/raid1/www/Hosts/bankrupt/TCRAP_Public/240725.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, July 25, 2024, Vol. 27, No. 149
Headlines
A U S T R A L I A
AUSGROUP LTD: Liquidators Propose to Delist Company from SGX
AUSWIDE MANAGEMENT: First Creditors' Meeting Set for Aug. 2
CLARITY KITCHENS: First Creditors' Meeting Set for July 29
G.J.S. REAL ESTATE: First Creditors' Meeting Set for July 31
KIMBERLEY MEAT: Second Creditors' Meeting Set for July 30
YEEDA PASTORAL: Second Creditors' Meeting Set for July 30
C H I N A
GREENLAND HOLDINGS: China Puts Director Under Anti-Graft Probe
UNI-TOP AIRLINES: Fails to Sell Aircraft for Third Time
I N D I A
ALVI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category
ARMAX HEALTH: Insolvency Resolution Process Case Summary
ARUPPUKOTTAI SRI: CRISIL Keeps D Debt Ratings in Not Cooperating
ASHTVINAYAK LEISURE: CARE Keeps C Debt Rating in Not Cooperating
ASUTI TRADING: CARE Keeps D Debt Ratings in Not Cooperating
BYJU'S: Appeals to NCLAT vs. Insolvency Order; Hearing Set July 29
DESAI TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
DEVRAJ TROPICAL: CRISIL Keeps B Debt Rating in Not Cooperating
DHAIRYA IT: Voluntary Liquidation Process Case Summary
DIVINE INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating
DOLPHIN OFFSHORE: CRISIL Keeps C Debt Ratings in Not Cooperating
EAGLE STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
ESWAR PRINT: CRISIL Keeps B Debt Rating in Not Cooperating
G. D. MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GODHANI GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
HITECH GRAIN: CRISIL Keeps D Debt Ratings in Not Cooperating
ISHAN EQUIPMENT: CRISIL Cuts Rating on INR29.5cr Cash Loan to C
J. M. FEED: CRISIL Keeps D Debt Rating in Not Cooperating Category
JAGJIT ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
JAI MATA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
JAMNA METAL: CRISIL Keeps C Debt Ratings in Not Cooperating
KAILASH STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
KAMRUPA THANDA: CRISIL Keeps B Debt Ratings in Not Cooperating
KANCHESHWAR SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
KHWAHISH MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
NAGRAJ AQUA: Insolvency Resolution Process Case Summary
PARBHAT HEAVY: CRISIL Withdraws B+ Rating on INR4cr Cash Loan
PLATINA STEELS: CARE Keeps D Debt Rating in Not Cooperating
POLMANN INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating
RADHAMANI EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
SPICEJET LTD: Board Approves Raising INR3,000 crore Through QIP
SUPREME IMPORT: CARE Keeps D Debt Ratings in Not Cooperating
VARDHMAN RICE: CARE Keeps D Debt Rating in Not Cooperating
VISTACORE INFRAPROJECTS: CARE Keeps D Rating in Not Cooperating
I N D O N E S I A
VISI MEDIA: Indonesian Court Admits US$560 Million Debt Claims
N E W Z E A L A N D
31 LIMITED: Court to Hear Wind-Up Petition on Aug. 9
BAY YARDING: Thomas Lee Rodewald Appointed as Receiver and Manager
CAPER SPORTSWEAR: Court to Hear Wind-Up Petition on July 30
FALE DOJO: Court to Hear Wind-Up Petition on Aug. 2
GLZJ LIMITED: First Creditors' Meeting Set for July 29
S I N G A P O R E
ASLAN PHARMACEUTICALS: Creditors' Meetings Set for Aug. 12
AVITAR HOLDINGS: Court Enters Wind-Up Order
FRESHMILL PTE: Creditors' Proofs of Debt Due on Aug. 7
PREMIER FOODS: Court to Hear Wind-Up Petition on Aug. 16
RED BOX: Creditors' Proofs of Debt Due on Aug. 23
S O U T H K O R E A
KAKAO CORP: Founder Arrested for Suspected Stock Manipulation
S R I L A N K A
SRI LANKA: Cuts Rates to Help Fuel Economic Recovery
- - - - -
=================
A U S T R A L I A
=================
AUSGROUP LTD: Liquidators Propose to Delist Company from SGX
------------------------------------------------------------
The Business Times reports that the liquidators of AusGroup Limited
have applied for the company to be delisted from the Singapore
Exchange (SGX).
According to BT, the beleaguered oilfield services provider was
previously ordered by the Singapore High Court to wind up after it
said it was unable to service its debt. The court had also ordered
the company to be discharged from judicial management and for the
joint and several judicial managers to be released from liability.
Deloitte's Tan Wei Cheong, Matthew Stuart Becker and Lim Loo Khoon
were appointed as AusGroup's joint and several liquidators.
On July 23, the liquidators said the company is insolvent and its
debts far exceed its realisable assets, BT reports.
"There will be no residual assets to be distributed to its
shareholders after the liquidation process is completed," they
added.
BT says AusGroup noted that no exit offer from its substantial
shareholders has been made. It also said it has no financial means
to hold an extraordinary general meeting or to appoint an
independent financial adviser to advise on an exit offer.
The group added that it would release further announcements when
there are material developments.
Shares of AusGroup have been suspended since Nov. 10, 2022,
following a trading halt on Nov. 7. The stock last traded at
SGD0.009.
Headquartered in West Perth, Australia, AusGroup Limited (SGX:5GJ)
-- https://www.ausgroupltd.com/ -- provides construction and
maintenance services. The Company offers mechanical, welding,
surface protection, industrial insulation, and refractory services.
AusGroup serves customers in Asia.
AUSWIDE MANAGEMENT: First Creditors' Meeting Set for Aug. 2
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Auswide
Management Solutions Pty Ltd will be held on Aug. 2, 2024 at 11:00
a.m. at the offices of Kennedy Ryan Advisory at Level 4, 15 Queen
Street in Melbourne.
Richard Rohrt of Kennedy Ryan Advisory was appointed as
administrator of the company on July 23, 2024.
CLARITY KITCHENS: First Creditors' Meeting Set for July 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Clarity
Kitchens & Cabinets Pty Ltd will be held on July 29, 2024 at 9:00
a.m. at Equinox Building 4, Level 2, 70 Kent Street in Deakin.
Frank Lo Pilato of RSM Australia Partners was appointed as
administrator of the company on July 29, 2024.
G.J.S. REAL ESTATE: First Creditors' Meeting Set for July 31
------------------------------------------------------------
A first meeting of the creditors in the proceedings of G.J.S. Real
Estate Pty Ltd will be held on July 31, 2024 at 2:30 p.m. at the
offices of LangdonGrant at Suite 209, 134 Logis Boulevard in
Dandenong South.
Paul Langdon of LangdonGrant was appointed as administrator of the
company on July 22, 2024.
KIMBERLEY MEAT: Second Creditors' Meeting Set for July 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Kimberley Meat
Company Pty Ltd has been set for July 30, 2024 at 11:00 a.m. via
virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 29, 2024 at 11:00 a.m.
David Osborne, Richard Tucker and Tony Miskiewicz of KordaMentha
were appointed as administrators of the company on Feb. 27, 2024.
YEEDA PASTORAL: Second Creditors' Meeting Set for July 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Yeeda Pastoral
Company Pty Ltd, Australian Rangeland Meat Pty Ltd, Kimberley
Properties Pty Ltd, and Yeeda Kimberley Tours Pty Ltd has been set
for July 30, 2024 at 11:00 a.m. via virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 29, 2024 at 11:00 a.m.
David Osborne, Richard Tucker and Tony Miskiewicz of KordaMentha
were appointed as administrators of the company on Feb. 29, 2024.
=========
C H I N A
=========
GREENLAND HOLDINGS: China Puts Director Under Anti-Graft Probe
--------------------------------------------------------------
Yicai Global reports that Hu Xin, director of Chinese property
developer Greenland Holdings, is being investigated by Shanghai's
top anti-corruption watchdog.
Yicai relates that Hu, who is also vice chairman of Greenland, is
under disciplinary review and supervisory investigation by the
Shanghai Municipal Commission for Discipline Inspection on
suspicion of serious violations of discipline and law, the company
announced on July 23.
Since 2021, Hu has concurrently served as vice president of
Shanghai Municipal Investment Group while at his posts in Greenland
without participating in the former's daily operation and
management, the developer noted. The review and probe will not
significantly impact production and business activities, it added.
Shanghai Municipal Investment is Greenland's third-largest
shareholder, owning a 21 percent stake as of the end of last year,
Yicai discloses. Hu has previously worked at the Shanghai Water
Conservancy Engineering Design & Research Institute.
Greenland's net profit likely plunged 90 percent to 92 percent to
between CNY200 million and CNY250 million (USD27.5 million and
USD34.4) in the six months ended June 30 from a year earlier due to
a significant drop in the carry-over of and revenue from the real
estate and infrastructure businesses, according to its earnings
forecast released on July 10, Yicai relays.
Established in 1992, state-owned Shanghai Municipal Investment is a
large enterprise focused on urban infrastructure investment,
construction, operation, and management in the bridge, water,
environment, and real estate fields. Its assets totaled nearly
CNY800 billion (USD110 billion) as of the end of last year, with a
debt-to-assets ratio of 53 percent and an employee headcount of
over 17,000.
About Greenland Holdings
Greenland Holdings Corporation Limited focuses on the real estate
business. The Company owns 23 high-rise landmark buildings both
built and under construction across the world. The Company's
projects are located in more than 80 cities of 29 provinces
(autonomous regions and municipalities) in China. The Company also
develops projects in the United States, Canada, Australia, Japan,
Korea and other 3 foreign countries. Its residential projects are
for sale after development, while its commercial projects are for
lease and commercial and hotel operations apart from the most for
sale.
As reported in the Troubled Company Reporter, S&P Global Ratings,
on May 23, 2022, lowered its long-term issuer credit rating on
Greenland Holding Group Co. Ltd. (Greenland) to 'B-' from 'B+', and
the long-term issue rating on the senior unsecured notes the
company guarantees to 'CCC+' from 'B'. S&P also downgraded
Greenland's strategically important subsidiary Greenland Hong Kong
Holdings Ltd. (Greenland HK) to 'B-' from 'B'. All the ratings were
placed on CreditWatch with negative implications. S&P aims to
resolve the CreditWatch as soon as it has more visibility on the
progress of Greenland's asset disposals.
UNI-TOP AIRLINES: Fails to Sell Aircraft for Third Time
-------------------------------------------------------
Yicai Global reports that Uni-Top Airlines, the first Chinese
carrier to declare bankruptcy after the Covid-19 pandemic, has
failed for the third time to auction off its aircraft.
The cargo airline tried to sell an Airbus A300 on JD.Com's auction
platform this week but received no bids, Yicai learned. Before
this, the Wuhan-based company had similar attempts with two Boeing
747 planes on the online platform.
Many carriers lack planes, especially large aircraft that can fly
intercontinental routes, but Uni-Top's aircraft are too old,
several industry insiders explained to Yicai.
Founded in 2008, Uni-Top used to have 13 large and medium-sized
cargo aircraft at its peak. A court in its hometown declared the
carrier bankrupt in March.
The company's creditor rights amount to CNY8.3 billion (USD1.1
billion), Yicai relates citing data disclosed by the court.
Pressures started already in 2019 and Uni-Top suspended parts of
operations due to its tight financial conditions and a downturn in
the international air cargo market.
Uni-Top started putting land use rights, buildings, and aircraft up
for sale last month after reorganization failed despite
negotiations with enterprises, including JD.Com and China Merchants
Group, as well as local governments, Yicai notes.
=========
I N D I A
=========
ALVI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alvi Tech
Services Private Limited (ATSPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 6.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 25, 2023,
placed the rating(s) of ATSPL under the 'issuer non-cooperating'
category as ATSPL 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. ATSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2024, April 19, 2024, April 29, 2024.
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).
Alvi Tech Services Private Limited (ATSPL) was incorporated as a
private limited company in the year 2006 by Mr. Krishnanand Trivedi
and Mr. Alok Trivedi who are having more than two decades of
experience in EPC contracts. ATSPL has taken over proprietorship
company namely Alvi Tech Services in 2006. Company is engaged in
erection, commissioning and procurement (EPC) work in the field of
electrical instrumentation for offshore projects for Oil & Gas
companies through tender bidding process. ATSPL's registered office
is located at Kalyan while workshop is situated at Dombivali.
ARMAX HEALTH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Armax Health Private Limited
(previously known as Bafna Health Care Pvt. Ltd)
Unit No. 712, 7th Floor, World Trade Centre No.1,
Cuffe Parade, Colaba,
Mumbai, Maharashtra, India, 400005
Insolvency Commencement Date: June 21, 2024
Estimated date of closure of
insolvency resolution process: December 18, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Rakesh Bothra
119- A, 1st Floor, Vinay Bhavya Complex, 159,
C S T Road, Kalina, Santacruz East,
Mumbai City, Maharashtra - 400098
Email: ip.rakeshbothra@gmail.com
Email: cirparmax@gmail.com
Last date for
submission of claims: July 9, 2024
ARUPPUKOTTAI SRI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aruppukottai
Sri Jaya Vilas Private Limited (ASJVL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10.9 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10.8 CRISIL D (Issuer Not
Cooperating)
Cash Term Loan 20.7 CRISIL D (Issuer Not
Cooperating)
Cash Term Loan 7.12 CRISIL D (Issuer Not
Cooperating)
Inland/Import 3.0 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Inland/Import 2.6 CRISIL D (Issuer Not
Letter of Credit Cooperating)
CRISIL Ratings has been consistently following up with ASJVL for
obtaining information through letter and email dated June 11, 2024
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 ASJVL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASJVL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASJVL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1951 in Aruppukottai, Tamil Nadu, ASJVL
manufactures cotton and polyester-blended cotton yarn used for
knitting and weaving. Unit has installed capacity of about 70,000
spindles. The company also runs an Indian Oil Corporation Ltd
petrol pump in Madurai, along with operating a bus service on local
route. Operations are managed by Mr. TRS Karthikeyan
ASHTVINAYAK LEISURE: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashtvinayak
Leisure Private Limited (ALPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.58 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 11, 2023,
placed the rating(s) of ALPL under the 'issuer non-cooperating'
category as ALPL 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. ALPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 26, 2024, April 5, 2024, April 15, 2024.
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).
Indore (Madhya Pradesh) based Ashtvinayak Leisure Private Limited
(ALPL) was incorporated in 2010 by Mr. Anand Goyal along with other
family members with an objective to establish a hotel. The hotel
facility will be constructed at 4,147.24 sq. meter having total 102
rooms which includes standard, deluxe and suite. Further, the hotel
property will have a cafeteria, restaurants and three banquet halls
each with capacity of 1000, 800 and 300 persons each. ALPL
undertook the project in May, 2015 and envisaged total project cost
of INR50.90 crore towards the project to be funded through term
loan of INR20.00 crore, promoter's capital of INR25.00 crore and
remaining through unsecured loans from promoters and relatives. The
company was expected to start its operations from December, 2019.
ASUTI TRADING: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Asuti
Trading Private Limited (ATPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 5.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 115.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 23, 2023,
placed the rating(s) of ATPL under the 'issuer non-cooperating'
category as ATPL 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. ATPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 7, 2024, April 17, 2024, April 27, 2024.
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).
ATPL, incorporated in the month of April 1996, is engaged in to
trading of iron and steel products. It was incorporated by Agarwal
family which was subsequently bought by Mr. Siddhartha Bagrecha in
2011. It mainly trades in iron and steel products
like – Hot Rolled Coils (HRC), Cold Rolled Coils and Sheets
(CRC/s), Alloy CRC, Galvanized sheets, Mils Steel Angle and Round
bar, etc.
BYJU'S: Appeals to NCLAT vs. Insolvency Order; Hearing Set July 29
------------------------------------------------------------------
Business Standard, citing Bar and Bench, reports that the National
Company Law Appellate Tribunal (NCLAT) in Chennai is set to hear
Byju's appeal against the insolvency proceedings on July 29.
Senior advocate Pramod Nair, representing Byju's parent company,
Think and Learn, highlighted the urgency of the matter before the
NCLAT bench, emphasising the need to pay employee salaries, the
report relates.
According to Business Standard, Byju's, once valued at $22 billion
and backed by investors such as Prosus and General Atlantic, has
recently faced significant challenges, including job cuts, a
decline in valuation, and disputes with investors accusing CEO Byju
Raveendran of corporate governance issues. The company has denied
any wrongdoing.
Business Standard notes that the insolvency proceedings were
initiated following a plea by the Board of Control for Cricket in
India (BCCI), citing unpaid dues of INR158 crore related to
sponsorship rights. The National Company Law Tribunal (NCLT) in
Bengaluru admitted BCCI's plea on July 16, triggering the corporate
insolvency resolution process under the Insolvency and Bankruptcy
Code (IBC) for Think and Learn. Pankaj Srivastava was appointed as
the resolution professional to manage the company's affairs.
The total amount due to Byju's creditors exceeds INR200 crore.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific, the
Enforcement Directorate, India's federal financial crime-fighting
agency, issued a show-cause notice to education tech company Byju's
for alleged violations of foreign exchange rules, the agency said
in a statement on Nov. 11, 2023.
Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.
BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024. In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.
DESAI TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Desai
Textiles (DT) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.88 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.65 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.07 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.42 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.48 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DT for
obtaining information through letter and email dated June 11, 2024
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 DT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of DT
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1991, DT is a partnership firm based in Surat (Gujarat),
promoted by Mr. Pankajbhai Arvindlal Desai and Mr. Chetankumar
Arvindlal Desai. The firm manufactures and markets yarn and grey
fabric and undertakes sizing of beam.
DEVRAJ TROPICAL: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Devraj
Tropical Fruits (DTF; part of Devaraja Group) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DTF for
obtaining information through letter and email dated June 11, 2024
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 DTF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DTF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DTF continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Sri Devaraaja Agro
Industries (SDAI), Shre Devaraja Agro Aseptic Industries (SDAAI),
and Devraj Tropical Fruits (DTF). That is because the three
entities, together referred to as the Devaraja group, have a common
management team, and considerable business and financial linkages.
SDAI was established in 2005 in Tamil Nadu, as a partnership firm
promoted by Mr D Mathiyalazhagan and his family. It manufactures
pulp and concentrates of fruits such as mango, guava, papaya, and
tomato. SDAAI and DTF, also promoted by Mr D Mathiyalazhagan, were
established in 2007 and 2010, and manufacture the same products.
DHAIRYA IT: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Dhairya IT Advisory Private Limited
207, Maharshi Debendra Road
7th Floor, Room No. 126A
Jhunjhunwala Building
Kolkata, West Bengal, India 700007
Insolvency Commencement Date: June 26, 2024
Court: National Company Law Tribunal Kolkata Bench
Liquidator: Hansraj Jaria
36, Abinash Sashmal Lane,
Beleghata Hotel,
Kolkata, West Bengal, 700010
Email: dhairya.volliq@gmail.com
Mobile No: 9836400884
Last date for
submission of claims: July 26, 2024
DIVINE INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Divine
Infrastructure (DI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.65 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 13, 2023,
placed the rating(s) of DI under the 'issuer non-cooperating'
category as DI 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. DI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 28, 2024, May 8, 2024, May 18, 2024.
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).
Tikamgarh (Madhya Pradesh, MP) based DI was formed as a partnership
firm by Mr. Pranav Jaiswal and Mr. Anshul Khare. DI is registered
as 'A5' class contractor and is engaged in Government civil
construction for construction of roads, buildings, bridge and
tunnels etc. The firm mainly executes civil construction contract
for Public Works Department (PWD), MP Rural Road Development
Authority and Railway Department.
DOLPHIN OFFSHORE: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dolphin Offshore
Shipping Limited (DOSL, part of the Dolphin Grou) continue to be
'CRISIL C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL C (Issuer Not
Cooperating)
Fund & Non Fund 3.5 CRISIL C (Issuer Not
Based Limits Cooperating)
Proposed Long Term 7.0 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with DOSL for
obtaining information through letter and email dated June 11, 2024
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 DOSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DOSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DOSL continues to be 'CRISIL C Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of DOEIL and its wholly owned
subsidiaries Dolphin Offshore Shipping Ltd (DOSL) and DOEMPL,
together referred to as the Dolphin group. This is because the
companies have significant financial and operational linkages.
Dolphin OffshoreShipping Ltd. (DOEIL) is the flagship company of
the Dolphin group and is in the business of providing a complete
range of offshore support services to the oil and gas industry. The
services include diving and underwater engineering services, marine
operations and management (vessel management), fabrication and
installation, ship repairs, geo-technical services, Engineering,
Procurement and Construction activities (EPC), etc.
DOSL is DOEIL's wholly-owned subsidiary and engaged in chartering
of vessels and tugs to oil and gas exploration companies.
EAGLE STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eagle Steel
Industries Private Limited (ESIPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Cash 1 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Cash 1 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Long Term 1 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ESIPL for
obtaining information through letter and email dated June 11, 2024
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 ESIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ESIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ESIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Ahmedabad, Gujarat-based ESIPL was established as a partnership
firm, Eagle Steel, by Mr Rafiq Ghanchi and Mr Ilyas Ghanchi. The
firm was reconstituted as a private limited company with the
present name in 2006. It straightens, cuts, and trades in hot- and
cold-rolled steel coils.
ESWAR PRINT: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Eswar Print N
Pack Private Limited (EPNPPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with EPNPPL for
obtaining information through letter and email dated June 11, 2024
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 EPNPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
EPNPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of EPNPPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
EPNPPL was incorporated in 2010 and engaged in manufacturing, of
corrugated paper boxes. The manufacturing units are in Unguturu
(Andhra Pradesh) and having an installed capacity of 7200 MTPA.
EPNPPL is owned & managed by K Lakshmi Raju.
G. D. MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G. D. Motors
(GDM) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating)
Inventory 1.1 CRISIL B+/Stable (Issuer Not
Funding Facility Cooperating)
CRISIL Ratings has been consistently following up with GDM for
obtaining information through letter and email dated June 11, 2024
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 GDM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GDM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GDM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
GDM was set up in 2010, is an authorized dealer of M&M's entire
range of three-wheelers, passenger cars, and light commercial
vehicles in Assam. The firm commenced commercial operations in
January 2012. It is equally owned by Mr. Abhishek More and his
uncle, Mr. Santosh Kumar More.
GODHANI GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Godhani Gems
Private Limited (GGPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with GGPL for
obtaining information through letter and email dated June 11, 2024
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 GGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GGPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
GGPL, set up in 1995 as a partnership firm by Mr. Ramesh V Godhani,
Mr. Vinod V Godhani, and their family members, was reconstituted as
a private limited company in 2011. The company cuts and polishes
diamonds.
HITECH GRAIN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hitech Grain
Processing Private Limited (HGPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with HGPL for
obtaining information through letter and email dated June 11, 2024
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 HGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HGPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
The Hitech group is managed by Mr Naresh Mittal, and his two sons
Mr Vipul Mittal and Mr Kapil Mittal, with the support of a team of
professionals, who have experience of over 35 years in processing
and trading in pulses and other food products. The group sells a
majority of its products under the Hitech Pulses brand.
HGPL, incorporated in 2001, processes pulses at its plant at
Lawrence Road, New Delhi. ARPL, incorporated in 2004, also
processes pulses, at its facility in Haryana. HAPL and AI (a
proprietorship firm) were set up in 2004. These entities trade in
food grain and pulses in New Delhi.
ISHAN EQUIPMENT: CRISIL Cuts Rating on INR29.5cr Cash Loan to C
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Shree Ishan Equipment Pvt Ltd (SIEPL) to 'CRISIL C/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL A4 (Downgraded from
'CRISIL A4+')
Bank Guarantee 30.5 CRISIL A4 (Downgraded from
'CRISIL A4+')
Cash Credit 29.5 CRISIL C (Downgraded from
'CRISIL BB-/Stable')
The rating downgrade reflects delay of two days in term loan
equated monthly installment (EMI) repayment on debt not rated by
CRISIL Ratings. The company was also classified as Special Mention
Account (SMA-0) by the banker as per the information available in
the public domain.
The ratings factor in the moderate business risk profile of the
company, as indicated by revenue of around INR112 crore and
operating margin of around 9.1% percent in fiscal 2024, and healthy
order book of around INR169 crore, to be executed in the next 15-18
months, providing medium-term revenue visibility.
The ratings reflect the company's large working capital requirement
and average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters in the
industrial machinery and consumables industry and a healthy order
book.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital requirement: Operations are working capital
intensive, as reflected in gross current assets (GCAs) of 270-280
days for the three fiscal periods ended March 31, 2023. GCAs are
estimated at 309 days as on March 31, 2024, driven by large
receivables and inventory of 135 days and 105 days, respectively.
The company has to extend the long credit period and maintain
sizeable work-in-process inventory to meet business needs. The
working capital cycle will likely remain stretched over the medium
term and will be a key monitorable.
* Modest financial risk profile: Total outside liabilities to
adjusted networth (TOLANW) ratio was high for the three fiscals
through 2023. Gearing and total outside liabilities to tangible
networth ratio are estimated at 2.35 times and 6.35 times,
respectively, as on March 31, 2024. Debt protection metrics were
subdued owing to low cash accrual, as indicated by estimated
interest coverage and net cash accrual to total debt ratios of 1.7
times and 0.1 time, respectively, in fiscal 2024. The financial
risk profile will likely remain average over the medium term and
will be a key rating sensitivity factor.
Strengths:
* Extensive experience of the promoters and established clientele:
The promoters have experience of around three decades in the
industrial machinery and consumables industry; this has helped them
develop strong understanding of market dynamics and healthy
relationships with suppliers and customers. The clientele includes
Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd,
Hindustan Petroleum Corporation Ltd, Gujarat Alkalies and Chemicals
Ltd, and Gujarat State Fertilizers and Chemicals Ltd. The extensive
experience of the promoters will help scale up operations and
execute the order book.
* Moderate order book: Orders worth INR169 crore as of May 2024 to
be executed in the next 15 months provide adequate medium-term
revenue visibility. The company has outstanding orders from
established government as well as private players. CRISIL Ratings
believes orders from established clients, steady increase in order
book and timely execution of projects will be monitorable.
Liquidity: Poor
Bank limit utilization was high at 98% on average for the 12 months
through April 2024. Cash accrual, expected at more than INR3 crore
per annum, will comfortably cover yearly debt obligation of
INR0.6-1.0 crore over the medium term. The current ratio was
moderate at 1.02 times as on March 31, 2023.
Rating Sensitivity factors
Upward factors
* Timely servicing of debt obligations continuously for at least 90
days.
* Improvement in the working capital cycle
Downward factors
* Delay in debt servicing obligations
* Further stretch in the working capital cycle with GCA Days above
350 days
SIEPL, formerly known as Ishan Equipments Pvt Ltd, was incorporated
in 1996 by Mr Ashwin K Panchal and his family members. The company
is engaged in the design, supply, installation and commissioning of
process plants and other equipment, catering to the needs of
chemical, petrochemicals and related industries. It has two
manufacturing units in Vadodara, Gujarat.
J. M. FEED: CRISIL Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J. M. Feed
Mills Private Limited (JMF) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JMF for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JMF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMF continues to be 'CRISIL D Issuer Not Cooperating'.
JMF, incorporated in 2010, manufactures concentrated poultry feed
and cattle feed. The manufacturing facility is at Jind (Haryana).
The company is promoted by Mr Baljit Singh and family.
JAGJIT ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagjit
Enterprises Private Limited (JEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 31, 2023,
placed the rating(s) of JEPL under the 'issuer non-cooperating'
category as JEPL 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. JEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 15, 2024, April 25, 2024, May 5, 2024.
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).
Jagjit Enterprises Private Limited (JEPL) was incorporated in July
18, 1994 and is engaged in manufacturing of auto components for
heavy commercial vehicles including Cross Members, Cross Member
Assembly, Bumper Cross Member Assembly, Assy Air Tanks, Power
Steering Brackets and Steering Gearbox Mounting. JEPL is promoted
by directors Mr. Harprem Mann, Mr. Harmeet Mann and Mrs. Satwinder
Kaur Mann. JEPL has manufacturing unit and registered office
situated at Lucknow, Uttar Pradesh.
JAI MATA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Mata Di
Paper Mills Private Limited (JMD) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 0.3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JMD for
obtaining information through letter and email dated June 11, 2024
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 JMD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMD continues to be 'CRISIL D Issuer Not Cooperating'.
JMD, set up by Raipur (Chhattisgarh)-based Sharma family in 2008,
manufactures kraft paper. Its manufacturing unit started commercial
operations in May 2011. JMD's day-to-day operations are looked
after by its promoter-director Mr. Aditya Sharma.
JAMNA METAL: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jamna Metal
Co. (JMC) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.67 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 4 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term 10.01 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.82 CRISIL C (Issuer Not
Cooperating)
Working Capital 5.5 CRISIL C (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with JMC for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JMC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMC continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
JMC commenced operations in 1997 as Shree Jamna Metal Works, a
proprietorship concern of Mr Kishan Chand Bansal. The firm
manufactures galvanised steel trays used in the power sector as a
base for laying power transmission cables.
KAILASH STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kailash Steel
Rolling Mills (KSRM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 2 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KSRM) for
obtaining information through letter and email dated June 11, 2024
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 KSRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSRM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
KSRM was set up in 2008 as a partnership firm by Mr Tilak Raj
Bardeja and his family members, and is currently being run by his
son Mr Mahesh Kumar Bardeja. The firm manufactures mild steel flats
and bars at its facility in Mandi Gobindgarh, Punjab; the facility
began operations in fiscal 2014. The firm operated from a leased
rolling mill till March 2013.
KAMRUPA THANDA: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamrupa
Thanda Ghar Private Limited (KTGPL; part of the Kamrupa Thanda Ghar
group) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KTGPL for
obtaining information through letter and email dated June 11, 2024
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 KTGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KTGPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of KTGPL and Sri Shyam Cold
Storage (SSCS). That's because the two entities, together referred
to as the Kamrupa Thanda Ghar group, have a common management and
are in the same line of business with operational linkages.
The Kamrupa Thanda Ghar group, the promoters of which are based in
Assam, has been providing cold storage facilities to potato farmers
and traders since 1963. The group comprises four cold storage
companies in Assam, of these, KTGPL was incorporated in 2009 and
SSCS in 2017. The companies have their cold storage facilities at
Kamrup, Assam.
KANCHESHWAR SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kancheshwar
Sugar Limited (KSL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 50 CRISIL D (Issuer Not
Cooperating)
Term Loan 45 CRISIL D (Issuer Not
Cooperating)
Term Loan 28 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KSL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2011, KSL manufactures sugar. Its plant is in
Mangrul, Maharashtra, with an installed capacity for the crushing
of 3500 tonne per day. It also has a 15 megawatt co-generation
power plant. Mr Dilip Mane, Mr Ashwinkumar Bhopale, Mr Pravin More,
and their associates are the promoters.
KHWAHISH MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khwahish
Marketing Private Limited (KMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 7.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 12.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letter and email dated June 11, 2024
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 KMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2005 as private limited company, KMPL is a trader
of iron and steel products. Based in Ghaziabad, Uttar Pradesh, the
firm is managed and promoted by Mr. Prashant Sharma.
NAGRAJ AQUA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Nagraj Aqua LLP
OI, Sarthi Kutir Row House,
Behind Naher Coloney,
Dungri, Valsad, Gujarat Pin No 396375
Insolvency Commencement Date: June 14, 2024
Estimated date of closure of
insolvency resolution process: December 11, 2024
Court: National Company Law Tribunal, Gujarat Bench
Insolvency
Professional: Mr. Dilip Vasudeo Gupta
No 8, Ellora CHS Ltd
Behind Abhyudaya Bank Ltd
Daftary Road, Malad East,
Mumbai - 400097, MH
Email: ipdilipgupta@gmail.com
Email: nagrajaquacirp@outlook.com
Last date for
submission of claims: June 28, 2024
PARBHAT HEAVY: CRISIL Withdraws B+ Rating on INR4cr Cash Loan
-------------------------------------------------------------
Parbhat Heavy Forge Private Limited (PHFPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Term Loan 3 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with PHFPL for
obtaining information through letter and email dated May 15, 2024
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 PHFPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on PHFPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of PHFPL to 'CRISIL
B+/Stable Issuer not cooperating'.
PHFPL, based in Punjab, was established as a partnership firm
between Mr. Dinesh Gupta and his family in 1982, and reconstituted
as a private limited company in 2002. It manufactures steel
forgings (of many grades), and also industrial machinery parts and
cranes. It also undertakes machining as per customer requirements.
Operations are managed by Mr Dinesh Gupta, Mr Mukesh Gupta, and Mr
Vivek Gupta.
PLATINA STEELS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Platina
Steels Private Limited (PSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.16 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 24, 2023,
placed the rating(s) of PSPL under the 'issuer non-cooperating'
category as PSPL 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. PSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 9, 2024, March 19, 2024, March 29, 2024.
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 June 2011, PSPL is engaged in the manufacturing of
stainless-steel rerolling mill with plant located at Thimmapuram,
Guntur District, Andhra Pradesh with an installed capacity of 4,200
metric tonnes per annum (MTPA). The company is currently procuring
its raw materials from Jindal Steel and Power Limited and Rohit
Ferrotech Limited and is supplying through agents to various
manufacturing entities.
POLMANN INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Polmann India
Limited (PIL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PIL for
obtaining information through letter and email dated June 11, 2024
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 PIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 1993, Polmann is a pan India distributor of high
performance polymers and specialty chemicals. They are associated
with some of the leading chemical companies in the world such as
DowDupont, Cabot Plastics. Since 2010 the company also manufacture
masterbatches and additives for petrochemical and plastic
industries.
RADHAMANI EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Radhamani
Exports Private Limited (REPL; part of Radhamani Group) continues
to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 6 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with REPL for
obtaining information through letter and email dated June 11, 2024
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 REPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on REPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
REPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of REPL and Radhamani Textiles
Private Limited (RTPL). This is because the two companies, together
referred to as the Radhamani group, are in the same line of
business with operational synergies, and have a common management.
About the Group
The Radhamani group consists of Radhamani Exports Private Limited
(REPL) and Radhamani Textiles Private Limited (RTPL). REPL was
originally set up in 1996 as a private limited company by Mr. M L
Poddar and family; it was reconstituted as a deemed public limited
company in 1998. The company manufactures and sells ready-made
garments in the domestic as well as international markets. RTPL
commenced operations in April 2011 for export sales and currently
involved in domestic as well as export markets. Currently, the
group companies are managed Mr. Manish Poddar and Mr. Mukesh
Poddar.
SPICEJET LTD: Board Approves Raising INR3,000 crore Through QIP
---------------------------------------------------------------
Business Standard reports that SpiceJet airline's board on July 23
approved the proposal to raise INR3,000 crore by issuing equity
shares or other securities through the qualified institutional
placement (QIP) process.
For the last several quarters, SpiceJet has been grappling with a
cash crunch amid multiple legal battles over unpaid dues to
aircraft lessors, engine lessors, lenders, and former promoter
Kalanithi Maran, the report notes.
According to Business Standard, the airline had on July 15 reported
a 72.4 per cent year-on-year (Y-o-Y) reduction in its consolidated
net loss to INR418.3 crore. This marks the sixth consecutive year
the airline has posted a loss.
Earlier this year, the airline's shareholders had approved the
issuance of equity and warrants for raising INR2,241 crore, out of
which the airline could raise INR1,060 crore, recalls Business
Standard.
In a statement on BSE on July 23, the airline stated that its board
has "approved raising of funds aggregating up to INR3,000 crore
through the issue of equity shares or any other eligible securities
to qualified institutional buyers by way of qualified institutional
placement under the provisions of the SEBI (Issue of Capital and
Disclosure Requirements) Regulations 2018."
Five years back, SpiceJet was operating about 4,000 flights per
week. Currently, the airline is operating just about 1,154 flights
per week, according to Cirium.
Business Standard says the budget airline was last in green in
2017-18, when it posted a consolidated net profit of INR557.4
crore. SpiceJet had earlier this month stated: "Losses over the
last few years have been primarily driven by adjustments on account
of implementation of Ind AS 116 (new accounting standard that came
into force in 2019), adverse foreign exchange rates, operational
disruption during COVID-19 followed by sub-optimal operations due
to liquidity constraints faced by the Group."
Tata Consumer Products announced a rights issue of around INR3,000
crore on July 23, it said in an exchange filing, Business Standard
relays. The company will issue 36 million new shares at INR818 per
share. The right issue will open on August 5 and close on August
19, it said. The rights issue price is at a discount of 35 per cent
to the current market price of INR1,258 per share.
About Spicejet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
SpiceJet has faced a series of insolvency pleas from various
parties in the National Company Law Tribunal (NCLT) over pending
dues. These include Wilmington Trust SP Services (Dublin), Willis
Lease Finance, Celestial Aviation, Aircastle (Ireland) Ltd, and
Alterna Aircraft, and AWAS entities from Ireland.
The NCLT has already rejected the pleas of Willis Lease Finance and
Wilmington Trust SP, while SpiceJet reached a settlement with
Celestial Aviation, according to Livemint.com.
As reported in the Troubled Company Reporter-Asia Pacific in late
March 2024, Moneycontrol said Alterna Aircraft BV Limited on March
18 withdrew its insolvency plea against SpiceJet at the NCLT. The
lessor plans to fight the same at an appropriate forum.
The plea of Aircastle is still pending.
Both Wilmington Trust and Willis Lease Finance have moved the
National Company Law Appellate Tribunal (NCLAT) challenging the
dismissal of their insolvency plea by NCLT, the Economic Times
said.
In May, Engine Lease Finance BV filed the most recent insolvency
plea, claiming unpaid rental dues totalling more than $16.72
million, including interest, for eight leased engines, Livemint.com
says.
SUPREME IMPORT: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Supreme
Import Export Limited (SIEL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.13 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.87 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 1, 2023,
placed the rating(s) of SIEL under the 'issuer non-cooperating'
category as SIEL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SIEL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 16, 2024, April 26, 2024, May 6, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Supreme Import Export Limited (SIEL) was incorporated as a public
limited company in November 2013 and is currently being managed by
Mr. Sanjeev Kumar, Mr. Rajeev Kumar, Mrs. Shelly Goyal and Mr. Sham
Lal. SIEL is currently engaged in shelling, grading, sorting and
packaging of almonds (Non Parrel, Independent and Sonora) and
roasting and salting of cashewnuts and pistachios at its facility
located at Dhuri, Punjab.
VARDHMAN RICE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Vardhman Rice Mills Private Limited (SVRMPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 26.77 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 29, 2023,
placed the rating(s) of SVRMPL under the 'issuer non-cooperating'
category as SVRMPL 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. SVRMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 13, 2024, April 23, 2024, May 3, 2024.
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).
Shri Vardhman Rice Mills Private Limited (SVRMPL) was initially
incorporated as CSJ Organics Private Limited in March 2009 by Mr
Ram Bhaj Jain and later on its name was changed to SVRMPL. On April
01, 2013, the company took over existing business of Shri Vardhman
Rice Mills (a partnership firm established in 2010). The company is
engaged in milling and processing of rice from its processing
facility located in Gohana (Haryana).
VISTACORE INFRAPROJECTS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vistacore
Infraprojects Private Limited (VIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 24, 2023,
placed the rating(s) of VIPL under the 'issuer non-cooperating'
category as VIPL 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. VIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 8, 2024, April 18, 2024, April 28, 2024.
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).
VIPL is promoted by the Patil family with Mr. Utkarsh B. Patil
heading the operations of the company. Earlier, the company was
established as a proprietorship concern in the name of "Vista core
Infra-projects" in 2008. Subsequently, it was reconstituted as a
private limited company in 2015 with its name changed to the
current one. VIPL carries out civil construction work for
buildings, roads, bridges, tunnels, culverts, highways, water
treatment plants, industrial structures, powerhouses, water supply
distribution schemes and others. VIPL is a part of the Vistacore
group, which was founded in the year 2002.
=================
I N D O N E S I A
=================
VISI MEDIA: Indonesian Court Admits US$560 Million Debt Claims
--------------------------------------------------------------
Bloomberg News reports that private lenders to PT Visi Media Asia
secured a rare win in Indonesian court after a Jakarta judge ruled
to fully admit their $560 million claim, allowing them to
participate in the debt restructuring of the embattled media
company.
The ruling by Judge Kadarisman Al Riskandar of the Central Jakarta
Commercial Court on July 22 overruled an earlier decision by court
administrators who had rejected the claim, according to a statement
from a group of creditors. Lenders to the company include funds
managed by Tor Investment Management and Varde Partners Inc.
Bloomberg relates that the judge's action stands in contrast with
some recent decisions by Indonesian courts that have gone against
international creditors. Those rulings triggered concerns that
international investors would struggle to recover money they are
owed in Indonesia even as Asia is considered one of the fastest
growing markets for the $1.7 trillion private credit industry.
Judge Al Riskandar's decision sets a positive precedent for
Indonesia's court-supervised debt restructuring regime known as
PKPU, according to Andi Kadir, a senior partner at Jakarta-based
law firm Hadiputranto, Hadinoto & Partners, Bloomberg relays.
"This decision will give more confidence in Indonesia's legal
system and sends a positive signal to the international investor
community regarding the independence of the legal apparatus and the
PKPU regime as a viable restructuring framework in Indonesia,"
Bloomberg quotes Kadir as saying.
The court administrators, in rejecting the lenders' claims, had
cited a lawsuit filed by the company's subsidiary, Intermedia
Capital, against 13 creditors, Bloomberg News reported in May.
According to court documents seen by Bloomberg, the lawsuit claimed
the private credit funds unlawfully seized and enforced the shares
backing their loan.
But Judge Al Riskandar said on July 22 that the lawsuit had little
merit and he's convinced that the shares haven't changed hands,
according to Marx Andryan, managing partner of MARX & Co., which
represents the lenders.
According to Bloomberg, the debt in question was originally
incurred by Visi Media under a $230 million credit facility in
2013, the lender group said in a statement. It was then refinanced
at the request of Visi through senior and junior facilities in
2017, it said.
The facilities have been in default since 2018, and the debtors
"haven't remedied any of their defaults nor made any payment of
principal or interest" to the lenders for the last four years,
according to the group's statement cited by Bloomberg.
Other lenders in this case include Goldman Sachs Group Inc., AB
CarVal Investors LP, Arkkan Capital and UBS Group AG.
Bloomberg notes that the media company came up with a restructuring
proposal last week, under which it would delay final repayment of
the principal owed to a group of private credit funds by as much as
30 years. The funds' earlier exclusion from a verified list of
creditors meant they wouldn't have been able to participate in any
discussions on a possible deal or vote against the plan.
PT Visi Media Asia Tbk operates as an integrated media convergence
company in Indonesia. It operates in Advertisement and
Non-Advertisement segments. The company operates tvOne, a news and
sports television station; ANTV, an entertainment TV station that
provides entertainment and lifestyle content, such as drama,
comedy, animation, and other general entertainment programs;
viva.co.id, a news portal; intipseleb.com; jatidangdut.com;
sahijab.com and 100kpj.com sites; and vivanews.com, ANTVklik.com,
and tvOnenews.com. It also offers trading, business, information,
and advertising management consultancy services; office rental,
property management, and other services; internet and website
advertising services; private television broadcasting services;
television broadcasting industry services; and visual communication
design services. The company was founded in 2004 and is based in
Jakarta, Indonesia. PT Visi Media Asia Tbk is a subsidiary of PT
Bakrie Global Ventura.
=====================
N E W Z E A L A N D
=====================
31 LIMITED: Court to Hear Wind-Up Petition on Aug. 9
----------------------------------------------------
A petition to wind up the operations of 31 Limited will be heard
before the High Court at Auckland on Aug. 9, 2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 14, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
BAY YARDING: Thomas Lee Rodewald Appointed as Receiver and Manager
------------------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on July 19, 2024, were
appointed as receiver and manager of Bay Yarding Limited and Bay
Yarding Business Trust.
The receiver and manager may be reached at:
Thomas Lee Rodewald
C/- Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road
PO Box 15543
Tauranga 3144
CAPER SPORTSWEAR: Court to Hear Wind-Up Petition on July 30
-----------------------------------------------------------
A petition to wind up the operations of Caper Sportswear Limited
will be heard before the High Court at Rotorua on July 30, 2024, at
10:00 a.m.
Attorney-General filed the petition against the company on June 12,
2024.
The Petitioner's solicitor is:
Jessica Blythe
Meredith Connell
Level 7, 8 Hardinge Street
Auckland
FALE DOJO: Court to Hear Wind-Up Petition on Aug. 2
---------------------------------------------------
A petition to wind up the operations of Fale Dojo Limited will be
heard before the High Court at Auckland on Aug. 2, 2024, at 10:45
a.m.
Fujifilm Business Innovation New Zealand Limited filed the petition
against the company on June 14, 2024.
The Petitioner's solicitor is:
Catherine Louise Waugh
c/- Credit Consultants Group NZ Limited
Level 6, 15 Willeston Street
Wellington Central
Wellington 6011
GLZJ LIMITED: First Creditors' Meeting Set for July 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of GLZJ Limited
will be held on July 29, 2024 at 11:00 a.m. at the offices of
Blacklock Rose Limited at PO Box 6709 in Auckland 1142.
Benjamin Francis and Garry Whimp of Blacklock Rose were appointed
as administrators of the company on July 17, 2024.
=================
S I N G A P O R E
=================
ASLAN PHARMACEUTICALS: Creditors' Meetings Set for Aug. 12
----------------------------------------------------------
Aslan Pharmaceuticals Pte Ltd will hold a meeting for its creditors
on Aug. 12, 2024, at 2:00 p.m. via electronic means.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to confirm the appointment of Luke Anthony Furler and Tan
Kim Han as Joint and Several Liquidators appointed by the
Shareholders of the Company;
c. to resolve that the Joint and Several Liquidators be at
liberty to open, maintain and operate any bank account or an
account for monies received by them as Liquidators of the
Company, with such bank as the Liquidators see fit;
d. to appoint a Committee of Inspection of not more than 5
members, if thought fit;
e. should no Committee of Inspection be formed, fixing the
renumeration of the Joint and Several Liquidators based on
their scale of fees;
f. should no Committee of Inspection be formed, resolving that
all books, accounts and documents of the Company and of the
Joint and Several Liquidators that are relevant to the
affairs of the Company at or subsequent to the commencement
of the winding up of the Company be destroyed one year after
the date of dissolution of the Company;
g. should a Committee of Inspection be formed, approval of the
Joint and Several Liquidators' powers pursuant to Section
144 of the Insolvency, Restructuring and Dissolution Act
2018; and
h. any other business.
Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were
appointed as Provisional Liquidators of Aslan Pharmaceuticals Pte.
Ltd. on July 17, 2024.
AVITAR HOLDINGS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on July 11, 2024, to
wind up the operations of Avitar Holdings Pte. Ltd. and Avitar
Enterprises Pte. Ltd.
The company's liquidators are:
David Dong-Won Kim
Cameron Lindsay Duncan
KordaMentha Pte Ltd
16 Collyer Quay #30-01
Singapore 049318
FRESHMILL PTE: Creditors' Proofs of Debt Due on Aug. 7
------------------------------------------------------
Creditors of Freshmill Pte Ltd are required to file their proofs of
debt by Aug. 7, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 19, 2024.
The company's liquidators are:
Mr. Kon Yin Tong
Mr. Aw Eng Hai
Ms. Ow Xiu Jing
Foo Kon Tan LLP
1 Raffles Place #04-61
One Raffles Place Tower 2
Singapore 048616
PREMIER FOODS: Court to Hear Wind-Up Petition on Aug. 16
--------------------------------------------------------
A petition to wind up the operations of Premier Foods Asia Pte Ltd
will be heard before the High Court of Singapore on Aug. 16, 2024,
at 10:00 a.m.
United Overseas Bank Limited filed the petition against the company
on July 16, 2024.
The Petitioner's solicitors are:
Adsan Law LLC
300 Beach Road
#26-00 The Concourse
Singapore 199555
RED BOX: Creditors' Proofs of Debt Due on Aug. 23
-------------------------------------------------
Creditors of Red Box Energy Logistics Pte. Ltd. and Red Box Energy
Services Pte. Ltd. are required to file their proofs of debt by
Aug. 23, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 15, 2024.
The company's liquidator is:
Farooq Ahmad Mann
Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
=====================
S O U T H K O R E A
=====================
KAKAO CORP: Founder Arrested for Suspected Stock Manipulation
-------------------------------------------------------------
Reuters reports that South Korean authorities arrested Kim Beom-su,
the billionaire founder of tech giant Kakao Corp on July 23, on
accusations of manipulating stocks during the acquisition of a
K-Pop agency last year.
It is the latest legal twist for Kakao, which runs South Korea's
largest chat app, after the company and another executive went on
trial last year, accused of wrongdoing during the acquisition,
according to Reuters.
Reuters says founder Kim, also known as Brian Kim, is seen as a
visionary in South Korea's digital industry for building from the
ground up the Kakao group, worth KRW86 trillion ($62 billion) by
assets, since the chat app launched in 2010.
Any case against him could jeopardise Kakao's investments into
artificial intelligence as well as its plans to expand overseas,
industry experts said, Reuters relays.
Reuters relates that prosecutors said Mr. Kim was involved in
manipulating the stock price of SM Entertainment in February last
year to hinder a competitor, Hybe, from acquiring it.
In a statement, Kakao Corp called the situation "unfortunate",
adding that its chief executive, Shina Chung, would lead the effort
to minimise any management vacuum.
Mr. Kim has denied the accusations, saying he never ordered or
tolerated any illegal activity, the company said in a statement,
Reuters relays. He has not yet been formally charged.
The high-profile tech entrepreneur is the largest shareholder of
Kakao Corp, with a 24% stake that he and affiliated entities
control, Reuters notes.
Seoul Southern District Court approved the arrest warrant to
prevent the potential destruction of evidence, and because Kim was
a flight risk, a court official said on July 23, according to
Reuters.
Mr. Kim is being held at the Seoul Nambu Detention Centre, a
prosecution spokesperson said.
His arrest will last for up to 20 days, during which prosecutors
will investigate further before deciding whether to indict him,
according to South Korean criminal procedure.
Reuters adds the outcome of any case against Mr. Kim could
jeopardise Kakao group's control of online bank arm KakaoBank Corp,
since the country's financial rules restrict those convicted of
financial crime from owning a more than a 10% stake in a bank.
Kakao is also likely to face regulatory scrutiny, making it harder
to make major decisions on investments in artificial intelligence
(AI) and overseas business expansion, industry experts said.
The company plans to introduce new AI services this year.
Kakao Corp shares, which have lost 24% this year, closed down 5.4%
in their biggest daily fall since Dec. 15, 2022, adds Reuters.
Kakao Corp. operates mobile and online platforms in South Korea.
The company offers Kakao Pay, a financial service solution; Kakao
Bank, a banking solution; Kakao Mobility for mobility services;
Kakao Style, a lifestyle solution; Kakao Entertainment, a solution
for entertainment industry; Kakao Games, a solution for the gaming
industry; Kakao piccoma, a content service platform; Kakao Brain,
an artificial intelligence solution; Kakao Enterprise, a cloud
service solution; and Kakao Healthcare, a mobile-based personal
healthcare solution. It also provides Linkagelab, a workplace for
individuals with disabilities; investment services in start-ups
under the Kakao Investment name; and various solutions under the
KakaoTalk, Kakao Business Service, Daum, Kakao Ventures, and Kakao
Map names.
=================
S R I L A N K A
=================
SRI LANKA: Cuts Rates to Help Fuel Economic Recovery
----------------------------------------------------
Reuters reports that Sri Lanka's central bank cut interest rates by
25 basis points on July 24 in a surprise decision aimed at helping
fuel the South Asian nation's economic recovery from its worst
financial crisis in decades.
It said it took the decision "in the absence of significant
inflationary pressure" and that it expects inflation to remain
below its 5% target in the medium term, Reuters relates.
The Central Bank of Sri Lanka (CBSL) cut the Standing Deposit
Facility Rate to 8.25% and the Standing Lending Facility Rate to
9.25%, it said in a statement.
Nine out of 14 economists and analysts polled by Reuters had
predicted the monetary authority would keep interest rates
unchanged to hedge against political uncertainty. The others in the
poll had forecast cuts.
"The board underscored the need to signal its desire to continue
eased monetary conditions to sustain the revival of economic
activity towards the full potential, in the absence of significant
inflationary pressures," the CBSL said.
Reuters says the central bank cut rates by 50 basis points in March
in an easing cycle that has seen rates drop by 7.25 percentage
points since June 2023, partially reversing 10.50 percentage points
of increases since April 2022 when the island was battling a
collapse in the economy.
Sri Lanka's economy is expected to grow 3% in 2024, helped by a
$2.9 billion IMF lending programme. The economy shrank 7.3% in 2022
and 2.3% last year.
Inflation dropped to 1.7% in June, a sharp contrast to 70% in
September 2022 during the height of the financial crisis.
Sri Lanka cut power tariffs by 22.5% and reduced fuel and cooking
gas prices this month to reduce living costs, which analysts said
would also dovetail with CBSL's growth push, Reuters notes.
"They have used the technical situation of inflation remaining
below the bottom range of the inflation target, which is now
reinforced by the electricity tariff cut, to cut rates," Reuters
quotes Thilina Panduwawala, head of research at Frontier Research,
as saying.
"In addition, they hope the cut will help reinforce the pick up in
private sector credit growth seen in May and June."
However, the latest rate reduction is unlikely to propel growth
beyond the projected 3% with markets likely to keep a close eye on
Sri Lanka's upcoming presidential elections, which are expected to
be held before mid-October.
"The market will continue to be affected by the uncertainty caused
by what appears to be a three-horse race for the presidential
election," Panduwawala said.
The election is likely to be a three-cornered contest between
President Ranil Wickremesinghe, opposition leader Sajith Premadasa
and Marxist parliamentarian Anura Kumara Dissanayake, Reuters
adds.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'. The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.
*********
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 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***