/raid1/www/Hosts/bankrupt/TCRAP_Public/240119.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, January 19, 2024, Vol. 27, No. 15
Headlines
A U S T R A L I A
BODY CATALYST: 26 Stores Placed Into Liquidation
COAST COMMUNITY: Second Creditors' Meeting Set for Jan. 24
FAT CONTROLLER: Second Creditors' Meeting Set for Jan. 23
L D CONCRETE: Second Creditors' Meeting Set for Jan. 24
PAPAYA FURNITURE: Closes Four Stores in Company Restructure
PGP GROUP: Saved From Collapse, Workers Owed AUD4 Million
ROXBY HARDWARE: Second Creditors' Meeting Set for Jan. 24
WAYWARD BREWING: Second Creditors' Meeting Set for Jan. 24
[*] AUSTRALIA: Notes Grim Standout in Insolvency Data for Builders
C H I N A
COUNTRY GARDEN: Pledges to Deliver More Than 480,000 Homes in 2024
COUNTRY GARDEN: To Exit From Australia with Resd. Project Sale
SUNAC CHINA: Says It's Met Restructuring Conditions
I N D I A
AKMB PROJECTS: CARE Lowers Rating on INR3.0cr LT Loan to B-
AMIT IRON: CARE Keeps D Debt Rating in Not Cooperating Category
AMRIT HUMIFRESH: CARE Keeps B Debt Rating in Not Cooperating
BAJRANG NIRMAN: CARE Keeps B Debt Rating in Not Cooperating
BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
BUENO GIG: Voluntary Liquidation Process Case Summary
CODEBLUE CLOTHING: Insolvency Resolution Process Case Summary
EMCEE ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
EVEREST SEA: CARE Keeps B+ Debt Rating in Not Cooperating Category
FAIRY FOOD: CARE Lowers Rating on INR7.97cr LT Loan to C
FORAM AGRI: CARE Assigns B+ Issuer Rating
GHOUSIA FOOD: CARE Lowers Rating on INR20.00cr LT Loan to C
HI REACH: CARE Keeps C Debt Rating in Not Cooperating Category
HILLSFOOD AGRO: CARE Keeps D Debt Ratings in Not Cooperating
HUHTAMAKI FOODSERVICE: CARE Lowers Rating on INR23.0cr Loan to C
INDIGO COLLECTIONS: CARE Keeps D Debt Ratings in Not Cooperating
JSM DEVCONS: Insolvency Resolution Process Case Summary
KANDAGIRI SPINNING: CARE Keeps D Debt Ratings in Not Cooperating
L G FIBRE: Insolvency Resolution Process Case Summary
MAHAVIR STEEL: CARE Lowers Rating on INR0.90cr LT Loan to B+
MARUTI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
MELLCON ENGINEERS: CARE Keeps B Debt Rating in Not Cooperating
MITTAL FILAMENTS: CARE Lowers Rating on INR10.90cr LT Loan to B
ORACLE POLYMER: CARE Keeps B- Debt Rating in Not Cooperating
PAC BIO: CARE Keeps D Debt Rating in Not Cooperating Category
PRAKASH STEELAGE: CARE Keeps D Debt Ratings in Not Cooperating
PRIYA LIMITED: Ind-Ra Keeps D Rating in NonCooperating
PROTOCOL MARINE: Liquidation Process Case Summary
RANCOM HEALTHCARE: Insolvency Resolution Process Case Summary
RAVI TEJA: CARE Keeps D Debt Rating in Not Cooperating Category
S.S. CONSTRUCTION: CARE Cuts Rating on INR89.50cr LT/ST Loan to D
SAGAR PULSES: CARE Lowers Rating on INR34.15cr LT Loan to B-
SAIBABA AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating
SAVALIA COTTON: CARE Keeps D Debt Ratings in Not Cooperating
SHARP CHUCKS: CARE Lowers Rating on INR6.53cr LT Loan to D
SHIVA INDUSTRIAL: CARE Lowers Rating on INR14cr LT/ST Loan to D
SHWETA HOUSING: Insolvency Resolution Process Case Summary
SPECK SYSTEMS: Liquidation Process Case Summary
SUKHMANI HOLIDAYS-INN: CARE Keeps D Debt Rating in Not Cooperating
UNITED HOTELS: CARE Keeps D Debt Rating in Not Cooperating
VERSANT ONLINE: CARE Keeps B- Debt Rating in Not Cooperating
VGP MARINE: Ind-Ra Hikes Term Loan Rating to BB+, Outlook Stable
VIKAS SILKS: Ind-Ra Keeps B+ Rating in NonCooperating
VISHWARAJ SUGAR: Ind-Ra Keeps BB Rating in NonCooperating
VRG INDUSTRIES: Ind-Ra Keeps B+ Rating in NonCooperating
N E W Z E A L A N D
BLACK ROBIN: Court to Hear Wind-Up Petition on Feb. 8
DELTA ROOFING: Court to Hear Wind-Up Petition on Feb. 8
NEW ZEALAND CARPENTRY: Court to Hear Wind-Up Petition on Feb. 26
POWERON LIMITED: Creditors' Proofs of Debt Due on Feb. 23
SUPREME BUILDING: Creditors' Proofs of Debt Due on Feb. 15
S I N G A P O R E
RICO 60: Court to Hear Wind-Up Petition on Feb. 2
RYOBI KISO: Creditors' Meetings Set for Feb. 1
SPICE CORNER: Court Enters Wind-Up Order
TIAN TIAN: Court Enters Wind-Up Order
TOPICAL TECHNOLOGY: Court to Hear Wind-Up Petition on Jan. 26
T H A I L A N D
ZIPMEX: SEC Considers Revoking License due to Liquidity Issues
- - - - -
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A U S T R A L I A
=================
BODY CATALYST: 26 Stores Placed Into Liquidation
------------------------------------------------
News.com.au reports that creditors have voted to plunge 26 clinics
in a struggling beauty chain into liquidation, while the fate of
the remaining 16 hangs in the balance.
Last month, news.com.au reported that Body Catalyst, a non-surgical
cosmetic medicine chain with clinics across NSW, Victoria and
Queensland, had appointed an administrator.
On Jan. 16, a meeting took place where creditors voted to place 26
clinics, which had all shut down prior to the administrator's
appointment, into liquidation.
Another meeting is scheduled for Jan. 23 where creditors will
decide whether the remaining stores can continue operating or
whether they too should shut down permanently.
According to news.com.au, the decision will affect 85 staff members
who are waiting to see if they will still have jobs by this time
next week.
Body Catalyst owes AUD5.3 million to unsecured creditors and a
further AUD3.2 million owed to secured creditors, the
administrators told news.com.au.
That comes in at a total of AUD8.5 million.
Body Catalyst founder and former CEO Samantha Barakat Light is
hopeful that the struggling cosmetic chain can scrape its way out
of financial trouble.
"We are confident in the new structure for Body Catalyst that's
being put to creditors next week," she told news.com.au.
"The Body Catalyst group has a strong foundation, loyal staff, and
supportive clients."
The beauty chain's administrator Alan Walker, from insolvency firm
WLP Restructuring, who is now also the liquidator of the defunct 26
stores, reiterated hopes to trade the group out of disaster.
A spokesperson for WLP Restructuring said by liquidating the 26
stores, this now lets them focus their attention on saving the
remainder, news.com.au relays.
A Deed of Company Arrangement (DOCA) has been proposed, which is
where a certain amount of money is paid to take the businesses out
of external administration and returned to the original director.
Under the DOCA, priority creditors - which staff would come under -
will receive 100c for every dollar owed while unsecured creditors
will get 3.2c.
The administrator estimates both groups of creditors will receive
"nil" if they instead place the stores in liquidation.
"To enable creditors to focus on the DoCA proposal, the
Administrators brought forward a meeting concerning 26 companies,
each representing a clinic that had already closed," a WLP
spokesperson told news.com.au.
At the meeting, "creditors voted to place these companies in
liquidation", they added.
COAST COMMUNITY: Second Creditors' Meeting Set for Jan. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Coast Community
Pty Ltd has been set for Jan. 24, 2024 at 11:30 a.m. at the offices
of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney.
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. 23, 2024 at 4:00 p.m.
Daniel Frisken and Liam Bailey of O'Brien Palmer were appointed as
administrators of the company on Aug. 30, 2023.
FAT CONTROLLER: Second Creditors' Meeting Set for Jan. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of Fat Controller
Club Pty Ltd has been set for Jan. 23, 2024 at 10:30 a.m. via
videoconference.
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. 22, 2024 at 10:30 a.m.
David Trim and Richard Albarran of Hall Chadwick were appointed as
administrators of the company on Dec. 19, 2023.
L D CONCRETE: Second Creditors' Meeting Set for Jan. 24
-------------------------------------------------------
A second meeting of creditors in the proceedings of L D Concrete
Construction Pty Ltd and Martz Earthworks Pty Ltd has been set for
Jan. 24, 2024 at 11:00 a.m. at the offices of Cor Cordis at Level
29, 360 Collins Street in Melbourne and via Microsoft Teams video
conference.
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. 23, 2024 at 5:00 p.m.
Sam Kaso of Cor Cordis was appointed as administrator of the
company on Dec. 8, 2023.
PAPAYA FURNITURE: Closes Four Stores in Company Restructure
-----------------------------------------------------------
News.com.au reports that an Australian homewares retailer is
shutting down "most of its stores" while an unknown number of staff
have likely been impacted.
Papaya Furniture has been in business for 30 years, headquartered
in Sydney, but announced it was closing four of its five
locations.
A clearance sale has been underway throughout the Christmas period,
with three stores and one showroom slated for the chopping block
early into the new year, news.com.au relates.
Its stores in Bondi, Birkenhead Point and Richmond will close,
along with the current showroom in Camperdown, which also doubles
as its head office.
"Everything must go," a company spokesperson said in a statement
provided to news.com.au.
They are opening a new showroom in Mosman.
Aside from that, there is one remaining warehouse in Granville in
Sydney's west that has been unaffected by the restructure.
According to news.com.au, Papaya's CEO, Robyn Connelly, said the
furniture business was restructuring by pivoting to ecommerce in a
move that would position the company "for the future".
"Previously unseen discounts, present an opportunity for legions of
Papaya fans (old and new) to purchase beautiful pieces of furniture
or homewares for all rooms of the home at a fraction of the normal
price," its press release read.
However, despite news.com.au's repeated requests for comment, a
Papaya representative did not respond to questions about what this
"restructure" meant for staff, including whether those employees at
the closing down stores will still have jobs.
Papaya launched in 1996 but appears to be joining a growing list of
a number of struggling retailers as discretionary spending closes
down.
PGP GROUP: Saved From Collapse, Workers Owed AUD4 Million
---------------------------------------------------------
ABC News reports that PGP Group Pty Ltd has been saved from
collapse after going into voluntary administration with debts of
AUD28 million.
According to the report, administrators have raised concerns about
the payroll practices of the company that owes seasonal workers
from the Pacific Islands AUD4 million.
PGP Group Australia was in about AUD28 million worth of debt when
it went into voluntary administration on October 30 last year.
PGP Group is a major Pacific Australia Labour Mobility (PALM)
scheme employer that supplies workers to dozens of regional and
rural locations in New South Wales, Queensland and South
Australia.
On December 12, the company, which operates under the name
Plantgrowpick, resumed trading after a deal was struck with 150
creditors, the ABC says.
Under the deal, the bulk of the company's biggest debt - a AUD12.8
million tax bill it was paying off incrementally - was waived, the
ABC relates.
The Australian Taxation Office (ATO) will only recover about
AUD380,000 in public money.
As of November 2023, PGP Group had about 1,200 workers on its
books, but administrator PwC's records showed that as of October
30, the company owed 2,412 employees a total of more than AUD4
million in unpaid entitlements, the ABC discloses.
Between July 1 and October 29 last year, the company accrued AUD3.3
million in unpaid superannuation and AUD700,000 in unpaid annual
leave.
According to the ABC, PGP Group managing director Adrian Knight
said employee entitlements would be "paid in full through a
creditors' trust".
In documents submitted to the Australian Securities and Investments
Commission (ASIC), PwC raised "concerns" PGP Group might have
"understated" the money it owed to its employees.
"We have concerns around the accuracy of the values of payroll and
related party receivables balances as of June 30 and September 30,
2023," the report to ASIC said. "We believe the value of employee
entitlements and statutory obligations as of June 30 and September
30, 2023 may be understated."
The ABC adds PwC did not examine the size of the potential
"understatement" but said "inaccuracies" could date back more than
two years.
ASIC filings show PGP Group's finance team was led by a chief
financial officer (CFO) who joined the company about halfway
through 2021.
"The CFO advised that, upon his commencement with the company, he
observed numerous inaccuracies in the company's financial records
which had particular impact [on] balance sheet items, including
payroll-related accounts," PwC said.
The ABC relates that Mr. Knight said the company knew of "no
long-term payroll issues".
"We're very comfortable that our financial statements are accurate
as of today," the report quotes Mr. Knight as saying.
"We're really moving forward post-administration to make sure that
we're providing many hundreds, if not thousands of jobs to Pacific
workers who need that employment and to help our customers and our
farmers."
There are more than 38,000 Pacific workers on the federal
government-run PALM scheme, which brings residents of Pacific
Island countries and Timor‑Leste to Australia to fill labour gaps
in rural and regional areas, the ABC notes.
The scheme has been massively expanded in the past 12 months and
its workers now make up about 10 per cent of Australia's
agricultural workforce.
ROXBY HARDWARE: Second Creditors' Meeting Set for Jan. 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of Roxby Hardware
Pty Ltd has been set for Jan. 24, 2024 at 12:00 p.m. via
teleconference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 22, 2024 at 5:00 p.m.
Matthew Ormsby and Stuart Otway of SV Partners were appointed as
administrators of the company on Dec. 10, 2023.
WAYWARD BREWING: Second Creditors' Meeting Set for Jan. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Wayward Brewing
Company Pty Ltd has been set for Jan. 24, 2024 at 12:00 p.m. by
Microsoft Teams.
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. 23, 2024 at 4:00 p.m.
Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of the company on Jan. 2, 2024.
[*] AUSTRALIA: Notes Grim Standout in Insolvency Data for Builders
------------------------------------------------------------------
SmartCompany reports that the number of business insolvencies
boomed in late 2023 and is poised to accelerate in 2024, official
data shows, but industry professionals said the growing use of the
small business restructuring scheme is a silver lining.
Data released by the Australian Securities and Investments
Commission (ASIC) on Jan. 16 shows 727 companies entered external
administration or control in December last year, a 16% jump from
December in 2022, SmartCompany discloses.
According to SmartCompany, currently 5,020 companies have collapsed
so far in the 2023-2024 financial year, setting a trajectory for
more than 10,000 by July - a figure that would eclipse the
2022-2023 total of 7,942.
If the increase continues, more companies will enter external
administration or control in 2023-2024 than in the pre-COVID
financial years of 2017, 2018, and 2019.
All signs point to this year's insolvency activity reaching its
pre-COVID peaks, said John Winter, CEO of the Australian
Restructuring Insolvency & Turnaround Association, according to
SmartCompany.
Struggling businesses temporarily propped up by COVID-19 support
measures are contributing to the recent collapses, he said.
"There were so many businesses that should have normally failed in
that period," the report quotes Mr. Winter as saying. "We often
talk about that long-term average of about 9,000 insolvencies a
year, and we're getting back to that."
SmartCompany says the end of generous commercial lease
arrangements, and firmer collection tactics from the Australian
Taxation Office (ATO), are now catching up with many hard-hit
businesses.
"You are going to see that continuing pressure," Mr. Winter
continued.
"Those businesses that weren't really viable during the full COVID
period are going to come out the other side . . . You do have to
play a game of catch-up."
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C H I N A
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COUNTRY GARDEN: Pledges to Deliver More Than 480,000 Homes in 2024
------------------------------------------------------------------
Caixin Global reports that Country Garden Holdings Co. Ltd. vowed
to deliver more than 480,000 homes in 2024, a more modest target
than 2023 after it failed to achieve its 700,000-unit goal last
year.
Caixin relates that the focus of 2024 is still to "guarantee
delivery, guarantee operation and guarantee credit," of which
delivery is the bottom line that Country Garden "must firmly hold,"
Chairwoman Yang Huiyan said at the developer's annual meeting on
Jan. 15.
Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.
The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.
Fitch has chosen to withdraw CGS' ratings for commercial reasons.
COUNTRY GARDEN: To Exit From Australia with Resd. Project Sale
--------------------------------------------------------------
Reuters reports that Country Garden has agreed to sell a stake in
an Australian residential project, the latest in a series of sales
which bring it closer to a complete exit from the country.
Australian subsidiary Risland had agreed to sell its partial
interest in most of the Wilton Greens development, some 330
hectares located about 65 km (40 miles) southwest of Sydney,
according to an undated statement reviewed by Reuters on Jan. 18.
"The divestment also allows Risland to rebalance its portfolio and
continue to seek new opportunities to operate in the important
Australian market," CEO Guotao Hu said in the statement.
Originally launched in 2019 as a AUD2 billion (US$1.31 billion)
development of 3,600 homes on the outskirts of Sydney, the project
has been plagued by delays and in October fewer than 50 homes were
under construction, according to Reuters.
China's biggest private property developer is among a long list of
developers facing a cash crunch since being hit by a debt crisis in
mid-2021.
The South China Morning Post reported the sale was to Avantaus for
$157 million, Reuters says.
Risland did not immediately respond to questions from Reuters about
the sale price or identity of the buyer. Avantaus did not
immediately respond to a request for comment.
According to Reuters, the sales outside China come as Country
Garden works on its offshore debt restructuring proposal, after
defaulting on $11 billion in bonds in October.
In October, the developer sold one of its last assets in Australia,
the Windermere residential site on the outskirts of Melbourne.
Country Garden said this week it has appointed KPMG Advisory
(China) Ltd as its principal financial adviser for its offshore
debt restructuring, adds Reuters.
Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.
The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.
Fitch has chosen to withdraw CGS' ratings for commercial reasons.
SUNAC CHINA: Says It's Met Restructuring Conditions
---------------------------------------------------
CNBC.com reports that shares of Sunac China surged on Jan. 16 after
the beleaguered Chinese property developer said it has started
executing its plans to overhaul its debt after satisfying
restructuring conditions.
According to CNBC.com, the restructuring involves a full discharge
and release of the Sunac's existing debt in exchange for the
issuance of the new notes.
Sunac's creditors approved its offshore debt restructuring plan in
September though which its debt would be exchanged into convertible
bonds backed by its Hong Kong-listed shares, along with new notes
with maturities of between two and nine years, CNBC.com recalls.
Late last month, China signaled support for property developers and
resolving local government debt problems.
The real estate sector is the biggest part of China's market and
has slumped amid massive developer defaults and sliding home sales,
the report notes.
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.
Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.
Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
21, 2023, Sunac China Holdings Limited sought creditor protection
in the United States under Chapter 15 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19.
U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15
proceedings.
Sidley Austin is the Legal Counsel to China Sunac.
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I N D I A
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AKMB PROJECTS: CARE Lowers Rating on INR3.0cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
AKMB Projects Private Limited (APPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 7.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 12,
2022, placed the rating(s) of APPL under the 'issuer
non-cooperating' category as APPL 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. APPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 28, 2023, November 7, 2023, November 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).
The ratings assigned to the bank facilities of APPL have been
revised on account of non-availability of requisite information.
The revision also factored in decline in scale of operations and
decrease in overall profit levels during past three years ended
FY23.
Kolkata based, AKMB Projects Private Limited (APPL) was
incorporated on May 21, 2010. Since its inception, APPL has been
engaged in civil construction business in the segments like railway
projects, construction of roads, bridges etc. The company procures
orders through tender and executes orders floated by the various
Govt. entities.
AMIT IRON: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Amit Iron
Private Limited (AIPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 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 22,
2022, placed the rating(s) of AIPL under the 'issuer
non-cooperating' category as AIPL 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. AIPL
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, January 5,
2024.
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).
AIPL, incorporated in 2002, is promoted by Mr. Amit Agarwal
(Executive Promoter-Director). AIPL is the exclusive authorised
distributor of HR coil & CR coil of Tata Steel Ltd. in West Bengal.
AIPL was merged with S K Industrial Corporation (proprietorship
firm set up in 1974 by Late Mr S K Agarwal) in 2005, which was also
in the same line of business.
AMRIT HUMIFRESH: CARE Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Amrit
Humifresh Preservation Private Limited (AHPPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 7,
2022, placed the rating(s) of AHPPL under the 'issuer
non-cooperating' category as AHPPL 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. AHPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 23, 2023, November 2,
2023, November 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).
Amrit Humifresh Preservation Private Limited (AHPPL) was set-up in
2000 and became operational in 2003. AHPPL is currently being
managed by Mr. Bal Krishan Gupta, Mrs. Geeta Aggarwal, Mr. Deepak
Aggarwal, Mr. Manish Aggarwal and Miss Amita Aggarwal. The company
is engaged in the business of providing space on rental basis in
the cold storage for storage of fruits, vegetables, dry fruits and
spices. Along with this the company also provides maintenance of
storage facilities like refrigerators, cold rooms and freezers. The
storage location of AHPPL is located in Sonipat, Haryana.
BAJRANG NIRMAN: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bajrang
Nirman Private Limited (BNPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 23,
2022, placed the rating(s) of BNPL under the 'issuer
non-cooperating' category as BNPL 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. BNPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 8, 2023, November 18, 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).
Lucknow, Uttar Pradesh based Bajrang Nirman Private Limited (BNPL)
was incorporated in January, 2006 as a private limited company by
Ms. Anju Singh, Mr. Vipin Singh and Ms. Anu Gupta. BNPL is mainly
engaged in road construction services. BNPL secures its major
portion of tenders through open bidding from Government of Uttar
Pradesh and Airport Authority of India.
BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Balaji
Industries (SBI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.63 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 December 22,
2022, placed the rating(s) of SBI under the 'issuer
non-cooperating' category as SBI 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. SBI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 7, 2023, November 17, 2023, November
27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SBI is a proprietorship concern, established in 2011 by Mr M R
Subrahmanyam. The firm is engaged in distillation of Solvents used
by petrochemical and other chemical manufacturing companies. In
FY15, SBI had a surplus of INR0.27 crore on a total operating
income of INR13.45 crore, as against PAT and TOI of INR0.27 crore
and INR7.78 crore, respectively, in FY14.
BUENO GIG: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Bueno Gig Finance Private Limited
Plot No - 745, 2nd Floor, Udyog Vihar - V,
Gurgaon, Gurugram, Haryana, India 122016
Liquidation Commencement Date: December 22, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Rashmi Gangwal
Plot No. 47/A, CTS No. 15061, Above Raj Traders,
Sindhi Colony, Jalna Road, Mondha Naka Signal,
Shop No. 47, Sindhi Samaj Complex, Aurangabad,
Maharashtra - 431001
Email: ip.buenogig@gmail.com
Tel No: +91 9422214071
Last date for
submission of claims: January 21, 2024
CODEBLUE CLOTHING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Codeblue Clothing Private Limited
Office Address:
124, Sector-28, Noida,
Uttar Pradesh-248001
Also at:
H-35, LGF, Sector-63,
Noida-201307, Uttar Pradesh
Insolvency Commencement Date: December 21, 2023
Estimated date of closure of
insolvency resolution process: June 21, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Arunava Sikdar
RRR Insolvency Service Experts
LLP C-10, LGF, Lajpat Nagar Part III,
New Delhi- 110024
Email: asikdar1990@gmail.com
Email: cirp.codeblue@gmail.com
Last date for
submission of claims: January 4, 2024
EMCEE ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Emcee
Engineering Works (EEW) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.03 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.00 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 December 8,
2022, placed the rating(s) of EEW under the 'issuer
non-cooperating' category as EEW 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. EEW
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 24, 2023, November 3, 2023, November 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).
Emcee Engineering Works (EEW) was converted into proprietorship
concern in 1980 after the exit of Mr. K. Shanmugasundaram. In 1985,
EEW forayed into fabrication of heavy box, column, beam, auto
welding etc. (on job work) which are used in boiler manufacturing.
From 2005, the firm started fabrication of pressure parts
components such as water wall panel, coils, header, piping, loose
bends etc. required for boilers. In 2008, the firm commenced its
second unit in Mandaiyur Village, Pudukottai, and Tamil Nadu for
producing similar boiler components for BHEL.
EVEREST SEA: CARE Keeps B+ Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Everest
Sea Foods Exports Private Limited (ESFEPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.33 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.15 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 30,
2022, placed the rating(s) of ESFEPL under the 'issuer
non-cooperating' category as ESFEPL 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. ESFEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 16, 2023, October 26,
2023, November 5, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Everest Sea Foods Exports Private Limited (ESFEPL) was incorporated
in February 2013. The company is promoted by Mr Sanjay K Jaokar, Mr
Haneef Machiwala and Mr Anand Putran who has more than three
decades of experience in the sea food industry. The company is
engaged in processing, packing and exporting of marine products
with an installed capacity of 40MT per day located at Mangalore.
The Product profile of the company includes varieties of 'whole
fish' including Ribbon fish, Indian Mackeral, Seer fish/King fish,
Tuna, Snappers, Reef cod, Croaker, Cat fish, Sardine, Pomfret fish,
Lizard fish, Cuttle fish, Squids and Shrimps among other varieties
of fish. The company sales its products under the brand name of
"Everest".
FAIRY FOOD: CARE Lowers Rating on INR7.97cr LT Loan to C
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Fairy Food Products Private Limited (FFPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.97 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Short Term Bank 41.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 29,
2022, placed the rating(s) of FFPPL under the 'issuer
non-cooperating' category as FFPPL 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. FFPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 15, 2023, October 25,
2023, November 4, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of FFPPL have been
revised on account of non-availability of requisite information.
The ratings further consider reported net losses, leveraged capital
structure and debt coverage indicators during FY22 over FY21.
Incorporated in 1983, Bengaluru-based, FFPPL was promoted by Mr.
Syed Mateen Aga, Mr. Syed Tanzeem Aga, Mrs. Shahida Mateen Aga and
Mr. Syed Tanzil Aga. The company is engaged in processing of mango
pulp, papaya pulp, guava pulp and pine apple pulp. The company
procures its entire raw material (fruits) from the local market
i.e., from local farmers and dealers. FFPPL sells its products
under the brand name Fairy both in domestic market (across Andhra
Pradesh, Maharashtra, Chennai, Kerala, Mumbai and Karnataka states)
and also exports-90% to Saudi Arabia, U.A.E and Yemen Arab
Republic. 80% of the revenue was generated through sale of mango
pulp during FY13-FY15. FFPPL is an ISO 9001:2000 and Hazard
Analysis and Critical control Point (HACCP) certified company which
gives high preference to quality standards and Food safety.
FORAM AGRI: CARE Assigns B+ Issuer Rating
-----------------------------------------
CARE Ratings has assigned rating to the bank facilities of Foram
Agri Export Private Limited (FAEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer rating - CARE B+; Stable Assigned
Rationale and key rating drivers
The rating assigned to FAEPL is constrained on account of short
track record of its operations with thin profitability and its
moderate scale of operations with concentrated product portfolio.
The rating also factors in its presence in a highly fragmented and
competitive agro-commodity industry and its exposure to risk of
adverse climatic conditions and regulatory requirements. However,
the rating derive strength from experience of its promoters,
established and reputed customer base and comfortable capital
structure.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Sustaining scale of operations marked by total operating income
(TOI) with maintaining PAT margin of above 0.5% on sustained
basis.
* Improvement in Net worth above INR5 crore
Negative factors
* Decline in profitability marked by PBILDT margins below current
level
* Deterioration in overall gearing marked by overall gearing of
above 2x on sustained basis
Analytical approach: Standalone
Outlook: Stable
The stable outlook reflects CARE Ratings Limited's (CARE Ratings)
expectation of FAEPL sustaining its financial risk profile in
medium term with maintaining relationship with the reputed customer
base.
Detailed description of the key rating drivers:
Key weaknesses
* Short track record of operations and thin profitability:
Incorporated in May 2023, FAEPL is engaged in the business of agro
commodity trading. Earlier the business was operated through Foram
Agri Export (FAE), a proprietorship firm of Mrs. Foram Tanna,
managed by Mrs. Foram and Mr. Bhavik Tanna, which was established
in 2019 reflecting short track record of operations. FAEPL procures
goods through agents or small traders and also sells through agents
catering to the demand of Gujarat through road route and Kerala and
Tamil Nadu through sea route. Thus, dealing through agents from
both buying and selling side, trading nature of its business,
fright costs, higher cash discounts during growing phase of its
operations and adverse government regulations restricts
profitability of FAEPL. Hence, profitability remained thin, and
fluctuating marked by PBILDT margins of 0.10%-1.5% over the past
five years. However, ROCE and RONW remained healthy at 125.31% and
57.79% respectively in FY23 and also average ROCE and RONW remained
healthy at 33.22% and 24.32% respectively over the past five years
ended FY23.
* Presence in a highly fragmented and competitive agro-commodity
industry: The agro-commodity trading market is highly fragmented
with several organized and large number of unorganized players in
the industry. The presence of large and small industry players with
changing demand and supply scenario in different geographies have
resulted in an increased competition within the agro-commodity
trading market in India and worldwide. Furthermore, the
agro-commodity markets are vulnerable to changing global climatic
and economic cycles.
* Moderate scale of operations with concentrated product portfolio:
Incorporated in May 2023 and commenced its operations in August
2023, FAEPL achieved TOI of INR83.00 crore in four months (till
December 06, 2023). Earlier the business was operated under FAE, a
proprietorship firm. FAE has registered TOI of INR53.75 crore till
July 31, 2023. However, scale of operations remained moderate with
limited geographical presence. In FY23, TOI remained at INR292.89
crore as against TOI of INR280.56 crore in FY22. Further, CARE
Ratings expects lower TOI in FY24 than TOI for FY23 by 33% on y-o-y
basis with decrease in expected sales realisation and revenue loss
during transition period. Further, addition in reputed customer
base and repeated orders from the existing customer would
contribute to increase in revenue going forward. Furthermore, FAEPL
derives more than 50% of its TOI from wheat trading reflecting
concentrated product portfolio.
* Exposure to risk of adverse climatic conditions and regulatory
requirements: FAEPL procures agro commodities on PAN India basis
with major purchase from Gujarat, Madhya Pradesh, Rajasthan and
Uttar Pradesh. Hence, operations remain exposed to any adverse agro
climatic conditions like high temperature, high rain, etc. in these
states. Imposition of any export duty or price ceiling or ban on
export or increase in MSP or decrease in stock holding limit or
sell or purchase of agro commodity (especially wheat) by the
government in the open market may impact the supply and prices
wheat impacting operations of FAEPL. India banned exports of wheat
in May 2022 which remained continue in current year as well to
meet demand of domestic market. Further, the central Government of
India (GOI), every year decides a minimum support price of wheat
which limits the bargaining power of traders over the farmers. The
sale of wheat in the open market is also regulated by the
government through maximum stock holding limits etc. Due to the
above said regulations along with the intense competition, the
bargaining power of the wheat traders against the suppliers and the
customers is limited.
Key strengths
* Experienced promoters: FAEPL is promoted by Tanna family, viz
Bhavik Tanna and his wife, Foram Tanna. Bhavik Tanna, promoter and
MD, has a decade of experience in the agro commodity industry
through its family business in the same industry in the name of
'Jay Ambe Enterprise' and proprietorship firm of his wife, 'FAE'.
He will look after overall business of the company. Further, he is
supported by his wife and tier II staff. Good market understanding
and established relationship with reputed customers and government
would benefit the company grow in long run.
* Established and reputed customer base: FAEPL has established
relationship with reputed customers through FAE and continues to
maintain the relationship with customers like Reliance Retails
Limited, ITC Limited, Louis Dreyfus Company India Private Limited,
Gokul Agro Resource Limited, Cargill India Private Limited,
Kovilpatti Lakshmi Roller Flour Mills Limited, etc. However, its
top 10 customers constitute more than 50% of its TOI reflecting
concentrated customer base. Further, FAEPL's procurement network
includes 30+ agents in Gujarat and has its presence across India
with major sales in Gujarat, Kerala, Tamil Nadu etc.
* Comfortable capital structure: As on December 06, 2023, FAEPL's
capital structure remained comfortable marked by overall gearing of
0.39x. FAEPL's total debt as on December 6, 2023, includes USL from
directors of INR0.10 crore which they brought in the business to
finance working capital requirements in initial phase of the
company. However, FAEPL has not availed any loan from banks/
financial institutions. Further, any working capital requirements
would be funded through infusion of USL from directors in near
term.
Liquidity: Stretched
Liquidity of FAEPL remained stretched marked by low cash accruals
and low cash and bank balance with no CC limits limiting its
financial flexibility in case of any exigency. As on December 06,
2023, cash and bank balance stood low at INR0.003 crore. FAEPL is
expected to generate GCA of INR0.20 crore as against it has no
scheduled repayment obligations with no long-term debt. Further,
liquidity ratios of FAE remained moderate marked by current ratio
of 0.99x as on March 31, 2023.
FAEPL generally sells goods on an order basis with no inventory on
hand and provide credit of around 15-30 days to customers
(including transit days) as against it get credit of 20-30 days
resulting in lean or negative working capital cycle.
Rajkot (Gujarat) based FAEPL is incorporated in May 2023 and
commenced operations from August 2023. It is engaged in the
business of trading of agro commodities such as wheat, bajra,
chana, soyabean seeds, sesame seeds with major focus on wheat
trading etc. Earlier operations were managed through Foram Agri
Export (FAE), a proprietorship firm in the name of Mrs. Foram
Tanna, managed by both Mrs. Foram and Mr. Bhavik Tanna. FAE was
established in 2019. The entity sells goods to reputed customers
which either export or use it for domestic purposes.
GHOUSIA FOOD: CARE Lowers Rating on INR20.00cr LT Loan to C
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ghousia Food Products Private Limited (GFPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Short Term Bank 12.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 30,
2022, placed the rating(s) of GFPPL under the 'issuer
non-cooperating' category as GFPPL 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. GFPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 16, 2023, October 26,
2023, November 5, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of GFPPL have been
revised on account of non-availability of requisite information.
Ghousia Food Products Private Limited (GFPPL) is a Karnataka based
company, which was incorporated in 2015 and promoted by Mr. Syed
Salauddin Aga, Mr. Syed Misbauddin Aga and Mr. Syed Talha Aga as a
Private Limited Company. The operations of the company were started
partly in December 2015 however the entire operations of the
company started in April 2016. The company is engaged in processing
of various fruit pulp concentrates mainly mango, guava, pineapple,
papaya etc.
HI REACH: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hi Reach
Construction Equipments Private Limited (HRCEPL) continue 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
Short Term Bank 0.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 9,
2022, placed the rating(s) of HRCEPL under the 'issuer
non-cooperating' category as HRCEPL 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.
HRCEPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated October 25, 2023, November 4, 2023, November 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).
HRCEPL was incorporated in September 1992 by Mr Sanjay Mohan Kaul
and started commercial operations in October 1992. HRCEPL is
engaged in the manufacturing of scaffoldings items which find its
application in the construction industry. The company has two
manufacturing plants which are located at Sahibabad, Uttar Pradesh,
and Alwar, Rajasthan. The company is also engaged into
manufacturing and retailing store of home furnishing, women
apparels and accessories such as leather bag, artificial jewellery,
etc, under the brand name of 'Indian August' in Noida, Uttar
Pradesh.
HILLSFOOD AGRO: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hillsfood
Agro Beverages Private Limited (HABPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.96 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.30 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 30,
2022, placed the rating(s) of HABPL under the 'issuer
non-cooperating' category as HABPL 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. HABPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 16, 2023, October 26,
2023, November 5, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Hillsfood Agro Beverages Private Limited (HABPL) was incorporated
in August, 2013 and is currently being managed by Mr. Pradeep Kumar
Gupta and Mr Anuj Kumar Jindal. HABPL has set up a fruit juice
processing unit at Baddi, Himachal Pradesh with an installed
capacity of about 13,500 Kilo litres of juice per annum as on March
31, 2017. The company started commercial operations in April-2015.
The company sells its products viz mango juice, apple juice, mixed
juice etc under the brand name 'Juicewala' to various wholesalers
and retailers located in different states of India through its
network of super stockiest (15).
HUHTAMAKI FOODSERVICE: CARE Lowers Rating on INR23.0cr Loan to C
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Huhtamaki Foodservice Packaging India Private Limited (HFPIPL),
as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 13,
2022, placed the rating(s) of HFPIPL under the 'issuer
non-cooperating' category as HFPIPL 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. HFPIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 29, 2023, November 8,
2023, November 18, 2023, January 8, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. Further the rating revision also considers
continued losses reported by the company over the last three years
ended March 31, 2023 and auditor's qualification about irregularity
in repayment of loan availed from holding company as recognized
from publicly available information i.e. FY22 and FY23 annual
report available from ROC Filings.
Huhtamaki Foodservice Packaging India Pvt. Ltd (erstwhile known as
Valpack Solutions Private Limited (VSPL), incorporated in 2012 by
Mr. Vaibhav Garg and Mr. Param Gandhi, is engaged in the
manufacturing of paper products such as cups, buckets and lids
which find its applications in Food & beverages (F&B), FMCG,
Hospitality and other industries. HFP has its manufacturing
facility located at Bhiwandi, Maharashtra.
INDIGO COLLECTIONS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Indigo
Collections Private Limited (ICPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.50 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 December 23,
2022, placed the rating(s) of ICPL under the 'issuer
non-cooperating' category as ICPL 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. ICPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 8, 2023, November 18, 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).
Delhi based, Indigo Collections Private Limited (ICPL) was
incorporated on February 2, 2005; however, started its commercial
operations in April, 2008. ICPL is currently being managed by Mrs.
Upma Chandra, Mr. Manish K. Kochar, Mr. Ravinder Singh and Mrs.
Seema Ghai with the help of qualified management. The company is a
manufacturer and exporter of readymade garments for ladies and
children such as tops, blouses, pants, shirts etc. The
manufacturing facility is located in Gurgaon, Haryana.
JSM DEVCONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: JSM Devcons India Private Limited
306, Orbit Mall, Scheme No. 54
Plot No. 305-306, A.B. Road, Indore,
Madhya Pradesh, India, 452001
Insolvency Commencement Date: April 12, 2019
Estimated date of closure of
insolvency resolution process: March 3, 2024
Court: National Company Law Tribunal, Indore Bench
Insolvency
Professional: Chaya Gupta
1, Bima Nagar, 202, Almas Dreams Apartment,
Near Anand Bazaar, Indore- 452018, MP
Email: guptachayacs@gmail.com
911, Apollo Premier, Near Vijay Nagar Square,
Indore-452010 MP
Email: jsmdevcons.rp@gmail.com
Representatives of
creditors in a class:
Ms. Neha Firoda
Mr. Nandish Vin
Ms. Jeena Agarawal
Last date for
submission of claims: December 16, 2023
KANDAGIRI SPINNING: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kandagiri
Spinning Mills Limited (KSM) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.85 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
Fixed Deposit 14.01 CARE D; ISSUER NOT COOPERATING
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 ratings of KSM under the issuer non cooperating
category as the company has not paid the surveillance fees for the
rating exercise as agreed in its rating agreement. KSM continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
December 13, 2023. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which, however, in CARE's opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating takes into account the past delays in servicing of the
debt obligations and weak financial performance of the company.
Analytical Approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers
At the time of last rating on November 18, 2022 the following were
the rating strength and weakness (updated for the information
available from stock exchange):
Key Weakness
* Weak financial performance: The operating income continues to be
weak at INR4.48 crore in FY23 albeit improved from INR3.19 crore in
FY22. The company reported profit after tax of INR1.53 crore (PY:
INR0.29 crore) in FY23.
Kandagiri Spinning Mills Ltd (KSML) is part of Salem (Tamil Nadu)
based "Sambandam Group" and was engaged in textile spinning with an
aggregate capacity of 27,296 spindles till March 31, 2019 spread
among two units which could produce around 25 Tons of Yarn per day.
However, during FY20, the company has sold the spinning plant and
machinery and ceased the yarn production activity and has let out
the immovable property for lease and the company receives the lease
rent receivables as its income.
L G FIBRE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: L G Fibre Private Limited
G-19, Basement, Sarthi Avenue,
Behind Satellite Police Station,
Satellite, Ahmedabad GJ 380015
Insolvency Commencement Date: December 21, 2023
Estimated date of closure of
insolvency resolution process: June 18, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Mr. Rahul Nareshbhai Shah
20, Sudershan Society, Part 2,
Near Naranpura Bus Stop,
Naranpura, Ahmadabad, Gujarat-380014
E-mail: carahulnshah@gmail.com
Shop No. 6, Samprati Residency,
Opp Paliyadnagar AMC Garden,
Naranpura, Ahmadabad, Gujarat 380014
Email: cirp.lgfibre2gmail.com
Last date for
submission of claims: January 6, 2024
MAHAVIR STEEL: CARE Lowers Rating on INR0.90cr LT Loan to B+
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mahavir Steel Industries Limited (MSIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.90 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 15,
2022, placed the rating(s) of MSIL under the 'issuer
non-cooperating' category as MSIL 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. MSIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 31, 2023, November 10, 2023, November
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).
The ratings have been revised on account of non-availability of
requisite information. Further, the revision considers the decline
in scale of operations and profitability and increase in total debt
in FY23 compared to FY22 and FY21.
MSIL is a Pune-based steel rolling mill which was established as a
partnership firm by Mr. D. K. Raniwala and his sons in 1968. The
entity was converted to a Private Limited Company in 1979 and
subsequently to a Public Limited Company in 1981. MSIL is engaged
in the manufacture of mild steel (MS) channels, angles, I-beams,
H-beams, flats, RSJ (rolled steel joists) poles and round and
square bars. The company operates out of its manufacturing
facilities based at Yavat on the Pune-Solapur road.
MARUTI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maruti
Enterprises (Hajipur) (ME) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.25 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 6.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 21,
2022, placed the rating(s) of ME under the 'issuer non-cooperating'
category as ME 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. ME continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 6, 2023, November 16, 2023, November 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).
Maruti Enterprises (ME) was established in 1986 as a partnership
firm. Currently the firm is managed by four partners namely, Mrs.
Vinita Sinha, Mr. Niket Kumar Sinha, Mr. Abhishek Kumar and Mr.
Amit Kumar. The registered office of the firm is situated at
Vaishali, Bihar. Since its inception, the firm has been engaged in
civil construction business in the segments like construction of
road, bridges etc.
MELLCON ENGINEERS: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mellcon
Engineers Private Limited (MEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 6,
2022, placed the rating(s) of MEPL under the 'issuer
non-cooperating' category as MEPL 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. MEPL
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).
New Delhi based, Mellcon Engineers Private Limited was incorporated
on January 15, 1986 by Mr. Rajesh Kalia and Mrs. Neena Kalia. The
company is engaged in the manufacturing of compressed air/gas
dryers, refrigeration systems, nitrogen plants, CO2 tank with
inertization system, PSA nitrogen gas generator, recovery systems,
water/ air cooled chillers, storage tanks for
refrigerant R410a and R600a, etc. with environment friendly
process.
MITTAL FILAMENTS: CARE Lowers Rating on INR10.90cr LT Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mittal Filaments Private Limited (MFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.90 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Short Term Bank 0.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 30,
2022, placed the rating(s) of MFPL under the 'issuer
non-cooperating' category as MFPL 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. MFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 16, 2023, October 26, 2023, November 5,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MFPL have been
revised on account of non-availability of requisite information.
Surat (Gujarat) based, MFPL was incorporated as a private limited
company in December, 1998 by Mr. Madanlal Mittal, Mr. Prag Mittal
and Mr. Vikas Mittal. In the year 2007, Mr. Vikas Mittal resigned
and Mr. Anup Mittal & Mrs. Shilpa Mittal have joined the company.
Earlier, the company was in the business of manufacturing of
polyester yarn and the same was discontinued in April, 2013.
Subsequently the company undertook a project for manufacturing
jacquard fabric which finds application in curtains, bed sheets,
saris, dress material etc. and installed 12 jacquard looms with an
installed capacity of 11.60 lakh meters per annum. The commercial
production from the installed machinery was started from November,
2013. During H1FY16, MFPL decided to increase its product portfolio
and implemented a project of installing 6 tricot knitting machines
with an installed capacity of 3.28 lakh Kilo Gram per annum which
finds its application in curtains, intimate apparel, sports apparel
etc.
ORACLE POLYMER: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Oracle
Polymer Industries Private Limited (OPIPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.34 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.10 CARE A4; ISSUER NOT
Facilities COOPERATING; 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 OPIPL under the 'issuer
non-cooperating' category as OPIPL 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. OPIPL 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).
Telangana based, Oracle Polymer Industries Private Limited (OPIPL)
was incorporated on 16 November, 2012, promoted by Mr. Venugopal
Reddy and his family members. The company is engaged into
manufacturing of Non-woven fabric. The manufacturing unit of the
company is situated in Kothur Village, Mahaboobnagar Dist., and
Telangana covering the area of 0.8 acres. It has 7 branches for
distribution of the final product, located in the states of
Karnataka, Andhra Pradesh, Tamil Nadu and Telangana among others.
The major raw material used by the company is poly propylene,
master batch fillers and master batch colors and these are
purchased from the local market situated in and around
Mahaboobnagar Dist. (Telangana). The installed production capacity
of the company is 3000 MT per annum; however, the actual utilized
capacity is 2400 MT per annum.
PAC BIO: CARE Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pac Bio
Fungbact Private Limited (PBFPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 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 28,
2022, placed the rating(s) of PBFPL under the 'issuer
non-cooperating' category as PBFPL 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. PBFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 14, 2023, October 24,
2023, November 3, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Surat-based (Gujarat) "Pac Bio Fungbact Private Limited" (PBFPL)
was incorporated on January 21, 2010; while the manufacturing
operations commenced from May, 2012. PBFPL is promoted by Mr.
Babubhai Chhagandas Patel, Mr. Devendra Babulal Patel, Mrs. Ektaben
Devendra Patel and Mrs. Hemlata Babubhai Patel. PBFPL is mainly
into business of manufacturing of bio fertilizers, micro nutrients,
organic fertilizer, banana plants through tissue culture etc. which
finds application largely in agriculture industry. Further, it also
manufactures enzymes used in detergents. The overall operations are
being managed by Mr. Babubhai Chhagandas Patel and Mr. Devendra
Babulal Patel, who carry an extensive experience in the same line
of business. The raw materials used by PBFPL include mother culture
bacteria, PET bottles, chemical nutrients etc. Manufacturing
facilities of PBFPL is located at Bardoli, Surat (Gujarat) with an
installed capacity of 38,40,000 litres per annum of
Bio-fertilizers, 39,42,000 kg per annum of Bio Pesticides,
36,50,000 litres per annum of Micro nutrients (liquid form),
36,50,000 Kg per annum of Micro nutrients (powdered form),
1,00,00,000 Kg per annum of compost and 22,00,000 no. of plants per
annum of Banana plant through tissue culture.
PRAKASH STEELAGE: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prakash
Steelage Limited (PSL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 150.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 70.00 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 26,
2022, placed the rating(s) of PSL under the 'issuer
non-cooperating' category as PSL 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. PSL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 11, 2023, September 21, 2023, October
1, 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).
Prakash Steelage Limited (PSL) [ISIN: INE696K01024], incorporated
on May 9, 1991, was converted into a public limited company on
August 12, 1997 and was listed in August 2010. PSL started its
business with trading in the stainless steel (SS) sheets, coils,
plates and scrap. The company now is engaged in the manufacturing
of stainless steel (seamless and welded) pipes and tubes and trades
into stainless steel sheets and coils. The company products are
used in heat exchanger, evaporators, heating elements, fluid
piping, pumps, valves, condensers and in many other instrumentation
equipments. The company exports its products to several countries,
such as USA, UAE, South Africa, European countries, Canada,
Singapore, Saudi Arabia, Turkey, Vietnam, etc.
PRIYA LIMITED: Ind-Ra Keeps D Rating in NonCooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Priya Limited's
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The detailed rating actions are:
-- INR210 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR210 mil. Non-Fund Based Working Capital Limit maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Company Profile
Set up in 1986, Priya is engaged in the trading and distribution of
electronic products. The company is also involved in customer-based
software development.
PROTOCOL MARINE: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Protocol Marine Services Private Limited
1502/A, 15th Floor Universal Magestic,
P.L. Lokhande Marg, Chembur (W), Mumbai City,
Mumbai, Maharashtra, India, 400043
Liquidation Commencement Date: December 4, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Harish Kant Kaushik
1904, Sapphire, Regency Towers, Kavesar,
Ghodbundar Rd, Thane(W),
Thane, MH - 400615
Email: harishkant2007@gmail.com
106, 1st Floor, Kanakia Atrium 2, Cross Road A,
Behind Courtyard Marriot
Chakala, Andheri East, Mumbai - 400093
Email: protocolmarine.cirp@gmail.com
Email: harishkant2007@gmail.com
Last date for
submission of claims: January 15, 2024
RANCOM HEALTHCARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Rancom Healthcare Private Limited
1st Floor Block-D, E-101 Phase 2 Transport Nagar,
Lucknow, Lucknow, Uttar Pradesh,
India, 226012 (As per MCA Portal)
Insolvency Commencement Date: December 21, 2023
Estimated date of closure of
insolvency resolution process: June 18, 2024 (180 Days)
Court: National Company Law Tribunal, Allahabad Bench
Insolvency
Professional: Rajeev Ranjan Singh
Flat No. 14049, 16 Avenue, Gaur City-2,
Greater Noida West,
Gautam Buddha Nagar, Uttar Pradesh - 201310
Email: ip.rajeevsingh@gmail.com
532, 5th Floor, Somdatt Chamber-II,
Bhikaji Cama Place, New Delhi-110066
Email: ibc.rancom@gmail.com
Last date for
submission of claims: January 4, 2024
RAVI TEJA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ravi Teja
Textiles (RTT) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.82 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 December 22,
2022, placed the rating(s) of RTT under the 'issuer
non-cooperating' category as RTT 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. RTT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 7, 2023, November 17, 2023, November
27, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ravi Teja Textiles (RTT) was established as a proprietorship
concern by Mr. D. Sarveswara Rao in the year 1990. The firm is
engaged in the trading of sarees and ladies dress materials. The
firm has two showrooms, one located in Ongole while the other
located in Piduguralla, Andhra Pradesh. While the showroom in
Ongole has been operating since 1990, the new showroom in
Piduguralla was started during the end of FY14. In FY15, RTT had a
surplus of INR0.13 crore on a total operating income of INR12.60
crore, as against PAT and TOI of INR0.12 crore and INR8.46 crore,
respectively, in FY14.
S.S. CONSTRUCTION: CARE Cuts Rating on INR89.50cr LT/ST Loan to D
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
S.S. Construction Company, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 32.12 CARE D; Revised from CARE BB;
Facilities Stable
Long Term/
Short Term
Bank Facilities 89.50 CARE D/CARE D Revised from
CARE BB; Stable/CARE A4+
Rationale and key rating drivers
The revision in the rating assigned to the bank facilities of S.S.
Construction Company takes into consideration delay in repayment of
its term debt obligations.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Timely track record of debt servicing obligations and improvement
in liquidity position
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers:
Key weaknesses
* Delay in debt servicing: There have been multiple instances of
delay in servicing GECL (Guarantee Emergency Credit Line)
instalments in the recent past owing to insufficient funds in the
bank accounts of the firm. The said delay was regularised in next
1-2 days.
Liquidity: Stretched
The liquidity position of the firm remained stretched characterized
by delay in repayment of its term debt obligations during February
2023 and September 2023 owing to insufficient funds. The average
working capital utilization for the past twelve months remains
around 80%.
S.S. Construction Company (SSC) was established as a proprietorship
firm by Mr Satish Suri in November 1982. The firm is engaged in the
civil construction work mainly involving construction of buildings
for hospitals, multiplexes, 5-star hotels, shopping complexes,
malls, etc. The firm mainly executes contracts in the states of
Punjab, Haryana, Delhi, and NCR region. The orders undertaken by
the firm are secured through the competitive bidding process. Some
of the firm's major customers for which it has executed contracts
are M3M, Max hospital, Oberoi Hotel, Fortis Hospital, Bharti
Airtel, Godrej etc.
SAGAR PULSES: CARE Lowers Rating on INR34.15cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sagar Pulses Private Limited (SPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 34.15 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 17,
2022, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL 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. SPPL
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, January 8,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SPPL have been
revised on account of non-availability of requisite information.
SPPL based out of Madhya Pardesh was incorporated in 2013 as a
private limited company by Malpani family. SPPL has a dall
processing mill with an installed capacity of 100 tonne per day and
is engaged in the processing and trading of various types of pulses
such as Chana, Yellow Peas, Urda, Soyabean. Further, the company
undertook a project for installation of Besan plant with an
installed capacity of 15 tonne per day and started its commercial
production from end of June 2018.
SAIBABA AGROTECH: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Saibaba
Agrotech Private Limited (SAPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.24 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 7.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 24,
2022, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL 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. SAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 10, 2023, October 20, 2023, October 30,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Saibaba Agrotech Private Limited was incorporated in January 2008
with an objective to enter into the rice milling and processing
business. The manufacturing unit of the company is located at
Konari, Pisegaon, Dist; Durg, Chhattisgarh with an installed
capacity of 43200 metric tons per annum. The company is procuring
raw paddy from the local farmers and small paddy agents. Mr. Vinod
Kumar Agarwal (Director) along with other directors Mr. Manoj Kumar
Mittal and Mr. Ashok Kumar Mittal who have around 27 years, 22
years of experiences, respectively, in similar line of business,
are looking after the day to day operation of the company.
SAVALIA COTTON: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Savalia
Cotton Ginning and Pressing Private Limited (SCGPPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 44.22 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.50 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 30,
2022, placed the rating(s) of SCGPPL under the 'issuer
non-cooperating' category as SCGPPL 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. SCGPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 16, 2023, October 26,
2023, November 5, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in November 1999, Rajkot-based, SCGPL is promoted by
Mr Utpal Savalia and Mr Jitendra Bhalara and is engaged in cotton
ginning & pressing and trading of cotton & cotton seeds. As on
March 31, 2015, SCGPL had an installed capacity of 13,000 Metric
Tonne Per Annum (MTPA) of cotton ginning at its processing unit
located at Shapar Industrial Area near Rajkot in Gujarat.
SHARP CHUCKS: CARE Lowers Rating on INR6.53cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sharp Chucks and Machines Limited (SCML), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.53 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE BB; Stable
Long Term/ 26.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB; Stable/
CARE A4
Short Term Bank 700.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
and Revised from CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 16,
2023, placed the rating(s) of SCML under the 'issuer
non-cooperating' category as SCML 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. SCML
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 10, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The revision also considers delays in debt
servicing as recognized from publicly available information.
Jalandhar-based, Sharp Chucks and Machines Limited (SCML) [ISIN:
INE460Q01014] was incorporated in 1994 by Mr Ajay Sikka, Mr Gopika
Sikka and Mrs Suman Bala. SCML is engaged in the manufacturing of
lathe chucks, power chucks, drill chucks, machine tool accessories
and auto parts which find applications in varied industries (viz.
automotive industries, material handling & earth moving equipment
industry, sugar plants, cement plants and tractor industry). In
2008, SCML also diversified into casting business.
SHIVA INDUSTRIAL: CARE Lowers Rating on INR14cr LT/ST Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shiva Industrial Security Agency (Gujarat) Limited (SISA), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 14.00 CARE D/CARE D Revised from
Short Term CARE B; Negative/CARE A4
Bank Facilities
Short Term
Bank Facilities 8.50 CARE D Revised from CARE A4
Rationale and key rating drivers
The revision in the ratings assigned to the bank facilities of SISA
is on the back of on-going delay in debt servicing due to legal
restriction arising out of order passed by Honourable National
Company Law Tribunal (NCLT), Ahmedabad bench under Insolvency and
Bankruptcy Code (IBC), 2016.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Establishing a track record of timely servicing of debt
obligation for a period of at least 90 days.
Analytical approach: Standalone
Detailed description of the key rating drivers:
Key weaknesses
* On-going delays in debt servicing: As per interaction with the
lender, there are on-going delays in debt servicing and the account
has been classified as nonperforming asset (NPA) due to legal
restriction arising out of order passed by NCLT, Ahmedabad Bench.
NCLT vide its order dated October 16, 2023, admitted an application
filed by operational creditor under IBC for initiation of Corporate
Insolvency Resolution Process (CIRP) against the company and has
also appointed Interim Resolution Professional (IRP). Subsequently,
the operations of the company are being managed by IRP. Further,
one of the suspended director has filed an appeal in National
Company Law Appellate Tribunal (NCLAT) dated November 06, 2023,
against the order passed by NCLT. NCLAT vide its order dated
December 22, 2023, has stated that RP may not take any further
steps in the CIRP and shall keep the Corporate Debtor i.e. SISA as
a going concern. The next hearing is scheduled on February 2,
2024.
Liquidity: Poor
Liquidity position of SISA is poor marked by on-going delay in debt
servicing owing to legal restrictions arising out of the NCLT
order.
Shiva Industrial Security Agency (Gujarat) Limited (SISA) was
incorporated as a private limited company in July 1997 by Mr. Major
S Sharma and is now converted into a closely held public limited
company. The company is primarily engaged in providing security
services like manned guarding, cash handling, emergency response
services and electronic security. Currently, the company is being
managed by Mr. Major S Sharma's sons - Mr. Sushil Sharma and Mr.
Sameer Sharma. SISA is an ISO 9001:2008 certified company.
SHWETA HOUSING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shweta Housing and Hospitality Private Limited
Sharma Bungalow, Hiranandani Complex
Bhd Lake Castle View Bldg, Powai, Mumbai City,
Mumbai Maharashtra India-400076
Insolvency Commencement Date: December 18, 2023
Estimated date of closure of
insolvency resolution process: June 14, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Anup Kumar Singh
4th Floor, Flat 4A, Bidyaraj Niket,
22/28A, Manohar Pukur Road,
Near Deshapriya Park,
Kolkata, West Bengal, 700029
Email: anup_singh@stellarinsolvency.com
Email: shwetahousingandhospitality@gmail.com
Last date for
submission of claims: January 1, 2024
SPECK SYSTEMS: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Speck Systems Limited
B-49, Electronics Complex,
Kushaiguda, Hyderabad
Telangana 500062
Liquidation Commencement Date: December 21, 2023
Court: National Company Law Tribunal, Hyderabad Bench-II
Liquidator: K Vatsa Kumar
Global Insolvency Professionals Private Limited
8-2-248/A/5/16, Plot No. 717, Road No.2,
Journalist Colony, Banjara Hills
Hyderabad 500034
Email: specksystems.liquidation@gmail.com
Phone: 9061640003
Last date for
submission of claims: January 20, 2024
SUKHMANI HOLIDAYS-INN: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sukhmani
Holidays-Inn Private Limited (SHPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.31 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 December 13,
2022, placed the rating(s) of SHPL under the 'issuer
non-cooperating' category as SHPL 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. SHPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 29, 2023, November 8, 2023, November 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).
Sukhmani Holidays Inn Private Limited Private Limited (SHPL) was
incorporated in June 2014 to acquire a running Chandigarh based,
Hotel Pearl, which was established in 2006 by Mr. Yash Pal Mahajan.
Currently, the hotel is managed by the promoters of SHPL which
include Mr. Jagjeet Singh and Mrs. Harbhajan Kaur, as its
directors. SHPL is engaged in running the hotel under the name
"Pearl" in Chandigarh having 34 rooms (Studio3, Deluxe- 19 and
Executive-11), 3 banquet halls and restaurant facilities.
UNITED HOTELS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of United
Hotels & Properties Private Limited (UHPPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.75 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 23,
2022, placed the rating(s) of UHPPL under the 'issuer
non-cooperating' category as UHPPL 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. UHPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 9, 2023, October 19,
2023, October 29, 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).
UHPPL was incorporated in 1992 and was taken over by Kolkata based
Jaiswal family in 2006. In 2008-09, UHPPL setup a 4 Star hotel in
Bhubaneswar under the brand name of "THE HHI" with an inventory of
102 rooms. Subsequently in FY13, the company acquired Orianna
Hospitalities Private Limited (OHPL), which operates a 4 star hotel
in Pune. The Pune hotel is also running under the brand "The HHI"
with an inventory of 48 rooms. The operation of Pune hotel is also
managed by UHPPL.
VERSANT ONLINE: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Versant
Online Solutions Private Limited (VOSPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.95 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 29,
2022, placed the rating(s) of VOSPL under the 'issuer
non-cooperating' category as VOSPL 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. VOSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 15, 2023, October 25,
2023, November 4, 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).
Versant Online Solutions Private Limited was incorporated on March
30, 2012 by Mr Darapaneni Naidu Chennapa and Ms Sailaja
Patharlapalli. The company provides e-booking services for events
(Professional, Sports, Trainings, Entertainment, and Spiritual) all
over India by web portal www.versantonlinesolutions.com.
VGP MARINE: Ind-Ra Hikes Term Loan Rating to BB+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded VGP Marine Kingdom
Private Limited's (VGPMKPL) bank facilities' ratings as follows:
-- INR213.35 mil. (reduced from INR399.85 mil.) Term loans due
on December 2027 upgraded with IND BB+/Stable rating; and
-- INR156.25 mil. (reduced from INR206.25 mil.) Working capital
term loans due on June 2027 upgraded with IND BB+/Stable
rating.
Analytical Approach: Ind-Ra continues to take a standalone view of
VGPMKPL to arrive at the ratings.
The upgrade reflects an improvement in VGPMKPL's revenue and
absolute EBITDA in FY23, leading to an improvement in credit
metrics.
Key Rating Drivers
VGPMKPL's revenue rose to INR352.5 million in FY23 (FY22: INR155.18
million), with footfalls in the aquarium increasing to of 6,27,642
(2,62,268), due to normalization of operations post-COVID and the
consequent re-opening of schools, which form a major customer base
for VGPMKPL's aquarium. The scale of operations improved to medium
from small. The average revenue per customer dipped marginally to
INR561 in FY23 (FY22: INR591), as tickets were sold at lower prices
to schools in lieu of bulk sales. In 1HFY24, the company booked
revenue of INR220 million. Ind-Ra expects revenue to improve on a
yoy basis in FY24, led by higher income from schools.
VGPMKPL's credit metrics remained moderate but improved in FY23 on
the back of an increase in the absolute EBITDA to INR194.34 million
(FY22: INR87.67 million). The interest coverage (operating
EBITDA/gross interest expenses) was 3.87x in FY23 (FY22: 1.3x) and
net leverage (adjusted net debt/operating EBITDAR) was 2.56x
(8.14x). Ind-Ra expects the credit metrics to improve further over
FY24- FY25 due to bank debt repayments and the absence of any major
debt-led capex plans.
The ratings factor in VGPMKPL's average EBITDA margins. The margin
fell slightly to 55.13% in FY23 (FY22: 56.49%) due to higher focus
on schools, to which tickets were sold at lower rates to ensure
bulk sales. The ROCE was 13.7% in FY23 (FY22: 3.6%). Ind-Ra expects
the margins to remain stable in the short term as the impact of the
likely increase in power cost and offering of lower rates to
schools will be offset by an increase in general admission rates.
Liquidity Indicator - Adequate: VGPMKPL had unencumbered cash and
cash equivalent of INR17.68 million at FYE23 (FYE22: 8.62 million).
The company has been repaying its debt one year in advance but
plans to continue to prepay the principal with surplus funds.
VGPMKPL's cash flow from operations increased to INR220.62 million
in FY23 (FY22: INR19.49 million) due to an improvement in fund flow
from operations to INR147.22 million (FY22: INR13.82 million).
VGPMKPL does not have any fund-based or non-fund-based limits.
VGPMKPL has a negative working capital cycle due to creditor days
being than debtor days, and negligible inventory. The cycle
improved to negative 46 days in FY23 (FY22: negative 44 days) due
to an increase in creditor days. The company has scheduled debt
repayments of INR130.9 million and INR138.4 million in FY24 and
FY25, respectively.
The ratings are supported by the promoters' experience of nearly
three decades in the entertainment and leisure industry.
Rating Sensitivities
Negative: A significant decline in the scale of operations, leading
to deterioration in the overall credit metrics, with the net
leverage exceeding 4.5x, or pressure on the liquidity position,
could lead to a negative rating action.
Positive: Maintaining the scale of operations, along with an
improvement in the overall credit metrics, with the net leverage
remaining below 3.5x, and improved liquidity profile, all on a
sustained basis, could lead to a positive rating action.
Company Profile
VGPMKPL, which was incorporated in February 2012, began commercial
operations from April 2019. It operates an underwater aquarium in
Chennai, with a total built-up area of 75,098 square feet. VGPMKPL
is a part of the VGP group. The aquarium is divided into five zones
- rainforest, gorge, mangrove, coastal and the deep ocean - with
4,000 species of underwater creatures.
VIKAS SILKS: Ind-Ra Keeps B+ Rating in NonCooperating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vikas Silks'
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on
the agency's website.
The detailed rating actions are:
-- INR70 mil. Fund Based Working Capital Limit maintained in non-
cooperating category with IND B+/Stable (ISSUER NOT
COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and
-- INR30.90 mil. Term loan due on August 31, 2024 maintained in
non-cooperating category with IND B+/Stable (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Company Profile
VS, a proprietorship firm, is engaged in the retailing of women
readymade apparels. The firm is headed by Rajasekar. It operates
through two retail shops located at Sankarankovil and Rajapalayam,
in Tamil Nadu.
VISHWARAJ SUGAR: Ind-Ra Keeps BB Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vishwaraj Sugar
Industries Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB/Negative
(ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR2.150 bil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND BB/Negative (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Company Profile
Incorporated in 1995, VSIL has an integrated sugar plant with a
cane crushing capacity of 11,000 tons cane per day, a distillery
capacity of 100 kilo liters per day and a co-generation capacity of
36.4MW in Bellad-Bagewadi, Karnataka. The company also has a
vinegar manufacturing unit with a capacity of 75 kilo liters per
day at the plant.
VRG INDUSTRIES: Ind-Ra Keeps B+ Rating in NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained VRG Industries
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR100 mil. Fund Based Working Capital Limit maintained in
non-cooperating category with IND B+/Stable (ISSUER NOT
COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Company Profile
Incorporated in 2017, VRGPVT is based out of Orissa as a micro,
small & medium enterprises unit and its registered office is
situated at Visakhapatnam. It manufactures gas cylinders.
=====================
N E W Z E A L A N D
=====================
BLACK ROBIN: Court to Hear Wind-Up Petition on Feb. 8
-----------------------------------------------------
A petition to wind up the operations of Black Robin Equity Limited
will be heard before the High Court at Auckland on Feb. 8, 2024, at
10:45 a.m.
Alpha First Securities Limited filed the petition against the
company on Oct. 31, 2023.
The Petitioner's solicitor is:
James Caird
Simpson Grierson, Solicitors
Level 27, 88 Shortland Street
Auckland
DELTA ROOFING: Court to Hear Wind-Up Petition on Feb. 8
-------------------------------------------------------
A petition to wind up the operations of Delta Roofing Services
Limited will be heard before the High Court at Auckland on Feb. 8,
2024, at 10:00 a.m.
Rex Alan Godso and James Edward Webber filed the petition against
the company on Nov. 3, 2023.
The Petitioner's solicitor is:
Brett Leeson Martelli
Martelli Yaqub Lawyers Limited
1 St Georges Bay Road
Parnell, Auckland
NEW ZEALAND CARPENTRY: Court to Hear Wind-Up Petition on Feb. 26
----------------------------------------------------------------
A petition to wind up the operations of New Zealand Carpentry
Limited will be heard before the High Court at Timaru on Feb. 26,
2024, at 10:00 a.m.
W.H. Collins & Co., Limited filed the petition against the company
on Nov. 14, 2023.
The Petitioner's solicitor is:
Catherine Louise Waugh
c/- Credit Consultants Group NZ Limited
Level 6, 15 Willeston Street
Wellington Central
Wellington 6011
POWERON LIMITED: Creditors' Proofs of Debt Due on Feb. 23
---------------------------------------------------------
Creditors of Poweron Limited are required to file their proofs of
debt by Feb. 23, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 16, 2024.
The company's liquidator is:
Amanda-Jane Atkins
Chapman Atkins Ltd
35A Chancery Street
Auckland 1010
SUPREME BUILDING: Creditors' Proofs of Debt Due on Feb. 15
----------------------------------------------------------
Creditors of Supreme Building Cleaners Limited are required to file
their proofs of debt by Feb. 15, 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:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
=================
S I N G A P O R E
=================
RICO 60: Court to Hear Wind-Up Petition on Feb. 2
-------------------------------------------------
A petition to wind up the operations of Rico 60 Auto Services Pte
Ltd. will be heard before the High Court of Singapore on Feb. 2,
2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 12, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
RYOBI KISO: Creditors' Meetings Set for Feb. 1
----------------------------------------------
Ryobi Kiso Holdings Ltd and Ryobi Kiso (S) Pte Ltd, which are in
compulsory liquidation, will hold a meeting for its creditors on
Feb. 1, 2024, at 3:00 p.m. and 4:30 p.m., respectively, via
electronic means.
Agenda of the meeting includes:
a. to update on the affairs of the Company and status of
winding up;
b. to approve the remuneration and disbursements of the
Liquidators;
c. to approve the remuneration and disbursements of the
solicitors for the Liquidators; and
c. discuss other business.
The liquidators may be reached at:
Chan Kheng Tek
c/o PricewaterhouseCoopers
7 Straits View
Marina One, East Tower
Level 12
Singapore 018936
SPICE CORNER: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 5, 2024, to
wind up the operations of Spice Corner LLP.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
TIAN TIAN: Court Enters Wind-Up Order
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The High Court of Singapore entered an order on Jan. 12, 2024, to
wind up the operations of Tian Tian Holding Pte. Ltd.
RHB Bank Berhad filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Leow Quek Shiong
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
TOPICAL TECHNOLOGY: Court to Hear Wind-Up Petition on Jan. 26
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A petition to wind up the operations of Topical Technology Pte Ltd
will be heard before the High Court of Singapore on Jan. 26, 2024,
at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Jan. 5,
2024.
The Petitioner's solicitors are:
Kelvin Chia Partnership
1 Harbourfront Avenue
#14-01, Keppel Bay Tower
Singapore 098632
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T H A I L A N D
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ZIPMEX: SEC Considers Revoking License due to Liquidity Issues
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Bangkok Post reports that the Securities and Exchange Commission
(SEC) might consider revoking the business licence of Zipmex if the
digital asset exchange operator cannot fix its liquidity problem
within 15 days, as its capital fund is already below the
regulator's requirement.
Bangkok Post relates that the SEC's board has instructed Zipmex to
revise its operations as the company is unable to maintain its
capital fund as required by law, and has an inappropriate
management structure that could potentially cause damages to
customers.
Zipmex is required to send a report to the SEC office within 15
days regarding the progress it has made in relation to the
liquidity issue to be in accordance with the Digital Asset Business
Operations Act 2018, the report says.
On Nov. 25, 2023, the SEC ordered Zipmex to correct its financial
position to meet the capital fund criteria, the report recalls. On
Dec. 8, the company informed the regulator it was unable to
maintain its capital fund as required.
According to Bangkok Post, the SEC board meeting on Jan. 11
resolved that Zipmex must amend its operations where it could not
have efficiently managed the business, partly because of inadequate
personnel. The process has to be completed within 15 days.
Bangkok Post says the latest order requires Zipmex to have a
capital fund that meets the specified regulations and adjust its
management structure and qualified personnel to be able to conduct
business efficiently.
The company must also have a system in place to prevent customers'
deposited assets from being used, or profited upon by any means. It
has to create separate accounts for each customer with the correct,
complete and current information in case they have to return the
asset to the customer.
Bangkok Post adds that SEC deputy secretary-general Anek Yooyuen
said if a digital asset business operator is unable to comply with
Section 35 of the Digital Asset Business Act 2018, it may lead to
the process of revoking the licence.
Zipmex Thailand is a digital asset exchange platform.
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