/raid1/www/Hosts/bankrupt/TCRAP_Public/230614.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
Wednesday, June 14, 2023, Vol. 26, No. 119
Headlines
A U S T R A L I A
CRANEFORD NOMINEES: First Creditors' Meeting Set for June 20
DAS SCHNEIDER: First Creditors' Meeting Set for June 19
EVERLEDGER AUSTRALIA: Second Creditors' Meeting Moved to June 28
JNC GROUP: First Creditors' Meeting Set for June 21
LION MOVING: Second Creditors' Meeting Set for June 16
TEK-OCEAN GROUP: First Creditors' Meeting Set for June 19
TRITON BOND 2021-1: S&P Raises Class F Notes Rating to B+ (sf)
C A M B O D I A
NAGACORP LTD: Moody's Cuts CFR to B3 & Alters Outlook to Negative
I N D I A
BABA JATADHARI: CARE Keeps B- Debt Rating in Not Cooperating
BABLI WAREHOUSE: CARE Keeps D Debt Rating in Not Cooperating
BALAJI RICE: CRISIL Lowers Rating on INR10cr Cash Loan to D
BFT AUTOMATION: Voluntary Liquidation Process Case Summary
BHAGWATI RICE: CARE Lowers Rating on INR45cr LT Loan to D
BIDAR SOLAR: CARE Keeps D Debt Rating in Not Cooperating Category
BRAWN GLOBUS: CARE Keeps B+ Debt Rating in Not Cooperating
CHANDANA RICE: CARE Keeps B- Debt Rating in Not Cooperating
DEESAN COTEX: CARE Keeps D Debt Ratings in Not Cooperating
DHANESH TRADING: CARE Keeps B- Debt Rating in Not Cooperating
DIVA RAVI: CARE Keeps B Debt Rating in Not Cooperating Category
EDUCOMP SOLUTIONS: Raffles Files Bankruptcy Application vs Founder
GOVIND RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating
GROWTHPATH SOLUTIONS: CARE Keeps B Debt Rating in Not Cooperating
J J HI TECH: CARE Keeps D Debt Rating in Not Cooperating Category
J. M. FEED: CRISIL Keeps D Debt Rating in Not Cooperating
JAMNA METAL: CRISIL Keeps C Debt Ratings in Not Cooperating
KANCHESHWAR SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
MAA BAMESWARI: CARE Keeps B- Debt Rating in Not Cooperating
MANI CENTRA: CARE Keeps B- Debt Rating in Not Cooperating Category
MIDEAST INTEGRATED: Insolvency Resolution Process Case Summary
MITTAL LUMBER: Insolvency Resolution Process Case Summary
OM SHARDA: CARE Keeps B+ Debt Rating in Not Cooperating Category
ORACLE HOME: CRISIL Keeps D Debt Ratings in Not Cooperating
R T EXPORTS: CRISIL Keeps D Debt Rating in Not Cooperating
SADGURU MULTITRADE: Insolvency Resolution Process Case Summary
SAIBHASKAR IRONS: Insolvency Resolution Process Case Summary
SHIV RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
SHREE AHUJA: Insolvency Resolution Process Case Summary
SIGNATURE AUTOMOBILES: CARE Lowers Rating on INR9.30cr Loan to B
SPICEJET LTD: NCLT Adjourns Wilmington Trust Insolvency Plea
SRICHAITANYA STUDENTS: Insolvency Resolution Process Case Summary
STERLING OIL: Insolvency Resolution Process Case Summary
SUPREME IMPORT: CARE Keeps D Debt Ratings in Not Cooperating
TULIPS HOTELS: Insolvency Resolution Process Case Summary
UGH VINTAGE: Insolvency Resolution Process Case Summary
UNISTAR TRADELINK: Insolvency Resolution Process Case Summary
WHIZ ENTERPRISE: Insolvency Resolution Process Case Summary
J A P A N
SOFTBANK GROUP: Plans to Lay Off Up to 30% of Staff at Unit
M A L A Y S I A
PHARMANIAGA BHD: Charts Strategic Initiatives to Exit PN17 Status
N E W Z E A L A N D
ACZHL LIMITED: Court to Hear Wind-Up Petition on June 19
EUROPEAN INTERIORS: Creditors' Proofs of Debt Due on July 6
FLEX FITNESS: Court to Hear Wind-Up Petition on June 19
NEW ZEALAND: Economy Likely in Recession as Rate Hikes Take Hold
PASTURE: Restaurant Closes Abruptly After Seven Years in Business
SEVERANCE LIMITED: Creditors' Proofs of Debt Due on July 7
WANAKA TOWING: Creditors' Proofs of Debt Due on July 7
S I N G A P O R E
ALLAN DEFENCE: Creditors' Proofs of Debt Due on July 14
GALENA COMMODITY: Creditors' Proofs of Debt Due on July 12
ITCS GROUP: Court Enters Wind-Up Order
MULTI FAMILY: Creditors' Meeting Set for June 23
ZIRCA DIGITAL: Members' Final Meeting Set for July 14
S R I L A N K A
SRI LANKA: Extends Freeze on Outward Capital Transactions by 6 Mos
- - - - -
=================
A U S T R A L I A
=================
CRANEFORD NOMINEES: First Creditors' Meeting Set for June 20
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Craneford
Nominees Pty Limited will be held on June 20, 2023, at 10:00 a.m.
at the offices of Bernardi Martin at 195 Victoria Square in
Adelaide.
Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of the company on June 8, 2023.
DAS SCHNEIDER: First Creditors' Meeting Set for June 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Das
Schneider Pty Ltd will be held on June 19, 2023, at 11:00 a.m. via
virtual meeting only.
Ian Niccol and Andrew McEvoy of Aston Chace Group were appointed as
administrators of the company on June 6, 2023.
EVERLEDGER AUSTRALIA: Second Creditors' Meeting Moved to June 28
----------------------------------------------------------------
Jeweller reports that the future of Everledger, the Brisbane-based
technology company with strong ties to the jewellery industry,
remains up in the air after a second creditors meeting was
postponed to June 28.
In May, it was confirmed that Everledger, led by CEO Leanne Kemp,
had entered voluntary administration after failing to secure a
second round of funding.
Initial investors in the start-up had withdrawn financial support
which raised questions about the validity of Everledger's business
model and the confidence backers had in the company's management,
Jeweller says.
The company was placed under voluntary administration on April 24
by Steven Staatz and Ashley Leslie from Vincents Chartered
Accountants.
According to Jeweller, Mr. Staatz confirmed that he had discussions
with Ms. Kemp and her lawyers about a Deed of Company Arrangement
[DOCA] proposal.
"From our discussions with the director [Kemp] and her legal
advisors, it appears likely that the anticipated DOCA proposal will
provide creditors with a better financial return than a liquidation
scenario."
Jeweller, citing the Administrator's report filed with the
Australian Securities and Investments Commission (ASIC), says
Everledger owes the Australian Tax Office AUD368,000 and a further
AUD9 million to Foreverhold Limited, its parent company.
Everledger Australia is wholly owned by UK-based Foreverhold
Limited, a company that is in the process of being liquidated. Kemp
is also a director of Foreverhold.
According to documents lodged by UK liquidator John Noon with
Companies House in the UK, Foreverhold owes creditors GBP7.4
million (AUD14.1 million) including more than GBP320,000
(AUD597,000) to HM Revenues and Customs.
Documents filed with ASIC reveal that Ms. Kemp attributes the
collapse of her company solely to decisions made by other people.
It stated: "The director has advised that the failure of an
investor to complete an agreement to provide new working capital to
Foreverhold Limited was the reason of the failure of the company,"
Jeweller relays.
However, the administrator's report paints a different story.
Everledger Australia has amassed losses close to AUD10 million
since 2018.
In the past two years its total revenue barely covered the ‘cost
of sales' let alone other operating expenses, and in the first four
months of this year (to 24 April) Everledger's losses had already
amounted to 40 per cent of its total loss for the entire 2022
calendar year, Jeweller relates.
For each year from January 2018 to April 2023 Everledger has never
generated enough revenue to satisfy its expenses.
Worse, judging by the ASIC report's ‘Profit and Loss Analysis',
it would appear that little of its income came from services to the
jewellery industry.
In a surprising admission, the report highlights that the company
effectively survived on government grants, Jeweller says.
"The Company's income for the year ended December 31, 2021 and 2022
were largely attributable to grant income which represented 83 per
cent and 84 per cent of the total income respectively," the report
stated.
Between 2019 and 2022, Everledger recorded operating losses in
excess of AUD1.94 million each year. The company undertook research
and development activity funded by the Australian Taxation Office,
receiving AUD1.32 million in 2021, according to Jeweller.
"The company completed another project which commenced in 2022
which is subject to further funding by the ATO," Jeweller quotes
Mr. Staatz as saying.
An article titled, 'Startup queen Leanne Kemp's failed Everledger
survived on taxpayer grants' published in The Courier Mail on June
1 reported: "The failure of Everledger came despite attracting
$54.7 million from investors, including $3 million from the
government's blockchain pilot grants program and Chinese internet
giant Tencent, which owns social media program WeChat."
The story also detailed a debt of GBP3.3 million to Hong Kong-based
company Image Frame Investment, a wholly-owned subsidiary of
Tencent, Jeweller relays.
Steven Staatz & Ashley Leslie of Vincents on April 24, 2023, were
appointed as administrators of Everledger Australia Pty. Ltd.
JNC GROUP: First Creditors' Meeting Set for June 21
---------------------------------------------------
A first meeting of the creditors in the proceedings of JNC Group
Australia Pty Ltd (trading as JNC Group Australia Pty Ltd) will be
held on June 21, 2023, at 11:00 a.m. via teleconference.
Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on June 8, 2023.
LION MOVING: Second Creditors' Meeting Set for June 16
------------------------------------------------------
A second meeting of creditors in the proceedings of Lion Moving
Solutions Pty Ltd has been set for June 16, 2023, at 10:30 a.m. via
video conference only.
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 15, 2023 at 4:00 p.m.
Marcus Watters and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on May 12, 2023.
TEK-OCEAN GROUP: First Creditors' Meeting Set for June 19
---------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Tek-Ocean Group Limited;
- Tek-Ocean Pty Ltd;
- Topl Pty Ltd;
- Tek-Ocean Energy Services Pty Ltd; and
- Gippsland Maritime Holdings Pty Ltd
will be held on June 19, 2023, at 12:00 p.m. at the offices of Cor
Cordis at Level 29, 360 Collins Street in Melbourne and via online
video conference.
Daniel Peter Juratowitch and Barry Wight of Cor Cordis were
appointed as administrators of the company on June 6, 2023.
TRITON BOND 2021-1: S&P Raises Class F Notes Rating to B+ (sf)
--------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee for Triton Bond
Trust 2021-1 Series 1. At the same time, S&P affirmed its ratings
on four classes of notes. The transaction is a securitization of
prime residential mortgages originated by Columbus Capital Pty
Ltd.
S&P said, "The rating actions reflect our view of the credit risk
of the pool, which has been amortizing in line with our
expectations." Credit support provided in percentage terms has
increased as the pool paid down. This credit support comprises note
subordination for all rated notes as well as mortgage insurance
covering about 32% of the loans in the portfolio. Current
loan-to-value ratios across the pool have been declining, lowering
our expectation of loss for the pool.
As of March 31, 2023, the pool has a balance of about A$816 million
and a pool factor of about 54%. The pool's weighted-average
loan-to-value ratio is 58.9% and weighted-average seasoning is 44.4
months.
Since close, the pool's arrears performance has been favorable
compared with the Standard & Poor's Performance Index (SPIN) for
prime loans. As of March 31, 2023, loans more than 30 days in
arrears make up 0.13% of the pool, of which loans more than 90 days
in arrears make up 0.06% of the pool. There have been no losses to
date.
The transaction is currently paying down on a sequential basis,
which means that credit support provided in percentage terms will
continue to build for all rated notes. However, S&P expects that
the pro-rata paydown triggers will soon be met, after which there
will be no further buildup of credit support in percentage terms
for most notes. Additionally, under the pro-rata payment structure,
any principal allocated to the class G notes will be first
allocated to the class F notes until repaid in full, followed by
the class E notes, class D notes, class C notes, class B notes,
class AB notes, class A2 notes, class A1-AU notes, then class A1-5Y
notes. Therefore, the class F notes continue to benefit from an
increase in the percentage of credit support provided as the pool
amortizes under the pro rata structure.
S&P's expectation is that the various mechanisms to support
liquidity within the transactions, including an amortizing
liquidity facility, principal draws, and a loss reserve that builds
up from excess spread, are sufficient under its cash-flow stress
assumptions to ensure timely payment of interest.
A fixed- to floating-rate interest-rate swap is provided by
National Australia Bank Ltd. to hedge the mismatch between receipts
from any fixed-rate mortgage loans and the variable-rate notes.
A constraining factor on our ratings on the class E and class F
notes is the likely effect of currently rising interest rates and a
softening economic environment on the arrears of borrowers within
the pool. These qualitative factors constrain the ratings beyond
quantitative factors alone.
Ratings Raised
Triton Bond Trust 2021-1 Series 1
Class B: to AAA (sf) from AA (sf)
Class C: to AA (sf) from A (sf)
Class D: to A (sf) from BBB (sf)
Class E: to BB+ (sf) from BB (sf)
Class F: to B+ (sf) from B (sf)
Ratings Affirmed
Triton Bond Trust 2021-1 Series 1
Class A1-AU: AAA (sf)
Class A1-5Y: AAA (sf)
Class A2: AAA (sf)
Class AB: AAA (sf)
===============
C A M B O D I A
===============
NAGACORP LTD: Moody's Cuts CFR to B3 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 NagaCorp
Ltd.'s corporate family rating and senior unsecured rating on the
company's US dollar bond. The bond is unconditionally and
irrevocably guaranteed by the major operating subsidiaries of
NagaCorp.
At the same time, Moody's has changed the outlook to negative from
ratings under review.
This action concludes the review for downgrade initiated by Moody's
on March 2, 2023.
"The rating downgrade and negative outlook reflect NagaCorp's lack
of refinancing progress for its $472 million US dollar bond coming
due in July 2024. The bond forms all of the company's debt in its
capital structure," says YuSheng Tay, a Moody's Analyst.
"Despite NagaCorp having reduced its discretionary spending, its
ability to repay the bond depends on the pace of earnings recovery,
which currently remains uncertain," adds Tay.
RATINGS RATIONALE
There is increased likelihood of a distressed exchange as funding
conditions for Asian high-yield companies remain tight. At the same
time, NagaCorp has limited liquidity sources, given its lack of
bank facilities and divestible non-core assets.
NagaCorp's discretionary spending will reduce over the next 18
months. On June 4, 2023, the company announced it has extended the
completion date for its expansion project, Naga 3, by four years to
September 2029. Consequently, Moody's expects NagaCorp to spend
less than $50 million on development capital expenditure in 2023,
compared with the company's previous guidance of $100 million-$125
million.
The agency also understands that NagaCorp will likely pay scrip
dividends in lieu of cash until it addresses its bond maturity. The
company has not paid any cash dividends since 2021.
Moody's views NagaCorp's reduction in discretionary spending as
credit positive. However, the company's ability to generate
sufficient free cash flow to repay the bond depends on the pace of
earnings recovery, which currently remains uncertain.
NagaCorp's earnings will likely improve over the next 18 months as
Cambodia's tourism sector continues to recover and benefit from the
return of Chinese tourists. Moody's assumes that the company could
generate EBITDA of around $350 million-$370 million in 2023 and
$485 million in 2024; however, a slower-than-expected recovery
could pressure NagaCorp's liquidity. In the first quarter of 2023,
the company generated just $59 million of EBITDA because of lower
win rates and rising staff costs.
NagaCorp's B3 CFR continues to reflect the dominant position of its
integrated casino and hotel complex, NagaWorld, in Phnom Penh,
Cambodia (B2 negative), underpinned by exclusive rights until 2045
to operate casinos in and around the capital city. However, the
ratings are constrained by the company's single-site operations as
well as exposure to political risk and Cambodia's evolving
regulatory framework.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, an upgrade is unlikely over the next
12-18 months. However, the outlook could return to stable if
NagaCorp addresses its refinancing risk.
Moody's could downgrade NagaCorp's ratings if the company (1) is
unable to address its refinancing risk; or (2) undertakes a
liability management exercise that Moody's views to be an avoidance
of default and which results in economic loss for its bondholders.
The principal methodology used in these ratings was Gaming
published in June 2021.
NagaCorp Ltd. was incorporated in the Cayman Islands in 2003 and
listed on the Hong Kong Stock Exchange in 2006. It owns and manages
NagaWorld, the largest integrated casino and hotel complex in Phnom
Penh, Cambodia. NagaCorp was founded by Tan Sri Dr. Chen Lip Keong,
its chief executive officer and largest shareholder with a 69%
stake in the company as of December 31, 2022.
=========
I N D I A
=========
BABA JATADHARI: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baba
Jatadhari Agro (india) Private Limited (BJAPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.76 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 06, 2022,
placed the rating(s) of BJAPL under the 'issuer non-cooperating'
category as BJAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BJAPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 22, 2023, April 1, 2023, April 11, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2011, Baba Jatadhari Agro India Private Limited
(BJAIPL) is engaged in flour milling activities with its
manufacturing facility located at Abhirampur, Nischintapur Gram
Panchayat P.O & P.S.- Budge Budge, Dist-South 24 Parganas, West
Bengal. The company manufactures atta, moida, sooji, flakes etc.
with installed capacity of 102400 MTPA. BJAIPL commenced its
commercial operation from October 2016. Mrs. Chitra Rekha Shaw,
having around a decade of experience in the same line of industry,
looks after the overall management of the company with adequate
support from other directors and a team of experienced personnel.
BABLI WAREHOUSE: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Babli
Warehouse (BW) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.57 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 27, 2022,
placed the rating(s) of BW under the 'issuer non-cooperating'
category as BW had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BW continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 12, 2023, April 22, 2023, May 2, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Babli was established as a proprietorship firm on June 07, 2015 to
set up rural godown having 9 godowns with storage capacity 14,887
metric tons (MT) under "Gramin Bhandaran Yojana" (sub scheme of
Agricultural Marketing Infrastructure) for the scientific storage
of agricultural produce. The primary objectives of the scheme
include creation of scientific storage capacity with allied
facilities in rural areas to meet the requirements of farmers for
storing farm produce, processed farm produce and agricultural
inputs; promotion of grading, standardization and quality control
of agricultural produce to improve their marketability; prevention
of distress sale immediately after harvest by providing the
facility of pledge financing and marketing credit; strengthen
agricultural marketing infrastructure in the country by paving the
way for the introduction of a national system of warehouse receipts
in respect of agricultural commodities stored in such godowns and
to reverse the declining trend of investment in agriculture sector
by encouraging private and cooperative sectors to invest in the
creation of storage infrastructure in the country.
BALAJI RICE: CRISIL Lowers Rating on INR10cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Sri Balaji Rice Industries (SBRI) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SBRI for
obtaining information through letters and emails dated May 10,
2022, July 11, 2022 and May 30, 2023, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that the rating action on
SBRI is consistent with 'Assessing Information Adequacy Risk'
Based on best-available information, CRISIL Ratings has downgraded
its rating on the bank facilities of SBRI to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' due to
delays in servicing debt obligation
Set up in 2005, BRI is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. It has an installed
paddy milling capacity of 10 tonnes per hour (tph). Its rice mill
is located in Anumula near Miriyalaguda in Nalgonda disBRIct in
Andhra Pradesh. The firm is promoted by Mr. C.Venkateswarulu and
his family members.
BFT AUTOMATION: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: BFT Automation Systems Private Limited
Plot No. 6, Shed No.1, I.D.A Bollaram,
Near Miyapur, Jinnaram Mandal,
Hyderabad TG 502325, India
Liquidation Commencement Date: May 24, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Pawan Kumar Singal
c/o AVM Resolution Professionals LLP,
8/23( 3rd Floor), W.E.A., Abdul Aziz Road,
Karol Bagh, New Delhi 110005
Email: vlp.bftautomation@gmail.com
Telephone No: 011 41486026/27
Mobile No: 9560508482
Last date for
submission of claims: June 23, 2023
BHAGWATI RICE: CARE Lowers Rating on INR45cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bhagwati Rice Mill Private Limited (BRM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 45.00 CARE D; Revised from
Facilities CARE BB-; Stable
Rationale and key rating drivers
The revision in the rating assigned to the bank facilities of BRM
takes into consideration overutilization in the working capital
limits of the company for more than a month.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in the liquidity position of the company as reflected
by timely servicing of its debt obligations.
Analytical approach: Standalone
Detailed description of the key rating drivers:
Key weaknesses
* Overutilization in the working capital limits: As per the
feedback received from the banker, there has been overutilization
in its working capital limits for more than a month on account of
disruptions in the business operations of the company due to fire
incident leading to stretch in liquidity.
Liquidity: Poor
The liquidity position of the company remained poor characterized
by overutilization in the working capital limits of the company for
more than a month due to disruptions in the business operations of
the company due to fire incident.
Uttar Pradesh based Bhagwati Rice Mill Private Limited (BRM) was
incorporated in November, 1995 as a private limited company. The
company is currently directed by Mr. Mohan Lal Goyal and Mrs. Kanta
Devi Goyal. The company is engaged in the milling and processing of
paddy with an installed capacity to process 12 tonnes per hour
(TPH) as on March 31, 2022 at its manufacturing facility located in
Mainpuri, Uttar Pradesh. The company is having two associate
concern namely; "Rama Enterprises" (established in 1990) engaged in
the trading of food grains and "Goyal Brothers" (established in
1990) engaged in the trading of food grains.
BIDAR SOLAR: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bidar Solar
Power Private Limited (BSPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 76.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 2, 2022,
placed the rating(s) of BSPPL under the 'issuer non-cooperating'
category as BSPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BSPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 18, 2023, March 28, 2023, April 7, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bidar Solar Power Private Limited (BSPPL), is a special purpose
vehicle (SPV) sponsored by GKC Projects Ltd (GKCPL) for setting up
Solar PV (Photovoltaic) power plant in the Bidar district of
Karnataka on Design, Build, Finance, operate and Transfer (DBFOT)
basis. The installed capacity of the plant is 10 MW. The project
has achieved commercial operational date (COD) on August 28, 2014.
BRAWN GLOBUS: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Brawn
Globus Turnkey Solutions Private Limited (BGTSPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 6.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 2, 2022,
placed the rating(s) of BGTSPL under the 'issuer non-cooperating'
category as BGTSPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. BGTSPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 18, 2023, April 28, 2023, May 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based Brawn Globus Trunkey Solutions Private Limited (BGTSPL)
was incorporated in April, 2011. The company is engaged in turnkey
contracting of civil finishing, firefighting, plumbing, electrical,
heating, ventilation, and air conditioning (HVAC) and security
system. BGTSPL has vast experience in interior designing, HVAC
project and maintenance for varied corporate clients. The company
has 5 branch offices in Bangalore, Hyderabad, Chennai and Mumbai
with the main office in Noida, Delhi.
CHANDANA RICE: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chandana
Rice Industries (CRI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.64 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 25, 2022,
placed the rating(s) of CRI under the 'issuer non-cooperating'
category as CRI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CRI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2023, April 20, 2023, April 30, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Chandana Rice Industries was established in the year 2017 as a
partnership firm by Mr. Srinivas (Managing Partner) and his family
members having its registered office at Yadgarpally Village,
Miryalguda, Nalgonda Dist. The partners of the firm have experience
of more than two decades in rice mill industry. The firm's main
activity is processing of conversion of paddy into rice. The firm
has started its operations from April 2019.
DEESAN COTEX: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deesan
Cotex Private Limited (DCPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 30, 2022,
placed the rating(s) of DCPL under the 'issuer non-cooperating'
category as DCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 15, 2023, April 25, 2023, May 5, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2007, Deesan Cotex Private Limited (DCPL) is
engaged in manufacturing and processing of terry towels, trading of
grey fabric and job work of yarn doubling. DCPL has its plants
located at Dhaiwad, Dhule, Maharashtra. DCPL is a part of the
Deesan group which has been in the business of textile
manufacturing since 1996.
DHANESH TRADING: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhanesh
Trading Company (DTC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 2, 2022,
placed the rating(s) of DTC under the 'issuer non-cooperating'
category as DTC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DTC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 18, 2023, April 28, 2023, May 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based Dhanesh Trading Company was established in February,
1994 as a proprietorship firm with the purpose of trading of
writing, printing paper and paperboards. The firm is managed by Mr.
Dhanesh Kumar Jain.
DIVA RAVI: CARE Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Diva Ravi
Agro And Founders Private Limited (DRAFPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 18, 2022,
placed the rating(s) of DRAFPL under the 'issuer non-cooperating'
category as DRAFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DRAFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2023, April 13, 2023, April 23, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Diva Ravi Agro And Founders Private Limited (DRAFPL) incorporated
in November 05, 2008 is currently being managed by Mr. Mohit
Beriwal, Mr. Ritesh Beriwal and Mrs. Shailja Beriwal based out of
Kolkata, West Bengal. The company has started its commercial
operation from December 12, 2018 and it been engaged in
manufacturing of ductile & cast iron. The manufacturing unit of the
company is located at Jamalpur, Burdwan, West Bengal. The company
has started exporting its products to USA from September 2019.
EDUCOMP SOLUTIONS: Raffles Files Bankruptcy Application vs Founder
------------------------------------------------------------------
The Business Times reports that Raffles Education has lodged
bankruptcy applications against Indian edtech businessman Shantanu
Prakash and Singapore lawyer Dennis Lui, after they failed to pay
the group over SGD3.4 million awarded by the High Court.
BT relates that the plaintiffs in that High Court case were the
Singapore-listed private education provider's wholly-owned
subsidiary Raffles Education Investment India (REI), and
India-incorporated Raffles Design International India (RDI).
Mr. Prakash is the founder and controller of the Educomp group of
companies. The group include India-listed Educomp Solutions, of
which Mr. Prakash is chairman and managing director, as well as
wholly-owned subsidiaries Educomp Asia Pacific and Educomp
Professional Education.
Mr. Lui was a director of Educomp Asia Pacific from June 2009 to
December 2016.
An April 6 judgment found Messrs. Prakash and Lui to be jointly and
severally liable to REI for SGD221,080, and to REI and RDI for
INR163.2 million (SGD2.65 million).
The High Court had additionally ordered on May 5 that they are
liable for the group's costs and disbursements totalling some
SGD507,720, subject to any refund of court fees that the group may
obtain from the court.
That case was over claims that Messrs. Prakash and Lui had devised
a plan to mislead the group into believing that Educomp would agree
to a buyout of its stake in a joint venture when it had no such
intention, according to BT.
On June 12, Raffles Education said it made bankruptcy applications
against Mr. Prakash on that day, and against Mr. Lui on May 31.
The company noted that the two had on June 1 filed appeals against
the High Court's decisions of April 6 and May 5.
But the group added that there is no court order granted, to date,
for the stay of enforcement or execution of proceedings in respect
of the court decisions pending the appeal, BT relays.
Educomp Solutions Limited is engaged in providing digital
educational content in the classroom through its patented product
'Smart Class' and 'Edureach' (ICT).
Educomp, promoted by Shantanu Prakash, filed for bankruptcy in May
2017.
GOVIND RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Govind Rubber
Limited (GRL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with GRL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GRL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
GRL, incorporated in 1985, is engaged in manufacturing of tyres and
tubes. The company's business operations are overseen by Mr. Vinod
Poddar. GRL has its manufacturing facilities located at Ludhiana,
Punjab.
GROWTHPATH SOLUTIONS: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Growthpath
Solutions Private Limited (GSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 2, 2022,
placed the rating(s) of GSPL under the 'issuer non-cooperating'
category as GSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GSPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 18, 2023, March 28, 2023, April 7, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based GSPL was incorporated in May, 2010. The company is
currently managed by Mr. Atul Jain and Mrs. Poonam Jain. The
company is engaged in the trading of paper and paper products like
tissue, boards etc. During 2015, the promoters shifted the business
from FMCG to paper and paper industry (i.e. paper, board and pulp
including writing paper, printing paper, news printing paper,
absorbent paper, wrapping paper, tissue paper etc. The company has
an associate concern; "Shree Atulya Agro Private Limited" (SAA);
engaged in the processing of agricultural products such as wheat
flour, suji, maida, poha. Few years ago, the company was also
engaged in trading of FMCG i.e. products like wheat, flour, maida,
cookies, tea, oil etc. SAA was incorporated in January 2016 to
which the FMCG business was shifted.
J J HI TECH: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J J Hi Tech
Foods Private Limited (JJHTFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.37 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 2, 2022,
placed the rating(s) of JJHTFPL under the 'issuer non-cooperating'
category as JJHTFPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. JJHTFPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 18, 2023, March 28, 2023, April 7, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
J J Hi Tech Foods Private Limited (JJHTFPL) was promoted by Mr.
Ravi and Ms. Parvathi in November, 2011 for processing of paddy
with the installed capacity of 120 MT per day in Manachallur,
Trichy. The commercial operations of the company commenced from
February 01, 2014. Paddy is the main raw material which is procured
from the farmers based in Tamil Nadu (mainly in and around Trichy),
and through traders in Andhra Pradesh and Karnataka.
J. M. FEED: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J. M. Feed
Mills Private Limited (JMF) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JMF for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JMF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMF continues to be 'CRISIL D Issuer Not Cooperating'.
JMF, incorporated in 2010, manufactures concentrated poultry feed
and cattle feed. The manufacturing facility is at Jind (Haryana).
The company is promoted by Mr Baljit Singh and family.
JAMNA METAL: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jamna Metal
Co. (JMC) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.67 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 4 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term 10.01 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.82 CRISIL C (Issuer Not
Cooperating)
Working Capital 5.50 CRISIL C (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with JMC for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JMC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMC continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
JMC commenced operations in 1997 as Shree Jamna Metal Works, a
proprietorship concern of Mr Kishan Chand Bansal. The firm
manufactures galvanised steel trays used in the power sector as a
base for laying power transmission cables.
KANCHESHWAR SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kancheshwar
Sugar Limited (KSL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 50 CRISIL D (Issuer Not
Cooperating)
Term Loan 45 CRISIL D (Issuer Not
Cooperating)
Term Loan 28 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KSL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2011, KSL manufactures sugar. Its plant is in
Mangrul, Maharashtra, with an installed capacity for the crushing
of 3500 tonne per day. It also has a 15 megawatt co-generation
power plant. Mr Dilip Mane, Mr Ashwinkumar Bhopale, Mr Pravin More,
and their associates are the promoters.
MAA BAMESWARI: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa
Bameswari Cold Storage Private Limited (MBCSPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.82 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 9, 2022,
placed the rating(s) of MBCSPL under the 'issuer non-cooperating'
category as MBCSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MBCSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 25, 2023, April 4, 2023, April 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Maa Bameswari Cold Storage Private Limited (MBCS) was incorporated
in 2004 to set up a cold storage facility with a storage capacity
of 19,300 metric tonnes in Hooghly district of West Bengal. Since
its inception, the company has been engaged in the business of
providing cold storage services primarily for potatoes to farmers
and traders. Besides providing cold storage facility, the company
also provides interest bearing advances to farmers for their
agricultural activities against the receipts of potato stored. The
promoters of the company are having more than two decades of
experience in the cold storage business and they look after the
overall management of the company and they are further supported by
a team of experienced professionals.
MANI CENTRA: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mani Centra
(MC) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.29 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 8.65 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 1, 2022,
placed the rating(s) of MC under the 'issuer non-cooperating'
category as MC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2023, April 27, 2023, May 7, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gurgaon, Haryana based Mani Centra was established in April 1, 1995
as a Partnership Firm by Ajay Chugh, Gaurav Chugh and Amit Chugh
sharing profit losses in the ratio of 2:2:1 respectively. MC is an
export-oriented company engaged in the manufacturing and export of
readymade garments mainly for women segments (ladies' garments like
tops, dresses, palazzos, blouses and scarfs.). The manufacturing
process of the company is units located in Udyog Vihar, Haryana.
MIDEAST INTEGRATED: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Mideast Integrated Steels Limited
Regd Office:
H-1 Zamrudpur Community Centre,
Kailash Colony, New Delhi-110048
Corporate Office:
Mesco Towers, 3915, Lewis Road,
Kedar Gauri Square, Bhubaneswar-751014
Plant:
MISL Steel Plant,
Kalinga Nagar Industrial Complex,
Khurunti, P.O. Danagadi-755026
Dist. Jaipur, Odisha
Mines:
Panchavati, P.O Barbil Road,
Barbil Keonjhar-758035 Odisha
Mumbai Office:
401, Unit 401, Silver Pearl Building,
Water Field Road, Bandra (W), Mumbai-400050
Kolkata Office:
16, Strand Road,
Diamond Heritage,
14th Floor Room, 1412,
Kolkata-700001
Insolvency Commencement Date: May 24, 2023
Estimated date of closure of
insolvency resolution process: November 20, 2023 (180 days)
Court: National Company Law Tribunal, New Delhi Bench-VI
Insolvency
Professional: Atul Kumar Kansal
Ground Floor, 221 A-/19, Onkar Nagar B,
Tri Nagar, North West, Delhi-110035
Email: cakansal@yahoo.com
Unit No. 111-112, First Floor,
Tower A, Spazedge Commercial Complex,
Sector-47, Sohna Road, Gurgaon-122018
Email: cirp.misl@gmail.com
Last date for
submission of claims: June 7, 2023
MITTAL LUMBER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Mittal Lumber Private Limited
74/1/31 Amar Colony Rohtak Road
Nangloi New Delhi - 110041
Insolvency Commencement Date: May 24, 2023
Estimated date of closure of
insolvency resolution process: November 19, 2023
Court: National Company Law Tribunal, New Delhi Bench-IV
Insolvency
Professional: Devendra Umrao
B-43A, First Floor,
Kalkaji, New Delhi - 110019
Email: devumraoibc@gmail.com
GF-14, Tower A, The Corenthum,
Sector 62, Noida, 201301, Uttar Pradesh
E-mail: ip.mittallumber@gmail.com
Last date for
submission of claims: June 7, 2023
OM SHARDA: CARE Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Sharda
Logistics Private Limited (OSLPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.49 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 12.40 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 9, 2022,
placed the rating(s) of OSLPL under the 'issuer non-cooperating'
category as OSLPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OSLPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 25, 2023, April 4, 2023, April 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in May 2007, OSLPL was promoted by the Kabra family of
Jamshedpur (Jharkhand). Since its inception, the company is engaged
in surface transport business mainly for the minerals and iron
ore/steel industry. OSLPL participates in tenders to secure work
contracts floated by various Govt. undertaking entities. Currently
the company has work orders only from Damodar Valley Corporation
for loading and transportation of coal by road with dumper/tipper.
ORACLE HOME: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oracle Home
Textile Limited (Oracle) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Purchase- 3.75 CRISIL D (Issuer Not
Discounting Cooperating)
Facility
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4 CRISIL D (Issuer Not
Cooperating)
Packing Credit 14.25 CRISIL D (Issuer Not
Cooperating)
Packing Credit 6.65 CRISIL D (Issuer Not
Cooperating)
Packing Credit 1.55 CRISIL D (Issuer Not
Cooperating)
Post Shipment 4.75 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 2.35 CRISIL D (Issuer Not
Credit Cooperating)
Standby Export 1.38 CRISIL D (Issuer Not
Packing Credit Cooperating)
Standby Export 0.72 CRISIL D (Issuer Not
Packing Credit Cooperating)
Standby Export 4.6 CRISIL D (Issuer Not
Packing Credit Cooperating)
Term Loan 3.7 CRISIL D (Issuer Not
Cooperating)
Term Loan 21.46 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Oracle for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Oracle, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Oracle is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Oracle continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Oracle was originally set up in 1992 by Mr. Sanjay Dave and Ms.
Shilpa Dave as a partnership firm, Oracle Exports; this firm was
reconstituted as a closely held public limited company under the
current name in August 2011. The company exports 75 per cent of its
output of terry towels and home textiles to makers of leading
global brands such as Esprit, Hollister, Kmart, and Tommy Hilfiger;
the balance 25 per cent is sold in the domestic market. Oracle has
a diverse customer base across different geographies, including the
US, Europe, Australia, the Middle East, and Africa. The company is
among the leading manufacturers of terry towels in the jacquard
segment in India. It has vertically integrated operations,
comprising weaving, yarn and fabric dyeing, and finishing
facilities.
R T EXPORTS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R T Exports
Limited (RTEL) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 14.95 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RTEL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RTEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RTEL continues to be 'CRISIL D Issuer Not Cooperating'.
RTEL was incorporated in 1980 and has since been engaged in the
export of agri products, mainly Basmati rice. The company also has
a warehouse facility in Bundi (Rajasthan), which it leases out to
Food Corporation of India (FCI) and some other clients.
SADGURU MULTITRADE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Sadguru Multitrade Private Limited
3rd Floor, Multiplex Building, Nirmal Lifestyle,
L.B.S, Marg, Mulund (West), Mumbai - 400080
Insolvency Commencement Date: May 17, 2023
Estimated date of closure of
insolvency resolution process: November 13, 2023
Court: National Company Law Tribunal, Mumbai Bench-V
Insolvency
Professional: Mr. Arun Kapoor
G-601, Army Co-operative Housing Society,
Sector-09, Nerul (East), Navi
Mumbai, Maharashtra 400706
Email: arun.kapoor58@yahoo.in
Arun Kapoor c/o Ancoraa Resolution Private Limited,
1412, 14th Floor, Real Tech Park, Sector 30 A,
Vashi, Navi Mumbai - 400 703
Email: cirp.sadguru@ancoraa.com
Last date for
submission of claims: June 1, 2023
SAIBHASKAR IRONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Saibhaskar Irons Limited
P. No. 73, Lane No. 5, Road No. 72,
Prashan Nagar, Near Andhra Bank,
Jubilee Hills Hyderabad TG 500086 India
Insolvency Commencement Date: April 24, 2023
Estimated date of closure of
insolvency resolution process: October 21, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Dr Kondapali Venkat Srinivas
#402, 4th Floor, 6-3-249/6,
"Alcazar Plaza & Towers",
Road No.1, Banjara Hills, Hyderabad - 500034
Phone: +91 8309310156, 9959223615
Email: Ip_kvs@assetsadvisory.com
Email: cirp.sbil@gmail.com
Last date for
submission of claims: May 17, 2023
SHIV RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Rice
and General Mills (SRGM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 24, 2022,
placed the rating(s) of SRGM under the 'issuer non-cooperating'
category as SRGM had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SRGM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2023, April 19, 2023, April 29, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shiv Rice and General Mills was established as a partnership firm
in 1986 and it is currently being managed by Mr. Krishan Pal, Mr.
Rajiv Bharti and Mr. Sandeep Bharti. The firm is engaged in
processing of paddy at its manufacturing facility located in
Karnal, Haryana. It is also engaged in trading of rice.
SHREE AHUJA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Shree Ahuja Properties and Realtors Private Limited
Flat No. 111, 11th Floor, Soona Villa,
Perry Cross Road, Bandra (West)
Mumbai, Mumbai City MH 400050 India
Insolvency Commencement Date: May 19, 2023
Estimated date of closure of
insolvency resolution process: November 14, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Devang P Sampat
#615, Shivai Plaza, Plot 79/A
Marol Coop. Industrial Estate,
Off Andheri Kurla Road,
Marol, Andheri (East), Mumbai - 400059
India
Email: ip.saprpl@gmail.com
dpsampat@sampatassociates.in
Representative of
Creditors in Class: Mr. Jitender Kumar Jain
Mr. Bharat Nemichand Kuvadia
Mr. Uday V. Shah
Last date for
submission of claims: June 2, 2023
SIGNATURE AUTOMOBILES: CARE Lowers Rating on INR9.30cr Loan to B
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Signature Automobiles India Private Limited (SAIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.30 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 26, 2022,
placed the rating(s) of SAIPL under the 'issuer non-cooperating'
category as SAIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SAIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 11, 2023, April 21, 2023, May 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SAIPL have been
revised on account of non-availability of requisite information.
The ratings further consider decline in overall profitability
during FY22 over FY21.
Signature Automobiles India Private Limited (SAIPL) is a Kerala
based company incorporated in 2010 by Mr. P. Naziruddin and his
wife Mrs. Sujatha Naziruddin. SAIPL is engaged in the business of
exclusive automobile dealership for Honda Cars India Limited (HCIL)
for selling passenger cars in the Kannur region. Besides this, it
has a service centre which provides aftersales services, spare
parts and accessories for Honda cars.
SPICEJET LTD: NCLT Adjourns Wilmington Trust Insolvency Plea
------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal,
in the petition filed by aircraft lessor Wilmington Trust SP
Services (Dublin) Ltd for initiating the corporate insolvency
resolution process against SpiceJet, adjourned the matter on June
12. The matter is likely to be listed on July 16.
This is the third case filed against the airline, the report says.
Two other cases under Section 9 of the Insolvency and Bankruptcy
Code, 2016, have been filed by aircraft lessor Aircastle (Ireland)
Ltd and engine lessor Willis Lease Finance Corporation.
Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, which is listed before the bench on July 17, according to ET.
Spicejet, on June 5, had filed an application in the Aircastle
(Ireland) case, questioning the maintainability of the petition.
The senior counsel appearing for Spicejet claimed two defects in
the petition and argued that given that the debt fell due on
February 2021, it was protected from default under Section 10 of
the IBC, 2016.
Wilmington and Aircastle (Ireland) had got two aircraft
deregistered from the Director General of Civil Aviation in March
under the provisions of Irrevocable De-registration and Export
Request Authorisations (IDERA), according to an ET report.
The lessor invokes an IDERA to deregister and repossess aircraft
following default on rental payments.
The Willis Lease Finance Corporation petition is listed before the
Court for July 4, ET adds.
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
SRICHAITANYA STUDENTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Srichaitanya Students Facility Management Private Limited
6A/1, Court Chambers, New Marine Lines
Sir Vitthal Das Thackersay Marg, Mumbai
Mumbai City MH 400020 India
Insolvency Commencement Date: May 18, 2023
Estimated date of closure of
insolvency resolution process: November 14, 2023
Court: National Company Law Tribunal, Amaravati Bench
Insolvency
Professional: CA Dr Immaneni Eswara Rao
#40-26-22, Opp Telephone Exchange, Mohiddin St.,
Chandramoulipuram, Vijayawada,
Andhra Pradesh - 520010
Email: ip.caier@gmail.com
ip.srichaitanya2023@gmail.com
Last date for
submission of claims: June 5, 2023
STERLING OIL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sterling Oil Resources Limited
329, Sandesara House, Jawahar Nagar,
Goregaon (West), Mumbai 400051
Insolvency Commencement Date: May 16, 2023
Estimated date of closure of
insolvency resolution process: November 12, 2023 (180 days)
Court: National Company Law Tribunal, Mumbai Bench-IV
Insolvency
Professional: Mr. Purusottam Behera
708, Raheja Centre, Nariman Point,
Mumbai - 400021
Email: purusosbbj@yahoo.com
cirpsorl@gmail.com
Last date for
submission of claims: May 30, 2023
SUPREME IMPORT: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Supreme
Import Export Limited (SIEL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.13 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.87 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 1, 2022,
placed the rating(s) of SIEL under the 'issuer non-cooperating'
category as SIEL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SIEL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2023, April 27, 2023, May 7, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Supreme Import Export Limited (SIEL) was incorporated as a public
limited company in November 2013 and is currently being managed by
Mr. Sanjeev Kumar, Mr. Rajeev Kumar, Mrs. Shelly Goyal and Mr. Sham
Lal. SIEL is currently engaged in shelling, grading, sorting and
packaging of almonds (Non Parrel, Independent and Sonora) and
roasting and salting of cashewnuts and pistachios at its facility
located at Dhuri, Punjab.
TULIPS HOTELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Tulips Hotels Private Limited
Basement Chandermukhi,
Behind The Oberoi,
Mumbai - 400021, Maharashtra
Insolvency Commencement Date: May 16, 2023
Estimated date of closure of
insolvency resolution process: November 12, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Gaurav Ashok Adukia
Anand Bhavan, Jamnadas Adukia Road,
Kandivali West,
Mumbai City, Maharashtra, 400067
Email: gauravadukia@hotmail.com
Sumedha Management Solutions Private Limited,
C-703, Marathon Innova, Lower Parel (West),
Mumbai - 400013, Maharashtra
Email: cirp.thpl@gmail.com
Last date for
submission of claims: May 30, 2023
UGH VINTAGE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: UGH Vintage Hospital and
Medical Research Centre Private Limited
Caculo Enclavest,
Inez Panaji Goa 403001
Insolvency Commencement Date: May 19, 2023
Estimated date of closure of
insolvency resolution process: November 15, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Jovita Reema Mathias
306, A wing, Rustomjee Central Park,
Andheri Kurla Road, Chakala,
Andheri East, Mumbai 400069
Email: ip.reemajm@gmail.com
cirp.ughvintagehospital@gmail.com
Last date for
submission of claims: June 3, 2023
UNISTAR TRADELINK: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Unistar Tradelink Private Limited
2 Krishna Dham, Raheja Township L.S. Raheja Marg,
Malad (East) Mumbai, Maharashtra 400097
Insolvency Commencement Date: May 19, 2023
Estimated date of closure of
insolvency resolution process: November 15, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Kailash Thanmal Shah
505, 21st Century Business Centre,
Nr. World Trade Center,
Ring Road, Surat 395002, Gujarat
Email: ipktshah@gmail.com
cirp.unistar@gmail.com
Last date for
submission of claims: June 2, 2023
WHIZ ENTERPRISE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Whiz Enterprise Private Limited
B-10 GOPI Chamberlink Road Opp Citimall
Andheri (W) Mumbai MH-400053 India
Insolvency Commencement Date: April 21, 2023
Estimated date of closure of
insolvency resolution process: November 11, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Sandeep Bishan Swaroop Goel
1604, Verona, Hiranandani Gardens, Powai,
Mumbai Suburban, Maharashtra, 400076
Email: goelsandeep60@yahoo.com
whizenterprisecirp@gmail.com
Last date for
submission of claims: May 30, 2023
=========
J A P A N
=========
SOFTBANK GROUP: Plans to Lay Off Up to 30% of Staff at Unit
-----------------------------------------------------------
Reuters reports that SoftBank Group Corp is planning a fresh round
of layoffs at its Vision Fund investment arm, two people familiar
with the matter said, the latest cost-cutting move at the Japanese
conglomerate.
Reuters relates that the layoffs, which could be announced in the
next two weeks, may impact up to 30% of its staff at the unit,
including employees in U.S., one of the people added. SoftBank's
Vision Fund unit, which has booked heavy investment losses, had
headcount of 349 at the end of March, according to a company
report.
If finalized, this would follow the elimination of about 150 jobs
globally at the investing arm and SoftBank Group International in
September, Reuters notes.
SoftBank, an aggressive investor in tech companies such as fintech
giant Klarna and TikTok owner ByteDance, has seen the valuation of
its portfolio drop amid sharp interest rate hikes and rising
U.S.-China tensions, according to Reuters.
The group reported an annual net loss of JPY970 billion ($7.2
billion) for the year ended March 31, Reuters discloses. It
cushioned the investment loss at the Vision Fund unit by selling
down its stake in Alibaba Group Holding Ltd.
Vision Fund 2's portfolio was worth $31 billion at end-March
compared with an acquisition cost of $49.9 billion.
SoftBank has radically scaled back its investing activity and Son
has withdrawn from public presentations to focus on the listing of
chip designer Arm, Reuters states.
Reuters says the Cambridge, England-based Arm has filed
confidentially for a U.S. stock market listing that could land
later this year and would provide a much-needed cash injection for
SoftBank.
Intel is in talks with Arm to be an anchor investor in the chip
designer's IPO, a source familiar with the matter said on June 12.
While SoftBank has been pursuing a defensive strategy to shore up
its balance sheet, the conglomerate said in May it is looking to
find a "balance between defense and offense" - a signal it could
invest more in the future, adds Reuters.
===============
M A L A Y S I A
===============
PHARMANIAGA BHD: Charts Strategic Initiatives to Exit PN17 Status
-----------------------------------------------------------------
The Star reports that Pharmaniaga Bhd will focus on targeted
initiatives aimed at streamlining business activities to exit its
Practice Note 17 (PN17) status.
In a statement, executive committee chairman Ahmad Shahredzuan Mohd
Shariff said the pharmaceutical company will optimise its overall
business operations and costs, as well as finding synergies across
all of its business units, The Star relays.
"The group has placed great emphasis on expanding our capabilities
in the field of biopharmaceuticals, with a focus on the
establishment of state-of-the-art manufacturing facilities for
vaccines and insulin to address the increasing needs in these
therapeutic areas.
"We are targeting vaccines primarily under the National
Immunisation Programme. The work is progressing well and is
scheduled for commercialisation in 2025 for vaccines and 2026 for
insulin," he said.
According to The Star, Ahmad Shahredzuan said the group is also
expecting negotiations with the Health Ministry (MoH) on the
concession renewal to be concluded "very soon."
"We have been engaged in positive discussions with the MoH and
building upon our exceptional 28-year track record in logistics and
distribution, we will continue to provide exceptional service.
"Meanwhile in the private generic drugs market, Pharmaniaga
commands a significant market share of close to 10%. Our projected
growth in the private market for the year 2023 stands at an
impressive 20%, surpassing the annual market growth rate of 7%," he
said.
On the global front, Ahmad Shahredzuan said the group's logistics
and distribution arm in Indonesia PT Millenium Pharmacon
International Tbk (MPI) is aiming for double digits sales, compared
with last year's achievement.
"As part of MPI's comprehensive expansion strategy, we are
establishing new branches in 2023 to further strengthen our
logistics and distribution capabilities throughout the region.
"Meanwhile, our manufacturing arm in Bandung, Pt Errita Pharma will
focus on expanding its market penetration, as well increasing
production capacity," he said.
About Pharmaniaga
Pharmaniaga Berhad is an investment holding company. The Company is
principally engaged in the research and development, manufacturing
of generic drugs and medical devices, logistics and distribution,
sales, and marketing, as well as community pharmacy.
It was reported on February 28 that Pharmaniaga had been classified
as an affected listed issuer under PN17 of the Main Market Listing
Requirements of Bursa Malaysia. The pharmaceutical company said it
had triggered the PN17 criteria pursuant to its audited
consolidated financial statements for the period ended Dec. 31,
2022.
=====================
N E W Z E A L A N D
=====================
ACZHL LIMITED: Court to Hear Wind-Up Petition on June 19
--------------------------------------------------------
A petition to wind up the operations of ACZHL Limited will be heard
before the High Court at Hamilton on June 19, 2023, at 10:45 a.m.
Bodycorp 478498 filed the petition against the company on April 24,
2023.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
Level 19, 191 Queen Street
Auckland
EUROPEAN INTERIORS: Creditors' Proofs of Debt Due on July 6
-----------------------------------------------------------
Creditors of European Interiors Limited are required to file their
proofs of debt by July 6, 2023, to be included in the company's
dividend distribution.
The High Court at Christchurch appointed Colin Gower and Diana
Matchett of BDO Christchurch as liquidators on June 8, 2023.
FLEX FITNESS: Court to Hear Wind-Up Petition on June 19
-------------------------------------------------------
A petition to wind up the operations of Flex Fitness New Zealand
Limited will be heard before the High Court at Hamilton on June 19,
2023, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 3, 2023.
The Petitioner's solicitor is:
H. F. Tanielu
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
NEW ZEALAND: Economy Likely in Recession as Rate Hikes Take Hold
----------------------------------------------------------------
Reuters reports that the New Zealand central bank's aggressive
hiking of the cash rate likely pushed the country into a technical
recession in the first quarter, a Reuters poll found, giving
traction to the idea the cash rate may have peaked.
Gross domestic product (GDP) is expected to be down 0.1% in the
March quarter, below the Reserve Bank of New Zealand's (RBNZ)
forecast of 0.3% growth, according to a Reuters poll of 13
economists.
This would mean the country moved into a technical recession - two
consecutive quarters of negative growth - after the economy
contracted by 0.6% in the fourth quarter, Reuters says.
According to Reuters, New Zealand's central bank last month
signalled it was done tightening after raising rates by 25 basis
points to the highest in more than 14-years at 5.5%, ending its
most aggressive hiking cycle since 1999.
Yet a handful of economists think the boost to the economy from
historically high migration and the return of tourism might force
the central bank to do more. The markets still give a 50% chance
that there will be a further 25 basis point hike by October.
"Most forecasters, ourselves included and RBNZ and Treasury up
until the budget, were all forecasting a recession to start about
now. The fact that it started nine months ago, just shows us that
we're on a much weaker footing than what we thought," Reuters
quotes Kiwibank chief economist Jarrod Kerr as saying.
He said he expects the next cash rate move to be a cut.
Reuters says the economy in the first quarter was hurt by Cyclone
Gabrielle and the Auckland flash floods, which caused as much as
NZ$14 billion ($8.6 billion) in damage. They reduced farm
production, hurt tourism and slowed consumer spending.
However, the data has been volatile of late and a number of
economists expect growth to be weak or flat rather than negative.
"Whether or not it's weak but weakly positive or weak but weakly
negative it is still weak and in terms of the momentum of the
economy that'll be what's important for the Reserve Bank," said
principal economist at Infometrics Brad Olsen.
PASTURE: Restaurant Closes Abruptly After Seven Years in Business
-----------------------------------------------------------------
Emily Brookes at Stuff.co.nz reports that Pasture, the
three-hatted, six-seater restaurant that has been named among the
world's best, has closed permanently and abruptly just shy of its
seventh birthday.
In a message posted on Instagram, Pasture's owner, Ed Verner,
suggested the closure was related to his partner, Hillary Eaton,
being "ill with the first symptoms of a hereditary disease", which
had required the couple to seek specialist treatment.
He said all staff had been informed of the impending closure a few
weeks ago and had been paid in full. The restaurant was "in
discussions with suppliers and our other stakeholders".
Pasture would "refund deposits on an ongoing basis, for all
existing reservations". A person who commented on the post asking
what recourse they had for a NZD600 voucher was told to contact the
restaurant, which would "reference and assist".
Mr. Verner also owns next-door wine bar Boxer and bakery Alpha. A
representative for the businesses confirmed they had also
shuttered.
At the time the closure announcement was made, both Pasture and
Boxer were still accepting reservations on their websites,
including taking deposits of NZD75 per head at Pasture and NZD25
per head at Boxer, but they closed within the following 24 hours.
"I would like to thank everyone who has been involved in making
Pasture such a huge success," Mr. Verner wrote.
"All the staff, suppliers, and guests past and present who have
made it what it is. In fact, the beginning of this year was the
busiest few months we have ever had, with people coming from all
over the world, including England, Germany and New York.
"I have been so proud to have created a high end six seat fine
diner with a bar, a cafe, a bakery and a neo bistro run by one
superb team, in one building," Verner, a UK native, added.
"Further, I am grateful to New Zealand, my adopted home, for which
I would not have ever had the opportunity to create such a special
restaurant."
Pasture was named Auckland's best restaurant in Metro's 2019
restaurant awards. Two years earlier, Cuisine had named Mr. Verner
chef of the year.
The restaurant has also received international accolades, including
an entry in Travel + Leisure and Food & Wine magazines' world's
best restaurants list in 2020.
SEVERANCE LIMITED: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------------
Creditors of Severance Limited (formerly St Clair Homes Limited and
Coastal Cabins Limited) are required to file their proofs of debt
by July 7, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 8, 2023.
The company's liquidators are:
David Ian Ruscoe
Malcolm Russell Moore
Grant Thornton New Zealand Ltd
PO Box 1961
Auckland
WANAKA TOWING: Creditors' Proofs of Debt Due on July 7
------------------------------------------------------
Creditors of Wanaka Towing & Mechanical Services (2018) Limited are
required to file their proofs of debt by July 7, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 7, 2023.
The company's liquidator is:
John Marshall Scutter
Fervor Limited
Level 1, 17–19 Seaview Road
Paraparaumu Beach
=================
S I N G A P O R E
=================
ALLAN DEFENCE: Creditors' Proofs of Debt Due on July 14
-------------------------------------------------------
Creditors of Allan Defence Technologies Pte. Ltd. are required to
file their proofs of debt by July 14, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 8, 2023.
The company's liquidator is:
Oon Su Sun
c/o 182 Cecil Street
#30-01 Frasers Tower
Singapore 069547
GALENA COMMODITY: Creditors' Proofs of Debt Due on July 12
----------------------------------------------------------
Creditors of Galena Commodity Credit Fund GP Pte. Ltd. are required
to file their proofs of debt by July 12, 2023, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on June 9, 2023.
The company's liquidators are:
Bob Yap Cheng Ghee
Toh Ai Ling
Chan Kwong Shing, Adrian
c/o 12 Marina View #15-01
Asia Square Tower 2
Singapore 018961
ITCS GROUP: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on May 29, 2023, to
wind up the operations of ITCS Group Holding Pte. Limited.
Hyperion Ventures Holdings Ltd filed the petition against the
company.
The company's liquidators are:
Luke Anthony Furler
M/s Quantuma (Singapore)
137 Amoy Street
#02-03, Far East Square
Singapore 049965
MULTI FAMILY: Creditors' Meeting Set for June 23
------------------------------------------------
Multi Family Enterprise Pte Ltd will hold a meeting for its
creditors on June 23, 2023, at 10:30 a.m., via Zoom.
Agenda of the meeting includes:
a. to receive a full statement of the Company’s affairs
together with a list of creditors and the estimated amounts
of their claims;
b. to nominate liquidator(s) or to confirm members’ nomination
of liquidator(s);
c. to consider and if thought fit, appoint a Committee of
Inspection consisting of not more than 5 members, for the
purpose of winding up the Company; and
d. Any other business.
ZIRCA DIGITAL: Members' Final Meeting Set for July 14
-----------------------------------------------------
Members of Zirca Digital Solutions Singapore Private Limited will
hold their final general meeting on July 14, 2023, at 10:00 a.m.,
via Zoom.
At the meeting, Tan Chin Ren, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
=================
S R I L A N K A
=================
SRI LANKA: Extends Freeze on Outward Capital Transactions by 6 Mos
------------------------------------------------------------------
Reuters reports that Sri Lanka's government has decided to extend a
restriction on outward capital transactions by six months due to
pressure on its limited foreign exchange reserves, cabinet
spokesperson Bandula Gunawardena said on June 13.
Reuters relates that the decision will be revisited after debt
talks are finalised in September, added Gunawardena, who is also
the transport minister of the island country.
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on April 26, 2023, affirmed its long-term and
short-term foreign currency sovereign credit 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 long-term local currency rating remains negative. S&P also
retained its transfer and convertibility assessment at 'CC'. The
negative outlook on the long-term local currency rating reflects a
high risk to commercial debt repayments over the next six months in
the context of Sri Lanka's economic, external, and fiscal
pressures.
*********
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 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***