 Queen Street
Auckland
N.Z. PROTEINS: Creditors' Proofs of Debt Due on July 5
------------------------------------------------------
Creditors of N.Z. Proteins (2004) Limited are required to file
their proofs of debt by July 5, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 27, 2022.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
RAMBOLL NEW ZEALAND: Creditors' Proofs of Debt Due on June 17
-------------------------------------------------------------
Creditors of Ramboll New Zealand Limited are required to file their
proofs of debt by June 17, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 25, 2022.
The company's liquidator is:
Stephen Douglas Young
RSM New Zealand (Auckland)
PO Box 204276
Highbrook, Auckland 2161
SMITH TREE: Court to Hear Wind-Up Petition on June 10
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A petition to wind up the operations of Smith Tree Felling Limited
will be heard before the High Court at Auckland on June 10, 2022,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 13, 2021.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
VECTOR LTD: S&P Puts 'BB+' Rating on New Subordinated Capital Bonds
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S&P Global Ratings has assigned its 'BB+' long-term issue rating to
the proposed subordinated capital bonds of up to NZ$307.205 million
to be issued by Vector Ltd. (BBB/Stable/--).
The following are the key points of S&P's assessment of the
proposed issuance:
-- S&P assesses the subordinated capital bonds as having
intermediate equity content.
-- S&P has rated the proposed issuance of NZ$307.205 million two
notches below its issuer credit rating of 'BBB' on Vector Ltd., to
reflect the bond's subordination and optional deferability of
interest.
-- S&P expects Vector Ltd.'s total hybrid issuance will comprise
about 7% of the group's total capitalization after the current
issuance.
S&P said, "Our intermediate equity content assessment is based on
our view that the capital bonds meet our criteria in terms of
subordination, loss absorption, and cash preservation, with
optional indefinite coupon deferability.
"Another key consideration in our assessment of the intermediate
equity content is Vector Ltd.'s intention to maintain the capital
bonds as a permanent feature of its capital structure, although it
has no legal obligation to replace the redeemable capital bonds. We
also consider Vector Ltd.'s track record of replacing hybrids with
like instruments, as it did in June 2017, and having maintained
like instruments since 2006.
If Vector Ltd. deviates from its intention to retain these capital
bonds as a permanent part of its capital structure, except under
limited circumstances, it will adversely affect the capital bonds.
Such a situation would lead us to revise our assessment to "no
equity content" on the hybrid instruments, and to treat them in
line with existing debt.
The proposed subordinated capital bonds are perpetual but
redeemable on the hybrid's election date every five years. In S&P's
view the absence of any step-up margin means there is limited
incentive to redeem the hybrids at the first election date (June
15, 2027).
Vector Ltd. retains the option to defer coupons indefinitely.
However, if the company were to cancel any interest payment it
would be prevented from paying any equity dividends or
distributions. This would apply until Vector Ltd. pays either all
the interest cancelled since the last two consecutive interest
payments (payable semi-annually in arrears), or the two consecutive
interest payments immediately prior to the dividend or
distribution. S&P views this settlement pusher feature as neutral,
since it does not restrict the issuer's ability to start deferring
interest and does not create any circularity.
The proposed capital bonds are deeply subordinated obligations of
Vector Ltd., ranking senior only to equity. They will rank equally
with any potential future hybrids.
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CHARLTON RESIDENCES: Creditors' Proofs of Debt Due on July 4
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Creditors of Charlton Residences Pte Ltd are required to file their
proofs of debt by July 4, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 27, 2022.
The company's liquidators are:
Victor Goh
Khor Boon Hong
C/o Baker Tilly TFW LLP
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
INTEGRATED GREEN: Court to Hear Wind-Up Petition on July 1
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A petition to wind up the operations of Integrated Green Energy
Singapore Pte Ltd will be heard before the High Court of Singapore
on July 1, 2022, at 10:00 a.m.
Gunhild Management S.L. filed the petition against the company on
May 24, 2022.
The Petitioner's solicitors are:
SIM CHONG LLC
1 North Bridge Road, #14-06
High Street Centre
Singapore 179094
RAFFLES EDUCATION: Says Allegations in India 'Without Legal Merit'
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The Business Times reports that Raffles Education (REC) on June 2
said it has learnt that summonses have been issued by an Indian
magistrate against the company, certain current and former
directors, as well as employees and a consultant. The advice from
its legal counsel in India is that the allegations are "without
basis and without merit".
BT says the latest update relates to a case, first announced in
October last year, registered with the Economic Offences Wing (EOW)
of the Delhi Police.
According to the report, REC had previously announced that a
closure report had been filed. But in its announcement on June 2,
REC said the case had been reopened following allegations made by a
company associated with Shantanu Prakash, the founder of Educomp
Solutions and a former business partner of REC.
Following completion of further investigations, EOW has filed a
charge sheet with a district court in Delhi alleging, among other
things, theft, forgery and extortion against Prakash and his
associates.
BT relates that the court magistrate has ordered summonses to be
issued against the company and its chairman Chew Hua Seng,
directors Lim How Teck and He Jun, and former directors Gan Hui Tin
and Teo Cheng Lok.
Summonses were also issued against current employees: Chew Hua
Seng's son Chew Han Wei, his wife Doris Chew, legal director John
Tham, as well as Saurabh Sharma - a consultant to one of REC's
wholly-owned subsidiaries in India.
The company and the accused persons have yet to receive service of
any such summonses, REC said.
In its filing, the group said it intends to "rigorously defend its
position". There is also a "good chance" of having the case
quashed, according to its legal counsel in India, BT relays.
BT says the group's India legal counsel holds the view that the
accused persons who are directors or key management were named in
the charge sheet only by virtue of their designations in the
company, at the relevant time.
For the accused persons who are employees but not directors or top
management, the Indian counsel believes they too could successfully
maintain a challenge to the summons as the allegations against them
are similarly without basis and without merit.
The summoning order and resulting proceedings against the company
and other accused persons can be argued to be an "abuse of the
process of law", REC said.
REC, Educomp and Prakash have had a long-running dispute, the
report states.
An arbitration tribunal in India had passed an arbitration award
against Educomp and awarded REC damages of around 163.2 million
rupees (SGD3.1 million) - a decision that REC said Educomp has
to-date failed to comply with, according to BT. The arbitration
proceedings were regarding breaches over a share purchase
agreement.
BT adds that REC also reiterated points from an earlier
announcement that Educomp founder Prakash has several pending civil
and criminal investigations in India against him.
About Raffles Education
Raffles Education Corporation Limited is an investment holding
company. The Company is engaged in the provision of business and
management consultancy services. Its segments include Private
Education System (PES), National Education System (NES), Education
Facilities Rental Service, Real Estate Investment & Development,
and Corporate & Others. The Company offers students a range of
degree, diploma and full-time certification programs in design and
business-oriented disciplines at post-secondary level. It also
participates in pre-tertiary education. The PES segment includes
Raffles K12 Sdn. Bhd. (RAS), offering an American K12 curriculum.
The Company runs programs within the Chinese national public school
system. The Education Facilities Rental Service segment refers to
Oriental University City Holdings (H.K.) Limited (OUCHK), which is
engaged in education facilities leasing and commercial leasing for
supporting facilities. It participates in real estate investments
and development.
As reported in the Troubled Company Reporter-Asia Pacific on Oct.
12, 2021, Raffles Education (REC) said that its auditors had
highlighted material uncertainty on its ability to continue as a
going concern. The announcement, made Oct. 8, noted that the
group's liabilities exceeded its current assets by SGD196.4 million
for the financial year ended June 2021, according to the Straits
Times.
SUNMAX GLOBAL: Court to Hear Wind-Up Petition on July 1
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A petition to wind up the operations of Sunmax Global Capital Fund
1 Pte Ltd will be heard before the High Court of Singapore on July
1, 2022, at 10:00 a.m.
Song Jianbo filed the petition against the company on May 19,
2022.
The Petitioner's solicitors are:
Messrs Harry Elias Partnership LLP
SGX Centre 2, #17-01
4 Shenton Way
Singapore 068807
TENGAH ENGINEERING: Court to Hear Wind-Up Petition on June 24
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A petition to wind up the operations of Tengah Engineering &
Hardware Pte Ltd will be heard before the High Court of Singapore
on June 24, 2022, at 10:00 a.m.
RHB Bank Berhad filed the petition against the company on May 17,
2022.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
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SRI LANKA: Seeks to Secure US$5BB in Funds for Import Payments
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Reuters reports that Sri Lanka seeks to secure around $5 billion in
funding this year to cover repayments for fuel imports and other
items bought through credit lines, and another $1 billion to
bolster its foreign reserves, the prime minister's office said on
June 2.
According to Reuters, the island nation is grappling with its worst
financial crisis in over seven decades with a severe foreign
exchange shortage that has left it struggling to pay for essential
imports including food, fuel, fertilisers and medicines.
Sri Lanka's foreign exchange reserves stood at $1.81 billion in
April.
Prime Minister Ranil Wickremesinghe, who took office last month
after mass protests forced the resignation of his predecessor, has
raised taxes to shore up government revenues and plans to cut
expenditure sharply in an interim budget to be presented within
weeks, according to Reuters.
Sri Lanka is also negotiating a bailout package with the
International Monetary Fund, which could potentially enable it to
borrow at least $3 billion via the lender's extended fund facility,
Reuters relates.
"He elaborated that discussions with the IMF are proceeding and he
was hopeful that negotiations would conclude by the end of the
month," Mr. Wickremesinghe's office said in a statement, referring
to a discussion between the prime minister and local chambers of
commerce.
Reuters relates that Mr. Wickremesinghe said that any bridging
finance would depend on Sri Lanka reaching an agreement with the
IMF, the statement added.
So far, Sri Lanka has received two credit lines worth $1.5 billion
from India for fuel and essential imports. The neighbours are also
in talks for another $500 million credit line to fund fuel imports,
Reuters says.
According to Reuters, Sri Lanka is also asking other countries for
help, including Japan, which has long-standing commercial ties with
the island nation. However, relations with Tokyo, which has also
been a key lender to Sri Lanka, cooled after Sri Lanka in 2020
cancelled a $1.5 billion light railway project that was to be
largely funded by Japan.
"He (Wickremesinghe) added that relations with Japan had broken
down, and it would take a while to repair those relations and
regain their confidence," the statement from the prime minister's
office said.
As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings, on May 27, 2022, affirmed its long-term and
short-term foreign currency sovereign ratings on Sri Lanka at
'SD/SD.' At the same time, S&P affirmed its 'CCC-' long-term and
'C' short-term local currency sovereign ratings. The outlook on the
local currency ratings remains negative.
In addition, S&P lowered to 'D' from 'CC' the issue ratings on the
following bonds with missed interest payments in May:
-- US$1.5 billion, 6.85% bonds due Nov. 3, 2025.
-- US$1.5 billion, 6.20% bonds due May 11, 2027.
S&P's transfer and convertibility assessment at 'CC' is unchanged.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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thereof are US$25 each. For subscription information, contact
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