/raid1/www/Hosts/bankrupt/TCRAP_Public/230824.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, August 24, 2023, Vol. 26, No. 170
Headlines
A U S T R A L I A
ALT FINANCIAL: First Creditors' Meeting Set for Aug. 28
BOURKEHOOD HOLDINGS: First Creditors' Meeting Set for Aug. 29
DIJUN KLEAN: Second Creditors' Meeting Set for Aug. 28
GENESIS CARE: Seeks to Hire Clayton Utz as Special Counsel
HAMPTON BOWLS: Second Creditors' Meeting Set for Aug. 28
HARMAC GROUP: Enters Voluntary Administration
MAO CAPITAL: Second Creditors' Meeting Set for Aug. 28
C H I N A
CHINA EVERGRANDE: Developers Owe Centaline CNY1-Bil. in Commissions
CHINA: Cities Owe Billions to Chinese Property Firms, Report Says
CONCORD NEW: Fitch Alters Outlook on 'BB-' Foreign Curr. IDR to Pos
COUNTRY GARDEN: Leaves Investors in Dark on Exact Default Deadline
I N D I A
BIRLA TYRES: Dalmia Group Submits Revised Debt Resolution Plan
DAINIK SAVERA: CRISIL Keeps D Debt Ratings in Not Cooperating
ELEGANT FORGE: CRISIL Keeps B Debt Rating in Not Cooperating
ELLORA CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
FLOATELS INDIA: CRISIL Moves B- Debt Ratings from Not Cooperating
J.G. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
JOY MAHAPROVU: CRISIL Keeps B+ Debt Ratings in Not Cooperating
JSM PROTEINS: CRISIL Keeps D Debt Ratings in Not Cooperating
JUNEJA AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
MANIDHARI OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
OM SHAKTHI: CRISIL Keeps D Debt Rating in Not Cooperating
TIRUPATI POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
TNR INDUSTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
ULTIMATE AUTOMOBILES: CRISIL Keeps B- Ratings in Not Cooperating
V. S. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
VEMPARALA VENKAT: CRISIL Keeps D Debt Ratings in Not Cooperating
VENUS ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating
VIRAJ SPINNERS: CRISIL Keeps D Debt Ratings in Not Cooperating
VISWAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
I N D O N E S I A
GARUDA INDONESIA: Gov't. Reviews Plan to Merge Two State Airlines
N E W Z E A L A N D
AZURA HAIR: Creditors' Proofs of Debt Due on Sept. 10
CONTAINER CARRIERS: Court to Hear Wind-Up Petition on Sept. 7
DALTON BUILD: Court to Hear Wind-Up Petition on Aug. 28
DIGITAL ASSET: Crypto Exchange Goes Into Liquidation
KAPITI POOL: Creditors' Proofs of Debt Due on Sept. 18
VIAND FOODS: Creditors' Proofs of Debt Due on Sept. 12
WISHBONE: Owes Creditors at Least NZD2.3MM, Liquidators Reveal
S I N G A P O R E
BAIDU BARBEQUE: Commences Wind-Up Proceedings
CHEW CONSTRUCTION: Court Enters Wind-Up Order
EAGLE HOSPITALITY: Creditors' Proofs of Debt Due on Sept. 23
ICART GROUP: Commences Wind-Up Proceedings
PEINER SMAG: Creditors' Proofs of Debt Due on Sept. 24
TIONG AIK: Commences Wind-Up Proceedings
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A U S T R A L I A
=================
ALT FINANCIAL: First Creditors' Meeting Set for Aug. 28
-------------------------------------------------------
A second meeting of creditors in the proceedings of ALT Financial
Group Ltd has been set for Aug. 28, 2023 at 11:00 a.m. at the
offices of Westburn Advisory at Level 5, 115 Pitt Street in
Sydney.
Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on Aug. 17, 2023.
BOURKEHOOD HOLDINGS: First Creditors' Meeting Set for Aug. 29
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of BourkeHood
Holdings Pty Ltd will be held on Aug. 29, 2023, at 3:00 p.m. via
online conference facilities.
Rahul Goyal and Catherine Margaret Conneely of KordaMentha were
appointed as administrators of the company on Aug. 17, 2023.
DIJUN KLEAN: Second Creditors' Meeting Set for Aug. 28
------------------------------------------------------
A second meeting of creditors in the proceedings of Dijun Klean Pty
Ltd has been set for Aug. 28, 2023 at 12:00 p.m. via virtual
conference facility.
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 Aug. 25, 2023 at 5:00 p.m.
Domenico Alessandro Calabretta and Mitchell Warren Ball of Mackay
Goodwin were appointed as administrators of the company on Aug. 7,
2023.
GENESIS CARE: Seeks to Hire Clayton Utz as Special Counsel
----------------------------------------------------------
Genesis Care Pty Limited and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Clayton Utz as special counsel.
Clayton Utz will represent the Debtors in connection with an
internal investigation into certain potential issues related to the
Debtors' "EasyPay" program and potential operational issues related
to the use of grants funded by Radiation Oncology Health Program
Grants.
As of the petition date, Clayton Utz is owed AUD $733,911.48 for
professional services performed relating to the investigation and
related costs.
The hourly rates of the firm's counsel and staff are as follows:
Fred Prickett, Partner A$1,060
Katie Wood, Partner A$920
Vincent Giang, Special Counsel A$860
Lucy Groenewegen, Senior Associate A$760
Phoebe Cuttler, Lawyer A$445
Carla Strazdins, Lawyer A$445
In addition, the firm will seek reimbursement for expenses
incurred.
Fred Prickett, Esq., a partner at Clayton Utz, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Fred Prickett, Esq.
Clayton Utz
18/333 Collins St.
Melbourne, VIC 3000
Telephone: +61 3 9286 6000
Facsimile: +61 3 9629 8488
Email: fprickett@claytonutz.com
About GenesisCare
One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.
Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; Teneo as communications
advisor; and Clayton Utz as special investigation counsel. Kroll
Restructuring Administration, LLC is the notice and claims agent.
On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.
HAMPTON BOWLS: Second Creditors' Meeting Set for Aug. 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of Hampton Bowls
Club Inc. has been set for Aug. 28, 2023 at 11:00 a.m. at the
offices of Pitcher Partners at Level 13, 664 Collins Street in
Docklands and virtually using electronic facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 25, 2023 at 5:00 p.m.
Andrew Reginald Yeo and Timothy James Bradd of Pitcher Partners
were appointed as administrators of the company on July 24, 2023.
HARMAC GROUP: Enters Voluntary Administration
---------------------------------------------
Business News Australia reports that Victorian home builder Harmac
Group on Aug. 22 joined the long list of construction companies in
financial strife in 2023, with Shaun Matthews and Barry Wight of
restructuring advisory firm Cor Cordis appointed as voluntary
administrators.
According to BNA, the appointment relates to four of the group's
subsidiaries - Harmac Homes, Harmac Constructions, Harmac Urban
Living and Ridge Homes.
Other entities in the group are not subject to the administration.
It is unclear how many projects the group currently has under
construction, but Cor Cordis notes there has been a pause on
construction works while the administrators urgently assess the
business operations and explore all options to restructure or
recapitalise the businesses, including through a deed of company
arrangement, BNA says.
Operating in Melbourne and regional Victoria, the group has display
homes in Bendigo, Werribee, Ballarat-Winter Valley, Donnybrook,
Mickleham-Merrifield Estate, Sunbury and Leopold.
"We've commenced an urgent review of the Harmac Group's financial
position and are working with parties to develop a proposal to
restructure the business," BNA quotes the administrators as
saying.
"We've set up an email address for customers, employees, and
creditors. We will be providing regular updates to all stakeholders
as we work through the voluntary administration process."
Other builders currently in the process of administration include
the Gold Coast's GCB Constructions and Sydney developer Toplace,
the report notes.
MAO CAPITAL: Second Creditors' Meeting Set for Aug. 28
------------------------------------------------------
A second meeting of creditors in the proceedings of Mao Capital Pty
Ltd has been set for Aug. 28, 2023 at 11:00 a.m. via virtual
meeting technology 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 Au. 25, 2023 at 4:00 p.m.
Anne Marie Barley of AMB Insolvency was appointed as administrator
of the company on July 25, 2023.
=========
C H I N A
=========
CHINA EVERGRANDE: Developers Owe Centaline CNY1-Bil. in Commissions
-------------------------------------------------------------------
Yicai Global reports that the Shenzhen unit of Centaline Group,
Hong Kong's leading real estate agency, has accused beleaguered
China Evergrande Group and other Chinese mainland property
developers of failing to pay more than CNY1 billion (USD137
million) in commissions on property sales.
Evergrande, Kaisa Group Holding, Baoneng Group, Shimao Property
Holdings, and others owe Centaline Shenzhen CNY1 billion, Yicai
relates citing a screenshot of a document signed by the realtor's
Chief Executive Alex Shi on Aug. 10 that recently circulated
online.
An insider at Centaline Group confirmed the authenticity of the
document, which the company submitted to the local government,
Yicai says. The Shenzhen unit, founded in 1997, is a major real
estate agent in the southern Chinese city.
Centaline Shenzhen has filed lawsuits against some of the
developers to recover CNY535 million (USD73.2 million) of unpaid
commissions, with CNY400 million already ruled in favor of the
plaintiff and the rest pending court decisions, according to the
document cited by Yicai.
"When the sector is in hardship, there is no winner across the
industry chain," the insider noted.
In an industry where the remuneration of sales staff is usually
made up of basic salary and commissions, employees only gets the
commission after the employer receives payment from developers, the
document said, Yicai relays.
If the government insisted that Centaline Shenzhen pay commission
before being paid by developers, and even if restricted only to
frontline employees, the added financial burden on the firm is
estimated at over CNY400 million, worsening its financial position,
the document said.
But almost all of the developers mentioned in the document are
stuck in a debt crisis, the report notes. Evergrande announced
recently that its debt already far exceeds the value of its assets.
So Centaline Shenzhen may be unable to secure payment even if it
wins in court.
Sales commissions fall under the category of common credit rights,
the same as that of debts to general suppliers, Bai Wenxi, vice
head of China Enterprise Capital Union, told Yicai.
Realtors can use pre-litigation preservation to seize the
defendants' assets and key accounts before carrying out extensive
negotiations, said Bai, who is also chief economist at Interpublic
Group China, Yicai relays. He also suggested that realtors should
strive to reach a settlement with the developers to recover as much
money as possible as soon as possible.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2023, China Evergrande Group, the second largest real estate
developer in China, and certain of its affiliates sought creditor
protection in the United States under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
CHINA: Cities Owe Billions to Chinese Property Firms, Report Says
-----------------------------------------------------------------
Bloomberg News reports that local governments in some Chinese
cities owe property developers CNY1 billion (US$137 million) to 2
billion yuan each in unpaid bills, according to a local media
report, with pressure building on the authorities to pay their
debt.
Bloomberg relates that the outstanding amounts owed to the property
firms include tax rebates and promised reimbursement of land sale
fees, Economic Observer reported on Aug. 21, citing unidentified
executives at developers.
Various districts and counties in cities including Zhengzhou in the
central province of Henan recently asked private real estate firms
to submit details of the debt owed to them by the government,
according to the report cited by Bloomberg.
That came after developers urged local authorities in the past year
to repay them to ease their liquidity crunch and ensure housing
projects are completed, the report said.
Bloomberg says Beijing is pushing local governments to settle their
bills as part of efforts to boost dwindling confidence in the
private sector. The issue was highlighted last month in a
high-level statement outlining 31 measures to improve conditions
for businesses. The nation's top economic planning agency pledged
earlier this month to punish local government departments that fail
to make due payments to companies or hurt private firms unfairly in
other ways.
According to Bloomberg, The Economic Observer said company
representatives spoke out on the issue during recent roundtable
conferences with authorities, including the housing ministry, the
central bank and some governments in megacities.
The slump in the property market has persisted for over two years
without signs of bottoming out, and concerns are mounting that the
housing crisis is spreading to state-owned firms and the financial
sector, Bloomberg states.
Bloomberg notes that local government finances are under pressure
after revenue from land sales, a major source of income, plunged.
That's limited their ability to spend and boost economic growth.
Data on Aug. 21 showed China's broadest measure of the fiscal
deficit - the so-called augmented shortfall - shrank by more than a
third so far this year compared to the same period in 2022,
Bloomberg discloses.
CONCORD NEW: Fitch Alters Outlook on 'BB-' Foreign Curr. IDR to Pos
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Concord New Energy Group
Limited's (CNE) Long-Term Foreign-Currency Issuer Default Rating
(IDR) to Positive, from Stable, and affirmed the IDR and senior
unsecured rating at 'BB-'.
The Outlook revision reflects CNE's strengthened credit profile
after years of rapid expansion and project optimisation by selling
subsidy-reliant projects with slower cash flow conversion and
developing grid-parity projects. CNE has significantly improved its
cash flow, levelised cost of energy (LCOE) and funding costs, and
substantially reduced its reliance on renewable subsidies over the
past few years.
The Positive Outlook is also supported by CNE's visible
deleveraging trend in the medium term. Fitch believes its cash flow
from operations (CFO) will continue rising as CNE grows its project
portfolio to support stable capacity additions, leading to
decreasing capex intensity and lower leverage. Fitch forecasts a
temporary rise in EBITDA net leverage to 6.3x in 2023 (2022: 5.6x)
due to a concentration of new installations towards year-end,
followed by steady deleveraging to below its upgrade trigger of
5.5x.
KEY RATING DRIVERS
Improved Project Quality: CNE increased its CFO by 222% in two
years to CNY1,776 million in 2022 (2020: CNY551 million), while its
effective capacity grew by 49% in the same period. The
disproportionate surge in cash flow was driven mainly by the
improved quality of its project portfolio. Subsidies only accounted
for 19% of revenue in 2022, from 41% in 2020, and should further
decline to 9% by 2025. LCOE has decreased to CNY215 per megawatt
hour (MWh) at end-1H23, 37% below the end-2020 level, as newly
built grid-parity farms have better utilisation hours and lower
depreciation.
Sufficient Cash Flow for Expansion: Fitch expects CNE to install
around 1.0 gigawatts (GW) of new capacity this year, similar to
2022, which nearly fulfils its target of doubling its effective
capacity during 2021-2023. Fitch expects installations at a rate of
1.0-1.2GW per year subsequently, based on CNE's development
capability, in line with its target to further double capacity in
the next five years. Fitch forecasts CFO of CNY1.3 billion and
CNY1.8 billion in 2023 and 2024, sufficient to cover the 20% equity
capital component of its forecast annual capex of around CNY4.8
billion.
CNE disposed of 189MW of effective capacity in 2022, and 644MW in
2020 and 519MW in 2021. Fitch expects a decrease in project sales
from 2023 onwards. CNE's CFO has become strong enough to support
fast organic growth, making it less reliant on asset divestures.
The remaining projects are also generally more cash flow affluent,
in line with management's preference. The 2022 divestures were
valued at 2.3x price/book on average, higher than the 1.8x in 2021
and 1.1x in 2020, revealing the quality and liquidity of CNE's
project portfolio.
O&M Segment Expansion: CNE is China's largest third-party operation
and maintenance (O&M) provider for wind and solar farms. Its
serviced capacity reached 18.0GW at end-2022, from 11.0GW at
end-2021 and 7.5GW at end-2020. CNE also provides design,
consultancy, and engineering, procurement and construction (EPC)
services. Its strong O&M and EPC capability suggest that execution
risks for future capacity expansion are limited.
Improving Financial Flexibility: Fitch expects CNE to have lower
average funding costs of below 4.8% this year, below the 2019 level
by almost 1pp, after it repaid its US dollar bonds ahead of
maturity. The company also has improved access to bank loans on an
incremental basis, compared with its previous reliance on financial
leasing to fund project development. Fitch expects EBITDA interest
coverage of 3.0x-4.0x within its rating horizon, commensurate with
a 'bb' level of financial flexibility.
Steady Deleveraging Trend: Fitch expects CNE to deleverage steadily
to EBITDA net leverage of 5.6x in 2024 and 5.1x in 2025 as its
operating capacity increases. This would follow a temporary rebound
to 6.3x in 2023 (2022: 5.6x) as new installations are concentrated
in 2H23 (52MW in 1H23), constraining EBITDA growth but increasing
year-end debt. Fitch forecasts an annual capex of CNY4.6
billion-5.0 billion on installations. Fitch believes a drop in
CNE's capacity addition/operating capacity ratio to 31% in 2025,
from 46% in 2022, will support the deleveraging trend in the medium
term.
DERIVATION SUMMARY
CNE's rating is supported by its healthy project portfolio with
solid returns. The Positive Outlook reflects its improving project
quality, visible deleveraging and growing size. Its leverage and
coverage metrics are commensurate with those of peers rated in the
'BB' category. CNE's credit profile is comparable with that of
Indian peer ReNew Power Private Limited (BB-/Stable).
Its medium-term forecast for CNE's EBITDA net leverage of around
5.0x is broadly in line with that for ReNew. However, Fitch
forecasts stronger operating EBITDA interest coverage for CNE of
above 3.0x-4.0x in the next three years, compared with around 2.0x
for ReNew, due to CNE's lower funding costs.
CNE also has higher cash flow predictability as a result of lower
counterparty risk. Fitch expects renewable subsidies to account for
only 15% of CNE's electricity sales revenue in 2023, with the rest
coming from strong state-owned power grids. The majority of ReNew's
key customers are non-federal government-owned utilities with weak
credit profiles. CNE has a smaller scale, although this has no
impact on its operating efficiency or investment cost.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Annual net capacity additions of 950MW-1,200MW during 2023-2026,
with a rising trend
- Disposal of 100MW of capacity each year in 2023 and 2024, and no
disposals from 2025
- Generally stable utilisation hours
- Stable tariffs at existing wind and solar farms; no subsidy
assumed for newly installed capacities
- O&M revenue to rise by 20%-30% a year in 2023-2026
- Annual capex at around CNY4.5-5.0 billion in 2023-2026
- Collection of 45% of annual eligible subsidy and no additional
collection of legacy subsidies
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- EBITDA net leverage on track to trend below 5.5x by 2025
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Fitch will revise CNE's Outlook to Stable if the positive trigger
is not met.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: CNE had CNY2.7 billion of readily available
cash at end-1H23 after repaying USD90 million of US dollar bonds
ahead of maturity, still sufficient to cover short-term debt of
CNY1.7 billion. Fitch forecasts CFO of CNY1.3 million in 2023 and
expect 80% of CNE's CNY4.9 billion in capex for 2023 to be financed
by project loans or financial leasing. Fitch believes existing
cash, CFO and expected proceeds from project divestures should be
enough to cover the equity capital component of capex and
project-level debt amortisation in 2023.
ISSUER PROFILE
CNE is a renewable power operator in China that mainly owns and
operates wind and solar farms. It owned 3.6GW of operational
attributable installed capacity as of end-2022, including 2,469MW
of self-controlled wind capacity, 444MW of solar power capacity,
and 675MW of effective capacity owned through joint ventures and
associate companies. The company also provides O&M and design
services to other renewable power plants.
SUMMARY OF FINANCIAL ADJUSTMENTS
VAT Deduction: Wind and solar farms in China enjoy a 50%
value-added tax (VAT) rebate as an incentive for supplying
renewable energy. Revenue from wind farms is net of VAT and only
the 50% rebate is reflected in the income statement and included as
EBITDA. Wind farms are exempt from VAT in the first five operating
years, during which time they do not pay VAT or receive rebates.
The amount of VAT that has been exempted, although 100% retained by
wind farms, is not reflected in the income statement. Fitch has
adjusted CNE's EBITDA by adding 50% of the VAT that has been
exempted.
External Guarantee: CNE continued to provide a guarantee of CNY339
million at end-2022 on bank loans for projects it sold to overseas
renewable funds. Fitch includes half of the guaranteed amount in
the calculation of CNE's leverage, as repayment of the loans is
covered by project CFO.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Concord New Energy
Group Limited LT IDR BB- Affirmed BB-
senior unsecured LT BB- Affirmed BB-
COUNTRY GARDEN: Leaves Investors in Dark on Exact Default Deadline
------------------------------------------------------------------
Bloomberg News reports that the distressed Chinese developer that
rattled markets by missing interest payments on dollar bonds
earlier this month is leaving investors in the dark about the exact
date a key grace period ends, the latest sign of opaqueness in a
market that has lost US$87 billion (SGD118 billion) in the past two
years.
Bloomberg relates that Country Garden Holdings, among China's
biggest, must repay a combined US$22.5 million in two coupons
within that period, otherwise creditors could call a default that
would be the developer's first on such debt. That would threaten
even worse impact than defaulted peer China Evergrande Group, given
Country Garden has four times as many projects.
But there is uncertainty whether the grace period ends Sept. 5 or
6, raising the risk of legal wrangling if payment straddles those
dates, Bloomberg says. The ambiguity stems from differing
interpretations of standard wording in the offering memorandum. The
document defines an "event of default" as delinquency "in payment
of interest which continues for 30 days".
That is clear enough, Bloomberg notes. But what makes things
uncertain is that the due date of Aug. 6 was a Sunday, which meant
the effective due date was the next business day, Aug. 7. Should
one count the 30-day grace period from Aug 6. or Aug. 7? The
document does not specify.
According to Bloomberg, China's worsening property debt crisis has
prompted a slew of developers including Evergrande to use grace
periods in recent years. In many cases, doing so has only bought
time before they eventually went on to default, adding to record
debt failures.
Growing concerns that the same fate could strike Country Garden,
which had CNY1.4 trillion (SGD264 billion) of total liabilities at
the end of last year, have dragged Chinese junk dollar bonds deeper
into distress under 65 US cents. The market value of Bloomberg's
index for the securities, mostly issued by builders, has shrunk to
only about US$44.7 billion from some US$131.8 billion two years
ago.
Lack of clarifications from Country Garden or involved parties on
the builder's missed interest payments and more generally on its
debt plans make "it hard to gauge recovery and derive fair value",
said Ms Zerlina Zeng, senior credit analyst at CreditSights,
Bloomberg relays. "This probably also contributes to the poor
trading liquidity of these high-yield, distressed China property
bonds."
Bloomberg says several analysts at major global banks have recently
mentioned in notes either Sept. 5 or 6 as the deadline for the end
of the grace period, underscoring the lack of consensus.
"We believe we should use the scheduled payment date as day zero,
but we are not certain given it was Sunday," Moody's Investors
Service said when asked about the matter. The rating firm
downgraded Country Garden deeper into junk territory at Caa1
earlier in August.
Of course, if the developer winds up not paying the interest, the
confusion over the grace period expiry will cede to broader
concerns, Bloomberg notes. Creditors would then focus on how much
they may eventually claw back through any potential restructuring,
should the firm follow other builders down that path.
Bloomberg adds that Country Garden, helmed by one of China's
richest women Yang Huiyan, has made no public comments directly
concerning its missed dollar note interest payments or whether it
plans to repay within the grace period. The builder apologised more
generally earlier this month, vowing to take more powerful and
effective measures to ensure home delivery and address periodic
liquidity stress.
The coupon payments in question are: US$10.5 million of interest on
a dollar bond that matures in 2026, and US$12 million on a note due
2030, Bloomberg discloses.
About Country Garden
Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's corporate family rating to Caa1 from B1 and its
senior unsecured rating to Caa2 from B1. The rating outlook
remains negative.
=========
I N D I A
=========
BIRLA TYRES: Dalmia Group Submits Revised Debt Resolution Plan
--------------------------------------------------------------
The Economic Times reports that Dalmia Group firms have submitted a
revised debt resolution plan for INR1,100 crore of bank loans of
Birla Tyres, which is undergoing insolvency resolution, according
to people in the know.
A person familiar with the new plan told ET that group companies of
Dalmia Bharat have offered to repay about INR300 crore of the
outstanding loans of Birla Tyres. This is said to be three times
their original offer to creditors. Birla Tyres competes in the
commercial vehicle and two-wheeler tyres segments.
The new offer has been put to vote and a creditor group -
comprising 11 banks and financial institutions - was expected to
convey its decision by Aug. 22.
Birla Tyres was admitted for insolvency proceedings by the Kolkata
bench of National Company Law Tribunal (NCLT) NCLT on May 5 last
year. On May 2, ET had reported about the Dalmia Group's original
offer of INR100 crore.
Birla Tyres was spun off from Kesoram Industries in 2019. The
company is part of the business group of the late Basant Kumar
Birla.
Axis Bank leads the list of creditors and accounts for almost half
of the loans made by banks to the company, ET says.
Over two dozen expressions of interest were received from
applicants interested in proposing a debt resolution for Birla
Tyres, according to ET. The list included Ceat, India Resurgent
Fund, Jindal Steel & Power, Bommidala Enterprises, MCPI and Himadri
Speciality Chemicals.
According to Birla Tyres' website, the company has been in the
business of manufacturing tyres for 25 years. It earlier had a
collaboration with Italians tyre manufacturer Pirelli.
Birla Tyres has not been able to finalise its accounts for the
financial year ending March 31, the court-appointed resolution
professional, Pratim Bayal, informed the stock exchanges on May
29.
"The corporate debtor is under severe financial stress and is
running with a skeletal staff," Bayal informed stock exchanges.
"Most key employees, top-level management and personnel having
knowledge of the affairs and operations of the corporate debtor are
no longer engaged with the corporate debtor owing to initiation of
CIRP."
In the stock exchange filing, Bayal said certain decisions were
still pending with the committee of creditors, which was delaying
finalisation of accounts.
"Kindly note that as there are some decisions relating to the
accounting policy and valuation related matters which are pending
to be undertaken by the members of the committee of creditors, the
resolution professional needs some more time to finalise the books
of account for the corporate debtor for the FY22-23," the
notification said.
DAINIK SAVERA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dainik Savera
News and Media Network (DSMN) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.08 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 3.92 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DSMN for
obtaining information through letter and email dated July 19, 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 DSMN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DSMN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DSMN continues to be 'CRISIL D Issuer Not Cooperating'.
DSMN was set up in December 2012 and is owned and managed by Mr
Shital Vij and his family members. The firm operates a printing
press in Jalandhar, Punjab, through which it publishes Dainik
Savera Times, a regional newspaper with circulation in Jammu,
Punjab, Haryana, Chandigarh, Delhi, and Himachal Pradesh.
ELEGANT FORGE: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Elegant Forge
and Equipments Private Limited (EFEPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 15 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with EFEPL for
obtaining information through letter and email dated July 19, 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 EFEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EFEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EFEPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in September 2015, EFEPL is setting up a greenfield
project to manufacture heavy forged and machined components at
Wada. The proposed unit will have an installed production capacity
of 72,000 tonne of forged components per annum.
ELLORA CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ellora
Construction Private Limited (Ellora) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.27 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Ellora for
obtaining information through letter and email dated July 19, 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 Ellora, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Ellora is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Ellora continues to be 'CRISIL D Issuer Not
Cooperating'.
Set up in December 2005 as a partnership between Mr Saleem Ahmed
Bismillah Khan and his wife Mrs Sameena Sultana, Ellora was
reconstituted as a private limited company in April 2008. The
company undertakes construction and executes work orders for
buildings, roads, and infrastructure projects.
FLOATELS INDIA: CRISIL Moves B- Debt Ratings from Not Cooperating
-----------------------------------------------------------------
Due to non-receipt of No Default Statements (NDS) for three
consecutive months, CRISIL Ratings, in line with SEBI guidelines,
had migrated the ratings for bank loan facilities of Floatels India
Private Limited (FIPL) to 'CRISIL B-/Stable' Issuer Not
Cooperating'. However, the rated entity has now shared NDS with
CRISIL Ratings. Consequently, CRISIL Ratings is migrating the
rating on bank facilities of FIPL to 'CRISIL B-/Stable' from
'CRISIL B-/Stable' Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B-/Stable (Migrated from
'CRISIL B-/Stable ISSUER NOT
COOPERATING')
Foreign Currency 14 CRISIL B-/Stable (Migrated from
Term Loan 'CRISIL B-/Stable ISSUER NOT
COOPERATING')
Term Loan 3 CRISIL B-/Stable (Migrated from
'CRISIL B-/Stable ISSUER NOT
COOPERATING')
The Rating Rationale dated November 22, 2022 is placed below with
necessary updates.
Key Rating Drivers & Detailed Description
Weakness:
* Modest scale of operations: FIPL's scale is modest with estimated
revenue of less than INR5 crore in fiscal 2021. Operations were
suspended during first quarter of FY21 owing to lockdown imposed to
curb covid 19 spreads. The same has led to reduced revenue
collection in the previous fiscal. Intense competition in the
hospitality industry with high fragmentation further limits the
company's scale of operations. Also, amidst ongoing pandemic
revenue growth rate is expected to remain muted in the current
fiscal.
* Exposure to cyclicality in the intensely competitive hospitality
industry: Hospitality industry is exposed to cyclicality dependent
on holiday period and seasonal occurrences. FIPL remains exposed to
cyclicality resulting in slump sales during some months. The same
results in stretched liquidity dependent on internal funds.
Strengths:
* Extensive experience of the promoters, and strategic location of
resort: FIPL benefits from the promoters' extensive experience in
the industry. The promoters have over the years developed healthy
understanding of the markets and have also established brand
recognition amongst customers leading to stable business risk
profile.
* Moderate Financial risk profile: Financial risk profile continues
to remain moderate in FY 2022 marked by estimated Net worth of
around INR 12 crore and gearing at less than 1.3 times. Further, in
the absence of any major debt funded capex, the same is expected to
stay at similar levels over the medium term
Liquidity: Stretched
Average bank limit utilization for the last twelve months ended on
August 2021, is modest at 95%. Estimated net cash accruals is low
at less than INR1.3-1.4 crore, however, with need based unsecured
loan support from promoters and additional working capital demand
loan of INR2.9 crore availed in the current fiscal, the same is
expected to meet repayment obligations of less than INR1.2 crore.
Current ratio continues to remain modest at less than 0.5 times, as
on March 31, 2022.
Outlook: Stable
CRISIL Ratings believes FIPL will continue to benefit from its
promoters' extensive experience
Rating Sensitivity factors
Upward Factors:
* Strong revenue growth with improvement operating margin leading
to net cash accruals of more than INR2 crore
* Efficient working capital management and maintenance of moderate
capital structure
Downward Factors:
* Major decline in revenues or operating margin leading to cash
accruals below Rs0.9 crores
* Stretch in working capital cycle or significant debt funded
capex
Incorporated in 1996 as a private limited company, FIPL owns and
operates a 4 star resort in Trivandrum. The resort is named as
'Poovar Island Resort'.
J.G. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J.G. Agro
Foods (JGAF) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 2 CRISIL D (Issuer Not
Credit Limit Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
Warehouse Receipts 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JGAF for
obtaining information through letter and email dated July 19, 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 JGAF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JGAF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JGAF continues to be 'CRISIL D Issuer Not Cooperating'.
JGAF was established in 2013 as a partnership firm by Mr. Vijay
Kumar Chhabra, Mr. Pritam Dass, and Mr. Pawan Kumar. The firm
processes basmati rice at its plant at Ghubaya village, Jalalabad,
in Punjab. It has a total milling and sorting capacity of 2 tonnes
per hour.
JOY MAHAPROVU: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Joy Mahaprovu
Cold Storage Private Limited (JMCSPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.99 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 5.41 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Working Capital Loan 1 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JMCSPL for
obtaining information through letter and email dated July 19, 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 JMCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
JMCSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of JMCSPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
JMCSPL was incorporated in 1996, by the promoters Mr Samar Dhawa,
Mr Prabir Kumar Dhawa, Mr Dibakar Dhawa and Mr Pravakar Dhawa. The
company has cold storage facilities in Medinipur, West Bengal for
the potato traders and farmers of West Bengal. It has two chambers
with total capacity of 1,45,000 quintals.
JSM PROTEINS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JSM Proteins
Private Limited (JSM) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 11 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JSM for
obtaining information through letter and email dated July 19, 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 JSM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up by Mr. Manoj Wadhwa in 2010, JSM is a trader and distributor
of edible oil, dairy products, and sugar, mainly in Haryana. The
company commenced commercial operations in February 2011 after the
edible oil trading business of its group entity, Shubh Marketing,
was transferred to it.
JUNEJA AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Juneja Agro
Farms (JAF) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 15 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with JAF for
obtaining information through letter and email dated July 19, 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 JAF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JAF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JAF continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
JAF, a partnership firm, is setting up a project in Kanpur, Uttar
Pradesh, for production of and trading in commercial eggs. The
firm's partners include Ms. Laxmi Devi, Ms. Santosh Juneja, Ms.
Neelam Juneja, Ms. I P Juneja, Ms. Shilpi Juneja, and Juneja
Poultry Products Pvt Ltd.
MANIDHARI OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manidhari
Oils Private Limited (MOPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MOPL for
obtaining information through letter and email dated July 19, 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 MOPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MOPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of MOPL, together referred to
as the Ritisha group, on account of their similar lines of business
and common promoters.
Incorporated in 2012 by Mr. Ramit Jain is engaged in trading of
edible oils and has the same set of customers and suppliers as of
its group company Ritisha Oils Private Limited (ROPL).
OM SHAKTHI: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of OM Shakthi
Exports (OM) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with OM for
obtaining information through letter and email dated July 28, 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 OM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of OM
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2013, OM is a partnership firm of Mr. Gulhatty Shekhar
and Mr.Raghunath Babu. The firm is engaged in mining, processing
and exports of granite blocks, slabs and tiles.
TIRUPATI POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tirupati
Polymers (TPL) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.9 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.6 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TPL for
obtaining information through letter and email dated July 19, 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 TPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TPL continues to be 'CRISIL D Issuer Not Cooperating'.
TPL was set up as a partnership firm in 2008, at Sirmor, Himachal
Pradesh. The company, which was manufacturing rubber sheets till
2010, now produces foil printing and mono carton mainly for players
in the pharmaceutical industry. Operations are managed by Mr Rajesh
Bindal and his wife, Mrs Anurekha Bindal.
TNR INDUSTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of TNR
Industries Private Limited (TIPL) continue to be 'CRISIL C Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term 8 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with TIPL for
obtaining information through letter and email dated July 19, 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 TIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TIPL continues to be 'CRISIL C Issuer Not Cooperating'.
TIPL, set up in 2011, manufacture of Unplasticized Polyvinyl
Chloride (UPVC) and leasing of RMC facility. Based in Hyderabad,
the company is promoted by Mr T Narsimha Rao and his family.
ULTIMATE AUTOMOBILES: CRISIL Keeps B- Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ultimate
Automobiles Private Limited (UAPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL B-/Stable (Issuer Not
Cooperating)
Standby Line 0.9 CRISIL B-/Stable (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with UAPL for
obtaining information through letter and email dated July 19, 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 UAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UAPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
UAPL, incorporated in 1998, is an authorized dealer of HMIL's
entire range of passenger vehicles and spare parts in Chandigarh &
Panchkula (Haryana). The company, promoted by Ms Geeta Talwar, has
two showrooms and two service centres across its area of
operations.
V. S. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. S. Cotton
Industries (VSC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Rupee 0.36 CRISIL D (Issuer Not
Term Loan Cooperating)
Term Loan 2.64 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VSC for
obtaining information through letter and email dated July 19, 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 VSC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSC continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RSV Cotton Industries (RSV)
and VSC. This is because the two entities, together referred to as
the Kakad group, are under a common management and in similar lines
of business, and have significant financial linkages.
RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and presses
cotton. The firm commenced operations in November 2013. Its
manufacturing facilities are at Anjangaon in Amravati,
Maharashtra.
VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr.
Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It
commenced operations in February 2013. Its manufacturing facilities
are at Murtizapur in Akola, Maharashtra.
The daily operations of both entities are managed by Mr. Sudhakar
Kakad and Mr. Vivek Kakad. The Kakad family has been in the
business of cotton trading for more than a decade.
VEMPARALA VENKAT: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vemparala
Venkat Rao Cotton Industries (VVR) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.4 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.65 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.95 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with VVR for
obtaining information through letter and email dated July 19, 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 VVR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VVR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VVR continues to be 'CRISIL D Issuer Not Cooperating'.
VVR was established in 2012 as a partnership firm by Mr V Ram Babu
and his family members. The firm gins and presses raw cotton. Its
facility is in Guntur, Andhra Pradesh.
VENUS ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Venus Rolling
Mills Private Limited (VRMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VRMPL for
obtaining information through letter and email dated July 19, 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 VRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VRMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VRMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
VRMPL was set up by Mr Yatendra Singh Pawar in 2005. The company
manufactures mild steel angles of various sizes, used in the
construction and power transmission sectors.
VIRAJ SPINNERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viraj
Spinners Limited (VSL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.01 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 31.99 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VSL for
obtaining information through letter and email dated July 19, 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 VSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSL continues to be 'CRISIL D Issuer Not Cooperating'.
VSL was incorporated in 2010 and is promoted by Mr Sadashiv Patil.
The commercial operations of its manufacturing facility in Vita
(Maharashtra) commenced in January 2015. It has an installed
capacity of 18,720 spindles.
VISWAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viswam
Educational Society (VES) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 4.15 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.81 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.04 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Secured Overdraft 4.00 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with VES for
obtaining information through letter and email dated July 19, 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 VES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VES continues to be 'CRISIL D Issuer Not Cooperating'.
VES, a society was established in 1991, and the overall operations
of the trust are being managed by its secretary Mr. Prabhakar
Reddy. It runs 5 educational institutions under the Viswam brand.
Its schools and colleges are located in and around Chittoor (Andhra
Pradesh).
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Gov't. Reviews Plan to Merge Two State Airlines
-----------------------------------------------------------------
Reuters reports that the Indonesian government is reviewing a plan
to merge state-owned airlines Garuda Indonesia and Pelita Air, a
unit of energy firm Pertamina, to ensure affordable airfares, an
executive said on Aug. 22.
Reuters says the plan came a year after Garuda reached an agreement
with its creditors to restructure its $9 billion debt.
Pelita Air president director Dendy Kurniawan told Reuters that it
welcomed the plan, which he said was under the review of
Indonesia's state-owned enterprises (SOE) ministry, adding the
possible merger would "strengthen the aviation industry" and ensure
affordable ticket prices.
His statement came after local media cited SOE minister Erick
Thohir as saying on Aug. 22 that he planned to merge Pelita Air
with Garuda group, which includes its low cost airline unit
Citilink, Reuters relates.
According to Reuters, Erick said the merger will help reduce the
country's logistic costs and increase the its fleet size, which he
said needed 179 new planes.
Garuda was operating 101 planes in June, according to its website.
Pelita Air operates 7 planes, its CEO said.
Garuda CEO Irfan Setiaputra said in a statement on Aug. 22 the
airline was still discussing the merger, adds Reuters.
About Garuda Indonesia
Garuda Indonesia is the flag carrier of Indonesia.
On Oct. 22, 2021, one of Garuda's creditors filed a PKPU petition
against Garuda to commence the PKPU Proceeding under Indonesian
Insolvency Law. PKPU is a court-enforced suspension of payments
process which is designed to provide a debtor a definite period of
time to restructure its debt and reorganize its affairs pursuant to
a composition plan with its creditors.
The Indonesian Court granted the PKPU Petition on Dec. 9, 2021 and
appointed Jandri Siadari, S.H., Dip.Mkt., LL.M., Martin Patrick
Nagel, S.H., M.H., Albert Hasoloan Limbong, S.H., Asri, S.H., M.H.,
Mulyadi, S.H., LL.M., William Eduard Daniel, S.E., S.H., LL.M., MBL
as administrators who, together with the Debtor, manage the
Debtor's assets during the PKPU Proceeding.
On June 17, 2022, Garuda proposed to creditors the PKPU Plan
developed in consultation with an ad hoc group of its aircraft
lessors, Sukuk Holders and a number of other creditors working to
facilitate the restructuring of Garuda's debts. The PKPU Plan
anticipates Garuda continuing to operate in the ordinary course.
PT Garuda Indonesia (Persero) Tbk filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 22-bk-11274) on Sept. 23, 2022,
to seek U.S. recognition of its debt restructuring in Jakarta,
Indonesia. The U.S. case is overseen by Honorable Bankruptcy Judge
Lisa G Beckerman. The Debtor is represented by Thomas S. Kessler
of Cleary Gottlieb Steen & Hamilton LLP in the U.S.
=====================
N E W Z E A L A N D
=====================
AZURA HAIR: Creditors' Proofs of Debt Due on Sept. 10
-----------------------------------------------------
Creditors of Azura Hair Studio Limited and Reesresidential Limited
are required to file their proofs of debt by Sept. 10, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Aug. 10, 2023.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
CONTAINER CARRIERS: Court to Hear Wind-Up Petition on Sept. 7
-------------------------------------------------------------
A petition to wind up the operations of Container Carriers Limited
will be heard before the High Court at Auckland on Sept. 7, 2023,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 16, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
DALTON BUILD: Court to Hear Wind-Up Petition on Aug. 28
-------------------------------------------------------
A petition to wind up the operations of Dalton Build Limited will
be heard before the High Court at Whangārei on Aug. 28, 2023, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 11, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
DIGITAL ASSET: Crypto Exchange Goes Into Liquidation
----------------------------------------------------
David Ruscoe and Russell Moore from Grant Thornton New Zealand have
been appointed liquidators of Digital Asset Exchange Limited
(trading as 'Dasset'), a New Zealand digital assets trading
platform.
Dasset's management said a significant reduction in asset values
and trading levels impacted its ability to trade profitably. It was
determined the appointment of liquidators was in the best interests
of all stakeholders.
The liquidators' immediate focus is on securing and protecting
Dasset's assets.
Grant Thornton said they will be contacting all customers and
suppliers about its appointment in the next few days.
Mr. Moore stated, "We understand users and creditors will be
disappointed by the news that Dasset has gone into liquidation. The
process of securing the assets is complex; there are third parties
involved and nearly 100 different types of digital assets. We will
work with management and third parties to resolve any issues as
soon as possible, and we will update all stakeholders on progress
as regularly as possible".
Digital Asset Exchange Limited was incorporated in April 2017 and
operated as a New Zealand based digital asset exchange, trading
under the name "Dasset". The Company offered users the ability to
buy and sell over 90 different digital assets with New Zealand
Dollars. At the date of liquidation, it is estimated that the
Company had over 5,000 registered users.
KAPITI POOL: Creditors' Proofs of Debt Due on Sept. 18
------------------------------------------------------
Creditors of Kapiti Pool Services Limited, Pools & Spas Kapiti
Limited and West Coast Pools Limited are required to file their
proofs of debt by Sept. 18, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 14, 2023.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington, Business Restructuring
Level 1, 50 Customhouse Quay
Wellington 6011
VIAND FOODS: Creditors' Proofs of Debt Due on Sept. 12
------------------------------------------------------
Creditors of Viand Foods Limited are required to file their proofs
of debt by Sept. 12, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 15, 2023.
The company's liquidators are:
Raymond Paul Cox
Gareth Russel Hoole
Ecovis KGA Limited, Chartered Accountants
PO Box 37223
Parnell
Auckland
WISHBONE: Owes Creditors at Least NZD2.3MM, Liquidators Reveal
--------------------------------------------------------------
Stuff.co.nz reports that the company behind national sandwich chain
Wishbone owes creditors at least NZD2.32 million, according to the
liquidator'kks first report.
Wishbone ceased trading on August 14 when The Woodward Group, a
holding company used to trade the business, was put into
liquidation by its owners.
About 110 staff spread across 17 stores, manufacturing facility and
headquarters were made redundant.
According to Stuff, liquidator Mohammed Jan of Liquidation
Management blamed the collapse on a decline in sales in stores, at
the mercy of the new hybrid work-from-home model.
The liquidator's report shows the company owes unsecured creditors
NZD1.29 million, staff NZD329,132 in holiday pay and Inland Revenue
NZD400,000, Stuff discloses.
It also owes secured creditors Davis Trading Company NZD159,491,
Cafe L’Affare NZD84,776, Van Den Brink Poultry NZD58,271 and
Connect Capital NZD4,930, Stuff relays.
Amounts owed to 10 other secured creditors, including Heartland
Bank, were yet to be confirmed.
Jan estimated the business had assets worth NZD120,000 and
NZD62,300 in the bank, leaving a shortfall of NZD2.14 million owed
to creditors.
Jan said Woodward was unsuccessful in securing a loan from Bank of
New Zealand earlier in the year and had not been able to find
investors to keep the business afloat.
"The director has completed the statement of affairs and stated
that the company failed due to a decline in sales in the retail
stores due to the new hybrid work-from-home model. However,
inflation, recession, wages, and cost of goods increases affected
them immensely," Stuff quotes Jan as saying in the report.
"The company has also incurred significant tax, and creditor debt
and was not in a position to trade out.
"Some suppliers had stopped credit whilst others had reduced their
credit limits and it made it incredibly difficult to obtain
supplies. The directors tried to keep the business afloat by
investing more capital but ran out of cash flow and funds."
Stuff says the liquidator is seeking further creditor claims by
September 14.
Wishbone was founded by entrepreneurs Andrea Gibson Scarlett and
Shayne Scarlett, who set up hole-in-the-wall eateries to provide
quick gourmet lunches for Wellington's city workers, hoping it
would become part of their company culture.
Offering muesli, salads, soups, sandwiches, wraps, smoothies,
cookies, muffins and slices to cater for breakfast, lunch and
dinner, the husband and wife pair opened the first Wishbone store
in Wellington's Woodward St in March 2000.
=================
S I N G A P O R E
=================
BAIDU BARBEQUE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Baidu Barbeque Pte Ltd, on Aug. 17, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Mr. Yiong Kok Kong
180 Cecil Street
#12-04
Singapore 069546
CHEW CONSTRUCTION: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Aug. 11, 2023, to
wind up the operations of Chew Construction & Plumbing Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Leow Quek Shiong
c/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
EAGLE HOSPITALITY: Creditors' Proofs of Debt Due on Sept. 23
------------------------------------------------------------
Creditors of Eagle Hospitality Trust S1 Pte. Ltd. and Eagle
Hospitality Trust S2 Pte. Ltd. are required to file their proofs of
debt by Sept. 23, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 17, 2023.
The company's liquidators are:
Gary Loh Weng Fatt
Leow Quek Shiong
c/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
ICART GROUP: Commences Wind-Up Proceedings
------------------------------------------
Members of Icart Group Pte Ltd, on Aug. 17, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Furler Luke Anthony
Quantuma (Singapore)
137 Amoy Street
#02-03, Far East Square
Singapore 049965
PEINER SMAG: Creditors' Proofs of Debt Due on Sept. 24
------------------------------------------------------
Creditors of Peiner Smag Lifting Technologies Pte. Ltd. are
required to file their proofs of debt by Sept. 24, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Aug. 18, 2023.
The company's liquidator is:
Sam Kok Weng
c/o 7 Straits View
Marina One East Tower, Level 12
Singapore 018936
TIONG AIK: Commences Wind-Up Proceedings
----------------------------------------
Members of Tiong Aik Construction Pte Ltd, on Aug. 16, 2023, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Lin Yueh Hung
Ng Kian Kiat
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
*********
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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***