/raid1/www/Hosts/bankrupt/TCRAP_Public/231129.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 29, 2023, Vol. 26, No. 239
Headlines
A U S T R A L I A
BIZPAY GROUP: Collapses Into Voluntary Administration
BIZPAY GROUP: First Creditors' Meeting Set for Dec. 5
CRAIGIEDALE PTY: Second Creditors' Meeting Set for Dec. 1
HURRICAIN CONTRACTORS: Second Creditors' Meeting Set for Dec. 1
JRG CONSTRUCTIONS: Second Creditors' Meeting Set for Dec. 1
SKY ELECTRICS: Second Creditors' Meeting Set for Dec. 1
C H I N A
BINHAI INVESTMENT: Moody's Withdraws 'Ba1' Corporate Family Rating
CHINA: Bank-Backed Dollar Bond Sales Plunge Amid Default Jitters
CHINA: Property Lifeline Exposes Banks to Big Losses, Job Cuts
COUNTRY GARDEN: Malaysia Govt. to Bail Out Johor's Forest City
I N D I A
AERON EXPORTS: CRISIL Keeps D Debt Rating in Not Cooperating
ASPEN SHAVING: CRISIL Keeps D Debt Ratings in Not Cooperating
ATARSON OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
BYJU'S: Penalized Over IAS Advertisements, Set to Appeal
CHANDULAL CHANDRAKAR: CRISIL Keeps D Ratings in Not Cooperating
ESQUIRE MACHINES: CRISIL Lowers Rating on INR5.15cr Loan to B+
HANUMAN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
JINDAL AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
KARVY RENEWABLE: CRISIL Keeps C Debt Rating in Not Cooperating
MASTER INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
MOENUS TEXTILE: Ind-Ra Corrects October 26, 2023 Rating Release
MOUNT VELOUR: CRISIL Keeps D Debt Ratings in Not Cooperating
NIRMAN CONSTRUCTION: Ind-Ra Corrects Oct. 26, 2023 Rating Release
P K INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
PCM STRESCON: CRISIL Withdraws D Rating on INR61.5cr Bank Loan
POPULAR MOTOR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
R. P. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
ROHINI METALS: CRISIL Keeps D Debt Rating in Not Cooperating
RPN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAI PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating
SAMSON AND SONS: CRISIL Keeps D Debt Ratings in Not Cooperating
SANTLADEVI RESORTS: CRISIL Assigns B Rating to INR42cr Term Loan
SATISH AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
SLEDGEHAMMER OIL: CRISIL Withdraws D Rating on INR20cr Loan
SPICEJET LTD: Another Lessor Heads to Court to Execute Judgement
SPICEJET LTD: Promoter Ajay Singh Looking to Raise US$100 Million
TAXUS INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
UMACHI FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
UNIVERSAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating
VARDHMAN ENTERPRISE: CRISIL Keeps D Ratings in Not Cooperating
VASHU YARN: CRISIL Keeps D Debt Ratings in Not Cooperating
VENKATESHWARA FIBRE: CRISIL Reaffirms B+ Rating on INR21cr Loan
VENKHATASRINIVASA: CRISIL Keeps D Debt Ratings in Not Cooperating
ZEE ENTERTAINMENT: Sony-Zee Merger Risks Collapse Amid CEO Drama
N E W Z E A L A N D
EDENROSE INVESTMENT: Court to Hear Wind-Up Petition on Dec. 8
MASTER ACADEMY: Creditors' Proofs of Debt Due on Jan. 19
STRAWBRIDGE DECOR: Creditors' Proofs of Debt Due on Dec. 18
SWEET AS TRADING: Court to Hear Wind-Up Petition on Dec. 8
VIVID SOLUTIONS: Creditors' Proofs of Debt Due on Dec. 23
S I N G A P O R E
ALIF SOFTWARES: Court Enters Wind-Up Order
BAYFRONT INFRASTRUCTURE: Creditors' Proofs of Debt Due on Dec. 28
GNN CONTRACTOR: Court Enters Wind-Up Order
LEEDON RESIDENCE: Commences Wind-Up Proceedings
MANYPLUS ENERGY: Creditors' Proofs of Debt Due on Dec. 27
- - - - -
=================
A U S T R A L I A
=================
BIZPAY GROUP: Collapses Into Voluntary Administration
-----------------------------------------------------
SmartCompany reports that BizPay, the Australian fintech offering
buy now, pay later (BNPL) services for business-to-business
invoices, has fallen into voluntary administration.
BizPay Group Limited appointed Jonathon Keenan and Peter Krejci of
BRI Ferrier as joint administrators on Nov. 23, SmartCompany
discloses citing the Australian Securities and Investments
Commission (ASIC).
"While a restructure of the business is explored, no new loans are
being issued to clients," the company website stated.
A cashflow shortfall and trouble securing fresh investment drove
BizPay's decision to enter administration, said Jonathon Keenan,
joint administrator and partner at BRI Ferrier.
Speaking to SmartCompany, Mr. Keenan said the administrators are
now exploring opportunities to sell or restructure the venture.
"The infrastructure is there, and we are looking for a new
partner," he said.
While acknowledging a "squeeze" caused by the increased cost of
capital, Mr. Keenan said the demand for invoice financing and BNPL
services remains strong.
"The BizPay model, which has a functioning platform, provides a
fairly seamless offering to customers, providing that finance
outcome," Mr. Keenan added.
Approximately 15 staff have been affected by the administration
process, SmartCompany says.
On the merchant side, the administrators believe payments to the
businesses honouring invoices are up to date.
The first meeting of creditors will take place on December 5 at the
offices of BRI Ferrier in Sydney, SmartCompany notes.
Founded in 2019 by David Price and Sylvia Huang, BizPay (formerly
HirePay) promises small businesses a tailored version of the buy
now, pay later functions popularised by consumer-facing startups
like Afterpay and Zip.
Like other BNPL services, BizPay pays the upfront cost of an
invoice and asks the small business buyer to repay the cost of the
invoice, plus transaction fees, over a series of monthly or
fortnightly instalments.
SmartCompany relates that the company said it can help small
businesses smooth out their cash flow, echoing other fintechs that
say BNPL can help households manage their budgets.
On the merchant side, BizPay pledges to pay suppliers within 24
hours of the customer making an order.
The company also assumes credit risk on bad debts, shielding
merchants from small businesses that cannot pay their invoices in
full.
The Company's liabilities total approximately AUD4 million, which
is comprised of Alteris' secured debt of circa AUD3.7 million,
trade/statutory creditors of around AUD150,000 plus
employee/contractor entitlements.
There may also be various contingent and disputed claims to deal
with in due course, the administrators said in a statement.
BIZPAY GROUP: First Creditors' Meeting Set for Dec. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Bizpay Group
Limited will be held on Dec. 5, 2023, at 11:00 a.m. at the offices
of BRI Ferrier at Level 26, 25 Bligh Street in Sydney and via
virtual meeting technology.
Jonathon Keenan and Peter Paul Krejci of BRI Ferrier were appointed
as administrators of the company on Nov. 23, 2023.
CRAIGIEDALE PTY: Second Creditors' Meeting Set for Dec. 1
---------------------------------------------------------
A second meeting of creditors in the proceedings of Craigiedale
Pty. Limited has been set for Dec. 1, 2023 at 9:30 a.m. at the
offices of Rodgers Reidy at Level 11, 385 Bourke Street in
Melbourne and via online video conferencing.
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. 29, 2023 at 4:00 p.m.
Brent Leigh Morgan and Neil McLean of Rodgers Reidy were appointed
as administrators of the company on Oct. 31, 2023.
HURRICAIN CONTRACTORS: Second Creditors' Meeting Set for Dec. 1
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Hurricain
Contractors Pty Limited has been set for Dec. 1, 2023 at 10:00 a.m.
via virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 30, 2023 at 4:00 p.m.
Bradd William Morelli and Emma Marie Mos of Jirsch Sutherland were
appointed as administrators of the company on Oct. 27, 2023.
JRG CONSTRUCTIONS: Second Creditors' Meeting Set for Dec. 1
-----------------------------------------------------------
A second meeting of creditors in the proceedings of JRG
Constructions Pty Ltd has been set for Dec. 1, 2023 at 10:30 a.m.
at the offices of Chartered Accountants Australia and New Zealand
at Level 10, 60 Marcus Clarke Street in Canberra and via electronic
facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 30, 2023 at 4:00 p.m.
Aaron Torline of Slaven Torline was appointed as administrator of
the company on Sept. 25, 2023.
SKY ELECTRICS: Second Creditors' Meeting Set for Dec. 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of Sky Electrics
NSW Pty Ltd has been set for Dec. 1, 2023 at 10:30 a.m. at the
offices of Hall Chadwick at Level 40, 2 Park Street in Sydney and
via teleconference.
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. 30, 2023 at 5:00 p.m.
Sule Arnautovic and John Vouris of Hall Chadwick were appointed as
administrators of the company on Oct. 30, 2023.
=========
C H I N A
=========
BINHAI INVESTMENT: Moody's Withdraws 'Ba1' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 corporate family
rating of Binhai Investment Company Limited (BICL).
The rating outlook on BICL was stable prior to the withdrawal.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
Binhai Investment Company Limited (BICL) is principally engaged in
the city gas distribution and gas pipe installation businesses in
China, mainly in the Tianjin municipality. BICL operates and
services 2.2 million households, and commercial and industrial
(C&I) customers. In 2022, the company sold 1.44 billion cubic
meters of gas and transported 0.59 billion cubic meters of gas.
Listed on the Hong Kong Stock Exchange, BICL is 40.32% owned by
Tianjin TEDA Investment Holding Co., Ltd. (TEDA) and 29.97% owned
by China Petrochemical Corporation (Sinopec Group, A1 stable)
through their respective subsidiaries as of the end of October
2023. TEDA is a conglomerate ultimately and wholly controlled by
the Tianjin government. Sinopec Group is one of the world's largest
integrated energy and petrochemical companies, wholly owned by
China's central government.
CHINA: Bank-Backed Dollar Bond Sales Plunge Amid Default Jitters
----------------------------------------------------------------
Bloomberg News reports that cash-strapped Chinese borrowers are
losing another funding avenue, as default jitters rock a market
that relies on quasi guarantees from banks for repayment.
Sales of China dollar notes carrying a so-called standby letter of
credit, effectively a lender's pledge to repay if the issuer can't,
slumped 90% to $1.04 billion so far this year from the previous
year, according to Bloomberg-compiled data. This outpaced a 52%
drop in China dollar bond sales to $52.2 billion for the same
period, the data showed.
With the nation's developers going through a fresh round of crises
and even large builders defaulting, banks are reluctant to provide
such pledges, Bloomberg says. Investors also have doubts over the
structure, which falls short of being an explicit repayment
guarantee. That's upended a market that helped lower-rated
companies, including local government financing vehicles, raise a
record $10.3 billion in 2022.
"At the end of the day, the question for the standby letter of
credit providers is: are they being compensated sufficiently to
take on the risk of default of the issuer?" Bloomberg quotes
Charles Chang, Greater China country lead for corporates at S&P
Global Ratings, as saying.
Bloomberg says the pledge to repay was tested this year, when
Chinese developer Sino-Ocean Group Holding Ltd. missed payment on
its debt. While the company said it would suspend payments for all
its offshore bonds, it made a $3.8 million interest payment due
Oct. 26 for its 2025 dollar security backed by China Zheshang Bank
Co.
The standby letter of credit uses the company's assets as
collateral and the payment reflects solutions to the group's debt
"based on the different rights of different stakeholders,"
Sino-Ocean said in a filing in October.
Sino-Ocean didn't respond to a Bloomberg request for comment.
In 2019, there were two other high profile tests - China Minsheng
Investment Group Corp. and Tewoo Group Co. - which were honored by
China Construction Bank Corp. and Industrial and Commercial Bank of
China Ltd., respectively, Bloomberg recalls.
When evaluating the credit risks of such bonds, Moody's Investors
Service relies more on the creditworthiness of the banks providing
the standby letters instead of the issuers, said Kan Leung, an
analyst at the ratings firm, Bloomberg relays.
Increasingly, regional banks are backing such debt, raising
questions on the strength of recent guarantees, Bloomberg states.
For example, Zheshang Bank, a bank in the southeast part of China,
which provided the standby letter for Sino-Ocean, also offered
similar backing for a dollar bond sold by Chinese developer
Greentown China Holdings Ltd. last year. Out of the 122 SBLC-backed
dollar bonds issued in 2022, Zheshang Bank provided standby letters
for 18 of them, Bloomberg-compiled data shows.
CHINA: Property Lifeline Exposes Banks to Big Losses, Job Cuts
--------------------------------------------------------------
Bloomberg News reports that China's escalating push to have its
banking behemoths back up struggling property firms is adding to a
maelstrom of woes for the US$57 trillion sector.
Already stung by soaring bad loans and record-low net interest
margins, lenders such as the Industrial and Commercial Bank of
China (ICBC) may soon be asked for the first time to provide
unsecured loans to developers, many of which are in default or
teetering on the brink of collapsing, according to Bloomberg.
Bloomberg says the risky lifeline threatens to exacerbate an
already bleak outlook. ICBC and 10 other major banks may in 2024
need to set aside an additional US$89 billion for bad real estate
debt, or 21 per cent of estimated pre-provisions profits in 2024,
according to Bloomberg Intelligence. Lenders are now weighing
lowering growth targets and cutting jobs as among possible options,
according to at least a dozen bankers, who asked not to be named
discussing internal matters.
According to Bloomberg, China's banks have been caught between the
opposing demands of providing "national service" by supporting the
property sector and distressed local governments, and their
obligation to run a sound business. Boosting profits has almost
become mission impossible for some.
Beijing ratcheted up pressure on the lenders even more last week to
reverse the housing meltdown, Bloomberg notes. Regulators are
working on a draft list of firms eligible for bank support, while
weighing a plan for lenders to offer developers unsecured loans for
the first time. This is on top of a recent order for the banks to
roll over local government debt at favourable terms to avert a
crisis in that US$9 trillion market.
This week, the central bank pledged to press lenders to lower rates
on concern that deflation has effectively pushed up borrowing costs
in price-adjusted terms, Bloomberg says. The People's Bank of China
also said it will guide banks to coordinate their lending to smooth
out volatility in credit growth between year end and the start of
the year.
Bloomberg relates that the demands have been taking a toll on
finances and operations. Net interest margins slumped to a record
low of 1.73 per cent as at September, data showed. This is below
the 1.8 per cent threshold regarded as necessary to maintain
reasonable profitability. Bad loans, meanwhile, have hit a new
high, and a revenue growth streak since 2017 for some of the
nation's largest state banks may snap in 2023.
Shares of the big four state lenders, including ICBC, are trading
near record-low valuations of 0.3 times book value in Hong Kong.
This is about the same levels that United States banks were trading
at during the global financial crisis, Bloomberg notes.
According to Bloomberg, some small lenders have moved to slash
jobs, with one planning to cut 50 per cent of 400 positions at its
lending department in 2023, people said.
Lenders operating nationwide are now boosting lending to rural
areas they have typically neglected to meet targets on small
business loans, people familiar with the matter said.
Unlike most Western banks, Chinese state-run banks are subject to
government directions on how much to lend and to what sectors,
especially during economic downturns, Bloomberg says. Apart from
public demands, the authorities often summon bank executives for
impromptu meetings to give verbal instructions, known as "window
guidance", to nudge lending towards desired areas or restrict
certain businesses.
Other firms try to play ball by lending to local government
financing vehicles (LGFVs), despite the high risk of default,
Bloomberg notes. About 80 per cent of new corporate loans at one
big lender's local branch in Sichuan province in 2023 were extended
to these LGFVs, an official said, betting that they can earn
interest while delaying default risk via loan extensions.
COUNTRY GARDEN: Malaysia Govt. to Bail Out Johor's Forest City
--------------------------------------------------------------
Malaysia Today reports that amid concerns that the Forest City
residential project in Johor will become a "ghost town" as its
China-based principal Country Garden struggles with a debt crisis,
developers and residents see a glimmer of hope as several new
incentives were recently announced.
Forest City's latest designation as a Special Financial Zone (SFZ)
and the Johor-Singapore Special Economic Zone (J-S SEZ) are being
seen as catalysts to reverse the fortunes of the 2,833-hectare
luxury residential mega project, Malaysia Today relates citing Al
Jazeera report.
Al Jazeera its report said, Country Garden is said to be trying to
revitalise the development where only about 9,000 people live.
Malaysia Today relates that Forest City's regional vice president,
Syarul Izam Sarifudin, said the city's development was still "on
track", but admitted interest in the 5,000 unsold units was
lacklustre.
"To us, it is still manageable. We are still selling two or three
houses per month," he was quoted as saying in the report.
Country Garden faced total liabilities of US$194 billion at the end
of 2022, with concerns raised on the outlook for Forest City and
its other Malaysian projects, according to Malaysia Today.
Its projects in Johor include the US$100 billion Forest City mega
project, Country Garden Danga Bay and Central Park. In the Klang
Valley, Country Garden also has projects in Lake City @ KL North
and Diamond City.
Earlier in August, it was widely reported that Country Garden
missed two coupon payments totalling US$22.5 million.
However, later in the same month, Prime Minister Datuk Seri Anwar
Ibrahim announced a STZ in Forest City with incentives including
multiple entry visas, and special income tax rates, Malaysia Today
relates.
Following that in October, Anwar and his Singapore counterpart Lee
Hsien Loong jointly announced a Johor-Singapore SEZ, with a
memorandum of understanding to be signed by the two countries in
January next year, according to Malaysia Today.
With the recent announcements of the planned economic zones, Syarul
Izam said he remained hopeful for Forest City as there was good
support from Malaysia and China, adds Malaysia Today.
About Country Garden
Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.
As reported in the Troubled Company Reporter-Asia Pacific in
September 2023, Moody's Investors Service has downgraded Country
Garden Holdings Company Limited's corporate family rating to Ca
from Caa1 and its senior unsecured rating to C from Caa2. The
outlook remains negative. "The rating downgrades with negative
outlook reflect Country Garden's tight liquidity and heightened
default risk, as well as the likely weak recovery prospects for the
company's bondholders," said Kaven Tsang, a Moody's Senior Vice
President.
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I N D I A
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AERON EXPORTS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aeron Exports
Private Limited (AEPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AEPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AEPL continues to be 'CRISIL D Issuer Not Cooperating'.
AEPL was incorporated in 2012 by promoter, by Mr Jainam Shah and
his family members. The Vadodara-based company trades in products
such as iron dust and steel scrap.
ASPEN SHAVING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aspen Shaving
Products (ASP) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Proposed Fund- 1.5 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with ASP for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASP continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ASP is a proprietorship firm of Mr Kasivi, who manages operations.
The firm is into manufacturing of DE blades with a plant near
Hyderabad. DE blades are cost-effective and commonly used in
shaving and hair cutting saloons.
ATARSON OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Atarson
Overseas Private Limited (SBRM) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBRM for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBRM continues to be 'CRISIL D Issuer Not Cooperating'.
SBRM was incorporated by Gupta family of Bareilly in 2011. It is
engaged in milling and processing of paddy into rice, rice bran,
broken rice and husk. Mr Rachin Gupta and Ms Seema Gupta are the
promoters of the company. Mr. Rachin Gupta is also engaged managing
day to day activity of the business.
BYJU'S: Penalized Over IAS Advertisements, Set to Appeal
--------------------------------------------------------
Livemint.com reports that the Central Consumer Protection Authority
(CCPA) has imposed a penalty of INR10 lakh on edtech platform
Byju's for publishing allegedly false and misleading advertisements
for its online IAS (Indian Administrative Service) coaching
offering.
CCPA had taken suo moto cognisance of the issue in 2022 and sent a
show-cause notice to Byju's on 24 August that year.
According to Livemint.com, the authority's order of November 23
said that Think & Learn Pvt. Ltd, which offers IAS preparation
under the Byju's brand, failed to produce evidence justifying its
claims of progressive increase in selection of candidates in UPSC
civil services examinations (CSE), from 62 in 2013 to 295 in 2020.
In the order, the CCPA has directed the company to submit INR10
lakh as penalty and a compliance report within 15 days of the
order. The company has also been directed to stop the
advertisements, Livemint.com reltes.
Byju's disagreed with the order, Livemint.com notes. In response to
a query, its spokesperson said, "We note that CCPA has levied fines
on numerous education/ed-tech institutions in this matter. We
respectfully disagree with the findings in the order and intend to
appeal the same as we believe that the advertisements are not
misleading."
"We will look to substantiate this with relevant evidence before
the appellate authority," the spokesperson added. The appellate
authority in this case is the National Consumer Disputes Redressal
Commission (NCDRC). Queries sent to CCPA remained unanswered till
press time.
CCPA's order, a copy of which has been reviewed by Mint, was passed
after a virtual hearing, where representatives of Byju's said the
institute provides some free-of-cost courses, including interview
guidance and personality test for IAS.
However, the CCPA said in its order that the institute didn't
provide any data to substantiate the claim that of the 1,228 civil
services vacancies filled up in 2013, 62 were students of Byju's.
The order said Byju's IAS failed to submit any consent form and fee
receipts of the selected candidates, Livemint.com relays.
"So, the claims made in the advertisement are not completely
substantiated. Similarly, it is evident that out of all successful
candidates showcased in the impugned advertisement for the years
2013, 2014, 2015, 2016, 2017, 2018, 2019, and 2020, most students
took a mock interview programme, which is free of cost," the CCPA
order, as cited by Livemint.com, said.
The order further said, "It is understood that mock interview is
not a full-time programme and it comes into play after an aspirant
has cleared both the prelims and mains examination of CSE. Thus, it
is clear that none of them has studied any other courses apart from
the mock interview programme that are advertised by Byju's IAS
institute."
As per the order, the institute claimed 82 successes out of 1,364
civil services hirings in 2014, and provided the data of 24
students who had enrolled with the coaching institute for mock
interview test, Livemint.com relays.
For 2017, out of 236 results from 1,058 vacancies, 201 students
were part of a free-of-cost mock interview; 10 were enrolled for
paid prelims test series; 19 were registered with paid mains test
series; and six had joined paid classroom courses.
In the order, the CCPA stated that Byju's IAS violated
Section-2(28) of the Consumer Protection Act, 2019 as it
deliberately concealed important information with respect to
specific courses attended by the successful candidates, to deceive
and mislead consumers and make huge commercial gains. As per the
order, Section-2 (28) of the Act defines misleading advertisement
in relation to any product or service.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
23, 2023, the Enforcement Directorate, India's federal financial
crime-fighting agency, has issued a show-cause notice to education
tech company Byju's for alleged violations of foreign exchange
rules, the agency said in a statement on Nov. 11.
Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.
According to Reuters, the reported allegations come amid a string
of setbacks for the company, including investors cutting its
valuation and its auditor and board members quitting.
It has also been negotiating the repayment of a $1.2 billion loan
in the last few months.
CHANDULAL CHANDRAKAR: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chandulal
Chandrakar Memorial Hospital Private Limited (CCMHPL) continue to
be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 78 CRISIL D (Issuer Not
Cooperating)
Term Loan 52 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CCMHPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CCMHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
CCMHPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of CCMHPL continues to be 'CRISIL D Issuer Not
Cooperating'.
CCMHPL was set up in 1997 by Dr Mangal Prasad Chandrakar. It runs a
200-bed multi-speciality hospital in Bhilai and a 500-bed
hospital-cum-medical college in Durg (both in Chhattisgarh).
ESQUIRE MACHINES: CRISIL Lowers Rating on INR5.15cr Loan to B+
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Esquire Machines Private Limited (EMPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.05 CRISIL A4 (Downgraded from
'CRISIL A4+')
Cash Credit 2.50 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Letter of Credit 0.95 CRISIL A4 (Downgraded from
'CRISIL A4+')
Proposed Fund- 5.15 CRISIL B+/Stable (Downgraded
Based Bank Limits from 'CRISIL BB-/Stable')
Working Capital
Term Loan 1.35 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects the modest scale of operations and weak
financial risk profile of EMPL. These weaknesses are partially
offset by the extensive experience of the promoters in the
construction equipment industry.
Analytical Approach
The analytical approach is based on the standalone financial risk
profile of EMPL. Unsecured loan of INR6.39 crore, provided by the
promoters as on March 31, 2023, has treated as neither debt nor
equity, as the loan amount has increased over the past three
fiscals and the funds should be retained in the business over the
medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Scale of operations has been modest
in the range of INR20-25 crore over the past few fiscals. Sustained
growth in revenue and operating margin will be a key rating
sensitivity factor over the medium term.
* Large working capital requirement: Gross current assets were high
at 232 days as on March 31, 2023, driven by inventory of 121 days
and receivables of 111 days. Operations may remain working capital
intensive over the medium term
Strengths:
* Extensive experience of the management: The four-decade-long
experience of the promoters in the construction equipment industry,
their strong understanding of the market dynamics and healthy
relationships with suppliers and customers will continue to support
the business
Liquidity: Stretched
Expected cash accrual of INR0.85 crore per fiscal, should suffice
to cover the yearly debt of INR0.79 crore in the medium term. Bank
limit utilisation averaged 53% over the 12 months through July
2023. Current ratio was healthy at 1.67 times on March 31, 2023.
Liquidity is further supported by expected equity and unsecured
loans from the promoters.
Outlook: Stable
EMPL will continue to benefit from the extensive experience of its
promoters in the construction equipment industry.
Rating Sensitivity Factors
Upward factors
* Sustained increase in net cash accrual to over INR2 crore
* Growth in revenue and operating margin (above 7%)
Downward factors
* Sustained weakening of interest coverage ratio to less than
1.2-1.5 times
* Large debt-funded capital expenditure and/or capital withdrawal
by the promoters, weakening the total outside liabilities to
adjusted net worth ratio.
EMPL is engaged in manufacturing of wide range of equipment and
machines such as concrete mixer, material handling and other
products.
HANUMAN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Hanuman
Infra Private Limited (SHIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SHIPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SHIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2005, SHIPL is promoted by Mr. Chavali
Ramanjaneyulu and his family. The firm undertakes civil
construction works such as construction of roads and railway
tunnels.
JINDAL AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jindal Agro
Mills Private Limited (JAMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 37 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with JAMPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JAMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JAMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JAMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1992 and promoted by Mr. R K Jindal, JAMPL trades
in metals such as copper, zinc and nickel. It also manufactures
copper alloys, wire, strips and rods, and processes wheat flour and
bran. JAMPL also works as consignee agent for Binani Zinc Ltd.
KARVY RENEWABLE: CRISIL Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Karvy
Renewable Energy Projects Limited (KREPL; a part of the Karvy Data
Management Services Ltd (KDMSL) group) continues to be 'CRISIL C
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 12.15 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KREPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KREPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KREPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KREPL continues to be 'CRISIL C Issuer Not Cooperating'.
Incorporated in 2016, Hyderabad-based KREPL provides EPC solutions
for solar projects.
Incorporated in 2008, KDMSL, headquartered in Hyderabad, is a
step-down subsidiary of Karvy Stock Broking Ltd (KSBL). It provides
business and knowledge process services. The company started off as
a pure-play back office service provider and added other verticals,
such as e-governance, banking, telecom, and e-commerce. The company
is a strong player in government mandates, such as UIDAI's Aadhaar,
PAN card, NPR Biometric, and E-TDS. It has established healthy
working relationships with several key government departments and
enjoys strong support from the Karvy group.
MASTER INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Master India
Brewing Co. (MIBC) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 11.4 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 11.1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MIBC for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MIBC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIBC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIBC continues to be 'CRISIL D Issuer Not Cooperating'.
MIBC, set up as a partnership firm in fiscal 2010, manufactures
beer. The firm is promoted by Mr. Deepak Burman, Mr. Jitendra
Newatia, Mr. Rajesh Kumar Jalan, and Master (India) Brewing Co Ltd.
MOENUS TEXTILE: Ind-Ra Corrects October 26, 2023 Rating Release
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Moenus Textile Private
Limited's rating published on October 26, 2023.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained Moenus Textile
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING))' on the agency's website.
The detailed rating actions are:
-- INR121 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR120 mil. Term loan due on Mar 31, 2025 maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR21 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Company Profile
Incorporated in 2005, Moenus Textile manufactures cotton yarn at
its facility in Mandideep, Madhya Pradesh. In addition, it has a
waste recycling plant in Mandideep to produce low-value cotton
yarn.
MOUNT VELOUR: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mount Velour
Rubber Works Private Limited (MVRWL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MVRWL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MVRWL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MVRWL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MVRWL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1977 as a partnership firm by Mr M Usman and his
associates and reconstituted as a private limited company in 2005,
MVRWL manufactures block rubber. The company is based in Nilambur,
Kerala.
NIRMAN CONSTRUCTION: Ind-Ra Corrects Oct. 26, 2023 Rating Release
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Nirman Construction's
rating published on October 26, 2023.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has maintained Nirman
Construction's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING))' on the agency's website.
The detailed rating actions are:
-- INR60 mil. Fund Based Working Capital Limit maintained in non-
cooperating category with IND D/IND D (ISSUER NOT
COOPERATING) rating; and
-- INR45 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Company Profile
Nirman Construction is engaged in civil construction, namely the
construction of buildings, bridges and roads. The proprietorship
firm is headed by Arun Patil.
P K INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P K Infratech
- Rishikesh (PKIR) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 2.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with PKIR for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PKIR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PKIR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PKIR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
PKIR was established in 2014 and is located in Dehradun. PKIR is
promoted by Mr. Gaurav Sharma, Mrs. Rajbala Sharma and Mr. Vishal
Gaur. PKIR is engaged in civil construction works, such as
construction of roads and bridges, canal works, irrigation works
and electrification works. PKIR is also engaged in transportation,
stone crushing and trading of building material.
PCM STRESCON: CRISIL Withdraws D Rating on INR61.5cr Bank Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of PCM Strescon Overseas Ventures Limited (PCMSOVL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 61.5 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Letter Of Guarantee 25.65 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Letter of Credit 21.85 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Proposed Bank 10 CRISIL D/Issuer Not
Guarantee Cooperating (Withdrawn)
Proposed Bank 10 CRISIL D/Issuer Not
Guarantee Cooperating (Withdrawn)
Proposed Long Term 31 CRISIL D/Issuer Not
Bank Loan Facility Cooperating (Withdrawn)
Proposed Term Loan 12 CRISIL D/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with PCMSOVL for
obtaining information through letters and emails dated July 19,
2023, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PCMSOVL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PCMSOVL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of PCMSOVL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
CRISIL Ratings has withdrawn its ratings on the bank facilities of
PCMSOVL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.
PCM, incorporated in 2006, manufactures pre-compressed heavy-haul
concrete sleepers. The company, based in West Bengal, has PCM
Cement Concrete Pvt Ltd and Stresscon Industries Ltd as its
promoters.
POPULAR MOTOR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Popular Motor
Corporation (PMC) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 6 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PMC for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2002 and based in Kochi, PMC is an authorised dealer of
two-wheelers of BAL. The firm is promoted by Mr Saju K Thomas and
family.
R. P. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. P. Steel
Industries (RP Steel) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RP Steel for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RP Steel, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RP
Steel is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RP Steel continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
RP Steel was set up in 1984, by Mr Purushotam Agarwal. It trades in
iron and steel long products such as rounds, billets, blooms, pig
iron, wire rods, thermo-mechanically treated bars/rebars, and
imported scrap.
ROHINI METALS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rohini Metals
Industries (RMI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RMI for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RMI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMI continues to be 'CRISIL D Issuer Not Cooperating'.
RMI was established in 2016, it is located in Nagpur, Maharashtra.
RMI is owned and managed by Shri Prakash Waghdhare and Smt. Sindhu
Waghdhare. RMI is engaged in recycling lead acid batteries to
manufacture lead ingots, with installed capacity of 18000
tons/month.
RPN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RPN Engineers
Chennai Private Limited (RPN) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.76 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.25 CRISIL D (Issuer Not
Cooperating)
Inland/Import 2.50 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Term Loan 0.02 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RPN for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RPN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPN continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
RPN was incorporated as partnership firm 'Lookmans Engineers and
Contractors' during 1995. The partnership firm was converted into a
Private Limited Company in May 1999. The company is promoted by Mr.
Laqman Basha.
SAI PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Print &
Pack (SPP) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Loan Against Property 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SPP for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPP continues to be 'CRISIL D Issuer Not Cooperating'.
SPP, was established in 1999 as a proprietorship firm by Mr Anuj
Dayal, SPP manufactures mono-corrugated, non-corrugated, and
printed cartons at its manufacturing facility in Palwal, Haryana.
SAMSON AND SONS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Samson and
Sons Builders and Developers Private Limited (SSBDPL) continue to
be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Project Loan 5 CRISIL D (Issuer Not
Cooperating)
Project Loan 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSBDPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSBDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSBDPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSBDPL continues to be 'CRISIL D Issuer Not
Cooperating'.
Established in 2005 as a partnership between Mr John Jacob and Mr
Samuel Jacob and reconstituted as a private limited company in
2009, SSBDPL undertakes residential real estate development in and
around Trivandrum.
SANTLADEVI RESORTS: CRISIL Assigns B Rating to INR42cr Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Santladevi Resorts (SR).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 42 CRISIL B/Stable (Assigned)
The rating reflects the firm's exposure to risks related to the
implementation of its project and its expected leveraged capital
structure. These weaknesses are partially offset by funding support
from the partners and association with the Marriot Group.
Analytical Approach
Unsecured loan of INR36.78 crore as on March 31, 2023, from the
promoters and related parties has been treated as 75% equity and
25% debt as the loan is expected to remain in the business over the
medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to risks related to project implementation: SR is
setting up hotel in Dehradun, which is likely to start operations
in March 2024. While intense competition in the region will result
in some demand risk, the strategic location will be a mitigating
factor. As project debt has been sanctioned, funding risk is
modest. Timely completion and successful stabilisation of
operations will be key rating sensitivity factors.
* Expected leveraged capital structure: Dependence on external debt
of INR61.95 crore till October 2023 has led to gearing of 1.3 times
as on March 31, 2023, with networth at INR54.6 crore as on that
date. Timely commercialisation of operations leading to improvement
in the financial risk profile will remain a key monitorable.
Strengths:
* Funding support from the partners: The total project cost of
INR161.59 crore is to be funded through partner's funding of
INR79.64 crore and term loan of INR81.95 crore. Term loan of
INR61.95 crore was disbursed till October 2023 and the balance
INR20 crore is expected to be sanctioned and disbursed in fiscal
2024. The partners have already invested INR62.81 crore and are
likely to infuse the remaining INR16.83 crore in fiscal 2024. The
partners will continue to extend need-based funding support.
* Association with the Marriot Group: The hotel of SR will operate
under a franchise agreement with Marriot Group under the Le
Meridian Resorts & Spa brand. Association with the Marriot group
(one of India's strongest brands) will support the business risk
profile of SR through benefits such as technical knowhow, easy
procurement, recruitment, training of employees and established
corporate tie-ups.
Liquidity: Stretched
Cash accrual is expected at INR6-10 crore against term debt
obligation of INR4-8 crore over the medium term. The partners are
likely to extend equity and unsecured loan to meet working capital
requirement and debt obligation.
Outlook: Stable
SR will benefit from its partners' extensive experience in diverse
industries.
Rating Sensitivity Factors
Upward factors
* Timely stabilisation of operations leading to healthy occupancy.
* Improvement in debt protection metrics with interest coverage
ratio more than 2 times.
Downward factors
* Decline in revenue below INR20 crore leading to lower net cash
accrual.
* Weakening financial risk profile or liquidity.
SR is setting up a hotel which will operate under a franchise
agreement with Marriott Group (M/s Starwood Hotels and Resorts
India Pvt Ltd ) in Dehradun. The firm is promoted by Dr Antriksh
Saini, Dr Pratibha Saini and Mr Avishkar Saini.
SATISH AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Satish Agro
Industries (SAI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Working Capital
Facility 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAI for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAI continues to be 'CRISIL D Issuer Not Cooperating'.
SAI was formed as a proprietorship concern by Mr. Satish Jain in
1998 at Indore, Madhya Pradesh. SAI is engaged in manufacturing of
agricultural spray pumps, power sprayers and other machinery
parts.
SLEDGEHAMMER OIL: CRISIL Withdraws D Rating on INR20cr Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of SledgeHammer Oil Tools Private Limited (SHOTPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing Credit 10 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Export Packing Credit 5 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Export Packing Credit 20 CRISIL D/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with SHOTPL for
obtaining information through letters and emails dated June 7,
2023, June 20, 2023, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SHOTPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SHOTPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SHOTPL continues to be 'CRISIL D Issuer Not
Cooperating'.
CRISIL Ratings has withdrawn its ratings on the bank facilities of
SHOTPL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.
Analytical Approach
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SOTPL, Sledgehammer America
Inc, Sledgehammer Gulf LLC, and Sledgehammer Oil Tools
International. This is because all these entities, together
referred to as SOTPL, are under a common management and have
financial fungibility.
Sledgehammer (SOPL), established in 1974 and has been involved in
activities like steel castings, sheet metal, heavy engineering
products etc. In 2006, the company has started manufacturing
Cementing product. The equipment includes cementing unit, batch
mixer, bulk plant, centralizers and stop collars (price range
INR200-INR8 lacs). SledgeHammer is one of the few API 10D, 5CT, API
Q1, ISO 9001:2008, 14001 (EMS) & 18001 (OHSAS) certified
manufacturer of cementing products which is used oil drilling.
SledgeHammer is the only company in India & Asia which has
manufacturing facility for both Bow Spring Centralizer and Solid
Body Centralizer and Float Equipment's as per API 10F. Mr. Pardeep
Mohanty and his friend Mr. Ankur Kaushik is running the business.
SOPL facility and products are certified by Baker Hughes, Kuwait
Oil Co. and Halliburton.
SPICEJET LTD: Another Lessor Heads to Court to Execute Judgement
----------------------------------------------------------------
ch-aviation reports that an aircraft lessor is heading to Delhi
High Court to execute a judgment it obtained against SpiceJet in
the UK High Court. ch-aviation relates that Cross Ocean Partners,
the lessor behind the special purpose vehicle (SPV) known as VS MSN
36118 CAY Designated Activity Company, is pursuing the low-cost
carrier for around INR900 million (USD10.8 million) in unpaid
leases.
First reported by the Indian financial news site MoneyControl, the
SPV filed the matter with Delhi High Court on November 21,
following a judgment in its favour in the UK in June, ch-aviation
relays. The UK matter was VS MSN 36118 CAV Designated Activity
Company vs. Spicejet Limited (case no: CL-2022-000479). According
to ch-aviation, counsel for VS MSN 36118 CAV told the court that
SpiceJet had periodically defaulted on its monthly lease payments
for a B737-700 since late 2020. That aircraft is registered as
VT-SLP (msn 36118) and continues to fly for the carrier, something
the lessor wants to stop. Cross Ocean also wants access to the
Boeing twinjet for inspection purposes.
Under the terms of the 2018 lease contract, VS MSN 36118 CAV
successfully obtained payment orders for past-due leases as well as
future lease payments, ch-aviation notes. The initial lease term
was 96 months, with a 2026 return date. SpiceJet's counsel told the
court that the airline intended to "regularise" its payments on
VT-SLP as soon as December 2023.
Cross Ocean Partners is one of several entities pursuing SpiceJet
in different courts in India, ch-aviation notes. A High Court
action brought by Credit Suisse is on hold pending the airline
meeting the terms of a settlement agreement, while another action
brought by former majority shareholder Kalanithi Maran and entities
associated with him remains active, ch-aviation says. Separately,
there are multiple lessors and suppliers, including Aircastle,
Willis Lease Finance, Celestial Aviation Services, and Wilmington
Trust SP Services (Dublin), attempting to have SpiceJet declared
insolvent in the National Company Law Tribunal.
About Spicejet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.
This is the third case filed against the airline, according to The
Economic Times. Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.
Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.
In August 2023, aircraft lessor Celestial Aviation Services Ltd had
approached the tribunal to initiate insolvency proceedings against
the low-cost airline for a default of $29.9 million for nine
aircraft.
SPICEJET LTD: Promoter Ajay Singh Looking to Raise US$100 Million
-----------------------------------------------------------------
Moneycontrol reports that SpiceJet promoter Ajay Singh is in
discussions with a clutch of global private credit funds to raise
up to US$100 million to refinance part of promoter debt and
potentially infuse fresh equity in the cash-strapped airline,
sources aware of the ongoing negotiations told Moneycontrol
requesting anonymity.
"Several global funds are in discussions and talks are currently
focussed around the pricing of the loan, which is likely to be
structured credit transaction," one of the persons cited above.
Moneycontrol relates that the talks are currently at a fairly early
stage with no certainty of a transaction, but the improving
profitability of India's aviation sector coupled with the
bankruptcy-led exit of Wadia Group's budget carrier GoFirst has
improved SpiceJet's prospects to repay debt and manage finance.
A SpiceJet spokesperson said the airline does not comment on market
speculation, the report notes.
In August, SpiceJet increased its market share narrowly beating
Akasa Air, which saw an overall jump in passenger traffic by 30
percent compared to the year before.
Currently, SpiceJet promoters led by Singh, who is also the
Chairman and Managing director of the airline hold 56.5 percent
stake in the company of which 37.9 percent is pledged with various
lenders.
For the first quarter of FY24, the low-cost airline reported a
standalone net profit of INR204.56 crore in the quarter ending June
2023 as against a net loss of INR788.83 crore in the same quarter
last fiscal, Moneycontrol discloses. The airline is to report its
financial numbers for the second quarter. The stock price of the
company has rallied by around 70 percent in the past six months.
Moneycontrol notes that the budget carrier is currently in urgent
need of cash infusion, owing to a number of legal cases it is
facing with regard to non-payment of dues, including the airline's
former promoters as well as aircraft lessors. In July, the company
said that Ajay Singh would infuse INR500 crore in lieu of fresh
equity shares or convertible instruments or both.
About Spicejet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.
This is the third case filed against the airline, according to The
Economic Times. Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.
Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.
In August 2023, aircraft lessor Celestial Aviation Services Ltd had
approached the tribunal to initiate insolvency proceedings against
the low-cost airline for a default of $29.9 million for nine
aircraft.
TAXUS INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Taxus
Infrastructure and Power Projects Private Limited (TIPPPL) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter Of Guarantee 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TIPPPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TIPPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
TIPPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of TIPPPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
TIPPPL, established in 2009, executes turnkey projects for
automatic power factor control panels and trades in electrical
equipment. In 2011-12 (refers to financial year, April 1 to March
31), it started setting up a 5-megawatt solar power plant in
Gujarat, which became operational in April 2013.
UMACHI FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Umachi Foods &
Commodities Private Limited (UFC) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Working Capital 9 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with UFC for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UFC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UFC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UFC continues to be 'CRISIL D Issuer Not Cooperating'.
UFC began operations in 2014; since then it has been engaged in
bulk trading of packaged basmati rice. The company is primarily
engaged in domestic supply as well as exports to the Middle-East.
The basmati rice is procured from rice mills directly as well as
through dealers and agents based in Delhi, Haryana, Punjab, and
Uttar Pradesh.
UNIVERSAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Universal
Associates (UAS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 11.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with UAS for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UAS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UAS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UAS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
UAS was set up in 1987 as a partnership concern. The firm
undertakes civil construction works with road construction being
its main revenue contributor. Based in Bhavnagar (Gujarat), it
undertakes contracts for departments of the Gujarat government in
and around the Bhavnagar region. It has 'Class AA' certification
for road construction. The firm is managed by Mr. Rajnikant Patel
and his son, Mr. Bhavik Patel.
VARDHMAN ENTERPRISE: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vardhman
Enterprise - Ahmedabad (VE) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.8 CRISIL D (Issuer Not
Cooperating)
Drop Line
Overdraft Facility 4.45 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VE for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VE
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2008, VE is an Ahmedabad-based partnership firm
promoted by Mr Pannalal Jain and his family. It trades in sugar in
the domestic market. Operations aremanaged by Mr Mahavirprasad
Jain, who has an industry experience of more than three decades.
VASHU YARN: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vashu Yarn
Mills India Private Limited (VYPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.32 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Term Loan 4.68 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VYPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VYPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VYPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VYPL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2003, VYPL manufactures cotton yarn. Its facility in
Vijayamangalam, Tamil Nadu, has installed capacity of 18,000
spindles. The company also generates wind power, and has installed
capacity of 2.35 megawatt.
VENKATESHWARA FIBRE: CRISIL Reaffirms B+ Rating on INR21cr Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term facilities of Venkateshwara Fibre Glass (Chennai) Pvt Ltd
(VFGPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 14.75 CRISIL B+/Stable (Reaffirmed)
Cash Credit 5.5 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 2.75 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 21.00 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the working capital-intensive
operations, susceptibility to volatility in input prices and
average financial profile. These weaknesses are partially offset by
the extensive industry experience of the promoter, and moderate
scale of operation with well-established clientele along with
diversified end use industry base.
Analytical Approach
Unsecured loans from the promoter of Rs130 crore as on March 31,
2023 is treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Working capital intensive operations: Gross current assets were
sizeable at 221 days over the three fiscals ended March 31, 2023
driven by large debtors and inventory levels. It is required to
extend long credit period to its customers. Furthermore, due to
business need, it holds significant work-in-process and inventory.
* Average financial risk profile: Gearing and total outside
liabilities to tangible networth (TOL/TNW) ratios were high at 1.32
and 2.99 times, respectively, as on March 31, 2023. Debt protection
metrics were average with interest coverage ratio of 1.91 times in
fiscal 2023. The company's financial risk profile is expected to
remain at similar levels over the medium term. Networth, moderate
at INR24.83 crore as on March 31, 2023, is expected to be at
similar level over the medium term.
* Susceptibility to volatility in input prices: The firm reported
an operating margin of about 9.44% in fiscal 2023. With the
increase in price of fiberglass and higher bargaining power from
consumer market, the company has limited ability to pass on input
price fluctuations. This also constrains its operating margin. The
ability of the company to demonstrate sustained improvement in
operating margin will be a key sensitivity factor.
Strengths:
* Extensive experience of the promoter: The promoter's experience
of over two decades in the manufacturing of fibre reinforced
plastic products, in-depth understanding of the dynamics of the
market and established relationships with suppliers and customers
will continue to support the business.
* Moderate scale of operations with established clientele along
with diversified end-use industry base: Business risk profile has
improved with moderate scale of operations in the intensely
competitive industrial machinery and consumables industry. Net
sales increased to INR106 crore in fiscal 2023 from INR76.23 crore
in fiscal 2022. In the first half of fiscal 2024, the company
reported revenue of INR70 crore. VFGPL has long-standing
relationships with its customers and suppliers, which leads to an
additional work order of INR60 crore to meet the expected revenue
of INR100 crore in the upcoming years. Its customers include some
of the well-established players in various industries such as
windmill energy, Railways, and paper manufacturing. This will
continue to extend operating flexibility. A diversified end-user
industry base allows it in overcoming the risk of slowdown in a
particular industry and achieving higher growth.
Liquidity: Stretched
Bank limit utilization was high at around 102% in the 12 months
through October 2023, due to accumulation of month end interest.
Expected Net Cash accrual of over INR4 crore sufficient for
repayment obligations of INR2.25 crore over the term. The current
ratio was healthy at 1.02 times as on March 31, 2023.
Outlook: Stable
CRISIL Ratings believes VFGPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.
Rating Sensitivity Factors
Upward factor
* Increase in revenue by 20% and sustenance of operating margin at
9.5 -10.0%, leading to higher-than-expected cash accrual.
* Improvement in financial risk profile.
Downward factor
* A 20% decline in revenue with profitability margin at 8% leading
to cash accrual of INR2 crore.
* Further stretch in working capital requirements thus weakening
the financial risk profile especially liquidity.
VFGPL was incorporated in 2005 to take over the business of a
partnership concern, Venkateshwara Fibre Glass Industries, which
was set up in 1985 by Mr T V Shrinivas and Mr T V Chandrasekaran.
The company, promoted by Mr. T. V. Shrinivas, manufactures fibre
glass-moulded products and fibre glass reinforced plastic products
that find application in the windmill, newsprint, and paper
industries.
VENKHATASRINIVASA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of
VenkhataSrinivasa Infracon Private Limited (VSIPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with VSIPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2011, VSIPL is a sub-contractor and undertakes
projects in the civil construction segment, primarily earthwork
excavations (in open area, tunnel area, etc). Based in
Visakhapatnam (Andhra Pradesh), VSIPL is promoted by Mr. Siddareddy
Udaya Sridhar Reddy, Mr. Mudi Vikranth Reddy and Mr. Siddareddy
Vijaya.
ZEE ENTERTAINMENT: Sony-Zee Merger Risks Collapse Amid CEO Drama
----------------------------------------------------------------
Bloomberg News reports that the fate of the planned merger between
Sony Group Corp's India unit and Zee Entertainment Enterprises Ltd
may be known as early as next week, according to people familiar
with the matter, as the companies face a looming deadline to
resolve their standoff or scuttle a long-awaited deal to create a
$10 billion media giant.
Unless the two sides can agree on who'll lead the merged entity and
give the final touches to the merger, Sony is likely to send a
letter next week to Zee saying the stipulated demands for the
merger couldn't be met, said the people, who asked not to be named
as the information isn't public, Bloomberg relays.
That could be the death knell for the deal since there won't be
enough time to tie all the loose ends by the formal December 21
deadline, the people said.
According to Bloomberg, Zee is insisting that its Chief Executive
Officer Punit Goenka - also its founder's son - will helm the new
entity, as agreed in the pact signed in 2021, while Sony is wary of
his appointment given a regulatory probe against Goenka, the people
added. This has created an eleventh-hour tussle in the two-year-old
merger plan that has already seen a fair share of drama and
delays.
A Zee representative, without commenting on the leadership issue,
said in an emailed response that the company was "actively engaged"
toward the timely completion of all prerequisites for the deal,
Bloomberg relates. Zee had already completed most of them and was
in touch with Sony "on a regular basis," he said.
The Securities and Exchange Board of India, the markets regulator,
alleged in June that the Mumbai-based media house faked the
recovery of loans to cover private financing deals by its founder,
Subhash Chandra. Chandra and his son, Goenka, "abused their
position" and siphoned off funds, Sebi said in an interim order,
recalls Bloomberg.
While Goenka got a reprieve from an appellate authority against the
Sebi order - it had barred him from being an executive or director
position in a listed company - Sony still views the ongoing probe
as an overhanging corporate governance issue, the people said.
Local newspaper Mint first reported this impasse, Bloomberg
states.
About Zee Entertainment
Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.
According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.
Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.
=====================
N E W Z E A L A N D
=====================
EDENROSE INVESTMENT: Court to Hear Wind-Up Petition on Dec. 8
-------------------------------------------------------------
A petition to wind up the operations of Edenrose Investment Limited
will be heard before the High Court at Auckland on Dec. 8, 2023, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 19, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
MASTER ACADEMY: Creditors' Proofs of Debt Due on Jan. 19
--------------------------------------------------------
Creditors of Master Academy Limited and Skin Revision Limited are
required to file their proofs of debt by Jan. 19, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 20, 2023.
The company's liquidators are:
Garry Whimp
Benjamin Francis
Blacklock Rose Limited
PO Box 6709
Victoria Street West
Auckland 1142
STRAWBRIDGE DECOR: Creditors' Proofs of Debt Due on Dec. 18
-----------------------------------------------------------
Creditors of Strawbridge Decor Limited are required to file their
proofs of debt by Dec. 18, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 20, 2023.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
SWEET AS TRADING: Court to Hear Wind-Up Petition on Dec. 8
----------------------------------------------------------
A petition to wind up the operations of Sweet As Trading Limited
will be heard before the High Court at Auckland on Dec. 8, 2023, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 10, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
VIVID SOLUTIONS: Creditors' Proofs of Debt Due on Dec. 23
---------------------------------------------------------
Creditors of Vivid Solutions Limited are required to file their
proofs of debt by Dec. 23, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 7, 2023.
The company's liquidator is:
Thomas Lee Rodewald
C/- Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road
PO Box 15543
Tauranga 3144
=================
S I N G A P O R E
=================
ALIF SOFTWARES: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Nov. 17, 2023, to
wind up the operations of Alif Softwares & Systems Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Leow Quek Shiong
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
BAYFRONT INFRASTRUCTURE: Creditors' Proofs of Debt Due on Dec. 28
-----------------------------------------------------------------
Creditors of Bayfront Infrastructure Capital Pte. Ltd. are required
to file their proofs of debt by Dec. 28, 2023, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 10, 2023.
The company's liquidator is:
Cheong Beng Sheng, Dean
c/o Guardian Advisory Pte Ltd
531A Upper Cross Street #03-118
Hong Lim Complex
Singapore 051531
GNN CONTRACTOR: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Nov. 17, 2023, to
wind up the operations of GNN Contractor Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Leow Quek Shiong
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
LEEDON RESIDENCE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Leedon Residence Development Pte Ltd, on Nov. 22, 2023,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Ms. Wong Peck Ling
14 Robinson Road
#12-01/02 Far East Finance Building
Singapore 048545
MANYPLUS ENERGY: Creditors' Proofs of Debt Due on Dec. 27
---------------------------------------------------------
Creditors of Manyplus Energy Pte. Ltd. are required to file their
proofs of debt by Dec. 27, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 24, 2023.
The company's liquidator is:
Chieng Leong Kwong
190 Middle Road #13-01
Fortune Centre
Singapore 188979
*********
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
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*** End of Transmission ***