/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/231108.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, November 8, 2023, Vol. 26, No. 224 Headlines A U S T R A L I A CAPITAL AND FINANCE: Second Creditors' Meeting Set for Nov. 10 CRAIGIEDALE PTY: First Creditors' Meeting Set for Nov. 10 ETHICOS GROUP: First Creditors' Meeting Set for Nov. 10 HILLBILLY'S CRISPY: Chicken Shop Collapses Into Liquidation IMMEDIATION PTY: Placed in Voluntary Administration INFRABUILD AUSTRALIA: Moody's Puts Caa1 CFR on Review for Upgrade JLAB HOLDINGS: First Creditors' Meeting Set for Nov. 10 KCT TROLLEY: Second Creditors' Meeting Set for Nov. 10 C H I N A CHINA PROJECT: Media Company Shuts Due to Funding Problem CHINA VANKE: Gains Rare Show of Support from Shenzhen Government I N D I A ADHUNIK POWER: CARE Keeps D Debt Rating in Not Cooperating AGILION ENERGY: Voluntary Liquidation Process Case Summary ATHALURI SUSHMA: CARE Keeps D Debt Rating in Not Cooperating BHAWANI PRASAD: CARE Keeps C Debt Rating in Not Cooperating BLDE: Ind-Ra Downgrades Bank Loan Rating to BB BRAHMAPUTRA GALVOCHEM: Liquidation Process Case Summary BRAHMAPUTRA IRON: Liquidation Process Case Summary BRAHMAPUTRA ROLLING : Liquidation Process Case Summary BRAHMAPUTRA TMT: Liquidation Process Case Summary BRAHMAPUTRA TUBULARS: Liquidation Process Case Summary CH.GOWRI SHANKAR: Ind-Ra Affirms BB+ Term Loan Rating CHEEKA RICE: CARE Keeps C Debt Rating in Not Cooperating Category COMPUAGE INFOCOMM: NCLT Admits Insolvency Plea Against Company CYBER INFOSYSTEMS: Insolvency Resolution Process Case Summary DINESH SANITARY: Ind-Ra Gives BB+ Bank Loan Rating DREAM MERCHANT: Liquidation Process Case Summary GO FIRST: Lenders Will Not Release More Funding to Grounded Airline GOODWILL TEA: CARE Keeps D Debt Rating in Not Cooperating Category GOYAL CATTLE: CARE Keeps D Debt Rating in Not Cooperating GRD TRUCKS: Liquidation Process Case Summary GREATWALL CORPORATE: CARE Keeps D Debt Ratings in Not Cooperating INNOTECH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating LALITHA METALS: CARE Keeps C Debt Rating in Not Cooperating LSML PRIVATE: Liquidation Process Case Summary MANDEEP INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating MARS REMEDIES: Insolvency Resolution Process Case Summary MELSTAR INFORMATION: CARE Keeps D Debt Ratings in Not Cooperating MERCATOR PETROLEUM: IOC Acquires Company for INR148 Crore MICROTEX FASHION: CARE Keeps D Debt Rating in Not Cooperating MINESH PRINTS: Liquidation Process Case Summary MMS INFRASTRUCTURE: Insolvency Resolution Process Case Summary MOTA LAYJA: Liquidation Process Case Summary NAGAYYA MAKKIMANE: CARE Keeps C Debt Rating in Not Cooperating NANAI DAIRY: Liquidation Process Case Summary PAE LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category PARIVARTAN BUILDTECH: CARE Keeps D Debt Ratings in Not Cooperating PATIL AND COMPANY: CARE Keeps D Debt Ratings in Not Cooperating PLANET 'M' RETAIL: Liquidation Process Case Summary PRASHANTI CORPORATION: Ind-Ra Affirms BB Loan Rating PREMIER SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating PRIYANKA GEMS: CARE Keeps D Debt Rating in Not Cooperating RAJKISHORE SINGH: CARE Keeps C Debt Rating in Not Cooperating S.A.AANANDAN MILL: Ind-Ra Cuts Bank Loan Rating to BB SADBHAV UDAIPUR: CARE Lowers Rating on INR427cr LT Loan to D SEW BELLARY: Ind-Ra Withdraws Term Loan Rating to BB+ SHREEJI CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating SKS POWER: CARE Keeps D Debt Ratings in Not Cooperating SREEJA METAL: CARE Lowers Rating on INR9.60cr LT Loan to D SRI LAKSHMI: Insolvency Resolution Process Case Summary TRIMURTI CORNS: Liquidation Process Case Summary WHITE HOUSE: CARE Keeps D Debt Ratings in Not Cooperating YAMUNA HOMES: Ind-Ra Gives BB- Bank Loan Rating, Outlook Stable N E W Z E A L A N D BIRCHWOOD LAND: First Creditors' Meeting Set for Nov. 15 CBA DECORATORS: Court to Hear Wind-Up Petition on Nov. 9 EJS LIMITED: Court to Hear Wind-Up Petition on Nov. 10 LERWICK LIMITED: Commences Wind-Up Proceedings PROGRESSIVE HYDRAULICS: Court to Hear Wind-Up Petition on Nov. 27 TRADE WINDOW: To Cut Jobs as it Battles Inflationary Pressures S I N G A P O R E NEO TIEW: Placed in Provisional Liquidation PRISMA AI: Court to Hear Wind-Up Petition on Nov. 17 UNIQUE RESI: Creditors' Proofs of Debt Due on Dec. 3 X-SYNERGY GROUP: Court Enters Wind-Up Order YOHOKOMO SINGAPORE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= CAPITAL AND FINANCE: Second Creditors' Meeting Set for Nov. 10 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Capital And Finance Pty Limited has been set for Nov. 10, 2023 at 10:00 a.m. at the offices of Worrells at Suite 5B, 55 Kembla Street in Wollongong 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 Nov. 9, 2023 at 5:00 p.m. Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were appointed as administrators of the company on Oct. 17, 2023. CRAIGIEDALE PTY: First Creditors' Meeting Set for Nov. 10 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Craigiedale Pty. Limited will be held on Nov. 10, 2023, at 10:00 a.m. at the offices of Rodgers Reidy at Level 11, 385 Bourke Street in Melbourne and via online video conferencing. Brent Leigh Morgan and Neil Mclean of Rodgers Reidy were appointed as administrators of the company on Oct. 31, 2023. ETHICOS GROUP: First Creditors' Meeting Set for Nov. 10 ------------------------------------------------------- A first meeting of the creditors in the proceedings of The Ethicos Group Pty Ltd will be held on Nov. 10, 2023, at 10:00 a.m. at the offices of BRI Ferrier at Level 4, 307 Queen Street in Brisbane and via virtual meeting technology. Ian Alexander Currie of BRI Ferrier was appointed as administrator of the company on Oct. 31, 2023. HILLBILLY'S CRISPY: Chicken Shop Collapses Into Liquidation ----------------------------------------------------------- News.com.au reports that a popular chicken shop in Sydney's northwest has collapsed into liquidation over an AUD8,000 debt. According to the report, Baulkham Hills takeaway Hillbilly's Crispy Chicken, which is owned by chef Eric Tay, failed after All Business Accounting Solutions obtained a court order to have it placed into liquidation. News.com.au relates that liquidator Troy Graham, from Taylor Insolvency, said a dispute that ran for months over a financial advice bill of about AUD5,000 had led to a legal process that was now set to cost close to AUD8,000. "I can only see the reason for this company going into liquidation, as the result of a dispute with a creditor who has unpaid bills," Mr. Graham told Daily Mail Australia, News.com.au relays. "The director didn't have the financial means to be able to fund a defence in court, it is really sad." "The cost of winding the company up appears to be more than the principal debt that was owed to the creditor." Mr. Graham added that initial investigations showed the company did not owe any rent or staff wages. According to his LinkedIn profile, Mr. Tay trained former MasterChef judge George Calombaris during the late 1990s. "I'm an entrepreneur I started out in the hospitality industry as a qualified chef, working in Scotland, New Zealand, Channel Islands UK, Melbourne and Sydney Australia," his profile reads. "I was a senior chef above George Calombaris at the Sofitel in Melbourne." According to news.com.au, Mr. Tay's LinkedIn profile shows that he previously owned a cafe called Tay's Epicurean in the central western NSW town of Oberon, and ran food trucks in Bella Visa and Oran Park in Sydney's northwest and outer southwest, before opening Hillbilly's in November 2019. The menu offered burgers with three beef patties and southern fried chicken burgers with maple bacon and blue cheese, among other unique combos. Just five days ago, the takeaway shop posted to Instagram about one of their specials called The Sticky Hoof – a fried chicken burger with salad, French goat's cheese drizzled with Manuka honey and topped with spicy pineapple chutney. On November 2, the company posted a message to social media reading: "Hillbilly's will be closed until further notice", adding: "As soon as we figure out our next steps we will let you all know" in response to comments from customers, news.com.au relays. "Hope you guys all right and everything gets better soon," one customer wrote. "Hope everyone and everything is okay," wrote another. IMMEDIATION PTY: Placed in Voluntary Administration --------------------------------------------------- Startup Daily reports that online dispute resolution platform Immediation was placed in voluntary administration last week, seven months after the startup's founder and CEO departed amid a AUD2.8 million capital injection. Joanne Dunn and David McGrath from FTI Consulting were appointed administrators to 3 Australian entities: Immediation Pty Ltd (the head company), Immediation Platform, and Disputech IP Holdco, on October 26, Startup Daily discloses. The appointment does not include the NZ, UK and US entities within the group. Startup Daily relates that Ms. Dunn, the senior MD of corporate finance & restructuring at FTI Consulting said they were now seeking expressions of interest for a recapitalisation of those entities or a sale of their assets, with indicative offers due by November 8. Immediation had raised around AUD19 million in investment and grant funding since March 2017, the report notes. According to the report, barrister and founder Laura Keily launched the platform in September 2019 having AUD1.8 million to that point from boutique investment firm SG Hiscock, corporate broker Patersons Securities and advisory firm Alto Capital. The platform was created to take commercial disputes out of the courts and make their resolution simpler and more cost-effective, claiming to save up to 98% of the cost of going to court via fixed fee online mediation. At launch, Ms. Keily said Immediation is backed by a panel of 90 independent legal experts and dispute resolution specialists to help resolve commercial disputes online. It appeared to be a success, with more than 10,000 cases dealt with and more than 16,000 registered users. In May last year, having launched the Sport and Recreation Complaints and Mediation Service (SRCMS) in New Zealand in 2021 collaboration with the NZ government, Immediation created a similar resolution service in Australia, the Independent Sport Complaints Mediation Service (ISCMS). During the Covid lockdowns, the Victorian Civil and Administrative Tribunal (VCAT) enlisted Immediation to run virtual mediation and hearing sessions online, the report says. Forbes Asia listed the startup in its 100 to watch. There was a AUD3.75 million Series A in late 2020 led by Melbourne billionaire Alex Waislitz's Thorney Investment Group, which then backed a AUD3.6 million raise for US expansion two years ago. Wunala Capital and Perennial Private Investments were also on the cap table. In October 2021, Ms. Keily reported that revenue had grown 6-fold over the previous 12 months with user growth increase up 2,000%, Startup Daily recalls. Christine Christian became company chair, with Afterpay's Elana Rubin, and Rampersand founding partner Jim Cassidy on the advisory board. Then in August last year, another AUD5 million flowed in from a consortium of institutional and private investors, after operations began in the US, UK, and Asia over the previous six months. "To secure this new funding in this market is a huge endorsement of our rapid expansion into new markets, leading technology and business plan," the report quotes Ms. Keily as saying at the time. But just six months later in mid-March 2023, the company's difficulties emerged amid news of a AUD2.8 million "capital infusion . . . to ensure Immediation's commercial momentum". Founder Laura Keily departed the CEO role "to pursue other endeavours", replaced by the CFO, while Chrysalis Advisory founder Nick Northcott and early investor and director until 2021 returning to the board, alongside another previous director, Jason Marinko. "Investors reaffirmed their confidence in Immediation's business plan and growth trajectory" the company said at the time revealing the changes. The legaltech's future now rests in the hands of a potential buyer, the report adds. INFRABUILD AUSTRALIA: Moody's Puts Caa1 CFR on Review for Upgrade ----------------------------------------------------------------- Moody's Investors Service assigned a B3 rating to InfraBuild Australia Pty Ltd's proposed USD350 million backed senior secured notes due 2028. Moody's also placed InfraBuild's Caa1 corporate family rating and existing backed senior secured notes rating on review for upgrade. Previously the outlook was stable. InfraBuild expects to use the proceeds from the proposed senior secured notes to repay its USD325 million of senior secured notes due 2024 and fund transaction costs. InfraBuild's Caa1 senior secured rating on its existing notes due 2024 will be withdrawn if the transaction is successful and the notes are redeemed. RATINGS RATIONALE InfraBuild's review for upgrade reflects the launch of the refinancing transaction which would resolve its current refinancing risk, extend the company's debt maturity profile upon completion, and further incorporates still solid, albeit declining, operating performance of InfraBuild's Australian operations. Based on the terms of the transaction as proposed, Moody's would likely upgrade InfraBuild's CFR to B3 should the transaction close successfully. Reflecting this, and the company's pro forma capital structure, Moody's assigned B3 rating to InfraBuild's proposed senior secured notes. The announced transaction follows the company securing additional external funding in May 2023 when it executed a USD350 million 3-year senior secured asset-backed term loan (ABTL). The execution of the term loan was InfraBuild's first time accessing a material new external debt facility after its initial senior secured notes raising in 2019. While the company had previously stated publicly that the proceeds of the term loan were expected to be used to pursue growth initiatives, including the potential acquisition of Liberty Steel Group USA (Liberty USA), another entity independently owned by the GFG Alliance (GFG), the terms and conditions of the proposed notes would allow for a material distribution to its owner. Therefore, Moody's expects the USD350 million of funds from the ABTL, if released from escrow, will likely be directed toward shareholder returns. The agency expects that this would require amendments to the ABTL and would be subject to lender approval. Moody's will continue to monitor the use of proceeds from the ABTL and any further financing transactions that InfraBuild pursues. Moody's would view executing a large shareholder return as credit negative demonstrating the increased linkage to the broader GFG Group, as well as the ongoing contagion risk for InfraBuild from the credit issues facing GFG. However, despite this potential outflow for distributions, based on the terms of the notes issuance as proposed, Moody's expects that InfraBuild's CFR could be upgraded to B3. This reflects the still solid operating performance of the company, which will lead to credit metrics indicative of higher ratings and the improvement in the company's pro forma capital structure, liquidity profile and refinancing risk from a successful bond raising. As such, Moody's has assigned a B3 rating to InfraBuild's proposed senior secured notes. The proposed senior secured notes are rated in line with the expected CFR, reflecting their security package and Moody's estimates of the collateral coverage for the notes. The notes will have a first lien on essentially all non-current assets of the company, largely property plant and equipment (PP&E), which had a book value of AUD747 million as of June 30, 2023, and a second lien on the ABTL collateral. The ABTL has a first lien on substantially all of the current assets of the group and a second lien on the collateral of the notes. Moody's classifies the risks from InfraBuild's concentrated ownership as governance risk under its General Principles for Assessing Environmental, Social and Governance Risks Methodology. Therefore, governance was a driver of the action. ESG CONSIDERATIONS InfraBuild's credit impact score (CIS-5) indicates that the rating is lower than it would have been if ESG risk exposures did not exist. This primarily reflects InfraBuild's exposure to governance risks such as financial strategy and risk management, which is reflective of its liquidity management and pending 2024 debt maturities; and concentrated ownership, reflecting that it is ultimately wholly owned by the GFG Alliance. Moody's believes issues facing the broader GFG Alliance group have contributed to InfraBuild's liquidity and refinancing risk. InfraBuild also has exposure to environmental and social risks. Environmental risks primarily reflect carbon transition risk given its energy intensive steel manufacturing, while social risks primarily reflect the inherent health and safety risks in its steelmaking and downstream processing operations. However, as an EAF producer these risks are lower than those faced by blast furnace producers. LIQUIDITY Moody's view the proposed transaction as critical to improve InfraBuild's current weak liquidity profile. In Moody's view, InfraBuild would have an adequate liquidity profile following completion of the proposed transaction, resulting from the extension of its maturity profile, still solid operating cash flow and a cash position consisting of around AUD450 million of unrestricted cash as of June 30, 2023 (excludes around AUD627 million of restricted cash). Moody's expects that these combined sources of liquidity would be adequate to fund InfraBuild's ongoing operations and cash uses if the company is able to successfully refinance the notes ahead of maturity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's review will focus on the credit profile benefits from a successful refinancing and extended debt maturity profile, as well as the ultimate terms and conditions of the notes, the impact of any distributions on InfraBuild's ongoing credit profile and the company's ability to maintain adequate liquidity going forward. Moody's expects the review to be concluded shortly after a refinancing transaction is completed and for a possible upgrade to be limited to one notch. On the other hand, the ratings could face downward pressure if the proposed transaction is delayed and/or the company fails to refinance its existing notes in a timely manner. Further, the rating on the proposed notes could be downgraded if the terms and conditions of the notes differ materially from Moody's current expectations. The principal methodology used in these ratings was Steel published in November 2021. BACKGROUND InfraBuild is Australia's largest and only vertically integrated EAF manufacturer and supplier of steel long products. The company supplies around 2.4 million tonnes per annum (mtpa) of steel long products across Australia, with most products supplying the construction steel segment of the market (rebar, mesh, etc.). InfraBuild is a private company, and is ultimately owned by the GFG Alliance (unrated), a United Kingdom based international industrial, energy, natural resources and financial services group. JLAB HOLDINGS: First Creditors' Meeting Set for Nov. 10 ------------------------------------------------------- A first meeting of the creditors in the proceedings of JLAB Holdings WA Pty Ltd be held on Nov. 10, 2023, at 11:00 a.m. at the Quest East Perth at 176 Adelaide Terrace in East Perth and via virtual meeting technology. Aaron Dominish, Cameron Shaw and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Oct. 31, 2023. KCT TROLLEY: Second Creditors' Meeting Set for Nov. 10 ------------------------------------------------------ A second meeting of creditors in the proceedings of KCT Trolley Services Pty Ltd has been set for Nov. 10, 2023 at 11:00 a.m. at the offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney 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 Nov. 9, 2023 at 4:00 p.m. Daniel John Frisken of O'Brien Palmer was appointed as administrators of the company on Oct. 18, 2023. ========= C H I N A ========= CHINA PROJECT: Media Company Shuts Due to Funding Problem --------------------------------------------------------- Reuters reports that one of the few independently funded English-language publications to cover China in depth for Western audiences, "The China Project", is to close because of a lack of funding, its editor-in-chief, Jeremy Goldkorn, wrote in a post. The China Project, which began as a newsletter in 2016 and was formerly known as SupChina, expanded to become a "news and business intelligence company focused on helping a global audience understand China", it says on its website. Its products included the popular China news and society-themed Sinica podcast, articles on a wide range of China-themed topics on its website, a business intelligence data product "ChinaEDGE" and organising conferences. Staff numbers increased too, the report says. But as with a number of online-based media companies in recent years, such as Buzzfeed News, financing became a problem. "The media business is precarious," Mr. Goldkorn wrote in a statement on the website, Reuters relays. "This week, we learned that a source of funding that we had been counting on was no longer going to come through, and we have had to make the difficult decision to close down." The company sought to produce "balanced" reporting on China and U.S.-China-themed topics. But this attracted criticism as relations between the two powers sank to new depths. "We have been accused many times in both countries of working for nefarious purposes for the government of the other," Reuters quotes Mr. Goldkorn as saying. "Defending ourselves has incurred enormous legal costs, and, far worse, made it increasingly difficult for us to attract investors, advertisers, and sponsors. While our subscription offerings have been growing strongly and steadily, we are not yet in a position to rely on these revenues to sustain our operations." Media companies globally have had mixed success with subscription models, the report notes. The China Project's subscription package offered "the internet's best birds-eye view of China" for $120 a year, which was still on offer to site visitors on Nov. 7, according to a Reuters check. "We do not have a business model problem," company CEO Bob Guterma told Reuters via email. "We made big plans and pursued them boldly with the full backing of our investors. But in the past six months, investor interest has dropped off precipitously due to economic and geopolitical headwinds. We became unable to sustain what we had grown into." CHINA VANKE: Gains Rare Show of Support from Shenzhen Government ---------------------------------------------------------------- Bloomberg News reports that after letting two of the world's biggest property developers plunge into default, Chinese authorities are attempting to save a third industry giant from following suit. According to Bloomberg, China Vanke Co., the country's second-largest builder by contracted sales, received an unusually strong show of support from officials in its hometown of Shenzhen on Nov. 6 - following a dollar-bond plunge that made Vanke Asia's worst investment-grade performer last month. Its notes climbed as much as 4 cents Nov. 7 after some surged a record 12 cents a day earlier. Still, several of them remain at distressed levels of below 80 cents. In an online call with financial firms Nov. 6, the city's State-owned Assets Supervision and Management Commission said it has confidence in Vanke and enough cash and tools to support the builder if needed, according to people who listened into the call, Bloomberg relays. State-owned Shenzhen Metro Group Co., Vanke's largest shareholder, said it has no plans to cut its stake and is actively preparing to purchase Vanke's publicly-traded bonds at the right time. "The show of support from local authorities for Vanke is stronger than anticipated," Bloomberg quotes Leonard Law, senior credit analyst with Lucror Analytics Pte, as saying. While the move "certainly bodes well" for developers partially or fully owned by the state, it's "unlikely to benefit those that have already defaulted" or to be a turning point for the wider industry. Founded by Wang Shi in 1984 when China's economy was in the early stages of opening up, Vanke was the country's largest property developer for years before more aggressive peers Country Garden Holdings Co. and China Evergrande Group topped it, according to Bloomberg. Apart from its quality projects tailored to China's emerging and vast middle class, Vanke also became famous for a unique corporate style in the industry - an engaged board, diffuse shareholders and an entrepreneurial culture. After Wang cautioned in 2013 that China's real estate sector faced the risk of a "bubble," Vanke made early efforts to diversify from property development, the report states. It operates rental apartments and has built a logistics portfolio and growing services business that has included an investment in and partnership with US-based office-property broker Cushman & Wakefield Plc. According to Bloomberg, authorities' comments on Nov. 6 about Vanke - one of China's few remaining investment-grade builders - contrast with more muted official efforts to restore market confidence in Evergrande and Country Garden. Both of them defaulted on dollar bonds and are facing uncertain futures that include drastic restructurings or possibly liquidation. As China's property crisis heads into its fourth year, authorities at both the national and local level have expressed greater urgency to stem the fallout from a sector that by some estimates had accounted for about a quarter of economic output. Vanke is no stranger to having official support, Bloomberg says. State-owned conglomerate China Resources (Holdings) Co. was its largest stakeholder for almost two decades, until a yearlong takeover drama emerged in 2016. Evergrande briefly owned more than one-quarter of Vanke before Wang brought in Shenzhen Metro, owned by the city's state-owned assets supervisor. He then stepped down as Vanke's chairman. Recent sector worries, fueled in part by Country Garden's woes, engulfed Vanke's notes last month, Bloomberg recalls. They lost 35%, the worst in a Bloomberg index of Asia investment-grade dollar bonds. One note fell as low as 36 cents last week; it's since rebounded to 57 cents. That's the low end of Vanke dollar bonds' indicated range, which goes as high as 96 cents for a security due in March. The price disparity highlights how near-term investor concerns have eased substantially, even as longer-term uncertainty about repayment prospects persists. Bloomberg adds that the builder said in a statement after Nov. 6's call that it "will definitely repay offshore and onshore debt on time," and that the "market doesn't need to worry about that at all." Whether this marks a turning point for the broader property industry is unclear, the report states. Vanke's government-backing via Shenzhen distinguishes it from other privately run developers that have struggled to gain access to financing despite recent government efforts to provide more funding. Dollar bonds of investment-grade peer Longfor Group Holdings Ltd. trade at low levels below 50 cents. Still, putting a line under the Vanke selloff would help authorities reduce the risk of another major property giant collapsing while they grapple with the fallout at Country Garden, Evergrande and a slew of other smaller distressed developers, Bloomberg says. While regulators are unwilling to see defaults expand to other property firms, be they privately-run or state-backed, the reality is there has been no significant improvement in property sales or financing channels, said Wang Chen. He is co-founder of The Belt&Road Origin (Beijing) Tech Co., a credit risk analysis provider. "If sales cannot improve," he said, "it is meaningless to talk about anything else," Bloomberg relays. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. ========= I N D I A ========= ADHUNIK POWER: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Adhunik Power & Natural Resources Limited (APNRL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 90.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 3, 2022, placed the rating(s) of APNRL under the 'issuer non-cooperating' category as APNRL 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. APNRL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 19, 2023, June 29, 2023, July 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). Incorporated on May 3, 2005 and promoted by the Kolkata-based Adhunik group, APNRL (erstwhile known as Adhunik Thermal Energy Ltd.), operates a 540 MW coal-based thermal power plant in Kandra, Saraikela district of Jharkhand. The plant has been set up at a cost of INR3,376.7 crore (i.e.; INR6.25 crore per MW), being financed at a debt-equity ratio of 2.74:1. The plant had been commissioned in two phases - Phase I (270 MW) was commissioned in Jan 2013; and Phase II (270 MW) got commissioned in May 2013.Adhunik group is engaged in manufacturing of steel with interests in coal, manganese & iron ore mining. The company has gone under Strategic Debt Restructuring (SDR) in December 2015. AGILION ENERGY: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Agilon Energy Private Limited Registered Office: Unit No. 302-303, Paras Trade Centre, Gwal Pahari, Gurgaon, Haryana, India, 122011 Principal Office: HIG-4, BDA Colony, Jayadev Vihar, Bhubaneswar, Orissa, India, 751013 Liquidation Commencement Date: October 10, 2023 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Adarsh Sharma J-6A Kailash Colony, New Delhi-110048 Telephone No: +919810074285 Email: adarsh@adarshca.com volliq.aepl@gmail.com Last date for submission of claims: November 8, 2023 ATHALURI SUSHMA: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Athaluri Sushma Sree (ASS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.43 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 17, 2022, placed the rating(s) of ASS under the 'issuer non-cooperating' category as ASS 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. ASS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 2, 2023, September 12, 2023, September 22, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Athaluri Sushma Sree (ASS) was established in the year 2012, as a proprietorship concern by Mrs. AthaluriSushmaSree. The firm is engaged in Godown leasing business. ASS has constructed Godowns in Koiloor Village, Yadgir District, and Karnataka during April 2013 for lease purpose. The firm started receiving rental income from June 2014. The property is built on total land area of 12 acres comprising 4Godowns (Sai Radhika Rural Godowns) having storage capacity of 20,000 MT per Godown. ASS has entered into agreement with Karnataka State Warehousing Corporation (KSWC) for warehouse leasing for tenure of 10 years. The firm is undertaking a project for construction of warehouse at Belgaum on land area of 12 acres comprising of 5 godowns having storage capacity of 25000 MT per godown. BHAWANI PRASAD: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bhawani Prasad Sharma Contractor (BPSC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.85 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.25 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 October 06, 2022, placed the rating(s) of BPSC under the 'issuer non-cooperating' category as BPSC 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. BPSC 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, October 23, 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). Gwalior (Madhya Pradesh) based BPSC was initially formed as a proprietorship concern by Mr. Bhawani Prasad Sharma in April 1, 1974. Further, in 2013, proprietorship firm converted into partnership concern and run by Mr. Suresh Mudgal, Mr. Kapil Mudgal, Mr. Dharmendra Sharma, Mrs. Ramkali Mudgal, Mrs. Rekha (Jaya) Mishra, Mrs. Jagesh Mudgal and Mrs. Anita Mudgal. However, as on April 1, 2014, there was change in the partnership deed, after that Mr. Kishan Mudgal and Mr. Jitendra Mudgal has been appointed as partners in place of Mrs. Jagesh Mudgal and Mr. Anita Mudgal with remaining partners of the firm. BPSC is a registered and approved contractor with Public Works Department (PWD), Madhya Pradesh and Municipal Corporation, Gwalior. The firm takes all type of orders related to civil construction like Road construction, Building and bridge construction contracts etc. from government departments as well as also takes orders on sub contract basis from other players. BLDE: Ind-Ra Downgrades Bank Loan Rating to BB ---------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded BLDE (Deemed to be University)'s bank facility to 'IND BB'/Negative/'IND A4+' from 'IND A-/Stable/'IND A2+' while migrating them to the non-cooperating category. The ratings will now appear as 'IND BB (ISSUER NOT COOPERATING)'/Negative/'IND A4+ (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency by emails and phone calls. The detailed rating action is: -- INR1.50 bil. Fund based working capital* downgraded and migrated to Not Cooperating Category with IND BB (ISSUER NOT COOPERATING)/Negative/IND A4+ (ISSUER NOT COOPERATING) rating. *includes sub limit of letter of credit and bank guarantee Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information. Key Rating Drivers The downgrade is in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. The current outstanding ratings of 'IND BB (ISSUER NOT COOPERATING)/Negative/IND A4+ (ISSUER NOT COOPERATING)' may not reflect BLDE (Deemed to be University)'s credit strength as the company has been non-cooperative with the agency since August 2022. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Company Profile BLDE (Deemed to be University) was established as a deemed university under section 3 of the UGC Act, 1956. BLDEU registered under the Karnataka Societies Registration act, 1960. BLDEU manages a college - Shri B. M. Patil Medical College and two hospitals general hospital with 1,188 beds and super specialty hospital with 150 beds. Shri B. M. Patil Medical College offers UG Programme MBBS (with an annual intake of 200 students), PG Programmes in 23 disciplines, PG Super Specialty Programme in Urology (M.Ch.), DM Cardiology and Ph.D Programme in 22 disciplines and Innovative courses like Fellowship, Diploma and Certificate Courses in Medical and Allied Sciences. BRAHMAPUTRA GALVOCHEM: Liquidation Process Case Summary ------------------------------------------------------- Debtor: Brahmaputra Galvochem Pvt Ltd Room No 19, 2nd floor Vrindavan Market S J Road, Athgaon Guwahati-781001 Assam Liquidation Commencement Date: October 13, 2023 Court: National Company Law Tribunal, Guwahati Bench Liquidator: Meena Sureka Central Plaza, 6th Floor, Room No. H, 41, B.B. Ganguly Street, Kolkata- 700 012, West Bengal Email: cirp.bgpl@gmail.com ipmeenasureka@gmail.com Last date for submission of claims: November 12, 2023 BRAHMAPUTRA IRON: Liquidation Process Case Summary -------------------------------------------------- Debtor: Brahmaputra lron and Steel Company Private Limited Room No 19, 2nd floor Vrindavan market, S J road, Athgaon Guwahati-781001 Assam Liquidation Commencement Date: October 13, 2023 Court: National Company Law Tribunal, Guwahati Bench Liquidator: Meena Sureka Central Plaza, 6th Floor, Room No. H, 41, B.B. Ganguly Street, Kolkata- 700012, West Bengal Email: cirp.biscpl@gmail.com ipmeenasureka@gmail.com Last date for submission of claims: November 12, 2023 BRAHMAPUTRA ROLLING : Liquidation Process Case Summary ------------------------------------------------------ Debtor: Brahmaputra Rolling Mills Private Limited Room No 19, 2nd floor Vrindavan market, S J Road, Athgaon Guwahati-781001 Assam Liquidation Commencement Date: October 13, 2023 Court: National Company Law Tribunal, Guwahati Bench Liquidator: Meena Sureka Central Plaza, 6th Floor, Room No. H, 41, B. B. Ganguly Street, Kolkata- 700 012, West Bengal Email: ipmeenasureka@gmail.com cirp.brmpl@gmail.com Last date for submission of claims: November 12, 2023 BRAHMAPUTRA TMT: Liquidation Process Case Summary ------------------------------------------------- Debtor: Brahmaputra TMT Bars Private Limited Room No 19, 2nd floor Vrindavan Market, S J Road, Athgaon Guwahati-781001 Assam Liquidation Commencement Date: October 13, 2023 Court: National Company Law Tribunal, Guwahati Bench Liquidator: Meena Sureka Central Plaza, 6th Floor, Room No. H, 41, B.B. Ganguly Street, Kolkata- 700 012, West Bengal Email: ipmeenasureka@gmail.com cirp.btbpl@gmail.com Last date for submission of claims: November 12, 2023 BRAHMAPUTRA TUBULARS: Liquidation Process Case Summary ------------------------------------------------------ Debtor: Brahmaputra Tubulars Private Limited Room No 19, 2nd floor Vrindavan market, S J road, Athgaon Guwahati-781001 Assam Liquidation Commencement Date: October 13, 2023 Court: National Company Law Tribunal, Guwahati Bench Liquidator: Meena Sureka Central Plaza, 6th Floor, Room No. H, 41, B.B. Ganguly Street, Kolkata- 700012, West Bengal Email: ipmeenasureka@gmail.com cirp.btpl2022@gmail.com Last date for submission of claims: November 12, 2023 CH.GOWRI SHANKAR: Ind-Ra Affirms BB+ Term Loan Rating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Ch. Gowri Shankar Infra Build (India) Private Limited's (CHGS) bank loans: -- INR12.89 mil. Term loan due on September 2027 affirmed with IND BB+/Negative rating; -- INR110 mil. Fund-based facilities affirmed with IND BB+/ Negative rating; -- INR250 mil. Non-fund-based facilities affirmed with IND A4+ rating; and -- INR172.17 mil. Term loan due on July 2037 assigned with IND BB+/Negative rating. The Negative Outlook reflects CHGS's low order book position as of October 2023 and stretched liquidity position with high monthly average utilization of fund-based limits of around 96% during the 12 months ended September 2023, with several instances of overutilization, albeit regularized on the next day. Key Rating Drivers The ratings reflect CHGS' continued medium scale of operations with its revenue declining to INR2,964 million in FY23 (FY22: INR3,251 million; FY21: INR2,758 million), due to heavy rains slowing its project implementation and non-realization of funds from the Andhra Pradesh government. As of October 2023, the company's order book stood at INR6,524 million (April 2023: INR4,309 million; February 2022: INR6,540 million; January 2021: INR5,668 million), reflecting moderate order book-to-revenue ratio of 2.2x. Ind-Ra expects the revenue to increase over the medium term as the management plans to diversify geographically as well as penetrate the private space. Its FY23 numbers are provisional in nature. The ratings are constrained by CHGS's concentrated order book. As of October 2023, Telangana accounted for nearly 90% of the company's orders with Andhra Pradesh forming the rest. Furthermore, building projects such as residential, school, office buildings accounted for about 91% of its portfolio, while the remaining constituted by other infrastructure projects such as roads, gardens, provision of basic amenities to houses. Liquidity Indicator – Stretched: Over the 12 months ended September 2023, the average monthly maximum utilization of the fund-based limits was around 94%. There were three instances of overutilization of funds during April 2022, June 2022 and September 2022, due to delays in the receipts of funds from the government. However, they were regularized within a day and the company received overall satisfactory feedback from the banker with regard to its account conduct. While the average monthly maximum utilization of the non-fund-based limit during the same period was around 90%, with no instances of overutilization. The company's cash flow from operations turned positive INR125 million in FY22 (FY21: negative INR31 million), due to a lower revenue and higher working capital consumption. The company has repayment obligations of around INR53 million in FY24 and INR38 million in FY25. The company expects around INR700 million from Telangana government for various projects, of which around INR100 million was received in October 2023 and the remaining is likely to be received in the next two-to-three months, strengthening the liquidity position of the company. The working capital cycle stood healthy but slightly elongated to 46 days during FY23 (FY22: 38), due to a fall in the creditor days to 9 (20) as against largely stable inventory days 48 (47) and debtor days 8 (10). CHGS' operating margin slightly increased to around 7% in FY23 (FY22: 6.8%; FY21: 7.09%), driven by an increase in average project value and lower miscellaneous expenditure. The return on capital employed stood at 21% in FY23 (FY22: 26.8%; FY21: 28.7%). Ind-Ra expects the operating margin to remain at the similar levels in FY24, led by lower miscellaneous expenditure amid higher average project value. CHGS has comfortable credit metrics with its gross interest coverage (operating EBITDA/gross interest expense) reducing to 6.52x in FY23 (FY22: 7.38x) and the net leverage (total adjusted net debt/operating EBITDAR) increasing to 1.5x (0.80x), owing to lower absolute EBITDA of INR208 million (INR219 million) following the decline in its revenue and higher debt to fund new machinery. The ratings were further supported by the promoter's three-decade experience in the civil construction business, leading to established relationships with its customers and suppliers. Rating Sensitivities Negative: Any deterioration in the operating performance or the inability to create and sustain a sizeable order book or non-realization of funds from the Andhra Pradesh government or non-resumption of associated projects or a stress on the liquidity position, leading to the interest coverage falling below 2x, on a sustained basis, will be negative for the ratings. Positive: A sustained improvement in the operating performance, along with the diversification of order book, both geographically and in terms of nature of projects, and an improvement in the liquidity position and the credit metrics, on a sustained basis, will be positive for the ratings. Company Profile CHGS was established in 1986 as a proprietorship firm by Gowri Shankar. The company is a special class civil contractor and participates in tenders floated by Telangana and Andhra Pradesh governments. The company undertakes civil contracts such as buildings, warehouses, drainage systems, and irrigation works. It executes civil work contracts of various government departments including Telangana Housing Board Department, Central Warehousing Corporation and CPWD Telangana and Andhra Pradesh. Shankar gets the company's contracts through bidding in e-procurement. CHEEKA RICE: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Cheeka Rice Mill (CRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 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 October 21, 2022, placed the rating(s) of CRM under the 'issuer non-cooperating' category as CRM 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. CRM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 6, 2023, September 16, 2023, September 26, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Cheeka Rice Mills (CRM) was established in 1972 as a partnership firm. The partners are Mr. Sat Pal and Ms. Darshana Devi with equal profit sharing of 50% each. The firm is engaged in trading and processing of rice. The firm is also engaged in processing of rice for other rice millers on job work basis. The manufacturing unit is located at Cheeka, Haryana. COMPUAGE INFOCOMM: NCLT Admits Insolvency Plea Against Company -------------------------------------------------------------- Livemint.com reports that the Mumbai bench of the National Company Law Tribunal (NCLT) on Nov. 3 admitted a plea seeking insolvency process against Compuage Infocomm. Livemint.com relates that Plus Plus Unified Engagement, one of the financial creditors to the company, moved Section 7 application under the Insolvency and Bankruptcy Code to initiate insolvency proceedings against the company. Section 7 petition was invoked by the creditor for resolution of an unresolved financial outstanding amount of INR1.7 crore as on March 31, 2022. Compuage is a distributor in the information technology and mobility space catering to resellers, retailers, brand stores, and system integrators in India. Plus Plus is in the business of consulting, advertising, publicity, sales promotion, public relations, market and sales research and other allied activities. According to the report, a bench led by Justices Kuldip Kumar Kareer and Anuradha Bhatia admitted the petition and appointed Arun Kapoor as the interim resolution professional to oversee the day-to-day affairs of the company. The court has also asked the financial creditor to deposit INR5 lakh towards the initial corporate insolvency resolution process (CIRP) costs. According to the order, Compuage through its directors had approached and requested the financial creditor to advance a short-term loan for its working capital requirement. The creditor stated that it was mutually agreed and decided that Plus Plus shall provide an intercorporate loan amounting to INR3.65 crore to the company as per the terms and conditions of the loan agreement dated August 2, 2021, Livemint.com relays. The company's directors Atul Mehta and Bhavesh Mehta had also executed 'guarantee deeds' in favour of the financial creditors guaranteeing jointly and severally the repayment of the said loan. Subsequently, Compuage repaid an amount of INR2 crore by October 2021 and continued to pay the interest amount on a quarterly basis, Livemint.com relates. Nausher Kohli, representing the financial creditor, informed the tribunal that despite repeated requests for loan repayment the company did not make any payments. Later, while responding to some letters, Compuage said that it was facing financial difficulties. However, it agreed to make the payments by January 2023. The financial creditor as well as the company tried to settle the issue, but since there was no positive outcome of the meetings, the financial creditor sent a legal notice dated March 6, 2023 to the corporate debtor (Compuage). According to Livemint.com, the company received that notice but did not reply to the same and failed and neglected to pay the outstanding amount to the creditor. This led to the company being dragged into insolvency. Meanwhile, Bijal Rathod, the counsel appearing for Compuage, denied all the allegations and averments made in the company petition filed by the financial creditor against the corporate debtor, adds Livemint.com. CYBER INFOSYSTEMS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Cyber Infosystems and Technologies Private Limited Gala No. 106, Everest Industrial Estate, Near 66 KVA Power Substation, Amli, Silvassa Silvassa Dadar & Nagar Haveli DN 396230 India Insolvency Commencement Date: October 13, 2023 Estimated date of closure of Insolvency resolution process: April 13, 2024 (180 Days) Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Modilal Dharnraj Pamecha C-802 Padmarag, J.B.Nagar Andheri (E), Mumbai -400059, Maharashtra Email: camodilalpamecha@gmail.com cirp.cyberinfosystems@gmail.com Last date for submission of claims: October 30, 2023 DINESH SANITARY: Ind-Ra Gives BB+ Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Dinesh Sanitary Store's bank facility as follows: -- INR150 mil. Fund-based working capital limit assigned with IND BB+/Stable/IND A4+ rating. Key Rating Drivers The ratings reflect DSS' small scale of operations, even as its revenue increased to INR1,851.36 million in FY23 (FY22: INR1,461.93 million). The revenue grew at a CAGR of 24.3% over FY21-FY23, majorly on account of an increasing demand from the existing customers and the firm's well-established relationships with them. DSS achieved a revenue of INR862.7 million during 1HFY24. Ind-Ra expects the revenue to improve slightly year-on-year during FY24, supported by a further rise in the demand. FY23 figures are provisional in nature. The ratings reflect DSS's average EBITDA margins, which deteriorated to 3.84% in FY23 (FY22: 4.14%), due to an increase in the cost of goods sold; the return on capital employed was 13.6% (13%). The EBITDA margins are susceptible to the competition faced from other players in the industry and the bargaining power of consumers, which ultimately affect the realization price of DSS' products. Ind-Ra expects the margins to remain at similar levels in FY24, given the nature of operations. The ratings further reflect DSS' moderate credit metrics, with a net financial leverage (adjusted net debt/operating EBITDAR) of 4.52x in FY23 (FY22: 4.18x) and an interest coverage (operating EBITDA/gross interest expense) of 3.43x (2.80x). In FY23, the interest coverage improved due to an increase in the absolute EBITDA to INR71.07 million (FY22: INR60.46 million), while the net financial leverage deteriorated owing to increase in the net debt to INR321.2 million (INR252.9 million). In FY24, Ind-Ra expects the credit metrics to improve slightly year-on-year, supported by the increase in the scale of operations and a likely decline in DSS' net debt position. Liquidity Indicator - Stretched: DSS does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The net working capital cycle remained elongated but improved slightly to 86 days in FY23 (FY22: 85 days) primarily on account of high debtor days of 93 (99). The cash flow from operations remained negative at INR56 million in FY23 (FY22: negative INR10.52 million) due to the increasing working capital requirements with the rise in scale. Consequently, the free cash flow remained negative at INR59.90 million in FY23 (FY22: negative INR17.68 million) due to the capex undertaken by the company. DSS' average maximum utilization of the fund-based limits was 73.85% during the 12 months ended August 2023. The firm had cash and cash equivalents of INR1.25 million at FYE23 (FYE22: INR4.58 million), against scheduled debt repayment obligations of INR2.48 million in FY24. The ratings are, however, supported by the firm's partner's experience of nearly three decades in the sanitary ware industry, which has helped it establish strong relationships with customers as well as suppliers. Also, the firm procures products directly from popular brands such as Cera, Hindware, Supreme, Grohe, etc. Rating Sensitivities Negative: A decline in the scale of operation, leading to deterioration in the credit metrics with the interest coverage reducing below 1.5x and/or any weakening of the liquidity position, all on a sustained basis, will be negative for the ratings. Positive: An increase in the scale of operation, along with an improvement in the overall credit metrics with the interest coverage staying above 2.5x and an improvement in the liquidity position, all on a sustained basis, will lead to a positive rating action. Company Profile DSS is a partnership firm set up by Rajinder Goel and Ramesh Goel. The firm was established in 1983 and is engaged in wholesale trading of polyvinyl chloride (PVC) pipes and fittings, sanitaryware, valves, etc. The firm owns six warehouses in Uttar Pradesh and Delhi. DREAM MERCHANT: Liquidation Process Case Summary ------------------------------------------------ Debtor: Dream Merchant Content Private Ltd Shop No. 187, 1st Floor, Citi Mall New Link Road, Andheri West, Mumbai City Mumbai, Maharashtra, India, 400053 Liquidation Commencement Date: October 4, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Cs. Smita Gupta Flat No 702, 7th Floor, Godrej Central J Tower, Shell Colony, Near Tilak Nagar Railway Station, Chembur, Mumbai, Mumbai Suburban, Maharashtra- 400 071 Email: sumitayal31@gmail.com liquidator.dmcpl@gmail.com Last date for submission of claims: November 3, 2023 GO FIRST: Lenders Will Not Release More Funding to Grounded Airline ------------------------------------------------------------------- Reuters reports that lenders to India's Go First are not in favour of releasing additional funding to the grounded airline, given its legal troubles with lessors and complexities related to changes in the bankruptcy law, two banking sources told Reuters on Nov. 6. Reuters says Go First's lenders, which include the Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank, had in-principally approved funding of INR4.50 billion (US$54.09 million) in June to resume operations and restart the airline. "When the funding was approved, there was some visibility about the airline restarting operations," the banker said, notes the report. "Now the situation is quite different and the future is bleak," said a banker with a state-run bank that has exposure to Go First, adds Reuters. None of the sources wished to be identified because they were not authorized to speak to the media, Reuters notes. The Committee of Creditors (CoC) of Go First met earlier in the day, the sources said. Go First filed for bankruptcy in May but its lessors were blocked from repossessing planes due to a moratorium imposed by Indian courts. India, however, last month amended its insolvency law, potentially paving the way for lessors to take back their planes. The country's aviation regulator, in a court filing, earlier this month said that the law would be applicable retrospectively, which lenders are looking to contest, adds Reuters. About Go First Go First, formerly known as GoAir, was an Indian ultra-low-cost airline based in Mumbai, Maharashtra. Go First was incorporated in April 2004 as GoAir and commenced flight operations in November the following year. Its inaugural flight was from Mumbai to Ahmedabad. The airline is owned by the Wadia Group. Go First filed an application for voluntary insolvency resolution proceedings before National Company Law Tribunal (NCLT) on May 2, 2023. The company said the filing with the NCLT comes after Pratt & Whitney, the exclusive engine supplier for the airline's Airbus A320neo aircraft fleet, refused to comply with an order to release engines to the airline that would have allowed it return to full operations. Go First owes INR6,521 crore to its financial creditors, Bank of Baroda, IDBI Bank, and Deutsche Bank. The airline has a total liability of about INR11,463 crore to banks, other creditors, vendors, and others. On May 10, 2023, the NCLT accepted Go First's voluntary insolvency petition. The NCLT bench appointed Abhilash Lal as the interim resolution professional to look after the affairs of Go First and also suspended its board as part of the insolvency resolution process. GOODWILL TEA: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Goodwill Tea and Industries Limited (GTIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 21, 2022, placed the rating(s) of GTIL under the 'issuer non-cooperating' category as GTIL 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. GTIL 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). Goodwill Tea and Industries Limited (GTIL) was incorporated during 1919 by one Mundra family in West Bengal for setting up a business of green/CTC tea plantation, processing and sales. The company has a tea garden in Jalpaiguri, West Bengal, namely Bandiguri Tea Estate which spread over 966 acres of land and a tea manufacturing unit with installed capacity of 16,00,000 kgs per annum. The total green leaf harvested in the year FY19 -20 is 44.17 Kg lakhs. Mr. Arun Kumar Mundra and Ms. Sunita Mundra are the promoters of the company with overall experience of more 30 and 20 years in the tea industry. They are supported by other three directors along with a team of experienced professional who are having long experience in similar line of business. GOYAL CATTLE: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Goyal Cattle Feed Industries (GCFI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 26, 2022, placed the rating(s) of GCFI under the 'issuer non-cooperating' category as GCFI 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. GCFI continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 12, 2023, August 22, 2023, October 23, 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). Goyal Cattle Feeds Industries (GCFI) was established in 1990 as a proprietorship entity by Mr. Rajendra Agarwal. Since its inception, the entity has been engaged in processing of pulses like Rahar Dal, Matar Dal and trading of Masur dal, Moong Dal. The processing plant of the entity is located at Raipur, Chhattisgarh with a processing capacity of 12000 metric ton per annum. GRD TRUCKS: Liquidation Process Case Summary -------------------------------------------- Debtor: M/s GRD Trucks Private Ltd Cabin-1 1St Floor, C-84, Janpath Lal Kothi Scheme, Behind New Vidhan Sabha, Jaipur-302015 Rajasthan Liquidation Commencement Date: October 12, 2023 Court: National Company Law Tribunal, Jaipur Bench Liquidator: Vijay Kishore Saxena 3rd Floor, 100 Kailash Hills, East of Kailash, New Delhi, 110065 E-mail: vksaxena2159@gmail.com D-69 (Lower Ground Floor), East of Kailash, New Delhi, 110065 Email: cirp.grd@gmail.com Last date for submission of claims: November 11, 2023 GREATWALL CORPORATE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Greatwall Corporate Services Private Limited (GCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.79 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 1.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 30, 2022, placed the rating(s) of GCSPL under the 'issuer non-cooperating' category as GCSPL 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. GCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 16, 2023, August 26, 2023, September 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 2003, Pune-based (Maharashtra) GCSPL is engaged in providing security services, facility management services and manpower & staffing services to corporate and government entities. INNOTECH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Innotech Educational Society (IES) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.00 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 27, 2022, placed the rating(s) of IES under the 'issuer non-cooperating' category as IES 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. IES continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 13, 2023, August 23, 2023, September 2, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Innotech Educational Society (IES) was established in March, 2010 under the Societies Registration Act, 1860 for establishing and operating educational institutes for imparting education in engineering discipline in Araria, Bihar. With completion of the Phase I of its three phased project, the society has started an Engineering college under the name “Moti Babu Institute of Technology (MBIT)” with 300 seats in 5 streams of engineering from the academic year 2014- 2015. The institute is approved by All India Council for Technical Education (AICTE) and affiliated to Aryabhatta Technology University, Bihar. The society has been founded & promoted by Shri Amit Kumar Das, an NRI (based in Australia), who is a graduate and diploma holder in computer engineering and possesses more than a decade experience in Information Technology sector. He is also the founder & chairman of the ISOFT Software Technologies Pvt. Ltd., a Entity engaged in software development. LALITHA METALS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Lalitha Metals (LM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.37 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 0.15 CARE A4; ISSUER NOT Bank Facilities COOPERATING; 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 LM under the 'issuer non-cooperating' category as LM 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. LM 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, October 3, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Lalitha Metals (LM) was incorporated in 1976 by Mr. A. Krishna Balaji and Mr. A V K Chowdary. The firm is engaged in the business of manufacturing of Spheroidal Graphite Iron (SG Iron) castings which include cast iron and non-ferrous castings, valves, pipe fittings and manhole covers. LSML PRIVATE: Liquidation Process Case Summary ---------------------------------------------- Debtor: LSML Private Limited No. 337, 8th Main Road, MIG Phase I, Nolombur, Mogappair West, Chennai- 600 037 Liquidation Commencement Date: October 12, 2023 Court: National Company Law Tribunal, Division Bench-I, Chennai Liquidator: Poosaidurai S c/o M.K. Dandeker and Co., 2nd Floor, No 185 Old No 100, Poonamallee High Road, Kilpauk, Chennai, Tamil Nadu, 600010 Email: lsmlcirp@yahoo.com poosaidurai@gmail.com Last date for submission of claims: November 11, 2023 MANDEEP INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mandeep Industries (MI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 44.09 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 06, 2022, placed the rating(s) of MI under the 'issuer non-cooperating' category as MI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 22, 2023, September 11, 2023, October 23, 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). Upleta (Dist. Rajkot), Gujarat based M/s. Mandeep Industries (MI) was setup as a partnership firm in 1973 by members of the Talaviya family. MI is mainly engaged in groundnut processing which includes crushing of groundnuts to produce raw oil and oiled cake, solvent extraction of groundnut oiled cake to produce groundnut oil & de-oiled cake and refining of groundnut oil. Furthermore, MI is also engaged in opportunity-based trading of agro-commodity products including de-oiled rice bran (DORB) poultry feeds. MARS REMEDIES: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Mars Remedies Private Limited 635, G.I.D.C. Estate, Waghodia, Waghodia, Guiarat, lndia, 391760 Insolvency Commencement Date: October 16, 2023 Estimated date of closure of Insolvency resolution process: April 13, 2024 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: CA. Sunil Kumar Kabra 3rd Floor, Reegus Business Centre, New Citylight Road, Above Mercedes Benz Showroom, Bharthana-Vesu, Surat-395007 Email: ip.mrpltd@gmail.com jlnusco@gmail.com Last date for submission of claims: October 30, 2023 MELSTAR INFORMATION: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Melstar Information Technologies Limited (MITL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & key rating drivers CARE had, vide its press release dated August 18, 2022, placed the rating(s) of MITL under the 'issuer non-cooperating' category as Melstar Information Technologies Limited had failed to provide information for monitoring of the rating. MITL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 4, 2023, July 14, 2023and July 24, 2023. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE'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). Detailed description of the key rating drivers At the time of last rating on August 18, 2022, the following were the rating strengths and weaknesses: Analytical approach: Standalone Outlook: Not applicable Detailed description of the key rating drivers: Key Rating Weaknesses * Delay in debt servicing: There are ongoing delays as there have been overdrawls in working capital limits for more than 30 days. Incorporated in the year 1986, Melstar Information Technologies Limited (MITL), is an ISO 9001:2008, ISO 14001:2004, ISO 27001:2013 and SEI-CMM Level III certified software service company providing IT solutions and skilled manpower catering to Banking, Insurance, IT and Government sectors. Headquartered out of its Mumbai office, MITL also operates branch offices in Bangalore, Chennai, Hyderabad, Gurgaon and Kolkata. The company caters to a reputed clientele. MERCATOR PETROLEUM: IOC Acquires Company for INR148 Crore --------------------------------------------------------- Deccan Herald reports that state-owned Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about INR148 crore in an insolvency proceeding, according to regulatory filings by the company. "The resolution plan submitted by IOC for acquisition of 100 per cent stake in Mercator Petroleum Limited (MPL) has been approved by the National Company Law Tribunal, Mumbai Bench vide its order dated November 2, 2023 under the relevant provisions of the Insolvency and Bankruptcy Code, 2016," the firm said in the filing. MPL has an onland oil and gas exploration block located in Cambay Basin, Gujarat. The block CB-ONN-2005/9, which the company had won in 7th NELP bid round in 2008, has potential oil discovery of 45.5 million barrels of inplace reserves. IOC's Koyali refinery is located about 60 km from the block and in November 2019 it signed a contract to buy oil from the block "IOC will implement the Resolution Plan and complete the regulatory processes, including obtaining necessary approvals, if any, for successful implementation of the Resolution Plan," it said. As per the resolution plan, the company will pay INR135 crore to secured financial creditors, who had admitted claims of INR291 crore. No payment has been provided for unsecured financial creditors, who had admitted claims of INR118 crore, Deccan Herald relays. According to Deccan Herald, the resolution plan offers INR5.40 crore to operational creditors - vendors, workmen, employees and statutory dues - against their total admitted claims of INR73 crore. Additionally, IOC will bear insolvency proceeding cost of INR8.7 crore. Cayman Island-based oil services company Halliburton Offshore Services Inc had initiated insolvency proceedings in August 2021 after Mercator defaulted on payment of INR2.87 crore, the report relates. IOC's resolution plan for Mercator Petroleum was approved by the committee of creditors by 100 per cent vote. It then moved to the NCLT, which has now given its approval. About Mercator Petroleum Mercator Petroleum Ltd. (MPL) was a wholly-owned subsidiary of Mercator Ltd. MPL is engaged in the business of petroleum exploration, development and production in India and abroad. Mercator Petroleum Limited commenced insolvency proceedings on Aug. 31, 2020. MICROTEX FASHION: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Microtex Fashion Industries (MFI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.23 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 MFI under the 'issuer non-cooperating' category as MFI 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. MFI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 7, 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). Valsad-based (Gujarat) MFI was established in the year 2015 by the proprietor Ms Beena Jayesh Gor, with an objective of manufacturing and trading of linen fabric from flax yarn, which finds application in the textile industry. MFI commenced trading operations in linen fabric from April 2015 while the manufacturing operations commenced from September 2015 from its sole manufacturing facility located in Valsad (Gujarat) with 48 rapier looms having an installed capacity of about 1.75 lakh metres of linen fabric per month. MFI procures flax yarn domestically and sells the finished product to retailers and wholesalers located in various cities of India like Ludhiana, Hyderabad, Kanpur etc. MINESH PRINTS: Liquidation Process Case Summary ----------------------------------------------- Debtor: M/s Minesh Prints Limited (In Liquidation) 6, 2nd Fanaswadi 1st Floor Mumbai MH 400002 India Liquidation Commencement Date: September 15, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mr. Mahesh Sureka 173, Udyog Bhavan, Sonawala Road, Goregaon East, Mumbai 400063 Telephone: +91 9322581414 Email: mahesh@mrsureka.com mpliquidation15923@gmail.com Last date for submission of claims: November 8, 2023 MMS INFRASTRUCTURE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: MMS Infrastructure Limited Plot No EL/63, TTC Industrial Area, Electronics Zone, Mahape, Navi Mumbai Insolvency Commencement Date: September 5, 2023 Estimated date of closure of Insolvency resolution process: March 3, 2024 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Ramesh M. Shetty Yamuna 304, Green-View Complex, Nancy Colony, Borivali-East, Mumbai- 400066 Email: shettyramesh19@gmail.com cirpmmsinfra@gmail.com Last date for submission of claims: October 23, 2023 MOTA LAYJA: Liquidation Process Case Summary -------------------------------------------- Debtor: Mota Layja Gas Power Company Limited 301-303 Kaivanna Complex, Panchwati Ahmedabad, Gujarat-380006 Liquidation Commencement Date: September 27, 2023 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Mr. Suhas Dinkar Bhattbhatt 520, Grand K-10, Behind Atlantis K-10, Opp. Honest Restaurant, Near Genda Circle, Vadodara, Gujarat 390007 Email: cssuhasb@gmail.com ip.mlgpcl@gmail.com Last date for submission of claims: October 27, 2023 NAGAYYA MAKKIMANE: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Nagayya Makkimane Shetty (NMS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 30, 2022, placed the rating(s) of NMS under the 'issuer non-cooperating' category as NMS 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. NMS continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 16, 2023, August 26, 2023, September 05, 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). Karnataka based, Nagayya Makkimane Shetty (NMS) was established as a proprietorship firm in 2005 by Mr. Nagayya Makkimane Shetty. NMS is engaged in civil construction works like construction and improvements of roads and drainage works relating to Public Works Department (PWD), Directorate of Municipal Administration (DMA), Karnataka Power Corporation Limited (KPCL), City Municipal Council (CMC), Panchayatiraj Engineering, Department (PRED), and Mangaluru City Corporation (MCC) etc. in the Karnataka state. The firm purchases materials like cement, steel, metal and Tar from local suppliers located in and around Karnataka. NMS procures work orders through online government tender websites. NANAI DAIRY: Liquidation Process Case Summary --------------------------------------------- Debtor: Nanai Dairy Private Limited G-1, Avishkar Empress, K. W. Chitale Path, Behind Portuguese Church, Dadar (W), Mumbai - 400028, Maharashtra, India Liquidation Commencement Date: October 13, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mr. Prashant Jain A501, Shanti Heights, Plot No. 2, 3, 9B/10, Sector 11, Koparkharine, Thane, Navi Mumbai- 400709 Email: ipprashantjain@gmail.com SSARVI Resolution Services LLP B-610, BSEL Techpark, Sector 30 A, Opp. Vashi Railway Station, Navi Mumbai - 400703 Website: www.ssarvi.com Email: liqnanai@gmail.com Last date for submission of claims: November 12, 2023 PAE LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of PAE Limited (PAE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 5.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & key rating drivers CARE had, vide its press release dated August 18, 2022, placed the rating(s) of PAE under the 'issuer noncooperating' category as PAE Limited had failed to provide information for monitoring of the rating. PAE continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 4, 2023, July 14, 2023 and July 24, 2023. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE'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). Detailed description of the key rating drivers At the time of last rating on August 18, 2022, the following were the rating strengths and weaknesses (updated for the information available from MCA website and stock exchange filings): Analytical approach: Standalone Outlook: Not applicable Detailed description of the key rating drivers: Key Rating Weaknesses * Ongoing delay in debt servicing: There have been ongoing delays in debt servicing and the account has been classified as NPA. * Weak financial performance: PAE's total operating income stood very negligible and reported operating loss of INR0.75 crore and the company has earned net profit of INR6.43 crore after adding non-operating income of INR 0.96 crore mainly towards sundry liabilities write off. Further on account of carried forward losses the net-worth base has been eroded to negative and capital structure remains leveraged with weak debt coverage indicators. Key Rating Strengths * Experienced promoters: The promoters of the company have experience of more than five decades of operations in automotive and industrial battery segment and their close association with the Premier group in the past. Incorporated in 1950 as a distributor of auto electric components, PAE Ltd. (PAE) is presently operational in two segments viz. Power products and Auto components. In its power products segment, PAE is engaged in marketing and distribution of lead storage batteries (for automotive and industrial application) and power backup systems; while in the Auto component segment it operates as a distributor of automotive parts. Additionally, the company has forayed into solar energy space through its various subsidiaries which are engaged in developing, marketing and distribution of solar panels and operates 2 solar power plants of 1 MW each. PARIVARTAN BUILDTECH: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Parivartan Buildtech Private Limited (PBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 15.05 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 9.95 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 27, 2022, placed the rating(s) of PBPL under the 'issuer non-cooperating' category as PBPL 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. PBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 12, 2023, September 22, 2023, October 2, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). PBPL was incorporated in November 2013 by Mr Parivartan and Mr Raja Bhoj. The company has succeeded the business of an erstwhile proprietorship firm M/s Parivartan Contractors from April 1, 2015 onwards which was managed by Mr Parivartan and established in 2008. The company is engaged in road and civil construction work which includes construction of roads and laying of sewage, water supply and drainage pipeline. PBPL is registered as a Class 'I' contractor for Road Works with H PATIL AND COMPANY: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Patil and Company (PC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 21, 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 September 6, 2023, September 16, 2023, September 26, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Patil and Company (PC) was established in the year 1976 as a partnership firm and is engaged in civil construction of roads and is registered as a Class 1-A contractor with Public Work Department (PWD), Maharashtra, and Karnataka by virtue of which it is eligible to undertake all types of civil works contract within the respective states. The partners of the firm have an extensive experience of more than four decades since the inception of the firm. PLANET 'M' RETAIL: Liquidation Process Case Summary --------------------------------------------------- Debtor: Planet 'M' Retail Limited 171-C, 17th Floor Mittal Court C Wing, Nariman Point, Mumbai City, Mumbai Maharashtra, India, 400021 Liquidation Commencement Date: October 9, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Amit Chandrashekhar Poddar 'Akshat', 7, Vijay Nagar, Katol Road, Nagpur, Maharashtra-440013 Email: amitpoddar.ca@gmail.com 3rd Floor, Meera Apartments, Above Durva Restaurant, Opp. Yeshwant Stadium, Dhantoli, Nagpur, Maharashtra-440012 Email: planetm.liquidation@gmail.com Last date for submission of claims: November 8, 2023 PRASHANTI CORPORATION: Ind-Ra Affirms BB Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Prashanti Corporation (PC) bank facilities as follows: -- INR900 mil. Term loan due on June 2027 affirmed with IND BB/Stable rating. Key Rating Drivers The affirmation reflects PC's high offtake risk for its ongoing project, 'The Emerald', as at end-September 2023 only four units (2.6%) was booked out of 156 units. The project was Real Estate Regulatory Authority-registered in October 2021. Ind-Ra expects the booking to increase as the project approaches its completion by 2QFY27. The project has dependence of 19% on customer advances for the completion. The rating also factors in PC's time and cost overrun risk in 'The Emerald'. The total cost of the project is estimated to be INR2,802.4 million, which is to be funded by the promoters' contribution of INR688.9 million (25%), unsecured loans of INR676.7 million (24%), customer advances of INR536.8 million (19%) and a term loan of INR900 million (32%). As on 30 September 2023, the project was 51% completed (September 2022: 29.5%). PC incurred INR1437.7 million (promoter's contribution: INR688.9 million; unsecured loans: INR378.4 million; term loan: INR292.4 million) as of September 30, 2023. Although the project's progress is in line with the execution schedule, PC continues to be vulnerable to project delay risks. Also, given the aggressively improving demand scenario, there is significant competition. Liquidity Indicator - Stretched: PC's rating is constrained by the likely cash flow-mismatch risk, if the advances from customer are lower than Ind-Ra's expectations. According to the management, the minimum debt service coverage ratio during the repayment period (FY26-FY28) will be 1.85x in FY28. The company does not have any exposure to the capital market and relies on bank loan and promoter funds and unsecured loans from the family and relatives. However, the rating is supported by its promoters', Bhikhalal Moradia and Gordhan Bhai Moradia, more than three decades of experience in the building construction segment. Furthermore, the 'The Emerald' is located at VIP Vesu Road, Surat, which is a prime locality in Surat. The project is within 6kms from the local airport, 5.8kms from Surat Diamond Bourse and around 12.7kms from the local railway station. The group has completed a combined project area of 38,49,000 square feet (sq ft), out of which 1,01,000 sq ft is unsold worth INR4,040 million as of September 30, 2023. Rating Sensitivities Negative: Time or cost overruns and lower-than-expected sales volume or lower realization from bookings, leading to stressed cash flows, could lead to a negative rating action. Positive: Higher-than-expected sales and the timely receipt of advances from customers, leading to stronger cash flows, could lead to a positive rating action. Company Profile PC was incorporated as a partnership firm in 2011. It constructs residential projects. Located at VIP Road, Vesu, Surat, Gujarat, the company has one ongoing project- The Emerald (luxury 5 BHK apartments), which has a total saleable area of 8,98,149 sq ft. PREMIER SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Premier Spintex Private Limited (PSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.35 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 29, 2022, placed the rating(s) of PSPL under the 'issuer non-cooperating' category as PSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PSPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 15, 2023, August 25, 2023, September 04, 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). PSPL is promoted by Mr. Haresh Trivedi and his wife Mrs. Parul Haresh Trivedi along with Mr. Hirabhai Ahir and Mrs. Jyotiben Ahir to enter into the cotton spinning business in June 2014. The company has changed its name to Premier Spintex Private Limited (PSPL) from January 21, 2022. PSPL is undertaking green-field project to set up a spinning mill to manufacture cotton carded yarn in Dholka (Ahmedabad) to manufacture 24's, 30's & 34's count cotton carded yarn with installed capacity of 13,056 spindles per annum. PRIYANKA GEMS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Priyanka Gems (PG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 18.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 04, 2022, placed the rating(s) of PG under the 'issuer non-cooperating' category as PG 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. PG 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). Surat (Gujarat) based, Priyanka Gems (PG) was established as a partnership firm in the year 1991 by Mangukia family. PG is engaged into business of processing of rough diamonds into finished polished diamonds of various sizes, shapes, purity and colour. The firm has its sales office in Mumbai and its operational unit is located in Surat. The firm imports rough diamonds from Belgium and Dubai and it sell the cut and polished diamonds in the domestic market. Partners of PG were also associated with another firm named M/s. Priyanka Dimonds, which was also into same line of business. Further from May 25, 2017 the partners have merged M/s Priyanka Dimonds with PG and by virtue of this merger all the movable assets & stock of diamonds as on May 27, 2017 of M/s Priyanka Diamonds has been transferred to PG. RAJKISHORE SINGH: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rajkishore Singh (RS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 12, 2022, placed the rating(s) of RS under the 'issuer non-cooperating' category as RS 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. RS 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 20, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). M/s Rajkishor Singh (RS) was established in 1999 as a proprietorship entity by one Mr. Rajkishor Singh of Bihar. The entity is registered as Class-A contractor with the Government of Bihar. RS participates in the tender process of various government department of Bihar for their civil construction projects like road, building construction and related ancillary works. Mr. Rajkishor Singh looks after the day to day operations of the entity. S.A.AANANDAN MILL: Ind-Ra Cuts Bank Loan Rating to BB ----------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded S.A.Aanandan Mill Limited's (SAML) bank facilities to 'IND BB' from 'IND BB+'. The Outlook is Stable. The detailed rating actions are: -- INR500 mil. Fund-based working capital limits* Long-term rating downgraded; short-term rating affirmed with IND BB/ Stable /IND A4+ rating; -- INR60 mil. Term loans due on March 2028 downgraded with IND BB/Stable rating; and -- INR40 mil. Non-fund-based working capital limits affirmed with IND A4+ rating. * INR100 million of fund-based working capital limits can be used as non-fund-based limits. The downgrade reflects a sharp decline in SAML's EBITDA margin in FY23, leading to deterioration in its credit metrics and liquidity position. Key Rating Drivers The downgrade reflects a sharp decline in SAML's EBITDA margin to a modest 1.57% in FY23 (FY22: 9.45%) on account of increased raw material prices, fixed overheads and increased power cost. The ROCE was 1.2% in FY23(FY22: 20%). Ind-Ra expects the EBITDA margins to remain volatile over the medium term due to fluctuations in raw material prices. FY23 financials are provisional in nature. The downgrade also reflects SAML's credit metrics deteriorating to modest levels in FY23 from comfortable levels in FY22, with the interest coverage (operating EBITDA/gross interest expense) reducing to 0.33x (FY22: 2.82x) and the net leverage (adjusted net debt/operating EBITDA) rising to 28.21x (3.41x), owing to a decline in the EBITDA to INR20.81 million (INR156.28 million). The credit metrics are likely to improve over the near-to-medium term due to an expected increase in EBITDA and scheduled repayment of long-term debt. Liquidity Indicator- Poor: SAML has repayment obligations of INR32.1 million and INR46.1 million during FY24 and FY25, respectively. The average maximum utilization of SAML's fund-based limits was 80.21% and that of the non-fund-based limits was 93.43% over the 12 months ended August 2023. The cash flow from operations decreased to negative INR60.30 million in FY23 (FY22: negative INR0.62 million), due to the decline in EBITDA. The free cash flow of the company also continued to be negative at INR71.25 million in FY23 (FY22: negative INR15.76 million) due to the capex of INR10.95 million. The working capital cycle further stretched to 188 days in FY23 (FY22: 126 days), mainly due to an increase in the inventory days to 183 (131) and a decrease in the creditor days to 21 (31). It had cash and cash equivalents amounting to INR3.44 million at FYE23 (FYE22: INR19.10 million). Furthermore, SAML does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The rating action also reflects the 20% yoy decline in SAML's revenue to INR1,322 million in FY23, owing to a decline in sales realization from the higher-margin export of yarn due to the economic slowdown. The revenue contribution from exports declined to 31.29% in FY23 (FY22: 49%) while that from domestic sales increased to 68.71% (31%). Retail business contribution to revenue increased to 15.71% in FY23 (FY22: 11.56%). Ind-Ra believes the revenue from the manufacturing segment to remain at a similar level in the short term as the company was operating at around 92% capacity in FY23; however, the trading segment will continue to lead revenue growth. The company's scale of operations remains medium. The ratings, however, continue to be supported by the promoters' around three decades of experience in the cotton yarn manufacturing business. Rating Sensitivities Negative: A further decline in the scale of operations and EBITDA margins, leading to a further stretch on the liquidity position and credit metrics on a sustained basis, will be negative for the ratings. Positive: A significant improvement in the revenue amd EBITDA margins along with an improvement in the overall credit metrics with the interest coverage exceeding 2x and improvement in the liquidity position, all on a sustained basis, would be positive for the ratings. Company Profile Incorporated in 1996 in Tamil Nadu, SAML manufactures cotton yarn and cotton blended yarn with an annual installed capacity of 21,264 spindles. It is also involved in the retail of readymade garments through three stores in Andhra Pradesh. SADBHAV UDAIPUR: CARE Lowers Rating on INR427cr LT Loan to D ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Sadbhav Udaipur Highway Limited (SUHL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 427.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Negative Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated August 3, 2022, placed the rating of SUHL under the 'issuer non-cooperating' category as SUHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SUHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 19, 2023, June 29, 2023, and July 9, 2023 and numerous phone calls. 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 rating has been revised on account of delays and default in the debt servicing obligations as recognised from publicly available information i.e. Audit Report of FY23 (updated from Registrar of Companies) along non-availability of requisite information. Analytical approach: Standalone Outlook: Not Applicable Detailed description of the key rating drivers At the time of last rating on August 3, 2022, the following were the rating strengths and weaknesses (Updated basis the publicly available information): Key Weaknesses * Delay in debt and interest servicing obligations: There have been delays/default in servicing of its interest and repayment obligations as reported in Audit Report of FY23 (updated from Registrar of Companies). * Inherent execution risk elevated by non-completion of balance project work within granted EOT: SUHL is exposed to inherent construction risk attached to BOT projects. SUHL received appointed date (AD) on November 30, 2017 and was scheduled to achieve COD by November 29, 2019. Against this SUHL has received PCOD for 18.718 km (78.37%) of the project length w.e.f. July 31, 2020. SUHL received EOT for completion of balance work by March 31, 2021. However, despite availability of 100% ROW SUHL was unable to complete the balance work within the granted EOT as indicated by the current physical project progress of 92.83% till May 2021. Accordingly, SUHL had applied for further EOT till December 31, 2021, for completion of balance project work subject to timely receipt of pending approvals. IE has contested the EOT request of the company, and the matter is currently under discussion. On account of non-completion of balance project work within granted EOT, the risk of levy of penalty by NHAI has elevated. Furthermore, with receipt of all due construction grants from NHAI, disbursement of 100% project debt and infusion of entire equity contribution by the sponsor, SUHL will have to rely on financial support from sponsor for completion of balance project work. SUHL had already deployed INR986 crore (netting off annuity receipt) till March 30, 2021, as against bid project cost of INR891 crore indicating cost overrun. * Moderation in credit profile of Sadbhav group: Sadbhav group has experience of successfully operating and maintaining build-operate and transfer (BOT) projects for more than a decade. However, credit profile of Sadbhav group has deteriorated during last few years on account of continuous decline in scale of operations and stretched liquidity position driven by high GCA days depicting weak execution capabilities. However, entire pending equity contribution has been infused by SIPL Sadbhav Infrastructure Projects Limited (rated CARE B/CARE A4 (Credit Watch with Negative Implications); ISSUER NOT COOPERATING) into the company during FY21. SIPL has entered into the Debenture Trust Deed with Allianz Global Investors and AMP Capital to raise INR700 crores out of which a sum of INR550 crores has already been raised on April 15, 2020. Furthermore, SIPL also completed sale of 7% units of IndInfravit Trust for a total consideration of INR441 crore in first week of May 2021. These proceeds are largely utilized for funding equity commitment and cost overrun in the HAM projects and prepayment of the debt of Sadbhav group. Extent of improvement in the pace of execution in HAM projects is the key rating monitorable. * Inherent O&M risk: Although inflation indexed O&M annuity partly mitigates O&M risk, projects would still face the risk of sharp increase in O&M cost due to more than envisaged wear and tear and aggressive bidding in O&M cost. However, SUHL has to enter into fixed price and fixed time O&M contract with the sponsor, SIPL, prior to achievement of COD mitigating O&M risk to an extent. Further, SIPL has extended undertaking to infuse funds in case O&M expenses exceed the O&M annuity from NHAI. * Inherent interest rate risk: SUHL is exposed to interest rate risk since the project debt is envisaged to be sanctioned with a floating rate of interest which is reset periodically. The interest rate risk is partially mitigated on account of receipt of the interest annuity at the applicable bank rate + 300 bps. However, there is a likelihood of a lag between the reductions in the bank rate and the lending rate to the company. Consequently, it may result in a temporary disrupt on the cash flow available for debt servicing. Key Strengths * Assured cash flow due to annuity nature of the revenue stream linked to inflation indexed O&M annuity and bank rate linked interest annuity during operational phase: During operational phase, cash flow is assured in the form of annuity payments from NHAI on semi-annual basis covering 60% of the project completion cost along with interest at 'bank rate plus 3%' on reducing balance and inflation indexed O&M annuity. Further, BPC and O&M cost shall be inflation indexed (through a Price Index Multiple [PIM]), which is the weighted average of Wholesale Price Index (WPI) and Consumer Price Index (CPI) in the ratio of 70:30. Inflation indexed BPC protects the developers against price escalation to an extent. * Low counterparty credit risk: Incorporated by the Government of India (GoI) under an Act of Parliament as a statutory body, NHAI functions as the nodal agency for development, maintenance and management of the national highways in the country. The outlook on NHAI reflects the outlook on the sovereign, whose direct and indirect support continues to be the key rating driver. Liquidity: Poor SUHL's liquidity is poor due to ongoing delays in debt servicing and inordinate delay in project execution leading to increase in interest during construction and reliance on the sponsor till stabilization of revenue streams. SUHL, a special purpose vehicle (SPV), incorporated and owned by SIPL has entered into 17-year concession agreement (CA) (including construction period of 730 days from appointed date) with NHAI for the design, build, operate and transfer (DBOT) of 23.883 km road on hybrid annuity basis. The project under consideration aims at construction of the proposed greenfield six-lane Udaipur bypass road starting from existing km 118.50 of NH-76 at Debari and ending at km 287.40 of NH-8 at Kaya village (approximately 23.883 km) on Kishangarh – Udaipur – Ahmedabad section in the state of Rajasthan. SUHL's bid project cost of INR891 crore is proposed to be funded through debt, sponsor's contribution and construction support from NHAI in the ratio of 48%, 12% and 40% respectively. SEW BELLARY: Ind-Ra Withdraws Term Loan Rating to BB+ ----------------------------------------------------- India Ratings and Research (Ind-Ra) withdrawn SEW Bellary Highways Limited's (SBHL) rupee term loan (RTL) rating as follows: -- The 'IND BB+/Stable' rating on the INR225.9 mil. RTL due on September 2025 is withdrawn. Key Rating Drivers Ind-Ra is no longer required to maintain the rating, as the agency has received a no dues certificate from the lender. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Company Profile SBHL is a special purpose vehicle promoted by SEW Infrastructure Limited. It has been incorporated to widen the existing state highway No 132 from Bellary to Andhra Pradesh border to a four-lane divided carriageway from a two-lane carriageway on the design, build, finance, operate and transfer basis under the annuity frame work. The 17-year concession (including two years of construction) was awarded by Karnataka Road Development Corporation Limited . SBHL achieved the final completion on 8 October 2021 as the right of ways issues hampered project completion. SHREEJI CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shreeji Construction Company Vadodara (SCC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 14, 2022, placed the rating(s) of SCC under the 'issuer non-cooperating' category as SCC 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. SCC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 30, 2023, September 9, 2023, September 19, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Halol (Gujarat) based Shreeji Construction Co. (SCC) was established as a Partnership firm in 2014 by three partners i.e. Mr. Gopal Patel, Mr. Shreeji Patel and Mr. Chirag Patel. The firm is engaged into real estate activities. Currently, the firm is executing a commercial real estate project 'SHREEJI ARCADE' consisting of 270 shops at Halol, Pachamama. The construction of said project was started in October, 2014 with the total estimated cost of INR18.35 crore and the firm has incurred 83% of total estimated cost till May 31, 2018 and the rest will be incurred and project will be completed by March, 2019. The firm has been granted RERA registration under project registration no. PR/GJ/ PANCHMAHAL/HALOL/Others/ CAA02682/160518. SKS POWER: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SKS Power Generation (Chhattisgarh) Limited (SPGCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5,456.96 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 504.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category and Revised from CARE D Non Convertible 258.74 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) has been seeking information from SPGCL to monitor the rating(s) vide e-mail communications/letters October 23, 2023, and June 27, 2023 among others. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. 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' opinion is not sufficient to arrive at a fair rating. The rating on SPGCL's bank facilities and instruments continues to be denoted as CARE D; ISSUER NOT COOPERATING. 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 take into account the ongoing delays in debt servicing for the rated facilities. Furthermore, the company is undergoing Corporate Insolvency and Resolution Process (CIRP) under the National Company Law Tribunal (NCLT). Analytical approach: Standalone Outlook: Not applicable Detailed description of the key rating drivers: At the time of last rating on August 1, 2022, the following were the weaknesses: Key weaknesses * Delays in servicing of debt obligations: The company has delayed in servicing of debt obligation for the rated facilities. Liquidity: Poor The liquidity profile of the company is poor as reflected by the ongoing delays in the debt servicing. SPGCL promoted by the SKS group is a 51% subsidiary of SKS Ispat and Power Limited (SIPL). On November 12, 2018, Singapore based Agritrade Resources has entered into definitive agreement with its lenders to acquire SKS Power Generation (Chattisgarh) in a one-time settlement of INR2170 crore and subsequently, post compliance of the condition precedents and on receipt on OTS amount transaction closed on 18th March 2019. Agritrade is a leading energy solutions provider headquartered in Singapore and listed in Hong Kong. The company is the first to introduce large scale, fully mechanized underground coal mining in Indonesia. SREEJA METAL: CARE Lowers Rating on INR9.60cr LT Loan to D ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sreeja Metal Sand LLP (SMSL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.60 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 SMSL under the 'issuer non-cooperating' category as SMSL 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. SMSL 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 26, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SMSL have been revised on account of delays in debt servicing recognized from publicly available information i.e. CIBIL check. Sreeja Metal Sand LLP (SMSL), was established on December 25, 2014 as a Limited Liability Partnership firm by Mr.Venkataramana Babu Pilla along with his family members. On, 6th August, 2015 the firm was reconstituted when Smt. Polimera Venkata Lakshmi retired. The firm has proposed to set-up a manufacturing unit of Metal Sand (M Sand). SRI LAKSHMI: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Sri Lakshmi Sarawathi Impeex (India) Limited No. 9 [Old No. 8] Crescent Road, Shenoy Nagar, Chennai, Tamil Nadu, India 600030 Insolvency Commencement Date: September 25, 2023 Estimated date of closure of Insolvency resolution process: March 25, 2024 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: S. Thamilvani Door No. 6/12, First Cross Street, Sivananda Nagar, Ambattur, Near Ambedkar Statue, Chennai, Tamil Nadu, 600053 Email: vanithamizh@yahoo.co.in cirp.laskhmi2001@gmail.com Last date for submission of claims: October 11, 2023 TRIMURTI CORNS: Liquidation Process Case Summary ------------------------------------------------ Debtor: Trimurti Corns Agro Foods Private Limited Gat No. 987, At Perne Phata Taluka Haveli, Dist Pune - 412 216 Liquidation Commencement Date: October 6, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: CA Harshad Despande 403, Kumar Millennium, Shivatirtha Nagar Kaman, Opp Krishna Hospital, Paud Road, Kothrud Pune - 411 038 Email: harshad_de@hotmail.com liquidation.trimurti@gmail.com Last date for submission of claims: November 8, 2023 WHITE HOUSE: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of White House Tiles Private Limited (WHTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 30, 2022, placed the rating(s) of WHTPL under the 'issuer non-cooperating' category as WHTPL 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. WHTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 16, 2023, August 26, 2023, September 05, 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). Morbi (Gujarat) based White House Tiles Private Limited (WHTPL), is a private limited company established in 2007 by four promoters led by Mr Vimal Patel and Mr Chunilal Bhanvadia. Mr Vimal Patel and Mr Chunilal Bhanvadia have 20 years and 30 years of industry experience, respectively. WHTPL is engaged in the manufacturing of vitrified floor tiles. WHTPL operates from its manufacturing facility located in ceramic cluster (Morbi) and has an installed capacity to manufacture 18 lakh boxes per annum of floor tiles as on March 31, 2016. WHTPL is selling its product under brand name of "White House". YAMUNA HOMES: Ind-Ra Gives BB- Bank Loan Rating, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Yamuna Homes and Design Private Limited's (YHDPL) bank facilities as follows: -- INR30 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating; -- INR2.0 bil. Proposed term loan assigned with IND BB-/Stable rating; and -- INR47 mil. Term loan due on August 22, 2032 assigned with IND BB-/Stable rating. Key Rating Drivers Moderate Execution Risk: The ratings reflect the moderate level of execution risk in YHDPL's flagship project Yamuna Sky City (YSC) because of the limited experience of the promoter in the development of high-rise sky scraper. Moreover, the YSC project is the first of its kind project for the company which will require complex construction techniques and the availability of ample materials for timely execution. The absence of the required experience can lead to completion delays and cost overrun as the project is in the nascent stage of construction and is yet to be launched for sale. Considering it is a luxury project, timely sale would be a key factor since the majority of YHDPL's cash inflows depend on it. Although the project has various risks, Ind-Ra takes some level of comfort from the fact that the company has received all the required consultancies and approvals for the project development. Pending Financial Closure and Repayment Risk YHDPL's YSC project is yet to get its complete finance closure as the company's term loan has not been sanctioned. Moreover, the 47% of contribution made by the promoters includes the land cost. Since the company will able to launch the project after the completion of ground plus three floors, advances from customers are likely to come in from FY25 only. Considering the likely sanctioning of term loan has its own risk since the project is unique and falls in the luxury segment, timely sales will be key for the repayment of the company's then likely high debt obligation. Low-to-medium Scale of Projects: YHDPL has developed low-to-medium scale of projects in the past with a combined total area of all the projects being just 363,000square feet (sf). Most of these projects are residential and of them have been completed and completely sold out. Although the company has developed only small-scale projects in the past, it is now developing medium scale projects with a total combined area of 1.7 million sf. YHDPL has a combined sales velocity of INR575 million from the ongoing projects against which only INR326 million was collected at end-September 2023. Ind-Ra expects the sales velocity to remain at similar levels in FY24 since the sales of the YSC project are likely to start from FY25. Resourceful Promoters: YHDPL's promoters have a net worth of INR1,000 million on account of their two decades of involvement in business operations such as earth moving, tube well digging and construction of building on contractor basis. Moreover, YHDPL is also developing a project Yamuna Westline Signature as a joint venture with Westline Constructions & Developments Pvt Ltd. wherein YHDPL has provided the land and the latter is developing the project. YHDPL will receive 11 flats as proceeding against land which will support the promoters in making their contribution for YSC. Premium Project and Location: According to the management, YHDPL is developing its flagship project YSC at a sea shore in the Kulai Mangalore area; the project has many luxurious amenities such as spacious balconies, a large club house, an infinity swimming pool, a gymnasium and sea view from every room. Additionally, public transport options including railway stations, state bus stops and the Mangalore International Airport are all located in the range of 15km from the project. Liquidity Indicator - Stretched: At end-September 2023, YHDPL's ongoing projects (sold) had receivables of just INR67 million; the company had an unsold inventory of INR8,478 million, against a pending construction cost of INR6,375 million. This, along with the repayment of the existing debt obligations of INR52 million and the repayment of the proposed term loan of INR2,000 million, pressurizes the company's liquidity. The company's available cash and cash equivalents were INR45 million, according to the provisional financials of FY23. After the sanction of loan, the company has total debt repayments of around INR300 million over FY24-FY26. High Geographical Concentration, Cyclicality and Regulatory Risk: YHDPL has developed all of its real estate projects only in Mangalore. Additionally, the Indian real estate industry is highly cyclical with volatile cash flows. The real estate sector is exposed to a number of regulatory requirements that are subject to frequent and unpredictable changes. This leads to confusion, non-compliance and delays in project execution. Rating Sensitivities Positive: Timely project completion in a phased manner, along with an adequate level of sales and customer advances, a strong visibility of cash inflows and an improvement in the liquidity position, could lead to a positive rating action. Negative: Any delay in the timely completion of the projects with significant time or cost overrun, lower-than Ind-Ra-expected sales volume or a slow realization from bookings, leading to a further pressure on the liquidity position will be negative for the ratings. Company Profile YHDPL started its operations two decades back as an earth mover. Thereafter, the company also started the development of real estate projects in Mangalore city along with working as a contractor for building construction. ===================== N E W Z E A L A N D ===================== BIRCHWOOD LAND: First Creditors' Meeting Set for Nov. 15 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Birchwood Land Limited (trading as Nest Homes) will be held on Nov. 15, 2023, at 2:00 p.m. The meeting will be held virtually. Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were appointed joint administrators of the company on Nov. 3, 2023. CBA DECORATORS: Court to Hear Wind-Up Petition on Nov. 9 -------------------------------------------------------- A petition to wind up the operations of CBA Decorators Limited will be heard before the High Court at Christchurch on Nov. 9, 2023, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 14, 2023. The Petitioner's solicitor is: Arna McAvoy Inland Revenue Legal Services PO Box 1782 Christchurch 8140 EJS LIMITED: Court to Hear Wind-Up Petition on Nov. 10 ------------------------------------------------------ A petition to wind up the operations of EJS Limited will be heard before the High Court at Auckland on Nov. 10, 2023, at 10:00 a.m. Neo Shoe Corporation (NZ) Limited filed the petition against the company on Sept. 26, 2023. The Petitioner's solicitor is: Craig Raymond Andrews McVeagh Fleming Level 9 188 Quay Street Auckland 1010 LERWICK LIMITED: Commences Wind-Up Proceedings ---------------------------------------------- Members of Lerwick Limited Partnership and Rosemel Limited on Oct. 31, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany, Auckland 2163 PROGRESSIVE HYDRAULICS: Court to Hear Wind-Up Petition on Nov. 27 ----------------------------------------------------------------- A petition to wind up the operations of Progressive Hydraulics Limited will be heard before the High Court at Hamilton on Nov. 27, 2023, at 10:45 a.m. Fero Limited filed the petition against the company on Sept. 29, 2023. The Petitioner's solicitor is: Charlotte Louise Webber Anderson Lloyd Level 3, 70 Gloucester Street Christchurch 8013 TRADE WINDOW: To Cut Jobs as it Battles Inflationary Pressures -------------------------------------------------------------- Radio New Zealand reports that trade software company TradeWindow is losing money and moving quickly to reorganise the business in order to break even, which will include an unknown number of job losses. "TradeWindow has resolved it is prudent to undertake a further reorganisation of the business to conserve capital and put the company on an accelerated path to a self-sustainable footing," it said in a statement to the market, notes the report. RNZ says the company currently employed 80 staff, but declined to say how many roles would be affected by the reorganisation. "TradeWindow will work to assist all staff affected by the process to find alternative employment through its networks," it says. Earlier this year, the company tried to raise NZD20 million in capital to fund expansion, but was only able to raise NZD5.4 million. It also made a deal with British-based company nChain, to pay NZD11.1 million in exchange for a near 20 percent stake in the company, but that was stalled following a change in leadership at nChain, RNZ relates. According to RNZ, TradeWindow expected revenue for the year ended March 2024 to range between NZD6 million and NZD6.5 million, which compared with its August forecast range of between NZD7 million and NZD8 million. It said the review reflected increased geopolitical tensions in the Middle East, persistent inflationary pressures and a downturn in economic activity in New Zealand and key export markets. RNZ adds that TradeWindow said it was also in discussions to divest the Rfider business and its Assure+ traceability product. "While the product is attracting strong interest, it has a longer sales cycle, and given the constraints the company is facing TradeWindow believe it is now appropriate to focus on its core product offer." The divestment of this business was expected to save the company more than NZD1 million a year in innovation and development costs. "The global downturn in trading, the ongoing challenges [for] early-stage companies in securing funding, combined with the ongoing uncertainty over the nChain strategic agreement, requires the company to take immediate action," RNZ quotes chair Alasdair MacLeod as saying. "We continue - as previously signalled - to explore multiple options to obtain additional funding and assert our rights under the nChain strategic agreement. However, it is now clear that we must take prudent steps to protect the business and stakeholders." Executive director and chief executive AJ Smith said the company was committed to quickly moving to a break-even position. "We will update shareholders and our people as we gain greater certainty around our alternative funding and cost reduction outcomes." About Trade Window Based in Takapuna, New Zealand, Trade Window Holdings Limited provides digital trade solutions for exporters, importers, freight forwarders, and customs brokers. The company offers Prodoc, a customizable enterprise document solution to leverage its customers IT investments with integration into either on-premise or cloud-based ERP systems; Freight, a solution for managing freight forwarding operations from order management to warehousing; ExpressFreight, a cloud-based solution for cargo reporting and border clearance solution for shipping lines and agents, air freight couriers, and operators of independent customs bonded stores; and ExpressDoc, a software as a Service cloud-based self-service export documentation solution. It also provides Cube solution that enables organizations to securely share mission-critical data and collaborate with partners across the supply chain ecosystem; and Assure solution, a solution for collecting, securing, and sharing item-level traceability and process data within and across organizations. Trade Window reported net losses of NZD10.82 million and NZD9.79 million for the years ended March 30, 2022 and 2023, respectively. ================= S I N G A P O R E ================= NEO TIEW: Placed in Provisional Liquidation ------------------------------------------- Wong Joo Wan and Tina Phan Mei Ting of Alternative Advisors on Oct. 30, 2023, were appointed as provisional liquidators of Neo Tiew Power Pte Ltd, M Plus Hair Pte Ltd, M Nature Pte Ltd, Monsoon Hair House Pte Ltd and Hatsuga Enterprise Pte Ltd. PRISMA AI: Court to Hear Wind-Up Petition on Nov. 17 ---------------------------------------------------- A petition to wind up the operations of Prisma AI Corporation Pte Ltd will be heard before the High Court of Singapore on Nov. 17, 2023, at 10:00 a.m. Intraworks Strategic Fund I, LP and Keanu Daniel Ellen filed the petition against the company on Oct. 26, 2023. The Petitioner's solicitors are: Prolegis LLC 50 Raffles Place #24-01 Singapore Land Tower Singapore 048623 UNIQUE RESI: Creditors' Proofs of Debt Due on Dec. 3 ---------------------------------------------------- Creditors of Unique Resi Estate Pte. Ltd. are required to file their proofs of debt by Dec. 3, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 1, 2023. The company's liquidator is Tan Chin Ren of Chan & Partners. X-SYNERGY GROUP: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on Oct. 27, 2023, to wind up the operations of X-Synergy Group Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 YOHOKOMO SINGAPORE: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on Oct. 27, 2023, to wind up the operations of Yohokomo Singapore (1979) Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt c/o BDO Advisory Pte Ltd 600 North Bridge Road #23-01, Parkview Square Singapore 188778 ********* 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. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***