/raid1/www/Hosts/bankrupt/TCRAP_Public/240222.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
Thursday, February 22, 2024, Vol. 27, No. 39
Headlines
A U S T R A L I A
AUSTRALIAN PROFILE: Second Creditors' Meeting Set for Feb. 27
COMPOST CENTRAL: Subpod to Shut Amid Difficult Trading Conditions
DEVIRRA GROUP: First Creditors' Meeting Set for Feb. 27
EASTON INDUSTRIES: First Creditors' Meeting Set for Feb. 28
EUCLIDEON LIMITED: Grant Thornton Appointed Administrators
G. V. PROCESS: Second Creditors' Meeting Set for Feb. 28
KALIUM LAKES: Receivers Expect Sale to Complete by Mid-March
VENMIST PTY: First Creditors' Meeting Set for March 1
C H I N A
CHINA: 5,349 Projects Included in 'Whitelist' Real Estate Funding
PING AN REAL: Gets US$1.1B Credit Line as Debt Pressure Mount
I N D I A
ABAN OFFSHORE: CARE Reaffirms D Rating on INR377.81cr LT Loan
ACCORD COMMUNICATIONS: CARE Keeps D Ratings in Not Cooperating
AL-NASIR EXPORTS: CARE Lowers Rating on INR5cr LT Loan to D
ARG HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category
AVARTANAH INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating
BALAJI FOOD: CARE Keeps C Debt Rating in Not Cooperating Category
BRIDGE AND ROOF: NCLT Admits Company Into Insolvency Process
GOVERDHAN TRANSFORMER: CARE Keeps D Ratings in Not Cooperating
GTN TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
HI-TECH SATLUJ: CRISIL Keeps D Debt Ratings in Not Cooperating
KANAKASHRI ELECTRICALS: CARE Keeps C Rating in Not Cooperating
LEMON ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating
MAGUS METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHALAKSHMI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating
MAKHWAN METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
MAPLE LEAF: CARE Keeps C Debt Rating in Not Cooperating Category
NARMADA CONCAST: CARE Keeps D Debt Ratings in Not Cooperating
PADMANABHA CASHEW: CARE Keeps C Debt Rating in Not Cooperating
PATSPIN INDIA: CARE Keeps D Debt Ratings in Not Cooperating
PRAYAN ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
PUNE BUILDTECH: CARE Keeps D Debt Rating in Not Cooperating
PVM TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJESH RAYON: CARE Keeps C Debt Rating in Not Cooperating Category
RGS POULTRY: CARE Keeps D Debt Rating in Not Cooperating Category
RIDHAM TEXPORT: CARE Keeps C Debt Rating in Not Cooperating
SANAKA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
V. N. MARKETING: CARE Keeps D Debt Rating in Not Cooperating
VAMSADHARA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
VINAYAK VIDHYALAYAA: CARE Keeps D Debt Rating in Not Cooperating
ZEE ENTERTAINMENT: SEBI Finds US$240MM Diverted Out of Zee's Books
ZEE ENTERTAINMENT: Seeks to Revive US$10-Billion Merger with Sony
N E W Z E A L A N D
PREMIUM BABY: Creditors' Proofs of Debt Due on March 20
RED STONE: Court to Hear Wind-Up Petition on March 15
SPORTS WORX: Grant Bruce Reynolds Appointed as Liquidator
STRIPE STUDIOS: Court to Hear Wind-Up Petition on March 15
YORK PROJECTS: Creditors' Proofs of Debt Due on March 12
S I N G A P O R E
ASIA INNOVATIONS: Court to Hear Wind-Up Petition on Feb. 27
DWS OFFSHORE: Creditors' Meeting Set for Feb. 29
EMAS OFFSHORE: Creditors' Meetings Set for March 13
GREATEARTH HOLDING: Creditors' Meetings Set for March 1
QITIAN PTE: Court to Hear Wind-Up Petition on March 1
S O U T H K O R E A
HANWHA OCEAN: Swings to Black in 2023
- - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN PROFILE: Second Creditors' Meeting Set for Feb. 27
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Profile Pty Ltd has been set for Feb. 27, 2024 at 11:00 a.m. at the
offices of JLA Insolvency & Advisory at Level 13, 50 Margaret
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 Feb. 26, 2024 at 4:00 p.m.
Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on Jan. 22, 2024.
COMPOST CENTRAL: Subpod to Shut Amid Difficult Trading Conditions
-----------------------------------------------------------------
SmartCompany reports that the CEO and co-founder of Byron Bay-based
environmental solutions company Subpod (Compost Central Pty Ltd)
has announced the startup will close its doors after helping more
than 65,000 people in 20 countries turn their food waste into soil
food.
Subpod offers a three-in-one modular compost system that combines
compost, a worm farm, and a garden seat that works with nature,
using worms and microbes to compost organic waste without the
odours, vermin and hard work of traditional composting.
After two years spent developing and piloting prototypes from a
small warehouse in Byron Bay, Subpod hit the market in January 2019
by launching on the crowdfunding platform Indiegogo.
By May 2019, it had beaten its fundraising goal by 300% and raised
AUD350,130 from 1,579 backers in 21 countries.
The startup officially launched in 2020 and sold 17,000 Subpod
classics during that year, before welcoming a mini version of the
Subpod in 2021.
According to SmartCompany, co-founder and CEO Saadi Allan took to
LinkedIn on Tuesday afternoon [Feb. 20] to confirm that Subpod
would soon be closing.
"As many of you have already heard, I've have had to make the
decision to close Subpod due to difficult trading conditions," the
report quotes Allan as saying.
"We have been fighting hard for many months to find a way to keep
trading and the decision to close our doors has been made with
heavy hearts.
"I want to thank everyone that has supported Subpod over the years,
from our co-founders, past and current team members, investors,
trade partners and most of all the wonderful community of people
who supported our dream of making composting and connection to
nature a part of everyday life.
"With over 65,000 people in more than 20 countries using Subpod to
turn food waste into soil food, together the Subpod community will
continue to make a positive impact into the future."
The same message was posted to Subpod's website by Mr. Allan on
behalf of the Subpod team, with one addition at the end of the
statement.
"While we wind up operations over the coming weeks and enter the
liquidation process we will do all we can to see if we can find a
buyer who may want to purchase the assets and continue the brand.
As we would love to still see Subpod exist into the future," it
stated.
SmartCompany reported in January 2023 that Subpod had seen a 200%
uptick in operating profit since 2021, with more than AUD6 million
in sales across 26 countries.
The composting technology startup secured a AUD800,000 capital
raise in November 2022, and as of the same month had done more than
AUD16.4 million in total sales from over 60,000 loyal customers.
Ten Subpod systems prevent the emissions of around five cars every
year, according to the company.
SmartCompany has contacted Subpod for further comment.
DEVIRRA GROUP: First Creditors' Meeting Set for Feb. 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Devirra
Group Pty Ltd will be held on Feb. 27, 2024 at 12:30 p.m. at the
offices of A2Z Insolvency Solutions at Level 5, 154 Elizabeth
Street in Sydney.
Ahmad Zeidan of A2Z Insolvency Solutions was appointed as
administrator of the company on Feb. 15, 2024.
EASTON INDUSTRIES: First Creditors' Meeting Set for Feb. 28
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Easton
Industries Pty Ltd will be held on Feb. 28, 2024 at 2:00 p.m. via
videoconference only.
Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Feb. 16, 2024.
EUCLIDEON LIMITED: Grant Thornton Appointed Administrators
----------------------------------------------------------
Grant Thornton partners Cameron Crichton and Michael McCann on Feb.
12, 2024, were appointed as Administrators of Euclideon Limited, a
3D data visualisation technology company with patent-protected
rendering engine 'Unlimited Detail'.
This technology assists in solving the challenge of managing,
viewing and sharing large, complex 3D datasets such as LIDAR and
photogrammetry, across all devices. Euclideon provides their
technology to a range of government and blue-chip customers through
a Software as a Service (SaaS) model.
The Administrators have ceased trading the business and are
undertaking an expressions of interest campaign to sell the
intellectual property and business assets of Euclideon.
Products include:
udStream - a powerful rendering application for desktop, browser or
handheld devices.
udCloud - a platform for hyper-efficient storage, sharing,
collaboration and access to massive 3D datasets, managed entirely
by the user.
udSDK - a Software Development Kit for integrating Unlimited
Detail(TM) rendering into your own applications.
The Administrators are in control of the sale of the intellectual
property and business assets of Euclideon and are seeking
Non-Binding Indicative Offers ("NBIOs") from interested parties for
the acquisition of its business and assets.
Cameron Crichton, Financial Advisory Partner at Grant Thornton
said: "Preference will be given to offers that reflect the
substantial investment to date in the technology and current
opportunities to monetise same."
Interested parties are invited to submit a non-binding offer prior
to 4:00PM (AEDT) on Tuesday, Feb. 27, 2024.
To participate in the process and receive access to due diligence
materials, please contact Grant Thornton by email:
euclideon@au.gt.com
G. V. PROCESS: Second Creditors' Meeting Set for Feb. 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of G. V. Process &
Investigations Pty Ltd has been set for Feb. 28, 2024 at 11:00 a.m.
via Microsoft Teams platform.
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 Feb. 27, 2024 at 5:00 p.m.
Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on Jan. 23, 2024.
KALIUM LAKES: Receivers Expect Sale to Complete by Mid-March
------------------------------------------------------------
miningweekly.com reports that defunct potash company Kalium Lakes
said on Feb. 20 that its receivers expect the sale transaction with
Reward Minerals to conclude by the middle of next month.
In a statement to the ASX, Kalium stated that receivers Rob Brauer,
Jason Preston and Rob Kirman were working with Reward to amend the
share sale agreement and deed of company arrangement for the
proposed sale of Kalium Lake Potash and Kalium Lake Infrastructure,
miningweekly.com relays.
These amendments were to reflect that completion of the transaction
might no longer rely on Reward's entitlement offer.
According to miningweekly.com, Reward on Feb. 16 said its board had
resolved to withdraw its AUD22.8-million entitlement offer, which
was announced last month to fund the acquisition of the Beyondie
potash of sulphate project, in Western Australia.
Reward stressed, however, that the SSA with the receivers and
managers of Kalium Lakes to acquire the Beyondie project remained
on foot.
miningweekly.com notes that the receivers of Kalium Lake started
negotiations with Reward in November last year, having been forced
back to the drawing board after Agrimin terminated a share sale
agreement for the struggling potash company.
About Kalium Lakes
Kalium Lakes Limited, together with its subsidiaries, operates as
an exploration and development company in Australia. It focuses on
the development of 100% owned the Beyondie sulphate of potash
project, which include 16 granted exploration licenses, two mining
leases, and various miscellaneous licenses covering an area of
approximately 1,800 square kilometers located in Western Australia.
Kalium Lakes Limited was founded in 2014 and is based in Balcatta,
Australia.
Martin Jones, Matthew Woods and Clint Joseph of KPMG were appointed
as administrators of Kalium Lakes Ltd., Kalium Lakes Infrastructure
Pty Ltd, and Kalium Lakes Potash Pty Ltd on Aug 3, 2023.
Immediately following the appointment of administrators, Receivers
and Managers from McGrathNicol were appointed by Westpac
Administration Pty Limited (as Security Trustee) pursuant to a
General Security Deed granted in its favor by the Company.
As a result of the Receivers and Managers' appointment, they
control the Companies' assets and operations and will be
responsible for and determine all issues relating to the Companies'
ongoing operations and the way that the Companies assets are dealt
with.
VENMIST PTY: First Creditors' Meeting Set for March 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Venmist Pty
Ltd will be held on March 1, 2024 at 2:00 p.m. at Level 15, 300
Queen Street in Brisbane.
Nikhil Khatri of Worrells was appointed as administrator of the
company on Feb. 20, 2024.
=========
C H I N A
=========
CHINA: 5,349 Projects Included in 'Whitelist' Real Estate Funding
-----------------------------------------------------------------
Yicai Global reports that local governments in China have inducted
5,349 real estate projects under development into the country's
so-called whitelist property financing program so far, with loans
worth around CNY29.4 billion (USD4.1 billion) issued to 163
projects from 57 cities by commercial banks.
Some 214 local governments have finished the review of the first
batch of local property projects included in the whitelist and sent
them to lenders for consideration, data from the Ministry of
Housing and Urban-Rural Development showed on Feb. 20.
According to Yicai, China started the whitelist property financing
program by sending the names of the first recommended projects
still under development to banks at the end of last month to match
loans with cash-strapped projects.
Before the lunar new year holiday, which began on Feb. 10,
commercial banks had issued loans worth around CNY18.1 billion to
projects inducted in the whitelist.
"The first group of whitelist inductees in Hubei province has been
announced, and the second group of inductees is under review, and
we will also prompt and supervise the implementation of support
targeting the first group of whitelist inductees," Hu Jihong, an
official from the National Administration of Financial Regulation's
Hubei branch, told Yicai.
The whitelisted projects that have passed banks' review so far have
received loans worth over CNY160 billion (USD22.2 billion), Liu
Shui, corporate research director at the China Index Academy, said
to Yicai. The figure differs from the official because time is
needed between passing the review and issuing loans, Liu added.
However, real estate projects' induction into the whitelist does
not necessarily mean that they will get bank loans because the
recommended projects in such whitelist will still have to pass
commercial banks' credit-related reviews, Hu noted.
Commercial banks determine whether to grant loans or not and the
value of the loans after a comprehensive evaluation, Hu said, Yicai
relays. Also, they cannot simply refuse to offer funds to
non-whitelisted projects just because they fail to get inducted,
she pointed out.
Insiders from multiple real estate developers experiencing dire
operating straits told Yicai that only some of their projects have
gained existing financing re-arrangements since the new program
started, although others are also inducted into the whitelist.
"Banks are not charity institutions, and whether to offer funds or
not still depends on the specific situations of real estate
projects because banks also need to consider their own risk of
uncollectible accounts," one insider, as cited by Yicai, noted.
An insider from a property developer facilitating its debt
restructuring said to Yicai that only one of the firm's projects
has made the repayment arrangement of its existing loans, while
others have not received any fundraising support yet.
Investors who intend to get involved in the company's debt
restructuring are paying great attention to the whitelisting
program, the insider added. This is because if some of its projects
win financing, the bargaining position of the builder and investors
will be affected, he added.
PING AN REAL: Gets US$1.1B Credit Line as Debt Pressure Mount
-------------------------------------------------------------
Ping An Real Estate Co. Ltd., the property investment arm of
Chinese insurance giant Ping An Insurance (Group) Co. Ltd., is
receiving a lifeline from a sister company as more than CNY8
billion (US$1.1 billion) in debt repayments approach.
The board of Ping An Bank Co. Ltd., the banking unit of Ping An
Insurance, has approved the issue of a one-year credit line of CNY8
billion to Ping An Real Estate, the bank said in a filing on Feb.
19, Caixin relates.
PARE is the real estate investment and asset management platform of
Ping An Insurance (Group) Company of China, Ltd. (Ping An Group).
As reported in the Troubled Company Reporter-Asia Pacific in
mid-October 2023, Moody's Investors Service has downgraded the
ratings of Ping An Real Estate Company Ltd. (PARE) and its
subsidiaries, with the following rating actions taken:
1. Withdrawn PARE's Baa2 issuer rating and assigned the company a
Ba1 corporate family rating (CFR)
2. Withdrawn Pingan Real Estate Capital Limited's (PARE Capital)
Baa3 issuer rating and assigned the company a Ba2 CFR
3. Downgraded the provisional backed senior unsecured rating on
PARE Capital's USD1 billion medium-term note (MTN) program to
(P)Ba2 from (P)Baa3
4. Downgraded the backed senior unsecured rating on the notes
issued under PARE Capital's MTN program to Ba2 from Baa3
5. Downgraded to (P)Ba2 from (P)Baa3 the provisional backed senior
unsecured rating on Fuqing Investment Management Limited's and
Fuxiang Investment Management Limited's USD2 billion MTN program,
which is guaranteed by PARE Capital
6. Downgraded to Ba2 from Baa3 the backed senior unsecured rating
on the notes issued under Fuqing Investment's MTN program
guaranteed by PARE Capital
The rating outlooks for all entities are negative. Previously, the
ratings were on review for downgrade.
=========
I N D I A
=========
ABAN OFFSHORE: CARE Reaffirms D Rating on INR377.81cr LT Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Aban Offshore Ltd (AOL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 377.81 CARE D Reaffirmed
Bank Facilities
Cumulative 105.00 CARE D Reaffirmed
Redeemable
Preference
Shares-Series-I
Cumulative 156.00 CARE D Reaffirmed
Redeemable
Preference
Shares-Series-II
Cumulative 20.00 CARE D Reaffirmed
Redeemable
Preference
Shares-Series-III
Rationale and key rating drivers
The ratings assigned to bank facilities and preference share issues
of AOL factor in the instances of delays in debt servicing.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Satisfactory track record of timely servicing of debt obligation
on a sustained basis
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers:
Key weaknesses
* Moderate financial performance: Due to the continuous decline in
utilization of fleet, there was significant drop in the revenue
over the past years. However, the situation has now improved due to
higher exploration activities and increase in crude price leading
to improved day rates. The company has also sold about 9 idle rigs
and over FY22 and FY23 and is in the process of sale
of one more idle rig as well. With the sale of idle assets there
has been a better utilization of fixed costs in FY24. However, due
to write off of past receivables of about INR161.29 crore in
9MFY24, the PBILDT margins continue to remain negative.
Liquidity: Poor
AOL has been experiencing liquidity issues resulting in delays in
debt servicing.
Key strengths
* Experience of Promoters: AOL was promoted in 1986 by Aban
Constructions Private Limited, in collaboration with Chiles
Offshore Inc. (COI), USA, an offshore drilling company in the Gulf
of Mexico. Company's management team includes by Mr Reji Abraham
(Managing Director) and Mr C P Gopalakrishnan, (CFO& Deputy MD).
Aban Offshore Limited (AOL), the flagship company of Aban group,
provides offshore drilling services to companies engaged in
exploration and production of oil and gas. AOL is the largest
private player in India in the offshore drilling industry and is
one of the largest in the world. The company and its wholly owned
subsidiaries had a total of four operational assets by the end of
December 2023.
ACCORD COMMUNICATIONS: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Accord
Communications Limited (ACL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.24 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of ACL under the 'issuer
non-cooperating' category as ACL 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. ACL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 11, 2023, November 21, 2023, December
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).
ACL was incorporated in 1990 by Mr P.K. Mohta, Mr A.K. Mohta, Mrs
Sushma Mohta and Mrs Shailly Mohta who have an experience of over
two decades in the manufacturing of EPABX system industry. ACL is
engaged in designing, manufacturing and marketing of Electronic
Private Automatic Branch Exchange (EPABX) systems. Apart from
manufacturing, the company is also engaged into the trading of
EPABX systems, intercom, phone and phone accessories. The
manufacturing facility of ACL is located in Meerut, UP.
AL-NASIR EXPORTS: CARE Lowers Rating on INR5cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
AL-Nasir Exports Private Limited (AEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE BB-
Short Term Bank 45.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 16,
2023, placed the rating(s) of AEPL under the 'issuer
non-cooperating' category as AEPL 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. AEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 2, 2023, December 12, 2023, December
22, 2023 and February 13, 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 rating assigned to the bank facilities of AEPL have been
revised on account of delays in debt servicing as recognized from
publicly available information i.e. Auditor's comments in the FY22
and FY23 annual report available from ROC Filings.
AL-Nasir Exports Private Limited (AEPL), located at Delhi, was
promoted by Qureshi family in 2001. The company is engaged in the
processing and export of frozen Halal boneless Buffalo Meat to
Middle East, Far East and Western African countries. The directors
of the company have fifteen years of experience in processing and
export of halal buffalo meat. The company owns
two modern integrated meat complexes, which are approved by the
Agricultural and Processed Food Export Development Authority
(APEDA), and are also certified by the Jamiat Ulama-i-Hind Halal
Trust. Along with buffalo meat, company also sells by products such
as Offal, Poultry Feed Supplement, Tallow and Hide.
ARG HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ARG
Housing Private Limited (AHPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.17 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 27,
2022, placed the rating(s) of AHPL under the 'issuer
non-cooperating' category as AHPL 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. AHPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 12, 2023, November 22, 2023, December
2, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ARG Housing Private Limited (AHPL) was incorporated in 2008 with an
objective to work on the real estate project and is a part of
Jaipur based 'ARG' group. Currently, AHPL is executing one
integrated township project under the name of 'ARG Puram' at
Jaipur.
AVARTANAH INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Avartanah
Infrastructure Private Limited (AIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 9.75 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 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 30,
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 noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 15, 2023, November 25, 2023, December
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).
AIPL was incorporated in September 2008 under the name of Avartanah
IT Solutions Private Limited. The company got its current name in
June 2010. It is currently being promoted by Mr. Nilanjan Sen and
Mr. Mahavir Singh. AIPL is engaged in providing Engineering
Procurement and Construction (EPC) services and IT solution
services mainly for the power sector.
BALAJI FOOD: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Balaji
Food Products (BFP) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.10 CARE C; 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 and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 16,
2023, placed the rating(s) of BFP under the 'issuer
non-cooperating' category as BFP 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. BFP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 2, 2023, December 12, 2023, December
22, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in February 2017, Balaji Food Products (BFP) was
promoted by the Agarwal family of Sambalpur, Odisha to set up rice
milling and processing plant in the state of Odisha. The firm has
successfully setup its rice milling and processing plant and has
started commercial operations at its plant from January 29, 2018.
The rice milling and processing plant of the firm is located at
Subarnapur, Odisha with an aggregate paddy processing capacity of
19,200 metric tonnes per annum. The firm is mainly engaged in
custom milling of paddy for Orissa State Civil Supplies Corporation
Limited. Apart from custom milling, the firm is also engaged in
rice milling for its own.
BRIDGE AND ROOF: NCLT Admits Company Into Insolvency Process
------------------------------------------------------------
Bar and Bench reports that the National Company Law Tribunal (NCLT)
at Kolkata admitted a 104-year-old government-owned company into
insolvency for a debt of over INR4 crore.
Bridge and Roof is a public sector enterprise under the Union
Ministry of Petroleum and Natural Gas and comes under the
administrative control of the Ministry of Heavy Industries.
According to Bar and Bench, an Ahmedabad-based private construction
company, Chevrox Constructions, approached the Kolkata bench
seeking to initiate the corporate insolvency resolution process
(CIRP) against Bridge and Roof for alleged default in payment of
INR4,47,90,393.
A coram of judicial member Rohit Kapoor and technical member Balraj
Joshi admitted the company into insolvency, observing that there is
a clear debt and default in repayment of debt, the report relates.
It appointed Subodh Kumar Agrawal as the interim resolution
professional for the insolvency process.
Bar and Bench relates that Chevrox's petition highlighted that it
had entered into 11 different Letters of Intent (LoIs) with Bridge
and Roof for several portions of civil work in Gujarat. The LoIs
were operative from December 2018 to February 2021.
Along with the LoIs, Bridge and Roof provided schedule rates, on
the basis of which Chevrox was required to procure material for
executing work. Chevrox pointed out that even after it had
completed all work, Bridge and Rof had failed to make the requisite
payments.
It sent a demand notice to Bridge and Roof under Section 8 of the
Insolvency and Bankruptcy Code (IBC) in September 2022. When there
was no response or payment on the notice, Chevrox approached the
NCLT, the report says.
Bar and Bench notes that Bridge and Roof opposed the application,
arguing that Chevrox had failed to complete its work. It further
argued that Chevrox did not submit a final bill for payment within
three months from physical completion of the work.
The tribunal observed that Bridge and Roof accepted dues up to June
2020 and the bills for the later period was under consideration.
"Thus, there is an acceptance of debt and payment for the same has
not been made. No objection has been raised after despite several
correspondences made by the Operational Creditor," the tribunal
said.
According to Bar and Bench, the Kolkata bench also clarified that
even though Bridge and Roof was a government-owned company, it fell
under the purview of the IBC.
"It is clear that Bridge and Roof is a company and because 99.35 %
shares of the Company are held by Government of India it is a
government company. IBC 2016 makes no distinction between a
government company or a private or public company for insolvency
resolution and hence Bridge and Roof shall fall under the purview
of IBC," the tribunal recorded in its order.
Advocates Rohit Mukherji and Labanyasree Sinha appeared for
Chevrox.
Advocates Neelina Chatterjee and Suvodeep Chakraborty appeared for
Bridge and Roof, Bar and Bench discloses.
GOVERDHAN TRANSFORMER: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Goverdhan
Transformer Udyog Private Limited (GTUPL) 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 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 3,
2023, placed the rating(s) of GTUPL under the 'issuer
non-cooperating' category as GTUPL 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. GTUPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 19, 2023, November
29, 2023, December 9, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh based Goverdhan Transformer Udyog Private limited
(GTUPL) is a private limited company incorporated in January, 1985
and is being managed by Mr. Rajesh Kapoor; Ms. Seema Kapoor and Mr.
Naman Kapoor. The company is engaged in manufacturing of
transformers for state owned electricity boards and other
government departments at its manufacturing facility located at
Shikohabad (Uttar Pradesh).
GTN TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of GTN
Textiles Limited (GTL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.43 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 58.30 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 18,
2022, placed the rating(s) of GTL under the 'issuer
non-cooperating' category as GTL 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. GTL
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).
GTN Textiles Limited (GTL) (ISIN Number: INE302H01017) is part of
Kerala-based GTN-BKP (GTN-BK Patodia) having its production
facilities in the state of Kerala. The primary business activity of
GTL is production and sale of cotton yarn. GTL had a capacity of
56,848 spindles which includes 34,896 compact spindles and 21,952
ring spinning as on March 31, 2018. The company produces fine and
super fine counts of cotton yarn in the range of 40s to 140s.
HI-TECH SATLUJ: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hi-Tech
Satluj Motors Private Limited (HTSMPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inventory Funding 13.24 CRISIL D (Issuer Not
Facility Cooperating)
Overdraft Facility 6.76 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HTSMPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HTSMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
HTSMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of HTSMPL continues to be 'CRISIL D Issuer Not
Cooperating'.
HTSMPL is an authorised dealer of passenger cars of TML in HP. It
was set up as a partnership firm named Satluj Motors, and
reconstituted as a private limited company, with the current name
in fiscal 2013. The company has been promoted by Mr Mohinder Singh
Gulleria and Mr Narinder Singh Gulleria, who have experience of
over a decade in the automotive dealership business. The company
has three showrooms and workshops, one each in Mandi, Hamirpur, and
Kullu, and has one branch each in Bilaspur, Sarkaghat,
Jogindernagar, Manali, and Lunapani.
KANAKASHRI ELECTRICALS: CARE Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kanakashri
Electricals (KE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 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 January 25,
2023, placed the rating(s) of KE under the 'issuer non-cooperating'
category as KE 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. KE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 11, 2023, December 21, 2023, December 31, 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).
Kanakashri Electricals (KE) was established in the year 2010 as a
proprietorship firm by Mr. Arjun Ningappa Sannakki with commercial
operations starting from the year 2011. KE has its registered
office located at Gokak Belgum and is an (EPC) contractor; is
engaged in erection of electricity poles and sub stations (220-520
Volts). The firm procuress its work orders through online tender
system from HESCOM (Hubli Electricity Supply Company) only and has
present order book of INR125 crores to be executed by 2018. The
firm purchases the key raw materials like steels, angles, poles,
cables, transformers etc form Gayatri Mata Industries, Anand
Transmission Product Private Limited, Deco steel industry etc.
LEMON ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lemon
Electronics Limited (LEL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 65.00 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 27,
2022, placed the rating(s) of LEL under the 'issuer
non-cooperating' category as LEL 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. LEL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 12, 2023, November 22, 2023, December
2, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Lemon Electronics Limited, was incorporated on June 9, 2008 was
promoted by Mr. Sandeep Mushran, Mr. M.S. Malik and Mr. Gopal
Kalra. Mr. Kapil Chugh, the managing director of the company, took
over the management of the company in February, 2016. The company
is primarily engaged in trading and assembling of mobile handsets
under the brand name of 'Lemon'. The company has its assembling
unit located in Noida, U.P.
MAGUS METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Magus Metals
Private Limited (MMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Secured Overdraft 8 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with MMPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1990, MMPL is engaged in recycling and re
processing of non-metallic sludge that is rich in copper, cadmium
and zinc content to manufacture non-ferrous metals like zinc
sulphate, copper sulphate, zinc ingots and cadmium.
MAHALAKSHMI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Mahalakshmi Raw and Boiled Rice Mill (SMRB) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.27 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMRB for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMRB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMRB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMRB continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1992, SMRB processes rice. It is a partnership firm
set up by Mr P Sudhakara Reddy and Mrs P Sailaja. The firm's
manufacturing facility is based in Nellore (Andhra Pradesh).
MAKHWAN METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Makhwan Metal
Trading Company Private Limited (MMTCPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MMTCPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MMTCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MMTCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MMTCPL continues to be 'CRISIL D Issuer Not
Cooperating'.
MMTCPL was incorporated in Thane, Maharashtra, in 2012 for trading
in steel products such as steel scraps, thermo-mechanically treated
bars, hot-rolled and cold-rolled coils, steel sheets, steel beams,
and steel plates. The promoters are Mr Nipun Agarwal and Mr Punit
Agarwal.
MAPLE LEAF: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maple Leaf
Intelligent Solutions Private Limited (MLISPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 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 January 5,
2023, placed the rating(s) of MLISPL under the 'issuer
non-cooperating' category as MLISPL 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. MLISPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 21, 2023, December 1,
2023, December 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).
The ratings assigned to bank facilities of MLISPL considers past
instances of delays in debt servicing for bank facilities (not
rated by CARE) as recognized from the FY22 audit report available
from ROC filings.
Delhi based Maple Leaf Intelligent Solutions Private Limited
(MLISPL) was incorporated in August, 2008 by Mrs. Reema Gupta and
Mr. Nishant Malhotra. The company is engaged in the trading and
installation of security surveillance equipment.
NARMADA CONCAST: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Narmada
Concast Private Limited (NCPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.79 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 4.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 27,
2022, placed the rating(s) of NCPL under the 'issuer
non-cooperating' category as NCPL 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. NCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 12, 2023, November 22, 2023, December
2, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
NCPL was initially incorporated as Narmada Concast and Rolling
Mills Private Limited in August 2012, later on its name was changed
to present one in November 2012. The company has set up a plant in
Bhavnagar, Gujarat for manufacturing steel billets and
thermo-mechanical treatment (TMT) bars, with an installed capacity
of 76,160 MT of billets and TMT Bars. Commercial operations for the
plant commenced from April 2014. In September 2018, the promoters
of KSL acquired the entire shareholding of NCPL from its earlier
promoters. Presently, NCPL's plant is utilized by KSL as a leased
manufacturing facility for the production of TMT bars.
PADMANABHA CASHEW: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sree
Padmanabha Cashew (SPC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.50 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 January 25,
2023, placed the rating(s) of SPC under the 'issuer
non-cooperating' category as SPC 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. SPC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 11, 2023, December 21, 2023, December
31, 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).
Sree Padmanabha Cashew (SPC) was established on May 23, 2013 by Ms.
O.A. Anithakumari in Kannumamoodu, Kanyakumari, Tamil Nadu. The
firm is engaged in manufacturing of cashew nuts. The installed
capacity of SPC stood at approx. 16 tonnes per month with
utilization capacity of 86% as of August 7, 2017.
PATSPIN INDIA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Patspin
India Limited (PIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 68.36 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 7.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 143.80 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 21,
2022, placed the rating(s) of PIL under the 'issuer
non-cooperating' category as PIL 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. PIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 7, 2023, October 17, 2023, October 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).
Patspin India Limited (PIL) (ISIN Number: INE790C01014) is part of
Kerala based GTN group. GTN group was established by Late Mr. M.L.
Patodia in 1960. GTN group has presence in spinning yarn, knitting,
processing and garmenting. Primary business activity of PIL is
production and sale of cotton yarn (counts ranging from 20s to
100s). In addition to this, PIL is also engaged in value-adding
activities like TFO (Two-For-One) twisting and gassing of textile
yarn. Incorporated in the year 1991, as on March 31, 2021, the
total capacity of PIL stood at 114,000 spindles.
PRAYAN ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prayan
Ispat & Steel Private Limited (PISPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.09 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.50 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 January 4,
2023, placed the rating(s) of PISPL under the 'issuer
non-cooperating' category as PISPL 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. PISPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 20, 2023, November
30, 2023, December 10, 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).
Uttar Pradesh-based PISPL, is a private limited company
incorporated in 2010 and is currently managed by Mr. Amit Agarwal
Mrs. Gaura Agarwal. PISPL is engaged in the manufacturing of M S
Ingots. The manufacturing facility of the company is located in
Bijnor, Uttar Pradesh.
PUNE BUILDTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pune
Buildtech Private Limited (PBPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 286.00 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 19,
2022, placed the rating(s) of PBPL under the 'issuer
non-cooperating' category as PBPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PBPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 4, 2023, November 14, 2023, November
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).
PBPL (formerly known as Dynamix Balwa's Resorts Pvt. Ltd.) is a
wholly-owned subsidiary of Marine Drive Hospitality & Realty Pvt.
Ltd. (MDHRPL), formerly known as DB Hospitality Pvt. Ltd. MDHRPL is
a private limited company incorporated with an object of setting up
chain of hotels across the country under five star deluxe, five
star, four star categories and construction of real estate
buildings. MDHRPL has been promoted by DB Group, a diversified
business group in India with interests in real estate and
hospitality and currently operates two hotel properties. PBPL is
developing a project 'DB Solitaire' with both residential and
commercial use near Pune Airport. PBPL had initial plans to develop
a residential project but to tap in the demand for the commercial
space; PBPL is developing the project as a mix use - residential
and commercial. Due to this change, the total saleable area
potential of the project has reduced to 5.76 lsf from 6.1 lsf
envisaged earlier. The project building consists of one tower
having two wings – one residential and other commercial of 18
floors each. Total number of units for sale is 380.
PVM TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PVM
Technologies Private Limited (PVM) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PVM for
obtaining information through letter and email dated January 05,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PVM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PVM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PVM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1998 by Mr. Bhagwat Singh Lodha, Mr. JS Lodha, Ms.
Vimla Lodha, and Ms. Parmila Lodha, PVM is a Class AA
government-approved contractor that undertakes public water supply
and irrigation projects for Public Health Engineering Department.
RAJESH RAYON: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajesh
Rayon Silk Mills Limited (RRSML) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.50 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.20 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 26,
2022, placed the rating(s) of RRSML under the 'issuer
non-cooperating' category as RRSML 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. RRSML continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 11, 2023, November
21, 2023, December 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).
Rajesh Rayon Silk Mills Limited (RRSML) is a public limited
company, incorporated in 1982 by Mr. Shikharchand Jain, Mr.
Narendra Kumar, and Mr. Shantilal Singhvi and commenced operations
in July 17, 1982. It is engaged in manufacturing and sell of
fabrics which includes shirting, suiting & dress material fabric
made from Polyester Viscose, Polyester Cotton and different blends
of polyester.
RGS POULTRY: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RGS
Poultry Farm (RPF) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.99 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 January 19,
2023, placed the rating(s) of RPF under the 'issuer
non-cooperating' category as RPF 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. RPF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 5, 2023, December 15, 2023, December
25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
RGS Poultry Farm (RPF) was established as a proprietorship concern
in 2004 by Mr. R. Ganesan in Namakkal, Tamil Nadu. RPF was
re-established as a partnership firm with equal profit sharing
ratio between Mr. R. Ganesan and Mr. V.G. Sakthivel in the year
2017. The firm is engaged in rearing of chicks for production of
eggs and culling. The chicks are purchased from the local suppliers
in Namakkal and the firm procures chick feeds from Sri Venkateswara
Poultry feeds (associate concern) and SKM Feeds. There are four
stages in poultry farming, namely the brooder stage, grower stage,
layer stage and culling stage. The chicks are reared for about 16
weeks until it starts to lay eggs. Once the chick reaches 90-100
weeks of age, it is sold for culling. The firm supplies 75% of eggs
to their associate concern (SVPF) and remaining 25% of eggs are
supplied to local customers and RPF supplies the chicken for
culling to different customers located in Tamil Nadu, Kerala and
Karnataka. RPF rears chicks of different varieties like BV-300,
Bovans and Babcock. RPF has its farm located in Vazhavanthi,
Namakkal, Tamil Nadu. The firm has availed moratorium from March
2020 to August 2020.
RIDHAM TEXPORT: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ridham
Texport Private Limited (RTPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.51 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of RTPL under the 'issuer
non-cooperating' category as RTPL 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. RTPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 11, 2023, November 21, 2023, December
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).
Incorporated in 1997, Ridham Texport Private Limited (RTPL) is
primarily engaged in the weaving of cotton fabrics for shirting
purposes. RTPL's factory located at MIDC Tarapur, Maharashtra. RTPL
is primarily a domestic player and sells fabric to various garment
manufacturers in the domestic market; however, the company has
recently started exports which formed minor part of the total
operating income.
SANAKA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sanaka
Educational Trust (SET) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 49.42 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 January 23,
2023, placed the rating(s) of SET under the 'issuer
non-cooperating' category as SET 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. SET
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 9, 2023, December 19, 2023, December
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).
SET, registered under Indian Trust Act, 1882, was established in
December 2006 by Durgapur-based Mr Tapan Kr Pobi along with his
family members for the purpose of imparting education and other
charitable purposes. Currently, SET had undertaken a project for
creating requisite infrastructure for setting up a Medical College
cum Hospital, Sri Ramkrishna Institute of Medical Sciences (SRIMS)
and Sanaka Hospitals in phases at Durgapur, West Bengal. They have
received permission to commence academic program for the year
2019-2020 for Sri Ramkrishna Institute of Medical Sciences (SRIMS)
and Sanaka Hospitals. Sanaka Hospitals started operations with 330
beds in January 2016.
V. N. MARKETING: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of V. N.
Marketing (VNM) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of VNM under the 'issuer
non-cooperating' category as VNM 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. VNM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 5, 2023, December 15, 2023, December
25, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
V. N. Marketing was established in 2003, with an objective to enter
into the trading of electrical goods. It is located at 54 Huttan
Road, Achalabala Bye Lane, Asansol-713304. The entity is procuring
electrical goods from the local manufacturers. Shri. Sanjay Kr.
Mookim (aged 48 years) having 10 years of experience and Smt.
Anupama Mookim (aged 47 years) having seven years of experience in
similar line of business, looks after the day to day operations of
the firm along with other partners and a team of experienced
professionals.
VAMSADHARA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vamsadhara
Cotton Industries (VCI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VCI for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCI continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2013, VCI is a partnership firm based in Guntur,
Andhra Pradesh - is engaged in ginning cotton.
VINAYAK VIDHYALAYAA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sree
Vinayak Vidhyalayaa Charitable Trust (SVVCT) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.21 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 January 25,
2023, placed the rating(s) of SVVCT under the 'issuer
non-cooperating' category as SVVCT 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. SVVCT continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 11, 2023, December
21, 2023, December 31, 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).
Sree Vinayak Vidhyalayaa Charitable Trust (SVVCT) was established
as a non-profit making organization in the year 2006 by Mr. Sekar
and his family members at Erode, Tamil Nadu. SVVCT is registered as
a public charitable trust and established educational institutions
for the purpose of promoting engineering, scientific, managerial
and other graduation courses. Various health and awareness camps
are held in association with the government hospitals in and around
Erode, Tamil Nadu as part of their philanthropic activities. The
trust operates three educational institutions namely, Aishwarya
College of Engineering & Technology, Aishwarya Polytechnic College
and Sri Vinayak Vidhyalaya College of Education.
ZEE ENTERTAINMENT: SEBI Finds US$240MM Diverted Out of Zee's Books
------------------------------------------------------------------
Reuters reports that India's market regulator has made a
preliminary finding that INR20 billion (US$240 million) has been
diverted out of Zee Entertainment Enterprises' books, and Zee Group
founders have been called in for questioning, two sources with
direct knowledge of the matter said.
The amount was 10 times higher than investigators had initially
estimated, said one of the sources.
Zee's shares tumbled 11% in Wednesday morning [Feb. 21] trade,
adding to a steep share decline since its $10 billion merger with
Sony Group was scrapped by the Japanese firm last month, Reuters
says.
The Securities and Exchange Board of India (SEBI)said last year
that Zee Group's founders, former Chairman Subhash Chandra and his
son current CEO Punit Goenka, were actively involved in diverting
company funds to the group's other listed entities and firms
related to its founding shareholders, Reuters recalls. Both men
have denied any wrongdoing.
According to Reuters, Zee said in a statement that "reports and
rumours pertaining to accounting issues in the Company are
incorrect and false," adding that is in the process of providing
all the information that has been requested by SEBI.
Chandra and Goenka did not immediately respond to Reuters' requests
for comment on Feb. 21.
SEBI also did not immediately respond to a request for comment.
The regulator is due to issue its final findings and penalties in
mid-April, said the second source.
The news of a $240 million accounting irregularity in Zee's books
was first reported by Bloomberg.
About Zee Entertainment
Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.
According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.
Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.
ZEE ENTERTAINMENT: Seeks to Revive US$10-Billion Merger with Sony
-----------------------------------------------------------------
Reuters reports that Zee Entertainment is making a final attempt to
restart discussions with Japan's Sony Group to revive their US$10
billion merger deal that was scrapped on Jan. 22, Indian business
daily Economic Times reported, citing people aware of the matter.
Representatives from both parties have been working to salvage the
deal, with efforts to revive the merger gaining momentum over the
past two weeks, ET added.
However, there is a chance that the discussions might fail as
significant differences remain unresolved and both sides are
standing firm on their positions, it said.
Zee denied being involved in any such negotiations in an exchange
filing, Reuters relates. Sony did not immediately reply to Reuters'
request for comment.
Sony terminated the merger with Zee due to certain unresolved
"closing conditions" and leadership disputes, including
disagreements over CEO Punit Goenka's involvement in regulatory
issues, according to Reuters.
Zee is expected to notify Sony within the next 24-48 hours
regarding its willingness to accept all terms and conditions and
proceed with the merger, the newspaper, as cited by Reuters, said.
If not, Sony is expected to withdraw its original merger
application with the National Company Law Tribunal (NCLT) by the
end of this week, as agreed upon when the merger was initially
proposed.
The Zee-Sony merger, in the works for two years, would have created
an Indian television juggernaut with more than 90 channels across
sports, entertainment and news that would have competed with the
likes of Walt Disney and billionaire Mukesh Ambani's Reliance
Industries, Reuters notes.
About Zee Entertainment
Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.
According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.
Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.
=====================
N E W Z E A L A N D
=====================
PREMIUM BABY: Creditors' Proofs of Debt Due on March 20
-------------------------------------------------------
Creditors of Premium Baby Limited are required to file their proofs
of debt by March 20, 2024, to be included in the company's dividend
distribution.
The High Court at Hamilton appointed Garry Whimp and Benjamin
Francis of Blacklock Rose as liquidators on Feb. 12, 2024.
RED STONE: Court to Hear Wind-Up Petition on March 15
-----------------------------------------------------
A petition to wind up the operations of Red Stone Financial
Services Limited will be heard before the High Court at Auckland on
March 15, 2024, at 10:45 a.m.
Anish Chand filed the petition against the company on Nov. 9,
2024.
The Petitioner's solicitor is:
Christina Keil
c/- Merran Keil, Barrister
Regent Chambers
Level 4, 68 Shortland Street
Auckland
SPORTS WORX: Grant Bruce Reynolds Appointed as Liquidator
---------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Feb. 15, 2024, was
appointed as liquidator of Sports Worx Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
STRIPE STUDIOS: Court to Hear Wind-Up Petition on March 15
----------------------------------------------------------
A petition to wind up the operations of Stripe Studios (Comedy)
Limited will be heard before the High Court at Auckland on March
15, 2024, at 10:00 a.m.
Iliza Vie Shlesinger filed the petition against the company on Dec.
20, 2023.
The Petitioner's solicitor is:
Tim Mahood
Level 16, 45 Queen Street
Auckland 1010
YORK PROJECTS: Creditors' Proofs of Debt Due on March 12
--------------------------------------------------------
Creditors of York Projects Limited and Delectamenti Limited are
required to file their proofs of debt by March 12, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 12, 2024.
The company's liquidators are:
Simon Dalton
Gerry Rea Partners
PO Box 3015
Auckland
=================
S I N G A P O R E
=================
ASIA INNOVATIONS: Court to Hear Wind-Up Petition on Feb. 27
-----------------------------------------------------------
A petition to wind up the operations of Asia Innovations Group
Limited will be heard before the High Court of Singapore on Feb.
27, 2024, at 10:00 a.m.
YV AIG, A Series Of Yorkville Ventures, LLC filed the petition
against the company on Aug. 29, 2023.
The Petitioner's solicitors are:
WongPartnership LLP
12 Marina Boulevard
Level 8
Marina Bay Financial Centre Tower 3
Singapore 018982
DWS OFFSHORE: Creditors' Meeting Set for Feb. 29
------------------------------------------------
DWS Offshore Pte Ltd will hold a meeting for its creditors on Feb.
29, 2024, at 10:00 a.m. at 180 Cecil Street, in #12-01 Singapore.
Agenda of the meeting includes:
a. to nominate liquidator(s) or confirm member's nomination of
liquidator(s);
b. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;
c. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. to consider any other matters which may properly be brought
before the meeting.
EMAS OFFSHORE: Creditors' Meetings Set for March 13
---------------------------------------------------
Emas Offshore Construction and Production Pte. Ltd., Lewek Ruby
Shipping Pte. Ltd., Tunis Oil Pte. Ltd., and Emas Holdings Pte.
Ltd. will hold a meeting for their creditors on March 13, 2024, at
10:00 a.m., 11:30 a.m., 2:30 p.m., and 4:00 p.m., respectively via
audio visual communication.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint Liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
GREATEARTH HOLDING: Creditors' Meetings Set for March 1
-------------------------------------------------------
Greatearth Holding Pte Ltd and Greatearth Pte Ltd, which are in
creditors' voluntary liquidation, will hold a meeting for creditors
on March 1, 2024, at 4:00 p.m. and 5:00 p.m., respectively, via
video conference.
Agenda of the meeting includes:
a. to receive an update on the affairs of the Company and
status of winding up; and
c. to discuss other business.
The liquidator may be reached at:
Chan Kheng Tek
c/o 7 Straits View
Marina One, East Tower
Level 12
Singapore 018936
QITIAN PTE: Court to Hear Wind-Up Petition on March 1
-----------------------------------------------------
A petition to wind up the operations of Qitian Pte Ltd will be
heard before the High Court of Singapore on March 1, 2024, at 10:00
a.m.
DBS Bank Ltd filed the petition against the company on Feb. 7,
2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
=====================
S O U T H K O R E A
=====================
HANWHA OCEAN: Swings to Black in 2023
-------------------------------------
Yonhap News reports that Hanwha Ocean said Feb. 21 it swung to
profit in 2023 amid a surge in sales.
Consolidated net profit stood at KRW160 billion ($119.8 million)
last year, a sharp turnaround from a loss of KRW1.74 trillion a
year earlier, the company said in a regulatory filing.
Sales jumped 52.4 percent on-year to KRW7.4 trillion, but its
operating balance remained in the red. Yet, its operating loss
narrowed to KRW196.5 billion last year, compared with a shortfall
of KRW1.61 trillion a year earlier.
In the fourth quarter of last year, Hanwha Ocean chalked up KRW286
billion in net income, turning from a loss of KRW430.3 billion a
year earlier.
Sales surged 53.9 percent to KRW2.23 trillion for the
October-December 2023 period, but it posted an operating loss of
KRW48.8 billion, compared with a loss of KRW416.1 billion a year
earlier.
Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering
(DSME), set sail as the shipbuilding arm of Hanwha Group last year.
Hanwha Ocean is engaged in building ships and offshore structures.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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