/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230906.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, September 6, 2023, Vol. 26, No. 179 Headlines A U S T R A L I A ADCON MANAGEMENT: First Creditors' Meeting Set for Sept. 11 ALITA RESOURCE: MinRes Set to Buy Bald Hill Lithium Mine BAR NO. 5: Second Creditors' Meeting Set for Sept. 12 CENTRAL CONSTRUCT: Placed in Liquidation Over Defects Dispute COAST COMMUNITY: First Creditors' Meeting Set for Sept. 11 GOLDEN HOMES: First Creditors' Meeting Set for Sept. 11 NEXTTECH LEARNING: Second Creditors' Meeting Set for Sept. 11 C H I N A CBAK ENERGY: Board Appoints New CFO and Secretary COUNTRY GARDEN: Makes Interest Payments on U.S. Dollar Debt COUNTRY GARDEN: Some Creditors Object to Debt Payment Deal I N D I A ATIBIR INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating BALAJI PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating BSC C&C: CARE Keeps D Debt Rating in Not Cooperating Category CONCEPT HOMES: CRISIL Keeps D Debt Rating in Not Cooperating COSMIC FERRO: CARE Keeps D Debt Ratings in Not Cooperating DAULATRAM INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating EON ELECTRIC: CRISIL Keeps D Debt Ratings in Not Cooperating GIRIRAJ JEWELLERS: CARE Keeps D Debt Ratings in Not Cooperating H K LUMBERS: CARE Keeps D Debt Ratings in Not Cooperating H K TIMBERS: CARE Keeps D Debt Ratings in Not Cooperating HANUMAN COTTON: CARE Keeps D Debt Rating in Not Cooperating INDIA BELT: CARE Keeps C Debt Rating in Not Cooperating JNANA BANDHU: CARE Keeps D Debt Rating in Not Cooperating Category MOBILESTORE SERVICES: CARE Keeps D Debt Ratings in Not Cooperating ND'S ART WORLD: NCLT Grants Request to Safeguard RP PRAKASH PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating RAJ-SNEH AUTO: CARE Keeps D Debt Ratings in Not Cooperating RANA STEELS: CARE Keeps D Debt Ratings in Not Cooperating RYATAR SAHAKARI: CARE Keeps D Debt Ratings in Not Cooperating SANCO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating SANGHAVI JEWEL: CARE Keeps D Debt Ratings in Not Cooperating SCANIA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating SD MILKPRO: CARE Keeps D Debt Rating in Not Cooperating Category SINNAR THERMAL: CARE Keeps D Debt Rating in Not Cooperating SKM BUILDCON: CARE Keeps D Debt Rating in Not Cooperating Category SOVA ELECTROCASTING: CRISIL Withdraws D Rating on INR16cr Loan SRISHTI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating TECHNO SATCOMM: CARE Keeps D Debt Ratings in Not Cooperating TIRUPATI COLD: CARE Keeps D Debt Rating in Not Cooperating TOKAI ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating WARM FORGINGS: CARE Keeps D Debt Ratings in Not Cooperating M A L A Y S I A 1MDB: Ex-Goldman Sachs Banker Roger Ng Banned for Life by MAS N E W Z E A L A N D 4 SEASONS: Placed Into Receivership; Owes NZD8.5MM to Creditors AZN MOTORS: Court to Hear Wind-Up Petition on Sept 15 EXIT TO CLOSE: Creditors' Proofs of Debt Due on Oct. 8 GLAMOUR GIRLS: Creditors' Proofs of Debt Due on Oct. 9 KINLEITH CONTINUATION: Placed in Liquidation TALE HOLDINGS: Court to Hear Wind-Up Petition on Sept. 12 S I N G A P O R E BLVD HOLDING: Creditors' Meeting Set for Sept. 18 DASIN RETAIL: Gets Notice of Default for CNY400MM Onshore Loan DERMATOLOGY & SURGERY: Court Enters Wind-Up Order IPA SINGAPORE: Creditors' Proofs of Debt Due on Oct. 3 MEDIAMATH SINGAPORE: Creditors' Meetings Set for Sept. 18 MOECO ASIA: Creditors' Proofs of Debt Due on Oct. 3 - - - - - ================= A U S T R A L I A ================= ADCON MANAGEMENT: First Creditors' Meeting Set for Sept. 11 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Adcon Management Pty Ltd will be held on Sept. 11, 2023, at 11:00 a.m. at the offices of Level 40, 2 Park Street in Sydney and via virtual meeting technology. John Vouris and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Aug. 30, 2023. ALITA RESOURCE: MinRes Set to Buy Bald Hill Lithium Mine -------------------------------------------------------- Australian Financial Review's Street Talk reports that Chris Ellison's Mineral Resources is the mystery bidder that has signed an implementation deed to buy West Australian lithium mine Bald Hill out of administration. Street Talk understands MinRes has agreed to a period of exclusivity with Bald Hill's administrators, McGrathNicol, and is expected to complete the deal in coming weeks. It would pay several hundred million dollars to buy the asset, sources said. An implementation agreement was signed on August 30, the report says. The next step is for the share sale agreement to come into effect. Currently, it is facing some opposition from KordaMentha - the receivers and managers for Bald Hill's owner, Alita Resources - which has questioned McGrathNicol's authority in leading the sale. According to Street Talk, the mooted deal comes amid a flurry of M&A activity in the lithium sector, both locally and offshore. Liontown Resources' suitor Albemarle returned with a friendly AUD3 a share bid on Sept. 4 after being spurned by the target earlier in the year. Allkem is due to merge with Livent in a AUD15.7 billion deal, and Pilbara Minerals and Patriot Battery Metals have both been seeking partners. Bald Hill's lithium and tantalum mine is located in WA's Eastern Goldfields, and was hit by liquidity issues amid a commodity price slump in 2019, the report notes. It was the primary asset of Alita Resources, which has been in administration for nearly four years, first via KordaMentha and then – starting in December 2020 – via McGrathNicol. Alita, which was previously called Alliance Mineral Assets Pty Ltd, was once listed on the ASX. (KordaMentha is currently the receiver and manager). Since its administration, Alita has seen several changes to its capital structure including lenders trading their debt, attempts to recapitalise the business, and a sale via a debt-for-equity swap, the report notes. Among them was Tribeca Investment Partners, which ended up selling its debt to then ASX-listed Galaxy Resources. (Galaxy merged with Orocobre to form Allkem, which is now due to merge with NYSE-listed Livent). Hong Kong-based alternatives manager OCP Asia and Alex Turnbull's hedge fund Keshik Capital were also around the situation back in 2019. Street Talk says the latest was an attempt by its Chinese-linked lender Austroid Corporation to buy Alita as an alternative to liquidating it. However, Austroid's proposal was blocked by the Treasury and the Foreign Investment Review Board in July - clearing the way for MinRes to swoop in. According to Street Talk, KordaMentha, on September 1, questioned McGrathNicol's power to lead the sale when it had security over Bald Hill. It added it had received more than 10 approaches from potential acquirers in the past 10 months, and that the existing deed of company arrangement – even though shot down by the Treasury – wouldn't be voided until September 5. About Alita Resources Alita Resources Limited operates as a mineral exploration and excavation company. The Company explores and produces lithium and tantalum concentrates. Alita Resources offers its services in Australia. Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were appointed as administrators of Alita Resources Limited, Lithco NO.2 Pty Ltd, and Tawana Resources Pty Ltd on Dec. 4, 2020. Richard Tucker and John Bumbak of Kordamentha were appointed as administrators of Alita, Tawana Gold Pty Ltd, and Waba Holdings Pty Ltd on Aug. 28, 2019. BAR NO. 5: Second Creditors' Meeting Set for Sept. 12 ----------------------------------------------------- A second meeting of creditors in the proceedings of Bar No. 5. Pty. Ltd. has been set for Sept. 12, 2023 at 3:00 p.m. at Level 2, 72 Pitt Street in Sydney and via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 11, 2023 at 5:00 p.m. Antony Resnick and Suelen McCallum of dVT Group were appointed as administrators of the company on Aug. 8, 2023. CENTRAL CONSTRUCT: Placed in Liquidation Over Defects Dispute ------------------------------------------------------------- Australian Financial Review reports that Rich Lister Tony Denny said demands that his business pay "eight-figure sums" to fix "unsubstantiated defects" in an apartment building on the NSW Central Coast were the reasons behind the decision to put two companies associated with the project into liquidation. Central Construct, the building company that completed Vue – a development of 54 apartments, at 20 Kendall Street, Gosford - and development entity Urbis Alta were placed into liquidation on August 25, with Mackay Goodwin appointed as liquidators, AFR discloses. AFR says Central Construct only finalised the works at Vue after an unrelated builder went into administration. Mr. Denny owns both companies, which come under the umbrella of his Central Real Capital group. AFR relates that Mr. Denny, who ranked 182nd richest Australian with a fortune of AUD755 million according to the 2023 Financial Review Rich List, said the companies had been put into liquidation because the owners corporation had made "off record demands for an eight figure settlement from Central Construct for unsubstantiated defects". Central Construct took over the final stages of the project after the previous builder went into administration about five years ago, Mr. Denny said. The decision to appoint liquidators was based on "professional advice" and "so that the claims are best managed under a formal administration process". A liquidation process can be initiated when a company believes it cannot pay its debts when they fall due. "Central Construct's aim has always been to assist the owners corporation with claims on the responsible contractors," AFR quotes Mr. Denny as saying. "As currently the only creditor of Central Construct we look forward to working with the administrator to assist in assessing genuine and non-opportunistic claims." In a letter sent in August 2022 to Vue apartment owners, Mr. Denny expressed his commitment to ensuring that breaches of statutory warranties "are managed and dealt with properly and expeditiously". AFR adds that Mr. Denny said six staff employed by Central Operations and subcontracted to Central Construct would remain within the group. "So there will be no layoffs, and all trade creditors have been paid," he said. Apartment owners, who have been engaged in a lengthy battle with Central Construct and Urbis Alta to rectify defects in the Vue building, were notified last week that both companies were in liquidation, AFR says. COAST COMMUNITY: First Creditors' Meeting Set for Sept. 11 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Coast Community Pty Ltd will be held on Sept. 11, 2023, at 11:30 a.m. at the offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney. Daniel John Frisken and Liam Thomas Bailey of O'Brien Palmer were appointed as administrators of the company on Aug. 30, 2023. GOLDEN HOMES: First Creditors' Meeting Set for Sept. 11 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Golden Homes (TAS) Pty Ltd will be held on Sept. 11, 2023, at 3:00 p.m. via virtual meeting only. Michael Carrafa and Richard John Cauchi of SV Partners were appointed as administrators of the company on Aug. 30, 2023. NEXTTECH LEARNING: Second Creditors' Meeting Set for Sept. 11 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Nexttech Learning Pty Ltd and Nexttech People Pty Ltd has been set for Sept. 11, 2023 at 11:30 a.m. via teleconference only and from the offices of Hall Chadwick at Level 40, 2 Park Street in Sydney. 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 Sept. 10, 2023 at 5:00 p.m. Sule Arnautovic and John Vouris of Hall Chadwick were appointed as administrators of the company on Aug. 9, 2023. ========= C H I N A ========= CBAK ENERGY: Board Appoints New CFO and Secretary ------------------------------------------------- The Board of Directors of CBAK Energy Technology, Inc. appointed Mr. Jiewei Li as the chief financial officer and secretary of the Company, effective Aug. 22, 2023. Mr. Li, 33, has been the Company's investor relations manager since 2021. Prior to joining the Company, from 2018 to 2021, Mr. Li had worked at multiple fund management companies in China where he focused on structuring various investment products. Before that, from 2014 to 2018, he had worked for several renowned American real estate developers in their fund management departments, responsible for capital market affairs. Mr. Li received a Master's Degree in Political and Public Administration from the Chinese University of Hong Kong in 2014. According to the Company, Mr. Li does not have any family relationship with any director or other executive officer of the Company, or person nominated or chosen by the Company to become a director or executive officer. On Aug. 22, 2023, Ms. Xiangyu Pei resigned from her positions as the interim CFO and secretary of CBAK Energy, effectively immediately. The Company said Ms. Pei's resignation was due to personal reasons and not because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Ms. Pei will continue to serve as a director on the Board of the Company and take on responsibilities in the Company's finance department. About CBAK Energy Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium batteries that are mainly used in light electric vehicles, electric vehicles, electric tools, energy storage including but not limited to uninterruptible power supply (UPS) application, and other high-power applications. Its primary product offering consists of new energy high power lithium batteries, but it is also seeking to expand into the production and sale of light electric vehicles. CBAK Energy reported a net loss of $11.33 million for the year ended Dec. 31, 2022, compared to net income of $61.56 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $244.03 million in total assets, $119.65 million in total liabilities, and $124.38 million in total equity. Hong Kong, China-based Centurion ZD CPA & Co., the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 14, 2023, citing that the Company has accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of Dec. 31, 2022. All these factors raise substantial doubt about its ability to continue as a going concern. COUNTRY GARDEN: Makes Interest Payments on U.S. Dollar Debt ----------------------------------------------------------- Reuters reports that Country Garden made interest payments on U.S. dollar bonds hours ahead of a grace period deadline, a person close to the firm said, pulling from the brink of default for the second time in four days and bringing relief to a crisis-hit property sector. China's largest private property developer failed to pay coupons on the bonds totalling $22.5 million due on Aug. 6, exacerbating fear of its cash situation and keeping markets on tenterhooks throughout the bonds' 30-day grace periods, according to Reuters. Though the amount was relatively modest, failure to pay would have undermined fragile hope in financial markets that China's steady drip feed of policy stimulus was starting to stabilise the economy and its struggling property market. It would also have raised the prospect of default on other dollar bonds as well as creditor calls to accelerate payments, bondholders and lawyers said, while heightening concern of spillover risk in the world's second-largest economy, Reuters relays. Country Garden on Sept. 5 also offered to extend repayment of eight onshore bonds worth CNY10.8 billion (US$1.48 billion) by three years, according to people with knowledge of the matter and documents seen by Reuters. Those bonds, issued by Country Garden and a subsidiary, were set to mature and be puttable in 2023 and 2024, showed the documents sent to onshore bondholders. Reuters says the people familiar with the matter declined to be identified as they were not authorised to speak with media. "Country Garden is trying hard to fulfil debt obligations but whether this can continue will depend on the effectiveness of this round of stimulus and regulatory relaxation," Reuters quotes Gary Ng, Natixis Asia Pacific senior economist, as saying. Latest government stimulus measures over the last few days included lowering existing mortgage rates and preferential loans for first-home purchases in big cities. According to Reuters, Ng said the latest stimulus should help stabilise the home market and consumer confidence, allowing developers to deleverage less painfully, though more is needed to reverse a decline in income growth in a slowing economy. About Country Garden Country Garden Holdings Company Limited is an investment holding company principally engaged in the sales of properties. The Company operates its business through five segments: Property Development segment, Construction Fitting and Decoration segment, Property Investment segment, Property Management segment and Hotel Operation segment. The Company's subsidiaries include Wuhan Country Garden Lianfa Investment Co., Ltd, Jurong Country Garden Property Development Co., Ltd and Chuzhou Country Garden Property Development Co., Ltd. As recently reported in the Troubled Company Reporter-Asia Pacific, has downgraded Country Garden Holdings Company Limited's corporate family rating to Ca from Caa1 and its senior unsecured rating to C from Caa2. The outlook remains negative. The TCR-AP also reported that Fitch Ratings has downgraded Country Garden Services Holdings Company Limited's (CGS) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BBB-' and placed the rating on Rating Watch Negative (RWN). COUNTRY GARDEN: Some Creditors Object to Debt Payment Deal ---------------------------------------------------------- Reuters reports that Country Garden faces a call from some smaller onshore bondholders for the nullification of a deal to extend repayment of a bond, arguing it was unfair and illegal, according to sources and a document. According to Reuters, Country Garden's onshore bondholders approved its proposal for an extension on debt payments worth CNY3.9 billion (US$536 million) late on Sept. 1, in a deal that pulled the company back from brink of a default and eased investors' concerns. Reuters says the financial woes of the country's No.1 private developer worsened the outlook for China's crisis-hit property sector, and the debt extension deal - and Beijing's new support measures for the industry - boosted market sentiment on Monday. In Sept. 1's vote on Country Garden's extension proposal, 56.08% of participating onshore creditors approved the deal, 43.64% opposed and 0.28% abstained, Reuters discloses citing an official document shared with bondholders. In a letter opposing the deal, which the sources said has been sent to Country Garden and seen by Reuters, some creditors complained the procedures of the bondholder meetings were unfair and in breach of rules and laws. Reuters relates that the letter said some important notices were sent only to selective bondholders, and that the meeting with some bondholders for the vote had been delayed multiple times without reasons being clearly explained. Therefore, the letter said, the result should be nullified. It was not immediately clear what impact the objections of the small bondholders will have on the repayment extension deal. One of the bondholders, who signed the letter and declined to be named due to the sensitivity of the matter, said creditors wanted to voice their discontent and flag the process to regulators. Chances, however, were slim for them to reverse the voting results, the bondholder said. DeHeng Law Offices, a Beijing-based law firm that signed off Country Garden's voting results in a legal opinion letter sent to investors on Saturday, said the voting was held under legal procedures and the results were effective. DeHeng didn't immediately respond to Reuters' request for comment. Reuters adds that the protest by some Country Garden creditors underscores how bumpy the debt restructuring process for the developer could be, as it faces multiple bond payment deadlines both onshore and offshore in coming months. About Country Garden Country Garden Holdings Company Limited is an investment holding company principally engaged in the sales of properties. The Company operates its business through five segments: Property Development segment, Construction Fitting and Decoration segment, Property Investment segment, Property Management segment and Hotel Operation segment. The Company's subsidiaries include Wuhan Country Garden Lianfa Investment Co., Ltd, Jurong Country Garden Property Development Co., Ltd and Chuzhou Country Garden Property Development Co., Ltd. As recently reported in the Troubled Company Reporter-Asia Pacific, has downgraded Country Garden Holdings Company Limited's corporate family rating to Ca from Caa1 and its senior unsecured rating to C from Caa2. The outlook remains negative. The TCR-AP also reported that Fitch Ratings has downgraded Country Garden Services Holdings Company Limited's (CGS) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BBB-' and placed the rating on Rating Watch Negative (RWN). ========= I N D I A ========= ATIBIR INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Atibir Industries Company Limited (AICL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 282.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 314.07 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 15, 2022, placed the rating(s) of AICL under the 'issuer non-cooperating' category as AICL 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. AICL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 1, 2023, May 11, 2023, May 21, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Atibir Industries Company Limited (AICL), incorporated in 2000 promoted by Mr Santosh Kumar Sarawgi of Giridih, Jharkhand is engaged in manufacturing of sponge iron and pig iron and also has pellets and sinters manufacturing facilities as a backward integration in Jharkhand. The current installed capacities of AICL are sinter 680,000 mtpa, pig iron 600,000 mtpa, pellets 300,000 mtpa and sponge iron 120,000 mtpa. BALAJI PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Balaji Paper and Newsprint Private Limited (BPN) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 6.25 CRISIL D (Issuer Not Cooperating) Long Term Loan 5.15 CRISIL D (Issuer Not Cooperating) Long Term Loan 13.98 CRISIL D (Issuer Not Cooperating) Proposed Short Term 5.53 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 2.01 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 1.58 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with BPN for obtaining information through letter and email dated July 19, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BPN, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BPN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPN continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 1998 and promoted by Kolkata-based Mr Ram Avtar Agarwal, BPN initially traded paper. In 2004, the company purchased the assets of Neptune Paper Mills Ltd, a company referred to the Board for Industrial and Financial Reconstruction. The acquired factory was refurbished and BPN commenced manufacturing of writing and printing paper in 2005 with an installed capacity of 10 tonne per day (tpd) capacity has expanded gradually to 130 tpd. BSC C&C: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of BSC C&C Kurali Toll Road Limited (BCKTRL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 157.30 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 July 8, 2022, placed the rating(s) of BCKTRL under the 'issuer non-cooperating' category as BCKTRL 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. BCKTRL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 24, 2023, June 3, 2023, June 13, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). BSC C&C Kurali Toll Road Limited (BCKTRL) is a Special Purpose Vehicle (SPV) incorporated in February 2007 by BSCPL Infrastructure Limited and C&C Constructions Limited, which currently holds 51% and 49% stake in the company, respectively. The SPV is for the purpose of widening of an existing 44.60 km long, 2- lane stretch between Kurali and Kiratpur to 4- lane and stretching and maintenance of existing 2- lane section the total cost of the project was INR408.10 crore funded through equity of INR104.18 crore (24%), NHAI grant of INR43.92 crore (11%) and Debt of INR260 crores (65%). The project has achieved COD in August 2011. CONCEPT HOMES: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Concept Homes India Private Limited (CHIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with CHIPL for obtaining information through letter and email dated July 19, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CHIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CHIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CHIPL continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 2004 by Mr. Mahaganapathi, CHIPL undertakes residential projects in Chennai. COSMIC FERRO: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Cosmic Ferro Alloys Limited (CFAL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 84.65 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 122.05 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 15, 2022, placed the rating(s) of CFAL under the 'issuer non-cooperating' category as CFAL 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. CFAL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 1, 2023, May 11, 2023, May 21, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Cosmic Ferro Alloys Limited (CFAL), incorporated in 2003, is engaged in manufacturing of ferro manganese and silica manganese with an installed capacity of 45 MVA (5 furnaces of 9 MVA each) at Barjora, Durgapur, West Bengal. In April 2014, CFAL forayed into a new product line, namely, Cold Rolled Form Sections (CRFS) by setting up a new manufacturing facility of 18,000 MTPA in Singur, West Bengal. DAULATRAM INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Daulatram Industries (DI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.97 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 July 27, 2022, 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 June 12, 2023, June 22, 2023, July 2, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Bhopal (Madhya Pradesh) based Daulatram Industries (DI) was incorporated in 1973 as a partnership firm between Mr. Shobit Sharma and Ms. Aruna Sharma. The firm is a manufacturer and supplier of dynamic braking systems for diesel and electric locomotives and cooling systems (air conditioners) to Indian Railways. EON ELECTRIC: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Eon Electric Limited (EEL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of credit 20 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Letter of credit 15 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Proposed Long Term 10 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Short Term 15 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with EEL for obtaining information through letter and email dated July 19, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of EEL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on EEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EEL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. EEL manufactures and markets energy-efficient lighting and other electrical and electronic products, such as LED lights, fans, water heaters, lithium ion batteries, mobile phone accessories, wires and cables, and allied products. The company has two plants at Haridwar, and a registered office at Sonepat, Haryana. It has been listed on the Bombay Stock Exchange (BSE) since 2005, and on National Stock Exchange (NSE) since 2012. Mr V P Mahendru is the promoter, and daily operations are managed by his sons, Mr Vivek Mahendru and Mr Vinay Mahendru. GIRIRAJ JEWELLERS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Giriraj Jewellers Private Limited (GJPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.50 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 August 24, 2022, placed the rating(s) of GJPL under the 'issuer non-cooperating' category as GJPL 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. GJPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 10, 2023, July 20, 2023, July 30, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Giriraj Jewellers Private Limited (GJPL) formerly known as Giriraj Exports was incorporated in 1982 as partnership firm; later in 2004 it was converted into Private limited company by Mr. Rasik B Salla, Mrs. Saroj Salla and Mr. Girish Salla. GJPL is engaged in to manufacturing and trading of gold diamond jewellery such as chain, necklace, ring, bracelets, bangles, earrings and various other products and sell them to various jewellery retailers, wholesalers and also walk in customers across India. GJPL has its processing located in Mumbai, Maharashtra. H K LUMBERS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of H K Lumbers LLP (HKLL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.35 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.50 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 July 27, 2022, placed the rating(s) of HKLL under the 'issuer non-cooperating' category as HKLL 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. HKLL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 12, 2023, June 22, 2023, July 2, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Gandhidham (Gujarat) based HKLL was incorporated in 2014 by Rudani and Patel Family and currently managed by Mr. Rajeshkumar Rudani and other family members. Mr. Rajeshbhai Rudani possesses 10 years of experience in wood and wood products industry. HKLL is engaged into saw milling and planning of wood. H K Timbers Private Limited is the group entities of HKLL, which is engaged in manufacturing of veneer sheets, manufacturing of plyboard, particle board and other plyboard products. H K TIMBERS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of H K Timbers Private Limited (HKTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 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 July 27, 2022, placed the rating(s) of HKTPL under the 'issuer non-cooperating' category as HKTPL 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. HKTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 12, 2023, June 22, 2023, July 2, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Gandhidham (Gujarat) based HTPL was incorporated in 2012 by Rudani and PatelFamily and currently managed by Mr. Rajeshkumar Rudani and other family members. Mr. Rajeshbhai Rudani possesses 10 years of experience in wood and wood products industry. HTPL is engaged into manufacturing of veneer sheets, manufacturing of plyboard, particle board and other plyboard products. H K Lumbers LLP Is the group entities of HTPL, which is engaged in same line of business saw milling and planning of wood. HANUMAN COTTON: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hanuman Cotton Industries (HCI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.01 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 July 27, 2022, placed the rating(s) of HCI under the 'issuer non-cooperating' category as HCI 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. HCI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 12, 2023, June 22, 2023, July 2, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Hanuman Cotton Industries (HCI) was constituted in March 2006 as a partnership firm by Vekariya family based out of Amreli (Gujarat) by eight partners. HCI is primarily engaged in cotton ginning & pressing activities at its manufacturing facility located at Savarkundla in Amreli, Gujarat. INDIA BELT: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of India Belt Company (IBC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 28, 2022, placed the rating(s) of IBC under the 'issuer non-cooperating' category as IBC 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. IBC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 13, 2023, June 23, 2023, July 3, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Mumbai based India Belt Company (IBC) was formed as a partnership concern in 1995 by Mr. Rajeev Dev Malik, Mr. Sanjeev Dev Malik and Mr. Ashok Kumar Agarwal. The firm procures leather mainly from Kanpur and manufactures leather belt at its manufacturing facility located in Mulund, Mumbai (Maharashtra). JNANA BANDHU: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Jnana Bandhu Education Trust (JBET) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 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 August 5, 2022, placed the rating(s) of JBET under the 'issuer non-cooperating' category as JBET 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. JBET continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 21, 2023, July 1, 2023, July 11, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Jnana Bandhu Education Trust (JBET) was founded in 2011-12 by Mr M R Kumarswamy at a rural area between Pandavapura and Mandya in the state of Karnataka. The trust to start with took over Adhithya School from different trustees and also started Jnana Bandhu Vidhyalaya in the year 2011-12. In 2014-15, the trust started Jnana Bandhu Pre-University College in Pandavapura, Karnataka, which is recognized by the State Government of Karnataka. MOBILESTORE SERVICES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of The Mobilestore Services Limited (TMSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 70.66 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 26.00 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 August 26, 2022, placed the rating(s) of TMSL under the 'issuer non-cooperating' category as TMSL 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. TMSL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 12, 2023, July 22, 2023, August 1, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The MobileStore Services Limited (TMSL), a part of the Essar Group, is engaged in the business of distribution of telecom, consumer electronics and related products including mobile handsets, accessories, domestic appliances and other consumer durable products. ND'S ART WORLD: NCLT Grants Request to Safeguard RP --------------------------------------------------- Livemint.com reports that the National Company Law Tribunal (NCLT) on Sept. 1 allowed the resolution professional's plea seeking protection from any action for his inability to immediately take steps under the insolvency code in deceased art director Nitin Desai's ND's Art World's insolvency case. In his petition before the NCLT, Nausher Kohli, counsel representing the resolution professional of ND's Art World, said that owing to the sensitivity involved in the matter, the resolution professional will only be able to take necessary steps in discharge of his duties as required to be undertaken under the insolvency code after "normalcy is restored," Livemint.com relates. According to Livemint.com, Kohli informed the NCLT that the petition has been filed by the resolution professional praying that the creditors of ND's Art World and the Insolvency and Bankruptcy Board of India should not take any action against him for not being able to take necessary steps as required under the Insolvency Code in light of the extraordinary circumstances. "We consider that the facts brought to our notice can be taken on record to safeguard the office of resolution professional, and in particular, likelihood of any proceeding against him for negligence in discharge of his duties under the code in relation to CIR (corporate insolvency resolution) process," said a bench led by Justices Virendrasingh Bisht and Prabhat Kumar. ND's Art World owned by Desai was admitted into insolvency by the NCLT in July, Livemint.com recalls. Edelweiss ARC had filed an application to initiate the corporate insolvency resolution process, which was allowed by the NCLT. Following this, the dedicated bankruptcy tribunal appointed Jitender Kothari as the interim resolution professional to carry out the day-to-day affairs of the company. Consequently, Desai's widow had, following his death allegedly by suicide on August 2, lodged an FIR on August 4 with the Khalapur police station invoking the offence of abetment of suicide against Edelweiss group chairman Rashesh Shah and four others. Desai had defaulted on a INR185-crore loan taken from ECL Finance Ltd, a non-banking financial company (NBFC) promoted by the Edelweiss group. Desai's family claimed that the loans were taken from Edelweiss between 2016 and 2018, and part of the repayment had been made. Meanwhile, the Bombay High Court on August 11 issued notice to Desai's widow in a plea filed by Edelweiss group chairman Rashesh Shah and the chief executive of Edelweiss ARC Raj Kumar Bansal, Livemint.com adds. ND's Art World had been engaged in the business of organizing and maintaining operating replicas of historical monuments and providing facilities and services related to hotels, theme restaurants, shopping malls and recreation centres. PRAKASH PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Prakash Plastic Industries (PPI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 7.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 6.40 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 July 28, 2022, placed the rating(s) of PPI under the 'issuer non-cooperating' category as PPI 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. PPI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 13, 2023, June 23, 2023, July 3, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Dadra, Silvassa (Union Territory) based PPI was formed in March 2003 in the name of Prakash Plastic Industries by Bhimrajka family. PPI is into the business of manufacturing of HDPE/PP Woven Fabric/Bags. PPI is operating from its sole manufacturing plant located in Dadra. RAJ-SNEH AUTO: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Raj-Sneh Auto India Private Limited (RAIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.27 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 34.10 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 August 19, 2022, placed the rating(s) of RAIPL under the 'issuer non-cooperating' category as RAIPL 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. RAIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 5, 2023, July 15, 2023, July 25, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Raj-Sneh Auto India Private Limited (RAIPL) promoted by Mr Ashok Kumar Jain and Mr Manoj Kumar Gupta who have an experience of more than two decade in auto dealership business was incorporated in 2005 and is an authorized dealer of Maruti Suzuki India Limited (MSIL) vehicles. It is engaged in the sale of new cars, servicing of vehicles, sale of spare parts, and sale and purchase of pre-owned cars. RSAIPL operates four showrooms (all 3S), six service and one True Value outlets in and around Meerut. RANA STEELS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rana Steels India Private Limited (RSIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 4.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 26, 2022, placed the rating(s) of RSIPL under the 'issuer non-cooperating' category as RSIPL 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. RSIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 12, 2023, July 22, 2023, August 1, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Muzaffarnagar (Uttar Pradesh) based Rana Steels India Limited (RSIPL), was initially incorporated in 1992 under the name K. K. Steels Limited by Mr Kadir Rana, as a closely held company. In 2009, the company was renamed to its current name. The company is currently being managed by Mr. Shah Mohammad Rana, Mr. Aslam Tyagi and Mr. Sahajad as directors of the company. The company is engaged in manufacturing of Mild Steel (M.S.) angles, T-Iron, channels, bars and rounds. RSIL sells its products under the brand name of "RANA", which is a regionally known brand. RSPL is a part of "Rana Group" which has diversified business such as rolling mills, induction furnaces, paper mill, sponge iron plant and refractory plant. RYATAR SAHAKARI: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ryatar Sahakari Sakkare Karkhane Niyamit (RSSKN) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 20.00 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 June 9, 2022, placed the rating(s) of RSSKN under the 'issuer non-cooperating' category as RSSKN 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. RSSKN continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 25, 2023, May 5, 2023, May 15, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ryatar Sahakari Sakkare Karkhane Niyamit (RSSKN) is a cooperative society, incorporated in 1982 by Mr R. S. Talewad. The first crushing season was conducted on November 1999, with a crushing capacity of 2500 tonnes per day (TCD). The society has installed a co-generation plant of 11 MW in the year 2007. The surplus power (post captive consumption) generated from co-generation unit is sold to Karnataka Power Transmission Corporation Limited (KPTCL). The plant of RSSKN is located at Bagalkot, Karnataka. Presently the society is managed by Mr R.S. Talewad, Chairman and Mr Ashok Morab as Managing Director. SANCO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sanco Industries Limited (SIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 18 CRISIL D (Issuer Not Cooperating) Cash Credit 0.6 CRISIL D (Issuer Not Cooperating) Cash Credit 8.9 CRISIL D (Issuer Not Cooperating) Letter of Credit 13.4 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with SIL for obtaining information through letter and email dated July 19, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. SIL is a closely-held public limited company, set up in 1986. The Delhi-based company manufactures PVC wires and cables, and pipes and pipe fittings. Operations are managed by Mr Sanjay Gupta. SANGHAVI JEWEL: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sanghavi Jewel Private Limited (SJPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 78.71 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 19, 2022, placed the rating(s) of SJPL under the 'issuer non-cooperating' category as SJPL 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. SJPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 5, 2023, July 15, 2023, July 25, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Sanghavi Jewel Pvt Ltd. (SJPL) is a part of the Sanghavi Group, headed by Mr. Jayesh Sanghavi who is the Managing Director. Sanghavi Exports International Pvt Ltd (SEIPL) (rated CARE D; Issuer Not Cooperating), the flagship company of the group, holds 91.02% shares in SJPL. SEIPL is engaged in the processing of rough diamonds and export of cut and polished diamonds. SJPL is engaged in the manufacturing and export of studded gold, silver and platinum jewellery using polished diamonds, precious and other semi-precious stones. SCANIA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Scania Steels and Powers Limited (Scania) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 11.5 CRISIL D (Issuer Not Cooperating) Cash Credit 12.93 CRISIL D (Issuer Not Cooperating) Funded Interest 4.95 CRISIL D (Issuer Not Term Loan Cooperating) Funded Interest 1.85 CRISIL D (Issuer Not Term Loan Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 18.39 CRISIL D (Issuer Not Cooperating) Term Loan 5.37 CRISIL D (Issuer Not Cooperating) Working Capital 7.91 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 4.5 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with Scania for obtaining information through letter and email dated July 19, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Scania, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Scania is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Scania continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Scania was originally set up by Mr. Satish Garg and his family (from New Delhi) in 1995 and was engaged in manufacture of sponge iron. In 2006-07, Mr. Sanjay Gadodia, based in Rourkela (Odisha), purchased this company. Scania has also established a rolling mill. SD MILKPRO: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SD MilkPro Private Limited (SMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.25 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 30, 2022, placed the rating(s) of SMPL under the 'issuer non-cooperating' category as SMPL 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. SMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 16, 2023, May 26, 2023, June 5, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SPPL is a Pune (Maharashtra) based company incorporated in May 18, 2015. The company is engaged in the business of processing of milk processing and milk-based products and providing cold storage facility for raw milk. The commercial operations commenced from April 2018. SINNAR THERMAL: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sinnar Thermal Power Limited (STPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4,134.02 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 9, 2022, placed the rating(s) of STPL under the 'issuer non-cooperating' category as STPL 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. STPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 25, 2023, May 5, 2023, May 15, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in January 2007 as a Special Purpose Vehicle (SPV), RattanIndia Nasik Power Limited (RNPL) formerly known as Indiabulls Realtech Limited (IRL); is a wholly-owned subsidiary of RattanIndia Power Limited (rated Acuite BB; Stable, Negative /Acuite A4+) to develop two thermal power plants (TPPs) each with capacity of 1,350 MW (5 units of 270MW) in Nashik district, Maharashtra named as Nashik Power Project-I (NPP-I) and Nashik Power Project-II (NPP-II). Total capacity of the project is 2,700 MW in 2 phases each of 1350 MW with each phase comprising of 5 units each of 270 MW. The name of RNPL was changed to Sinnar Thermal Power Limited (STPL) on February 5, 2019. SKM BUILDCON: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of SKM Buildcon (SB) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.75 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 August 10, 2022, placed the rating(s) of SB under the 'issuer non-cooperating' category as SB 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. SB continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 26, 2023, July 6, 2023, July 16, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). M/s SKM Buildcon (SB) was established in 2008 as a partnership concern. SB participates in the tender process of various public works department contracts, government contracts and related ancillary works. SB has reputed client base primarily dealing with public works department, government departments and clients like Tarwani group and Fortune Recourse Private Limited (Swarnbhumi). The day to day affairs of the firm are looked after by Mr Suresh Kumar Mirghani with adequate support from the other partner and a team of experienced personnel. SOVA ELECTROCASTING: CRISIL Withdraws D Rating on INR16cr Loan -------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Sova Electrocasting Limited (SEL) on the request of the company and receipt of a no objection certificate from its banks. The rating action is in line with CRISIL Ratings' policy on withdrawal of its ratings on bank loans. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 CRISIL D/Issuer Not Cooperating (Withdrawn) Cash Credit 9 CRISIL D/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with SEL for obtaining information through email dated August 30, 2022 and September 29, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the firm. 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 SEL. This restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SEL is consistent with 'Assessing Information Adequacy Risk'. Based on the best available information, the rating on bank facilities of SEL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 1997, SEL was taken over by the present management in July 2006. The company manufactures thermo-mechanically treated (TMT) bars. The company is promoted by Mr. Amit Agarwal, Mr. Shyam Bihari & Mr. Naresh Bihari and is based out of Durgapur, West Bengal. Status of non cooperation with previous CRA: SEL has not cooperated with Brickwork Ratings India Private Limited which has classified it as non-cooperative vide release dated 31st March 2018. The reason provided by Brickwork Ratings India Private Limited is non-furnishing of information for monitoring of ratings. SRISHTI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Srishti Builders (SB) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 23, 2022, placed the rating(s) of SB under the 'issuer non-cooperating' category as SB 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. SB continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 9, 2023, July 19, 2023, July 29, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Kota (Rajasthan) based Srishti Builders (SB) was formed in February, 2015 by Mr. Sanjay Khatri and Mr. Ajay Khatri. Subsequently, in June, 2015, there is change in the partnership deed with introduction of 3 partners. SB is engaged in the development of housing projects in Kota, Rajasthan. The firm is a part of Srishti group which is engaged in the wide range of projects in real estate industry. SB is mainly engaged in the real estate development. TECHNO SATCOMM: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Techno Satcomm India Private Limited (TSIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 14.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 26, 2022, placed the rating(s) of TSIPL under the 'issuer non-cooperating' category as TSIPL 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. TSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 12, 2023, July 22, 2023, August 1, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Techno Satcomm (India) Private Limited (TSIPL) was incorporated in year 2008 by Dave Family. The company was formerly known as Techno Com Inc started in August, 2005 and later incorporated to Private Limited in January, 2008. Currently Mr. Jay Dave, Mr. Nirav Dave and Mr. Jagdip Rana are directors of the company. The company is engaged in providing services of RFID solutions, IP based PA systems, WIFI solutions, CCTV Surveillance, Black Box in trains, Network Infrastructure, Captive portal and Biometric solutions. TSIPL has registered office in Mumbai and branches in Delhi and Kolkata. TIRUPATI COLD: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Tirupati Cold Storage (TCS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.54 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 July 27, 2022, placed the rating(s) of TCS under the 'issuer non-cooperating' category as TCS 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. TCS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 12, 2023, June 22, 2023, July 2, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Established in the year 2006, TCS is providing cold storage facility for storing potatoes on a rental basis. TCS was established by three partners and is managed by Mr. Hasmukhbhai Padhiyar. TCS has an installed capacity of 8500 metric ton at its facilities located at Mansa- Gujarat as on March 31, 2016. TOKAI ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Tokai Engineering Private Limited (TEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 26, 2022, placed the rating(s) of TEPL under the 'issuer non-cooperating' category as TEPL 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. TEPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 12, 2023, July 22, 2023, August 1, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Gurgaon (Haryana) based TEPL was incorporated on July 9, 2006. The company is currently being managed by Mr. Rajesh Khanna and Mrs. Shilu Khanna. TEPL is engaged in manufacturing of jigs and fixtures, testing machines, and special purpose machines. It mainly caters to automobile companies. Its manufacturing facility is located in Manesar, Gurgaon (Haryana). The major raw materials of the company are MS Steel, cylinders, pneumatic items like compressor etc which it procures from domestic manufacturers and wholesalers. WARM FORGINGS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Warm Forgings Private Limited (WFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.50 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 August 26, 2022, placed the rating(s) of WFPL under the 'issuer non-cooperating' category as WFPL 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. WFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 12, 2023, July 22, 2023, August 1, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Alwar (Rajasthan) based CNC Automotive Private Limited was incorporated in 1999 by Mr. Amit Rajput along with other family members. Subsequently in 2003, the promoters changed the name to Warm Forgings Private Limited (WFPL). The company is mainly engaged in the business of manufacturing of auto components mainly different types of gears. =============== M A L A Y S I A =============== 1MDB: Ex-Goldman Sachs Banker Roger Ng Banned for Life by MAS ------------------------------------------------------------- Channel NewsAsia reports that the Monetary Authority of Singapore (MAS) on Sept. 5 issued lifetime prohibition orders against former Goldman Sachs banker Roger Ng, after his conviction for helping launder billions of dollars embezzled from Malaysia's 1MDB sovereign wealth fund. Goldman's former head of investment banking in Malaysia was sentenced by a US court in March to 10 years in prison. According to CNA, the court found that sometime between 2009 and 2014, Mr. Ng conspired with others, including his former boss Tim Leissner, to launder billions of dollars misappropriated from 1MDB, which was founded to finance development projects in Malaysia. These include funds raised by 1MDB through three bond offering transactions underwritten by Goldman Sachs and its subsidiaries and affiliates, MAS said. Mr. Leissner, formerly Goldman's Southeast Asia chief, was also given a lifetime MAS prohibition order in 2018. Under the prohibition orders, which took effect from Sept. 5, Mr. Ng, a Malaysian citizen, is banned from performing any regulated activity under the Securities and Futures Act and from providing any financial advisory services under the Financial Advisers Act, CNA relates. He will also be permanently prohibited from taking part in the management - such as by acting as a director or becoming a substantial shareholder - of any capital market and financial advisory services firm, said MAS on Sept. 5, adding that Ng had also violated the United States' Foreign Corrupt Practices Act. As part of the scheme, Mr. Ng and his co-conspirators bribed government officials in Malaysia and Abu Dhabi to obtain and retain business from 1MDB, MAS, as cited by CNA, noted. They also conspired to circumvent Goldman Sach's internal accounting controls in connection with the three bond offering transactions and other 1MDB business. "Mr. Ng's severe misconduct has given MAS reason to believe that it would be contrary to public interest to allow him to carry on business as a representative," the Singapore regulator said. Goldman helped 1MDB, which was founded to finance development projects in Malaysia, sell some US$6.5 billion in bonds in 2012 and 2013. CNA relates that US prosecutors said US$4.5 billion of that sum was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history. Funds were used to buy high-end real estate, jewelry and artwork, and finance the Hollywood film, The Wolf of Wall Street, according to the Department of Justice. CNA says the 1MDB scandal has rocked Malaysian politics. Former prime minister Najib Razak is serving a 12-year prison sentence after being convicted by a Malaysian court of receiving US$10 million from a former 1MDB unit. Najib has consistently denied wrongdoing. Since his sentencing in early March, Mr. Ng has succeeded in securing deferments from the US courts to the start of his jail term, which was originally set to begin on May 4, according to CNA. He was granted a three-month suspension after requesting more time to spend with his daughter whom he had not seen in four years. Mr. Ng then secured another one-month extension to an Aug. 7 deadline to begin his jailed term, when the court was informed of ongoing negotiations between the Malaysian and US government over Kuala Lumpur's request for custody. He is currently on bail in the US and is due to surrender to the authorities sometime in the first week of September to begin serving his jail sentence, CNA notes. ===================== N E W Z E A L A N D ===================== 4 SEASONS: Placed Into Receivership; Owes NZD8.5MM to Creditors --------------------------------------------------------------- Stuff.co.nz reports that outdoor living goods retailer 4 Seasons has been placed into receivership and owes creditors an estimated NZD8.5 million. Richard Nacey and John Fisk of PwC were appointed receivers of 4 Seasons' Nelson-based holding company Retail Links Ltd, on August 30, following a special resolution passed by the directors asking Bank of New Zealand to appoint receivers. Up to 300 customers learnt on Sept. 4 they would not have their orders delivered - for items such as BBQs and spas - or have their deposits returned. Secured creditors including Inland Revenue were owed about NZD4.5 million. According to Stuff, Mr. Nacey said the nationwide chain's five stores had been temporarily closed while the receivers worked to find a buyer to take over the business. 4 Seasons employed 38 staff at the time of receivership and has stores in Auckland, Hamilton, Tauranga, New Plymouth and Nelson. "A couple of staff" had decided to leave of their own will, but Mr. Nacey said there had been no redundancies. At the company's Nelson office on Sept. 5, some staff were visibly upset, Stuff relays. One worker said the unsecured creditors included people who had bought items like spas for about NZD45,000. Some staff said they were told last month that the company was in a stable position. A customer at the office said she was shocked to learn she would not get the burner she had bought with a credit card for more than NZD2,000. She would contact her card provider to see if she could get a refund, but faced being in a position where she had lost the money – and still needed a burner. According to Stuff, Mr. Nacey said he was hopeful the business could be sold as a going concern. The business fell into financial strife following a slow-down in sales due to the discretionary nature of its products, including BBQs, spa pools, indoor and outdoor fireplaces and furniture, Mr. Nacey said. "Given the discretionary nature of a number of the goods and the way things have been getting tougher from an economic perspective, trading has slowed, which has resulted in cash flow issues," the report quotes Mr. Nacey as saying. The company's directors, brother and sister Catherine and Jonathon Cameron, had "encountered some cash flow issues to the point where they needed to make the decision they could no longer trade", he said. The pair declined to comment, Stuff notes. It was too early to determine whether there was likely to be "a distribution" to unsecured creditors, Mr. Nacey said. Stuff adds that Mr. Nacey said the receivers were contacting "potential interested parties" and had begun advertising the business for sale. "We are looking to canvas any interest and that's going to result in the best outcome for creditors. We want to sell this as a going concern if we could." The receivers so far estimated that the company owed creditors between NZD8 million and NZD8.5 million, Stuff discloses. AZN MOTORS: Court to Hear Wind-Up Petition on Sept 15 ----------------------------------------------------- A petition to wind up the operations of AZN Motors Limited will be heard before the High Court at Whangarei on Sept. 15, 2023, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 2, 2023. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 EXIT TO CLOSE: Creditors' Proofs of Debt Due on Oct. 8 ------------------------------------------------------ Creditors of Exit To Close Limited (formerly Kaimai Cheese Company Limited), Pureland Dairy Limited, and Parklane Infrastruct Limited are required to file their proofs of debt by Oct. 8, 2023, to be included in the company's dividend distribution. Exit To Close Limited and Pureland Dairy Limited commenced wind-up proceedings on Aug. 23, 2023. Parklane Infrastruct Limited commenced wind-up proceedings on Aug. 28, 2023. The company's liquidators are: Iain McLennan Colin Sanderson Boris van Delden McDonald Vague Limited PO Box 6092 Victoria Street West Auckland 1142 GLAMOUR GIRLS: Creditors' Proofs of Debt Due on Oct. 9 ------------------------------------------------------ Creditors of The Glamour Girls Christchurch Limited are required to file their proofs of debt by Oct. 9, 2023, to be included in the company's dividend distribution. The High Court at Christchurch appointed Wendy Somerville and Malcolm Hollis of PwC Christchurch as liquidators on Aug. 31, 2023. KINLEITH CONTINUATION: Placed in Liquidation -------------------------------------------- Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly Staples Rodway Auckland on Aug. 31, 2023, were appointed as liquidators of Kinleith Continuation LP. The liquidators may be reached at: Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 TALE HOLDINGS: Court to Hear Wind-Up Petition on Sept. 12 --------------------------------------------------------- A petition to wind up the operations of Tale Holdings Limited will be heard before the High Court at Rotorua on Sept. 12, 2023, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 15, 2023. The Petitioner's solicitor is: C. D. Walmsley Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton ================= S I N G A P O R E ================= BLVD HOLDING: Creditors' Meeting Set for Sept. 18 ------------------------------------------------- BLVD Holding Pte Ltd, which is in compulsory liquidation, will hold a meeting for its creditors on Sept. 18, 2023, at 10:30 a.m., via video conferencing (Microsoft Teams). Agenda of the meeting includes: a. to update on the status of liquidation; b. to approve the liquidator's fees and disbursements; and c. to conclude the liquidation, apply for discharge of liquidator and dissolution of the Company. DASIN RETAIL: Gets Notice of Default for CNY400MM Onshore Loan -------------------------------------------------------------- The Business Times reports that Dasin Retail Trust has received a notice declaring that an event of default has occurred under its onshore syndicated term loan facility of up to CNY400 million (SGD74.6 million). Issued by the Bank of China's Zhongshan branch as the facility and security agent of the onshore facility, the bank is claiming an outstanding sum of CNY355.2 million plus interest after the term loan matured on Dec. 31, 2022, according to BT. This interest shall go on accruing until full payment is made by Dasin Retail Trust's subsidiary, Zhongshan Yuanxin Commercial Property Management, noted the trustee-manager late on Sept. 4, BT relates. Notices of these facilities were dated Aug. 31, and issued to the trust's subsidiaries, including Zhongshan Yuanxin. According to BT, Dasin's trustee-manager said it is continuing to explore available options for the restructuring exercise with lenders under its various facilities. BT adds the announcement comes weeks after Dasin Retail Trust received separate notices of default occurring under its Singapore dollar and US dollar-denominated offshore syndicated term loan facility of up to SGD430 million, as well as a Singapore dollar and Hong Kong dollar-denominated offshore syndicated term loan facility of up to SGD106.6 million. Both the SGD430 million offshore facility and 400-million-yuan onshore facility were used to finance the Reit's acquisitions of its initial portfolio comprising Xiaolan Metro Mall, Ocean Metro Mall, Dasin E-Colour and Shiqi Metro Mall, BT notes. The SGD106.6 million offshore loan facility was to finance the acquisition of Doumen Metro Mall, adds BT. About Dasin Retail Dasin Retail Trust's principal investment mandate is to invest in, own or develop land, uncompleted developments and income-producing real estate in Greater China (comprising People's Republic of China, Hong Kong and Macau), used primarily for retail purposes, as well as real estate-related assets, with an initial focus on retail malls. The portfolio of Dasin Retail Trust comprises seven retail malls strategically located in Foshan, Zhuhai and Zhongshan Cities in PRC. Dasin Retail Trust is managed by Dasin Retail Trust Management Pte. Ltd.("Trustee-Manager"). The Trustee-Manager's key objectives are to provide Unitholders of Dasin Retail Trust with an attractive rate of return on their investment through regular and stable distributions to Unitholders and to achieve long-term sustainable growth in DPU and net asset value per Unit, while maintaining an appropriate capital structure for Dasin Retail Trust. DERMATOLOGY & SURGERY: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on Aug. 28, 2023, to wind up the operations of Dermatology & Surgery Clinic (Orchard) Pte. Ltd. The company's liquidators are: Cameron Lindsay Duncan David Dong-Won Kim KordaMentha Pte Ltd 16 Collyer Quay #30-01 Collyer Quay Centre Singapore 049318 IPA SINGAPORE: Creditors' Proofs of Debt Due on Oct. 3 ------------------------------------------------------ Creditors of IPA Singapore Pte. Ltd. are required to file their proofs of debt by Oct. 3, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 4, 2023. The company's liquidators are: Matthew Stuart Becker Andrew Grimmett 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 MEDIAMATH SINGAPORE: Creditors' Meetings Set for Sept. 18 --------------------------------------------------------- Mediamath Singapore Pte Ltd will hold a meeting for its creditors on Sept. 18, 2023, at 3:00 p.m., at One Raffles Quay, #27-10 South Tower, Singapore 048583 and by way of 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 Mr. Yit Chee Wah of FTI Consulting (Singapore) as Liquidator; c. to resolve that the Liquidator be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by him as Liquidator with such bank(s) as he deems fit; d. to appoint a Committee of Inspection if deemed necessary; and d. Any other business. MOECO ASIA: Creditors' Proofs of Debt Due on Oct. 3 --------------------------------------------------- Creditors of Moeco Asia MG3 Pte. Ltd. are required to file their proofs of debt by Oct. 3, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 29, 2023. The company's liquidators are: Lau Chin Huat Yeo Boon Keong 50 Havelock Road #02-767 Singapore 160050 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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