/raid1/www/Hosts/bankrupt/TCRAP_Public/231115.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, November 15, 2023, Vol. 26, No. 229
Headlines
A U S T R A L I A
AFFINITY BIO: First Creditors' Meeting Set for Nov. 20
ANGELO'S RESTAURANT: Second Creditors' Meeting Set for Nov. 20
CBH RESOURCES: Rasp Mine Forced to Shut Down; 200 Jobs at Risk
DIXON ADVISORY: E&P Settle Class Action Over Alleged Conflict
FP TURBO 2021-1: Moody's Upgrades Rating on Class F Notes from Ba1
MAIKE METALS: China Court Accepts Bankruptcy Filing
NICKEL INDUSTRIES: Moody's Alters Outlook on 'B1' CFR to Stable
OCEANIA RESOURCES: Second Creditors' Meeting Set for Nov. 20
SPORTS ENTERTAINMENT: Directors, Auditor Sound Alarm
TENARU TIMBER: First Creditors' Meeting Set for Nov. 20
UNIVERSAL COMMUNICATIONS: First Creditors' Meeting Set for Nov. 20
WARWICK CONSTRUCTIONS: Owes About AUD1-Mil. to Creditors
C H I N A
CHINA: Support for Top Builder Revives Calls for Broader Rescue
I N D I A
ABHIMAANI PRAKASHANA: CRISIL Cuts Rating on LT/ST Debts to D
ACC INDIA: CRISIL Withdraws B Rating on INR15.9cr Bank Debt
AGRON LOGISTICS: ICRA Keeps D Debt Rating in Not Cooperating
ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
APEKSHA INFRAPROJECTS: CARE Lowers Rating on INR28cr Loan to D
AURIKA FINVEST: CARE Lowers Rating on INR4.50cr NCD to D
COX & KINGS: NCLT Orders Tax Department to Refund IT Dues
DARPAN INFRASTRUCTURE: ICRA Keeps B+ Ratings in Not Cooperating
DYNASOURE CONCRETE: CARE Lowers Rating on INR5cr LT Loan to B+
EUREKA SYSTEMS: CRISIL Reaffirms B+ Rating on INR5.25cr Loan
GANGA DAIRY: CRISIL Lowers Rating on INR25cr Working Loan to D
GOURIPUTRA AGRO: CARE Keeps B- Debt Rating in Not Cooperating
ISCON BALAJI: ICRA Withdraws B+ Rating on INR89.95cr Cash Loan
JASMINE INDUSTRIAL: ICRA Keeps B+ Debt Rating in Not Cooperating
JAY ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
JTM CASHEW: CARE Keeps B- Debt Rating in Not Cooperating
KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
MAMTA TRANSFORMERS: ICRA Keeps B+ Debt Rating in Not Cooperating
N.C RICE: CRISIL Reaffirms B Rating on INR30cr Bank Debts
NAVANAAMI PROJECTS: CRISIL Withdraws B+ Rating on INR10cr Loan
NIRMAL CARS: CARE Lowers Rating on INR10cr LT Loan to D
PAS TRADING: CRISIL Lowers Rating on LT/ST Debts to D
RAMEE HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating
RAMESH CHANDRA: CRISIL Withdraws B- Rating on INR2.7cr Loan
REPUTE FOODS: ICRA Lowers Rating on INR7.08cr LT Loan to D
SRINIVAS INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
SUBADRA TEXTILE: ICRA Withdraws D Rating on INR4.00cr Cash Loans
VEEKESY SLIPPERS: CRISIL Withdraws B Rating on INR7cr Cash Loan
VEERANJANEYA ECO-BRICKS: CARE Keeps B- Rating in Not Cooperating
VIDYA PRASARINI: ICRA Keeps D Debt Ratings in Not Cooperating
VIJAY PULSE: ICRA Moves B Debt Ratings to Not Cooperating
N E W Z E A L A N D
ASHTON FISHING: Creditors' Proofs of Debt Due on Dec. 8
JACKSON CREEK: Creditors' Proofs of Debt Due on Dec. 5
LAKE TEWA: Court to Hear Wind-Up Petition on Dec. 8
NIXEY INSULATION: Court to Hear Wind-Up Petition on Nov. 21
S & D TRADE: Creditors' Proofs of Debt Due on Dec. 22
S I N G A P O R E
ASCENT GENERAL: Creditors' Proofs of Debt Due on Dec. 10
ECOSYS INFRASTRUCTURE: Court to Hear Wind-Up Petition on Nov. 24
MUNICH SG: Creditors' Proofs of Debt Due on Dec. 10
NEW SOON: Court to Hear Wind-Up Petition on Dec. 1
SOON HUAT: Court to Hear Wind-Up Petition on Dec. 1
THREE ARROWS: Reaches Agreement With Genesis on US$1B of Claims
- - - - -
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A U S T R A L I A
=================
AFFINITY BIO: First Creditors' Meeting Set for Nov. 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of Affinity Bio
Technologies Pty Ltd will be held on Nov. 20, 2023, at 10:00 a.m.
at Level 4, 70 Pirie Street, in Adelaide, SA.
Andrew Langshaw and Stephen Duncan of DuncanPowell were appointed
as administrators of the company on Nov. 8, 2023.
ANGELO'S RESTAURANT: Second Creditors' Meeting Set for Nov. 20
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Angelo's
Restaurant Pty Limited (trading as Angelo's Cabarita) has been set
for Nov. 20, 2023, at 11:00 a.m. at the offices of HoganSprowles,
Level 9, 60 Pitt Street, in Sydney, NSW.
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 Nov. 17, 2023, at 4:00 p.m.
Christian Sprowles and Michael Hogan of HoganSprowles were
appointed as administrators of the company on Oct. 16, 2023.
CBH RESOURCES: Rasp Mine Forced to Shut Down; 200 Jobs at Risk
--------------------------------------------------------------
News.com.au reports that about 200 workers at a mine in NSW's Far
West will lose their jobs unless a new owner is found.
CBH Resources' Rasp Mine in Broken Hill informed its staff on Nov.
13 that it would begin a staged closure of its operations in the
next two months.
It's understood about 200 staff could be impacted by the move, the
ABC reports.
According to news.com.au, Japanese parent company Toho Zinc said a
review of the mine's business plan revealed the company was no
longer in a position to invest in the mine's sustained operation
"without significant financial impairment".
Zinc, lead and silver are mined at Rasp Mine.
"Unfortunately, as a result of this difficult business decision,
there will be a workforce reduction this year with further
reductions as Broken Hill Operations move to a staged closure in
2024," CBH Resources said in a statement on Nov. 14.
However, all hope is not lost yet for the hundreds employed at the
mine, as CBH Resources said it was "actively seeking a new owner
for the Rasp Mine" during the transition period, news.com.au
relays.
Locals revealed on social media that staff were notified of the
devastating news just hours before the news was made public.
"No notice at all. Damien finished night shift got home and got a
call," a family member posted to Facebook on Nov. 13.
Voluntary redundancies have been made available to employees while
the company searches for a new owner.
News.com.au relates that Broken Hill Mayor Tom Kennedy said the
council was "saddened by the news" and "sincerely hope a new buyer
can be found" to continue operations.
"We are confident that Toho Zinc and CBH Resources will do
everything in their power to support staff through this transition
period and thank both companies for their contribution and
investment in Broken Hill to date," he said in a statement posted
to Facebook on Nov. 11.
News.com.au says council has offered its assistance in the search
for a new buyer and promised to lobby the state and federal
governments to provide any required assistance for workers and
those in the broader community who may be affected by this
development.
"Although this is a difficult time for our community, we believe
the Rasp Mine and its remnant lodes still represent a viable mining
opportunity for a new owner, and we hope there will be a new
chapter in the mine's history in the near future," Mr. Kennedy
said.
About CBH Resources
CBH Resources Limited explores for and produces base metals through
its exploration projects at Broken Hill and Endeavor located in New
South Wales. The Company also has exploration projects in South
Australia.
DIXON ADVISORY: E&P Settle Class Action Over Alleged Conflict
-------------------------------------------------------------
The Australian Financial Review reports that wealth manager E&P has
reached a AUD16 million settlement deal for class action
proceedings over alleged conflicted and misleading advice brought
by Shine Lawyers on behalf of former clients of its Dixon Advisory
business.
There is no admission of fault attached to the settlement.
That concludes the action against E&P, Dixon Advisory &
Superannuation Services, and former executives Alan Dixon and
Christopher Brown, AFR relates. Many clients are separately working
their way through claims lodged with the Australian Financial
Complaints Authority.
In January, Dixon parent E&P tipped the troubled wealth management
firm into voluntary administration after determining that mounting
liabilities from class actions, settlements and regulatory
penalties would leave Dixon insolvent, recalls AFR.
As part of that, E&P sponsored a deed of company arrangement for
the settlement of all claims, including two class actions led by
Shine and Piper Alderman.
Both class actions alleged that clients of the wealth manager
suffered significant losses after the firm provided conflicted and
misleading advice by steering them into its US residential property
fund, known as URF.
URF was a significant fee-payer but performed poorly for
investors.
According to AFR, the settlement of the Shine proceedings is
subject to Federal Court approval and will be composed of AUD4
million from E&P (part of which is already set aside) and any
available insurance proceeds.
Once approved by the court, Shine's class action will be dismissed
against E&P, former Dixon CEO Mr Dixon and former executive Mr
Brown, and permanently stayed against Dixon.
AFR notes that the permanent stay of the Shine action ensures Dixon
clients retain their ability to make a claim against it with the
Australian Financial Complaints Authority or the financial services
compensation scheme of last resort.
The separate action filed by Piper Alderman in November 2021, which
was stayed pending the resolution of the Shine proceedings, will
also be dismissed, AFR relates.
AFR says Dixon has already paid a AUD7.2 million settlement to the
Australian Securities and Investments Commission over its
investment advice. ASIC is still suing Paul Ryan, a former Dixon
director. It alleges that he failed to properly consider the
interests of creditors, including thousands of clients, which he
denies.
AFR relates that Mr. Ryan was allegedly involved in a "corporate
contingency planning project" codenamed "Project Fork", which ran
for a year or more before Dixon filed for voluntary administration
last year. Project Fork was set up to protect the broader corporate
group from financial losses stemming from the provision of poor
financial advice. Mr. Ryan filed his defence in September, where he
denied these claims.
About Dixon Advisory
Both Dixon Advisory and E&P Operations were wholly owned
subsidiaries of E&P Financial Group Limited.
Dixon Advisory previously held an Australian Financial Services
licence and operated a financial advice business focused on
providing financial advice, investment advice, portfolio management
and superannuation administration services to retail clients.
As reported in the Troubled Company Reporter-Asia Pacific in
January 2022, E&P Financial Group's wholly owned subsidiary Dixon
Advisory and Superannuation Services (DASS) has appointed PwC
Partners Stephen Longley and Craig Crosbie as voluntary
administrators. According to themarketherald.com.au, E&P said the
appointment was made after the DASS directors determined mounting
actual and potential liabilities were likely to result in DASS
becoming insolvent at some future time.
On Dec. 16, 2022, a deed of company arrangement (DOCA) was passed
by Dixon Advisory's creditors, which among other things required
E&P Operations to pay an amount of AUD17,662,489 to Dixon Advisory
less a settlement adjustment for expenses incurred by E&P
Operations during the administration period.
FP TURBO 2021-1: Moody's Upgrades Rating on Class F Notes from Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by FP Turbo Series 2021-1 Trust.
The affected ratings are as follows:
Issuer: FP Turbo Series 2021-1 Trust
Class C Notes, Upgraded to Aaa (sf); previously on Apr 19, 2023
Upgraded to Aa1 (sf)
Class D Notes, Upgraded to Aa1 (sf); previously on Apr 19, 2023
Upgraded to Aa3 (sf)
Class E Notes, Upgraded to A1 (sf); previously on Apr 19, 2023
Upgraded to Baa2 (sf)
Class F Notes, Upgraded to Baa1 (sf); previously on Apr 19, 2023
Upgraded to Ba1 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in note subordination
available for the affected notes and the good performance of the
underlying collateral pool to date.
Following the October 2023 payment date, note subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 26.4%, 23.8%, 17.5% and 15.4%, respectively, from
22.3%, 19.5%, 12.9% and 10.6% at the time of the last rating action
for these notes in April 2023.
As of September 2023, 1.6% of the outstanding pool was 30-plus day
delinquent, and 0.2% was 90-plus day delinquent. The portfolio has
incurred 0.02% (as of original balance) of losses to date, which
have been covered by excess spread.
Based on the current portfolio characteristics and historical
performance data, Moody's has maintained the haircuts to the
residual value cash flow: Aaa haircut of 38.5%, Aa1 haircut of
30.8%, A1 haircut of 26%, and Baa1 haircut of 22.1%.
The transaction is an Australian cash securitisation of operating,
novated and finance leases extended to Australian government and
statutory corporations, corporates, small and medium-sized
businesses and their employees. The leases are secured by passenger
cars, commercial vehicles and equipment.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
MAIKE METALS: China Court Accepts Bankruptcy Filing
---------------------------------------------------
Bloomberg News reports that Maike Metals International Co., once
one of the most powerful traders in China's massive copper market,
filed for bankruptcy after more than a year of debt struggles.
The firm founded by entrepreneur He Jinbi in the early 1990s was
until recently responsible for more than a quarter of China's
copper imports. On Nov. 13, Maike said the Intermediate People's
Court of Xi'an accepted its filing, a step toward a final ruling by
the court to wind up the company, Bloomber relates.
According to Bloomberg, the court case caps a tumultuous period in
the world's biggest copper market after a sagging economy squeezed
the country's private sector, leading to Maike's dramatic cash
crunch and He's disappearance. The company's woes have rippled
internationally, leading some of the most active banks in metals to
pull back from financing.
Bloomberg says the latest development in Maike's saga comes as
hundreds of executives from the global metals industry gather in
Shanghai for Asia Copper Week, an annual event of contract
negotiations, market discussions and networking.
The nation's copper demand has proved relatively healthy this year,
largely thanks to the rapid expansion of the country's new-energy
sectors - especially solar power and electric vehicles. But traders
have struggled with the legacy of the pandemic as well as the
country's prolonged property slump and tighter rules on commodity
trading.
Maike and He have been targeted with legal action by creditors
since the firm ran into payment difficulties in 2022 during China's
extended Covid lockdowns, Bloomberg recalls. By September of that
year, its trading activities had largely ground to a halt, and it
filed for "preliminary restructuring" with the Xi'an court in
February.
Bloomberg relates that Maike will "fairly pay off all types of
creditors' rights" in accordance with market principles and the
rule of law, it said. The company declined to comment further on
the bankruptcy proceedings or on He's latest whereabouts, after
executives lost contact with him in early October, Bloomberg
relays.
Chairman He was sued this year by ING Groep NV in Hong Kong over
$147 million in unpaid debt. The case involved overdue payments
owed by a trading arm of Maike, according to court filings. The
Chinese company has previously declined to comment about the case.
Maike Metals International is a China-based leading base metal
trading companies and market makers. Maike has established its
position as the top cathode copper trading company for the past few
successive years, accounting for significant volume of domestic
consumption and import. Maike's other major operations include
metal smelter and futures brokerage.
NICKEL INDUSTRIES: Moody's Alters Outlook on 'B1' CFR to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Nickel Industries Limited (NIC) and changed the outlook
to stable from negative. At the same time Moody's has affirmed B1
senior unsecured foreign currency rating of Nickel Industries
Limited.
RATINGS RATIONALE
The rating affirmation reflects the improvement in NIC's liquidity
profile following the completion of the company's USD626 million
placement of 19.99% of the company's ordinary shares to Danusa
Tambang Nusantara (DTN), a wholly owned subsidiary of United
Tractors Tbk (PT) (UT, Baa2 stable). Funding pressure surrounding
the maturity of its April 2024 notes further reduced in light of
recent bank financing initiatives and the affirmation also reflects
the greater clarity on the capital requirements of the group for
its Excelsior Nickel Cobalt (ENC) high-pressure acid leach (HPAL)
project.
Moody's considers the company's staged approached to growth funding
and recent financing activities to be supportive of the group's
liquidity profile.
The company announced a positive final investment decision (FID) on
its ENC HPAL project in October 2023 and NIC will make a USD1.265
billion investment for its 55% share in the project. The
announcement of the project, which is subject to shareholder
approval before the end of 2023, set out a staged 2-year funding
schedule to October 2025. NIC's contribution is underpinned by a
construction guarantee from Shanghai Decent that reduces the risk
of cost blowouts on construction, the timing of commissioning as
well as nameplate production capacity.
Together with the positive FID announcement, NIC also announced it
has secured USD400 million of bank facilities from Bank Negara
Indonesia (Persero) Tbk (P.T.) (BNI, Baa2 stable), to help fund its
share of the project costs and bolster the company's liquidity
profile in light of a subdued pricing environment for nickel pig
iron (NPI).
Under Moody's base case which incorporates NIC realising a
USD13,500/t NPI price, the agency expects NIC to generate
sufficient cash flows from operations to meet its funding
obligations over the next 2 years.
NIC's rating continues to reflect its steady operating profile and
competitive cost position. The company's operating scale and
diversity have improved following a successful ramp-up of
production across its rotary kiln-electric furnace (RKEF) lines,
further enhanced by the ramp-up of production at ONI. NIC's
conversion of HNI to produce nickel matte from nickel pig iron,
also provides the company with a degree of diversity in terms of
product and pricing exposures. NIC's maintenance of low financial
leverage, and its demonstrated willingness and successful track
record of raising equity for growth initiatives further support its
rating.
Constraints on the credit profile include (1) its reliance on and
concentrated exposure to Tsingshan group; (2) exposure to commodity
price fluctuations as a producer focused on nickel pig iron and
nickel matte; and (3) ongoing focus on growth spending and
acquisitions, which limit liquidity build-up despite solid free
cash flow generation.
OUTLOOK
The outlook reflects the performance of NIC's RKEF facilities,
which have so far shown solid operating performance while
maintaining low unit costs. The consistent production levels and
low unit costs of these assets will allow the company to continue
to generate solid earnings and margins even at lower nickel pig
iron (NPI) prices. The outlook also reflects the rating agency's
expectation that NIC's credit metrics will remain consistent with
the parameters Moody's expects for its B1 rating.
Further, the stable outlook reflects Moody's expectation that the
company's upcoming debt repayment obligations are manageable over
the next several quarters under the agency's base case.
LIQUIDITY
The rating action reflects an improvement in the NIC's liquidity
profile following recent financing initiatives.
NIC exhibits good liquidity, reflecting cash and cash equivalents
of USD827.6 million as of September 30, 2023.
Moody's expects the group to generate annualised operating cash
flows of between USD350 million and USD400 million per annum, which
the agency expects to be used in combination with recent financing
facilities to fund the group's capital requirements for its ENC
HPAL project over the next 2 years.
In October 2023, the group announced it had secured USD400 million
of bank financing facilities, comprising USD350 million of 5-year
term loans and a USD50 million revolving credit facility, which
serve to further bolster liquidity.
The group has USD245 million of notes due April 1, 2024, which, in
the absence of refinancing, Moody's expects the company to repay
from available liquidity sources.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's may consider an upgrade to the credit ratings if the
company diversifies its revenue base to other customers such that
the concentration risk associated with Tsingshan is reduced.
The rating could also be upgraded if NIC maintains a track record
of consistent operating performance and maintenance of its low-cost
position across its key currently producing RKEF facilities.
Further, the agency would expect NIC to maintain a strong financial
profile with credit metrics consistent with a higher rating, and
enhance its liquidity profile.
The ratings could be downgraded if realised NPI prices fall well
below Moody's base sensitivity assumptions on a sustained basis
and/or the company's cost and operating performance deteriorates
meaningfully.
Moody's could also downgrade the ratings if the company embarked on
large debt-funded growth and/or shareholder-friendly initiatives
that materially weakened credit metrics.
Specifically, financial metrics that Moody's would consider for a
downgrade include EBIT/interest expense below 3.0x and/or
debt/EBITDA above 4.0x on a consistent basis. The rating could also
be downgraded if NIC's free cash flow generation turns negative for
a protracted period and/or liquidity deteriorates meaningfully.
PROFILE
Nickel Industries Limited (NIC) is an Australian Securities
Exchange-listed company with assets in Indonesia, primarily
producing nickel pig iron (NPI) but also nickel matte. NIC operates
in partnership with the world's largest stainless-steel producer,
Tsingshan, which is also the largest shareholder in NIC.
The principal methodology used in these ratings was Steel published
in November 2021.
OCEANIA RESOURCES: Second Creditors' Meeting Set for Nov. 20
------------------------------------------------------------
A second meeting of creditors in the proceedings of Oceania
Resources Pty Ltd has been set for Nov. 20, 2023, at 4:00 p.m. at
Level 11, 12 The Esplanade, in Perth, WA, and via virtual meeting
technology.
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 Nov. 17, 2023, at 4:00 p.m.
Christopher Pattinson and Daniel Bredenkamp of Pitcher were
appointed as administrators of the company on Oct. 14, 2023.
SPORTS ENTERTAINMENT: Directors, Auditor Sound Alarm
----------------------------------------------------
The Sydney Morning Herald reports that Craig Hutchison's media and
sports empire is at serious risk, as company directors and auditors
warn about his group's ability to survive if it does not find a
cash injection or new investors in the next nine months.
According to SMH, the journalist-turned-media executive's Sports
Entertainment Group (SEG) has a growing suite of assets, including
SEN Radio, a TV production company, the Perth Wildcats and headline
talent including Gerard Whateley, Kane Cornes, Matty Johns and
more.
Yet after reporting a AUD9.3 million loss in FY23, the pressure on
the business has increased, with much of its debt due in August
next year, SMH relates.
SMH says the group has only AUD1 million left draw down on from its
AUD28 million credit line from Commonwealth Bank of Australia
(CBA), according to its most recent set of accounts.
A director's note on its annual report, released in late October,
stresses the business' status as a going concern is now a "material
uncertainty" after it breached bank covenants relating to its loan,
and remains dependent on the CBA not calling for repayment
immediately, SMH relates.
The matter was also acknowledged by auditors, BDO, who drew
attention to the notice that it said, "may cast significant doubt
about the group's ability to continue as a going concern" and
"realize its assets and discharge its liabilities in the normal
course of business."
"Our opinion is not modified in respect of this matter," BDO
wrote.
However, SEG insists it remains a going concern based on several
factors, including positive cashflow, forecasted improved trading
performance in FY24, and completion of its acquisition and
investment strategy.
The company is now seeking fresh capital, pitching to high-net
worth private investors, in an attempt to reduce its comparatively
large borrowings before the deadline, according to multiple sources
with knowledge of the process not authorized to speak publicly.
Australia-based Sports Entertainment Group Limited is engaged in
sports media content and entertainment business. The Company
delivers brand stories to national, metropolitan, and regional
audiences with content via multiple platforms, including radio,
print, television, online, in-stadium, and events. Its segments
include Media Australia, Media New Zealand, Complementary Services,
and Sports Teams. It produces live and pre-recorded television
programs from its studios in Southbank, as well as end-to-end live
sport coverage for broadcasters including Nine, Seven, SBS, Fox
Sports and ESPN. It operates a national radio broadcast channel
with the SEN application (App) and sen.com.au, which offer live
streaming of sports news stories and match results as well as
on-demand show podcasts. Its television programs include The Oval
Office, Footy SA and Women's Footy. It also organizes events for
corporate suite and stadium experiences, and inner sanctum dining
experiences.
TENARU TIMBER: First Creditors' Meeting Set for Nov. 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Tenaru
Timber & Finishes Pty Ltd will be held on Nov. 20, 2023, at 2:30
p.m. The meeting will be held virtually by Microsoft Teams
Teleconference.
Innis Anthony Cull and Timothy James Bradd of Pitcher Partners were
appointed as administrators of the company on Nov. 9, 2023.
UNIVERSAL COMMUNICATIONS: First Creditors' Meeting Set for Nov. 20
------------------------------------------------------------------
A first meeting of the creditors in the proceedings of Universal
Communications Group Pty Ltd will be held on Nov. 20, 2023, at
11:00 a.m. via virtual facilities only.
Katherine Sozou and Matthew Caddy of McGrathNicol were appointed as
administrators of the company on Nov. 8, 2023.
WARWICK CONSTRUCTIONS: Owes About AUD1-Mil. to Creditors
--------------------------------------------------------
Australian Financial Review reports that a builder and kitchen
renovations company servicing Melbourne's leafy inner-eastern
suburbs have added to the growing list of construction insolvencies
hitting boutique companies servicing wealthy clients.
AFR relates that builder Warwick Constructions went into
administration in late October, followed four days later by fellow
Hawthorn East-based renovations business Ultimate Kitchens &
Bathrooms, when director Jeff Richards appointed a liquidator to
wind up his company.
Creditors of Warwick Constructions had their first, online-only,
meeting on Nov. 8, AFR notes. According to AFR, APL Insolvency
administrator Jeremy Abeyratne said the company's liabilities were
"a little in excess" of $1 million. However, the company had four
jobs when it went under, and potential claims from those four
customers could be substantial.
Warwick focused on "multi-million dollar builds," Mr. Abeyratne
said. "Given that it's not a big builder, with only a small number
of projects, maybe it was able to get cash flow and hang on longer
than some other businesses."
At least one of Warwick Constructions' projects was a fixed-price
contract and predated the onset of the COVID-19 pandemic, he said.
According to the report, the insolvency of the two Hawthorn East
companies came a week after South Melbourne-based high-end builder
Dome Building Projects went into liquidation. It shows that smaller
builders doing more expensive projects who have so far been able to
find cash to keep going are now running out of time.
AFR says that as small builders battle to finish unprofitable
fixed-price contracts at the same time as borrowing and holding
costs rise, the casualties among construction-industry companies
are also surging. AFR, citing the latest figures from corporate
regulator ASIC, discloses that building-industry insolvency
companies total 944, or 30 per cent, of the economy's 3100
insolvency appointments in the financial year to date.
The string of insolvencies that to date claimed the scalps of large
players such as Porter Davis and Privium will continue, according
to ratings company Equifax, which assesses companies for their
ability to make financial repayments when and as they fall due, AFR
relays.
AFR says downgrades of residential builders were increasing faster
than those doing civil and infrastructure work, and the number of
home builders reporting trading losses nearly doubled over the past
12 months.
"It's a leading indicator," Equifax head of product and ratings
services Brad Walters told The Australian Financial Review. "All
other things being equal, it's going to lead to an increase in the
insolvencies we'll see in the construction sector, particularly in
that segment."
Equifax's data for the nine months to September showed that the
company was doing two ratings downgrades for every upgrade on
companies in the civil and infrastructure sectors, but between six
and seven downgrades for every upgrade in the residential sector.
"It's a much higher proportion, which reflects the underlying
financial pressures they've been contending with," AFR quotes Mr.
Walters as saying.
The Equifax data showed that the proportion of large residential
builders with negative cash flows nearly doubled from before the
onset of the COVID-19 pandemic to more than 30 per cent.
"This has impacted cash reserves, and the more vulnerable
constructors have experienced a rapid erosion in their liquidity
metrics," the agency said. "This has also impacted the broader
supply chain, with a transmission of financial stress across trade
contractors and major suppliers."
Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of the company on Oct. 27, 2023.
=========
C H I N A
=========
CHINA: Support for Top Builder Revives Calls for Broader Rescue
---------------------------------------------------------------
Bloomberg News reports that China's show of support for one of its
top builders has reinvigorated the property sector, but investors
want to see more concrete measures before diving back in.
According to Bloomberg, market players are looking for Beijing to
unveil further steps to reverse a long-running slump after a
pivotal week where authorities signaled their backing for China
Vanke Co., the second-largest developer by contracted sales. On
Nov. 14, policymakers met firms including Vanke, Longfor Group
Holdings Ltd, Gemdale Corp (China) and Poly Developments and
Holdings Group Co., according to people with knowledge of the
matter.
"As the government's potential assistance to China's real estate
sector is a recurring subject of speculation, we think that
investors need to see concrete actions being taken before they can
regain confidence in the property sector," Bloomberg quotes Andy
Suen, co-head of Asia ex-Japan fixed income at PineBridge
Investments, as saying.
With homes sales down and many developers in default, investors
want to see stronger measures, including cheaper funding and local
governments taking over uncompleted projects. A vote of confidence
this week from officials in Vanke's hometown had fanned hopes of a
broader rescue, igniting a rally in a Bloomberg gauge of Chinese
developers before the move quickly faded.
During the discussion on Nov. 14 - a regular feedback gathering -
developers offered suggestions about rules that could be eased,
such as the limits around lending and the pre-sale of homes before
they're completed, said the people who declined to be identified as
they're not authorized to speak publicly, Bloomberg relays.
Regulators, however, didn't give any guidance during the meeting,
they added.
Bloomberg says the fallout from the slump has reverberated across
the economy given that the property market and related industries
account for about a fifth of China's gross domestic product. While
recent measures have boosted sentiment - Chinese high-yield dollar
bonds are on pace for their biggest weekly advance in two months -
most investors remain skeptical that the sector has reached a
turning point.
Vanke's dollar bonds also resumed declines since Nov. 9 after
climbing earlier in the week.
"We have to see deeper, wider, faster and scalable actions such as
local government taking over large scale projects as the issue now
is the capital market is not available for the developers," said
Kenny Chung, portfolio manager at Astera Capital, a Hong Kong-based
investment firm that's funded by the family offices of several
major local developers, Bloomberg relays.
Authorities have sought to allay the concerns, with central bank
Governor Pan Gongsheng saying in an interview with the state
broadcaster published Nov. 10 that China's property sector risks
are under control, according to Bloomberg.
Bloomberg adds that Wilson Er, portfolio manager at Kamet Capital
Partners Pte., urged authorities to restore the confidence of
homebuyers. "This could be achieved through perhaps forming
consortiums of developers, offering cost-effective funding and
collaborating with state-owned enterprise builders," he said.
Bloomberg notes that the fate of China's builders has taken on an
added urgency after Country Garden Holdings Co., once the country's
largest builder by contracted sales, was deemed to be in default on
a dollar bond for the first time in October. The failure to pay was
seen as a sign that previous support measures rolled out by the
authorities were insufficient.
The government had announced a 16-point plan last year to shore up
the sector, including efforts to address the liquidity crisis faced
by developers and a "temporary" easing of a signature restriction
on bank lending. Authorities further eased mortgage curbs in
August.
"Markets are pricing in some additional policy easing to help
stabilize the property sector," Bloomberg quotes David Chao, Asia
Pacific ex-Japan strategist at Invesco Asset Management, as saying.
"Policymakers have already instituted a raft of small measures to
support the property market and what we've seen in the past week
only amplifies the message that policymakers are keen to try and
put a floor on the market."
=========
I N D I A
=========
ABHIMAANI PRAKASHANA: CRISIL Cuts Rating on LT/ST Debts to D
------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Abhimaani Prakashana (AP) to 'CRISIL D/CRISIL D/Issuer Not
Cooperating from 'CRISIL C/CRISIL A4 Issuer Not Cooperating’ due
to delay in servicing debt obligation.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL C ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with AP for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 AP, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AP is
consistent with 'Assessing Information Adequacy Risk’.
Based on the last available information, the ratings on the bank
facilities of AP have been downgraded to 'CRISIL D/CRISIL D/Issuer
Not Cooperating from 'CRISIL C/CRISIL A4 Issuer Not Cooperating’
due to delay in servicing debt obligation.
Abhimani Prakashana is a proprietorship concern of Mr T Venkatesh,
constituted in 1954 is engaged in manufacturing of text books
through its manufacturing of unit in Rajajinagar Bangalore for
Karnataka Text Books Society.
ACC INDIA: CRISIL Withdraws B Rating on INR15.9cr Bank Debt
-----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
ACC India Private Limited (ACC) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 15.9 CRISIL A4/Issuer Not
Cooperating (Withdrawn)
Overdraft Facility 9 CRISIL B/Stable/Issuer Not
Cooperating (Withdrawn)
Overdraft Facility 5.1 CRISIL B/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with ACC for
obtaining information through letters and emails dated March 25,
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 ACC. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ACC continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Incorporated in the year 2012, ACC India Pvt. Ltd. is a subsidiary
of the Lebanon based Arabian Construction Company. The company is
primarily engaged in construction of buildings (primarily premium
and sub-premium) both in residential and commercial segment as
contractors for real estate developers.
AGRON LOGISTICS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Agron Logistics India Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Agron Logistics India Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available
information.
Incorporated in 2006, Agron Logistics India Private Limited is
promoted by Mr. Sadanand Pandey. ALIPL is a logistic service
provider primarily engaged in providing full truck load bulk cargo
transportation services on an annual contract basis. The company
operates a fleet of around 500 trucks, out of which 63 trucks are
owned and the remaining are leased by the company. The company also
provides value added services like couriering, freight forwarding
and warehousing to its customers as per their requirements with its
warehouses located across the country.
ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Annapurna
Trading Company in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 2.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under 'Issuer Not
Cash Credit Cooperating' Category
As part of its process and in accordance with its rating agreement
with Annapurna Trading Company, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 2011 and promoted by Mr. Ritesh kumar Singh, ATC is
a proprietorship entity involved in trading agro commodities
namely, maize, cotton-seed cake, wheat, rice and paddy. Based out
of Nagpur, the entity sources the trading products from western and
northern India, which are sold to traders, cattle feed and
poultry-feed factories and starch factories based out of
Maharashtra and Chhattisgarh.
APEKSHA INFRAPROJECTS: CARE Lowers Rating on INR28cr Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Apeksha Infraprojects Private Limited (AIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 28.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C; Stable
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 7,
2022, placed the rating(s) of AIPL under the ‘issuer
non-cooperating' category as AIPL 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. AIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 23, 2023, September 2, 2023, September
12, 2023 and October 31, 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 bank facilities of AIPL have been revised
on account of non-availability of requisite information. The rating
revision also considers delays in debt servicing recognised from
publicly available information i.e., Possession notice issued by
the lender.
Apeksha Infraprojects Private Limited (AIPL) was incorporated in
2008 under the name of Suncity Infraprojects Private Limited (SIPL)
with an objective to carry out the real estate business. It changed
its name in 2013 and assumed its current name i.e. AIPL. AIPL is
presently working on a residential project ‘Apeksha Jai Vilas'
consisting of four blocks which includes total 252 flats out of
which 54 flats are of 4BHK specification and 198 flats of 3BHK
specification. The company has envisaged total cost of the project
of INR91.02 crore. CARE does not have any update on the latest
developments in this regard.
AURIKA FINVEST: CARE Lowers Rating on INR4.50cr NCD to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Aurika Finvest Private Limited (AFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 2.06 CARE D; ISSUER NOT COOPERATING;
debentures Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Non-convertible 4.50 CARE D; ISSUER NOT COOPERATING;
debentures Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Rationale and key rating drivers
The rating revision is on account of default in servicing of
non-convertible debenture (NCD) issue by AFPL as per debenture
trustee's feedback. Furthermore, the rating continues to remain
under Issuer Not Cooperating category, as AFPL has not provided the
requisite information for monitoring the rating. CARE Ratings
Limited (CARE Ratings) has reviewed the rating on the basis of the
best available information, which however, in CARE Ratings'
opinion, is not sufficient to arrive at a fair rating.
The users of this rating (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above rating.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers:
At the time of the last rating on August 25, 2022, following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies, etc., if any):
Key weaknesses
* Default in debt servicing: As per confirmation received from
debenture trustee on October 30, 2023, the company has defaulted in
repayment of its dues, both principle and interest, on its NCD.
* Deterioration in financial performance: The portfolio outstanding
as on March 31, 2022 is INR7.75 crore (PY: INR10.47 crore). The
total income of the company declined by 31% Y-O-Y to INR1.7 crore
in FY22 (PY: INR2.47 crore), the reduction has been due to decrease
in the interest income. Consequently, profitability metrics have
deteriorated.
AFPL (erstwhile Hriday Fincorp Private Limited [HFPL]) was
initially incorporated as Satkar Finance Pvt. Ltd. on June 30,
1994, and got registered with the Reserve Bank of India (RBI) in
2000 as a non-deposit taking non-banking finance company (NBFC).
In 2012, the name of the company was changed to HFPL, which was
further changed to the present one (AFPL) in 2021. It is a part of
the SRG group. The SRG group has business activities in Rajasthan
and Maharashtra and has diversified product portfolio which
includes housing finance, loan against property, vehicle financing,
etc. AFPL is primarily engaged in financing small and medium
enterprises for working capital and growth, loans for purchase and
construction of commercial property, vehicle financing, home
purchase & home improvement loans, loans against property, gold
loans, etc.
COX & KINGS: NCLT Orders Tax Department to Refund IT Dues
---------------------------------------------------------
Livemint reports that the Mumbai bench of the National Company Law
Tribunal (NCLT) has directed the income tax department to refund
INR11.89 crore to insolvent travel firm Cox & Kings.
"We direct the income tax department to refund the amount of
INR11.89 crore adjusted by them towards outstanding dues of the
corporate debtor (Cox & Kings) within four weeks from the date of
receipt of the order," said a bench led by Justice Lakshmi Gurung
in an order issued on November 1 but uploaded on the official
website on Nov. 7.
The order comes in response to a plea filed by the liquidator of
the company, Livemint says.
Essentially, in January 2022, the liquidator filed an application
before the tribunal seeking a refund from the tax department on
behalf of the beleaguered travel company, recalls Livemint.
Following this, the tribunal directed the liquidator to issue a
notice to the income tax department, seeking a tax refund of INR11
crore.
According to Livemint, Nausher Kohli, counsel representing the
liquidator recently informed the tribunal that according to an
intimation order of the Income Tax department dated March 31, 2021
under Section 143(1) of the Income Tax Act for assessment year
2020-21, the refund due to the company was mentioned as INR11.89
crore.
Livemint relates that the tax department, however, instead of
issuing the refund to Cox & Kings, adjusted the sum against
outstanding dues. The November 1 order of the tribunal said that
Cox & Kings was admitted for insolvency proceedings on October 21,
2019, following which a moratorium was imposed.
The Income Tax department's order for refund was passed on March
31, 2021 and the adjustment of refund against dues was made during
the moratorium, the NCLT order said, Livemint relays.
"This amounts to violation of moratorium under Section 14 of IBC,
especially since the department has already filed its claim in
Form-B on 22 January 2020 for an amount of INR41.4 crore.
"Therefore, we direct the income tax department to refund the said
amount," the tribunal said in its four-page order.
About Cox & Kings
Incorporated in 1939 as Eastern Carrying Company Limited, Cox &
Kings Limited (C&K) is an international tour and travels company
with operations spread over 22 countries. The company is managed by
tourism industry.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
1, 2019, BloombergQuint said the Mumbai bench of the National
Company Law Tribunal (NCLT) admitted an insolvency application
against Cox & Kings Ltd. after the tour operator defaulted on its
debt obligations. The travel firm's financial creditor -- Ratan
India Finance Pvt. Ltd. -- had dragged it to the tribunal after a
default on repayment of the loan extended to it under a credit
facility. Noting that Cox & Kings had accepted the liability and
default, the tribunal allowed the insolvency application and
appointed Alok Kumar Agarwal as the interim resolution professional
for the insolvency resolution process of the company,
BloombergQuint added.
The debt-laden firm owes about INR7,422 crore to its financial and
operational creditors, Livemint discloses.
Livemint says the committee of creditors with an 85% majority voted
to liquidate the company in March 2021 after the company failed to
find any potential buyer.
Then in December 2021, the NCLT ordered liquidation of the bankrupt
firm, appointing Ashutosh Agarwala as the official liquidator of
the company.
DARPAN INFRASTRUCTURE: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Darpan
Infrastructure Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4:
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 2.25 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.01 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Long Term- 2.16 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Working Capital to remain under 'Issuer Not
Term Loan Cooperating' category
Long Term- 0.39 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Liners India Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
The company belongs to Singhal family of Indore having experience
of over 50 years in tentage manufacturing and hiring business. The
company has been operating since 1994 and engaged in different type
of activities comprising of manufacturing and trading of tentage
material, hiring of tentage material and supply, erection and
maintenance of tentage materials, camps, pandal etc on turnkey
basis for big events and happenings. The company is also running a
marriage garden in the name of "Girdhar Mahal" at the prime
location of the city. Promoter of the project, Mr. Pradyumna
Singhal, aged 51 years has inherite this business from his father
Late Shri Satyabhan Singhal who was a renowned personality of the
Indore City at his time. Thus, the company is being managed by
competent personnel.
DYNASOURE CONCRETE: CARE Lowers Rating on INR5cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Dynasoure Concrete Treatments Private Limited (DCTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/Short 5.00 CARE B+; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE BB-; Stable/CARE A4
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 September 21,
2022, placed the rating(s) of DCTPL under the 'issuer
non-cooperating' category as DCTPL 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. DCTPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 8, 2023, August 17,
2023, August 27, 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 DCTPL have been
revised on account of non-availability of requisite information.
Dynasoure Concrete Treatments Private Limited (DCTPL) was
incorporated in 2003 by Mr. Rajesh Pandey and Ms. Suman Pandey; as
a private limited company and is engaged in the business of civil
construction services primarily surface and underwater repairs of
civil engineering structures. DCTPL is class I-B certified
contractor and get order from Government entities on tender basis.
The company has its registered office located at Malad, Mumbai.
EUREKA SYSTEMS: CRISIL Reaffirms B+ Rating on INR5.25cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank loan facilities of Eureka Systems and
Electrodes Private Limited (Eureka).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (Reaffirmed)
Foreign Bill
Discounting 0.3 CRISIL B+/Stable (Reaffirmed)
Import Letter
of Credit Limit 0.5 CRISIL A4 (Reaffirmed)
Packing Credit 0.5 CRISIL A4 (Reaffirmed)
Proposed Fund-
Based Bank Limits 5.28 CRISIL B+/Stable (Reaffirmed)
Term Loan 0.92 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the company's modest scale of
operation and Exposure to volatility in raw material prices. These
weaknesses are partially offset by the extensive experience of the
promoters in manufacturing welding electrodes and Moderate
financial risk profile.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Intense competition continues to
constrain scalability and bargaining power with customers and
suppliers: despite being in the business for more than 2 decades,
revenue remained modest at an expected INR26.04 crore in Fiscal
2023. This, in turn, restricts operating flexibility.
* Exposure to volatility in raw material prices: Operating margin
should remain moderate, and susceptible to volatility in steel
prices and other cost drivers. Cost of production and profit
margins of players in this industry are heavily dependent on raw
material prices. Since input prices vary, operating margin have
also remained volatile (1.5 – 3.2% during the past three fiscals
ending 2023). Profitability is also linked to the overall fortunes
of the inherently cyclical steel industry and is susceptible to
changes in market prices according to demand-supply situations.
Strengths:
* Extensive experience of the promoters and established dealer
network: Benefits from the promoters' experience of more than 2
decades and their healthy relationships with dealers should
continue to support business risk profile.
* Moderate financial risk profile: Financial risk profile is marked
by a modest net worth of INR4.53 crore against lower debt level of
INR3.21 crore and comfortable gearing of 0.71 time and TOLANW of
1.37 times as on March 31, 2023. Debt protection metrics were
average, with interest coverage and net cash accrual to adjusted
debt ratios of 2.19 times and 1.76 time, respectively, in fiscal
2023. CRISIL rating believes that financial risk profile will
continue to remain moderate supported by net worth.
Liquidity: Stretched
Bank limit utilization is high at around 90 percent for the past
twelve months ending August 2023. Net Cash accruals are expected to
be in the range of INR0.52-0.66 crore per annum over the medium
term against term debt obligation of INR0.22 crore.
The current ratio is healthy at 1.21 times on March 31, 2023.
Outlook: Stable
CRISIL Ratings believes Eureka will continue to benefit from the
extensive experience of its promoters.
Rating Sensitivity factors
Upward Factors:
* Annual growth in revenue by 20% and improvement in operating
margin to 3-4%, respectively, leading to higher cash accrual of
INR1 crore.
* Improvement in working capital cycle.
* Improvement in financial risk profile.
Downward Factors:
* Revenue declining 20% leading to profitability below 1.5% leading
to lower cash accrual.
* Stretch in working capital cycle operation.
* Deterioration in financial risk profile.
Incorporated in 1989, Coimbatore-based Eureka manufactures welding
and cutting accessories such as welding electrodes, welding wires,
arc welding electrodes, and hard facing welding electrodes. Mr K
Chandrashekar, Mr S Ganesan, and Mr K Subramaniam are the
promoters.
GANGA DAIRY: CRISIL Lowers Rating on INR25cr Working Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Ganga Dairy (GD) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Working Capital 25 CRISIL D (ISSUER NOT
Facility COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with GD for
obtaining information through letters and emails 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-cooperation 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 GD, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GD is
consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Raings has
downgraded the rating on the bank facilities of GD to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'. As per information available in the public domain,
there remains delinquency in company account and clarity about the
same from the management and bankers is continuing to remain
awaited.
GD, is involved in manufacturing of dairy products like desi ghee,
milk powder. The company has manufacturing facility based in Uttar
Pradesh.
GOURIPUTRA AGRO: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sree
Gouriputra Agro Products Private Limited (SGAPPL) continue 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
Short Term Bank 8.00 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 September 9,
2022, placed the rating(s) of SGAPPL under the 'issuer
non-cooperating' category as SGAPPL 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. SGAPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 26, 2023, August 5, 2023,
August 15, 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).
Sree Gouriputra Agro Products Private Limited (SGAPPL) was
incorporated as a Private Limited Company by Mr. Kudapa Chakrapani,
Mrs. Kudapa Subbalakshmi and Mr. Kudapa Hemanth Nag in 2002. The
company is engaged in the processing of rice and trading of paddy.
SGAPPL's rice milling plant is located at Undrajavaram Village,
West Godavari District, and Andhra Pradesh.
ISCON BALAJI: ICRA Withdraws B+ Rating on INR89.95cr Cash Loan
--------------------------------------------------------------
ICRA has withdrawn the Long-term and Short-Term Ratings assigned to
Iscon Balaji Foods Pvt. Ltd. at the request of the company and
based on the No Objection certificate (NOC) received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 10.03 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Withdrawn
Others
Long Term/ 64.98 [ICRA]B+(Stable)/[ICRA]A4;
Short Term ISSUER NOT COOPERATING;
Interchangeable- Withdrawn
Others
Long Term- 52.98 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Term Loan
Long Term- 89.95 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Iscon Balaji Foods Private Limited (IBF) is jointly owned by
promoters of JP Iscon Ltd. (Mr. Jayesh Kotak), Balaji Wafers Pvt.
Ltd. (Mr. Pranay Virani) and Kotak Finstock Pvt. Ltd. (Mr. Bharat
Kotak and Mr. Neel Kotak). Incorporated in January 2012, IBF was
incorporated in January, 2012, it started production of dehydrated
potato flakes in July 2013 and subsequently diversified into frozen
ready to fry snacks in October 2017. IBF is managed by Mr. Neel
Kotak, an IIT Bombay alumni. The potato flakes unit is spread over
20,000 square yards near Anand with current installed capacity of
7000/MTPA and Frozen foods plant is located in Kheda district of
Gujarat with manufacturing capacity of of 11,448/MTPA February
2015.
JASMINE INDUSTRIAL: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Jasmine
Industrial Corporation in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- (5.00) [ICRA]B+ (Stable) ISSUER NOT
Interchangeable COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Short Term- 30.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Jasmine Industrial Corporation, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Jasmine Industrial Corporation (JIC or the firm) was established in
1972 as a partnership firm and is managed by the partner Mr. Ajay
Mehta who has been in the business since 1978. JIC trades in
various forms of steel products like hot rolled coils, plates, TMT
bars, angles, beams and others. The firm caters to the domestic
market, primarily Maharashtra and Gujarat with its clientele mostly
constituting steel traders and construction companies. JIC has a
registered office in Mumbai and a rented
warehouse in Taloja, Navi Mumbai.
JAY ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and Short Term rating of Jay Enterprise
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Jay Enterprise, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained noncooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Jay Enterprise was incorporated in 2010 as a proprietorship firm
and was later converted to a partnership firm in April 2013. Since
its inception, the firm has been carrying on the activity of
trading in finished fabrics. JE at present deals in variety of
fabrics, such as- polyester fabric, synthetic fabrics, cotton
fabrics and others. JE has a registered office and a warehouse on a
rental basis located at Surat, Gujarat.
JTM CASHEW: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of JTM Cashew
Processing Private Limited (JCPPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 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 September 15,
2022, placed the rating(s) of JCPPL under the 'issuer
non-cooperating' category as JCPPL 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. JCPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 1, 2023, August 11,
2023, August 21, 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 April, 2012, JTM Cashew Processing Private Limited
(JCPPL) was promoted by Mr. Asfaque Hossain, Mohd Abdurrouf Shah
and Mrs. Jaherun Bibi based out of Mednipur, West Bengal. Since its
inception, the company has been engaged in processing of cashew
nuts at its plant located at Mednipur, West Bengal. The company
procures its raw materials from domestic as well as international
markets and sales happen through dealers across all over India.
KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term rating of Khodal Cotton Processing
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 0.14 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Khodal Cotton Processing Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 2011, Khodal Cotton Processing Private Limited
(KCPPL) is a private limited company. The company is managed by
four directors namely Mr. Mansukhbhai Ajani, Mr. Lalitbhai Ajani,
Mr. Maheshbhai Bhayani and Mr. Ashvinbhai Ajani. The company is
engaged in ginning and pressing of raw cotton. KCPPL's
manufacturing facility is located 2 at Jangvad, Rajkot District in
Gujarat and is currently equipped with 24 ginning machines and one
pressing machine to produce cotton bales and cotton seeds. KCPPL
has an installed capacity to produce 280 cotton bales per day (24
hours operation).
MAMTA TRANSFORMERS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Mamta Transformers P Ltd in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Bill discounting to remain under 'Issuer Not
(Channel Financing) Cooperating' category
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 6.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Mamta Transformers P Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the
entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
MTPL was established in the year 1997 as a private limited company.
The company manufactures distribution and power transformers, from
10KVA to 5MVA capacity, for state power utilities and industrial
consumers. MTPL's manufacturing unit is located at Indore, Madhya
Pradesh and has been awarded the ISO 9001: 2008 certificate from
TNV Certification Private Limited on quality, infrastructure and
the entire manufacturing process. The company's activities have
been focused in Madhya Pradesh (MP) and Tamil Nadu. Experienced
promoters with established track record in transformers
manufacturing industry MTPL was incorporated in 1997 as a private
limited company and has a successful operational track record in
the power transformer, distribution transformer, metering
equipment, current transformer, potential transformers
manufacturing business. The promoters Mr. Vineet Ora and Mr. R.L.
Ora have more than three decades of experience in the transformers
manufacturing industry, which led to an adequate regional presence
for the company in MP and Tamil Nadu. Its proven operational track
record in the transformers industry as well as established
relationships with its customers over a long period have enabled
the company to build a strong and reputed client base and secure
repeat orders from the same.
N.C RICE: CRISIL Reaffirms B Rating on INR30cr Bank Debts
---------------------------------------------------------
CRISIL Rating has reaffirmed its rating on the bank facilities of
N.C Rice Foods Private Limited at 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B/Stable (Reaffirmed)
Long Term Loan 4 CRISIL B/Stable (Reaffirmed)
Warehouse Financing 5 CRISIL B/Stable (Reaffirmed)
Warehouse Financing 30 CRISIL B/Stable (Reaffirmed)
Warehouse Financing 7 CRISIL B/Stable (Reaffirmed)
Warehouse Financing 10 CRISIL B/Stable (Reaffirmed)
Warehouse Financing 10 CRISIL B/Stable (Reaffirmed)
Warehouse Financing 5 CRISIL B/Stable (Reaffirmed)
The rating reflects the Large working capital requirement and
leveraged capital structure. These strengths extensive industry
experience of the promoters along with stable cash flows from lease
rentals. These weaknesses are partially offset by the extensive
experience of promoters.
Analytical Approach
The unsecured loan of INR6.99 crores as on Mar-23 has been treated
as 75% Equity and 25% debt
Key rating drivers and detailed description
Weaknesses:
* Large working capital requirement: Operations remain working
capital intensive as evident with the GCA of 207 days. This is
majorly due to high inventory cycle of 190-200 days. Due to the
seasonality in the business, the input material get majorly
procured in the month of Nov – March, which is the harvesting
period, and this leads to the high inventory holdings on the year
end. Though working capital get partly aided by credit support from
suppliers, dependence on bank lines remain high with average
utilization of around 86% over past 12 months through Aug-23. Going
forward, efficient working capital management amidst business
growth will be closely monitored and remain a key rating
sensitivity factor.
* Leveraged capital structure: On the account of working
capital-intensive operations, the dependence on external debt
remains high. This in turns leads the leverage to 9.20 times as on
Mar-23. Prudent working capital management and/or equity infusion
from promoters leading to improved capital structure will remain a
key monitorable.
Strengths:
* Extensive experience of promoters: Promoters are in line of
business from more than 2 decades, which enabled them to understand
the market dynamics better, and established relationships with
their customer and suppliers. Resultantly, company has shown the
CAGR of 10% over the last three years, and booked the revenue of
INR183.58 crores as on Mar-23, against INR112.22 crores as on
Mar-22. Company has already attained the revenue of INR96 till the
mid of Sep-23 and expected to close around INR200+ crores by the
end of current fiscal. Going forward, the extensive experience of
promoters will continue to support the business risk profile of the
company in scaling up their operations.
Liquidity Stretched
Bank limit utilization is high at 86% for last 12 months ended
Aug-23. Expected net cash accruals are 9-10 crores which will be
sufficient against the term debt obligation of INR2.5 to 2.8 crores
over a medium term. Liquidity get supported through Unsecured Loan
managed from the promoters
Current ratio was low at 1.08 times as on Mar-23
Outlook - Stable
The firm will continue to benefit from the extensive experience of
promoters.
Rating Sensitivity factors
Upward factors
* Efficient working capital management, leads to the lower
dependency on the external debt, thus improving the overall
leverage to below 5 times.
* Steady growth in the volumetric sales, while maintaining the
margin at 4-5%.
Downward factor
* Further stretch on the working capital cycle, leads to the more
dependency on external debt and thus increasing the leverage at
above 10 times.
* Decline in revenue or operating margin leads to the lower cash
accruals.
NCRFPL incoproated in 2019, is involved in the processing and
selling of basmati rice.
NAVANAAMI PROJECTS: CRISIL Withdraws B+ Rating on INR10cr Loan
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Navanaami Projects Private
Limited (NPPL) to 'CRISIL B+/Stable/Issuer not cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of NPPL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of NPPL from 'CRISIL
B+/Stable/Issuer Not Cooperating to 'CRISIL B+/Stable. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING;
Rating Withdrawn)
Established in 2005 as a private limited company, Navanaami
projects Pvt Ltd (NPPL) is engaged in residential real estate
construction business in Hyderabad and Bangalore. The firm has two
on-going projects currently ' one in Hyderabad and one in
Bangalore. The firm is promoted and managed by Mr.G Venkat Naveen.
NIRMAL CARS: CARE Lowers Rating on INR10cr LT Loan to D
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Nirmal Cars Private Limited (NCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities 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 September 27,
2022, placed the rating(s) of NCPL under the 'issuer
non-cooperating' category as NCPL 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. NCPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 13, 2023, August 23, 2023, September 2,
2023, October 31, 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 have been revised on account of non-availability of
requisite information. The revision further considers the delays in
debt servicing as recognized from publicly available information
i.e., NCLT order as well as summons issued by Debt Recovery
Tribunal.
Jaipur (Rajasthan) based Nirmal Cars Private Limited (NCPL) was
incorporated in February 2011 by Late Mr. Rajan Mehra and Mr. Sai
Giridhar. The company is engaged in the business of automobile car
dealership and the state of Rajasthan.
PAS TRADING: CRISIL Lowers Rating on LT/ST Debts to D
-----------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
PAS Trading House (PAS) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating' due to delay in repayment of term debt obligations as
confirmed by the company's banker.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B-/Stable ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with PAS for
obtaining information through letter and email dated October 21,
2022, October 22, 2022 and December 30 2022, among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PAS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAS
is consistent with 'Assessing Information Adequacy Risk'
PAS is engaged majorly in trading of various papers. The firm
imports around 75 per cent of its requirements. The firm started
operations in Jan 2015 and is promoted by Mr. Sunil Khanna and his
family members.
RAMEE HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and short term rating of Ramee Hotels
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 48.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 0.25 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Ramee Hotels Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 1998 and promoted by the Shetty family, Ramee
Hotels Private Limited is engaged in the hospitality business and
operates two hotels in Mumbai and Pune. Its registered office is in
Dadar, Mumbai. The company's promoter, Mr. Vardaraj M Shetty, is
actively involved in the Group's business. The Ramee India Group,
comprising two other companies and around six subsidiaries, is
engaged in the hospitality, construction and real estate and
security and protection business. Ramee acts as a holding company
for its subsidiaries and holds stake in two other Group companies.
The three companies operating in India— Ramee Hotels Pvt. Ltd.
(RHPL), Ramani Hotels Limited (RHL) and Creative Hotels Pvt. Ltd.
(CHPL)—share a common management and brand, 'Ramee Guestline
Hotels', while deriving considerable synergy from intra-group
operational and financial linkages. The Group also operates 34
hotels worldwide, with a total capacity of ~3,000 rooms, with focus
on the West Asian market. In FY2017, the firm reported a net profit
of INR0.24 crore on an operating income (OI) of INR28.48 crore, as
compared to a net loss of INR3.06 crore on an OI of INR27.16 crore
in the previous year.
RAMESH CHANDRA: CRISIL Withdraws B- Rating on INR2.7cr Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Ramesh Chandra Rai - Jhansi (RCR) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4/Issuer Not
Cooperating (Withdrawn)
Loan Against Property 2.7 CRISIL B-/Stable/Issuer Not
Cooperating (Withdrawn)
Secured Overdraft 0.2 CRISIL B-/Stable/Issuer Not
Facility Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with RCR 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
Rating RCR failed to receive any information on either the
financial performance or strategic intent of RCR. This restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on RCR is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of RCR continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.
Set up 2009 as a proprietorship firm by Mr Ramesh Chandra Rai, RCR
retails Indian-made foreign liquor, beer, and country liquor across
five districts of Madhya Pradesh. Operations are managed by the
proprietor and his son, Mr Manish Rai.
REPUTE FOODS: ICRA Lowers Rating on INR7.08cr LT Loan to D
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Repute Foods Pvt. Ltd. (RFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Long-term– 7.08 [ICRA]D; ISSUER NOT
COOPERATING;
Unallocated Rating downgraded from
[ICRA]B (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Long-term– 1.92 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Term Loan [ICRA]B (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating of RFPL is downgraded as the accounts of the entity have
been declared as NPA (Non-Performing Asset) mentioned in the
Feedback received from the banker of the entity.
The rating is based on limited information on the entity's
performance since the time it was last rated July 27, 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade".
As part of its process and in accordance with its rating agreement
with Repute Foods Pvt. Ltd., ICRA has been trying to seek
information from the entity to monitor its performance. Further,
ICRA has been sending repeated reminders to the entity for payment
of surveillance fee that became due. Despite repeated requests by
ICRA, the entity's management has remained noncooperative. In the
absence of the requisite information and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated on September 2013, Repute Foods Private Limited (RFPL)
is engaged in processing of cashew kernels from raw cashew nuts and
trading of food grains such as wheat, urad, tuvar, onion, cumin
etc. The plant is located at Rajkot, Gujarat, having an installed
capacity for processing ~4 ton of cashew kernels per day
(considering the 24 hours processing). The key promoter Mr. Kishor
Vachhani has long standing experience in Agro commodity trading
business though his association with group concerns namely AEM
Investment Ltd, Rajdeep Corporation, Farm rich General Trading LLC
and Repute Exim Private Limited.
SRINIVAS INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Srinivas Industries (SSI) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 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 October 11,
2022, placed the rating(s) of SSI under the 'issuer
non-cooperating' category as SSI 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. SSI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2023, September 6, 2023, September
16, 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).
Karnataka based Sri Srinivas Industries (SSI) is a partnership firm
incorporated in the year 1981 by Mr. Vedavyas Prabhu and Ms. Rathna
V Prabhu. They both retired in December, 2009 and Mr. Vinayaka
Prabhu along with his wife Ms. Vinaya Prabhu joined as partners.
SSI is engaged into cashew processing business. SSI converts raw
cashews into cashew kernel. SSI imports raw cashews from various
countries such as Indonesia, Ivory Coast, Tanzania etc.
SUBADRA TEXTILE: ICRA Withdraws D Rating on INR4.00cr Cash Loans
----------------------------------------------------------------
ICRA has withdrawn the Long-term and Short-Term Ratings assigned to
Subadra Textile Private Limited at the request of the company and
based on the No Due certificate (NDC) received from its banker. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term– 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Withdrawn
Cash Credit
Long-term/ 1.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Withdrawn
Unallocated
Long Term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Withdrawn
Incorporated in 1972, Subadra Textile Private Limited (erstwhile
Bhadra Spinning Mills Private Limited (1963-1971) has been
functioning under the directorship of Mr. V.S. Rajagopal since
1975. It is engaged in the business of manufacturing cotton yarn of
counts ranging from 27s–100s for domestic as well as
international markets. The company operates from Bangalore, with
its manufacturing unit spread over 4.7 acres on Magadi Main Road,
which has an installed capacity of 18,720 spindles with combed and
auto-coned capacity. It also outsources manufacturing of polyester
yarn on job-work basis to its subsidiary, Subadra Spinning Mills
Private Limited, which was taken over by the company in December
2014. It has also diversified into the merchant exports business
during.
VEEKESY SLIPPERS: CRISIL Withdraws B Rating on INR7cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has Withdrawn its ratings on the bank facilities of
Veekesy Slippers India Private Limited (VSIPL) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (Issuer Not
Cooperating) (Withdrawn)
Long Term Loan 3.1 CRISIL B/Stable (Issuer Not
Cooperating) (Withdrawn)
Proposed Fund-
Based Bank Limits 5.27 CRISIL B/Stable (Issuer Not
Cooperating) (Withdrawn)
CRISIL Ratings has been consistently following up with VSIPL for
obtaining information through letters and emails dated May 17,
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 VSIPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VSIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2012, VSIPL is a part of the VKC group (Division
II) of companies and is based in Vijayawada, Andhra Pradesh.
Promoted by Mr Abdul Razak, the company manufactures polyurethane
footwear.
VEERANJANEYA ECO-BRICKS: CARE Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Veeranjaneya Eco-Bricks Private Limited (SVEBPL) continue 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 September 7,
2022, placed the rating(s) of SVEBPL under the 'issuer
non-cooperating' category as SVEBPL 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. SVEBPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 24, 2023, August 3, 2023,
August 13, 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).
Telangana based, Sri Veeranjaneya Eco-Bricks Private Limited
(SVEBPL) was incorporated in the year 2011 by Mr. Srinivasa Rao
(Managing Director) and Mr. Purnachandra (Director). The company is
engaged in manufacturing of Autoclaved Aerated Concrete
Blocks (AAC) light weight blocks under various sizes. The AAC
blocks are light weighted which is used as a substitute of the
conventional red clay bricks in residential, commercial and
industrial construction activities.
VIDYA PRASARINI: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and Short-term rating of Vidya
Prasarini Sabha in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 13.45 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 0.30 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Vidya Prasarini Sabha, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Vidya Prasarini Sabha (VPS) was established in 1923 with an aim to
provide education to various verticals of the society. At present,
VPS runs around twenty-two education institutes in Pune and
Lonavala, which includes Engineering college, BSC College, BCA
College, Jr. Colleges, high schools and Institutes for computer
courses with a total strength of around 11,800 students, of which
around 7400 students come under government sponsored schools while
remaining 4400 students come under private schools, Jr. Colleges
and other institutes.
VIJAY PULSE: ICRA Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Vijay Pulse
Pvt. Ltd. to the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Cash Credit the 'Issuer Not Cooperating'
Category
Long Term- 0.17 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Cash Credit the 'Issuer Not Cooperating'
Category
The rating is based on limited cooperation from the entity since
the time it was last rated in January 2023. As a part of its
process and in accordance with its rating agreement with Vijay
Pulse Pvt. Ltd., ICRA has been sending repeated reminders to the
entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating has been moved to the
"Issuer Not Cooperating category". The rating action has been taken
in accordance with ICRA's policy on non-cooperation by a rated
entity available at www.icra.in.
The company's operations were initially started in the name of Shiv
Pulse in early 1995 as a milling unit for processing of pigeon peas
(toor dal). In 2002, the entity started processing gram flour in
the name of Vijay Pulse Pvt Ltd (VPPL). The company is managed by
Mr. Uday Vikani and two other directors. The company's
manufacturing facility is located at Veraval, Shapar (Rajkot),
Gujarat with an installed annual capacity of producing 10,500 MTPA
of gram flour.
=====================
N E W Z E A L A N D
=====================
ASHTON FISHING: Creditors' Proofs of Debt Due on Dec. 8
-------------------------------------------------------
Creditors of Ashton Fishing Limited are required to file their
proofs of debt by Dec. 8, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 8, 2023.
The company's liquidators are:
Gareth Russel Hoole
Raymond Paul Cox
Ecovis KGA Limited
PO Box 37223
Parnell, Auckland
JACKSON CREEK: Creditors' Proofs of Debt Due on Dec. 5
------------------------------------------------------
Creditors of Jackson Creek Limited, Leigh Jackson 1967 Limited and
389 Construction Limited (formerly KNCC Limited) are required to
file their proofs of debt by Dec. 5, 2023, to be included in the
company's dividend distribution.
Jackson Creek and Leigh Jackson commenced wind-up proceedings on
Oct. 31, 2023, and Nov. 3, 2023, respectively.
389 Construction commenced wind-up proceedings on Nov. 3, 2023.
The company's liquidators are:
Simon Dalton
Gerry Rea Partners
PO Box 3015
Auckland
LAKE TEWA: Court to Hear Wind-Up Petition on Dec. 8
---------------------------------------------------
A petition to wind up the operations of Lake Tewa Developments
Limited will be heard before the High Court at Auckland on Dec. 8,
2023, at 10:45 a.m.
Civil Projects Limited filed the petition against the company on
Oct. 17, 2023.
The Petitioner's solicitor is:
James Cochrane
Lane Neave Lawyers
Level 8, Vero Centre
48 Shortland Street
Auckland
NIXEY INSULATION: Court to Hear Wind-Up Petition on Nov. 21
-----------------------------------------------------------
A petition to wind up the operations of Nixey Insulation (1998)
Limited will be heard before the High Court at Auckland on Nov. 21,
2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 7, 2023.
The Petitioner's solicitor is:
Amber Victoria Flesher
Legal Services
5th Floor, Asteron Centre
55 Featherston Street (PO Box 1462)
Wellington 6140
S & D TRADE: Creditors' Proofs of Debt Due on Dec. 22
-----------------------------------------------------
Creditors of S & D Trade Limited and MSUGAR 2012 Limited are
required to file their proofs of debt by Dec. 22, 2023, to be
included in the company's dividend distribution.
S & D Trade commenced wind-up proceedings on Nov. 6, 2023.
MSUGAR 2012 commenced wind-up proceedings on Nov. 7, 2023.
The company's liquidators are:
Derek Ah Sam
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu, Auckland 0651
=================
S I N G A P O R E
=================
ASCENT GENERAL: Creditors' Proofs of Debt Due on Dec. 10
--------------------------------------------------------
Creditors of Ascent General Partner Pte. Ltd. are required to file
their proofs of debt by Dec. 10, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 1, 2023.
The company's liquidators are:
Tan Wei Cheong
Christina Khoo
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
ECOSYS INFRASTRUCTURE: Court to Hear Wind-Up Petition on Nov. 24
----------------------------------------------------------------
A petition to wind up the operations of Ecosys Infrastructure Pte
Ltd will be heard before the High Court of Singapore on Nov. 24,
2023, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Nov. 3, 2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
MUNICH SG: Creditors' Proofs of Debt Due on Dec. 10
---------------------------------------------------
Creditors of Munich SG Pte. Ltd., Munich H2 Pte. Ltd., and Bavaria
G3 Pte. Ltd. are required to file their proofs of debt by Dec. 10,
2023, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 6, 2023.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia Pte Ltd
50 Havelock Road #02-767
Singapore 160050
NEW SOON: Court to Hear Wind-Up Petition on Dec. 1
--------------------------------------------------
A petition to wind up the operations of New Soon Huat Pte Ltd will
be heard before the High Court of Singapore on Dec. 1, 2023, at
10:00 a.m.
DBS Bank Ltd filed the petition against the company on Nov. 6,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
SOON HUAT: Court to Hear Wind-Up Petition on Dec. 1
---------------------------------------------------
A petition to wind up the operations of Soon Huat Bak Kut Teh Pte
Ltd will be heard before the High Court of Singapore on Dec. 1,
2023, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Nov. 6,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
THREE ARROWS: Reaches Agreement With Genesis on US$1B of Claims
---------------------------------------------------------------
CoinDesk reports that bankrupt crypto lender Genesis has agreed to
settle $1 billion in claims by defunct crypto hedge fund Three
Arrows Capital (3AC) with a payment of $33 million, court documents
show.
CoinDesk says the hedge fund's collapse in June 2022 marked the
first storm in a long crypto winter, and its claims against Genesis
refer to transfers made prior to the lender's own bankruptcy in
January. The deal, set out in a filing from Nov. 9, follows
"extensive negotiations," between the parties, and Genesis is
seeking a New York bankruptcy court's go-ahead to settle the
claims, CoinDesk relates.
The 3AC Debtor shall receive an allowed general unsecured claim
against Genesis in the amount of $33,000,000 in full and complete
satisfaction of the more than $1 billion dollars in claims asserted
against each of the Genesis Debtors," the document, as cited by
CoinDesk, said, adding that the agreement will "mutually release
each other from liability."
Genesis had also filed $1.2 billion in claims against 3AC in July
2022, and, in last week's filing, called the hedge fund one of its
"largest borrowers between from 2020 to 2022, up until the time of
its collapse."
A hearing on the proposed settlement is scheduled for Nov. 30,
CoinDesk adds.
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings. As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
*********
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
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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 ***