/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/231012.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, October 12, 2023, Vol. 26, No. 205 Headlines A U S T R A L I A AI ENGLISH: First Creditors' Meeting Set for Oct. 19 AUSTRALIAN TANKS: First Creditors' Meeting Set for Oct. 16 BAD SHEPHERD: Placed in Administration Due to Debts BBY LIMITED: Former CEO Charged with Aiding and Abetting Fraud CONDOR BLANCO: Fined AUD100,000 for Financial Report Failures JGC INVESTMENT: First Creditors' Meeting Set for Oct. 17 OLEG CASSINI: Donates 80 Brand New Wedding Dresses to Vinnies PIZZERIA PACIFIC: Second Creditors' Meeting Set for Oct. 16 ROYAL DEVELOPMENT: Second Creditors' Meeting Set for Oct. 16 SHIFT 2022-1 PP: Moody's Upgrades Rating on Class F Notes to Ba1 THINK TANK 2023-3: S&P Assigns Prelim B (sf) Rating to Cl. F Notes VIRGIN AUSTRALIA: Bain Capital Delays Listing Until Next Year WISR INDEPENDENCE 2023-1: Moody's Ups Rating on Cl. F Notes to Ba3 C H I N A COUNTRY GARDEN: Says Can't Meet All Offshore Debt Payments KAISA GROUP: Creditors Will Get Less Than 5% Back if Liquidated WM MOTOR: EV Startup Files for Bankruptcy I N D I A B. M. ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating BALAJI STEEL TUBE: CARE Keeps D Debt Rating in Not Cooperating BALAJI STEEL: CARE Keeps D Debt Rating in Not Cooperating CREATIVE CHAIN: CARE Keeps D Debt Rating in Not Cooperating DIGVIJAY CAPITAL: Voluntary Liquidation Process Case Summary DOSHION WATER: Liquidation Process Case Summary DWARKA METROHILLS: CARE Keeps C Debt Rating in Not Cooperating ECO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating ETERNAL MOTORS: Liquidation Process Case Summary EUROTAS INFRASTRUCTURE: Liquidation Process Case Summary HEMA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating HYDERABAD STEELS: CARE Keeps C Debt Rating in Not Cooperating KADAM AND KADAM: CARE Keeps D Debt Ratings in Not Cooperating KPG INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating M. RANGANATHAN: CARE Keeps D Debt Ratings in Not Cooperating METRO AGRO: CARE Keeps D Debt Rating in Not Cooperating Category MSE INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating R.S. DREAM: CARE Keeps D Debt Rating in Not Cooperating Category SIMOCO TELECOM: CARE Keeps D Debt Rating in Not Cooperating SPS EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating SULABH PHARMACEUTICAL: CARE Keeps D Ratings in Not Cooperating THIRUVANANTHPURAM ROAD: CARE Keeps D Rating in Not Cooperating UNOSACK FLEXIBLE: CARE Keeps C/A4 Debt Ratings in Not Cooperating WORLD CONNECT: Insolvency Resolution Process Case Summary YOUTH WELFARE: CARE Keeps D Debt Ratings in Not Cooperating M O N G O L I A DEVELOPMENT BANK: Moody's Puts 'B3' Rating on Review for Downgrade N E W Z E A L A N D COOK MOTORS: Creditors' Proofs of Debt Due on Oct. 29 DIRECTION HOMES: Creditors' Proofs of Debt Due on Nov. 6 KM TRADING: Court to Hear Wind-Up Petition on Dec. 1 OM NAMAH: Creditors' Proofs of Debt Due on Oct. 31 OTAKIA PASTURES: Court to Hear Wind-Up Petition on Oct. 19 S I N G A P O R E ARCHWEY PTE: Court to Hear Wind-Up Petition on Oct. 20 CH INVESTMENT: Court Enters Wind-Up Order EYOS SINGAPORE: Creditors' Meeting Set for Oct. 24 GARYS PTE: Creditors' Meeting Set for Oct. 24 IFN SINGAPORE: Commences Wind-Up Proceedings SIN LIAN: Creditors' Proofs of Debt Due on Nov. 10 - - - - - ================= A U S T R A L I A ================= AI ENGLISH: First Creditors' Meeting Set for Oct. 19 ---------------------------------------------------- A first meeting of the creditors in the proceedings of AI English Pty Ltd will be held on Oct. 19, 2023, at 10:00 a.m. at the offices of Pearce & Heers at Level 12, 127 Creek Street in Brisbane and via virtual meeting technology. Michael Dullaway and Mark Pearce of Pearce & Heers Insolvency Accountants were appointed as administrators of the company on Oct. 9, 2023. AUSTRALIAN TANKS: First Creditors' Meeting Set for Oct. 16 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Australian Tanks QLD Pty Ltd will be held on Oct. 16, 2023, at 11:00 a.m via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on Oct. 4, 2023. BAD SHEPHERD: Placed in Administration Due to Debts --------------------------------------------------- David Adams at SmartCompany reports that Melbourne craft beer stalwart Bad Shepherd Brewing Co. has called in the administrators for a financial restructure, owing to legacy debts incurred through the COVID-19 pandemic. Documents listed by the Australian Securities and Investments Commission (ASIC) on Oct. 10 show Atle Crowe-Maxwell of DBA Advisory was appointed as the sole administrator of the popular brewery and brewpub venue, SmartCompany discloses. SmartCompany says DBA Advisory continues to trade the business as it pursues a Deed of Company Arrangement proposal mapping out the restructuring process. No staff have been laid off through the restructuring process. In a statement, Bad Shepherd Brewing Co. said employees and customers should consider the situation as "business as usual" while restructuring efforts take place, SmartCompany relays. "There will be no impact to ongoing production and hospitality operations as a result of this appointment," the statement said. Founded by husband and wife duo Dereck and Diti Hales in 2015, Bad Shepherd launched as a brewpub in the bayside suburb of Cheltenham. The venue adapted American-style BBQ cuisine for the Australian palate, and this year used Vegemite as the inspiration for a yellow-and-black menu update. Capitalising on a growing Australian thirst for craft beer, Bad Shepherd has also delved into national distribution. Selections from its extensive range are available in independent bottleshops nationwide, along with retail titans like Dan Murphy's, BWS, and Vintage Cellars. However, the business' trajectory was disrupted by the COVID-19 pandemic, which saw the Victorian government impose strict lockdown conditions on hospitality venues for much of 2020 and 2021, SmartCompany notes. Bad Shepherd Brewing Co. also suffered from lower-than-usual patronage in early 2022, as fears over COVID-19 transmission kept punters from their favourite venues, SmartCompany relates. The business incurred considerable debts as it maintained its brewing operations. According to the report, Victorian bars are now well and truly open for business, but a softening economy has seen craft beer aficionados turn to cheaper alternatives in 2023, further softening the thirst for boutique options. Even so, Hale maintains Bad Shepherd is now running profitably and is close to pre-COVID revenue levels. Predictions of a warm summer, and the potential that interest rates have peaked, could also benefit the craft brewing sector — and the many businesses nationwide nursing debts sustained through the pandemic. "This has been a difficult period for the business, but we see this as an opportunity to reset and look forward to better times ahead," the report quotes Hales as saying. BBY LIMITED: Former CEO Charged with Aiding and Abetting Fraud -------------------------------------------------------------- Mr. Arunesh Narain Maharaj, of Sydney, New South Wales, the former Chief Executive Officer of stockbroking firm BBY Limited, has appeared in the Downing Centre Local Court charged with aiding, abetting, counselling or procuring fraud. ASIC alleges that Mr. Maharaj aided, abetted, counselled or procured offences by another former BBY employee, who, by deception, dishonestly obtained a financial advantage for BBY from St George Bank, a division of Westpac Banking Corporation. The financial advantage was obtaining additional funding by way of improperly drawing down on an overdraft facilitation account which BBY held with St George Bank which BBY was not entitled to. Mr. Maharaj has been charged with two counts contrary to sections 192E(1)(b) and 346 of the Crimes Act 1900 (NSW). The first count relates to obtaining additional funding at the end of June 2013. The second count relates to obtaining additional funding from November 2014 to early 2015. The matter was adjourned for further mention on Dec. 5, 2023. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. Each offence of section 192E(1)(b) and 346 of the Crimes Act 1900 (NSW) carries a maximum penalty of 10 years' imprisonment. BBY was a former stockbroking and financial services business. It was placed into voluntary administration on May 17, 2015 and in liquidation on June 22, 2015, with significant client shortfalls. ASIC suspended BBY's AFS licence in May 2015. That suspension remained in place until its licence was cancelled in June 2021. ASIC's investigation into BBY is ongoing. CONDOR BLANCO: Fined AUD100,000 for Financial Report Failures ------------------------------------------------------------- Mining exploration company Condor Blanco Mines Limited has been fined AUD100,000 for failing to lodge five annual financial reports with the Australian Securities and Investments Commission (ASIC). The company, which was delisted from the ASX on Aug. 28, 2018 after failing to pay its annual listing fee, failed to appear before the Downing Centre Court on Sept. 19, 2023. In its absence, it was convicted on five charges of failing to lodge annual financial reports with ASIC for the 2018 to 2022 financial years. The fine reflects the seriousness of the offences. It is important that accurate and timely reports are lodged to assist shareholders, creditors and the public in making informed decisions when dealing with entities. ASIC will continue to prosecute companies that fail to comply with their statutory obligations. Section 319 of the Corporations Act requires a disclosing entity and registered scheme to lodge the complete financial reports within three months after the end of the financial year. All other entities are required to lodge their financial reports within four months after the end of the financial year. Condor Blanco Mines Limited is a mining and exploration company. JGC INVESTMENT: First Creditors' Meeting Set for Oct. 17 -------------------------------------------------------- A first meeting of the creditors in the proceedings of JGC Investment Holdings Pty Ltd will be held on Oct. 17, 2023, at 11:00 a.m. via virtual meeting only. Daniel O'Brien and Danny Vrkic of DV Recovery Management were appointed as administrators of the company on Oct. 5, 2023. OLEG CASSINI: Donates 80 Brand New Wedding Dresses to Vinnies ------------------------------------------------------------- News.com.au reports that a bridal shop has delivered one last kind act amid its shock closure. Oleg Cassini, a designer wedding dress brand, sadly closed their doors in Australia back in February, the report recalls. The company, with overseas stores across Turkey, had showrooms in both Melbourne and Sydney prior to the closure. A spokesperson for the Australian branch said that they came to the tough decision to shut down after struggling during the pandemic. "It was a very tough decision and we have an amazing team that we had to make redundant, and we had to exit our leases," the spokesperson told news.com.au. "We put so much heart and soul and work into building a business in Australia." However, as a parting gift to soon-to-be brides, Oleg Cassini has donated 80 brand new wedding dresses to Vinnies, news.com.au says. According to the report, Waverly Vinnies in Sydney's East will be hosting a bridal expo on October 27 after receiving the generous donation. News.com.au relates that Vinnies Acting Regional Manager Gemma Presely said that the recommended retail price on the dresses range between AUD1,700 all the way up to AUD4,500. However, eager brides will be able to pick up a brand new dress for as low as AUD300. "In the current economy, weddings are an expensive day to many. This is a really great way for people to keep the cost down of their wedding," Ms. Presely told news.com.au. In addition to the 80 donated dresses - which include Oleg Cassini and some Viola Chan - there will be around 100 preloved dresses starting at AUD50. The spokesperson for Oleg Cassini spoke to the business's values when asked why they decided to donate the dresses rather than include them in their closing down sale, news.com.au says. "The whole purpose of the business had been affordable dresses, and so the fact that we were able to create an even more affordable option for brides to in New South Wales was quite appealing," the spokesperson said. Speaking to news.com.au, Ms. Presely described the moment the team unboxed the stunning dresses. "When we had a look through the boxes and realised how beautiful these dresses were . . . very, very blessed to receive a donation like that," she said. "It's important that we honour the donor and honour their decision to donate these goods to us." She added that while Vinnies have received donated wedding dresses in the past, there might only be a small number in each location. "When a bride or bride to be is going shopping, she might go to one Vinnies store and there'll be five wedding dresses there that's not suitable, and then on to the next store," she said. Now, the dresses will all be sent to the one location so brides-to-be will have a larger selection of dresses to choose from for their special day. Bridesmaid dresses, accessories, shoes, and suits will also be available at the expo. Additionally, all profits from the dresses will go towards charity Ms. Presely also put forth a call out to anyone considering donating their own wedding dresses, news.com.au relays. "If they've read about this and think it's a great initiative, and they've got a wedding dress sitting in a box in their cupboard they'd like to donate, then they can donate it between now and then to any Vinnies store and we'll make sure that it's at Waverly for the 27th to be a part of this special event," news.com.au quotes Ms. Presely as saying. The expo will open at 9:30 a.m. on Friday October 27 and will continue seven days a week while stocks last, news.com.au notes. PIZZERIA PACIFIC: Second Creditors' Meeting Set for Oct. 16 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Pizzeria Pacific Fair Pty Ltd has been set for Oct. 16, 2023 at 10:30 a.m. at 22 Market Street in Brisbane City and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 13, 2023 at 5:00 p.m. Anne Meagher and Matthew Bookless of SV Partners were appointed as administrators of the company on Sept. 8, 2023. ROYAL DEVELOPMENT: Second Creditors' Meeting Set for Oct. 16 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Royal Development Group Pty Ltd has been set for Oct. 16, 2023 at 10:30 a.m. at the offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney and via Zoom videoconferencing. 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. 13, 2023 at 5:00 p.m. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on Sept. 8, 2023. SHIFT 2022-1 PP: Moody's Upgrades Rating on Class F Notes to Ba1 ---------------------------------------------------------------- Moody's Investors Service has upgraded ratings on four classes of notes issued by Shift 2022-1 PP Trust. Issuer: Shift 2022-1 PP Trust Class C Notes, Upgraded to Aa3 (sf); previously on Feb 8, 2023 Upgraded to A1 (sf) Class D Notes, Upgraded to A2 (sf); previously on Feb 8, 2023 Upgraded to A3 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Feb 8, 2023 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Feb 8, 2023 Upgraded to Ba3 (sf) RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available for the affected notes and the good collateral performance to date. Following the September 2023 payment date, the credit enhancement available for the Class C, Class D, Class E and Class F Notes has increased to 28.7%, 23.2%, 15.4% and 12.1%, respectively, from 25.5%, 19.8%, 11.7% and 8.0% at the time of the last rating action for these notes in February 2023. As of end-August 2023, 3.4% of the outstanding pool was 30-plus day delinquent, and 1.3% was 90-plus day delinquent. The deal has incurred 0.9% of gross losses to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's has lowered its expected portfolio loss rate assumption to 6.5% of the current pool balance (equivalent to 3.8% of the closing pool balance), from 7.0% at the time of the last rating action in February 2023. Moody's has also lowered the Aaa portfolio credit enhancement (PCE) to 38%, from 40% at the last rating action. Moody's has considered sensitivity scenarios with higher expected portfolio loss rates, higher CPR and different default timing. The transaction is a cash securitisation of commercial auto and equipment loan receivables originated by Shift Financial Pty Ltd ("Shift"). Shift is an Australian SME lender providing working capital facilities, term loans and asset finance to Australian businesses. The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations methodology" published in September 2023. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. THINK TANK 2023-3: S&P Assigns Prelim B (sf) Rating to Cl. F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to seven of the eight classes of residential mortgage-backed, floating rate, pass-through notes to be issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Residential Series 2023-3 Trust. Think Tank Residential Series 2023-3 Trust is a securitization of loans to residential borrowers, secured by first-registered mortgages over Australian residential properties originated by Think Tank Group Pty Ltd. (Think Tank). The preliminary ratings reflect: -- S&P's view of the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. -- S&P's view that the credit support is sufficient to withstand the stresses it applies. This credit support comprises note subordination for each class of rated note. -- That the transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, the condition that a minimum margin will be maintained on the assets, an amortizing liquidity facility sized at 1.5% of the outstanding balance of the rated notes, the yield reserve and the principal draw function. -- The extraordinary expense reserve of A$150,000, funded from day one by Think Tank, available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. -- The legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. -- The counterparty exposure to Commonwealth Bank of Australia as bank account provider and National Australia Bank Ltd. as liquidity facility provider. The transaction documents for the bank account and liquidity facility include downgrade language consistent with our counterparty criteria. Preliminary Ratings Assigned Think Tank Residential Series 2023-3 Trust Class A1, A$400.00 million: AAA (sf) Class A2, A$55.00 million: AAA (sf) Class B, A$15.00 million: AA (sf) Class C, A$11.75 million: A (sf) Class D, A$8.25 million: BBB (sf) Class E, A$4.50 million: BB (sf) Class F, A$3.00 million: B (sf) Class G, A$2.50 million: Not rated VIRGIN AUSTRALIA: Bain Capital Delays Listing Until Next Year ------------------------------------------------------------- Reuters reports that Bain Capital has put off its plans for an initial public offering of Virgin Australia airline to next year, a person with knowledge of the matter said on Oct. 10. Reuters relates that the U.S.-based private equity firm will consider listing in 2024 after assessing market conditions, said the source who declined to be identified as the discussions were private. According to Reuters, Bain said in January it would explore re-listing Virgin, which it bought for AUD3.5 billion ($2.45 billion) including liabilities in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy. Reuters had reported that Bain was aiming for a AUD1 billion listing on the Australian Securities Exchange (ASX), which would be the largest new share sale in almost two years since GQG Partners raised AUD1.18 billion in a 2021 listing. However, the timeline of the deal has fluctuated, with the transaction previously being aimed for mid-year, but then reportedly moved to November. About Virgin Australia Brisbane, Queensland-based Virgin Australia is Australia's second-largest airline. It commenced services in 2000 as Virgin Blue, wholly owned by the Virgin Group. Virgin Australia Holdings Ltd. was the first Asian airline to succumb to the challenges of the coronavirus pandemic. The airline carrier collapsed into voluntary administration in April 2020. Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri of Deloitte were appointed as administrators of Virgin Australia, et al., on April 20. The administrators were tasked to restructure and find new owners for the airline. The airline's frequent flyer program is a separate company and is not in administration. At the time of its collapse, Virgin Australia continued to operate some flights for essential workers, freight and the repatriation of Australians. The company owes AUD6.8 billion to lenders, bondholders, aircraft lessors, trade creditors and employees. On April 29, 2020, Virgin Australia and more than 30 of its affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Vaughan Strawbridge, Richard Hughes, John Greig, Salvatore Algeri were tapped as foreign representatives. Renee M. Dailey, Esq. of Akin Gump Strauss Hauer & Feld LLP serves as counsel to the Foreign Representatives. In June 2020, administrator Deloitte agreed to sell the airline carrier to American private equity giant Bain Capital. The size of the bid for the airline has not been revealed. In September 2020, the creditors of Virgin Australia voted to accept the sale of the stricken airline to Bain Capital. WISR INDEPENDENCE 2023-1: Moody's Ups Rating on Cl. F Notes to Ba3 ------------------------------------------------------------------ Moody's Investors Service has upgraded ratings on five classes of notes issued by Wisr Independence Trust 2023-1. The affected ratings are as follows: Issuer: Wisr Independence Trust 2023-1 Class B Notes, Upgraded to Aa1 (sf); previously on Feb 20, 2023 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on Feb 20, 2023 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Feb 20, 2023 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Feb 20, 2023 Definitive Rating Assigned Ba1 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Feb 20, 2023 Definitive Rating Assigned B1 (sf) RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and the good collateral performance to date. Following the September 2023 payment, credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 19.0%, 16.8%, 11.8%, 8.4%, and 5.4% respectively, from 16.2%, 14.2%, 9.8%, 6.8%, and 4.2% at closing in February 2023. As of end August 2023, 1.6% of the outstanding pool was 30-plus day delinquent and 0.4% was 90-plus day delinquent. The deal has incurred 0.3% of gross losses to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's has maintained its expected default assumption of 5.0% of the outstanding pool balance and the Aaa portfolio credit enhancement of 24%. The transaction is a cash securitization of secured auto loans extended to obligors located in Australia. All receivables were originated and serviced by Wisr Finance Pty Ltd. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in November 2022. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. ========= C H I N A ========= COUNTRY GARDEN: Says Can't Meet All Offshore Debt Payments ---------------------------------------------------------- Reuters reports that Country Garden warned on Oct. 10 about its inability to meet offshore debt obligations, potentially joining a growing list of Chinese developers that have defaulted and setting the stage for one of the country's biggest debt restructurings. Companies accounting for 40% of Chinese home sales - mostly private property developers - have defaulted on debt obligations since a liquidity crisis hit the sector in 2021, leaving many homes unfinished. According to Reuters, Country Garden, China's largest private property developer, has not defaulted so far, but has missed coupon payments on some dollar bonds since last month and faces the end of 30-day grace periods for making payments from next week. In a filing with the Hong Kong stock exchange on Oct. 10, Country Garden said that its sales and financing were facing "significant challenges", and its available funds have continued to decrease, Reuters reports. The company said it would "not be able to meet all of its offshore payment obligations when due or within the relevant grace periods", adding non-payment may lead to creditors demanding payment acceleration or pursuing enforcement action, Reuters relays. Reuters notes that Country Garden's warning underscores how an unprecedented liquidity squeeze in the Chinese property sector, accounting for roughly a quarter of the economy, and weaker sales continue to darken prospects for developers. Beijing has rolled out a raft of measures in recent months, including reducing deposit requirements and cutting existing mortgage rates, to help renew homebuyers' confidence, but growing debt woes of developers was unlikely to help achieve that goal, the report states. Country Garden, which has $10.96 billion of offshore bonds and CNY42.7 billion ($5.86 billion) worth of offshore loans, said it was facing "significant" uncertainty regarding the disposal of assets and its cash position remained under pressure, Reuters discloses. According to the report, the developer said it had appointed Houlihan Lokey, China International Capital Corporation (CICC) and law firm Sidley Austin as advisers to examine its capital structure and liquidity position and formulate a holistic solution. The company added it will work with advisers to develop the most pragmatic and optimal solution for all stakeholders, and called for patience from creditors. Morningstar analyst Jeff Zhang said mandating advisers showed "whether the company will default hinges on the outcome of overseas debt restructuring and the next two weeks will be crucial," according to Reuters. "We do not expect Country Garden's liquidity to materially improve as homebuyers and financial institutions may continue to stay on the sidelines." About Country Garden Country Garden Holdings Company Limited is an investment holding company principally engaged in the sales of properties. The Company operates its business through five segments: Property Development segment, Construction Fitting and Decoration segment, Property Investment segment, Property Management segment and Hotel Operation segment. The Company's subsidiaries include Wuhan Country Garden Lianfa Investment Co., Ltd, Jurong Country Garden Property Development Co., Ltd and Chuzhou Country Garden Property Development Co., Ltd. As reported in the Troubled Company Reporter-Asia Pacific in September 2022, S&P Global Ratings lowered its long-term issuer credit rating on Country Garden to 'BB' from 'BB+'. The negative outlook on Country Garden reflects the risk that the company's liquidity buffer and leverage could further deteriorate due to weaker sales and a high amount of construction expenditure. KAISA GROUP: Creditors Will Get Less Than 5% Back if Liquidated --------------------------------------------------------------- Reuters reports that Kaisa Group said creditors would get less than 5% of their money back if it is forced into liquidation, a lawyer for one creditor who is suing the company told a Hong Kong court on Oct. 10. According to Reuters, Broad Peak Investment filed a winding-up petition against Kaisa in July in the Hong Kong High Court in relation to non-payment of onshore bonds worth CNY170 million (US$23.28 million). Reuters says many other Chinese developers are also facing winding-up petitions filed after the sector plunged into a debt crisis in 2021, resulting in many firms defaulting on their debt obligations. So far only a couple have been ordered to wind up by overseas courts. The first Chinese property developer to default on its dollar bonds in 2015 and undergo a restructuring, Shenzhen-based Kaisa was also among the first developers to default in the latest property sector debt crisis, which is weighing heavily on China's economy, according to Reuters. However, nearly two years after its default on offshore debt, Kaisa has yet to announce a restructuring plan. At the hearing on Oct. 11, barrister James Wood, representing the petitioner, cited a statement that Kaisa filed with the court, saying the recovery rate would be less than 5% in a liquidation scenario, its cash to short term debt ratio is 0.02 and that it is cashflow insolvent, Reuters relays. Reuters says Kaisa has applied to strike out the petition, with its lawyer arguing in court the bond contract is under mainland Chinese law and Broad Peak does not have the authority to commence a winding up procedure in Hong Kong. Hong Kong is a special administrative region of China but maintains its own legal system. Judge Linda Chan gave the parties 28 days to provide new expert evidence on whether the petitioner has the authority. She also asked Kaisa to submit an update on its restructuring progress before the next hearing in a date to be decided later, Reuters adds. With $12 billion of offshore debt, Kaisa is China's largest issuer of offshore debt among developers after China Evergrande Group. It had CNY232.5 billion ($31.91 billion) of total liabilities as of the end of June, including CNY37.6 billion ($18.88 billion) of total borrowings, Reuters discloses. About Kaisa Group Kaisa Group Holdings Ltd engages in real estate development in China, including urban redevelopment projects in the GBA. As of June 30, 2021, the company's land bank comprised an aggregate gross floor area of 31.1 million square meters of saleable resources across over 50 cities in China. As reported in the Troubled Company Reporter-Asia Pacific, on Oct. 13, 2022, Moody's Investors Service has withdrawn Kaisa Group Holdings Ltd's Ca corporate family rating and its C senior unsecured ratings. Prior to the withdrawal, the rating outlook was negative. WM MOTOR: EV Startup Files for Bankruptcy ----------------------------------------- Reuters reports that Chinese electric vehicle startup WM Motor has filed for bankruptcy, marking the demise of a promising standout among China's EV makers as price competition in the world's largest auto market heats up. A court in Shanghai is handling the bankruptcy case, according to a filing dated on Oct. 9 on the national enterprise bankruptcy information disclosure platform, Reuters relates. "WM Motor's planned reorganisation will introduce strategic investors from across the globe to achieve its rebirth," the company said in a statement posted on its official Weibo account on Oct. 10. According to Reuters, the carmaker said it has been mired in an operational dilemma in recent years due to the pandemic's impact, capital market sluggishness, large price swings in raw materials and setbacks in gaining capital needed for operations and development. U.S.-listed second-hand car dealer Kaixin Auto Holdings had announced in September a non-binding acquisition term sheet with the troubled EV maker, Reuters recalls. Reuters relates that the deal came after WM Motor's backdoor listing through a reverse takeover with Hong Kong-listed Apollo Future Mobility fell through. The failed deal was seen as a survival move after two previous fruitless attempts by WM Motor to seek a listing in Shanghai's STAR Market and Hong Kong, the report notes. Founded in 2015 by renowned auto veteran Freeman Shen, WM Motor was seen to be among rising Chinese EV startups Nio, Li Auto and XPeng. Its backers included Chinese tech giant Baidu and Shanghai's state-owned asset regulator. But the Shanghai-based startup struggled to eke out profits in the capital-intensive auto sector, Reuters notes. WM Motor's annual losses doubled to CNY8.2 billion ($1.13 billion) over the three years to 2021, Reuters discloses citing the company's stock prospectus released in June 2022 for a planned Hong Kong IPO. ========= I N D I A ========= B. M. ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of B. M. Enterprises (BME) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 19, 2022, placed the rating(s) of BME under the 'issuer non-cooperating' category as BME 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. BME continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 5, 2023, August 15, 2023, August 25, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). BME was established as a partnership firm in 1991 and is currently being managed by Mr Sajan Gandhi, Mr Raman Mehta and Mr Rajat Mehta. The firm is an authorised dealer of Hero MotoCorp Limited (HMCL). BME operates a 3S facility (Sales, Spares and Service) and has two showrooms located in Pathankot (Punjab) and Jalandhar (Punjab) and is catering to the area in and around the region (adjoining areas of Punjab, Himachal Pradesh and J&K). The firm also deals in the sales of electronic goods, having dealership of Samsung, Whirlpool and Daiichi Sankyo. BALAJI STEEL TUBE: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Balaji Steel Tube Industries (SBSTI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 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 15, 2022, placed the rating(s) of SBSTI under the 'issuer non-cooperating' category as SBSTI 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. SBSTI continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 1, 2023, August 11, 2023, August 21, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Sri Balaji Steel Tube Industries (SBSTI) is a partnership firm formed on December 9, 2015 with the main object of carrying out business of manufacturing steel tubes from hot rolled (HR), Cold rolled (CR) and Galvanised products (GP) coils. The proposed manufacturing unit is located at Adilabad, Hyderabad (Telangana). SBSTI is promoted by Mr. Rama Chandra Mouli (Managing Partner), Mrs. Rama Latha (Partner) and Mr. Rama Gopi Krishna (Partner. The project was started in September 2016 and likely to start the commercial operations by April 2017. The total proposed cost of project is INR8.80 crore which is proposed to be funded through bank term loan of INR3.50 crore, Partners' capital of INR5.20 crore and remaining through unsecured loan of INR 0.10 crore. As on December 31, 2016, the firm has incurred expenses of INR3.60 crore (around 40.90% of total project cost) towards the civil works and purchase of Plant & Machinery and the same was funded by the partners' capital. BALAJI STEEL: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Balaji Steel (SBS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.80 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 27, 2022, placed the rating(s) of SBS under the 'issuer non-cooperating' category as SBS 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. SBS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 13, 2023, August 23, 2023, September 2, 2023. 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). SBS is based out of Nagpur, Maharashtra is a proprietorship entity promoted by Mr. Radheshyam Sarda and commenced operation in January 1981. SBS is engaged in trading of iron &steel products such as Thermo Mechanically Treated (TMT) bars, round bars, angles, channels, beams, flats, sheets, etc. which find application in industries like construction, infrastructure and engineering. CREATIVE CHAIN: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Creative Chain Stores Private Limited (CCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 45.00 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 26, 2022, placed the rating(s) of CCSPL under the 'issuer non-cooperating' category as CCSPL 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. CCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 12, 2023, August 22, 2023, September 01, 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 June 1987, Creative Chain Stores Private Limited (CCSPL) is engaged in the manufacturing and exports of readymade garments. Its product profile comprises of Ladies wear primarily woven fabrics. It exports mainly to US and Europe and sells the balance in the domestic market. CSPL has four manufacturing facilities (in Delhi and Faridabad). DIGVIJAY CAPITAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Digvijay Capital Management Limited A-19, 4th Floor Sector 58, Gautam Buddha Nagar, Noida Ghaziabad UP 201301 Liquidation Commencement Date: August 11, 2023 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mr. Ashok Kumar Verma 13-B, 2ND Floor, Above Central Bank of India, Netaji Subash Marg, Daryaganj, New Delhi-110002 Email: ashokvermafcs@yahoo.com Telephone No: 9811127616 Last date for submission of claims: September 11, 2023 DOSHION WATER: Liquidation Process Case Summary ----------------------------------------------- Debtor: M/s Doshion Water Umbrella (Cuddalore) Private Limited Registered Office: Building No. 9, 10 Sigma Corporate Behind Rajpath Club, Off. S.G. Road, Bodakdev, Ahmedabad-380054 Principal Office: A-103/10, Tirth Bhumi Apartment, Nr. Law Garden Elisbridge, Ahmedabad-380006 Liquidation Commencement Date: September 13, 2023 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Mr. Chirag Shah 208, Ratnaraj Spring, Besides Navriman Co. Op. Bank, Opposite HDFC Bank House, Navrangpura Ahmedabad-380009 Email: chirag.irp@gmail.com cirp.doshionwater@gmail.com Last date for submission of claims: October 15, 2023 DWARKA METROHILLS: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dwarka Metrohills Hospital Private Limited (DMHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.35 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 September 23, 2022, placed the rating(s) of DMHPL under the 'issuer non-cooperating' category as DMHPL 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. DMHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 9, 2023, August 19, 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). Varanasi based, Dwarka Metro Hills Hospital Private Limited (DMHPL) was incorporated in December, 2011 as a private limited company by the name of Metro Heart Hospital Private Limited, however, the name was changed to its current name, Metro Hills Hospital Private Limited in October, 2012 which was further changed to Dwarka Metro Hills Hospital Private Limited in FY19. DMHPL is currently being promoted by Mr. Vinit Kumar Singh, Mrs. Rita Singh and Mrs. Monika Singh. The company will operate a multispecialty hospital having various departments for general medicine, general surgery, urology, neurology, radiology, gynecology, nephrology, ophthalmology, orthopedics, physiotherapy, etc. along with 24 hours pharmacy and lab services and is located in Chandauli (Uttar Pradesh) with proposed capacity of 160 beds. ECO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Eco Polymers (EP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.70 CARE C; 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 19, 2022, placed the rating(s) of EP under the 'issuer non-cooperating' category as EP 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. EP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and letter/email dated August 5, 2023, August 15, 2023, August 25, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Eco Polymers (ECP) was established in May, 2016 as a partnership firm and is currently being managed by Mr Ashok Goyal, Mr Vinod Goyal, Mr Ayush Goyal and Mr Aman Goyal as its partners sharing profit and loss in the ratio of 11%, 33%, 23% and 33% respectively. ECP is established with an aim to set up a manufacturing unit at Panipat, Haryana for manufacturing of Propylene (PP) fabrics and woven sacks. ETERNAL MOTORS: Liquidation Process Case Summary ------------------------------------------------ Debtor: Eternal Motors Private Limited Plot No. 6/8, GIDC Chitra, Bhavnagar-364 004, Gujarat Liquidation Commencement Date: September 13, 2023 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: CA Nimai Gautam Shah 605-606-607, Silver Oaks, Near Mahalaxmi Char Rasta, Paldi, Ahmedabad 380 007 Email: cnjabd@gmail.com Last date for submission of claims: October 13, 2023 EUROTAS INFRASTRUCTURE: Liquidation Process Case Summary -------------------------------------------------------- Debtor: Eurotas Infrastructure Limited Registered Office: Basement A-103, Road No. 4 Mahipalpur Extension New Delhi- 110 037, India Plant Address: MIDC Additional Sinnar, Musalgaon-422 122, Maharashtra, India Liquidation Commencement Date: September 12, 2023 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mr. Huzefa Fakhri Sitabkhan 1012, Dalamal Tower, Free Press Journal Road 211 Nariman Point, Mumbai 400 021, Maharashtra, India Email: huzefa.sitabkhan@gmail.com Email: cirp.eurotas@gmail.com Last date for submission of claims: October 12, 2023 HEMA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hema Construction (HC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 19, 2022, placed the rating(s) of HC under the 'issuer non-cooperating' category as HC 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. HC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 5, 2023, August 15, 2023, August 25, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Udaipur-based (Rajasthan) Hema Construction (HC) was formed in 1978 by Mr. Harish Gaurav as a proprietorship concern. HC is mainly engaged in the business of construction, installation and commissioning of water supply lines, construction of sewage lines and sewage treatment plants and construction & repair of roads. HYDERABAD STEELS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hyderabad Steels (HS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 16, 2022, placed the rating(s) of HS under the 'issuer non-cooperating' category as HS 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. HS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 2, 2023, August 12, 2023, August 22, 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). Hyderabad Steels (HS) was founded in 2008 as a proprietorship and was later reconstituted as a partnership firm during 2015. The firm is engaged in the trading of steel and iron products such as Mild Steel (MS) Ingots, Billets, MS Bars, MS Angles, MS Flats, Scrap, Sponge Iron etc. The partners of the firm Ms. J. Raghavi Reddy and Mr. M. Pavan Kumar are having 25 years of experience in iron and steel trading business. The firm has its warehouse facility at Nacharam, Hyderabad. HS clientele mostly consist of steel dealers in Hyderabad. KADAM AND KADAM: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kadam and Kadam Jewellers Private Limited (KKJPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 60.00 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 21, 2022, placed the rating(s) of KKJPL under the 'issuer non-cooperating' category as KKJPL 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. KKJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 8, 2023, August 17, 2023, August 27, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Kadam and Kadam Jewellers Pvt Ltd (KKJPL) was established in the year 2000 in Mumbai by Mr. Nitin Kadam, who is also one of the founder directors of The All-India Gems & Jewellery Trade Federation. KKJPL is in the business of manufacturing and trading of gold/silver/diamond studded jewellery and sells them to retailers, wholesalers and traders across India. KKJPL has recently set up a subsidiary company named "Kadam & Kadam International DMCC" in Dubai during FY17. KPG INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of KPG International Private Limited (KIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 26, 2022, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL 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. KIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 12, 2023, August 22, 2023, September 22, 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). Delhi based, KPG International Private Limited (KIPL) was incorporated in October, 2016 and commenced its commercial operations in December, 2016. The company is currently being managed by Mr. Gaurav Mahendru and Mr. RC Mahendru. KIPL is engaged in manufacturing and trading of garments. M. RANGANATHAN: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of M. Ranganathan (MR) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 15, 2022, placed the rating(s) of MR under the 'issuer non-cooperating' category as MR 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. MR continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 1, 2023, August 11, 2023, August 21, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Established in 2004, M. Ranganathan (MR) is a proprietorship concern engaged in providing civil construction service. MR is registered as Class-I civil contractor with State Highways Department in 2004 and with Chennai Corporation in 2011. The entity constructs roads and highways mainly for quasi Government entities like the Chennai Corporation & State Highway Department and municipalities. METRO AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Metro Agro Mills (MAM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 1, 2022, placed the rating(s) of MAM under the 'issuer non-cooperating' category as MAM 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. MAM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 18, 2023, July 28, 2023, August 8, 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). Metro Agro Mills (MAM) was established in April 2002 as a partnership firm. Mr. A.M. Koya, Mr. A. M. Sijumon, Mrs. Mini Koya, Mrs. Laila Makkar, Mr. A.M. Seemon are partners of the firm. The firm belongs to the 'Beepath' Group (based in Kerala) and is engaged in the business of rice milling (processing of paddy into rice) and also into trading of rice (which constitute around 25% of the rice sales). The key raw material, paddy is procured from farmers in Kerala, Tamil Nadu and Karnataka. MSE INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of MSE Industries (MI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.89 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.10 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 16, 2022, placed the rating(s) of MI under the 'issuer non-cooperating' category as MI 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. MI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 2, 2023, August 12, 2023, August 22, 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). MSE Industries (MI) is a partnership firm established in the year 2006 by Mr. K.B. Mahesh Kumar and his wife Mrs. Sreelatha with equal profit-sharing ratio. The commercial operations of the firm were started from the year 2007. The firm is engaged in the manufacturing of Hangers & Suspensions, Load hangers namely Constant load hangers and Variable load hangers (patented design manufactured based on "Lisega Technology", Germany), Conveyor systems, Coal handling systems & Bunkers, ducts and Pre-Engineered Building (steel structures). R.S. DREAM: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R.S. Dream Land Private Limited (RDLPL) continues 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 19, 2022, placed the rating(s) of RDLPL under the 'issuer non-cooperating' category as RDLPL 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. RDLPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 5, 2023, July 15, 2023, July 25, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Raipur (Chhattisgarh) based R.S. Dream Land Private Limited (RDLPL) was incorporated in January 2006. Earlier the company was doing the marketing for other real estate companies. Since March 2014, the company has started its own real estate project. The company is currently developing its first project 'Empressia Elite' commonly known as E2 with an aggregate project cost of INR26.55 crore with a saleable area of 1.66 lakh square feet. The project is located in the prime location of Raipur, Chhattisgarh. The construction work of the project is given to G.K. Construction and RDLPL is focusing mainly on marketing aspects. The promoters have satisfactory business experience of more than two decade in real estate industry. SIMOCO TELECOM: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Simoco Telecommunications (South Asia) Limited (STSAL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 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 18, 2022, placed the rating(s) of STSAL under the 'issuer non-cooperating' category as STSAL 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. STSAL 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). Simoco Telecommunication (South Asia) Limited (STSAL) incorporated in the year April 1979, was initially engaged in manufacturing of wireless equipment, mobile phones, computer parts and accessories, software solutions, surveillance system and solar products. The company was taken over by Mr. Sanjoy Kumar Ghosh, Managing Director, from Simoco International Limited, U.K., in the year 2001. STL is currently engaged in manufacturing of LED products, solar lantern and two-way radio communication equipment and is currently running with an installed capacity of 1,28,300 numbers per annum. Mr. Sanjoy Kumar Ghosh, aged about 54 years, having around three decades of experience in electric equipment industry, looks after the overall management of the company. He is also assisted by other director and a team of experienced personnel. SPS EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of SPS Educational Trust (SET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 10, 2022, placed the rating(s) of SET under the 'issuer non-cooperating' category as SET 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. SET continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 26, 2023, July 6, 2023, July 16, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Palwal-based (Haryana), SPS Educational Trust (SET) was established in the year 2010 by Mr Sureshchandra Bharadwaj, Mrs. Sunita Bhardwaj, Mr Shyam Sunder, Mr Brijesh Kumar and Mr Ram Kumar Gupta with the object of setting up educational institutions. SPS is running a school in the name of SET International at Palwal (Haryana) since, August, 2011. The school is affiliated to the Central Board of Secondary Education (CBSE) and offers education from Kindergarten to class XII. The school is spread across the area of 5.25 acres and it has all the state-of-the-art facilities like computer labs, library, smart classes, various sports facilities and swimming pool etc. SULABH PHARMACEUTICAL: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sulabh Pharmaceutical Private Limited (SPPL) continues 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 September 21, 2022, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL 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. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 8, 2023, August 17, 2023, August 27, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Established in March 2012, Sulabh Pharmaceutical Pvt Ltd. is promoted by Mr. Pravinkumar N. Prajapati and Mrs. Anita P. Prajapati. SPPL is a distributor of pharmaceuticals products especially in western region of Mumbai covering areas upto Mira Road. Furthermore, SPPL manufactures pharmaceutical products under its brand name on loan and license basis (outsourced) from units situated in Baddi, Himachal Pradesh and distributes the same to various stockists in Mumbai. SPPL has three warehouses situated in Bhiwandi, Thane District, Maharashtra. THIRUVANANTHPURAM ROAD: CARE Keeps D Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Thiruvananthpuram Road Development Company Limited (TRDCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 42.02 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 22, 2022, placed the rating(s) of TRDCL under the 'issuer non-cooperating' category as TRDCL 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. TRDCL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 7, 2023, June 17, 2023, June 27, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Thiruvananthpuram Road Development Company Limited (TRDCL) is an SPV formed and equally owned by IL&FS Transportation Networks Limited (ITNL, rated CARE D; Issuer Not Cooperating) and Punj Lloyd Limited. The company was incorporated on March 1, 2004 to design, finance, construct, operate and maintain the road network of 42.07 km within the capital city of Thiruvananthpuram, Kerala. CARE does not have any update on the latest developments in this regard. UNOSACK FLEXIBLE: CARE Keeps C/A4 Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of UnoSack Flexible Packaging Private Limited (UFPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 5.00 CARE C; Stable/CARE A4; ISSUER Short Term NOT COOPERATING; Rating Bank Facilities 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 UFPPL under the 'issuer non-cooperating' category as UFPPL 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. UFPPL 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). Indore (Madhya Pradesh)-based Uno Sack Flexible Packaging Private Limited (UFPPL) was established in 2010 by Mr. Prafulla Hardia and Mr. Murarilal Hardia. UFPPL commenced its operations from FY10. UFPPL is engaged in the business of manufacturing of Flexible Intermediate Bulk Container (FIBC) as well as PP fabric bag. The manufacturing facility of UFPPL is located at Indore (Madhya Pradesh). UFPPL procures raw material majorly from Reliance Industries Limited. It sells its products majorly to the cement industry. WORLD CONNECT: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: World Connect Implex Private Limited Ground Floor, H.No 4, Khasra No. 765 Sant Nagar Burari North Delhi DL 110084 India Insolvency Commencement Date: September 14, 2023 Estimated date of closure of insolvency resolution process: March 11, 2024 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Vishnu Kumar Tulsyan Aradhana Building, 2nd Floor Unit 210, P-2 New CIT Road Kolkata-700073 Email: worldconnect.cirp@gmail.com A-404, VIP Enclave, Baguiati, Kolkata-700059 Email: tulsyanvk@gmail.com Last date for submission of claims: September 28, 2023 YOUTH WELFARE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Youth Welfare Association (YWA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.04 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.75 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 16, 2022, placed the rating(s) of YWA under the 'issuer non-cooperating' category as YWA 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. YWA continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 2, 2023, August 12, 2023, August 22, 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). Youth Welfare Association (YWA) was registered in July, 1985 under the Society registration Act. The operations of the society, however, started in the year 2002. The society was established by Mr. C P Sharma (President), Mrs. Tara Sharma (Treasurer) and Mr. Chetan Sharma (Secretary) and is running a school and a polytechnic college by the name of Mt. Littera Zee School and Pt. Gauri Shankar Memorial Polytechnic College, respectively, at Shimla, Himachal Pradesh. The various diploma courses being offered at the college are approved by AICTE (All India Council of Technical Education) while the school is affiliated to Central Board of Secondary Education (CBSE) and currently offers classes from 1st standard to 10th standard. =============== M O N G O L I A =============== DEVELOPMENT BANK: Moody's Puts 'B3' Rating on Review for Downgrade ------------------------------------------------------------------ Moody's Investors Service has placed Development Bank of Mongolia LLC's (DBM)'s B3 foreign-currency issuer rating, caa2 Baseline Credit Assessment (BCA), caa2 Adjusted BCA, B3 foreign-currency and local-currency long-term Counterparty Risk Rating (CRR), and B3(cr) long-term Counterparty Risk (CR) Assessment on review for downgrade. Previously, the outlook was stable. Moody's has also affirmed the bank's NP foreign-currency and local-currency short-term CRR and NP(cr) short-term CR Assessment. RATINGS RATIONALE The review for downgrade reflects Moody's concern over DBM's liquidity management and the refinancing of Senior Notes coming due on October 23. The bank has begun the process of refinancing and is engaging market participants, but Moody's notes this will entail operational and execution risks. During the review period, Moody's will monitor the progress and successful completion of DBM's refinancing plans. The agency will also review any support that will be coming from the Government of Mongolia (B3 stable). For the notes due in October, DBM has repurchased some of the notes, and the company is engaging investors to refinance the outstanding amount. For the government-guaranteed JPY30 billion note maturing on December 25, the company has secured liquidity for repayment, which has been placed in a special account at the Ministry of Finance. The DBM Law Article 6 reinforces the government's capital commitment to the bank in the form of a deficiency guarantee clause that obliges the government to replenish any deficit if the bank's loan losses exceed its reserves. In addition, Article 18.2 obliges the government to be a shareholder. Based on the legislation, the agency views there is a high likelihood of the government stepping in to bridge the shortfall, should there be insufficient market demand to refinance. However, Moody's views there could be operational and execution risks that can undermine DBM's refinancing plans given the maturity date is fast approaching. Moody's regards the weakness in the bank's liquidity management to be a governance risk under the agency's environmental, social and governance (ESG) framework given its implication for the bank's financial strategy and risk management. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given DBM's ratings are under review for downgrade, a rating upgrade is unlikely over the next 12-18 months. Moody's could, however, confirm the ratings if the bank completes its refinancing plan on time and with satisfactory terms and conditions. Conversely, if there is no sufficient progress in its refinancing plans, this could lead to a downgrade of DBM's ratings. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks Methodology published in July 2021. Development Bank of Mongolia LLC is headquartered in Ulaanbaatar. It reported assets of MNT4.0 trillion (around $1.2 billion) as of December 31, 2022. ===================== N E W Z E A L A N D ===================== COOK MOTORS: Creditors' Proofs of Debt Due on Oct. 29 ----------------------------------------------------- Creditors of Cook Motors Limited and Fieldline NZ Limited are required to file their proofs of debt by Oct. 29, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 29, 2023. The company's liquidator is David Thomas. DIRECTION HOMES: Creditors' Proofs of Debt Due on Nov. 6 -------------------------------------------------------- Creditors of Direction Homes Limited are required to file their proofs of debt by Nov. 6, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 4, 2023. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 KM TRADING: Court to Hear Wind-Up Petition on Dec. 1 ---------------------------------------------------- A petition to wind up the operations of KM Trading Company Limited will be heard before the High Court at Auckland on Dec. 1, 2023, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 7, 2023. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 OM NAMAH: Creditors' Proofs of Debt Due on Oct. 31 -------------------------------------------------- Creditors of Om Namah Shivaya Group Limited are required to file their proofs of debt by Oct. 31, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 2, 2023. The company's liquidators are: Thomas Lee Rodewald Rodewald Consulting PO Box 15543 Tauranga 3144 OTAKIA PASTURES: Court to Hear Wind-Up Petition on Oct. 19 ---------------------------------------------------------- A petition to wind up the operations of Otakia Pastures Limited will be heard before the High Court at Dunedin on Oct. 19, 2023, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 22, 2023. The Petitioner's solicitor is: David Tasker Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 ================= S I N G A P O R E ================= ARCHWEY PTE: Court to Hear Wind-Up Petition on Oct. 20 ------------------------------------------------------ A petition to wind up the operations of Archwey Pte Ltd will be heard before the High Court of Singapore on Oct. 20, 2023, at 10:00 a.m. Mr. Cameron Lindsey Duncan and Mr. David Dong-Won Kim of KordaMentha were appointed as Provisional Liquidators of the company on Sept. 25, 2023. The Provisional Liquidators can be reached at: Mr. Cameron Lindsey Duncan and Mr. David Dong-Won Kim KordaMentha 16 Collyer Quay #30-01 Singapore 049318 CH INVESTMENT: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Sept. 29, 2023, to wind up the operations of CH Investment & Trading Pte. Ltd. Soh Lay Cheng and Yee Khee Tong filed the petition against the company. The company's liquidator is: Ms. Chee Fung Mei Chee FM & Associates 110 Middle Road #05-03 Chiat Hong Building Singapore 188968 EYOS SINGAPORE: Creditors' Meeting Set for Oct. 24 -------------------------------------------------- Eyos Singapore Pte Ltd will hold a meeting for its creditors on Oct. 24, 2023, at 4:00 p.m., at 133 New Bridge Road #08-01 Chinatown Point Singapore 059413, using audio visual conference tool. Agenda of the meeting includes: a. to receive a statement of the Company's affairs together with a list of creditors and the estimated amounts of their claims; b. to appoint Liquidators; c. to appoint a Committee of Inspection if deemed necessary; and d. any other business. GARYS PTE: Creditors' Meeting Set for Oct. 24 --------------------------------------------- Garys Pte Ltd will hold a meeting for its creditors on Oct. 24, 2023, at 2:00 p.m., at 133 New Bridge Road #08-01 Chinatown Point Singapore 059413, using audio visual conference tool. Agenda of the meeting includes: a. to receive a statement of the Company's affairs together with a list of creditors and the estimated amounts of their claims; b. to appoint Liquidators; c. to appoint a Committee of Inspection if deemed necessary; and d. any other business. IFN SINGAPORE: Commences Wind-Up Proceedings -------------------------------------------- Members of IFN Singapore Pte Ltd, on Oct. 3, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ng Hoe Kiat Keith c/o 7500A Beach Road #05-303/304 The Plaza Singapore 199591 SIN LIAN: Creditors' Proofs of Debt Due on Nov. 10 -------------------------------------------------- Creditors of Sin Lian Huat Co. (Pte.) Ltd. 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 Oct. 2, 2023. The company's liquidators are: Lo Wei Min @Mrs Pearlyn Chong Chan Tuck Chee c/o Lo Hock Ling & Co. 101A Upper Cross Street #11-22 People's Park Centre Singapore 058358 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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