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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
Friday, December 29, 2023, Vol. 26, No. 261
Headlines
A U S T R A L I A
35 MERIVALE: First Creditors' Meeting Set for Jan. 8
CORPORATE COMPONENTS: First Creditors' Meeting Set for Jan. 5
DALMA FORM: First Creditors' Meeting Set for Jan. 5
KABV PTY: First Creditors' Meeting Set for Jan. 8
MMD CONCRETE: Staff Owed Unpaid Entitlements May Not Get a Cent
SPECIAL GOLD: Second Creditors' Meeting Set for Jan. 22
STANLEY ASPHALT: Second Creditors' Meeting Set for Jan. 9
C H I N A
CBAK ENERGY: All Five Proposals Passed at Annual Meeting
UXIN LIMITED: Agrees W/ Alpha to Cancel US$12M Warrant Investment
I N D I A
ANSAL PROPERTIES: NCLT Admits Insolvency Plea Against Promoter
APPU HOTELS: Out of Corporate Insolvency Process
AZAD EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating
B. J. HOTELS: CARE Keeps D Debt Rating in Not Cooperating
BALAJI GINNING: CARE Keeps C Debt Rating in Not Cooperating
BTM INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
FAIRTIQ INDIA: Voluntary Liquidation Process Case Summary
FIREFLY BATTERIES: CARE Keeps D Debt Ratings in Not Cooperating
GAYATRI COTTON: CARE Keeps D Debt Rating in Not Cooperating
GEOXA LOGISTICS: CARE Keeps D Debt Rating in Not Cooperating
GOYAL EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category
HYDERABAD SECURITIES: Voluntary Liquidation Process Case Summary
INDO INTERNATIONAL: Liquidation Resolution Process Case Summary
INSIGHT MEDIA: CARE Keeps D Debt Rating in Not Cooperating
KLASS TRADERS: Voluntary Liquidation Process Case Summary
KOHINOOR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
LUNDBECK INDIA: Voluntary Liquidation Process Case Summary
MEVADA OIL: CARE Keeps D Debt Rating in Not Cooperating Category
MOUNTVIEW VINIMAY: Voluntary Liquidation Process Case Summary
MTE INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
PANAMA AGRICULTURE: CARE Keeps D Debt Rating in Not Cooperating
PARALLAX DECOR: Insolvency Resolution Process Case Summary
PETROMAR ENGINEERED: CARE Keeps D Debt Ratings in Not Cooperating
PRAGAT AKSHAY: CARE Keeps D Debt Ratings in Not Cooperating
PROAGRI SEEDS: CARE Keeps C Debt Rating in Not Cooperating
RANCHHOD OIL: CARE Keeps D Debt Ratings in Not Cooperating
RICHU MAL: CARE Keeps C Debt Rating in Not Cooperating Category
SANDHU FARMS: CARE Keeps D Debt Rating in Not Cooperating Category
SHREE INDUSTRIES LIMITED: Insolvency Resolution Case Summary
STALWART INT'L: Insolvency Resolution Process Case Summary
STARSHIP GLOBAL: Voluntary Liquidation Process Case Summary
SUKH SAGAR: CARE Keeps D Debt Rating in Not Cooperating Category
SUN AGRIFRESH: CARE Keeps D Debt Ratings in Not Cooperating
TAG OFFSHORE: CARE Keeps D Debt Ratings in Not Cooperating
VAIBHAVLAXMI CLEAN: CARE Keeps D Debt Rating in Not Cooperating
VAIBHU INFRA: CARE Keeps D Debt Ratings in Not Cooperating
VARDHMAN ROLLER: CARE Keeps D Debt Rating in Not Cooperating
VIZEBH AGRI: CARE Keeps D Debt Rating in Not Cooperating Category
VIZEBH COMPOSITECH: CARE Keeps D Debt Rating in Not Cooperating
ZEE LEARN: Axis Bank Files Insolvency Plea Against Company
[*] INDIA: Crackdown on Financial Risks Puts Industry on Watch
J A P A N
TOSHIBA CORP: S&P Lowers ICR to 'B+' on Likely Fin'l. Deterioration
N E W Z E A L A N D
OPUM TECHNOLOGIES: Founder and Receiver Clash Over Liquidation
S I N G A P O R E
BCP V EVERISE: Moody's Rates New $175MM First Lien Term Loan 'B3'
FINLYNC PRIVATE: Court to Hear Wind-Up Petition on Jan. 5
FOXCONN PRECISION: Creditors' Proofs of Debt Due on Jan. 29
GS METAL: Court Enters Wind-Up Order
KITCHEN CITY: Creditors' Proofs of Debt Due on Jan. 27
MINTEREST ELEVATE: Creditors' Proofs of Debt Due on Jan. 26
YELLOW STAR: Creditors' Proofs of Debt Due on Jan. 26
S O U T H K O R E A
TAEYOUNG ENGINEERING: Builder Files for Debt Workout
[*] SOUTH KOREA: 'Zombie' Firms Surge With Rising Interest Rates
- - - - -
=================
A U S T R A L I A
=================
35 MERIVALE: First Creditors' Meeting Set for Jan. 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of 35 Merivale
Pty Ltd will be held on Jan. 8, 2024 at 3:00 p.m. via virtual
meeting.
Terrence John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of the company on Dec. 22, 2023.
CORPORATE COMPONENTS: First Creditors' Meeting Set for Jan. 5
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Corporate
Components (Australia) Pty Ltd will be held on Jan. 5, 2024 at
10:00 a.m. via Zoom virtual meeting.
Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Dec. 21, 2023.
DALMA FORM: First Creditors' Meeting Set for Jan. 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of Dalma Form
Specialist Pty Ltd will be held on Jan. 5, 2024, at 12:00 p.m. via
virtual meeting.
Bruce Gleeson and Daniel Robert Soire of Jones Partners Insolvency
& Restructuring were appointed as administrators of the company on
Dec. 21, 2023.
KABV PTY: First Creditors' Meeting Set for Jan. 8
-------------------------------------------------
A first meeting of the creditors in the proceedings of Kabv Pty Ltd
and Aabv Pty Ltd will be held on Jan. 8, 2024 at 2:00 p.m. at the
offices of SV Partners at Level 7, 151 Castlereagh Street and via
virtual meeting technology.
Hugh Armenis and Jason Lloyd Porter of SV Partners were appointed
as administrators of the company on Dec. 22, 2023.
MMD CONCRETE: Staff Owed Unpaid Entitlements May Not Get a Cent
---------------------------------------------------------------
Kylie Stevens for Daily Mail Australia reports that former staff at
a concrete construction company which recently went bust have
copped a devastating blow days after Christmas.
MMD Concrete Construction Pty Ltd collapsed in September with
forensic accounting firm Worrells appointed to liquidate the
company, the report notes.
The company based in Batesford near Geelong, south-west of
Melbourne owes at least half a million in unpaid taxes and employee
entitlements, according to a liquidator report dated December 18.
The report stated that MMD owed employees AUD127,832 in unpaid
superannuation and another AUD112,613 in wages, leave and
retrenchment.
The company also had a tax debt at least AUD230,000 accumulated
over the last four years which could be as high as AUD345,322,
according to MMD itself, the Geelong Advertiser reported.
Liquidator Scott Andersen conceded that employees may never see a
cent of what they owed, despite being listed as priority creditors
to be paid first.
According to Daily Mail, the report also found that MMD Concrete
Construction may have been insolvent for the last two-and-a half
years.
'My preliminary assessment is that the company has likely been
insolvent from 30 June 2021,' Mr Andersen wrote.
MMD director Nick Burnett is owed AUD678,922 while another company
Mr Burnett is also director of is owed AUD103,621, according to the
liquidator's estimate.
Mr Burnett cited the Covid-19 pandemic and 'increasing taxation
debt' when asked to explain the company's financial woes to
liquidators, the report, as cited by Daily Mail, stated.
The company was registered in October 2017.
Its Facebook page remains online with its most recent photo of a
project dated July 14.
SPECIAL GOLD: Second Creditors' Meeting Set for Jan. 22
-------------------------------------------------------
A second meeting of creditors in the proceedings of Special Gold
Pty Limited has been set for Jan. 22, 2024 at 3:00 p.m. at Suite
11, 330 Wattle St at Ultimo.
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 Jan. 19, 2024 at 5:00 p.m.
Thyge Howard Trafford Jones of TTJ Advisory was appointed as
administrator of the company on Dec. 6, 2023.
STANLEY ASPHALT: Second Creditors' Meeting Set for Jan. 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Stanley Asphalt Pty Ltd
- Stanley Asphalt P&E Pty Ltd
- Stanley Enterprises Holdings Pty Ltd
- Stanley Macadam Pty Ltd
- Stanley Macadam Company Australia Pty Ltd
- Stanley Resouce Recovery Pty Ltd
- Stanley Road Sealing Pty Ltd
- Stanley Roadside Solutions Pty Ltd
has been set for Jan. 9, 2024 at 2:00 p.m. at the offices of
Hamilton Murphy Advisory at Level 14, 15 Adelaide Street in
Brisbane and via teleconference facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 8, 2024 at 4:00 p.m.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Oct. 27, 2023.
=========
C H I N A
=========
CBAK ENERGY: All Five Proposals Passed at Annual Meeting
--------------------------------------------------------
CBAK Energy Technology, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the Company held its 2023
annual meeting of stockholders during which the Company's
stockholders:
(1) elected Yunfei Li, J. Simon Xue, Martha C. Agee, Jianjun He,
and Xiangyu Pei to the Board of Directors of the Company to
serve until the 2024 annual meeting of stockholders;
(2) ratified the appointment of ARK Pro CPA & Co as the Company's
independent registered public accounting firm for the fiscal
year ending Dec. 31, 2023;
(3) approved the CBAK Energy Technology 2023 Equity Incentive
Plan;
(4) approved the compensation of the Company's Named Executive
Officers named in the proxy statement for the Annual Meeting;
and
(5) recommended to hold future advisory votes on named executive
compensation every three years.
Consistent with the recommendation of the Board of Directors and
the vote of stockholders, the Company will continue to hold future
advisory votes on named executive compensation every three years.
About CBAK Energy
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications. Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.
CBAK Energy reported a net loss of $11.33 million for the year
ended Dec. 31, 2022, compared to net income of $61.56 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$244.03 million in total assets, $119.65 million in total
liabilities, and $124.38 million in total equity.
In its Quarterly Report for the three months ended Sept. 30, 2023,
CBAK Energy said the Company has substantial doubt about its
ability to continue as a going concern. The Company said it has
accumulated deficit from recurring net losses incurred for the
prior years and significant short-term debt obligations maturing in
less than one year as of September 30, 2023.
UXIN LIMITED: Agrees W/ Alpha to Cancel US$12M Warrant Investment
-----------------------------------------------------------------
Uxin Limited announced that the US$11,964,754 warrant investment in
relation to Alpha Wealth Global Limited has been canceled and the
Warrant Agreement between Alpha and the Company has been terminated
pursuant to which Alpha will purchase 261,810,806 senior
convertible preferred shares of the Company.
As previously disclosed, Alpha intended to invest US$11,964,754 in
the Company to purchase up to 261,810,806 senior convertible
preferred shares of the Company according to the Warrant Agreement.
The Company has been informed that Alpha does not intend to proceed
with the foregoing share subscription. Following subsequent
further negotiations, the Company and Alpha have decided to
terminate the Warrant Agreement in full and that no subscription of
shares of the Company by Alpha will occur.
About Uxin
Uxin is a China-based used car retailer, pioneering industry
transformation with advanced production, new retail experiences,
and digital empowerment. The Company offers vehicles through a
reliable, one-stop, and hassle-free transaction experience. Under
its omni-channel strategy, the Company is able to leverage its
pioneering online platform to serve customers nationwide and
establish market leadership in selected regions through offline
inspection and reconditioning centers.
Shanghai, the People's Republic of China-based
PricewaterhouseCoopers Zhong Tian LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Aug. 14, 2023, citing that the Company has incurred net losses
since inception and incurred cash outflows from operating
activities during the fiscal year ended March 31, 2023. In
addition, the Company has an accumulated deficit and net current
liabilities as of March 31, 2023. These events and conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
=========
I N D I A
=========
ANSAL PROPERTIES: NCLT Admits Insolvency Plea Against Promoter
--------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has admitted a personal insolvency application filed by
Indian Bank against realtor Pranav Ansal, the promoter of Ansal
Properties and Infrastructure, as per the contents of a court
order.
According to ET, NCLT's has directed the appointment of Roshan Lal
Jain as the resolution professional to verify the claims made by
Indian Bank against Ansal. Indian Bank has claimed that Ansal has
defaulted on dues of INR76 crore for which payment was personally
guaranteed by him.
After the NCLT accepts a personal insolvency application against an
individual, the assets of that individual are as good as frozen as
no sale or disposal is permitted.
Indian Bank has also filed an insolvency application against a
group company of Ansal Properties and Infrastructure called Serene
Residency Group Housing Project, ET had reported on October 30.
That petition has been admitted.
Ansal Properties and Infrastructure Ltd is engaged in real estate
development in North India (in states of Delhi, Haryana, Punjab,
Rajasthan and Uttar Pradesh). The company is a part of API group
engaged in real estate development with wide range of business
verticals, viz, integrated townships, Condominiums, group housing,
commercial, retail, hospitality, special economic zones,
information technology parks, and facility management.
APPU HOTELS: Out of Corporate Insolvency Process
------------------------------------------------
The Hindu reports that Appu Hotels Ltd., which owns and operates Le
Meridien in Chennai and Coimbatore, is out of the Corporate
Insolvency Resolution Process (CIRP) as the National Company Law
Tribunal, on Dec. 27, gave nod to promoter Palani G. Periasamy's
settlement proposal to the creditors.
In 2020, the National Company Law Tribunal (NCLT) in Chennai
admitted an insolvency petition against Appu Hotels in a case filed
by the Tourism Finance Corporation of India Ltd.
In May 2023, the Supreme Court upheld the National Company Law
Appellate Tribunal (NCLAT) verdict, setting aside the approval
given to MGM Healthcare managing director M.K. Rajagopalan for
making a INR423-crore bid to take over Appu Hotels Ltd. under the
insolvency process, the Hindu recalls.
According to The Hindu, Mr. Periasamy made a settlement proposal
under Section 12A of the Insolvency and Bankruptcy Code 2016, which
was approved by a 100% committee of creditors.
As per the settlement proposal now approved by NCLT, the admitted
claims against Appu Hotels were INR592.30 crore.
The Hindu says the 12A proposal settles the entire claim amount
filed against Appu Hotels, and the proposal has been submitted with
a definite source of funds for immediate payment by way of a 25%
cash deposit in a no lien account with the lead bank and a 75% bank
guarantee, as per the legal filings.
The amount offered by the promoter under Section 12A is found to be
much more than the other resolution plans submitted for Appu
Hotels, it added.
"We are delighted to announce that we are back in the hospitality
business," Mr. Periasamy said, who is also a leading NRI
industrialist and chairman of Appu Hotels Limited and the
diversified PGP Group, The Hindu relays.
"The COVID-19 and prolonged lockdown had impacted the hospitality
business in general and the Appu Hotels in particular. Our finances
took a severe hit, leading us into the NCLT framework. But all that
is now behind us," he added.
AZAD EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Azad
Educational Society (AES) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.30 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 17,
2022, placed the rating(s) of AES under the 'issuer
non-cooperating' category as AES had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 3, 2023, October 23, 2023, December 12,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Azad Educational Society was established in 1998 under the Society
Registration Act, 1992 with an objective to provide education
services by establishing and operating various educational
institutions. The society is presently running 5 colleges under the
name of "Azad Group of Educational Institutions" (AGEI) at its 55
acre campus at Cantt. Road.
B. J. HOTELS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B. J.
Hotels Private Limited (BJHPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.12 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 21,
2022, placed the rating(s) of BJHPL under the 'issuer
non-cooperating' category as BJHPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. BJHPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 6, 2023, September
16, 2023, September 26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
B.J.Hotels Private Limited (BJHPL) was incorporated in 1971, as a
private limited company, by Mr. Gurindersingh P. Bawa and Mr.
Karanveersingh G. Bawa. BJHPL has developed hotel in Khar Mumbai
under the name of "Hotel Bawa Suites". The group is into
hospitality industry for more than 3 decades and has established
boutique properties in Mumbai namely, Hotel Bawa International,
Hotel Bawa Continental, Hotel Bawa Suites and Hotel Bawa Regency.
BALAJI GINNING: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Ginning and Pressing (BGP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 6,
2022, placed the rating(s) of BGP under the 'issuer
non-cooperating' category as BGP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BGP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 22, 2023, November 1, 2023, November 11,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
BGP was established as a partnership concern in the year 2001. The
firm is engaged in ginning and pressing of cotton and extraction of
oil from cotton seed along with trading of cotton bales and cotton
seeds. The ginning and pressing unit and oil extraction unit is
located at Yavatmal, Maharashtra.
BTM INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BTM
Industries Limited (BIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 19,
2022, placed the rating(s) of BIL under the 'issuer
non-cooperating' category as BIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 4,2023, September 14, 2023, September
24, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 1998, BIL is part of "BTM group" based out of
Bhilwara. BIL is engaged in the business of processing of synthetic
grey fabrics and trading of finished fabrics. BTM group consists of
BTM Corp Limited (BCL) and Prestige Suitings Private Limited (PSPL)
which are also engaged in manufacturing of synthetic grey fabric.
FAIRTIQ INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Fairtiq India Private Limited
Ramanashree Arcade No. 18
M G Road, Bangalore 560001
Liquidation Commencement Date: December 14, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency professional: Mr. Vighneshwar Bhat
Interim Resolution
Professional: Mr. Vighneshwar Bhat
No. 202, A Block Sree Laxmi
Nivas Apartments
Wilson Garden 13th Cross
Near Wilson Manor Apartments
Bangalore, Karnataka 560027
E-mail: bhatvighnesh@gmail.com
Tel: 919590252851
Last date for
submission of claims: January 13, 2024
FIREFLY BATTERIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Firefly
Batteries Private Limited (FBPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 8.70 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 11,
2022, placed the rating(s) of FBPL under the 'issuer
non-cooperating' category as FBPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. FBPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2023, September 6, 2023, September
16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ahmedabad (Gujarat) based, FBPL was established in the year 2011 as
a private limited company. FBPL (erstwhile known as Epsilon
Batteries Private Limited) is engaged in the manufacturing of
conventional lead-acid battery & carbon-foam battery with an
installed capacity of 300,000 KWH storage batteries per annum.
These batteries find application in automobile industry, renewable
energy and industrial sector such as telecom and hospitality. FBPL
is managed by experienced directors Mr. Jinal Shah & Mr. B.K.
Vaishya.
GAYATRI COTTON: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gayatri
Cotton Mills (GCM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 18,
2022, placed the rating(s) of GCM under the 'issuer
non-cooperating' category as GCM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GCM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 3, 2023, September 13, 2023, September
23, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gayatri Cotton Mills (GCM) was established in June 2012 as a
partnership firm by Mr. Innamuri Basavaiahand Mr. Innamuri
Subrahmanyam. The firm is engaged in manufacturing and processing
of Kappas into cotton lint. The firm has its facilities (14 ginners
and 1 cotton baling press) located at Guntur District of Andhra
Pradesh. The firm acquires cotton directly from the farmers
and after ginning, sells the same in the domestic market.
GEOXA LOGISTICS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Geoxa
Logistics (GL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 18,
2022, placed the rating(s) of GL under the 'issuer non-cooperating'
category as GL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 4, 2023, October 14, 2023, October 24, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
GL is a proprietorship firm established in October-2015 by Mr
Amanpreet Singh Sondhi. The commercial operations of the firm
started in first week of April-2016. GL offers logistic services
(on rental basis) to construction, infrastructure, hosiery, auto
component industries, etc. throughout India. It owns a fleet of 4
excavators, 10 hydra machines, 10 tippers and 2 backhoe loaders, as
on March 31, 2016. GL has a group concern by the name- Geoxa Steel
Private Limited (GSPL; rated 'CARE D; Issuer Not Cooperating')
which was established in 2012 and is engaged in the manufacturing
of stainless-steel pipes.
GOYAL EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Goyal
Educational & Welfare Society (GEWS) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 17,
2022, placed the rating(s) of GEWS under the 'issuer
non-cooperating' category as GEWS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GEWS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 3, 2023, October 23, 2023, December 13,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Goyal Educational and Welfare Society (GEWS) was established on
July 22, 2008 under the Haryana Registration and Regulation
Societies Act, 2012 with an objective to provide education services
by establishing and operating various educational institutions.
Initially, the society was promoted by Mr. Mahender Goyal who is
the president of the society and carries out the day to day affairs
with required support from other key members. The society is
running three institutions under the brand name "Rawal
Institutions" (RI) which includes Rawal Institute of Engineering
and Technology (RIET), Rawal Institute of Management (RIM) and
Rawal College of Education (RCE) established in 2008 in a single
campus offering varied courses.
HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hanuman Dal
Industries Private Limited (HDIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 21,
2022, placed the rating(s) of HDIPL under the 'issuer
non-cooperating' category as HDIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. HDIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 6, 2023, September
16, 2023, September 26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
HDIPL was incorporated in the year 2015 and it belongs to the Bolla
Group of Nagpur. The group is promoted by the Bolla family and is
currently managing eight entities including HDIPL. HDIPL is
promoted by Mr. Raman Bolla and Mrs. Vijayalaxmi Bolla. The company
has set up a tur-dal and gram dal processing unit at Nagpur,
Maharashtra.
HYDERABAD SECURITIES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Hyderabad Securities and Enterprises Limited (HSEL)
Flat No. G7/1, SY No. 215 Part
Pranavas Annapurna Lotus Park
Safari Nagar, Kondapur
Rangareddi, Hyderabad
Telangana 500084
Liquidation Commencement Date: December 12, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency professional: Poluri Maruti Venkata Subba Rao
Interim Resolution
Professional: Poluri Maruti Venkata Subba Rao
Empire Square, TF-8, Third floor
Above RBL Bank, Road No. 36
Jubilee Hills, Hyderabad
TG 500036
Mobile: 9866684676
E-mail: liquidator.hsel@gmail.com
Last date for
submission of claims: January 11, 2024
INDO INTERNATIONAL: Liquidation Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Indo International Tobacco Limited
1321A, 13th floor
6 Devika Tower, Nehru Place
New Delhi 110019
Liquidation Commencement Date: December 14, 2023
Court: National Company Law Tribunal, Bench-IV, New Delhi
Date of closure of
insolvency resolution process: December 14, 2023
Insolvency professional: IP CA Umesh Garg
Interim Resolution
Professional: IP CA Umesh Garg
C-334, Pocket C
Sarita Vihar
New Delhi 110076
E-mail: umeshg60@gmail.com
- and -
1413, 14th floor
6, Devika Tower
Nehru Place
New Delhi 110029
E-mail: cirpindoint@gmail.com
Last date for
submission of claims: January 13, 2024
INSIGHT MEDIA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Insight
Media City (India) Private Limited (IMCPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 49.12 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 14,
2022, placed the rating(s) of IMCPL under the 'issuer
non-cooperating' category as IMCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. IMCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 30, 2023, September 9,
2023, September 19, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Consolidated
CARE has considered the consolidated financials of Insight Media
City (India) Private Limited (IMCPL) along with its
whollyowned-subsidiary Suryansh Broadcasting P Ltd. (Suryansh).
IMCPL carries out the operation of its GEC through Suryansh.
Outlook: Not applicable
Insight Media City (India) Ltd. was founded by a group of investors
during March 2013 with the aim of putting up a media city in Kochi.
The media city will have 5 Strategic Business Units (SBUs) viz., TV
Channels, Movies and FM Radio, Expo and Events, Education and
Digital & Synergy (marketing) SBU.
KLASS TRADERS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Klass Traders Private Limited
309 Todi Chambers
2 Lal Bazar Street
Kolkata 700001
Liquidation Commencement Date: December 12, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency professional: Mr. Pranab Kumar Chakrabarty
Interim Resolution
Professional: Mr. Pranab Kumar Chakrabarty
72/9, Saikh Para Lane
Howrah 711103
E-mail: pranabchakrabartypkc@yahoo.com
Tel: 9432677017
Last date for
submission of claims: January 11, 2024
KOHINOOR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kohinoor
Foods Limited (KFL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 199.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 747.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 7,
2022, placed the rating(s) of KFL under the 'issuer
non-cooperating' category as KFL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KFL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 23, 2023, September 2, 2023, September
12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 1989, Kohinoor Foods Ltd (KFL) is engaged in the
milling, processing, and selling of rice, and trading of food
products and other agri-commodities. The company has a rice mill
located at Murthal (Haryana) and a food processing unit at Sonepat
(Haryana). Over the years, KFL has emerged as one of the dominant
Indian players in the global basmati rice market. KFL has
established its brand both in India and abroad in geographies like
USA, UK, Middle Eastern countries, Australia, Belgium and other
European countries.
LUNDBECK INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Lundbeck India Private Limited
4C-515/40, 40th Cross
HRBR Layout, Banasavadi
Bengluru 560043
Karnataka, India
Liquidation Commencement Date: December 11, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency professional: Mr. Girish Kambadaraya
Interim Resolution
Professional: Mr. Girish Kambadaraya
No. 36, Chatura Homes
2nd Main, Meenakshinagar
Basaveshwaranagar
Bengaluru 560079
Karnataka
- and -
207, Bindu Galaxy, No. 2
1st Main, Chord Road
Industrial Town, Rajajinagar
Bengaluru 560010
Karnataka
E-mail: cmagirish999@gmail.com
Mobile: 9980695702
Last date for
submission of claims: January 10, 2024
MEVADA OIL: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mevada Oil
Mill Private Limited (MOMPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 12,
2022, placed the rating(s) of MOMPL under the 'issuer
non-cooperating' category as MOMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MOMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 7, 2023, September
17, 2023, November 28, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Surendranagar (Gujarat) based Mevada oil Mill Private Limited
(MOMPL) was established in April, 2000 as a proprietorship firm by
Mr. Ramesh Mevada. The firm was engaged in the business of
production of refined groundnut oil and trading in all types of
Edible Oil and Oil Cakes. During October 2016, the Proprietorship
firm was reconstituted as "Mevada Oil Mill Private Limited"
and is now engaged into manufacturing of cotton wash oil, crude
corn oil and oil cakes as well as trading in all kinds of edible
oil, non-edible oil and oil cakes.
MOUNTVIEW VINIMAY: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Mountview Vinimay Private Limited
2/1C Sevak Baidya Street
Kolkata 700029
Liquidation Commencement Date: December 12, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency professional: Mr. Pranab Kumar Chakrabarty
Interim Resolution
Professional: Mr. Pranab Kumar Chakrabarty
72/9, Saikh Para Lane
Howrah 711103
E-mail: pranabchakrabartypkc@yahoo.com
Tel: 9432677017
Last date for
submission of claims: January 7, 2024
MTE INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of MTE
Industries Private Limited (MIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.87 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 21,
2022, placed the rating(s) of MIPL under the 'issuer
non-cooperating' category as MIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 6, 2023, September 16, 2023, September
26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Hyderabad based, MTE Forming Machines Private Limited (MFMPL) was
incorporated on June 07, 1996 and promoted by Mr. Ch. Sathi Reddy,
Ch. Jayasimha Reddy and Ch. Gayathri. Later on October 24, 2002,
the name of the company changed to current nomenclature i.e. MTE
Industries Private Limited (MIPL). Currently, the company is mainly
engaged in manufacturing of Thread Rolling machines, CNC Spline and
Rack Rolling machines and their spare parts.
PANAMA AGRICULTURE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Panama
Agriculture Private Limited (PAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 20,
2022, placed the rating(s) of PAPL under the 'issuer
non-cooperating' category as PAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 5, 2023, September 15, 2023, September
25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Pune based, Panama Agritech Private Limited was promoted by Ladkat
brothers with Mr. Sameer Ladkat as Chairman and Mr. GautamLadkat as
Director. Further, since Feb. 8, 2016, the name of the company was
changed to PAPL. The company is engaged in providing services for
scientific and safe storage of grains in silo bags. The company
primarily provides its services to Madhya Pradesh Warehousing and
Logistic Corporation (MPWLC) on rental basis at a pre-agreed price
per quintal.
PARALLAX DECOR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Parallax Decor Private Limited
115, ACME Industrial Estate
I.B. Patel Road, Goregaon (East)
Maharashtra, Mumbai 400063
Insolvency Commencement Date: Dcember 14, 2023
Court: National Company Law Tribunal, Mumbai, Court-II Bench
Estimated date of closure of
insolvency resolution process: June 11, 2024
Insolvency professional: Mr. Ankit Goel
Interim Resolution
Professional: Mr. Ankit Goel
E-10A, Kailash Colony
South Delhi 110048
E-ail: ankitgoel@aaainsolvency.in
parallaxdecor.ibc@gmail.com
Last date for
submission of claims: December 28, 2023
PETROMAR ENGINEERED: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Petromar
Engineered Solutions Private Limited (PESPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.09 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 6.36 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 18,
2022, placed the rating(s) of PESPL under the 'issuer
non-cooperating' category as PESPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. PESPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a
letter/email dated September 3, 2023, September 13, 2023, September
23, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 1986 by Mr. Mukesh Kaura with his friend Mr. Salim
Shaikh, Petromar Engineered Solutions Private Limited (PESPL) is
engaged in designing & fabrication of various filtration systems
which find application for filtration of oil & gas, petroleum,
emission fuels, aviation fuels, etc. The said products manufactured
by the company are catered to various reputed oil & gas and
petroleum refineries across various cities in India as well as
overseas.
PRAGAT AKSHAY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pragat
Akshay Urja Limited (PAUL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 21,
2022, placed the rating(s) of PAUL under the 'issuer
non-cooperating' category as PAUL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PAUL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 6, 2023, September 16, 2023, September
26, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Indore-based (Madhya Pradesh) Pragat Akshay Urja Limited (PAUL,
CIN: U29190MP2009PLC021620) was incorporated in 2009 by Mr Satish
Jain, Mr Rakesh Jain, Mr Prakash Chandra Jain and Mr Anjesh Jain.
PAUL is engaged in manufacturing of photovoltaic solar Modules,
solar cooker, solar lights and home light system. PAUL is also
engaged in complete System Integration (SI) Business for government
departments.
PROAGRI SEEDS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Proagri
Seeds (PS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 22,
2022, placed the rating(s) of PS under the 'issuer non-cooperating'
category as PS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 8, 2023, October 28, 2023, December 13, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttarakhand-based Proagri Seeds (PS), partnership firm, was
incorporated in 2005 by Mr Baldev Raj Bhusri and Mrs Sonia. The
entity is engaged in the processing of certified wheat and paddy
seeds in the domestic market. The seed processing unit of the firm
is located at U.S. Nagar, Uttarakhand.
RANCHHOD OIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ranchhod
Oil Mill Company (ROMC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 11,
2022, placed the rating(s) of ROMC under the 'issuer
non-cooperating' category as ROMC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ROMC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 27, 2023, October 7, 2023, October 17,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Established in 1997, Ranchhod Oil Mill Company (ROMC) is a
partnership firm formed by partners Mr. Jeram Gami and Mr. Bharat
Gami (with equal profit and loss sharing) for undertaking
processing and trading of agro-products like groundnut, cumin seed,
husk and sesame seed, etc. The firm generates majority of its
income from export to countries like Philippines, China, Gulf
countries etc. ROMC's sole processing facility is located in Keshod
region of Gujarat. The firm operates with installed processing
capacity of 37000 metric tonne per annum (MTPA).
RICHU MAL: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Richu Mal
Bishan Sarup (RMBS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 22,
2022, placed the rating(s) of RMBS under the 'issuer
non-cooperating' category as RMBS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RMBS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 8, 2023, October 28, 2023, December 14,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Richu Mal Bishan Sarup (RMBS) was established in 1961 as a
partnership firm by Mr. Richumal and Mr. Bisan Saroop. However, the
current active partners are Mr. Arun Gupta, Mr. Ashish Gupta and
Mr. Anurag Gupta. The firm is engaged in trading of food and food
products such as dry fruits, desi ghee, etc.
SANDHU FARMS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sandhu
Farms Private Limited (SFPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.03 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 14,
2022, placed the rating(s) of SFPL under the 'issuer
non-cooperating' category as SFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 30, 2023, October 10, 2023, October
20, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sandhu Farms Private Limited (SFP) was incorporated in August-2013
and is promoted by Mr Manjit Singh Sandhu and Mrs. Updesh Kaur. SFP
undertook a project pertaining to setting up a marriage palace
under the name of 'Fort Patiala' having 9 rooms and 2 banquet halls
at Rajpura Road, Patiala. The same is spread on a land area of 4
acres. The palace got operational from October, 2016 with
completion of capex. The company earns income from letting of
banquet halls (having accommodation facility of maximum 500 people)
and rooms on rent for the purpose of marriage, parties etc.
SHREE INDUSTRIES LIMITED: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: Shree Industries Limited
15-A Kewa Park Extension
New Delhi, India
Insolvency Commencement Date: December 13, 2023
Court: National Company Law Tribunal, Bench-III, New Delhi
Estimated date of closure of
insolvency resolution process: June 10, 2024
(180 days from commencement)
Insolvency professional: Gautam Singhal
Interim Resolution
Professional: Gautam Singhal
C-35, Ground floor, Vivek Vihar
Phase-I, Delhi
National Capital Territory of Delhi
110095
E-mail: gautam@klfindia.com
cirp.shreeindustries@gmail.com
Last date for
submission of claims: December 27, 2023
STALWART INT'L: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Stalwart International Trading Private Limited
Citi Tower, No. 117
Basement Sri Thiyagaraya Road
T Nagar, Chennai 600017
Tamil Nadu, India
Insolvency Commencement Date: December 14, 2023
Court: National Company Law Tribunal, Coimbatore Bench
Estimated date of closure of
insolvency resolution process: June 8, 2024
(180 days from commencement)
Insolvency professional: Mr. P. Eswaramoorthy
Interim Resolution
Professional: Mr. P. Eswaramoorthy
No. 44, 5th Street
Ramalingajothi Nagar
Near Corporation Office
Nanjundapuram Road, Ramanathapuram
Coimbatore 641045
Tamil Nadu, India
Tel: 0422-2322333, 3500466
E-mail: eswarfcs@gmail.com
stalwart.cirp@gmail.com
Last date for
submission of claims: December 27, 2023
STARSHIP GLOBAL: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Starship Global VCT LLP
N-301, 3rd floor North Block
Manipal Centre
47 Dickenson Road
Bangalore 560042
Liquidation Commencement Date: December 13, 2023
Court: National Company Law Tribunal, Bangalore Bench
Insolvency professional: Shivadutt Bannanje
Interim Resolution
Professional: Shivadutt Bannanje
N-705, 7th floor, North Block
Manipal Centre, Dickenson Road
Bengaluru 560042
Mobile: 919845286251
E-mail: ip.shivaduttb@gmail.com
Last date for
submission of claims: January 12, 2024
SUKH SAGAR: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukh Sagar
Motors Private Limited (SSMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.48 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 20,
2022, placed the rating(s) of SSMPL under the 'issuer
non-cooperating' category as SSMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SSMPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 5, 2023, September
15, 2023, September 25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Sukh Sagar Motors Private Limited (SSMPL, CIN:
U34100MP2008PTC020216), incorporated in the year 2008, is promoted
by Mr Amandeep Singh Khanna and family members. The company has
entered into an authorized dealership agreement with Tata Motors
Limited (TML) for sales and service of passenger cars along with
sale of spare parts in Jabalpur, Madhya Pradesh. SSMPL's revenue
sources include sale of vehicles and their spare parts, service
income, target incentive from TML and commission from financers.
SUN AGRIFRESH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sun
Agrifresh Industries Private Limited (SAIPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 57.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 2.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 18,
2022, placed the rating(s) of SAIPL under the 'issuer
non-cooperating' category as SAIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SAIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 4, 2023, October 14,
2023, October 24, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
New Delhi-based, Sun Agrifresh Industries Private Limited (SAIPL)
was incorporated in 2007 and is currently being managed by Mr
Nilesh Singh and Mr Ritesh Singh Pundir. SAIPL is engaged in the
agriculture and retail industry which involves agricultural farming
(cultivation and processing of vegetables, fruits, wheat, paddy,
etc.), dairy farming (raw milk) and retailing of fastmoving
consumer goods including own products.
TAG OFFSHORE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of TAG
Offshore Ltd. (TOL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 959.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 56.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE has been seeking information from Tag Offshore Limited to
monitor the rating vide email communication dated August 9, 2023,
August 19, 2023, August 29, 2023. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Tag Offshore
Ltd.'s bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Analytical approach: Standalone
Detailed description of the key rating drivers
Key weakness
* Ongoing delays in debt servicing and initiation of CIRP: There
have been ongoing delays in servicing the debt obligations by the
company. The Corporate Insolvency Resolution Process (CIRP) has
been initiated against the company under Insolvency & Bankruptcy
Code, 2016. Further, Resolution Professional has also been
appointed under the Code and liquidation process is underway.
TAG Offshore Ltd. (TOL) was incorporated to provide marine support
service to ports/terminals, offshore exploration and production and
marine construction activities. Subsequent to the incorporation,
TOL acquired the offshore business of Essar Shipping Limited in
2003. Under the said acquisition, TOL purchased three Anchor
Handling Tug Supply Vessels (AHTSV) owned by Essar Shipping with
the entire man-power associated with these vessels. TOL caters to
the offshore services requirements of Oil and Natural Gas
Corporation (ONGC) as well as port/terminal
requirements of Jawaharlal Nehru Port Trust (JNPT), Cochin Port
Trust (CPT) and Kandla Port Trust (KPT) with its fleet of 25
vessels. Majority of the vessels are deployed on long-term contract
with tenure ranging from 2 years to 5 years. The vessel profile
consists of 11 AHTSV (Anchor Handling Tug Supply vessels), 6 HT
(Harbour Tugs), 1 FFSV and 6 PSV (Platform Supply Vessels) and 1
Tanker. The company is managed by a four-member Board of Directors
that comprises 2 Apparao family members, Mr. Godfrey Pimenta, and
Mr. Shiben Kaul.
VAIBHAVLAXMI CLEAN: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Vaibhavlaxmi Clean Energy LLP (VCEL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 42.07 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 3,
2022, placed the rating(s) of VCEL under the 'issuer
non-cooperating' category as VCEL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VCEL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 19, 2023, September 29, 2023, October
9, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Vaibhavlaxmi Clean Energy LLP (VCEL) is a Limited Liability
Partnership (LLP) firm, incorporated in September 2010 and promoted
by Mr. Sanjay Agarwal, Ms. Manjari Agarwal and M/s Power Private
Limited (MPPL). During June 2011, VCEL set upwind power generation
capacity of 14.4 MW including 8.4 MW at Ratlam, Madhya Pradesh (MP)
and 6 MW at Tirunelveli, Tamil Nadu (TN). VCEL had entered into
Power Purchase Agreements (PPAs) with M.P. Power Management Company
Limited for the Madhya Pradesh project for a period of 25 years
starting from July 2011 and with Tamil Nadu Generation and
Distribution Corporation Limited for the Tamil Nadu project for a
period of 20 years starting from August 2011.
VAIBHU INFRA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vaibhu
Infra Tech India Private Limited (VITIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 12,
2022, placed the rating(s) of VITIPL under the 'issuer
non-cooperating' category as VITIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. VITIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 7, 2023, September
17, 2023, December 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Vaibhu Infratech India Private Limited (VITIPL), an ISO 9001:2008
certified company, was incorporated in the year 2010 and currently
managed by Mr. K Babji (Managing Director) and Mrs. K Lakshmi
(Director). The company is engaged in the business of providing IT
support for government utility services (e-Governance),
maintenance, and technology support, facility management services
for computer systems & peripherals and computer hardware in
different department under central and state government.
VARDHMAN ROLLER: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vardhman
Roller Flour Mills Private Limited (VRFMPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.90 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 18,
2022, placed the rating(s) of VRFMPL under the 'issuer
non-cooperating' category as VRFMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement.
VRFMPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated October 4, 2023, October 14, 2023, October 24,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Vardhman Roller Flour Mills Private Limited (VRFMPL), originally
promoted by Mr. Ashok Kumar Jain was incorporated on Feb 27, 1997.
Later on Mr. Rajesh Kumar Jain on March 3, 1997 & Mr. Manoj Kumar
Gupta on March 16, 2010 respectively were appointed as other
Directors of company. The company is engaged in manufacturing of
maida, suji, atta & bran and sells with branded name "Double
Kalash". It has two manufacturing facilities with one located at
Mohkampur Industrial Area and other at Faridpur, Bareilly.
VIZEBH AGRI: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vizebh Agri
- Sciences Private Limited (VASPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.87 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 13,
2022, placed the rating(s) of VASPL under the 'issuer
non-cooperating' category as VASPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. VASPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 29, 2023, September 8,
2023, September 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Vadodara-based (Gujarat), VASPL was incorporated during July, 2010
by two promoters namely Mr. Amrish Patel and Mr. Jinesh Patel. The
company is in the business of manufacturing of dairy products such
as milk, curd, cow ghee, butter, flavoured milk, lassi etc. and
operates with an installed capacity of 100,000 litres per day for
milk processing. The company sells its products under the brand
name "Vizee" in Gujarat, Punjab, Haryana, Jammu & Kashmir, Himachal
Pradesh etc. Milk is the primary raw material for the company which
they procure from their own milk chilling centres.
VIZEBH COMPOSITECH: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vizebh
Compositech Private Limited (VCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 13,
2022, placed the rating(s) of VCPL under the 'issuer
non-cooperating' category as VCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 29, 2023, September 8, 2023, September
18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Gujarat (Vadodara) based VCPL was incorporated in October, 2013 by
Mr.Pradeep Mahalik, Mr.Amrish Patel, and Mr. Jinesh Patel. VCPL is
into manufacturing of different variants of composites, including
non-composites, sheet-moulding compound/dough-moulding
compound/bulk-moulding compound, fiber-reinforced polymers, carbon
composites, composites advanced material, and thermoplastic polymer
products. The company has started its commercial production from
March, 2016.
ZEE LEARN: Axis Bank Files Insolvency Plea Against Company
----------------------------------------------------------
BNN Breaking reports that Axis Bank, one of India's leading private
sector banking entities, has moved the National Company Law
Tribunal (NCLT) seeking to initiate insolvency proceedings against
Zee Learn, a prominent provider of education services in India.
The bank has filed a petition under Section 7 of the Insolvency and
Bankruptcy Code, 2016, aiming to commence the Corporate Insolvency
Resolution Process (CIRP) for Zee Learn.
The company has confirmed the receipt of notice from the
Mumbai-bench of the NCLT and is in the process of gathering and
verifying information related to the facts presented in Axis Bank's
petition.
Zee Learn has faced a similar insolvency plea previously in
February. However, the plea was set aside by the National Company
Law Appellate Tribunal a week later. This time around, despite the
news of the insolvency plea, the company's shares demonstrated
resilience. On the day of the announcement, Zee Learn's shares
closed at a price of INR6.28, marking an approximate 5 percent
increase.
The reasons behind Axis Bank's move to seek insolvency proceedings
against Zee Learn have not been disclosed, leading to market
speculation. The initiation of CIRP could potentially trigger a
formal process to address any financial distress within Zee Learn
by reorganizing or restructuring its debts and corporate affairs
under the provisions of the IBC. Whether this will be a necessary
step to prevent the company from going into liquidation remains to
be seen.
Zee Learn has committed to keeping the exchanges updated about
further developments in this case. The company's proactive approach
towards clear and timely communication with stakeholders is crucial
as it will help mitigate any possible market anxieties. For now,
all eyes will be on the unfolding proceedings between Axis Bank and
Zee Learn.
[*] INDIA: Crackdown on Financial Risks Puts Industry on Watch
--------------------------------------------------------------
Bloomberg News reports that a week after India barred lenders from
investing in alternative investment funds that hold stakes in their
borrowers, the market is counting the cost.
According to Bloomberg, the Reserve Bank of India said the move is
designed to prevent an unstable build up of assets in the country's
financial system. But, lawyers and analysts said alternative
investment fund managers could see costs ramp up and the rules will
make it harder to raise cash in the future.
"This is a sledge hammer to the industry," said Vinod Joseph,
partner at Economic Laws Practice, a legal firm.
The top seven shadow lenders in the country had invested around
$1.35 billion in these so-called AIFs, according to their most
recent annual reports, Bloomberg relays. Shares of these firms
dived after the new rules, that directed existing investments to
either be liquidated in 30 days or for lenders to provision their
investment in the AIFs.
Bloomberg says the RBI's move added to jitters in the market.
Sentiment was already shaken after the central bank last month
imposed stricter rules to stem the relentless rise in risky
consumer loans, actions called "draconian" by one analyst. Its
report on financial stability risks is set to be released this
week.
RBI has been concerned about round-tripping of potentially bad
loans, rise of unsecured lending and heavier linkages between AIFs
and regulated entities, all of which can "potentially build up
stress in the financial sector," said Abizer Diwanji, financial
services leader at Ernst & Young India.
Bloomberg says both the NSE Nifty Bank Index and NSE Nifty
Financial Services Index have risen more than 11% so far this year,
under-pacing the broader NSE Nifty 50 Index which is up by around
19%. Financial services companies make up the most influential
segment of India's $4.1 trillion stock market.
The Securities & Exchange Board of India, the country's capital
markets regulator, had identified several dozen cases involving
billions of dollars where AIFs were being used to get around rules,
Ananth Narayan, a whole-time member at SEBI, told Bloomberg News.
According to Bloomberg, the flurry of new rules are coming at a
time when India's economy and financial system have remained
resilient despite global headwinds of geopolitical tensions,
elevated interest rates and inflation. Soured-debt ratios have
narrowed to their lowest in a decade, with banks and shadow lenders
boasting strong balance sheets as they reap gains from the rising
demand for credit.
Still, "seeds of vulnerability often get sown during good times
when risks tend to get overlooked", RBI Governor Shaktikanta Das
wrote in the financial stability report last December.
"We do not wait for the house to catch fire and then act," Das said
separately while presenting the country's monetary policy earlier
this month. "Prudence at all times should be the guiding
philosophy, both for the regulators and the regulated entities."
The regulations are already taking effect, Bloomberg states.
Piramal Enterprises Ltd for example said more than 80% of its
INR38.2 billion ($459 million) investment in AIFs went to debtor
companies it had previously given loans to, according to Bloomberg.
The firm planned to adjust this amount via capital funds or
provisions, the firm said in a filing.
Another shadow lender IIFL Finance said INR9.1 billion in
outstanding investments in AIFs will not be impacted by the RBI
rule. However, its housing finance arm will need to liquidate or
make provisions for INR1.6 billion worth of investments in AIFs, it
said in a filing.
=========
J A P A N
=========
TOSHIBA CORP: S&P Lowers ICR to 'B+' on Likely Fin'l. Deterioration
-------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Toshiba Corp. by one notch to 'B+' and removed the rating from
CreditWatch. S&P affirmed its 'B' short-term issuer credit rating
and its 'B' commercial paper program rating on the company. The
long-term issuer credit rating on Toshiba was placed on CreditWatch
with negative implications on March 28, 2023. The outlook on the
long-term issuer credit rating is now stable.
S&P said, "The downgrade reflects our view that Toshiba's financial
profile will likely deteriorate materially and is unlikely to
recover swiftly in the next one to two years. This is because we
expect Toshiba's business operations will be conducted with high
financial leverage under its new parent--a special purpose company
(SPC) established by Japan Industrial Partners Inc. (JIP), which
S&P Global Ratings considers a financial sponsor. In September
2023, a tender offer for Toshiba Corp. by the SPC was accepted.
Toshiba was delisted in December 2023, leaving the SPC as the only
shareholder.
"Toshiba's financial profile is likely to deteriorate materially in
this fiscal year, in our view. We assume that the company will be
obliged to repay the debt that the SPC raised for the acquisition.
The SPC borrowed about JPY2 trillion for the deal, including JPY1.2
trillion in senior loans. The debt will also include preferred
stocks of JPY200 billion, and mezzanine loans including
subordinated debt of JPY235.5 billion, all of which we assess as
having no equity content. Accordingly, Toshiba's debt-to-EBITDA
ratio is likely to deteriorate to about 8x by March 31, 2024, from
1.4x on March 31, 2023.
"We expect Toshiba's financial profile to recover only moderately
over the next one to two years. We consider JIP to be a financial
sponsor that aims to maximize shareholder value by using high
financial leverage. Toshiba is likely to inject a fairly large
amount of funds from its cash flow into growth investments under
JIP's management, slowing debt reduction. Accordingly, we assume
the debt-to-EBITDA ratio will improve only to levels in the 7x-7.9x
range in the next one to two years. Considering these factors, we
assess Toshiba's financial policy, one of the modifiers for our
rating, as "FS-6" and the company's financial risk profile as
highly leveraged.
"We expect turmoil in Toshiba's management to come to an end
because the SPC will become the sole shareholder. The delisting of
Toshiba has removed activists from its management. In addition, the
company may not implement sizable shareholder returns after the
delisting. Accordingly, Toshiba may be able to secure financial
cushion slightly more easily than in the past. With this in mind,
we raised our assessment of Toshiba's management and governance by
one category to fair from weak.
"We expect the company's energy and infrastructure business, a
relatively stable segment in its portfolio, to underpin recovery in
companywide earnings over the medium term. Its hard disk drives
(HDDs) business for data centers has been affected by deterioration
of the market environment, but the energy and infrastructure
business is less susceptible to economic fluctuations because of
its relatively longer business cycle. This business generates more
than 50% of consolidated EBITDA. We believe the companywide EBITDA
margin will stay between 8% and 8.5% consistently in the next one
to two years. It was 8.2% in fiscal 2022.
"We also take into consideration the potential impact of the sale
of shares of Kioxia Holdings Corp. Toshiba holds about 40% of
Kioxia shares, the sale of which could partially ease its financial
burden. However, JIP's policy on holding the shares remains
unclear.
"Toshiba's liquidity is likely to deteriorate, in our view. The
company will prioritize growth investments under JIP's management,
and the fact that necessary working capital can be drawn from the
commitment line via the SPC supports liquidity. However, the
company has incurred a large burden of interest to be paid on debt
relating to the leveraged buyout. Furthermore, we believe Toshiba
has little financial cushion regarding covenants for the loan,
based on our base-case scenario. We therefore lowered our
assessment of the company's liquidity to less than adequate from
adequate.
"The stable outlook reflects our expectation for a consistent
recovery of companywide earnings in the next year or so. The
company's relatively stable energy and infrastructure business is
expected to underpin overall earnings, while the HDD business will
start to recover. The stable outlook is also based on our view that
the debt-to-EBITDA ratio will recover moderately."
S&P might consider downgrading Toshiba in the next year or so if it
sees a higher likelihood of any of the following scenarios:
-- Companywide EBITDA deteriorating materially due to performance
recovering more slowly than we assume or recurring costs mounting,
with EBITDA showing no signs of recovery;
-- Debt to EBITDA deteriorating materially as JIP takes on a more
aggressive financial policy and finances extensive growth
investments with debt; or,
-- Toshiba's market position and competitiveness in its core
business, including the energy and infrastructure business, falling
materially.
S&P will consider an upgrade if debt to EBITDA stays below 5x
consistently owing to earnings growth in its core businesses and
the sale of other business, and if it sees a likelihood of improved
liquidity.
Ratings Score Snapshot
Issuer credit rating: B+/Stable/B
Business risk: Fair
Country risk: Low risk
Industry risk: Intermediate risk
Competitive position: Fair
Financial risk: Highly leveraged
Cash flow/Leverage: Highly leveraged
Anchor: b
Modifiers:
Diversification/Portfolio effect: Neutral (no impact)
Capital structure: Neutral (no impact)
Financial policy: FS-6 (no impact)
Liquidity: Less than adequate (no impact)
Management and governance: Fair (no impact)
Comparable rating analysis: Positive (no impact)
=====================
N E W Z E A L A N D
=====================
OPUM TECHNOLOGIES: Founder and Receiver Clash Over Liquidation
--------------------------------------------------------------
BusinessDesk reports that a startup that uses artificial
intelligence to help people recover from knee injuries has been
placed into liquidation and a feud has broken out between its
founder and receivers, with both parties wanting an examination of
the events leading up to the company being placed into
receivership.
Opum Technologies went into receivership in July owing NZD2.5
million, and was placed into liquidation recently after receivers,
who sold the business for NZD950,000 in September, made an
application at the request of Opum's lenders.
The High Court at Auckland appointed Rees Logan and Andrew McKay of
BDO Auckland as the company's liquidators on Dec. 14, 2023.
On July 25, 2023, Tony Leonard Maginness and Jared Waiata Booth of
Baker Tilly Staples Rodway Auckland were appointed as receivers and
managers of Opum Technologies Limited.
=================
S I N G A P O R E
=================
BCP V EVERISE: Moody's Rates New $175MM First Lien Term Loan 'B3'
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to BCP V Everise
Acquisition LLC's ("Everise") proposed $175 million backed senior
secured first lien term loan A due 2029. All other ratings,
including the B3 corporate family rating, the B3-PD probability of
default rating and the existing B3 ratings of the backed senior
secured term loans B and backed senior secured revolvers are
unaffected at this time. The outlook is unchanged at stable.
Everise is a global provider of technology-enabled, omni-channel
customer management services primarily to healthcare and insurance
businesses.
The company initially marketed senior secured first lien credit
facilities consisting of a $90 million revolver and a $425 million
term loan B. Instead, the $425 million quantum of term loan debt is
expected to be split between a $175 million term loan A and a $250
million term loan B. Use of proceeds from the term loans remain
unchanged, and along with new cash equity from Warburg Pincus
International LLC and rollover equity from management and the
company's existing sponsor, Brookfield Asset Management Inc., will
be used to refinance existing debt, pay fees and expenses related
to the transaction and add cash to the balance sheet. The assigned
rating is subject to review of final documentation and no material
change to the size, terms and conditions of the transaction as
advised to Moody's.
RATINGS RATIONALE
Everise's B3 CFR benefits from strong organic revenue growth in
fast-growing verticals, including healthcare and insurance, and the
organic growth trajectory in revenue. In addition, EBITDA is
supported by the growth of the customer experience business process
outsourcing industry, good quality, successful and growing clients
that value Everise's ability to represent their brand culture to
customers and strong net promoter scores that ultimately support
high customer retention.
The company is pressured by high financial leverage, as expressed
by pro forma debt-to-EBITDA above 5x for the 12-month period ended
September 30, 2023, low barriers to entry for larger, global
players to replicate Everise's business strategy, small scale and
high customer concentration, with its top 10 customers accounting
for about 75% of 2022 revenue (but this risk is mitigated by the
fact that exposure to a single client is typically broken down
within each line of business into multiple contracts with different
decision-makers). The company's high concentration in the highly
regulated healthcare and insurance vertical leaves Everise
vulnerable to regulatory changes that could limit demand for its
services. Further credit challenges include the risk of more
aggressive financial strategies under financial sponsor ownership.
The stable outlook reflects Moody's expectation that Everise will
steadily increase margins and grow revenue by double-digit
percentages throughout 2024. The stable outlook also reflects
Moody's expectation that Everise will generate positive free cash
flow in the low single digit percentage relative to debt and
maintain at least adequate liquidity over the same period.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Everise's ratings could be upgraded if free cash flow to debt
approaches 5% and debt-to-EBITDA leverage is sustained below 5x
while maintaining stable margins, and if the company diversifies
its customer base and industry verticals.
The ratings could be downgraded if liquidity weakens which includes
sustained negative free cash flow, operating performance declines
materially due to major customer losses or other competitive
pressures, or if debt-to-EBITDA is sustained above 7x.
The principal methodology used in this rating was Business and
Consumer Services published in November 2021.
Everise, domiciled in Singapore but with a US-based headquarter and
management team, is a global provider of technology-enabled,
omni-channel customer management services primarily to healthcare
and insurance businesses. After transaction close, the company will
be majority owned by Brookfield Asset Management Inc. and Warburg
Pincus International LLC.
FINLYNC PRIVATE: Court to Hear Wind-Up Petition on Jan. 5
---------------------------------------------------------
A petition to wind up the operations of Finlync Private Limited
will be heard before the High Court of Singapore on Jan. 5, 2024,
at 10:00 a.m.
Luke Anthony Furler filed the petition against the company on Dec.
12, 2023.
The Petitioner's solicitors are:
August Law Corporation
12 Eu Tong Sen Street
#04-166, The Central
Singapore 059819
FOXCONN PRECISION: Creditors' Proofs of Debt Due on Jan. 29
-----------------------------------------------------------
Creditors of Foxconn Precision Imaging Pte. Ltd. are required to
file their proofs of debt by Jan. 29, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 19, 2023.
The company's liquidator is:
Wee Phui Gam
c/o 111 Somerset Road #13-33
Singapore 238164
GS METAL: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Dec. 15, 2023, to
wind up the operations of GS Metal Engineering Pte. Ltd.
Tech Onshore Mep-Prefabricators Pte. Ltd. filed the petition
against the company.
The company's liquidator is:
Seah Chee Wei (Xie Zhiwei)
c/o Rock Stevenson Ptd Ltd
60 Paya Lebar Road #08-05
Paya Lebar Square
Singapore 409051
KITCHEN CITY: Creditors' Proofs of Debt Due on Jan. 27
------------------------------------------------------
Creditors of Kitchen City Pte. Ltd. are required to file their
proofs of debt by Jan. 27, 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:
Mitani Masatoshi
c/o 10 Anson Road
#14-06 International Plaza
Singapore 079903
MINTEREST ELEVATE: Creditors' Proofs of Debt Due on Jan. 26
-----------------------------------------------------------
Creditors of Minterest Elevate Pte. Ltd. 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. 21, 2023.
The company's liquidators are:
Mr. Abuthahir Abdul Gafoor
Ms. Yessica Budiman
AAG Corporate Advisory
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
YELLOW STAR: Creditors' Proofs of Debt Due on Jan. 26
-----------------------------------------------------
Creditors of Yellow Star Investment 21 Pte. Ltd. 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. 22, 2023.
The company's liquidators are:
Mr. Paresh Jotangia
Ms. Ho May Kee
c/o Grant Thornton Singapore
8 Marina View, #40-04/05
Asia Square Tower 1
Singapore 018960
=====================
S O U T H K O R E A
=====================
TAEYOUNG ENGINEERING: Builder Files for Debt Workout
----------------------------------------------------
Yonhap News Agency reports that ailing builder Taeyoung Engineering
& Construction Co. applied for a debt-restructuring program Dec. 28
to tide over a cash crunch, raising concerns over troubled peers in
South Korea.
Taeyoung E&C submitted the application to its main creditor, the
state-run Korea Development Bank (KDB), after its board decided to
request a debt workout, the company said in a regulatory filing.
Yonhap relates that the company also promised to take self-help
measures, including the sale of affiliates and the contribution of
major shareholders' private fortunes.
Taeyoung E&C, the 16th largest builder in South Korea in terms of
construction capacity, has been suffering from a liquidity shortage
due to real estate project financing (PF) loans amid a slumping
property market, Yonhap says.
Yonhap notes that the builder was supposed to repay KRW48 billion
(US$37.2 million) in maturing PF loans to creditors on Dec. 28,
with its outstanding PF loans coming to KRW3.2 trillion.
By the end of this month, the construction company should pay back
some KRW400 billion in maturing PF loans, or loans based on future
cash flows from real estate development projects.
As of end-September, Taeyoung E&C's debts were estimated at around
KRW1.9 trillion with its debt-equity ratio reaching 479 percent,
Yonhap discloses.
A debt workout refers to an agreement between a borrower in default
and creditors to reschedule debts. Taeyoung E&C would go into a
debt workout should 75 percent of its creditors agree to the
program within two weeks.
A day earlier, a corporate restructuring act was reenacted, making
it easier for insolvent companies to begin an out-of-court debt
restructuring program, Yonhap notes.
The Corporate Restructuring Promotion Act was legislated in 2001
with a sunset provision after South Korea was hit by the 1997-98
Asian financial crisis and had been extended five times before
expiring last month.
Last year, Taeyoung E&C's sales stood at KRW2.6 trillion, compared
with KRW3.7 trillion in 2018, with operating income tumbling to
KRW91.5 billion from KRW458 billion, Yonhap discloses.
Taeyoung E&C is the construction arm of Taeyoung Group, the
country's 40th-biggest conglomerate that has major private TV
broadcaster SBS under its wing.
[*] SOUTH KOREA: 'Zombie' Firms Surge With Rising Interest Rates
----------------------------------------------------------------
Bloomberg News reports that South Korea's share of so-called zombie
companies jumped to a record in data going back more than a decade
as higher interest rates pushed more businesses beyond a key metric
for servicing their debts.
Zombie companies refer to firms unable to meet all their interest
payments from operating profit. Their share in the economy rose to
44.8 per cent in the first half, compared with 37 per cent at the
end of last year, the Bank of Korea (BOK) said on Dec. 28 in its
financial stability report, Bloomberg relays.
Bloomberg says zombie companies have to go beyond their operating
income to keep up with their debt repayments in the hope that
profitability will return someday. On Dec. 28, Taeyoung E&C, one of
South Korea's biggest developers, applied for creditor-led
restructuring, sending its shares tumbling at one point to the
lowest price since 2010.
According to Bloomberg, the rise of marginal companies underscores
the corporate-sector pain of an export slump that has lasted most
of this year and elevated borrowing costs as the central bank keeps
its benchmark rate restrictive to combat inflation.
Bloomberg relates that the BOK report separately showed South
Korea's ratio of corporate debt to gross domestic product reached a
record 125.6 per cent last quarter. That contrasted with the share
of household debt to GDP edging down to 101.4 per cent.
The BOK report showed that larger companies were faring better
overall, with 31 per cent of them suffering from an interest
coverage ratio of less than one, the bank said. About 59 per cent
of mid- and smaller-sized firms struggled to pay interest with
profit, it said. The number of zombies may decrease if exports
continue to recover and output improves.
While private-sector leverage remains high, the nation's overall
financial system remains stable, the central bank said. Authorities
should encourage companies to reduce their exposure to property
debt, it added, Bloomberg relays.
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
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