/raid1/www/Hosts/bankrupt/TCRAP_Public/231225.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
Monday, December 25, 2023, Vol. 26, No. 257
Headlines
A U S T R A L I A
EPICUREAN DISTRIBUTION: Falls Into Administration
EPSILON CLINICS: First Creditors' Meeting Set for Jan. 2
FORM INSITU: First Creditors' Meeting Set for Jan. 4
PROSPERO MARKETS: ASIC Suspends AFS Licence, Accepts Undertaking
TULLA DRILLING: First Creditors' Meeting Set for Jan. 2
C H I N A
DALIAN WANDA: Ex-Pres. Becomes Third Associate to Vanish in 2023
GEMDALE CORP: Offers Office Complex as Collateral to Get Loan
ZHONGBAI HOLDINGS: Warned for Late Disclosure of Embezzlement Case
I N D I A
BALMUKH GOLDJEWEL: Liquidation Process Case Summary
BHAGIRATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
BRINDAVAN SHELTERS: CRISIL Keeps B+ Ratings in Not Cooperating
D K CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
ENKAY FOAM: CRISIL Keeps B Debt Rating in Not Cooperating
GREEN GATEWAY: Liquidation Process Case Summary
INDIA: Asks State-Run Banks to Review Top 20 Insolvency Cases
JAGTAR SINGH: Liquidation Process Case Summary
JASPAL INT'L: Voluntary Liquidation Process Case Summary
LOKESH INFRAPROJECT: CRISIL Keeps B- Rating in Not Cooperating
MAA ANNAPURNA: CRISIL Keeps B Debt Ratings in Not Cooperating
MACO PHARMA: Voluntary Liquidation Process Case Summary
MANAV ENERGY: CRISIL Keeps B+ Debt Rating in Not Cooperating
MAPLE LOGISTICS: Liquidation Process Case Summary
MY FONE: CRISIL Keeps D Debt Rating in Not Cooperating Category
NAMAN ISPAT: Liquidation Process Case Summary
PILOT MINES: Liquidation Process Case Summary
R.S. DREAMLAND: CRISIL Keeps D Debt Rating in Not Cooperating
SAI KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
SANGAM RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
SANGEETA AVIATION: Liquidation Process Case Summary
SHRI PKP SPINTEX: Liquidation Process Case Summary
SILOXANE AGGRANDIZE: CRISIL Keeps B Ratings in Not Cooperating
SPARTAINFOTECH SOLUTIONS: Liquidation Process Case Summary
VISHNU VIDYUTH: CRISIL Keeps D Debt Ratings in Not Cooperating
YASH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
ZEE ENTERTAINMENT: In Talks With Sony to Extend Merger Deadline
N E W Z E A L A N D
BROWN PAPER: Creditors' Proofs of Debt Due on Jan. 26
DAYS LANDING: Court to Hear Wind-Up Petition on Feb. 2
ELE GROUP: In Receivership; Hundreds of Migrant Workers Lose Jobs
ELE GROUP: Workers Receive Offers of Help, Deloitte Says
GUARDIAN PROJECTS: Waterstone Insolvency Appointed as Receivers
SWEET AS TRADING: Creditors' Proofs of Debt Due on Feb. 9
S I N G A P O R E
GUTHRIE SK: Creditors' Proofs of Debt Due on Jan. 22
HSBC INSN: Creditors' Proofs of Debt Due on Jan. 22
SEA-NET CARGO: Court to Hear Wind-Up Petition on Jan. 5
S O U T H K O R E A
HMM CO: Harim's Takeover Plan Raises Questions Over Financing
S R I L A N K A
SRI LANKA: Sees Forex Reserves Exceeding $4BB After Fresh Funding
- - - - -
=================
A U S T R A L I A
=================
EPICUREAN DISTRIBUTION: Falls Into Administration
-------------------------------------------------
News.com.au reports that an exotic mushroom producer hit by a slump
in sales following the mushroom poisoning in Victoria, is in a
desperate battle to save itself.
According to news.com.au, South Australian company Epicurean
Distribution, the sales arm of exotic mushroom grower Epicurean
Food Group, fell into administration with debts of close to AUD5
million in November following a sales slump.
In his report, administrator Stuart Otway of SV Partners said his
preliminary investigations suggested the company, which had 10
staff, may have been trading while insolvent since the end of June,
news.com.au relays.
As previously reported by news.com.au, mushroom sales fell sharply
following news of the lunch that killed three diners in July in
rural Melbourne.
Erin Patterson was charged with murder in November after she cooked
a mushroom meal that left three people dead and one person in
hospital.
According to news.com.au, Mr. Otway said the sales downturn played
a major role in Epicurean Distribution's collapse.
The company was still in a growth phase and "the mushroom poisoning
in Victoria has also impacted the demand for the group's products,"
he said.
Epicurean Distribution is continuing to trade ahead of a creditors
meeting on January 8, where Mr. Otway is recommending creditors
accept a deed of company arrangement (DOCA) proposal put forward by
Epicurean director Leanne McGrath that would see them receive a
return of between 15 to 24 cents for every dollar they are owed,
according to news.com.au.
As part of the DOCA, a director of Epicurean's major backer, North
Lake Investments - which is owed AUD4.4 million by the company -
has agreed to contribute AUD250,000 to a fund that would be used to
repay other creditors.
News.com.au relates that Mr. Otway said North Lake Investments has
already provided more than AUD4 million in funding to Epicurean
Food Group.
According to the Australian Securities and Investments Commission
(ASIC) the directors of North Lake Investments are Shawn Hutchinson
and Lisa Hutchinson, news.com.au discloses.
"The private lender encountered some personal issues which
prevented further funds being made available to the group,"
news.com.au quotes Mr. Otway as saying.
"Based on discussions with one of the directors of the investor, he
believes in the business concept and potential of EFG."
If creditors vote against the DOCA proposal, the company, and other
Epicurean Food Group businesses will likely be put into liquidation
and creditors are unlikely to receive anything due to a lack of
assets, Mr. Otway said.
Epicurean Food Group is led by Dr McGrath and her husband Kenneth
King, a 40-year veteran in fresh food engineering.
It grows mushroom varieties such as oyster, shiitake, enoki, king
oyster and lion's mane, with its mushrooms and mushroom-based
products sold in SA Foodland stores and specialty retailers, and
had hoped to secure deals with Coles and Woolworths.
EPSILON CLINICS: First Creditors' Meeting Set for Jan. 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Epsilon
Clinics Pty Ltd (trading name: formerly known as Tetra Pty Ltd,
Trading as Tetra Health) and Epsilon Pharma Pty Ltd (trading name:
'Canndeocare' and 'Canndeoprotect') will be held on Jan. 2, 2023,
at 3:00 p.m. and 4:00 p.m., respectively, at the offices of SV
Partners, Level 7, 151 Castlereagh Street, in Sydney, NSW, and via
virtual meeting technology.
Ian Purchas and Hugh Armenis of SV Partners were appointed as
administrators of Epsilon Clinics and Epsilon Pharma on Dec.18,
2023.
FORM INSITU: First Creditors' Meeting Set for Jan. 4
----------------------------------------------------
A first meeting of the creditors in the proceedings of Form Insitu
Pty Ltd will be held on Jan. 4, 2024, at 9:00 a.m. via virtual
meeting technology.
Stephen Dixon and Brett Orzel of Hamilton Murphy Advisory were
appointed as administrators of the company on Dec. 20, 2023.
PROSPERO MARKETS: ASIC Suspends AFS Licence, Accepts Undertaking
----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of
over-the-counter (OTC) derivatives issuer, Prospero Markets Pty
Ltd. Prospero has also provided an undertaking to ASIC that it
will not deal in client funds without ASIC's agreement.
Prospero's licence suspension means it cannot provide financial
services during the suspension period from December 20, 2023 until
February 28, 2024.
Following an administrative hearing, ASIC found that Prospero
failed to lodge its annual financial statement and audit report for
the financial year ending June 30, 2023 within the prescribed
timeframe and in compliance with its AFS licence conditions.
If Prospero fails to lodge its annual financial statement and audit
report for the financial year ending June 30, 2023 during the
suspension period, ASIC will consider whether the licence should be
suspended for a further period or cancelled.
On November 16, 2023, ASIC commenced an investigation of suspected
contraventions of the Corporations Act 2001 by Prospero, in the
period from March 1, 2021.
On December 19, 2023, Prospero agreed to ASIC's request that
Prospero provide an undertaking to ASIC that it will not deal in
client funds without ASIC's permission. The undertaking will remain
until at least February 8, 2024 to allow ASIC time to investigate
its concerns.
Prospero is assisting ASIC with its investigation.
Prospero may apply to the Administrative Appeals Tribunal for a
review of ASIC's decision to suspend its AFS licence.
Prospero holds AFS licence, number 423034, which authorised it to
provide the following services to retail and wholesale clients:
- issue and make a market in derivates and foreign exchange
contracts;
- deal in derivatives and foreign exchange contracts on behalf of
clients; and
- provide financial product advice in relation to derivatives and
foreign exchange contracts.
TULLA DRILLING: First Creditors' Meeting Set for Jan. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Tulla
Drilling Pty Limited will be held on Jan. 2, 2024, at 2:30 p.m. via
teleconference only (Microsoft Teams).
Brent Trevor-Alex Kijurina and Richard Albarran of Hall Chadwick
were appointed as administrators of the company on Dec. 18, 2023.
=========
C H I N A
=========
DALIAN WANDA: Ex-Pres. Becomes Third Associate to Vanish in 2023
----------------------------------------------------------------
Mingtiandi reports that Ding Benxi, a retired former president of
Dalian Wanda and current non-executive director of the Chinese
developer's hotel arm, has become the third Wanda personality to go
missing this year as the group scrambles to meet debt obligations
and launch a stalled mall IPO.
Mingtiandi relates that the board of Wanda Hotel Development has
been unable to contact Mr. Ding since September 1, it said Dec. 18
in a filing with the Hong Kong stock exchange. The company, which
operates more than 100 hotels across China, has called a special
general meeting for the purpose of removing Ding and appointing
group veteran Liu Yingwu as an executive director.
"The board is of the view that the removal of Mr. Ding is in the
interests of the company and its shareholders as a whole, and if
the said removal takes effect, it will not have any material
adverse impact on the operations of the group," said Wanda Hotel
chairman Ning Qifeng.
According to Mingtiandi, the decision follows the disappearance of
two other Wanda-linked figures: Qu Dejun, the vice chairman of Hong
Kong-listed Seazen Group and previous holder of top management
positions at Wanda; and Liu Haibo, a senior vice president and head
of Wanda's investment division.
In February, Seazen announced that it had been unable to contact or
reach Qu, who also serves as a non-executive director of the
Shanghai-based builder, Mingtiandi relates.
Citing a person with knowledge of the situation, mainland news site
Caixin reported at the time that Qu was assisting authorities in an
investigation involving his Wanda career, Mingtiandi relays.
Another outlet, The Paper, cited a person close to Wanda as saying
that Qu's disappearance might be related to an investigation of his
career there.
Qu was last seen in public on January 16 when he attended a
ceremony for a Seazen business partnership in the southern Chinese
city of Xiamen, Caixin reported. Seazen told Caixin that Qu's
absence was for personal reasons unrelated to the company.
In August, Wanda sources told Mingtiandi that Liu had been arrested
in a case linked to the company's internal anti-corruption efforts,
confirming news first reported in The Paper. Multiple other Wanda
team members were also said to have been detained.
Mr. Ding joined Wanda in 2001 and has been a non-executive director
of Wanda Hotel since 2013. He also served as Dalian Wanda president
from 2009 until leaving the post in 2020 at the standard retirement
age of 65, to be succeeded by Jie Qi.
The special meeting to consider Mr. Ding's removal and Liu's
appointment is scheduled for 10 January, Wanda Hotel said,
Mingtiandi relays.
Mingtiandi adds that the missing-person reports have played out as
chairman Wang Jianlin, once China's richest man, has struggled to
list Wanda's shopping mall unit on the Hong Kong exchange ahead of
a year-end deadline after several failed attempts this year.
Wanda announced last week that a creditor group led by Hong Kong
private equity shop PAG would reinvest in Zhuhai Wanda Commercial
Management Group to the tune of a 60 percent equity stake, with
Wang's share declining from 78 percent to 40 percent. Minority
shareholders including troubled developer Country Garden and
supermarket operator Yonghui Superstores have agreed to sell their
stakes in the mall business, Mingtiandi notes.
About Dalian Wanda
Dalian Wanda Group Co., Ltd. operates real estate business. The
Company develops commercial property including commercial centres,
urban pedestrian streets, hotels, office buildings, and apartments.
Dalian Wanda Group also operates tourism investment, cultural, and
department store businesses.
As reported in the Troubled Company Reporter-Asia Pacific in early
December 2023, Bloomberg News saidDalian Wanda Group's founder Wang
Jianlin is planning to sell the rest of the firm's film unit as the
troubled Chinese conglomerate faces increasing debt repayment
pressure.
The billionaire plans to transfer his 51 per cent stake in Beijing
Wanda Investment, which controls Wanda Film Holding, to a
subsidiary of China Ruyi Holdings, according to a Shenzhen Stock
Exchange filing on Dec. 6. That will give Ruyi full ownership after
its July purchase of 49 per cent of Beijing Wanda Investment for
CNY2.3 billion.
Investors in November rejected Wanda's proposal to extend the
deadline for the repayment of CNY30 billion plus interest if its
mall unit fails to list shares by the end of this year, Bloomberg
said. Its property arm only recently managed to obtain consent from
creditors to push back the maturity date for a US$600 million US
dollar bond.
GEMDALE CORP: Offers Office Complex as Collateral to Get Loan
-------------------------------------------------------------
Caixin Global reports that Gemdale Corp., the Chinese state-backed
developer facing debt of more than CNY10 billion (US$1.4 billion)
due in the next four months, is offering a landmark Beijing
shopping mall and office complex as collateral as it tries to
obtain a 7-billion-yuan syndicated loan from a group of lenders led
by China Merchants Bank.
State-owned China Merchants Bank had approved the loan but other
potential lenders, including state-owned Industrial and Commercial
Bank of China Ltd., Agricultural Bank of China and Bank of
Communications, have yet to make a final decision, Caixin learned
from sources close to China Merchants Bank and the developer.
About Gemdale Corp
Gemdale Corp -- https://www.gemdale.com/ -- is a China-based
company principally engaged in the development and sales of real
estate. The Company's main businesses include residential real
estate development, commercial real estate and industrial real
estate development and operation, real estate finance, property
leasing and property management services. The Company mainly
conducts its businesses in the domestic market.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Moody's Investors Service has downgraded the
corporate family rating of Gemdale Corporation to Caa1 from B3 and
the CFR of Famous Commercial Limited, Gemdale's wholly-owned
subsidiary, to Caa2 from Caa1.
Moody's has also downgraded the backed senior unsecured rating on
the bonds to Caa2 from Caa1 and the backed senior unsecured rating
to (P)Caa2 from (P)Caa1 on the medium-term note (MTN) program. The
bonds and the MTN program are issued by Gemdale Ever Prosperity
Investment Limited (Gemdale Ever Prosperity) and guaranteed by
Famous. Gemdale Ever Prosperity's offshore bonds and MTN programs
are supported by Gemdale through keepwell deeds and deeds of equity
interest purchase undertaking.
At the same time, Moody's has maintained the negative rating
outlooks for all the entities.
ZHONGBAI HOLDINGS: Warned for Late Disclosure of Embezzlement Case
------------------------------------------------------------------
Yicai Global reports that Zhongbai Holdings Group's shares fell
after the biggest hypermarket chain operator in China's Hubei
province said a worker at a unit embezzled about CNY219 million
(USD30.7 million) and local regulators had upbraided it for
disclosing the matter late.
After sliding by as much as 4.7 percent earlier on Dec. 21,
Zhongbai closed 1.5 percent down at CNY4.61 (65 US cents) a share,
Yicai notes. The broader Shenzhen market gained 1.1 percent.
Zhongbai ended 5.3 percent lower on Dec. 20.
Yicai relates that Zhongbai Warehouse suspected a member of its
financial staff of having embezzled funds on July 22 and its parent
company immediately reported the matter to the police, Zhongbai
Holdings announced on Dec. 20. The suspect, who had fled overseas,
was arrested on Oct. 13, it said.
In a separate statement on the same day, Zhongbai said that a
number of executives at the Wuhan-based company had received a
warning from the local securities regulator after the firm failed
to disclose the incident on time, Yicai reports. The employee
involved in the case was not part of the management team, it
pointed out.
Yicai relates that the worker exploited loopholes in the supplier
settlement system and the characterization of fresh food as
non-standard products to defraud the company by fabricating
acceptance receipts and adding non-existent suppliers, Zhongbai
said. As a result, Zhongbai's profit will shrink by CNY50 million
(USD7 million) this year, it added.
The unit immediately closed the loopholes, beefed up the internal
control system for settlements, and reviewed and modified the
permissions of the settlement and personnel systems, its parent
said. The case did not have any other impact on the company's daily
production and operations, which are normal, it added.
Zhongbai had a net loss of CNY43.7 billion (USD6.1 billion) in the
first nine months of this year on revenue of CNY9.2 billion (USD1.3
billion) after a CNY320 million loss and CNY12.2 billion of revenue
last year, Yicai discloses.
Zhongbai has a range of businesses, including supermarkets,
convenience stores, shopping centers, electric appliances shops,
and logistics. It ranked ninth among China's top 100 supermarket
operators last year. Zhongbai Warehouse has more than 200 stores in
Hubei and Chongqing.
=========
I N D I A
=========
BALMUKH GOLDJEWEL: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Balmukh Goldjewel & Multitrading Private Limited
Office No:
1 S.N. 57/3,
Mayura Vihar, Blg-Q Kothrud
Pune MH - 411029
Liquidation Commencement Date: November 21, 2023
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Mr. Rajesh Ramesh Kamath
301 A wing Green Gagan
Near Lokhandwala, Akurli Road
Kandivali East, Mumbai Suburban,
Maharasthra 400101
Email: iprrkamath@gmail.com
Shop 76, Whispering Palms Shopping Center,
Lokhandwala, Akurli Road Kandivali East,
Mumbai 400101
Email: balmukh.ibc@gmail.com
Last date for
submission of claims: December 21, 2023
BHAGIRATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagirath
Dairy Private Limited (BDPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BDPL for
obtaining information through letter and email dated November 13,
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 BDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BDPL continues to be 'CRISIL D Issuer Not Cooperating'.
BDPL, incorporated in 2012, is promoted by Mr. Bhagirath Choudhary,
Mr Mohan Choudhary and Mrs Tulchi Devi. The company set up a milk
processing unit with installed capacity of 5 lakhs litres per day
in Jodhpur, Rajasthan which commenced commercial operations in
October 2016. The company manufactures dairy products for Amul on
job work basis.
BRINDAVAN SHELTERS: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Brindavan
Shelters Private Limited (BSPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL B+/Stable (Issuer Not
Cooperating)
Electronic Dealer 7 CRISIL B+/Stable (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
Proposed Long Term 2 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BSPL for
obtaining information through letter and email dated November 13,
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 BSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BSPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
BSPL was incorporated in 2007, promoted by Mr Vivek Ladhani and Mr
Parmanand Banwani. The company is an authorised dealer for
passenger cars of TML. It operates a showroom in Kanpur and a
showroom-cum-workshop in Rooma, both in Uttar Pradesh.
D K CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of D K Ceramic
(DKC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.05 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DKC for
obtaining information through letter and email dated November 13,
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 DKC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DKC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DKC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
DKC is a Morbi, Gujarat-based partnership firm set up in 2014. The
firm manufactures ceramic wall and floor tiles.
ENKAY FOAM: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Enkay Foam
Private Limited (EFPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with EFPL for
obtaining information through letter and email dated November 13,
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 EFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 1990, EFPL is promoted by Mr Mayank Jain and Mr
Saurabh Jain. The company manufactures industrial foam of 9-50
density. This is used in industries such as furniture, garments,
footwear, automobiles, and packaging.
GREEN GATEWAY: Liquidation Process Case Summary
-----------------------------------------------
Debtor: M/s. Green Gateway Leisure Limited
Registered Office:
1st Floor, New Corporation Building,
Palayam P.O
Thiruvananthapuram, Kerala - 695033 India
Project Site:
Bekal, Kasragod, Kerala
Liquidation Commencement Date: November 24, 2023
Court: National Company Law Tribunal Kochi Bench
Liquidator: Mr. Lukose Joseph
34/1891e Anand Tower Mamangalam P O,
Palarivattom, Near Metro Pillar
No. 492, Ernakulam, Kerala, 682025
Email: lukoseja@yahoo.in
Email: liquidatorggl@gmail.com
Last date for
submission of claims: December 27, 2023
INDIA: Asks State-Run Banks to Review Top 20 Insolvency Cases
-------------------------------------------------------------
Reuters reports that India's finance ministry has asked managing
directors of public sector banks to review monthly the top 20
insolvency cases, financial services secretary told reporters.
Reuters says the government has asked for reviews of insolvency
cases as there are delays in admission of cases in insolvency
courts.
"There are delays in admission stage," Reuters quotes Vivek Joshi
as saying.
India's finance minister will also review the government-backed bad
bank as there delays in acquiring soured loans, Joshi said.
JAGTAR SINGH: Liquidation Process Case Summary
----------------------------------------------
Debtor: M/s Jagtar Singh & Sons Hydraulics Private Limited
C-1/B, Mansarover Garden,
New Delhi - 110015
Liquidation Commencement Date: November 21, 2023
Court: National Company Law Tribunal, New Delhi Bench-III
Liquidator: Kamal Ahuja
A-5, 2Nd Floor, Gurudwara Marg,
Defence Colony, Delhi - 110024
Email: nclt.srassociate@lawmax.in
D-251, Basement, Defense Colony
New Delhi - 110024
Email: jagtarsinghliquidator@gmail.com
Last date for
submission of claims: December 23, 2023
JASPAL INT'L: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Jaspal International Fashions Private Limited
12A/31, W.E.A Saraswati Marg
Karol Bagh New Delhi, India-110005
Liquidation Commencement Date: November 23, 2023
Court: National Company Law Tribunal New Delhi Bench
Liquidator: Sourabh Modi
1801 Harmony Signature Tower, Ovala Naka,
Ghodbunder Road, Thane (W) Mumbai-400615
Email: sourabhmodi21@gmail.com
Mobile: +91-7021450026
Last date for
submission of claims: December 25, 2023
LOKESH INFRAPROJECT: CRISIL Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lokesh
Infraproject Private Limited (LIPL; a part of Lokesh Group)
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LIPL for
obtaining information through letter and email dated November 13,
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 LIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LIPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
CRISIL Ratings has combined the business and financial risk
profiles of Lokesh Industrial Services Private Limited (LISPL) and
LIPL. This is because both companies, together referred as the
Lokesh group, have common promoters and operational linkages
LISPL was set up in 2007, by Mr Lokesh Jain and his family members.
The Nagpur (Maharashtra)-based company undertakes execution of
material handling, civil construction (only earthwork), and
logistics-related projects. LIPL, set up in 2011, carries out
mining and excavation activities.
MAA ANNAPURNA: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa Annapurna
Jute And Carpets Industries Private Limited (MACIPL) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.35 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MACIPL for
obtaining information through letter and email dated November 13,
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 MACIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MACIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MACIPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Incorporated in March 2016, MACIPL is setting up a manufacturing
unit for jute sack bags and yarn at Gangarampur, West Bengal.
MACO PHARMA: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Maco Pharma India Transfusion Solutions Private Limited
Unit No-310, RG Mall, Sector-9,
Rohini Delhi-110085 India
Liquidation Commencement Date: November 27, 2023
Court: National Company Law Tribunal Delhi Bench
Liquidator: Mr. Munish Aggarwal
Y-203, Siddartha Apartment Pitampura,
New Delhi-110034
Email: vliqmaco@gmail.com
Telephone: +91 11 4135 9193
Last date for
submission of claims: December 27, 2023
MANAV ENERGY: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Manav Energy
And Steel Private Limited (MESPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MESPL for
obtaining information through letter and email dated November 13,
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 MESPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MESPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MESPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Promoted by Mr Jitendra Rampuria and Mr Rajesh Rampuria, RSPL was
incorporated in April 2013 to take over the business of Rija Steel
& Power Pvt Ltd, which was set up in 2005 and promoted by Mr Amit
Tiwari. RSPL manufactures angles, channels, round bars, and square
bars. Its manufacturing facilities are at Urla Industrial Area in
Raipur.
MAPLE LOGISTICS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Maple Logistics Private
E-40/3, Okhla Industrial Estate, Phase II,
New Delhi - 110020 & F-35/4, Ground Floor,
Okhla Ind Estate, New Delhi - 110020
Liquidation Commencement Date: November 7, 2023
Court: National Company Law Tribunal Delhi Bench -VI
Liquidator: Praveen Kumar Adlakha
H.No-54 FF, Block C-3, Janakpuri,
New Delhi,110058
Email: praveenadlakha@gmail.com
Mobile No: 9899048896
Email: mapleliquidation24@gmail.com
Last date for
submission of claims: December 7, 2023
MY FONE: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MY Fone
Teleservices Private Limited (MFTPL) 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 MFTPL for
obtaining information through letter and email dated November 13,
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 MFTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MFTPL continues to be 'CRISIL D Issuer Not Cooperating'.
MFTPL, founded in Bhopal (Madhya Pradesh) in 2008, by Mr. Saurabh
Garg and his family members, distributes mobile handsets and
accessories; and computers and laptops of various brands in Bhopal
(Madhya Pradesh).
NAMAN ISPAT: Liquidation Process Case Summary
---------------------------------------------
Debtor: Naman Ispat Private Limited
235/2A, A J C Bose Road, 3rd Floor,
Kolkata West Bengal, India, 700020
Liquidation Commencement Date: November 22, 2023
Court: National Company Law Tribunal Kolkata Bench
Liquidator: Sarika Jain
A5/2, Kalindi Housing Estate,
Ground Floor,
Near Kalindi Taxi Stand,
North Twenty Four Parganas,
West Bengal, 700089
Email: jsarika2750@gmail.com
AAA Insolvency Professionals LLP
15B, Ballyyunge Circular Road,
Mousumi Apartments, Ground Floor,
Kolkata - 700019
Email: cirp.naman@gmail.com
Last date for
submission of claims: December 23, 2023
PILOT MINES: Liquidation Process Case Summary
---------------------------------------------
Debtor: Pilot Mines & Minerals Private Limited
Registered Office:
13, Mini Market E-block,
East of Kailash South Delhi,
New Delhi, Delhi, India 110065
Corporate Office:
6 Kalandi Building,
82 Lajpatrai Road,
Opp HDFC Bank, Vile Parle West,
Mumbai Maharashtra, India, 400056
Liquidation Commencement Date: October 17, 2023
Court: National Company Law Tribunal New Delhi Bench
Liquidator: Manindra Kumar Tiwari
573, DDA SFS Flats, Pocket-1 Sector 22,
Dwarka, South West, NCT of Delhi, 110075
Email: liquidation.pilotmines@gmail.com
Last date for
submission of claims: December 10, 2023
R.S. DREAMLAND: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.S. Dreamland
Private Limited (RSDPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 12 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RSDPL for
obtaining information through letter and email dated November 13,
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 RSDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSDPL continues to be 'CRISIL D Issuer Not Cooperating'.
RSDPL was established in 2006 by the Mr Kushi Ram Kundnani and is
engaged in development of residential property in Raipur,
Chhattisgarh. The company is currently engaged in development of a
residential project of about 175000 sq ft in the Raipur,
Chhatisgarh.
SAI KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sai
Krishna Educational Society (SSKES) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Bank 3.5 CRISIL D (Issuer Not
Facility Cooperating)
Secured Overdraft 4 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with SSKES for
obtaining information through letter and email dated November 13,
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 SSKES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSKES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSKES continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2006, SSKES operates two institutes in Kurnool, G
Pullaiah College of Engineering & Technology and Ravindra College
of Engineering for Women.
SANGAM RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sangam Rice
Private Limited (SRPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 0.55 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Term Loan 1.45 CRISIL B/Stable (Issuer Not
Cooperating)
Warehouse Receipts 11 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRPL for
obtaining information through letter and email dated November 13,
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 SRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SRPL, set up in 2008, mills, processes, and markets rice. Its plant
is in Patran, Punjab. The company is managed by Mr Sanjiv Kumar and
Mr Deepak Garg.
SANGEETA AVIATION: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Sangeeta Aviation Services Private Limited
5B-34, Akshay Mittal Ind: Estate Saki Naka,
Andheri East, Mumbai,
Maharashtra-400059, India
Liquidation Commencement Date: November 27, 2023
Court: National Company Law Tribunal Mumbai Bench-IV
Liquidator: Mr. Rajesh Ramesh Kamath
301 A Wing Green Gagan
Near Lokhandwala,
Akurli Road, Landivali East,
Mumbai Suburban,
Maharashtra - 400101
Email: iprrkamath@gmail.com
Email: saspl.liq@gmail.com
Last date for
submission of claims: December 27, 2023
SHRI PKP SPINTEX: Liquidation Process Case Summary
--------------------------------------------------
Debtor: M/s. Shri Pkp Spintex Mills Private Limited
5-A, south Railway Road Kumarasamypet Dharmapuri,
Tamilnadu India - 636 703
Liquidation Commencement Date: November 22, 2023
Court: National Company Law Tribunal Chennai Bench-I
Liquidator: R. Raghavendra B. Com
Flat No. 3 Dhruvatara
Apartment, 241 Dr. Rajendra Prasad Road,
Tatabad Coimbatore - 641 012
Email: ragavca@gmail.com
Email: cirp.pkp@gmail.com
Last date for
submission of claims: December 21, 2023
SILOXANE AGGRANDIZE: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siloxane
Aggrandize Innovative Industries (SAII) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.25 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 6.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAII for
obtaining information through letter and email dated November 13,
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 SAII, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAII
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAII continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SAII was set up in 2011 by the proprietor, Ms Parul Rakesh Desai.
The Valsad, Gujarat-based firm manufactures polyamide elastomers,
thermoplastic elastomer granules, styrenic block copolymers,
polyolefin blends, elastomeric alloys and allied products. Facility
is situated at Valsad, Gujarat.
SPARTAINFOTECH SOLUTIONS: Liquidation Process Case Summary
----------------------------------------------------------
Debtor: M/s Spartainfotech Solutions Private Limited
Vill, Bakhtawarpur Sector-127 Noda Gautam
Budhha Nagar UP-201301 India
Liquidation Commencement Date: November 23, 2023
Court: National Company Law Tribunal Allahabad Bench
Liquidator: Parag Singhal
1002-B Ejdeco Apartment Plot No.11,
Sector-4 Varshals, Ghaziabad, U.P 201010
Email: sparagca@yahoo.co.in
B-423, Pacific Business Park Site IV,
Sahibabad Industrial Area, Ghaziabad, U.P 201010
Email: cirpspartainfotech@gmail.com
Last date for
submission of claims: December 23, 2023
VISHNU VIDYUTH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishnu
Vidyuth India Limited (VVIL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Term Loan 26 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VVIL for
obtaining information through letter and email dated November 13,
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 VVIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VVIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VVIL continues to be 'CRISIL D Issuer Not Cooperating'.
VVIL was set up in December 1999 by Mr B Eshwar Rao and was
acquired by Mr Vishnu Rao and his family members in 2010. The
company operates a biomass-based power plant in Visakhapatnam.
YASH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Yash Agro
Industries (YAI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.0 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with YAI for
obtaining information through letter and email dated November 13,
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 YAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on YAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
YAI continues to be 'CRISIL D Issuer Not Cooperating'.
The firm is setting up the project to carry out cotton ginning,
pressing and oil extraction unit with an installed capacity of
around 800 quintal per day.
ZEE ENTERTAINMENT: In Talks With Sony to Extend Merger Deadline
---------------------------------------------------------------
Reuters reports that Zee Entertainment Enterprises said on Dec. 20
that it was in talks with Sony Group's India unit about extending a
merger deadline to create a $10 billion media and entertainment
powerhouse.
The units of both companies have communicated the intention to be
merged by entering into "good faith negotiations," Zee said, as
they seek to clear the uncertainty over the leadership of the
combined entity, Reuters relays.
The deal announced two years ago by Sony and Zee to merge their TV
channels, streaming platforms and film assets has been delayed
after India's markets regulator in August barred Zee CEO Punit
Goenka from directorships of any listed company, according to
Reuters.
An Indian tribunal, however, lifted the ban on Goenka, a CEO
candidate for the merged entity, in October but had said he would
have to cooperate with any investigation by the Securities and
Exchange Board of India.
"In our view, there is a high likelihood of the merger going
through, as Zee is also equally keen to do the merger, just as
Sony," Reuters quotes Karan Taurani, a media analyst at Elara
Capital, as saying.
Goenka will not risk the merger being called off, on the brink of
him becoming CEO, Taurani said.
Reuters says the domestic media sector will likely consolidate
further as Reliance Industries and Walt Disney chalk out plans to
merge their entertainment operations in India.
Regulatory approvals and the relisting process for the Zee-Sony
merger will take three to four months once the extension is
granted, and the merged company is expected to be listed by March
or April, Taurani, as cited by Reuters, said.
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
=====================
BROWN PAPER: Creditors' Proofs of Debt Due on Jan. 26
-----------------------------------------------------
Creditors of Brown Paper Bag Limited are required to file their
proofs of debt by Jan. 26, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 14, 2023.
The company's liquidators are:
RES Corporate Services Limited
PO Box 301890
Albany
Auckland 0752
DAYS LANDING: Court to Hear Wind-Up Petition on Feb. 2
------------------------------------------------------
A petition to wind up the operations of Days Landing Limited will
be heard before the High Court at Auckland on Feb. 2, 2024, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 27, 2023.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
ELE GROUP: In Receivership; Hundreds of Migrant Workers Lose Jobs
-----------------------------------------------------------------
Radio New Zealand reports that a major labour hire and recruitment
firm with more than 1,000 workers has gone into receivership.
Two specialists from accounting firm Deloitte, David Webb and
Robert Campbell, have been appointed receivers for five companies
in the ELE group.
"The appointment was made at the request of the companies'
director, following efforts to seek additional investment and a
sale of the business and/or assets," they said in a statement.
According to RNZ, the receivers said they were working to get in
touch with all those who were affected and expected to have a
better picture on Dec. 21.
ELE recruited staff in New Zealand and overseas for the building,
manufacturing, and healthcare sectors, and also offered
refrigerated transport and freight services, through a subsidiary.
The five companies put into receivership were: ELE Holdings
Limited, ELE Management Limited, ELE Limited, Tranzport Solutions
Limited, and RISQ New Zealand Limited, RNZ discloses. A sixth
company, ELE Security Limited, was not in receivership and was
continuing to trade.
In a letter to some customers Mr. Campbell wrote: "We are mindful
of the many employees whose employment was required to be
terminated".
ELE's sole director is Brent Mulholland, who lives in Tauranga,
according to Companies Office records. The group had more than 10
offices around the country.
Meanwhile, First Union said around 500 migrant workers were
affected by the receivership, and it called on the government to
come to the workers' aid, RNZ reports.
RNZ relates that General secretary Dennis Maga said the affected
workers were on temporary visas and it wanted the immigration rules
changed to allow them to get jobs with other accredited
construction firms.
"This would be a welcoming Christmas gift to these workers, and
this move would alleviate their fear of losing jobs while their
families struggle in their countries of origin."
He said a review of the construction industry's labour practices
was needed. Hundreds of migrant builders had been recruited from
overseas but have ended up without jobs, he said.
ELE GROUP: Workers Receive Offers of Help, Deloitte Says
--------------------------------------------------------
Radio New Zealand reports that the receivers of the ELE labour hire
and recruitment firm said they have had offers of help for the
staff affected by its collapse.
More than 1,000 permanent staff, casual workers and contractors
have been hit by the closure of five companies in the group.
According to RNZ, Deloitte's David Webb said numerous offers of
help for staff had been received and some had already got new
jobs.
"At this time of the year, it is especially heartening to see the
outpouring of support, and it continues to drive us to assist all
those affected as best as we are able."
The receivers had been working with customers, industry groups, and
government agencies to find new jobs for staff affected, he said.
ELE recruited staff in New Zealand and overseas for the building,
manufacturing, and healthcare sectors, and also offered
refrigerated transport and freight services, through a subsidiary.
The receivers were called in by the group's sole director, Brent
Mulholland, after it failed to sell businesses or get further
finance, but the extent of its debts have yet to be detailed.
One company in the group, ELE Security, escaped the receivership
and was already attracting interest.
"We have also received several initial expressions of interest in
ELE Security and the receivers will undertake a process to
facilitate a sale to realise ELE Limited's investment in ELE
Security Limited," RNZ quotes Mr. Webb as saying.
The business provided security guards for various hospital, retail,
and bank facilities.
There was no further detail about the 500 foreign construction
workers brought in on temporary visas, who under the terms of their
visa are tied to a specific employer unless granted a change of
conditions, or allowed to get a different job, according to RNZ.
RNZ relates that co-ordinator of the Union Network of Migrants,
Mikee Santos said the layoffs were the biggest blow to Aotearoa's
Filipino community this year.
He hoped a meeting on Dec. 21, bringing together hundreds of those
who lost their jobs, would give them some certainty about future
work.
Mr. Santos said the Filipino community has had a tough year
already, with many other companies also laying off workers, the
report adds.
About ELE Group
ELE Group provides labour hire support to the construction, civil,
manufacturing and healthcare sectors, permanent recruitment
refrigerated transport and customised freight services to clients.
On Dec. 20, 2023, David Webb and Robert Campbell were appointed
Receivers and Managers of ELE Group comprising of ELE Holdings
Limited, ELE Management Limited, ELE Limited, Tranzport Solutions
Limited, and RISQ New Zealand Limited.
The appointment was made at the request of the Companies' Director,
following efforts to seek additional investment and a sale of the
business and/or assets.
GUARDIAN PROJECTS: Waterstone Insolvency Appointed as Receivers
---------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Dec.
15, 2023, were appointed as receivers of Guardian Projects
Limited.
The receivers may be reached at:
Damien Grant
Adam Botterill
Waterstone Insolvency
PO Box 352
Auckland 1140
SWEET AS TRADING: Creditors' Proofs of Debt Due on Feb. 9
---------------------------------------------------------
Creditors of Sweet as Trading Limited are required to file their
proofs of debt by Feb. 9, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 8, 2023.
The company's liquidators are:
Craig Sanson
Stephen White
C/o PwC, PwC Auckland
Private Bag 92162
Victoria Street West
Auckland 1142
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S I N G A P O R E
=================
GUTHRIE SK: Creditors' Proofs of Debt Due on Jan. 22
----------------------------------------------------
Creditors of Guthrie SK Land Pte. Ltd. are required to file their
proofs of debt by Jan. 22, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 21, 2023.
The company's liquidator is:
Mdm Chia Lay Beng
1 Scotts Road
#21-07 Shaw Centre
Singapore 228208
HSBC INSN: Creditors' Proofs of Debt Due on Jan. 22
---------------------------------------------------
Creditors of HSBC INSN (Non Operating) Pte. Ltd. are required to
file their proofs of debt by Jan. 22, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 18, 2023.
The company's liquidators are:
Toh Ai Ling
Chan Kwong Shing, Adrian
Tan Yen Chiaw
c/o 12 Marina View #15-01
Asia Square Tower 2
Singapore 018961
SEA-NET CARGO: Court to Hear Wind-Up Petition on Jan. 5
-------------------------------------------------------
A petition to wind up the operations of Sea-Net Cargo Express (S)
Pte Ltd will be heard before the High Court of Singapore on Jan. 5,
2024, at 10:00 a.m.
RHB Bank Berhad filed the petition against the company on Dec. 15,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
=====================
S O U T H K O R E A
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HMM CO: Harim's Takeover Plan Raises Questions Over Financing
-------------------------------------------------------------
Yonhap News Agency reports that food conglomerate Harim Group's
plan to take over HMM Co., South Korea's top container shipper
under a creditor-led debt restructuring scheme, has raised
questions on whether the group is capable to finance the
acquisition and ultimately operate the much-larger shipping
company.
On Dec. 19, a consortium led by Harim Group was picked as the
preferred bidder for HMM Co., heralding the start of the shipping
company's privatization, Yonhap says.
Last month, two state agencies -- the state-run Korea Development
Bank (KDB) and Korean Ocean Business (KOB) Corp. -- conducted a
final bidding for their controlling stake in HMM, drawing the
Harim-JKL Partners consortium and Dongwon Group, Yonhap recalls.
The Harim consortium reportedly offered to pay some KRW6.4 trillion
(US$4.92 billion) to narrowly beat Dongwon reportedly by some
KRW200 billion.
According to Yonhap, main creditor KDB and the corporation are
slated to sign a stock purchase agreement with the Harim-led
consortium after negotiations on takeover details before finalizing
the deal during the first half of next year.
HMM's sale offer came seven years after the company went under the
KDB-led debt restructuring scheme in 2016, Yonhap notes. First
established in 1976 as Asia Merchant Marine, the company later
became the second-largest domestic container shipper after Hanjin
Shipping.
The company had come under a liquidity crunch since 2010 due to a
prolonged industry downturn and ended up receiving KRW6.8 trillion
in public funds.
The subsequent bankruptcy of industry leader Hanjin Shipping Co.,
once the world's seventh-largest shipper, at the end of 2016
generated a sense of urgency to save HMM, then known as Hyundai
Merchant Marine, Yonhap states. The government then established KOB
and formulated a five-year plan to rebuild the country's shipping
industry.
Through state support, HMM managed to start to generate a profit
from September 2020 and became competitive enough to become the
world's eighth-largest shipper.
Harim Group owns Harim Co., the country's largest
poultry-processing company, and JKL Partners is a major private
equity fund.
The group also owns Pan Ocean Co., South Korea's leading bulk
carrier with a fleet of 301 vessels and an annual cargo capacity of
100 million tons.
Despite having been picked as the preferred bidder, questions
remain over whether Harim, which currently possesses KRW1.6
trillion in cash and easily convertible liquid assets, is capable
to take over HMM, with estimated assets worth KRW25.8 trillion.
Yonhap says the Harim-JKL Partners consortium reportedly demanded
that the sellers delay their conversion of perpetual bonds into
equity for three years after the purchase but was denied the
request.
Despite owning Pan Ocean, Harim also lacks the experience operating
10,000 TEU-and-larger mega container ships. HMM currently has the
largest portfolio of mega container ships in the world.
HMM has expressed intentions to expand its business to cover bulk
shipping as well, but industry watchers said that such a transition
could be more difficult than expected, Yonhap relays.
Harim and HMM also need to continue investing in environmentally
friendly vessels and bulk carriers to secure long-term
competitiveness.
Market analysts also voice concerns that Harim would face such
hurdles as waning demand stemming from a global economic slowdown
and rising interest rates, and a supply glut, or a rise in the
number of vessels, the report adds.
Hyundai Merchant Marine Co., Ltd. -- http://www.hmm21.com/-- is a
Korea-based company specializing in the provision of shipping
services. The Company provides its services under two main
segments: container and bulk.
=================
S R I L A N K A
=================
SRI LANKA: Sees Forex Reserves Exceeding $4BB After Fresh Funding
-----------------------------------------------------------------
Reuters reports that Sri Lanka said on Dec. 20 it expects its
foreign exchange reserves to rise above $4 billion this month,
their highest level since the island nation plunged last year into
its worst economic crisis since independence in 1948.
According to Reuters, the "higher than anticipated" rise follows
the inflow of $787 million in funds this month from global lenders
including the International Monetary Fund, the World Bank and the
Asian Development Bank, the Sri Lankan president's office said.
Reuters says the country of 22 million people is recovering from
its worst financial crisis, which sent the economy into freefall
last year with soaring inflation, currency depreciation and low
foreign reserves.
Sri Lanka's official reserves stood at $3.58 billion as of
November, according to the central bank, Reuters discloses. About
$1.5 billion of the reserves is a Chinese yuan-denominated swap.
The IMF earlier this month cleared the first review of Sri Lanka's
$2.9 billion bailout, providing about $337 million in funds.
Reuters adds that the World Bank said on Dec. 20 it had released a
second tranche of $250 million to support economic reforms in Sri
Lanka.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'. The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***