/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/231026.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 26, 2023, Vol. 26, No. 215 Headlines A U S T R A L I A JKN FIELD: Second Creditors' Meeting Set for Oct. 27 KALIUM LAKES: Administrators Seek Time to Pull Together New Deal LEGACY HOSPITALITY: Goes Into Voluntary Liquidation NPM GROUP: Enters Into Voluntary Administration RESIMAC PRIME 2021-1: S&P Raises Class E Notes Rating to BB+ (sf) RUBY MANAGEMENT: First Creditors' Meeting Set for Oct. 31 SELECT AFSL: Second Creditors' Meeting Set for Nov. 1 TEADY PTY: Second Creditors' Meeting Set for Oct. 30 TEN SIXTY: Administrators Recommend DOCA from Subsidiary TRANMOR ENTERPRISES: Second Creditors' Meeting Set for Oct. 30 [*] AUSTRALIA: No. of Small Businesses Insolvency up in Sept. Qtr C H I N A CHINA EVERGRANDE: Did Not File Court Documents By Requested Time COUNTRY GARDEN: Deemed in Default on Dollar Bond for First Time [*] CHINA: Developers Selling Assets to Insurers to Pay Off Debt H O N G K O N G [*] HONG KONG: Corporate Retreat From Country Accelerating I N D I A ANAMIKA CONDUCTORS: CARE Keeps D Debt Ratings in Not Cooperating ANANTHA PVC: ICRA Lowers Rating on INR8cr LT Loan to D ANSHUL IMPEX: ICRA Lowers Rating on INR45cr ST Loan to D ASHAPURA GARMENTS: Liquidation Process Case Summary DAWAR INTERNATIONAL: Liquidation Process Case Summary DIGI EXPORT: CARE Keeps D Debt Ratings in Not Cooperating Category DURGESHWARI INDUSTRIES: CARE Keeps D Rating in Not Cooperating FERMOS ENGINEERING: Insolvency Resolution Process Case Summary FORCE 1 GUARDING: Liquidation Process Case Summary GINGER INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating GOEL EXIM: ICRA Keeps D Debt Rating in Not Cooperating Category GOURMET EMPIRE: CARE Keeps D Debt Rating in Not Cooperating GREEN FIELD: CARE Keeps D Debt Rating in Not Cooperating Category GUPTA AND COMPANY: CARE Lowers Rating on INR7cr LT Loan to D HYGIENE FEEDS: CARE Keeps D Debt Ratings in Not Cooperating ICON TECHNOCLOUD: Voluntary Liquidation Process Case Summary KWH MOTORS: Voluntary Liquidation Process Case Summary MAHESH TRADERS: CARE Keeps C Debt Rating in Not Cooperating MALDIVES: Moody's Affirms 'Caa1' Issuer Ratings, Outlook Stable NEWONN ADVERTISING: Voluntary Liquidation Process Case Summary NIAGARA METALS: CARE Keeps D Debt Ratings in Not Cooperating PADMAVATI ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating PARAMOUNT CHEMPRO: CARE Keeps D Debt Rating in Not Cooperating PARAS FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category R AND S ENGINEERING: Voluntary Liquidation Process Case Summary RAGHUVANSHI INDUSTRIES: Insolvency Resolution Process Case Summary RAMA KRISHNA: CARE Keeps D Debt Ratings in Not Cooperating REAL GROWTH: ICRA Keeps D Debt Ratings in Not Cooperating RELIGARE FINVEST: ICRA Withdraws D Rating on INR120cr LT Loan RIDHI SIDHI: CARE Keeps D Debt Ratings in Not Cooperating Category S. SATYANARAYANA: CARE Keeps C Debt Ratings in Not Cooperating SAFFRON THERAPEUTICS: Insolvency Resolution Process Case Summary SAMTEL GLASS: Insolvency Resolution Process Case Summary SANTOSHI LEATHER: ICRA Keeps D Debt Ratings in Not Cooperating SHANKARANARAYAN JEWELLERS: ICRA Keeps D Rating in Not Cooperating SHREEDHAR MILK: ICRA Keeps D Debt Rating in Not Cooperating SIMHAPURI ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating SOLAR VOLTAIC: Insolvency Resolution Process Case Summary SREEVEN CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating SU TOLL: ICRA Lowers Rating on INR588cr Term Loan to D N E W Z E A L A N D 75 CAMPERDOWN: Khov Jones Appointed as Receivers and Managers ASHLEY HOMES: Blacklock Rose Limited Appointed as Administrators EX SC SOUTHERN: Creditors' Proofs of Debt Due on Nov. 17 MARC FINDLAY: Waterstone Insolvency Appointed as Receivers MEDIAWORKS NEW ZEALAND: Auditor Raises Going concern Doubt TARGET FRANCHISE: Creditors' Proofs of Debt Due on Nov. 14 S I N G A P O R E CABLE SOLUTIONS: Creditors' Proofs of Debt Due on Nov. 24 FINAXAR PTE: Commences Wind-Up Proceedings HAPPI PTE: Creditors' Meeting Set for Nov. 8 LAM SAN: Creditors' Proofs of Debt Due on Nov. 24 VIVA CAPITAL: Court to Hear Wind-Up Petition on Oct. 31 - - - - - ================= A U S T R A L I A ================= JKN FIELD: Second Creditors' Meeting Set for Oct. 27 ---------------------------------------------------- A second meeting of creditors in the proceedings of JKN Field Pty Ltd has been set for Oct. 27, 2023 at 11:00 a.m. at the offices of Ferrier Silvia located at Level 30 Australia Square, 264 George Street in Sydney and virtually via Zoom videoconference facility. 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. 26, 2023 at 5:00 p.m. Geoffrey Peter Granger and Brian Raymond Silvia of Ferrier Silvia were appointed as administrators of the company on July 26, 2023. KALIUM LAKES: Administrators Seek Time to Pull Together New Deal ---------------------------------------------------------------- The West Australian reports that a new deal has been floated to revive failed potash play Kalium Lakes, with administrators asking for extra time to iron out the details. The ASX-listed business collapsed in August owing more than AUD200 million to lenders including the Federal Government's Northern Australian Infrastructure Facility. Kalium Lakes Limited (ASX:KLL) -- https://www.kaliumlakes.com.au/ -- together with its subsidiaries, operates as an exploration and development company in Australia. It focuses on the development of 100% owned the Beyondie sulphate of potash project, which include 16 granted exploration licenses, two mining leases, and various miscellaneous licenses covering an area of approximately 1,800 square kilometers located in Western Australia. Martin Bruce Jones and Matthew David Woods of KPMG were appointed as administrators of Kalium Lakes Limited, Kalium Lakes Infrastructure Pty Ltd, and Kalium Lakes Potash Pty Ltd on Aug. 3, 2023. LEGACY HOSPITALITY: Goes Into Voluntary Liquidation --------------------------------------------------- News.com.au reports that an arm of a major hospitality business has quietly collapsed into liquidation, impacting nearly 250 staff members and a handful of other creditors. Melbourne-based Legacy Hospitality Group Pty Ltd went into voluntary liquidation earlier this month. Andrew Knight and Sebastian Hams of insolvency firm KordaMentha have been appointed as liquidators, news.com.au discloses. "The entity we've been appointed (to) is one entity in the broader Legacy group," Mr. Knight told news.com.au. The Legacy group is spearheaded by Benny Avramides, a well-known figure in Australia's catering scene. He has launched a number of hospitality venues across Melbourne. Those include his flagship catering service Tommy Collins and other more casual bar and dining experiences including Hamptons Bakery, Ladybird Cakes and the Rumour Has It cafe. None of these businesses have been impacted by the collapse of Legacy Hospitality Group, news.com.au notes. News.com.au, citing a circular sent to creditors last week, says Legacy Hospitality Group owes AUD1.725 million in total to 258 creditors. There are also 241 ex-staff owed superannuation ranging from as little as AUD11 to as high as AUD4,500. In total, staff are owed AUD170,000, news.com.au discloses. There are government schemes in place for unpaid wages if a company goes under, but this does not yet extend to recovering unpaid superannuation so staff are likely to miss out. Legacy Hospitality Group had ceased trading in July and there were no staff left by the time liquidators took over, news.com.au adds. NPM GROUP: Enters Into Voluntary Administration ----------------------------------------------- On Oct. 23, 2023, Graeme Beattie, Christopher Darin, and Aaron Lucan of Worrells were appointed administrators of the following companies that comprise the "NPM Group": - National Projects and Maintenance Pty Ltd; - NPM Group Holdings Pty Ltd; - NPM Projects (NSW) Pty Ltd; - National Projects (HQ) Pty Ltd; - NPM (VIC) Pty Ltd; - National Projects QLD Pty Ltd; - National Projects (ACT) Pty Ltd; - National Projects (WA) Pty Ltd; - NPM Home Pty Ltd; and - CREO Design Group Pty Ltd. The NPM Group operated as national commercial fit out, construction, minor works and maintenance company. It completed over 45,000 projects across six states/territories with its head office located in Sydney, NSW. The NPM Group ceased operations on October 23, with over 100 full-time employees terminated prior to the administrators' appointment. The director, Mr Daniel Afonso has advised that, "the ongoing market pressures have made NPM's continued operation untenable, due to skilled labour shortages, inflationary pressures, interest rate rises and a commercial sector that continues to suffer from flow on effects of COVID-19 pandemic". Mr. Beattie said, "The administration process is in its infancy and we are working hard to immediately establish the group's financial position, including identifying assets available for realisation and quantifying creditors' claims with the assistance of the director and the senior staff of the NPM Group. We are conscious of the impact the appointment will have on everyone involved." Creditors, stakeholders and employees may submit their claims via file information portal at www.worrells.net.au and can direct all enquiries to npm@worrells.net.au. Worrells advises it will continue to give updates as they become available. RESIMAC PRIME 2021-1: S&P Raises Class E Notes Rating to BB+ (sf) ----------------------------------------------------------------- S&P Global Ratings raised its ratings on four classes of notes issued by New Zealand Guardian Trust Co. Ltd. as trustee for RESIMAC Prime Trust - RESIMAC Prime Trust Series 2021-1. At the same time, S&P affirmed its ratings on two classes of notes issued out of the same trust. The rating actions reflect S&P's view of the credit support available, which is sufficient to withstand the stresses it applies. Credit support comprises note subordination for all rated notes, which has increased compared with what it was on closing, lenders' mortgage insurance covering 2.1% of the loans in the pool, and excess spread, if any. The overall credit quality of the underlying collateral pool, which as of Aug. 31, 2023, has a pool factor of 37.3%, has been mixed, with weighted-average loan seasoning of 46 months and a current weighted-average loan-to-value ratio of 66.5%. These positive factors have been partly offset by an increase in delinquent loans. Since September 2022, loans more than 30 days in arrears have been rising and have performed worse than the Standard & Poor's Performance Index for New Zealand mortgage loans. As of Aug. 31, 2023, loans greater than 30 days past due make up 2.7% of the portfolio, of which 0.8% are more than 90 days in arrears. There have been no losses to date. The transactions' cash flows support the timely payment of interest and ultimate payment of principal to the rated classes of notes under S&P's rating stress assumptions. The rated classes of notes are currently paying on a pro-rata basis. The transaction recently passed the second anniversary of its closing date, which means all triggers to allow pro-rata paydown have now been met. These include meeting performance triggers and a call-option trigger. S&P said, "Our ratings on the class C, class D, and class E notes are limited by the increasing borrower concentrations in the pool and the risk that it poses as the pool continues to amortize. As of Aug. 31, 2023, the 10 largest borrowers in the portfolio each comprise more than 1% of the pool and in aggregate make up over 12.8% of the total pool balance. The potential for tail-end risks increases as the pool shrinks, with the subordinated note classes being more susceptible to potential losses. We have assessed pool concentrations by applying an additional minimum loss projection when determining the expected loss for the pool. The expected loss for the pool is the higher of the additional minimum loss projection and the number sized applying our standard credit analysis as per our "Australian RMBS Rating Methodology And Assumptions" criteria, published Sept. 1, 2011. "Our expectation is that the various mechanisms to support liquidity within the transaction, including principal draws, and an amortizing liquidity facility are sufficient to ensure timely payment of interest." Ratings Raised RESIMAC Prime Trust - RESIMAC Prime Trust Series 2021-1 Class B: to AAA (sf) from AA (sf) Class C: to AA (sf) from A (sf) Class D: to BBB+ (sf) from BBB (sf) Class E: to BB+ (sf) from BB (sf) Ratings Affirmed RESIMAC Prime Trust - RESIMAC Prime Trust Series 2021-1 Class A1: AAA (sf) Class A2: AAA (sf) RUBY MANAGEMENT: First Creditors' Meeting Set for Oct. 31 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Ruby Management Services Pty Ltd will be held on Oct. 31, 2023, at 10:00 a.m. at the offices of Morton + Lee Insolvency at Level 10, 388 Queen Street in Brisbane and via virtual meeting technology. Gavin Charles Morton of Morton + Lee Insolvency was appointed as administrator of the company on Oct. 19, 2023. SELECT AFSL: Second Creditors' Meeting Set for Nov. 1 ----------------------------------------------------- A second meeting of creditors in the proceedings of Select AFSL Pty Ltd has been set for Nov. 1, 2023 at 2:30 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. 31, 2023 at 4:00 p.m. Michael Gregory Jones of Jones Partners was appointed as administrator of the company on July 24, 2023. TEADY PTY: Second Creditors' Meeting Set for Oct. 30 ---------------------------------------------------- A second meeting of creditors in the proceedings of Teady Pty Limited has been set for Oct. 30, 2023 at 11:00 a.m. at Level 3, 565 High Street in Penrith and via teleconference facilities. 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. 27, 2023 at 12:00 p.m. Ernie Chou and Trent McMillen of MaC Insolvency were appointed as administrators of the company on Oct. 9, 2023. TEN SIXTY: Administrators Recommend DOCA from Subsidiary -------------------------------------------------------- Martin Ford and Simon Theobald, Voluntary Administrators of Ten Sixty Four Limited provide the following update on the progress of the Administration. Background to Appointment As outlined in the ASX announcement 'Appointment of Voluntary Administrators' dated July 3, 2023: (i) On June 19, 2023, a new Board of Directors was appointed to X641. (ii) The newly appointed Board identified that, prior to its appointment, circumstances arose involving uncertainty concerning the control of the Co-O mine, and disputes regarding the alleged transfer of ownership of a 60% interest in X64's subsidiary Philsaga Management and Holding Inc ("PMHI") which holds 100% of Philsaga Mining Corporation ("PMC") the operator of the Co-O Mine located in Central Eastern Mindanao in the Republic of the Philippines. (iii) Whilst the disputes continued, the Board determined that X64 had no guarantee of continued funding from PMC to support its operations. The Board subsequently determined that Administration was necessary and appropriate having regard to the interests of the Company's stakeholders and the future prospects of the business. Restructuring Discussions Since commencement of the Administration, the Administrators have been working towards understanding the issues which led to the Company's Administration and exploring restructuring options to enable control of X64 to be returned to its directors. This has included a focus on the following matters: (i) Restoring the Company to a position of balance sheet solvency; (ii) Restoring the Company to cash flow solvency; and (iii) Determining a suitable structure, such as a Deed of Company Arrangement (DOCA) that may deal with any contingent claims arising against the Company. The Administrators obtained Court orders for a six month extension of the convening period for the second meeting of creditors of the Company to Jan. 29, 2024, to allow them sufficient time to conduct their investigations into the Company's affairs. The Administrators have been in discussions with parties to enable a restructuring to occur and have received a DOCA proposal from Komo Diti Traders Limited (a wholly owned subsidiary of the Company) which is outlined in the Administrators' report to creditors dated Oct. 23, 2023, which is available at https://insolvency.pwc.com.au/singleEntityCases/ten-sixty-four-limitedadministrators-appointed/casePage. The Administrators have recommended that creditors vote in favor of this Deed of Company Arrangement at the forthcoming second meeting of creditors scheduled to be held on Oct. 31, 2023. The Report also includes details of the Administrators' investigations into the Company's affairs. Reinstatement to Quotation It is anticipated that any reinstatement to trading in the Company's securities will be progressed by the Company's directors following conclusion of the Administration. However, there is no guarantee that trading in the Company's securities will be reinstated. Operational Update Throughout the course of the Administration, mining activity has continued at the Company's subsidiaries. Total gold produced for Financial Year ended June 30, 2023 was 78,081 ounces. Total gold produced for the three months ended 30 September 2023 was 17,749 ounces. The disputes in respect of the alleged transfer of ownership of PMHI are ongoing and are currently before the Filipino Courts. The Company is not currently a party to any such disputes. As noted in the Report, the Administrators' position is to await the decision of the Filipino Courts to determine the legal owner of the 60% shareholding. The outcome of the disputes may impact the ownership and control over PMHI and accordingly are expected to be relevant to the future operations of the Co-O mine. While such disputes are underway, certain corporate limitations have been imposed on PMHI which have impacted the financial restructuring of the group. About X64 Ten Sixty Four Limited (X64, formerly Medusa Mining Limited) is an Australian based gold producer, focusing on projects in the Philippines. X64's flagship project is the Co-O project. Martin Ford and Simon Theobald were appointed Joint and Several Voluntary Administrators of the Company on July 2, 2023. No other subsidiary in the X64 group of companies is included in the Administration. TRANMOR ENTERPRISES: Second Creditors' Meeting Set for Oct. 30 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Tranmor Enterprises Pty Ltd has been set for Oct. 30, 2023 at 3:00 p.m. at the offices of Trident Plastics at 589 Torrens Rd in St Clair 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. 26, 2023 at 4:00 p.m. Daniel Peter Juratowitch and Rachel Burdett of Cor Cordis were appointed as administrators of the company on June 26, 2023. [*] AUSTRALIA: No. of Small Businesses Insolvency up in Sept. Qtr ----------------------------------------------------------------- SmartCompany reports that the number of small businesses turning to the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) for assistance with insolvencies spiked in the September quarter, revealing how corporate collapses are leaving local traders grasping for help. In its latest quarterly report, the ASBFEO noted 1,773 corporate insolvencies occurred between July and August 2023, the most in that two-month period since 2015, SmartCompany discloses. Those insolvencies have wide-reaching consequences, as each collapsed business can create many small business creditors - and an anxious wait for reimbursement. According to SmartCompany, the ASBFEO said 67 businesses contacted its office requesting assistance with an insolvency in the September quarter, up from just nine in the June quarter. Those figures come from a low base, but still represent a nearly seven-fold increase in the number of requests for help. "Although these requests are small in number (relative to our total requests for assistance), the impacts for the businesses involved are significant," the report, as cited by SmartCompany, added. One small business that contacted the Ombudsman for assistance said responding to the external administrator of a business that fell into liquidation took a day of unpaid labour, adding to the toll of the money already owed. In other cases, small businesses are not being informed they are actually creditors to a collapsed business, SmartCompany relays. "For example, a family business in the construction industry had around AUD13,000 in outstanding invoices from a builder," the Ombudsman said. "They were unaware that this business had entered into liquidation until they contacted our office. "We provided advice about the process for creditors in insolvencies." Independent contractors, who are also supported by the ASBFEO, are particularly hard-hit, SmartCompany says. SmartCompany says the Ombudsman received a request for assistance from an independent contractor in the construction sector who had not been paid for their labour. "This was highly distressing for them as they had previously 'lost everything' in the floods, so had no financial buffers to keep afloat," the Ombudsman said. "They were not sure what to do and felt lost and alone. We provided information on the steps to resolve disputes, information on managing finances and mental health support." ========= C H I N A ========= CHINA EVERGRANDE: Did Not File Court Documents By Requested Time ---------------------------------------------------------------- Reuters reports that China Evergrande Group did not submit defence documents to a Hong Kong court before a deadline that comes ahead of a winding-up hearing against the company scheduled for next Oct. 30, a person with knowledge of the matter said. The embattled Chinese property developer was directed by the Hong Kong High Court to submit new documents by mid-last week, the person said. It was unclear whether Evergrande will make the defence submission or another request for adjournment in the coming days, the person said on condition of anonymity because they were not authorised to speak with media, Reuters relates. Evergrande and the Hong Kong High Court did not respond immediately to requests for comment, Reuters notes. Failure to show the judge that a restructuring plan is progressing could increase the chances of a winding-up order, lawyers said. Evergrande, the world's most indebted property developer, defaulted its offshore debt in late 2021 and started work on a $31.7 billion debt restructuring plan, becoming the poster child of a debt crisis that has since engulfed China's property sector. Reuters notes that the company in July had been granted another adjournment until Oct. 30 on the winding-up petition based on the progress made on its offshore debt restructuring plan, which required a creditor vote initially scheduled for late September. That plan was thrown off course when Evergrande last month confirmed that its billionaire founder Hui Ka Yan was under investigation for suspected criminal activities, Reuters relates. The company did not get regulatory approval for issuing new dollar bonds, which is a crucial part of the restructuring plan, and has not held the creditor vote. According to Reuters, Evergrande said on Oct. 20 it was revising the terms of a proposed offshore debt restructuring deal to meet the firm's situation and creditors' demand, without providing details. It also said the scheme sanction hearings for courts to approval the revamp plan had been vacated. Its offshore bondholders said this month they were surprised by announcements that its restructuring plan failed to meet regulatory requirements, and raised concerns about a possible liquidation. Top Shine, an investor in Evergrande unit Fangchebao, had filed the winding-up petition in June 2022 because it said Evergrande had not honoured an agreement to repurchase shares the investor bought in the unit, adds Reuters. 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. COUNTRY GARDEN: Deemed in Default on Dollar Bond for First Time --------------------------------------------------------------- Bloomberg News reports that Country Garden Holdings Co. was deemed to be in default on a dollar bond for the first time ever, underscoring its fall into distress amid a broader property debt crisis that's shaken the world's second-biggest economy. Country Garden's failure to pay interest on the note within a grace period that ended last week "constitutes an event of default," according to a notice to holders from trustee Citicorp International Ltd. seen by Bloomberg News. That means the trustee must declare principal and interest due immediately if holders of at least 25% in aggregate principal amount of the notes outstanding demand it. There is no indication that creditors have made any such demand yet, Bloomberg says. Country Garden Holdings Company Limited -- https://www.countrygarden.com.cn/en/home -- an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in September 2023, Moody's Investors Service has downgraded Country Garden Holdings Company Limited's corporate family rating to Ca from Caa1 and its senior unsecured rating to C from Caa2. The outlook remains negative. "The rating downgrades with negative outlook reflect Country Garden's tight liquidity and heightened default risk, as well as the likely weak recovery prospects for the company's bondholders," said Kaven Tsang, a Moody's Senior Vice President. [*] CHINA: Developers Selling Assets to Insurers to Pay Off Debt ---------------------------------------------------------------- Yicai Global reports that Chinese real estate developers have been selling assets to insurance companies to raise money amid severe debt problems, as the property sector remains sluggish and default is still a big risk for many builders. According to Yicai, Shanghai Wanda Commercial Plaza Property gained a new majority shareholder at the end of last month, after Dajia Life Insurance bought the stake from Dalian Wanda Commercial Management Group. The insurer has bought several commercial properties this year from Wanda Commercial, which has also been selling its stakes in cinemas and equity investment firms to other investors to ease its financial strain. Developers need to speed up asset sales given the extent of their debts and the problems in the real estate sector, Liu Shui, head of business research at the China Index Academy, told Yicai. Commercial real estate in the heart of first- and second-tier cities should have plenty of room to appreciate in the future after the industry's recent severe adjustment, and this is attracting insurers with sufficient low-cost funds to invest, he added. Insurers have much lower cost of funds than other asset management firms, said Zhang Hongwei, founder of Jingjian Consulting, and this allows them to make medium- and long-term investments in high-quality assets, Yicai relays. It is also the main reason why most buyers of the assets being sold by developers are insurers, Zhang said. After buying the assets at rock bottom prices, the insurers can then make their money back via asset securitization, Zhang noted. Yicai relates that China's real estate sector is still in crisis, Zhang added, and only when demand picks up in first- and second-tier cities can the market in other cities also recover. Efforts must be made in two respects to solve the financial problems of real estate developers, Liu said. One is further loosening policies in the sector to boost sales, and the second is more policies to help developers raise money, he said, adds Yicai. ================= H O N G K O N G ================= [*] HONG KONG: Corporate Retreat From Country Accelerating ---------------------------------------------------------- Elaine Yu at the Wall Street Journal reports that international companies began trickling out of Hong Kong a few years back, uneasy about the financial hub's tightening ties to mainland China. That first smattering of departures is now turning into a broad retreat involving banks, investment firms and technology companies. The number of U.S. companies operating in the city has fallen for four years in a row, by Hong Kong's count, hitting 1,258 in June 2022, the fewest since 2004, the Journal discloses. Last year, mainland Chinese companies with regional headquarters in Hong Kong outnumbered American ones for the first time in at least three decades, the Journal relates. Coming to Hong Kong used to be "a fairly risk-free matter," said Simon Cartledge, who runs a research and publishing company in the city and is the author of "A System Apart: Hong Kong's Political Economy from 1997 until Now," the Journal relays. "Now, it's not a risk-free place. There are question marks over everything." According to the Journal, for years after the U.K. returned Hong Kong to China in 1997, Hong Kong appealed to foreign companies by being close to China - but not too close, thanks to a separate legal system, independent judiciary and commitment to Western-style freedoms. That calculus has shifted in response to Hong Kong's tighter national-security restrictions, Beijing's crackdown on foreign businesses, an economic slowdown in the mainland and growing tension between the U.S. and China. Some foreign executives said the lines between Hong Kong and mainland China have become blurred, the Journal notes. ========= I N D I A ========= ANAMIKA CONDUCTORS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Anamika Conductors Private Limited (ACPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 41.63 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 35.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 44.00 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 ACPL under the 'issuer non-cooperating' category as ACPL 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. ACPL 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, October 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). Anamika Conductors Pvt. Ltd (ACPL) was incorporated as Anamika Conductors Pvt Ltd on December 15, 1988 at Jaipur, Rajasthan by Mr. Sharad Bakliwal. Subsequently, it was converted into a public limited company on April 19, 1996 and has been converted back to private limited company in June, 2015. ACPL was in the business of manufacturing of aluminum cables & conductors. ANANTHA PVC: ICRA Lowers Rating on INR8cr LT Loan to D ------------------------------------------------------ ICRA has revised the ratings on certain bank facilities of Anantha Pvc Pipes Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B (Stable) and continues to remain under 'Issuer Not Cooperating' category Short Term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Rating downgraded from [ICRA]A4 Based-Others and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downgrade reflects Delay in Debt Repayment as mentioned in the publicly available sources. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated in December 2022. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade". ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Anantha Pvc Pipes Private Limited was founded in 2002 as a proprietorship concern which was converted to private limited company in 2006. APPPL is a part of Nandi Group of companies, promoted by Mr. Sajjala Sreedhar Reddy. The company is engaged in the business of manufacturing of rigid PVC pipes and fittings with installed capacity of 12,800 MTPA at its facilities located at Hampapuram (Andhra Pradesh). The products are widely used in irrigation, potable water supplies, construction industry, sewerage and drainage etc. Nandi group, promoted by Shri S.P.Y Reddy, is a South India based industrial house having diversified business interest such as cement, dairy, PVC pipes, construction etc. ANSHUL IMPEX: ICRA Lowers Rating on INR45cr ST Loan to D -------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Anshul Impex Private Limited (AIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B+ (Stable) and continues to remain under 'Issuer Not Cooperating' category Short-term– 45.00 [ICRA]D; ISSUER NOT COOPERATING; Non Fund based Rating downgraded from Others [ICRA]A4 and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade reflects Delay in Debt Repayment recognized from publicly available information. The rating is based on limited information on the entity's performance since the time it was last rated August 29, 2022. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade". ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. AIPL was incorporated in 1989 in Nagpur (Maharashtra) and is engaged in trading of indigenous and imported coal along with providing logistic services to the customers. AIPL has its sales depot at Dharmatal (Mumbai), Nagpur, Wani, Chandrapur (all Maharashtra), Sarni, Mandideep, Indore (MP) and at Surat in Gujarat. The company was promoted by Mr Yugpradhan Mehta who is an engineer from UICT, Mumbai and has extensive experience of more than 25 years in the coal trading business. ASHAPURA GARMENTS: Liquidation Process Case Summary --------------------------------------------------- Debtor: Ashapura Garments Limited Plot No. 3, Block-C, Sector-12 S, Adani Ports & SEZ, Mundra, Gujarat, India 370421 Liquidation Commencement Date: September 25, 2023 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Mr. Mohit Bipinchandra Adatiya 39, Gokuldham, Golden City 2, Nr Mola Patel School, Street 9, Zanzarada Road, Junagadh, Gujarat-362001 Email: camohitadatiya@gmail.com 406, B M Square 2, Above HDFC Bank, Rajlaxmi Park, Motibaug Road, Junagadh, Gujarat, India-362001 Email: irp.ashapura@gmail.com Last date for submission of claims: October 26, 2023 DAWAR INTERNATIONAL: Liquidation Process Case Summary ----------------------------------------------------- Debtor: Dawar International Electronics Private Limited 10/5 Jacobpura Opp. Vaidik Kanya School, Gurgaon-122001, Haryana, India Liquidation Commencement Date: September 25, 2023 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Manohar Suman Flat No. 401 GH-28A, Sector 20, Panchkula-134117, Haryana Email: manoharsuman10@gmail.com 3rd Floor, Plot No. D-190, Industrial Area, Phase 8B, Sector 74, SAS Nagar Mohali 160071, Punjab Email: liqdawarinternational@gmail.com Last date for submission of claims: October 25, 2023 DIGI EXPORT: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Digi Export Venture Private Limited (DEVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 16.00 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 October 6, 2022, placed the rating(s) of DEVPL under the 'issuer non-cooperating' category as DEVPL 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. DEVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 22, 2023, September 11, 2023, September 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). Digi Export Venture Private Limited (DEVPL) was incorporated on June 25, 2010 by Mr. Amarjit Singh Kalra and his wife, Ms. Surinder Kaur Kalra. The company is involved in the manufacturing and assembling of public address (PA) systems and components, including loudspeakers, amplifiers, microphones, and woofers, and related electronic and electrical equipment. DURGESHWARI INDUSTRIES: CARE Keeps D Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Durgeshwari Industries Limited (DIL) 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 21, 2022, placed the rating(s) of DIL under the 'issuer non-cooperating' category as DIL 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. DIL 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). DIL, was initially established in 1994, as a seed processing company under the name Durgeshwari Seeds Private Limited and was further converted into Public Ltd Company under the current name in the year 2011. The operations of the entity are being handled by Mr. Vijay Agrawal and his brothers. The entity operates from its sole manufacturing plant at Parbhani (Maharashtra). FERMOS ENGINEERING: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: M/s Fermos Engineering Private Limited 20, Changodar Industrial Estate Opposite Sarkhej-Bavla Highway, Changodar Sanand Ahmedabad GJ 382213 India Insolvency Commencement Date: September 8, 2023 Estimated date of closure of insolvency resolution process: March 6, 2024 (180 Days) Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Bimal Ashok Desai 217, Florence Pride, Opp. Corporation Garden, Sun Pharma Road, Vadodara, Gujarat-390 020 India Email: bimal.a.desai@ica.prg Last date for submission of claims: September 26, 2023 FORCE 1 GUARDING: Liquidation Process Case Summary -------------------------------------------------- Debtor: Force 1 Guarding Services Private Limited No.3/1, Lake View Road Kottur Chennai 600085 Tamilnadu, India Liquidation Commencement Date: September 14, 2023 Court: National Company Law Tribunal, Chennai Bench Liquidator: R Lalitha Flat F, Hanumanthpuri Apts No. 2 Bharathi Colony Alwarthirunagar, Valasaravakkam, Chennai 600087 TN Email: lalitharca@gmail.com Last date for submission of claims: October 13, 2023 GINGER INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ginger Infrastructure Private Limited (GIPL) 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 GIPL under the 'issuer non-cooperating' category as GIPL 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. GIPL 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, October 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). Incorporated in December 19, 2012, GIPL is a Nagpur based special purpose vehicle (SPV) formed by Diamant Infrastructure Limited (DIL) for construction and development of commercial complex at Jaripatka, Nagpur under the name and style of "Ginger Square" to be operated on a build-operate-transfer (B-O-T) basis for a concession period of 30 years commencing from August 2016 and ending in August 2046, with renewal of lease for further period of 30 years. GOEL EXIM: ICRA Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term rating of Goel Exim India Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 50.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Goel Exim India Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. GEIPL is a manufacturer, wholesaler and trader of gold, diamonds, and silver ornaments/ jewellery. The company was incorporated in the year 2004. The customers of GEIPL are primarily wholesalers and retailers based in New Delhi area. The company is part of the Delhi Based Group engaged in the manufacturing, wholesale and retail sales of gold and diamond. GEIPL had acquired two partnership firms, namely, Shree Ganpati Impex and Bhavya Gold with effect from 15 March 2010. The partners of both the firms are shareholders of the company. GOURMET EMPIRE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gourmet Empire Private Limited (GEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.76 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 October 12, 2022, placed the rating(s) of GEPL under the 'issuer non-cooperating' category as GEPL 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. GEPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 7, 2023, September 17, 2023, October 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). Gourmet Empire Private Limited (GEPL) was incorporated in August 2013 and currently being managed by Mrs Manjeet Kaur, Mrs Harvinder Kaur and Mr Surinder Singh. The company started its business operations in August 2013 and FY15 (refers to the period April 1 to March 31) was the first full year of operations. GEPL is currently running two restaurants under the name of 'Garlic and Green' in Chandigarh and nearby area as well as two coffee kiosks in Ludhiana. The company is also engaged in manufacturing of various bakery products such as breads, pastries and cakes at its manufacturing unit located in Mohali, Punjab. GREEN FIELD: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Green Field Food Products (GFFP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.91 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 October 4, 2022, placed the rating(s) of GFFP under the 'issuer non-cooperating' category as GFFP 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. GFFP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 20, 2023, August 30, 2023, September 9, 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 GFFP was formed as a proprietorship concern in 2017 by Mr Namit Mehta (Proprietor) with an objective to set up a unit for extraction of mustard oil from mustard seeds as well as mustard oil cake. Plant of the firm has located at Kotputli, Jaipur. GUPTA AND COMPANY: CARE Lowers Rating on INR7cr LT Loan to D ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Gupta and Company Developers Private Limited (GCDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE C; Stable; Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 12, 2022, placed the rating(s) of GCDPL under the 'issuer non-cooperating' category as GCDPL 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. GCDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 29, 2023, August 8, 2023, August 18, 2023, October 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). The ratings assigned to the bank facilities of GCDPL have been revised on account of delays in debt servicing recognized from audit report of FY22 available from registrar of the companies. Incorporated in September 2007, Gupta & Company Developers Private Limited (GCDPL) was promoted by Mr. Jay Narayan Kumar and Mr. Raju Ranjan. Since its inception, the company has been engaged in civil construction activities in the segment like construction of bridges. GCDPL participates in tenders and executes orders for the National Highway Division, Hazaribagh. HYGIENE FEEDS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hygiene Feeds & Farms Private Limited (HFFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 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 October 12, 2022, placed the rating(s) of HFFPL under the 'issuer non-cooperating' category as HFFPL 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. HFFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 7, 2023, September 17, 2023, October 06, 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). Hygiene Feeds & Farms Pvt Ltd (HFFPL), incorporated in May, 2010, is promoted by Mr. Robin Dahiya and his family members. The company is engaged in the manufacturing of poultry feeds (pre-starter, starter and finished grades). The manufacturing facility of the company is located in Panipat (Haryana). ICON TECHNOCLOUD: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Icon Technocloud Private Limited First Floor, A-34 Sector 2 Noida Gautam Buddha Nagar Uttar Pradesh-201301 Liquidation Commencement Date: September 22, 2023 Court: National Company Law Tribunal, New Delhi Bench Liquidator Mr. Rakesh Kumar Singala 1/6. X Block. Gali No. 4. Brahmaputra, New Delhi, National Capital Territory of Delhi, 110053 Email id: csrakeshsingala@gmail.com Mobile No: +91 9313324356 Last date for submission of claims: October 22, 2023 KWH MOTORS: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: KWH Motors Private Limited 6/5, 1st Floor, 6th Cross Rd, S.S.I. Area 5th Block, Rajajinagar, Bangalore, Karnataka-560010 Liquidation Commencement Date: September 29, 2023 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ganesh Panduranga Pai No.68, 6B, 6th Floor, Chitrapur Bhawan 8th Main, 15th Cross Malleshwaram Bangalore 560055 Email: pragnya.cas@gmail.com Contact No: 9845666596 080-23565641 Last date for submission of claims: October 29, 2023 MAHESH TRADERS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahesh Traders (MT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.20 CARE C; 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 MT under the 'issuer non-cooperating' category as MT 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. MT 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). Pipariya-based (M.P.) MT was formed in 1990 as a proprietorship firm by Mr Mahesh Dudani and later on in 2009 it converted into partnership by adding Mr Manohar Dudani as a partner in MT. MT is engaged in the trading of food grains, oil seeds, bardana etc & commission agent. The unit of the firm is located at Pipariya, M.P. The firm sells its products in the brand name of 'Mahesh Traders, Pipariya' and caters to the domestic market. MT sells its products majorly in Gujarat, Rajasthan, Madhya Pradesh, Uttar Pradesh and Tamil Nadu. MALDIVES: Moody's Affirms 'Caa1' Issuer Ratings, Outlook Stable --------------------------------------------------------------- Moody's Investors Service has affirmed the Government of Maldives' long-term local and foreign currency issuer ratings at Caa1 and maintained the stable outlook. Concurrently, Moody's has affirmed the long-term foreign currency backed senior unsecured rating for Maldives Sukuk Issuance Limited at Caa1. The entity is a special purpose vehicle that is wholly-owned by the Ministry of Finance on behalf of the Government of Maldives and whose debt and trust certificate issuances are, in Moody's view, ultimately the obligation of the Government of Maldives. The rating affirmation reflects persistent government liquidity constraints and elevated external vulnerability risks stemming from large financing needs and wide current account deficits that place pressure on thin foreign exchange reserves. Significant reliance on tourism as a single major source of growth and government revenue remains a source of risk, as well as a high debt burden and weak debt affordability that will consolidate only gradually after deteriorating significantly over the pandemic. The rating also reflects Maldives' susceptibility to climate risk, with rising sea levels threatening the existence of the low-lying archipelago and natural assets at great risk from changes in climate patterns. This is balanced against robust medium-term growth prospects, which along improving policy effectiveness – albeit from a low base – provide some resilience to the sovereign credit profile. The stable outlook reflects Moody's view that risks to the credit profile remain balanced and consistent with the current rating level. Improved prospects for the tourism sector will support a strong growth potential, which along with tax reforms, will ease ongoing fiscal pressures through higher revenue receipts and a gradual reduction in debt levels. Higher foreign currency inflows from growing tourist arrivals as well as bilateral and multilateral financing that has been forthcoming will partially mitigate external liquidity pressures. However, large external repayments over the next 2-3 years will continue to test Maldives' access to external financing, particularly at a time when global financing conditions have tightened and the cost of borrowing in capital markets remains prohibitive. Maldives' local and foreign currency ceilings remain unchanged at B1 and B3 respectively. The three-notch gap between the local currency ceiling and the sovereign rating reflects the government's relatively small footprint in key sectors of the economy, including tourism, balanced against weak institutions, an unpredictable policy framework, and large external deficits driven by the archipelago's dependence on goods imports. The two-notch gap between the foreign currency ceiling and the local currency ceiling underscores the risks of convertibility restrictions during times of external liquidity stress, particularly to preserve reserve adequacy backing the country's fixed exchange rate. RATINGS RATIONALE RATIONALE FOR RATING AFFIRMATION AND STABLE OUTLOOK FISCAL CONSOLIDATION IN TRAIN, BUT WILL BE GRADUAL Since peaking at nearly 24% of GDP during the pandemic, a swift recovery in economic and revenue growth has supported narrower fiscal deficits, though levels remain above pre-pandemic averages. This is attributed to higher subsidy spending as a result of higher global food and energy prices as well as a sharp rise in capital expenditures driven by an acceleration in project implementation. Moody's expects similar rigidities in subsidy and capital spending to keep fiscal expenditures elevated over next few years. Stronger tourism-related receipts and tax reforms introduced in the beginning of this year will facilitate modest narrowing of the fiscal deficit, though Moody's expects deficits to still average around 10% of GDP over the next 1-2 years and above the mid-single digits seen prior to the pandemic. In turn, Maldives' debt burden will remain above 90% of GDP, moderating gradually in the coming years. That said, implementation of planned subsidy reforms and completion of key capital projects in 2024 – such as the expansion of Velana International Airport – could ease the fiscal burden and support an acceleration in fiscal consolidation in 2025 and beyond. However, such a scenario will be dependent on the government's commitment to push through such reforms and to rein in capital expenditures post completion of major infrastructure projects. Meanwhile, weak debt affordability will remain a key constraint. A substantially higher debt stock has driven a surge in interest costs since the pandemic shock, which Moody's projects to amount to around 14% of revenue in 2023, double that of pre-pandemic levels. Moody's expects the interest burden to remain high over the next 2-3 years, driven by a continued reliance on short-term, higher cost domestic debt to meet borrowing needs and a higher global rate environment that implies higher interest costs on any external commercial borrowings in the near term. GOVERNMENT LIQUIDITY RISKS AND EXTERNAL LIQUIDITY PRESSURES REMAIN ELEVATED Despite some moderation, still-wide fiscal deficits in the near term and debt repayments in the latter years will keep government financing needs elevated. Moody's expects Maldives' gross financing needs to remain around 45-50% of GDP through 2024 before moderating slightly. Of this, refinancing of short-term domestic debt accounts for around 35-37% of GDP and poses refinancing risks. At the same time, the government's external liquidity requirements will on average account for an estimated 6% of GDP over the next 2 years before rising to around 9% in 2026. While loan disbursements related to projects under the Public Sector Investment Program (PSIP) will partially meet such needs, impending external debt repayments – particularly the maturity of a $500 million sukuk in 2026 – will test Maldives' ability to tap international markets and financing from bilateral and multilateral creditors to either refinance or repay these debts. Meanwhile, foreign exchange reserves have eroded due to higher import bills since the beginning of 2022, posing near term external liquidity risks. In 2022, the current account deficit widened sharply to nearly 17% of GDP from around 9% of GDP in the previous year, attributed to a 38% growth in goods imports that outpaced 28% growth in travel-related receipts. As a result, foreign exchange reserves fell at a rapid pace, falling from $855 million in March 2022 to a trough of $491 million in October, only returning above $800 million in December after a $200 million swap agreement with India. Robust growth in tourist arrivals and a higher tourism goods and services tax eased the pace of decline, but reserves have fallen to around $600 million in September 2023, covering just over 2 months of imports and insufficient to service impending maturities should it stay at current levels. IMPROVING TOURISM PROSPECTS UNDERPIN GROWTH OUTLOOK AND SUPPORT FOREIGN EXCHANGE LIQUIDITY On the other hand, Moody's expects ongoing strength in the tourism sector to support real GDP growth of around 7-8% in 2023, remaining above potential despite a relatively high base and even as the global economic outlook remains sluggish. Tourist arrivals will likely rise above pre-pandemic levels by the end of 2023, driven by a recovery in Chinese demand and completion of a new runway that constitutes part of the expansion of Velana International Airport. As of end-August 2023, tourist arrivals since the beginning of the year have already exceeded inflows in the same period in 2022 by 14%. A weaker Chinese economy did not seem to have affected the recovery in demand, as tourists arrivals from the country continue to recover solidly over the course of the year and now rank third in terms of origin. Beyond 2023, real GDP growth will remain high, averaging 5-6% over the next 3-4 years. Projects conducted under the auspices of the PSIP - which incorporates all infrastructure development projects that the government undertakes - will support the tourism sector's competitiveness and allow greater capacity for growth. Notably, the expansion of Velana International Airport - due for completion at the end of 2024 - will eventually raise annual passenger capacity to 7.5 million, nearly doubling the current capacity of around four million. This will address transport-related capacity bottlenecks for Maldives' tourism sector. Hence, Moody's expects to see significant growth in tourist arrivals in 2025, which will remain structurally higher in the years after. Besides, higher arrivals will support stronger foreign currency receipts, synergizing with higher tourism related taxes and fees that retain a greater portion of such inflows. This presents upside potential for government revenue which could accelerate fiscal consolidate efforts, and further mitigate ongoing pressures on foreign exchange reserves. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Maldives' ESG Credit Impact Score is CIS-5 and reflects very high exposure to environmental and social risks. While governance generally remains weak, particularly with regards to fiscal management, recent improvements have been made in the areas of control of corruption and institutional reforms. Maldives' E-5 issuer profile score for environmental risk reflects exposure to environmental risks that continue to threaten lives and livelihoods. With its average ground level elevation being only less than five feet above sea level, Maldives is acutely vulnerable to climate change. Maldives also faces the threat of increasing temperatures, including more frequent extreme weather events, changes in monsoon patterns and coral bleaching. The government's approach to improving the archipelago's resilience to climate change has been to retain and enhance islands' existing natural flood protection features, strengthen emergency responsiveness, carry out conservation efforts and invest in research capacity. The government is also investing in large land reclamation projects such as the construction of Hulhumale island to relocate populations most vulnerable to sea level rise. Carbon transition risks are negligible, while Maldives' natural capital of the archipelago, despite a source of economic concentration, continues to drive its globally competitive tourism industry. Maldives' issuer profile score for social risk is S-4. Given the small and dispersed population, demographic challenges are also a prevalent concern, manifest in a dearth of skilled labor and technical capacity. According to UNICEF, large wealth gaps also exist between Male and the atolls. Compounded with inclusion issues, this contributes to relatively elevated levels of youth unemployment and low rates of female labor force participation. The government continues to invest in building housing developments, as well as improving educational opportunities and outcomes. Access to basic services remains limited outside of the capital city, while health & safety considerations, including mortality rates and levels of undernourishment, are relatively elevated. Maldives' institutions and governance profile constrains its rating, as captured by a governance issuer profile score of G-4. Moody's assessment considers challenges with respect to fiscal management, although improvements have been made with respect to improving fiscal transparency and increasing budget accountability. Moreover, some progress has been made in addressing other governance issues, including corruption. Tackling financial crimes and money laundering remains a concern. GDP per capita (PPP basis, US$): 33,208 (2022) (also known as Per Capita Income) Real GDP growth (% change): 13.9% (2022) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 3.4% (2022) Gen. Gov. Financial Balance/GDP: -14.4% (2022) (also known as Fiscal Balance) Current Account Balance/GDP: -16.8% (2022) (also known as External Balance) External debt/GDP: 58% (2022) Economic resiliency: ba3 Default history: No default events (on bonds or loans) have been recorded since 1983. On October 18, 2023, a rating committee was called to discuss the rating of the Maldives, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have materially increased. The issuer's institutions and governance strength, have materially increased. The issuer's fiscal or financial strength, including its debt profile, has materially increased. The issuer has become more susceptible to event risks. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Moody's would likely upgrade the rating in the event of a sustained improvement in the fiscal trajectory that leads to a significant consolidation of debt and deficit levels, thereby reducing government borrowing requirements and easing liquidity risks and improving the cost of borrowing. Greater certainty over multilateral financing flows from a variety of lenders at affordable rates that cover the sovereign's funding needs durably would also support the credit profile. Such an outcome, combined with steps towards improving public financial management, would improve visibility and planning around the government's borrowing requirements. Progress toward economic diversification that reduces the sovereign's reliance on tourism inflows and establishes new drivers of growth that support the development of human capital would also be credit positive. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS Moody's would likely downgrade the rating should there be a deterioration in the government's ability to service its external debt obligations, which could arise from further erosion of foreign reserve buffers and/or weaker access to external financing. Moreover, a protracted period of weaker tourism activity that leads to a more pronounced deterioration in fiscal and/or external metrics would further threaten macroeconomic stability and likely lead to a downgrade of the rating. The principal methodology used in these ratings was Sovereigns published in November 2022. NEWONN ADVERTISING: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Newonn Advertising & Media Private Limited (Formerly known as Aadonn Exim Private Limited) Property No. 113, Pocket J, Sector-2 DSIIDC Bawana Industrial Area Complex Delhi North West DL 110039 Liquidation Commencement Date: September 23, 2023 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mr. Loveneet Handa 201, 2nd Floor, Park View Complex 48, Near Reliance Fresh, Hasanpur, I.P. Extension, Patparganj, Delhi 110092 Email: loveneet.cs@gmail.com Contact No: 9818664478 Last date for submission of claims: October 23, 2023 NIAGARA METALS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Niagara Metals India Limited (NMIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 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 October 10, 2022, placed the rating(s) of NMIL under the 'issuer non-cooperating' category as NMIL 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. NMIL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 26, 2023, September 5, 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). Niagara Metals India Limited (NMI) was incorporated in December, 2004 as a 100% export-oriented unit for railway components. The company is currently being managed by Mr. Vinod Kumar Soni, Mr. Vikram Soni (son of Mr. Vinod Kumar Soni) and Mr. Charanjit Singh. NMI's manufacturing facility is situated at Ludhiana, Punjab. The company was initially engaged in the manufacturing of railway components and exported the same to the USA markets. However, in 2009, the company diversified its business and started manufacturing auto components also, apart from manufacturing railway components. Later on, in 2011, NMI ventured into construction and installation of pre-engineered steel structural buildings (PEBs) also, providing turnkey solutions in infrastructure space and shifted its selling arrangements from exports to domestic sales. PADMAVATI ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Padmavati Associates (PA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 22, 2022, placed the rating(s) of PA under the 'issuer non-cooperating' category as PA 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. PA 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, October 6, 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). Padmavati Associates (PA) was established in the year 2013 as a partnership firm and is promoted by Mr. Y Suresh, Ms. Y Kavitha and Ms. Y D Prasunamba. The firm is engaged in construction of residential apartments and PA is currently implementing its first project; Aakasha Lake View, located at Survey No.225/a, Opp. Mythri Nagar, Beside Kalki Chambers, Allwin Signal, Madinaguda, Miyapur, Hyderabad. PARAMOUNT CHEMPRO: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Paramount Chempro (PC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 October 3, 2022, placed the rating(s) of PC under the 'issuer non-cooperating' category as PC 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. PC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 19, 2023, August 29, 2023, September 08, 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). PC was established in the year 2015 by Patel family of Nagpur. The entity has recently (April 2018) completed its project to set up a Formaldehyde unit at Butibori, Nagpur, Maharashtra. PARAS FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Paras Foods in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Paras Foods, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained noncooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in the 2005, Paras Foods is a partnership firm engaged in processing and sorting of basmati and non basmati rice. The firm's milling unit is based out of Karnal, Haryana, in close proximity to the local grain market. The firm sells rice under its registered brands in the domestic market –Malberry and Namstey Jee. The firm is also involved in export of rice. The firm has two sortex machines with sorting capacity of 5 tonnes per hour. The management has increased its focus on sales of rice under its own brand name in order to increase its realization. The focus on branded rice sales is expected to increase further in the current year. The entity tries to differentiate itself by selling branded rice in the domestic rice which are sold in different packs of 5, 10, 25 and 40kg respectively. R AND S ENGINEERING: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: M/s. R and S Engineering India Private Limited Cabin No. 3, 8-10, Bhavani Chembers, Nr. Times of India, Navrangpura, Ashram Road, Ahmedabad-380009, Gujarat Liquidation Commencement Date: September 20, 2023 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Mr. Vinit Nagar 818, Shivalik Satyamev, Bopal-Ambli Cross Road, Bopal, Ahmedabad-380058, Gujarat Email: ipvinitnagar@gmail.com Telephone No: 02717-416007 Last date for submission of claims: October 19, 2023 RAGHUVANSHI INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Raghuvanshi Industries Private Limited R.S. No. 319, Naranka, Rajkot Jamnagar Highway, Vill. Targhadi, Tal Padadhari, Dist. Rajkot 363660 Insolvency Commencement Date: September 19, 2023 Estimated date of closure of insolvency resolution process: March 23, 2024 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Vinod Tarachand Agrawal 204, Wall Street I, Nr Gujarat College, Ellis Bridge, Ahmedabad 380006 Email: ca.vinod@gmail.com cirp.raghuvanish@gmail.com Last date for submission of claims: September 10, 2023 RAMA KRISHNA: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rama Krishna Spintex Private Limited (RKSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 77.02 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.70 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 October 3, 2022, placed the rating(s) of RKSPL under the 'issuer non-cooperating' category as RKSPL 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. RKSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 19, 2023, August 29, 2023, September 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). Rama Krishna Spintex Private Limited (RKSPL), based in Bathinda (Punjab), was set up in Feb-2007 as a private limited company. It commenced operations in Jan-2008. The company is currently being managed by Mr. Makhan Lal Mangla, Mr. Mahavir Kumar, Mr. Siddharth Mangla and Mr. Parvesh Mangla. RKS is engaged in the business of manufacturing of cotton yarn such as stubbed cotton yarn, grey cotton yarn and waxed cotton yarn. The plant is located in Bathinda, Punjab. REAL GROWTH: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term rating of Real Growth Commercial Enterprises Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 21.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 4.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Real Growth Commercial Enterprises Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Real Growth Commercial Enterprises Limited (RGCEL) was incorporated in 1995 under the name KRS Financials Pvt Ltd. In 2001, it was taken over by the RG Group and the name was changed to Rajesh Projects & Finance Limited. The company was involved in development of commercial office-cum-shopping complexes till 2007 and executed 4 commercial projects during this period. The company commenced trading of stainless-steel sheets of various dimensions in January 2010. No new real estate projects were undertaken in the company after2007, and the company is solely operating in the business of trading of stainless-steel sheets in Bhiwadi. The name was later changed to Real Growth Commercial Enterprises Limited in January 2011. RGCEL is managed by Mr Rajesh Goyal who is the Managing Director of the RG Group. RELIGARE FINVEST: ICRA Withdraws D Rating on INR120cr LT Loan ------------------------------------------------------------- ICRA has withdrawn the long-term rating of [ICRA]D assigned to the NCD programme of Religare Finvest Limited at the request of the company and in accordance with ICRA's policy on the withdrawal of credit ratings, as there is no amount outstanding against the rated instruments. The key rating drivers and their description, liquidity position, rating sensitivities, and key financial indicators have not been captured as the related instrument has been withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bonds/ 120 [ICRA]D; withdrawn NCD/LTD RFL was originally incorporated as Skylark Securities Private Limited in 1995. It was converted into a public limited company, Fortis Finvest Limited, in 2004. In April 2006, the company changed its name to Religare Finvest Limited. RFL is a subsidiary of Religare Enterprises Limited (REL). The company's on-balance sheet portfolio stood at INR2,109 crore as of March 31, 2023 (INR3,981 crore as of March 31, 2022). RFL reported a profit after tax (PAT) of INR2,925 crore in FY2023 on a total gross asset base of INR2,863 crore as of March 31, 2023 compared to a net loss of INR1,747 crore in FY2022 on a total gross asset base of INR6,884 crore as of March 31, 2022. Its net worth increased to INR675 crore as of March 31, 2023 from -INR2,271 crore as of March 31, 2022, on account of the writeback of borrowings (principal + interest), which led to a one-time exceptional gain of INR3,289.4 crore. The company reported GNPA (%) of 78.0% and NNPA (%) of 2.2% as of March 31, 2023, compared to 79.9% and 23.6%, respectively, as of March 31, 2022. RFL reported a PAT of INR9.7 crore in Q1 FY2024 and a net worth of INR6831 crore as of June 30, 2023. The company reported GNPA of 80.4% and NNPA of 3.0% as of June 30, 2023. RIDHI SIDHI: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ridhi Sidhi Pulses (RSP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.62 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 October 4, 2022, placed the rating(s) of RSP under the 'issuer non-cooperating' category as RSP 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. RSP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 20, 2023, August 30, 2023, September 9, 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). Merta City (Rajasthan) based Ridhi Sidhi Pulses (RSP) was formed in 2013 as a proprietorship concern by Mr. Shreekant Mantri with an objective to set up a dall mill. RSP has completed its project and started commercial operations from January 2014. The firm is engaged in the business of manufacturing of chana dall from chana and moong mogar as well as moong polish dall from moong. S. SATYANARAYANA: CARE Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of S. Satyanarayana and Company (SSC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 12.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 24, 2022, placed the rating(s) of SSC under the 'issuer non-cooperating' category as SSC 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. SSC continues to be non-cooperative 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). SSC was incorporated in December 2012 by Mr. S. Satyanarayana and his family. The promoters are involved in the construction business since 1976 through a partnership firm. In 2003, Mr S. Satyanarayan dissolved the partnership firm and started a proprietorship firm under the name of 'S. Satyanarayana' involved in civil construction of ports, roads, railway lines and others. In December 2012, the promoter floated another partnership firm named S. Satyanarayana & Co (SSCO). The proprietorship firm has not been dissolved yet though all the registration of the proprietorship firm has been transferred to the partnership firm. The firm has executed work for West Quay Multiport Private Limited, AVR Infra Pvt Ltd, ITD Cementation India Private Limited, Vishakhapatnam Port Trust and Vishakhapatnam Port Logistic Park Limited. The firm is also engaged in hire business from FY15. SAFFRON THERAPEUTICS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Saffron Therapeutics Private Limited B14, Sthapna Complex, Near Ankur Bus Stand. Opp. G.H.P. Complex, Naranpura, Ahmedabad-380013, Gujarat, India Insolvency Commencement Date: September 25, 2023 Estimated date of closure of insolvency resolution process: March 23, 2024 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Omkarchand Rikhabdas Maloo 403, 4th Floor, Shaival Plaza, Near Hope Neuro Care Hospital, Gujarat College Road, Ellisbridge, Ahmedabad, Gajurat- 380 006 Email: omkar@ormaloo.com ipsaffrontherapeutics@gmail.com Last date for submission of claims: October 9, 2023 SAMTEL GLASS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Samtel Glass Limited Village Naya Nohra, Tehsil Ladpura, District Kota, Rajasthan-324001 Insolvency Commencement Date: September 19, 2023 Estimated date of closure of insolvency resolution process: March 17, 2024 Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Jai Prakash Rawat 22-B, New Colony, Chandhi Chowk, Jhotwara, Jaipur-302012 (Rajashthan) Email: ibcsamtelglass@gmail.com ipjprawat@gmail.com Last date for submission of claims: October 4, 2023 SANTOSHI LEATHER: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-term and short-term ratings of Santoshi Leather Works in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 1.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short-term– 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term- (3.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Liners India Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1989 as a proprietorship firm, Santoshi Leather Works (SLW) primarily manufactures industrial leather gloves. The proprietor, Mr. Swapan Kr. Ghosh, has been in the same line of business for around three decades. The manufacturing facility of the firm is located at Beliaghata, Kolkata and has a capacity to manufacture around 6,000 pairs of leather gloves daily. SLW is recognised as a Star Export House by the Government of India. SHANKARANARAYAN JEWELLERS: ICRA Keeps D Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term rating of Shankaranarayan Jewellers in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term– 5.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 5.75 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term– 0.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Shankaranarayan Jewellers, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shankaranarayan Jewellers (SJ) was established in 2001 by Mr. P V Mahesh as a partnership firm, for manufacturing and wholesale of gold jewellery with operations based out of Bangalore. The firm also operates in retail space through its outlet based in Basavanagudi, Bangalore. The business operations are managed jointly by Mr. P V Mahesh and his son, Mr. Tejas. SHREEDHAR MILK: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the rating for the INR20.00 crore Non-Convertible Debenture programme of Shreedhar Milk Foods Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 20.00 [ICRA]D; ISSUER NOT Debentures (NCD) COOPERATING; Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with Shreedhar Milk Foods Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2005, Shreedhar Milk Foods Limited is a medium-sized dairy processing companyengaged in processing liquid milk and manufacturing various milk-based products such as skimmed milk powder (SMP), pure clarified butter (ghee), white butter, cottage cheese, curd and sweets. The company's processing facility is located at Joya in Uttar Pradesh, with a processing capacity of 14.30 lakh litres per day (LLPD). With a product mix concentrated in favour of SMP, pure ghee and related derivatives, SMFL largely caters to the bulk/institutional segment under its brand, 'Shreedhar', through its network of C&F agents. A small proportion of the company's business is also generated from contract manufacturing operations for players like Mother Dairy and COMFED. While a majority of SMFL's business comes from the bulk segment, it is currently in the midst of expanding its direct marketing business, especially for polypack milk. To achieve this, it has recently started procuring milk directly from villages by setting up Village Level Collection Centres (VLCCs) and Milk Chilling Centres (MCCs). SMFL is promoted by the Delhi-based Goel family. The promoters have significant experience in the dairy industry, with their roots in the milk trading business for the last four generations. With its plans of expanding its retail presence, the company has inducted professional management with significant experience in the dairy industry. SMFL also raised equity funding from a Mauritius-based private equity fund, 'The Great Indian Tusker Fund', and another entity, Omrudra International Trading LLC. Following the equity infusion, the promoter's stake in the company stood at 93.3% as of June 2016. SIMHAPURI ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-term rating of Simhapuri Energy Limited (erstwhile Simhapuri Energy Pvt. Ltd.) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 197.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 1976.01 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 33.80 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Liners India Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Simhapuri Energy Limited (erstwhile Simhapuri Energy Pvt. Ltd.) (SEL), owned subsidiary of Hyderabad based Madhucon Group, is established in 2005 to develop, construct, operate and distribute power from coal-based power projects in India. It has 600 MW operational thermal power capacity plant. SOLAR VOLTAIC: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Solar Voltaic Power LLP Navya Tower, P.No. 178, District Shopping Centre, Kamla Nehru Nagar NA Jodhpur Jodhpur Rajasthan 342001 Insolvency Commencement Date: September 19, 2023 Estimated date of closure of insolvency resolution process: March 17, 2024 Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Mr. Prashant Agrawal First Floor (F – 106), Sumer Complex, Gautam Marg, B/h Bagadia Bhawan, C – Scheme, Jaipur – 302001 Rajasthan Email Address: ippagrawal@gmail.com Building No. F – 174, First Floor (F – 106), Sumer Complex, Gautam Marg, B/h Bagadia Bhawan, C – Scheme, Jaipur – 302001 Rajasthan Email Address: Svpllp.cirp@gmail.com Last date for submission of claims: October 5, 2023 SREEVEN CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Sreeven Constructions (SC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.40 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.60 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 22, 2022, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC 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. SC 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, October 6, 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 (Telangana) based, Sreveen Constructions (SC) was established in 2013 as Partnership Firm by Mr. J Venkat Reddy, Mr. B Subramanya Reddy and Mr. S Krishna Reddy. The firm is engaged in civil engineering of roads, bridges and buildings for South Central Railways and GVV Constructions (P) Limited. The day-to-day operations of the firm are managed by Mr. J Venkat Reddy who has experience of around 30 years in construction industry and Mr. B Subramanya Reddy. SU TOLL: ICRA Lowers Rating on INR588cr Term Loan to D ------------------------------------------------------ ICRA has revised the ratings on certain bank facilities of SU Toll Road Private Limited (SUTRPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 588.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from [ICRA]C+ Term Loan and continues to remain under 'Issuer Not Cooperating' Category Non-Convertible 80.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture Rating downgraded from [ICRA]C+ and continues to remain under 'Issuer Not Cooperating' Category Rationale Material event The rating downgrade reflects Delay in Debt Repayment as mentioned in the Non-Default Statement received from the client. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated in September 2023. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in March 2007, SU Toll Road Private Limited (SUTRPL) is a special purpose vehicle (SPV) promoted by Reliance Infrastructure Limited (R Infra) to implement the project for financing, design, building and operation of 136- kilometer-long 4-lane toll road between Salem (0.313 km) and Ulundurpet (136.67 km) on National Highway 68. The project was awarded by National Highway Authority of India (NHAI) on Build, Operate and Transfer (BOT) basis with a concession period of 25 years commencing from January 15, 2008. The stretch serves as the connecting corridor between Coimbatore and Chennai in Tamil Nadu. The project road meets NH-7 at Salem and NH- 45 at Ulundurpet. There was no other bidder for the project and therefore RInfra received a huge positive grant of INR366.05 Crores for the project; of which INR212.26 crore was received during construction, and balance INR153.79 crore was to be received during the operational period. The construction period was 36 months and the scheduled commercial operation date (COD) was 16th January 2011. However, the company achieved partial COD on July 28, 2012 (for 90.91 km i.e. for 2 out of 3 toll plazas) and complete COD on August 28, 2013. The project was delayed mainly due to the delay in handing over the RoW by NHAI and later due to delay in 3D Gazette Notification. ===================== N E W Z E A L A N D ===================== 75 CAMPERDOWN: Khov Jones Appointed as Receivers and Managers ------------------------------------------------------------- Steven Khov and Kieran Jones of Khov Jones Limited on Oct. 24, 2023, were appointed as receivers and managers of 75 Camperdown Rd Development Limited and Kerrow Developments Limited. The receivers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ASHLEY HOMES: Blacklock Rose Limited Appointed as Administrators ---------------------------------------------------------------- Garry Whimp and Benjamin Francis of Blacklock Rose on Oct. 20, 2023, were appointed as administrators of Ashley Homes Limited. The administrators may be reached at: Garry Whimp Benjamin Francis c/- Blacklock Rose Limited PO Box 6709 Auckland 1142 EX SC SOUTHERN: Creditors' Proofs of Debt Due on Nov. 17 -------------------------------------------------------- Creditors of EX SC Southern Limited and EX SCGL Limited are required to file their proofs of debt by Nov. 17, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 12, 2023. The company's liquidators are: Craig William Melhuish Christine Jane Johnston Nexia New Zealand Level 4, 123 Victoria Street PO Box 4160 Christchurch 8140 MARC FINDLAY: Waterstone Insolvency Appointed as Receivers ---------------------------------------------------------- Damien Grant and Adam Botterill of Waterstone Insolvency on Oct. 20, 2023, were appointed as receivers and managers of Marc Findlay. The receivers may be reached at: Damien Grant Adam Botterill Waterstone Insolvency PO Box 352 Auckland 1140 MEDIAWORKS NEW ZEALAND: Auditor Raises Going concern Doubt ---------------------------------------------------------- Radio New Zealand reports that troubled radio company MediaWorks faces financial uncertainty, according to an auditor. According to RNZ, the owner of The Breeze and More FM released its audited financial statements on Oct. 20, along with notes from the auditor, PwC, warning of "material uncertainty". MediaWorks made a net loss of nearly $126 million last calendar year, with liabilities exceeding assets by $19.4 million, RNZ discloses. RNZ relates that the auditor said there was "significant doubt" about whether MediaWorks can continue to operate beyond June 2025, given its bank financing arrangements. "The ability of the group to support its ongoing operations over the forecast period to 30 June 2025 is dependent on a successful renegotiation of its lending terms with the lenders including revised facility limits and covenants and to meet the terms of any revised agreements ongoing," it said, notes the report. "These events and conditions along with the other matters . . . indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern." MediaWorks cut dozens of jobs in March and abruptly closed its new station, Today FM, in an effort to cut costs, RNZ recalls. A MediaWorks spokesperson said its shareholders and management had every confidence in the future of the business. "PwC has issued us an unmodified opinion on the financial statements which have been prepared on a going concern basis." MediaWorks NZ Limited -- http://www.mediaworks.co.nz/-- through its subsidiaries, operates in the television and radio broadcasting sectors in New Zealand. It operates the TV3 television network, which primarily offers news, current affairs, and sports programs, as well as entertainment programs; and C4, a free-to-air music channel. TARGET FRANCHISE: Creditors' Proofs of Debt Due on Nov. 14 ---------------------------------------------------------- Creditors of Target Franchise Holdings (Dominion Road) Limited are required to file their proofs of debt by Nov. 14, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 13, 2023. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 ================= S I N G A P O R E ================= CABLE SOLUTIONS: Creditors' Proofs of Debt Due on Nov. 24 --------------------------------------------------------- Creditors of Cable Solutions (Sea) Pte. Ltd. are required to file their proofs of debt by Nov. 24, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 20, 2023. The company's liquidator is: Farooq Ahmad Mann c/o 3 Shenton Way #03-06C Shenton House Singapore 068805 FINAXAR PTE: Commences Wind-Up Proceedings ------------------------------------------ Members of Finaxar Pte Ltd, on Oct. 17, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 144 Robinson Road #14-02, Robinson Square Singapore 068908 HAPPI PTE: Creditors' Meeting Set for Nov. 8 -------------------------------------------- Happi Pte. Ltd. will hold a meeting for its creditors on Nov. 8, 2023, at 2:00 p.m., at 3 Shenton Way #03-06C Shenton House, in Singapore. Agenda of the meeting includes: a. to nominate liquidator(s) or to confirm members' nomination of liquidator(s); b. to receive a full statement of the Company's affairs together with a list of its creditors and the estimated amount of their claims; c. to consider and if thought fit, appoint a Committee of Inspection for the purpose of such winding up; and d. to consider any other matters which may be brought before the meeting. Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as provisional liquidator of the Company on Oct. 18, 2023. LAM SAN: Creditors' Proofs of Debt Due on Nov. 24 ------------------------------------------------- Creditors of Lam San Properties (Pte) Ltd. are required to file their proofs of debt by Nov. 24, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 16, 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 VIVA CAPITAL: Court to Hear Wind-Up Petition on Oct. 31 ------------------------------------------------------- A petition to wind up the operations of Viva Capital (SG) Pte Ltd will be heard before the High Court of Singapore on Oct. 31, 2023, at 10:00 a.m. 61 Robinson Pte. Ltd. filed the petition against the company on July 25, 2023. The Petitioner's solicitors are: Drew & Napier LLC 10 Collyer Quay #10-01 Ocean Financial Centre Singapore 049315 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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