/raid1/www/Hosts/bankrupt/TCRAP_Public/231004.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, October 4, 2023, Vol. 26, No. 199
Headlines
A U S T R A L I A
ENTRO COMMUNICATIONS: First Creditors' Meeting Set for Oct. 10
KI-SEBEL: Second Creditors' Meeting Set for Oct. 9
MERU FOODS: First Creditors' Meeting Set for Oct. 9
NOURISH FOOD: Second Creditors' Meeting Set for Oct. 11
OZMAS TRADING: Second Creditors' Meeting Set for Oct. 10
RIVER DALE: Builder Goes Into Voluntary Liquidation
ZADRO CONSTRUCTIONS: In Administration; Lays Off All Staff
B A N G L A D E S H
BANGLADESH: Default Loans Reach Record BDT1.56 lakh crore
BANGLADESH: WB Lowers Country's Economic Growth Projection
C H I N A
CHINA EVERGRANDE: Resumes Trading in Hong Kong
I N D I A
ASHWINI FROZEN: CARE Keeps D Debt Ratings in Not Cooperating
AVANTA ENGINEERINGS: CARE Lowers Rating on INR9cr LT Loan to B-
BLUEPARK SEAFOODS: CARE Keeps D Debt Ratings in Not Cooperating
BOMBAY INFRASTRUCTURE: Insolvency Resolution Process Case Summary
ELECTRO TEKNICA: CARE Keeps C Debt Rating in Not Cooperating
FULCRUM TRAINING: Insolvency Resolution Process Case Summary
FUTURE RETAIL: Lenders Reject Space Mantra's Bid
G.R MULTIFLEX: CARE Keeps D Debt Rating in Not Cooperating
GOLD PALACE: CARE Keeps B- Debt Rating in Not Cooperating
GOLI VADA: Insolvency Resolution Process Case Summary
GURUKRIPA CONVEYORS: CARE Keeps B- Debt Rating in Not Cooperating
HINDUSTAN PRODUCE: CARE Keeps D Debt Ratings in Not Cooperating
ILD HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category
IND SWIFT: Insolvency Resolution Process Case Summary
INDURE PRIVATE: Insolvency Resolution Process Case Summary
JAGATH TRANSPORT: CARE Keeps B- Debt Rating in Not Cooperating
JAI VENKAY: CARE Keeps D Debt Rating in Not Cooperating Category
JOVIAL STAINLESS: CARE Keeps D Debt Rating in Not Cooperating
K. D. SINGH: CARE Keeps D Debt Rating in Not Cooperating
KUBER TUBES: CARE Keeps B- Debt Rating in Not Cooperating
LAKSHMI ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
MAGADH PRECISION: CARE Assigns D Rating to INR33.90cr LT Loan
MDH TRUCKS: CARE Keeps C Debt Rating in Not Cooperating Category
MOMAI FOODS: CARE Keeps C Debt Rating in Not Cooperating Category
OM SAI: CARE Keeps D Debt Rating in Not Cooperating Category
OMAX AUTO: Ind-Ra Keeps B Bank Loan Rating in Non-Cooperating
PARSVNATH HOTELS: Ind-Ra Affirms D Bank Loan Rating
RAM NATH: CARE Keeps D Debt Rating in Not Cooperating Category
REDDY AND REDDY: CARE Keeps C Debt Rating in Not Cooperating
S P INFRA: CARE Keeps D Debt Rating in Not Cooperating Category
SAMARTH PAPER: CARE Keeps D Debt Rating in Not Cooperating
SOFTEL OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating
SOLEX ENERGY: Ind-Ra Affirms & Withdraws BB+ Bank Loan Rating
SUBIKSHAM WOMENS: CARE Assigns B+ Rating to INR12cr LT Loan
UNIMAC PLASTIC: Insolvency Resolution Process Case Summary
VIP CLOTHING: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
WINCAB INDUSTRIES: CARE Assigns B+ Rating to INR11.47cr Loan
N E W Z E A L A N D
ATKIN APARTMENTS: Calibre Partners Appointed as Receivers
FUNCTIONAL BEVVYS: Creditors' Proofs of Debt Due on Nov. 10
ISCAFFOLD AOTEAROA: Court to Hear Wind-Up Petition on Nov. 2
PEARSON CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 30
RUAPEHU ALPINE: To Receive Additional NZD7 Million from Government
SOCIAL BLONDE: Creditors' Proofs of Debt Due on Nov. 24
P H I L I P P I N E S
BOULEVARD HOLDINGS: Faces PSE Sanctions for Reporting Lapses
S I N G A P O R E
AAX ASIA: Court to Hear Wind-Up Petition on Oct. 12
GS METAL: Court to Hear Wind-Up Petition on Oct. 20
LEIGHTON OFFSHORE: Creditors' Proofs of Debt Due on Oct. 30
MILLENNIUM SECURITIES: Commences Wind-Up Proceedings
X DIAMOND: Court Enters Judicial Management Order
- - - - -
=================
A U S T R A L I A
=================
ENTRO COMMUNICATIONS: First Creditors' Meeting Set for Oct. 10
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Entro
Communications Australia Pty Ltd will be held on Oct. 10, 2023, at
10:30 a.m. via virtual facilities only.
Graeme Robert Beattie of Worrells was appointed as administrator of
the company on Sept. 27, 2023.
KI-SEBEL: Second Creditors' Meeting Set for Oct. 9
--------------------------------------------------
A second meeting of creditors in the proceedings of KI-Sebel Pty
Ltd has been set for Oct. 9, 2023 at 12:00 p.m. via virtual meeting
only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 6, 2023 at 12:00 p.m.
Catherine Conneely and Rahul Goyal of KordaMentha were appointed as
administrators of the company on Sept. 1, 2023.
MERU FOODS: First Creditors' Meeting Set for Oct. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Meru Foods
Pty Ltd will be held on Oct. 9, 2023, at 10:00 a.m. via Microsoft
Teams.
Michael Slaven of Slaven Torline was appointed as administrator of
the company on Sept. 27, 2023.
NOURISH FOOD: Second Creditors' Meeting Set for Oct. 11
-------------------------------------------------------
A second meeting of creditors in the proceedings of Nourish Food
Pty Ltd has been set for Oct. 11, 2023 at 10:30 a.m. at Suite 5,
82-86 Pacific Highway in St Leonards.
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. 5, 2023 at 4:00 p.m.
Tim Heesh and Mark Everingham of TPH Advisory were appointed as
administrators of the company on Sept. 5, 2023.
OZMAS TRADING: Second Creditors' Meeting Set for Oct. 10
--------------------------------------------------------
A second meeting of creditors in the proceedings of Ozmas Trading
Pty Ltd has been set for Oct. 10, 2023 at 2:00 p.m. at the offices
of Jirsch Sutherland at Level 9, 120 Edward Street in Brisbane and
via virtual meeting.
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 Oct. 9, 2023 at 4:00 p.m.
(Melissa) Poh Bee Lau and Christopher John Baskerville of Jirsch
Sutherland were appointed as administrators of the company on Aug.
28, 2023.
RIVER DALE: Builder Goes Into Voluntary Liquidation
---------------------------------------------------
News.com.au reports that a building company has collapsed into
liquidation with 50 homeowners across Melbourne and regional
Victoria impacted.
News.com.au can reveal that River Dale Building Group Pty Ltd which
traded under the name Chatham Homes went into voluntary liquidation
on Oct. 2.
Andrew Schwarz of insolvency firm AS Advisory was appointed as the
liquidator around noon on Oct. 2, news.com.au discloses.
All 16 employees lost their jobs on the spot at a company-wide
meeting and Chatham Homes has now officially ceased to trade.
Chathom owes around AUD2 million to around 200 creditors, most of
them tradies, according to preliminary findings.
"The business was operating but the business had basically run out
of cash," Mr. Schwarz told news.com.au. "It's a victim of the
industry unfortunately, all the usual pressures, increasing costs,
delays, supply constraints."
News.com.au understands the building firm did not take out
insurance for a handful of customers which means they are set to
lose their entire deposits without government intervention.
School teachers Louise and Brett Strachan have been devastated to
learn of the company's demise, especially because domestic building
insurance was not taken out in their name.
"We're going to lose AUD32,000 in total," Ms. Strachan, 32, told
news.com.au.
The mum-of-two said they first engaged Chatham Homes way back in
2021 but despite the passage of two years, there's only an empty
block of land to show for their time and money.
Ms. Strachan was due to have another baby and so she and her
husband fast tracked signing the building contract, which was done
at the end of June.
"My husband and I were completely fooled, we were so excited,"
news.com.au quotes Ms. Strachan as saying.
They have since learned there is no policy number or insurance in
their name and the builder has now gone bust.
The liquidator said at this early stage of investigations, it was
unclear how many people were in the same boat regarding having no
insurance.
"We're both teachers so we literally work for the government," Ms
Strachan added, notes the report. "I just think we work so hard. I
cannot believe someone took that amount given how hard we saved
that. I am hoping the government is going to help. I would lose all
faith otherwise."
ZADRO CONSTRUCTIONS: In Administration; Lays Off All Staff
----------------------------------------------------------
NCA NewsWire reports that another Aussie builder has fallen victim
to the construction crisis seizing the country.
Zadro Constructions had to lay off all seven of its staff as it
went into voluntary administration last month.
Grant Thornton Australia was appointed as administrator for the
western Sydney-based outfit on September 15.
According to NCA NewsWire, the company's website was no longer
operational on Oct. 2, and the LinkedIn profile of an individual
listed as a director of the company appeared to have been deleted.
Zadro Constructions is unlikely to resume trading in future, a
spokesman for Grant Thornton Australia told 7News.
NCA NewsWire says the news of Zadro's demise was met with anger
online, with several commenters claiming the collapsed company owed
them money for services provided.
NCA NewsWire is not suggesting Zadro Constructions or its directors
behaved improperly.
Zadro had recently worked on 14 school infrastructure projects in
west and north Sydney along with several church redevelopments,
according to the company's Instagram page.
The future of Zadro's unfinished projects is up in the air, NCA
NewsWire notes.
"The administrators held discussions with key customers regarding
options to restructure the company's affairs and complete projects
underway," a Grant Thornton spokesman told 7News. "While
discussions regarding the future of the projects are continuing, it
appears unlikely that the business will recommence trading and all
staff (seven) have been formally terminated."
NCA NewsWire contacted Grant Thornton for comment on how much money
was owed by Zadro to tradies and suppliers.
===================
B A N G L A D E S H
===================
BANGLADESH: Default Loans Reach Record BDT1.56 lakh crore
---------------------------------------------------------
The Daily Star reports that the non-performing loans (NPLs) in the
country's banking sector reached a record of BDT156,039 crore as of
June this year thanks mainly to the lack of corporate governance in
the sector.
The bad loans rose by BDT24,419 crore in the last three months to
June, the Daily Star discloses.
At the end of the sixth month of 2023, the NPLs stood at BDT156,039
crore or 10.11 percent of the total disbursed loans, as per the
latest data from the Bangladesh Bank.
Total outstanding loans in the banking sector stood at BDT1,542,655
crore as of June 2023, the Daily Star adds.
As reported in the Troubled Company Reporter-Asia Pacific in late
July 2023, S&P Global Ratings, on July 25, 2023, revised its
long-term rating outlook on Bangladesh to negative from stable. At
the same time, S&P affirmed its 'BB-' long-term and 'B' short-term
sovereign credit ratings on Bangladesh.
The TCR-AP reported last month that Fitch Ratings has revised the
Outlook on Bangladesh's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to Negative from Stable, and affirmed the IDR at
'BB-'.
BANGLADESH: WB Lowers Country's Economic Growth Projection
----------------------------------------------------------
The Daily Star reports that Bangladesh's economy may grow at a
slower pace in the current fiscal year than it did in the previous
year as it faces significant economic headwinds such as high
inflation, external payment pressure, financial sector
vulnerabilities and uncertainty, the World Bank said Oct. 3.
The Daily Star relates that the country's economic growth is
projected to slow down to 5.6 percent in the 2023-24 fiscal year
ending next June, from 6 percent the previous fiscal year, said the
multilateral lender in its Bangladesh Development Update.
In its previous projection in April, the World Bank forecasted a
6.2 percent GDP growth for the current fiscal year.
Growth is expected to accelerate to 5.8 percent in FY25, as
inflation eases and external sector normalises gradually, it said.
However, the WB warned that the stabilisation of the external
sector depends on removing distortions in exchange rates and
lifting the exchange rate ceiling, the Daily Star relays.
"Inflation may persist, depending on domestic and global commodity
prices," it said.
The WB also said there is uncertainty ahead of the national
elections, slated for early January 2024, the Daily Star adds.
As reported in the Troubled Company Reporter-Asia Pacific in late
July 2023, S&P Global Ratings, on July 25, 2023, revised its
long-term rating outlook on Bangladesh to negative from stable. At
the same time, S&P affirmed its 'BB-' long-term and 'B' short-term
sovereign credit ratings on Bangladesh.
The TCR-AP reported last month that Fitch Ratings has revised the
Outlook on Bangladesh's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to Negative from Stable, and affirmed the IDR at
'BB-'.
=========
C H I N A
=========
CHINA EVERGRANDE: Resumes Trading in Hong Kong
----------------------------------------------
Nikkei Asia reports that shares in China Evergrande Group and its
Hong Kong-listed subsidiary Evergrande Property Services Group
resumed trading on Oct. 3 after being suspended on Sept. 28.
Both stocks opened higher in early morning trade, at 0.35 Hong Kong
dollars and HK$0.63, respectively, up 9% and 7%. Price movements
were fairly volatile through the morning, with China Evergrande
closing the session 16% higher at HK$0.37, while Evergrande
Property Services ended down 2% at HK$0.58 ahead of the lunch
break, according to the Nikkei.
Meanwhile, trading in China Evergrande New Energy Vehicle Group,
which was suspended the same day, is still suspended, the Nikkei
notes. The EV unit said in a separate filing on Oct. 3 that it is
"pending the release of an announcement in relation to inside
information," but did not elaborate, the Nikkei relates.
According to the Nikkei, trading of all three stocks was suspended
originally without any reason provided, but China Evergrande and
Evergrande Property Services said in separate but almost
identically worded filings on Oct. 2 that it was because the
companies had received official notification that its founder and
chairman Xu Jiayin, also known as Hui Ka-yan, has been put under
"mandatory measures" due to suspicion of "illegal activities."
Both China Evergrande and Evergrande Property Services have not
specified what illegal activities Xu has been allegedly involved
in. They said in the filings on Oct. 2 that there is "no other
inside information in relation to the Company that needs to be
disclosed," the Nikkei relays.
Once the country's largest property developer, China Evergrande has
been under financial stress from debt accumulated over years, while
slumping sales have hit its cash position following a government
crackdown on the sector.
The Nikkei adds that China Evergrande revealed last week that its
core domestic subsidiary, Hengda Real Estate Group, has 1,946
pending material litigation cases, with the total amount involved
adding up to CNY449.29 billion ($62.5 billion) as of the end of
August. Meanwhile, the subsidiary has an unpaid debt of CNY278. 53
billion and overdue commercial bills of CNY206.77 billion, also as
of the end of August.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2023, China Evergrande Group, the second largest real estate
developer in China, and certain of its affiliates sought creditor
protection in the United States under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery Journey.
=========
I N D I A
=========
ASHWINI FROZEN: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ashwini
Frozen Foods (AFF) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.15 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 6.00 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 September 7,
2022, placed the rating(s) of AFF under the 'issuer
non-cooperating' category as AFF 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. AFF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 24, 2023, August 3, 2023, August 13, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Ashwini Frozen Foods (AFF) was established in 1995 and is engaged
in processing of sea food which includes ribbon fish, croaker
cuttlefishes, crabs etc. which are exported to countries like Saudi
Arabia, Mozambique, and Oman etc. The firm has set up its
processing facility at Mangrol, Gujarat. The firm is currently
owned and managed by Mr. Bhimji M Khorava along with 4 other
partners and has a long experience in sea food industry. The firm
also has an associate concern with the name of Jalfish Sea Food
which is engaged in the similar line of business.
AVANTA ENGINEERINGS: CARE Lowers Rating on INR9cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Avanta Engineerings Private Limited (AEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 26,
2022, placed the rating(s) of AEPL under the 'issuer
non-cooperating' category as AEPL 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. AEPL
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).
The ratings assigned to the bank facilities of AEPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Incorporated in November 2015, Avanta Engineerings Private Limited
(AEPL) was promoted by the Jain family of Chhattisgarh to set up a
wire and strips plant. AEPL has already set up the nonferrous
metals aluminum zinc coated wires and strips unit in Durg. The
company has started commercial operation from April 2018. Mrs.
Prabha Devi Jain having over two decades of experience in
diversified business, will look after the overall management of the
company supported by Mr. Arvind Jain having over a decade of
experience along with a team of experienced professional.
BLUEPARK SEAFOODS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bluepark
Seafoods Private Limited (BSPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 85.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.00 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 9, 2022,
placed the rating(s) of BSPL under the 'issuer non-cooperating'
category as BSPL 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. BSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 25, 2023, July 5, 2023, July 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).
The Bluepark Seafoods Private Limited (BSPL) was promoted by Mr.
Mohan Rao in the year 1997. BSPL is engaged in processing of
Vannamei white shrimp and exporting of cultured shrimps to USA,
Vietnam, EU and Middle East. The processing facility of company is
located at Kurumaddali, Pamarru, Krishna Dist, Andhra Pradesh. The
plant has a capacity to produce 30 metric tones of frozen shrimp
products per day. The processing facility is approved by USFDA
(USA), EU (Europe), Hazard analysis and critical control points
(HACCP), British Retail Consortium (BRC) and ISO: 22000 certified.
BOMBAY INFRASTRUCTURE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Bombay Infrastructure India Limited
Bashabhai Compound
274 S V Road, Opp Jama Masjid,
Bandra (West), Mumbai 400050
Insolvency Commencement Date: August 2, 2023
Estimated date of closure of
insolvency resolution process: March 5, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Vishnu Kant Kabra
903, Mayfair Greens, S.V. Road,
Kandivali West, Mumbai-400067
Email: cirp.bombayinfra@gmail.com
Last date for
submission of claims: September 21, 2023
ELECTRO TEKNICA: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Electro
Teknica Switchgears Private Limited (ETSPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.00 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 25,
2022, placed the rating(s) of ETSPL under the 'issuer
non-cooperating' category as ETSPL 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. ETSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 11, 2023, July 21, 2023,
July 31, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in May 1988, Electroteknica Switchgears Private
Limited (ETSPL) is engaged in the business of manufacturing of
electrical equipment like high voltage switchgear and transformer
with its facilities located at West Bengal with an aggregate
installed capacity of 1310 Pieces Per Annum. Mr. Katkuri
VenkataKrishna Reddy, having more than three decades of experience
in the same line of industry, looks after the overall management of
the company along with the other director Mr. Haranath Babu
Boyapati and supported by the team of experienced professionals.
FULCRUM TRAINING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Fulcrum Trading Services Private Limited
A-1, Mittal Tower, Barrister Rajani Patel Marg,
Nariman Point, Mumbai City MH 400021
Insolvency Commencement Date: August 2, 2023
Estimated date of closure of
insolvency resolution process: March 5, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Vishnu Kant Kabra
903, Mayfair Greens, S.V. Road,
Kandivali West, Mumbai-400067
Email: cirp.furlcrum@gmail.com
Last date for
submission of claims: September 21, 2023
FUTURE RETAIL: Lenders Reject Space Mantra's Bid
------------------------------------------------
The Economic Times reports that the lenders of Future Retail Ltd
have rejected the bid submitted by Space Mantra for the debt-ridden
firm, which is currently going through Corporate Insolvency
Resolution Process (CIRP). The Resolution Plan submitted by Space
Mantra for Future Retail Ltd (FRL), failed to get the required
number of votes in the e-voting process of the Committee of
creditors (CoC).
It was put "for the consideration of the CoC on July 19, 2023 . . .
and pursuant to the decision taken by CoC through e-voting,
concluded on 30th September 2023 at 9 PM (IST), the resolution plan
submitted by Space Mantra Private Limited has not been approved by
CoC", FRL said in a regulatory filing on Oct. 2.
It further added: "In view of the resolution plan not having been
approved by the CoC, the next steps would be taken in accordance
with the Insolvency & Bankruptcy Code 2016," ET relays.
Space Mantra was the single bidder for FRL. According to some media
reports, Space Mantra had offered around INR550 crore, which was
very close to liquidation value. It was just 2.8 per cent of FRL's
outstanding dues of INR19,773 crore to its financial creditors.
Moreover, in another filing, FRL said that the National Company Law
Tribunal (NCLT) has extended the deadline to complete the CIRP for
15 days, accepting the company's request, according to ET.
"Consequently, the last date for completion of CIRP of FRL is
September 30, 2023," it said.
This is the fourth extension granted by the Mumbai bench of FRL.
Earlier, the deadline to complete CIRP of FRL was September 15,
which was the third extension granted by the Mumbai bench of the
National Company Law Tribunal (NCLT), ET says.
The insolvency proceedings against FRL were started by the tribunal
on July 20, 2022.
The Insolvency & Bankruptcy Code (IBC) mandates the completion of
CIRP within 330 days, which includes time taken during
litigations.
Last week, Kishore Biyani, the erstwhile promoter of debt-ridden
Future Retail, has moved the Bombay High Court against the forensic
audit process of the company, ET reports.
In August this year, Kishore Biyani and his brother Rakesh Biyani
were asked by the Bank of India to respond to findings made in the
forensic audit report by BDO, a forensic auditor appointed by the
leading financial creditor of FRL.
ET adds that the forensic auditor had submitted its report on
August 9, 2023 and Bank of India sought representation/submissions
from the company over the credit facilities availed by Biyani,
which was replied by the resolution professional on August 28,
2023, FRL had said in a regulatory filing.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer. According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.
G.R MULTIFLEX: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of G.R
Multiflex Packaging Private Limited (GMPPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 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 GMPPL under the 'issuer
non-cooperating' category as GMPPL 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. GMPPL 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).
Kolkata based G.R Multiflex Packaging Private Ltd (GMPPL) was
incorporated in July 2002 and currently managed by Mr. Rabindra
Kumar Jaiswal and Mrs. Prativa Jaiswal. Since its inception, the
company has been engaged in manufacturing of flexible packaging
materials such as polyester laminated rolls, multilayer flexible
films, oil print films, water printed films, and bags and pouches.
The company's manufacturing facility is located in Kolkata with
aggregated installed capacity of 1404 metric ton per annum.
GOLD PALACE: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gold
Palace Jewellers (GPJ) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 30,
2022, placed the rating(s) of GPJ under the 'issuer
non-cooperating' category as GPJ 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. GPJ
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 16, 2023, July 26, 2023, August 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).
Gold Palace Jewellery (GPJ) is a partnership firm established in
the year 1997. The partners of the firm are Mr. Shaik Allabaksh and
Ms. Dilshad Begum. GPJ deals in gold, silver and diamond jewellery
retailing business. The firm is running the business
from its two showrooms located at Bangalore i.e. one is located at
Dispensary Road and the other at Shivajinagar.
GOLI VADA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Goli Vada Pav Private Limited
Shop No. 4, Citi Light CHS, Plot No. 25,
Sector-1, Koparkhairne,
Navi Mumbai, Thane - 400709
Insolvency Commencement Date: September 05, 2023
Estimated date of closure of
insolvency resolution process: March 3, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Vinod Radhakrishnan Nair
A-108, Om Rachana CHS,
Sector- 17, Vashi, Navi
Mumbai-400705
Email: vinod@nairca.com
cirpgv2023@gmail.com
Last date for
submission of claims: September 19, 2023
GURUKRIPA CONVEYORS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gurukripa
Conveyors (GC) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.72 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.10 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 30,
2022, placed the rating(s) of GC under the 'issuer non-cooperating'
category as GC 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. GC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 16, 2023, July 26, 2023, August 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).
Jaipur (Rajasthan) based Gurukripa Conveyors (GC) was formed in
January, 2011 as a partnership concern by Mr. Anil Garg, Mr. Ashok
Garg and Mr. Abhishek Garg and share profit & loss in the ratio of
35%:35%:30% respectively. GC manufactures various grades of
conveyor belts used for industrial applications of material
handling in various industries like mining, coal, cement, steel and
fertilizer among others. The plant of the firm is located in RIICO
Industrial Area, Shahpura Rajasthan, having total manufacturing
capacity of 470 meters per day as on March 31, 2016. The plant of
the firm is certified as ISO 9001:2008 for quality management
systems. The firm caters to the domestic market through 16-17
dealers and markets its product all over India under the brand name
'FIRESTONE'.
HINDUSTAN PRODUCE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hindustan
Produce Company (HPC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.93 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 18,
2022, placed the rating(s) of HPC under the 'issuer
non-cooperating' category as HPC 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. HPC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 4, 2023, July 14, 2023, July 24, 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).
Hindustan Produce Company (HPC) was constituted as partnership firm
in January 1964 by the Keyal family of Kolkata, West Bengal.
However, the firm was reconstituted on admission of three new
partners via partnership deed dated May 24, 2011. Currently the
firm is managed by six partners namely: Mr. Surendra Kumar Keyal,
Mr. Vijay Kumar Keyal, Mr. Puneet Keyal, Mr. Vivek Keyal, Mrs.
Pramila Keyal and Mrs. Bandana Keyal having equal share in the
firm. Since its inception, the firm has been engaged in trading of
various kinds of ferro alloys, sponge iron, scraps, refractories,
graphite powder and other raw materials required for iron and steel
manufacturing plants.
ILD HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ILD Housing
Projects Private Limited (IHPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 33.48 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 September 20,
2022, placed the rating(s) of IHPPL under the 'issuer
non-cooperating' category as IHPPL 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. IHPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 6, 2023, August 16,
2023, August 26, 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 July 2006, ILD Housing Projects Private Limited
(IHPPL) (formerly known as International Land Developers Pvt. Ltd.)
is a Gurgaon based real estate developer promoted by Mr. Alimuddin
Rafi Ahmed. The company is a part of ILD group. The company is
engaged in the real estate sector.
IND SWIFT: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: IND Swift Limited
781 Industrial Area,
Phase II, Chandigarh-160002
Insolvency Commencement Date: September 12, 2023
Estimated date of closure of
insolvency resolution process: March 10, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Ms. Sunita
SCO 818, 1ST Floor, Nac Manimajra
Above Yes Bank,
Chandigarh-160101
Email: csskanwar@gmail.com
cirp.indswift@gmail.com
Mobile: +91 9875921492
Representative of
Creditors in a Class:
1. Atul Grover
House No. 1634, Sector 18-D,
Chandigarh-160018
Email: irpadvisors@gmail.com
2. Ankur Bansal
SCO-66, Sector-47-D,
Chandigarh-160047
Email: ip.caankur@gmail.com
3. Sudhir Kumar Jain
305, GH-64, Sector-20,
Panchkula
Email: skjaineibl@gmail.com
Last date for
submission of claims: September 26, 2023
INDURE PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: The Indure Private Limited
Indure House, G.K. Part II,
New Delhi-110048
Insolvency Commencement Date: September 5, 2023
Estimated date of closure of
insolvency resolution process: March 3, 2024 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Vinod Radhakrishnan Nair
A-108, Om Rachana CHS, Sector- 17,
Vashi, Navi Mumbai-400705
Email: vinod@nairca.com
cirpindure2023@gmail.com
Last date for
submission of claims: September 19, 2023
JAGATH TRANSPORT: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagath
Transport (JT) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 29,
2022, placed the rating(s) of JT under the 'issuer non-cooperating'
category as JT 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. JT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 15, 2023, July 25, 2023, August 4, 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).
Jagath Transport (JT) is a partnership firm established in November
2012, rendering transportation services mainly to cement companies.
JT has agreements with its customers for tenure of 3 months to 1
year. The firm is insulated from the risk of loss/damage of goods
as the goods transported by JT are covered under insurance by the
fleet owners. JT does not own any trucks and it hires trucks on
trip basis from the lorry owners based on its established contacts.
JAI VENKAY: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Venkay
Poultry Farms (JVPF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.74 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 29,
2022, placed the rating(s) of JVPF under the 'issuer
non-cooperating' category as JVPF 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. JVPF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 15, 2023, July 25, 2023, August 4, 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).
Andhra based, Jay Venkay Poultry Farms (JVPF) was established in
the year 2008 and promoted by Mr. K Venkata Rao and family members.
The firm is engaged in farming of egg laying poultry
birds(chickens) and trading of eggs and live birds. The firm sells
its products like eggs and live birds in Andhra Pradesh to
retailers through own sales personnel. The firm buys chicks (small
chickens) from Srinivasa hatcheries private limited, Vijayawada.
The firm purchases raw materials like rice bokkens, sun flower cake
from local farmers, and soya from Harikrishna & Co, Suvarnalakshmi
trading company.
JOVIAL STAINLESS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jovial
Stainless Steel and Alloys (JSSA) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 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 September 22,
2022, placed the rating(s) of JSSA under the 'issuer
non-cooperating' category as JSSA 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. JSSA
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 8, 2023, August 18, 2023, August 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).
Jovial Stainless Steel and Alloys (JSS) was established as a
proprietorship concern in July 2017 and the firm is currently being
managed by Mr. Ashok Bansal. JSS is established with an aim to set
up two manufacturing facilities at Kaithal, Haryana for
manufacturing of Stainless steel (SS) tubes, SS Pipes, SS sections,
SS rods, strips and coils with an aggregate installed capacity of
manufacturing 10800 metric tonne of Stainless-steel products per
annum. The commercial operations of Unit I commenced in March,
2018. And the commercial operation of Unit II is expected to
commence from August 2018. Further, the firm is ISO
9001:2015 certified.
K. D. SINGH: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K. D.
Singh Poultries Private Limited (KDSPPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 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 25,
2022, placed the rating(s) of KDSPPL under the 'issuer
non-cooperating' category as KDSPPL 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. KDSPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 11, 2023, July 21, 2023,
July 31, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ranchi-based, K. D. Singh Poultries Private Limited (KDSPPL)
incorporated in September 2007, was promoted by the Singh family of
Ranchi, Jharkhand with Mr. Kapil Deo Singh being the main promoter.
KDSPPL is engaged in trading of eggs.
KUBER TUBES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kuber
Tubes and Fittings Private Limited (KTFPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 29,
2022, placed the rating(s) of KTFPL under the 'issuer
non-cooperating' category as KTFPL 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. KTFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 15, 2023, July 25, 2023,
August 4, 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 March 2013, Kuber Tubes & Fittings Private Limited
(KTFPL) was promoted by Mr. Sanjib Bhattacharya and Mr. Mintu Das
for setting up a manufacturing plant for galvanised pole, pipes and
fittings. The plant was set up funded by the promoter's fund only
and the company commenced its operations in March 2017. The plant
has an installed capacity of 27,600 metric ton per annum.
LAKSHMI ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Lakshmi
Enterprise (SLE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 5,
2022, placed the rating(s) of SLE under the 'issuer
non-cooperating' category as SLE 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. SLE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 22, 2023, August 1, 2023, August 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).
Ongole based, Sri Lakshmi Enterprises (SLE) was established in the
year 2010 as a proprietorship concern by Mrs. Jayasree. The firm is
engaged in distribution of FMCG goods, in Prakasam District. It has
been recognized as an authorized distributor for the Prakasam
District by Nestle India Limited. Further, the firm also engages in
trading of edible oil procured from local companies and traded to
retailers across Andhra Pradesh.
MAGADH PRECISION: CARE Assigns D Rating to INR33.90cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Magadh
Precision Equipment Limited (MPEL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 33.90 CARE D Assigned
Bank Facilities
Long Term/ 15.00 CARE D/CARE D Rating removed
Short Term from ISSUER NOT COOPERATING
Bank Facilities category and Reaffirmed
Rationale and key rating drivers
In the absence of requisite information and surveillance fees, in
line with the extant SEBI guidelines, CARE Ratings Ltd had placed
the rating of bank facilities of MPEL into 'ISSUER NOT COPERATING'.
However, the entity has now submitted the requisite information and
paid the annual surveillance fees. Hence, CARE Ratings Ltd has
carried out a full review of the ratings and the ratings stands at
'CARE D/ CARE D'. The reaffirmation of ratings takes into account
ongoing delays in debt servicing.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Establishing a clear debt servicing track record for consecutive
three months
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers:
Key weaknesses
* On-going delays in debt servicing: MPEL has exhibited delays in
debt servicing due to poor liquidity. Interest on Funded Interest
Term Loan (FITL) and Working Capital Term Loan (WCTL) are delayed
during July 2023 and previous months. Further, it has delayed in
instalment payment for the quarter ended June 2023.
Liquidity: Poor
The company has poor liquidity position marked by on-going delays
in debt servicing.
Delhi-based, MPEL was incorporated in July 1986 as closely held
public limited company by Mr. Girja Nand Sharma, Mr. Krishna Kant
Kumar, and Ms. Meera Sharma. MPEL is engaged in manufacturing of
capital equipment for metal processing industry which primarily
includes manufacturing of hot and cold rolling mill machines,
slitting lines, galvanizing lines catering to metal processing and
steel industry for flat products. The manufacturing unit situated
at Dewas, Madhya Pradesh which is spread over 12000 Sq. Metres
area. MPEL executes both domestic as well as export orders received
mostly from China, Bangladesh, USA, Japan, Tanzania, and Dubai.
MDH TRUCKS: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of MDH Trucks
Private Limited (MTPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.00 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 8, 2022,
placed the rating(s) of MTPL under the 'issuer non-cooperating'
category as MTPL 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. MTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 24, 2023, July 4, 2023, July 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Andhra Pradesh based, MDH Trucks Private Limited (MTPL) was
incorporated in the year 2011 as a Private Limited Company by
Mr.S.MD.Naveed (Managing Director) and Mrs. S.Feroza (Director).
The operation of the company started in the year 2012.
The company is an authorized dealer of Tata Motors Limited. The
Company is engaged in sale of new vehicles and spare parts as well
as servicing of vehicles. The vehicles sold by MTPL are small
commercial vehicles (Tata Ace, Tata Magic, Tata xenon etc.), medium
and heavy vehicles (Star bus, City ride, LPT'S etc.).
MOMAI FOODS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Momai
Foods Private Limited (MFPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.64 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 24,
2022, placed the rating(s) of MFPL under the 'issuer
non-cooperating' category as MFPL 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. MFPL
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).
Analytical approach: Standalone
Outlook: Stable
Rajkot-based (Gujarat), Momai Foods Private Limited (MFPL) is a
private limited company established in 2013 by Mr. Bhaveshbhai
Khatra, Mr. Mehulbhai Khatra and Mr. Chandubhai Khatra. The company
is engaged in business of manufacturing of ice cream. The company
sells its products in state of Gujarat, Rajasthan and Madhya
Pradesh. The company has installed capacity of 1.2 crore liters of
ice cream per annum. The company sells its product under the brand
name 'MOMAI'. The company sells its ice cream through its network
of 40 distributors and 6 retail outlets. The company has ISO
22000:2005 certification for food safety management system.
OM SAI: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Sai
Hospitality (OSH) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.55 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 OSH under the 'issuer non-cooperating'
category as OSH 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. OSH continues to be
non-cooperative 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).
Established in the year 2012 by Mr. Shekhar Shetty and Mr.
Padmanabh Shetty, Om Sai Hospitality (OSH) is a partnership firm
engaged in the hospitality business and operates a 3-star hotel
"Dhiraj Hotel" at Thane. The hotel mainly caters to corporate
customers and also leisure travellers looking for a budget hotel.
OMAX AUTO: Ind-Ra Keeps B Bank Loan Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Omax Auto
Limited's (YFBPL) bank facility ratings in the non-cooperating
category and has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR153 mil. Fund-based working capital limit* maintained in
non-cooperating category and withdrawn;
-- INR270 mil. Non-fund-based working capital limit* maintained
in non-cooperating category and withdrawn; and
-- INR543 mil. Term loan** due on March 2027 maintained in non-
cooperating category and withdrawn.
Note: ISSUER NOT COOPERATING: The issuer did not co-operate, based
on the best available information.
*Maintained at 'IND B (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER
NOT COOPERATING)' before being withdrawn
**Maintained at 'IND B (ISSUER NOT COOPERATING)' before being
withdrawn
Key Rating Drivers
Ind-Ra has maintained the ratings in the non-cooperating category
as the issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls and has not provided information pertaining to the
sanctioned bank facilities and utilization, business plans and
projections for the next three years and information on corporate
governance. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
Company Profile
Founded in 1983, Omax Auto manufactures sheet metal components,
tubular components and machined components.
PARSVNATH HOTELS: Ind-Ra Affirms D Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Parsvnath Hotels
Limited's (PHL) bank loan facility at 'IND D'.
The detailed rating action is:
-- INR116.25 mil. Term loan (long-term) due on March 2022
affirmed with IND D rating.
Key Rating Drivers
The affirmation reflects continued delays in PHL's interest
servicing during the 12 months ended August 2023. This was due to
delays in the commencement of commercial operations at its hotel in
Shirdi, which is still under construction, owing to tight
liquidity.
Liquidity Indicator – Poor: PHL has been in continuous default in
last 12 months ended August 2023, and the liquidity is poor.
Rating Sensitivities
Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.
Company Profile
Incorporated in November 2007, PHL, a wholly-owned subsidiary of
Parsvnath Developers Limited, is constructing a three-star hotel in
Shirdi, Maharashtra.
RAM NATH: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ram Nath
Memorial Trust Society (RNMTS) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.15 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 September 13,
2022, placed the rating(s) of RNMTS under the 'issuer
non-cooperating' category as RNMTS 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. RNMTS continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 30, 2023, August 9, 2023,
August 19, 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).
Ram Nath Memorial Trust Society (RNMS) was established in 1999
under the Society Registration Act, 1860 with an objective to
provide education services by establishing and operating various
educational institutions. It operates institutes offering courses
in arts, computer applications certificate courses in basic
training, post-graduate courses in education, management and
shortterm courses in computer science. The society is managed by
the Singhal family and was founded by Dr. P.N. Singhal (S/O Late
Shri Ram Nath Singhal). This society is named after an eminent
educationalist and social activist Late Shri Ram Nath Singhalji.
Currently, Ms. Seema Singhal is the president of the society. The
day to day affairs of the society is carried out by Mr. P.N.
Singhal.
REDDY AND REDDY: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reddy and
Reddy Import and Exports (RRIE) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 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 30,
2022, placed the rating(s) of RRIE under the 'issuer
non-cooperating' category as RRIE 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. RRIE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 16, 2023, July 26, 2023, August 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).
Reddy and Reddy Import and Exports (RRIE), is a partnership firm,
incorporated in 1997 and is promoted by Mr. Goluguri Rama Krishna
Reddy, Mr. Venakata Reddy and Mr. Sri Rama Reddy. Mr. Goluguri Rama
Krishna Reddy is the firm's managing partner. The firm primarily
trades in prawn feed in and around West Godavari district, Andhra
Pradesh. The firm also derives about 10-12% of its revenue from
manufacturing shirt buttons. RRIE belongs to Reddy and Reddy Group
which has diverse interests including trading and manufacturing of
prawns feed, authorized dealership of Maruthi Suzuki India Limited
(MSIL) and Hero Motors.
S P INFRA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S P Infra
(SPI) continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 32.08 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 4, 2022,
placed the rating(s) of SPI under the 'issuer non-cooperating'
category as SPI 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. SPI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 20, 2023, June 30, 2023, July 10, 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).
Vadodara (Gujarat) based S P Infra (SPI) is a partnership firm
established in December 2015 by seven partners. During November
2016 the partnership deed was revised and currently the firm is
being managed by four partners named Mr. Manishbhai B. Pansuriya,
Mr. Sureshbhai B. Pansuriya, Mr. Pravinbhai B. Pansuriya and Mr.
Kishorbhai B. Pansuriya. SPI is a part of Vadodara based S P Group,
which is into real estate business for more than a decade. SPI is
currently executing a residential cum commercial project named
'Shree Siddheshwar Plaza'
(PR/GJ/VADODARA/VADODARA/OTHERS/MAA02469/240418) with 120 flats
(including 60 3BHK flats and 60 2BHK flats) and 203 shops at
Vadodara with a total area under development of 1,24,316 square
feet. The project consists of 1 building with 5 floors for
commercial shops and six buildings (Block A to F) with 5 floors for
residential.
SAMARTH PAPER: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri
Samarth Paper and Board Mill (SSPBM) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.76 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 September 22,
2022, placed the rating(s) of SSPBM under the 'issuer
non-cooperating' category as SSPBM 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. SSPBM continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 8, 2023, August 18,
2023, September 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).
Shri Samarth Paper and Board Mill (SSPBM) was established in 2006
by Mr Vijay Arjundas Gurwada, Mr Rajkumar A. Gurwada, Mr Pandurang
V. Vernekar and Dinesh P. Vernekar. Later in the year 2013, Mr
Pandurang V. Vernekar and Dinesh P. Vernekar, partners retired from
the partnership and Mr Aman R. Gurwada, Mr Akhil V Guruwada and Mr
Anuj V Gurwada joined as partners. SSPBM is engaged in
manufacturing of paper & board and paper boards at its facility
located at Kondi, Solapur.
SOFTEL OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Softel
Overseas Private Limited (SOPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 10.00 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 8, 2022,
placed the rating(s) of SOPL under the 'issuer non-cooperating'
category as SOPL 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. SOPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 24, 2023, July 4, 2023, July 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SOPL, incorporated in December 2004, is engaged in trading of
commodity polymers (plastic granules), engineering plastics and
ferrous & non-ferrous metals (zinc, lead & steel coil & sheets,
etc.). Its warehousing facility is located at Shalimar Road,
Howrah, West Bengal. SOCL mainly operates in the state of West
Bengal. The company imports 100% of its trading materials from
overseas markets. The day-to-day operations of SOPL are looked
after by Mr. Pratik Didwania (Director).
SOLEX ENERGY: Ind-Ra Affirms & Withdraws BB+ Bank Loan Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Solex Energy Limited's (SEL) debt instruments:
-- INR190 mil. Fund-based limits* affirmed and withdrawn;
-- INR357.5 mil. Non-fund-based limits** affirmed and withdrawn;
and
-- INR449.5 mil. Long-term loan*# due on October 2030 affirmed
and withdrawn.
*Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn
**Affirmed at 'IND A4+' before being withdrawn
*# Affirmed at 'IND BB+'/Stable before being withdrawn
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from all the lenders. This
is consistent with Ind-Ra's Policy on Withdrawal of Ratings.
Key Rating Drivers
The affirmation reflects SEL's continued medium scale of operations
as indicated by revenue of INR1,617.13 million in FY23 (FY22:
INR719.20 million, FY21: INR796.21 million). The growth in revenue
was on account of increased order execution in both solar panels
and engineering, procurement, and construction (EPC) segments.
However, the revenue growth was lower than Ind-Ra's expectation
mainly because of a delay in receipt of certificate from Approved
List of Models and Manufacturers for the company's new plant. Solar
panels contributed around 95% to the revenue in FY23 (FY22: 96%),
while the EPC segment contributed the remaining. Ind-Ra expects the
top line to grow significantly in FY24, owing to an increase in
production capacity and suspension of Approved List of Models and
Manufacturers policy by the Ministry of New & Renewable Energy for
one year effective March 10, 2023.
Liquidity Indicator - Stretched: The average maximum use of the
fund-based and the non-fund-based limits was around 70% and 77%,
respectively, during the 12 months ended August 2023. It had a cash
balance of INR1.33 million at FYE23 (FYE22: INR3.85 million). SEL
does not have any capital market exposure and relies on banks to
meet its funding requirements. The free cash flow remained negative
at INR199.48 million in FY23 (FY22: negative INR210 .27 million) on
account the debt-funded capex of INR351 million (INR241 million).
The fund flow from operation remained positive at INR76.9 million
in FY23 (FY22: INR12 million). The net cash conversion cycle
reduced to 82 days in FY23 (FY22: 126 days) on the back of a
decline in debtors collection period to 68 days (105 days). SEL has
scheduled debt repayments of INR63.08 million and INR64.18 million
in FY24 and FY25, respectively, which Ind-Ra expects to be met
through internal accruals.
The ratings also factor in SEL's modest EBITDA margin of 7% in FY23
(FY22: 2.6%) with a return on capital employed of 9% (3%). The
improvement in margin was due to a decrease in production expenses
and receipt of subsidy income. However, Ind-Ra expects the margin
to improve gradually with the likely rise in the revenue; although
will remain modest over the medium term.
The ratings continue to reflect the company's modest credit
metrics. Despite an increase in the total debt to INR659.4 million
at FYE23 (FYE22: INR194.24 million), the net leverage (net
debt/EBITDA) improved to 5.81x (10.25x) mainly on account of an
improvement in the absolute EBITDA increase to INR113.23 million
(INR18.57 million). However, the gross interest coverage
(EBITDA/gross interest) marginally fell to 2.02x in FY23 (FY22:
2.47x) due to an increase in the interest expenses to INR56.12
million (INR7.5 million). Ind-Ra expects the overall credit metrics
to improve further in FY24 and beyond, backed by the likely
increase in the operating EBITDA and scheduled repayment of term
loans.
The company incurred debt-led capex of around INR590 million in
FY22 and FY23 to expand its production capacity by 600MW in FY23 by
establishing a new unit in Tadkeshwar, Kim, Surat. Of the total
capex, INR400 million was funded through bank and remaining through
internal accruals. The commercial operations started in October
2022; FY24 will be the first full year of operations for this
unit.
The ratings are further constrained by SEL's moderate geographical
concentration risk. Gujarat accounted for 45% of SEL's total
revenue in FY23, followed by Pune (5%) and Raipur (3%). However,
the company plans to venture into other states to reduce the
concentration risk to some extent.
The ratings, however, are supported by the promoters' over two
decades of experience in the solar industry, leading to established
relationships with its customers and suppliers.
Company Profile
Incorporated in 2014, Gujarat-based SEL manufactures solar products
and undertakes EPC contracts for setting up solar power plants,
solar water pumps, solar water heating systems, and others. It
offers a wide range of solar products such as
mono/multi-crystalline solar photovoltaic modules, solar lanterns,
solar street lights, solar water pumps, and solar inverters. The
company is listed on NSE Emerge.
SUBIKSHAM WOMENS: CARE Assigns B+ Rating to INR12cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Subiksham Womens Welfare Foundation (SWWF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term
bank facilities 12.0 CARE B+; Stable Assigned
Rationale and key rating drivers
The rating assigned to SWWF is constrained by small scale of
operations with geographical concentration of portfolio, moderate
profitability, funding profile with majority of funds from group
entities, low capital base and exposure to regulatory risk inherent
to the industry. However, the rating draws strengths from good
asset quality and adequate loan appraisal systems, internal control
systems and MIS.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors - Factors that could, individually or
collectively, lead to positive rating action/upgrade:
* Improvement in the scale of operations along with good asset
quality and profitability on a sustained basis.
* Significant infusion of equity capital
Negative factors – Factors that could, individually or
collectively, lead to negative rating action/downgrade:
* Weakening of asset quality levels and profitability
* Significant weakening of capitalization levels
Analytical approach: Standalone
Outlook: Stable
The 'Stable' outlook reflects the likely continuation of moderate
financial risk profile.
Detailed Description of the key rating drivers
Key rating weaknesses
* Small scale of operations with high geographical concentration of
loan portfolio: SWWF has started operations from 2019 and the
entire operations are limited to 17 branches in Tamil Nadu. The
company has been operating in relatively small scale, but the
portfolio has seen a growth of 59% in FY23. The loan portfolio
stood at INR39 crore as on March 31, 2023, as compared to INR16
crore as on March 31, 2022, and INR3 crore as on March 31, 2021.
The company has only one product i.e. joint liability group (JLG)
loans. CARE Ratings Limited (CARE Ratings) expects the geographical
concentration to remain in the medium term.
* Moderate profitability: The company has been profitable over the
last three years ended March 31, 2023. The company is able to
report profits due to lower interest costs as certain borrowings
from group entities do not carry interest. Though the company has
reported significant increase in total income from INR3.20 crore in
FY22 to INR8.69 crore in FY23, the pre-provision operating profit
(PPOP) increased from INR0.51 crore in FY22 to INR0.79 crore in
FY23. This is due to increase in operating expenses (opex) due to
branch expansion and increase in employees. The return on total
assets (ROTA) has moderated from 3.74% in FY22 to 1.93% in FY23.
* Low capital base with high gearing: SWWF has a net worth of
INR6.53 crore as on March 31, 2023 as against INR2.38 crore as on
March 31, 2022. The company has raised capital of INR1.9 crore in
FY22 and INR3.22 crore in FY23 from the promoters and group
companies. The overall gearing remains high at 5.34 times as on
March 31, 2023. The borrowings also include loans taken from
related parties which are subordinated in nature. Going forward,
the ability of SWWF to raise capital to maintain the gearing at
lower levels will be a key monitorable.
* Funding profile with majority funds from group entities: SWWF's
resource profile has been concentrated with borrowings majorly from
related parties which stood at 73% of the borrowings as on March
31, 2023. The company has availed term loan facility from one bank
in October 2022 and stood at 20% of the total borrowings as on
March 31, 2023. Going forward, the ability of the company to raise
funds at competitive interest rates would remain critical for the
growth prospects and profitability of the company. The company also
raised money through Chit funds which constituted 6% of the
borrowings.
Key rating strengths
* Adequate internal control and MIS system: SWWF operates on JLG
model and the operations are monitored centrally. Each branch has a
Branch Manager (BM) and Field Officers (FO). A group consists of
five members and minimum three represent a Centre. Once KYC is
collected, it is verified with credit bureau. Once credit bureau
check is cleared, then CGT and GRT are conducted. Customer
verification is done and photos are uploaded in the system. The
approvals are done centrally at HO by the approval department. The
disbursement is done by payments section in HO. The members and the
nominees should be present in the branch on the day of
disbursement. Post the disbursement, the collections are done at
the centre meeting by the field officer once in a week. The company
uses MIS named SquareNow. The software is equipped with generating
reports like branch-wise debit credit reports, daily collection
report, overdue and PAR reports, etc. The reports are monitored by
HO and are reconciled on daily basis.
* Good asset quality metrics: SWWF has maintained comfortable asset
quality primarily on account of efficient monitoring and collection
mechanism. Though it does not come under the purview of RBI, the
company still recognises NPA on 90+ DPD. 0+ dpd as on March 31,
2023 stood at INR0.3 crore (0.82%). However, sustenance of good
asset quality with the growing operations is yet to be demonstrated
which will remain a crucial factor for future growth and
profitability of SWWF.
Liquidity: Adequate
The company's cash and cash equivalents stood at INR2.10 crore as
on March 31, 2023. The liquidity is expected to be adequate as
majority of the portfolio is having tenor of less than two years,
whereas the borrowings majorly consist of term loans which are
tenor matched.
SWWF was promoted by Manjula and Chitra in the year 2019 as a
not-for-profit Section 8 company. Currently, SWWF is engaged in
carrying out microfinance activities in JLG Model in the state of
Tamil Nadu. SWWF operates with 17 branches across nine districts in
Tamil Nadu as on March 31, 2023. D. Raja who runs the business has
15 years of experience in Administration and Operations of
financial business.
UNIMAC PLASTIC: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Unimac Plastic Technology Private Limited
Old No:4/51A, New No: 4/281,
Kundrathur Road Kovur Chennai 602101,
Tamil Nadu, India
Insolvency Commencement Date: August 31, 2023
Estimated date of closure of
insolvency resolution process: February 26, 2024
Court: National Company Law Tribunal, Divisional Bench-I, Chennai
Insolvency
Professional: Satyadevi Alamuri
No. 23 Lake Area, 3rd Cross Street,
Nungambakkam Chennai 600034
Email: satyadevifcs2gmail.com
cirp.unimac@gmail.com
Last date for
submission of claims: September 25, 2023
VIP CLOTHING: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated VIP Clothing
Limited's (VICPL) bank facilities as follows:
-- INR616.3 mil. Fund-based working capital limit assigned with
IND BB+/Stable/IND A4+ rating;
-- INR273.5 mil. Non-fund-based working capital limit assigned
with IND A4+ rating;
-- INR85.5 mil. Working capital term loan due on May 2026
assigned with IND BB+/Stable rating; and
-- INR50 mil. Proposed non-fund-based working capital limit
assigned with IND A4+ rating.
Key Rating Drivers
The ratings reflect VIPCL's modest credit metrics with an interest
coverage (operating EBITDA/gross interest expenses) of 1.43x in
FY23 (FY22: 0.79x) and a net leverage (adjusted net debt/operating
EBITDAR) of 5.89x (14.76x). The credit metrics improved yoy in
FY23, mainly on account of an increase in the EBITDA to INR126.12
million (FY22: INR67.03 million), along with a reduction in the
total debt to INR855.01 million (INR1,002.91 million). However,
since the majority of debt reduction was during 4QFY23, the
interest expense for the year did not decline significantly. A
majority of the debt pertains to short-term working capital
facilities amid high inventory requirements. Ind-Ra expects the
credit metrics to improve further over the medium term on the back
of the increasing EBITDA, as well as scheduled debt repayments.
However, they will remain modest.
The ratings further reflect VIPCL's medium scale of operations, as
indicated by a revenue of INR2,006.40 million in FY23 (FY22:
INR1,829.77 million). In FY23, the revenue increased due to better
sales price realizations of INR115.6/box (INR82/box) despite a
decline in the volume to 17.35 million boxes (21.31 million boxes).
The export revenue contributed 8.83% to the total revenue in FY23
(FY22: 8.12%). During FY23, the men's segment accounted for 85.5%
of the total revenue (FY22: 88.3%), followed by the women's segment
at 10% (9.4%) and the remaining by other segments. In FY23, 50.28%
(46.84%) of the revenue was contributed by VIP brand. During
1QFY24, VIPCL reported a revenue of INR536.64 million. Ind-Ra
expects the revenue to increase FY24 onwards on account of an
addition in the company's new range of products in the existing as
well as new brands.
The ratings also factor in VIPCL's modest EBITDA margins of 6.29%
in FY23 (FY22: 3.66%) with a return on capital employed of 4% (1%).
The EBITDA margin improved due to a decrease in the knitting &
processing charges because of the cost control measures adopted by
the company. Furthermore, In FY24, Ind-Ra expects the margins to
remain in line with the FY23.
Liquidity Indicator - Stretched: The average maximum utilization of
the fund-based limits was 92.75% and that of the non-fund-based
limits was 84.86% during the 12 months ended August 2023. The net
working capital cycle remained elongated despite improving to 277
days in FY23 (FY22: 312 days) due to a fall in the inventory days
to 211 (256) as the company took measures to control inventory. The
cash flow from operations turned positive at INR44.69 million in
FY23 (FY22: negative INR117.97 million) due to favorable working
capital changes. In FY23, VIPCL had cash and cash equivalents of
INR112.73 million (FY22: INR13.38 million). The company has
scheduled debt repayment obligations of INR31.83 million in FY24
and FY25 each. VIPCL is raising INR451.68 million through an issue
of 1,01,50,000 warrants, each convertible into an equity share of
the company at a price of INR44.50, out of which INR112.9 million
(25%) was already received in January 2023 and the rest will be
received within 18 months from the date of allotment. As per the
management, out of INR451.68 million, INR80 million-90 million will
be kept as liquid cash and the rest will be utilized for working
capital requirements.
The ratings are, however, supported by the promoter's experience of
four decades in the manufacturing of hosiery garments and the
company's brands namely VIP, Frenchie, Feelings, Leader and Brat.
VIPCL has a distribution network pan India with more than 350
distributors. It also sells its products through ecommerce sellers,
exclusive brand outlets (seven own retail stores), military stores
(canteen stores department), modern trade and general trade
stores.
Rating Sensitivities
Positive: A substantial increase in the scale of operations, along
with an improvement in the credit metrics with the leverage
sustaining below 3.5x and a strengthening in the liquidity position
of the company, will be positive for the ratings.
Negative: Any delay in the receipt of share warrant money or
deterioration in the scale of operations, leading to deterioration
in the credit metrics and/or deterioration in the liquidity
position, all on a sustained basis, will be negative for the
ratings.
Company Profile
VIPCL was incorporated in 1991, having its registered office at
Mumbai and is promoted by the Pathare family. VIPCL is engaged in
manufacturing of garments for men, women and kids. The company has
two manufacturing units located at Thingallur, Tamil Nadu and
Kolkata, West Bengal.
WINCAB INDUSTRIES: CARE Assigns B+ Rating to INR11.47cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Wincab
Industries Private Limited (WIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term
Bank Facilities 11.47 CARE B+; Stable Assigned
Rationale and key rating drivers
The rating assigned to the bank facilities of WIPL remains
constrained by project stabilization risk emanating from nascent
stage of operations, stretched liquidity, vulnerability of margins
to volatility in raw material prices along with WIPL's presence in
highly competitive and fragmented nature of industry. The rating,
however, derives strength from successful completion of greenfield
project and promoters experience in cables and wires
manufacturing.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Stabilisation of operations with reporting total operating income
(TOI) above INR90 crore and PBILDT margin above 2.5% on sustained
basis
* Increase in net worth base resulting in overall gearing below 2.5
times on sustained basis.
Negative factors
* Reporting lower than envisaged operating income or profitability
resulting in lower cash accruals putting pressure on liquidity.
Analytical approach: Standalone
Outlook: Stable
CARE Ratings believes that entity will sustain its overall
financial risk profile with completion of green field project and
will continue to derive benefit from experience of promoters in the
aluminium industry.
Detailed description of the key rating drivers:
Key weaknesses
* Project stabilisation risk emanating from nascent stage of
operations: WIPL has recently set up the manufacturing unit for
aluminium cables, wires, and rods with an installed capacity of
26,400 metric tonnes per annum. The trial runs commenced from
December 2022 and commercial operations from January 2023 onwards
which exposes the entity to the project stabilization risk with
initial teething issue. However, considering the experience of
promoters in the similar line of business, the risk is mitigated to
some extent. WIPL reported TOI of INR12.90 crore in 3MFY23 and
INR27.16 crore in 4MFY24. Profitability marked by PBILDT margin
remained moderate at 3.21% in 3MFY23 and 2.55% in 4MFY24. Capital
structure remained leveraged marked by overall gearing of 5.01
times as on March 31, 2023 and 4.59 times as on July 30, 2023.
* Vulnerability of margins to volatility in raw material prices:
The main raw material of the company is aluminium scrap. Raw
material costs have been a major contributor to the total costs
comprising around 90 to 95% of total costs. The prices of raw
materials, especially metal such aluminium ingots are volatile in
nature. Any adverse movement in the raw material prices would
adversely affect the profitability of the company.
* Highly competitive and fragmented nature of industry with raw
material price fluctuation risk: The spectrum of the aluminium
industry in India is highly fragmented and competitive, marked by
presence of numerous small and unorganized players. Hence, the
players in the industry have a limited pricing power and are
exposed to competitive pressures which affects their profitability.
Primary aluminium prices peaked at INR266,006 per tonne in the
March 2022 quarter post the Russia- Ukraine war, declined sharply
thereafter. Prices eased back to INR211,647 per tonne in the June
2023 quarter following the trend in LME (London Metal Exchange)
prices. Primary aluminium prices will continue to remain under
downward pressure in upcoming quarter i.e., March 2024.
Key strengths
* Successful completion of greenfield project: WIPL successfully
completed debt funded green field project to manufacture aluminium
wire rods, cables, and conductors in December 2022. The total cost
incurred was INR12.20 crores which was funded by Equity infusion of
INR2.20 crores, Term Loan of INR4.50 crores, and Unsecured loans of
INR5.50 crores.
* Experienced promoters: The Promoters of WIPL, Mr. Simple Jain has
a total experience of 12 years in manufacturing of all types of
power cables, he looks after the production and marketing functions
of the entity. Mrs. Ankita Jain has a decade of experience in the
industry, and she looks after day-to-day work of the business.
Overall promoters are supported by qualified and experienced
employees.
Liquidity: Stretched
Overall liquidity remained stretched marked by recently commenced
operations, high utilization of working capital limits, low cash
and bank balance and cash accruals. Cash flow from operating
activities remained at INR1.37 crores in 3MFY23. Further GCA levels
remain low at INR0.23 crores during 3MFY23. Average utilization of
working capital limits of INR2 crores remained at 95% for past 3
months ending March 2023.
Industrials Capital Goods Industrial Products Cables - Electricals
Madhya Pradesh based, Wincab Industries Private Limited (WIPL) was
incorporated on December 7, 2021, by Mr. Simple Jain and Ms. Ankita
Jain. WIPL is engaged in manufacturing of aluminium wire rods,
cables, and conductors. The manufacturing unit is situated in Dhar,
Madhya Pradesh with an installed capacity of 26,400 MT per annum.
WIPL sells its products under the brand name of 'Wincab'.
=====================
N E W Z E A L A N D
=====================
ATKIN APARTMENTS: Calibre Partners Appointed as Receivers
---------------------------------------------------------
Neale Jackson and Brendon James Gibson of Calibre Partners on Sept.
29, 2023, were appointed as receivers of Atkin Apartments Limited.
The receivers and managers may be reached at:
Calibre Partners
Level 21, 88 Shortland Street
Auckland
FUNCTIONAL BEVVYS: Creditors' Proofs of Debt Due on Nov. 10
-----------------------------------------------------------
Creditors of Functional Bevvys Limited and Platinum Construction
Residential Limited are required to file their proofs of debt by
Nov. 10, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 25, 2023.
The company's liquidators are:
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu
Auckland 0651
ISCAFFOLD AOTEAROA: Court to Hear Wind-Up Petition on Nov. 2
------------------------------------------------------------
A petition to wind up the operations of Iscaffold Aotearoa Limited
will be heard before the High Court at Napier on Nov. 2, 2023, at
2:15 p.m.
Direct Scaffolding Supplies Limited filed the petition against the
company on Aug. 16, 2023.
The Petitioner's solicitor is:
Gregory David Trainor
MacLean & Associates Lawyers
Unit 4, 31 Tyne Street
Addington
Christchurch
PEARSON CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 30
--------------------------------------------------------------
Creditors of Pearson Construction Limited are required to file
their proofs of debt by Oct. 30, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 27, 2023.
The company's liquidators are:
Heath Gair
Palliser Insolvency
PO Box 57124
Mana
Porirua 5247
RUAPEHU ALPINE: To Receive Additional NZD7 Million from Government
------------------------------------------------------------------
Radio New Zealand reports that Cabinet has signed off on an
additional support package of more than NZD7 million for the
troubled Ruapehu Alpine Lifts.
RAL went into voluntary administration last year, NZD45 million in
debt due to a bad ski season and the Covid-19 lockdowns.
According to RNZ, Regional Development Minister Kieran McAnulty
said Cabinet decided on Oct. 2 that NZD7.35 million will be
provided to RAL to allow the continued operation of its ski field
operations until March 2024.
Earlier this year, the government promised up to NZD5 million to
the liquidators of Ruapehu Alpine Lifts to ensure the 2023 ski
season could go ahead.
Then-regional development minister Kiri Allan said the funding
would allow time for the liquidators to decide who to sell the
business and assets to, RNZ relates.
In a statement, Mr. McAnulty said the funds "will help cover
critical maintenance undertaken during the summer and provide
additional certainty for the community," RNZ relays.
He said there was a need to allow time for further conversations
between stakeholders, iwi and hapu about the ski field's future.
"This was the appropriate decision made considering we have an
election in less than two weeks."
About Ruapehu Alpine
Ruapehu Alpine Lifts Limited (RAL) operates the Whakapapa and Turoa
skifields in the central North Island.
John Fisk and Richard Nacey, of PwC, were appointed voluntary
administrators of RAL on Oct. 11, 2022, following a resolution of
the Directors of the Company.
Ruapehu Alpine Lifts was put into liquidation on June 21, 2023.
SOCIAL BLONDE: Creditors' Proofs of Debt Due on Nov. 24
-------------------------------------------------------
Creditors of Social Blonde Limited are required to file their
proofs of debt by Nov. 24, 2023, to be included in the company's
dividend distribution.
The High Court at Christchurch appointed Lynda Smart of Rodgers
Reidy as liquidators on Sept. 28, 2023.
=====================
P H I L I P P I N E S
=====================
BOULEVARD HOLDINGS: Faces PSE Sanctions for Reporting Lapses
------------------------------------------------------------
Bilyonaryo.com reports tht Boulevard Holdings Inc. (BHI), led by
real estate magnate Jocel Panlilio, is facing another penalty from
the Philippine Stock Exchange (PSE) due to its failure to comply
with the listing and disclosure rules.
Bilyonaryo.com relates that the PSE imposed sanctions on BHI for
its violation of Section 17.2, which pertains to the obligation of
listed companies to provide periodic and other reports, while
Section 17.8 specifies the consequences for failing to comply with
specific structured reporting requirements.
According to the rules, issuers are required to submit their annual
reports within 105 calendar days following the conclusion of the
fiscal year, or any valid extension thereof.
Additionally, quarterly reports must be submitted within 45
calendar days after the end of each quarter, or any valid extension
thereof.
Failure to meet these reporting obligations results in fines
imposed by the PSE, Bilyonaryo.com notes.
Boulevard Holdings, Inc., through its subsidiaries, develops real
estate such as leisure, hotel, and tourist estates, as well as
residential and office condominiums. The Company also operates
system integration business.
=================
S I N G A P O R E
=================
AAX ASIA: Court to Hear Wind-Up Petition on Oct. 12
---------------------------------------------------
A petition to wind up the operations of AAX Asia Private Limited
and AAX Singapore Private Limited will be heard before the High
Court of Singapore on Oct. 12, 2023, at 10:00 a.m.
The Petitioner's solicitors are:
Rev Law LLC
1D Duxton Hill
Singapore 089587
GS METAL: Court to Hear Wind-Up Petition on Oct. 20
---------------------------------------------------
A petition to wind up the operations of GS Metal Engineering Pte
Ltd will be heard before the High Court of Singapore on Oct. 20,
2023, at 10:00 a.m.
Standard Chartered Bank (Singapore) Limited filed the petition
against the company on Sept. 22, 2023.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
LEIGHTON OFFSHORE: Creditors' Proofs of Debt Due on Oct. 30
-----------------------------------------------------------
Creditors of Leighton Offshore Mynx Pte. Ltd. are required to file
their proofs of debt by Oct. 30, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 22, 2023.
The company's liquidator is:
Ong Kok Yeong David
c/o Tricor Singapore
80 Robinson Road #02-00
Singapore 068898
MILLENNIUM SECURITIES: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Millennium Securities Nominees Pte Ltd, on Sept. 25,
2023, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Ms. Chin Moy Yin
101 Upper Cross Street
#05-24 People's Park Centre
Singapore 058357
X DIAMOND: Court Enters Judicial Management Order
-------------------------------------------------
The High Court of Singapore entered an order on Sept. 8, 2023, to
place the operations of X Diamond Capital Pte. Ltd. under judicial
management.
The company's Judicial Manager is:
Tam Chee Chong
c/o 10 Anson Road, #10-10
International Plaza
Singapore 079903
*********
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.
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