/raid1/www/Hosts/bankrupt/TCRAP_Public/240522.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, May 22, 2024, Vol. 27, No. 103
Headlines
A U S T R A L I A
BALI TAILOR: First Creditors' Meeting Set for May 24
EVEREST ASSET: ASIC Cancels Company's AFS Licence
FITNESS REPUBLIC: Second Creditors' Meeting Set for May 24
INFAMOUS SWIM: Bounces Back From Voluntary Administration
JAPAN AUSTRALIA: Second Creditors' Meeting Set for May 24
STEVEN MILLARD: First Creditors' Meeting Set for May 24
WATSON TRACTORS: First Creditors' Meeting Set for May 24
C H I N A
111 INC: Deloitte Touche Tohmatsu Raises Going Concern Doubt
LEJU HOLDINGS: Yu CPA Raises Going Concern Doubt
SUNING HOLDINGS: Risks Losing Inter Club as Loan Deadline Ends
VIVIC CORP: Financial Strain Raises Going Concern Doubt
[*] CHINA: Bankruptcy Court Helps Displaced Workers
H O N G K O N G
BORQS TECHNOLOGIES: Yu CPA Raises Going Concern Doubt
I N D I A
AINAJ INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
ANGEL PIPES: CRISIL Keeps B Debt Ratings in Not Cooperating
ANNAPURNA POULTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
ANUPAM INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
APINDIA BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
ARUPPUKOTTAI SHRI: CRISIL Keeps B Debt Rating in Not Cooperating
BRT SPINNER: CRISIL Keeps B Debt Ratings in Not Cooperating
EDIMANNICKAL FASHION: CRISIL Keeps B+ Rating in Not Cooperating
EXPRESS INFOCOM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
G. D. BUILDERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
GAGANA ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
GAJANAN SIDDHIVINAYAK: CRISIL Keeps B+ Ratings in Not Cooperating
GARVIT HOSPITALITY: CRISIL Keeps B- Ratings in Not Cooperating
GAUR HARI: CRISIL Keeps B+ Debt Rating in Not Cooperating
GROVER AGRO: CRISIL Keeps B- Debt Rating in Not Cooperating
INTEGRATED ELECTRIC: CRISIL Keeps C Ratings in Not Cooperating
KUNNATH GOLD: CRISIL Keeps B Debt Rating in Not Cooperating
S S G PAPER: CRISIL Keeps B Debt Ratings in Not Cooperating
SAI BUILDERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
SANJANA CRYOGENIC: CRISIL Keeps B Debt Ratings in Not Cooperating
SKILWORTH TECHNOLOGIES: CRISIL Keeps B Rating in Not Cooperating
SURYA INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
VARALAKSHMI MOTORS: CRISIL Keeps B+ Ratings in Not Cooperating
VEERESHWARA AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
M A L A Y S I A
AWANBIRU: Trading Suspension, Affected Listed Issuer Status Lifted
N E W Z E A L A N D
BAXTER DEVELOPMENTS: Court to Hear Wind-Up Petition on May 24
DOH (NZ): Creditors' Proofs of Debt Due on June 14
FLAMING FIRES: Creditors' Proofs of Debt Due on June 21
SIGN SQUAD: Court to Hear Wind-Up Petition on May 28
TRADE AID: To Close in Timaru After 48 Years
Y G PROPERTY: Court to Hear Wind-Up Petition on June 21
P A K I S T A N
PAKISTAN: GDP Grows 2.09% in Q3, Supported by Agriculture
S I N G A P O R E
DIGITAL COMMERCE: Commences Wind-Up Proceedings
EPICENTRE HOLDINGS: Creditors' Meeting Set for June 20
INNOVESCO PTE: Court to Hear Wind-Up Petition on June 7
PROPERTYGURU GROUP: Loss Narrows to SGD6.3MM in Qtr Ended March 31
SG LANDED: Court Enters Wind-Up Order
SHEENWAY EXHIBITION: Court Enters Wind-Up Order
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A U S T R A L I A
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BALI TAILOR: First Creditors' Meeting Set for May 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of The Bali
Tailor Pty Ltd will be held on May 24, 2024 at 11:00 a.m. via
virtual meeting only.
Andrew John Spring and Peter John Moore of Jirsch Sutherland were
appointed as administrators of the company on May 14, 2024.
EVEREST ASSET: ASIC Cancels Company's AFS Licence
-------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of
Everest Asset Management Pty Ltd (Everest).
Everest's licence was cancelled because Everest failed to prepare
and lodge the required financial statements and auditor opinions
with ASIC. ASIC also found that Everest is likely to contravene its
obligations as an AFS licensee in the future.
Under the Corporations Act, ASIC may suspend or cancel an AFS
licence if a licensee fails to meet its general obligations under
s912A. This includes the obligation to comply with financial
services laws, including the requirement to lodge financial
statements annually with ASIC.
Everest has a right to apply to the Administrative Appeals Tribunal
for a review of ASIC's decision.
Everest held AFS licence number 437924. Everest was licenced to
provide services to wholesale clients which included the authority
to advise and deal in managed investment schemes.
The cancellation of Everest's AFS licence follows ASIC's successful
application to the Federal Court for orders that Prospero Markets
Pty Ltd be wound up on just and equitable grounds and that
liquidators be appointed to Prospero.
ASIC commenced its investigation into Prospero and Everest
following the Australian Federal Police's Operation
Avarus-Nightwolf which resulted in former officers and responsible
managers of Prospero and a current officer of Everest being charged
with money-laundering offences in October 2023 relating to the
Changjiang Currency Exchange money remitting chain.
FITNESS REPUBLIC: Second Creditors' Meeting Set for May 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Fitness
Republic Cabramatta Pty Ltd has been set for May 24, 2024 at 10:00
a.m. via videoconference facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 23, 2024 at 5:00 p.m.
Alexander Siu and Brent Kijurina of Hall Chadwick were appointed as
administrators of the company on April 18, 2024.
INFAMOUS SWIM: Bounces Back From Voluntary Administration
---------------------------------------------------------
SmartCompany reports that Infamous Swim has secured backing of
approximately AUD1 million through a group of entrepreneurs from
the tech, e-commerce, fashion and communications sectors, with the
founder of the original mummy-and-me swimwear brand confirming the
label has been restructured and is now operating in a new company
structure with new directors.
It comes after the swimwear brand went through voluntary
administration earlier this year, but came out the other side.
Founder Gemma Crowe told SmartCompany that although she and the
investors are all stakeholders in the new operation, she remains
the CEO of Infamous Swim and will continue to lead the business as
before.
Coming on board as external investors are tech CEO Alex Macpherson,
startup investor Brad Down, Australian fashion designer Mary
Ioannidis, commercial director Matt Child and growth-focused
operations and information security specialist Greg Campbell,
SmartCompany discloses.
According to SmartCompany, the new investment and ownership
structure comes after Infamous Swim attempted to raise $600,000 on
crowdfunding platform Birchal in late 2023. However, the brand
didn't meet the minimum target and only raised $400,000, with the
crowdfunded money returned to investors.
Ms. Crowe told SmartCompany that although the crowdfunding campaign
had raised AUD400,000, Infamous Swim had targeted, and needed, more
to stabilise the brand's future direction.
"The lowest amount we wanted to receive was AUD600,000. The
AUD400,000 was no small feat, but unless we received funding from a
major investor to make up the rest, we were not going to commit to
the crowdfunding," SmartCompany quotes Ms. Crowe as saying. "While
we were really appreciative of the contributions made to the
crowdfunding campaign, we realised this was the right time to bring
on board external investors with the expertise to take Infamous
even further."
Ms. Crowe and her team "took the opportunity to regroup and
re-structure the business" with the new business partners over the
following months, and the business is stronger for it, she said.
"Their skill sets have been a wonderful complement to Infamous' key
strengths and have helped optimise and strengthen the business as a
whole."
On May 6, Infamous Swim posted a 'We Are Back' post on Instagram,
which Ms. Crowe said marked the re-commencement of trading after a
short break and renewed outlook for the business, SmartCompany
relays.
Infamous' future is bright, said Ms. Crowe, who is excited and
invigorated about being able to rejuvenate the brand after what has
been a period of intense strategic planning and investor searching.
She adds that new funding of around AUD1 million was needed to
"ensure all facets of Infamous' operations and growth plans are
properly resourced," and it comes with valuable expertise.
"Having the support of such an experienced and capable team is also
another great advantage that guarantees the success of our revamped
strategy," says Crowe.
"We are specifically targeting growth via exciting new product
lines as well as increasing the reach into our amazing customer
base."
And that customer base remains strong. As of October 2023, Infamous
Swim had sold more than 756,000 swimsuits to more than 440,000
people in the brand's home base of Australia since it was founded
in 2018.
The label has 674,000 Instagram followers, more than 123,000
followers on TikTok, and an email and SMS database of over 440,000
customers.
JAPAN AUSTRALIA: Second Creditors' Meeting Set for May 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of Japan Australia
Travel Service Pty Ltd has been set for May 24, 2024 at 11:00 a.m.
at the offices of Dye & Co. Pty Ltd at 165 Camberwell Road in
Hawthorn East.
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 May 23, 2024 at 5:00 p.m.
Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of the company on May 2, 2024.
STEVEN MILLARD: First Creditors' Meeting Set for May 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Steven
Millard & Associates Pty Ltd will be held on May 24, 2024 at 12:00
p.m. at the offices of SV Partners Sydney at Level 7, 151
Castlereagh Street in Sydney.
David Michael Stimpson and Adam Peter Kersey of SV Partners were
appointed as administrators of the company on May 14, 2024.
WATSON TRACTORS: First Creditors' Meeting Set for May 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Watson
Tractors Pty Ltd will be held on May 24, 2024 at 12:00 p.m. at the
offices of Panthers Bathurst at 132 Piper Street in Bathurst and
via Zoom teleconferencing.
Liam Bailey and Christopher Palmer of O'Brien Palmer were appointed
as administrators of the company on May 24, 2024.
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C H I N A
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111 INC: Deloitte Touche Tohmatsu Raises Going Concern Doubt
------------------------------------------------------------
111, Inc. disclosed in a Form 20-F Report filed with the U.S.
Securities and Exchange Commission for the fiscal year ended
December 31, 2023, that its auditor has expressed substantial doubt
about the Company's ability to continue as a going concern for the
next 12 months.
Shanghai, China-based Deloitte Touche Tohmatsu Certified Public
Accountants LLP, the Company's auditor since 2018, issued a "going
concern" qualification in its report dated May 14, 2024, citing
that the Company has accumulated deficit due to recurring losses
from operations, additionally, the Company has not yet completed
its qualified initial public offerings and if not completed as
planned, it would result in the potential cash redemption of the
redeemable non-controlling interest, that raise substantial doubt
about the Company's ability to continue as a going concern.
The Company recorded a net loss of RMB353.4 million (US$49.8
million) in 2023 as compared to a net loss of RMB376.1 million in
2022.
Management believes relevant conditions that raise substantial
doubt about the Group's ability to going concern are mitigated by
these plans and actions:
* The Group has been actively communicating with redeemable
non-controlling interest holders to reschedule the repayments or
restructure the redemption obligations. As of the date of issuance
of the financial statements, certain of these holders with carrying
amount of RMB383,577 at December 31, 2023, have signed the share
repurchase agreements to facilitate the repayments where the first
instalment is 10% of the principal to be repaid within 60 days
after signing of the agreement, the second instalment will be 20%
of the principal due on September 30, 2025 if the holders exercise
their redemption rights, and the rest 70% principal as well as all
accumulated interests will be due on September 30, 2026 if the
holders exercise their redemption rights. Other holders with
carrying amount of RMB212,666 as of December 31, 2023 have signed
commitments to rearrange their redemption schedules where 10% the
principal is to be repaid within 60 days after signing the
commitment letter and 90% of the principal as well as all
accumulated interests will be due on September 30, 2025 if the
holder exercise their redemption rights on June 30, 2025. As of the
date of the issuance of the financial statements, RMB205,000 of
principal and RMB41,753 of accrued interests are redeemable, and
RMB229,820 of principal and RMB49,862 of accrued interests will be
redeemable if the holders exercise their redemption right within
the next 12 months.
* Management is seeking to secure more loan facilities to
support its daily operations. As of the date of issuance of the
financial statements, the Group has renewed a credit facility
agreement with a bank which provides a credit facility, with expiry
in January 2025, that allows the Group to borrow up to RMB130,000.
Each bank borrowing under this facility agreement will be due in
one year after drawdown date.
* Management has taken or is in the process of exploring a
variety of initiatives to improve the Group's liquidity and
financial position, including utilizing the supplier chain
financings arrangement, as well as continuing efforts to achieve
margin expansion and implement cost reduction program.
Based on these actions, management believes, after considerations
to its plans, that the Group has adequate resources to meet its
obligations as they come due for at least the next 12 months.
Should the Group not be able to reschedule the potential repayments
or restructure its redemption obligations of the remaining
non-controlling interest holders with redemption amount of
RMB526,435 as of the date of the issuance of the financial
statements or should the Group be unable to continue to achieve its
planned efforts of margin expansion and cost reduction
implementation program, the Group will need to raise additional
funds or reduce expenditures to continue as a going concern.
A full-text copy of the Company's Form 20-F is available at
https://tinyurl.com/ynjkae6x
About 111, Inc.
111, Inc. (NASDAQ: YI) is a tech-enabled healthcare platform
company committed to digitally connecting patients with medicine
and healthcare services in China. As of December 31, 2023, the
Company has $435.1 million in total assets, $396.2 million in total
liabilities, and $83.8 million in total deficit.
LEJU HOLDINGS: Yu CPA Raises Going Concern Doubt
------------------------------------------------
Leju Holdings Limited disclosed in a Form 20-F Report filed with
the U.S. Securities and Exchange Commission for the fiscal year
ended December 31, 2023, that its auditor has expressed substantial
doubt about the Company's ability to continue as a going concern
for the next 12 months.
New York, N.Y.-based Yu Certified Public Accountant PC, the
Company's auditor since 2020, issued a "going concern"
qualification in its report dated May 14, 2024, citing that the
Company and its subsidiaries and its variable interest entities has
accumulated significant losses from operations, and has not yet to
generate favorable working capital and operating cash flows. These
conditions raise substantial doubt about its ability to continue as
a going concern.
As of December 31, 2023, the Group had cash and cash equivalents of
$48.20 million and restricted cash of $6.15 million and working
capital was negative 15.26 million. The Group also generated a loss
from operations of $58.74 million and had operating cash outflows
$73.65 million for the year then ended. The Group's cash level as
of December 31, 2023, may not be sufficient for operations for the
next 12 months. Starting from the period affected by the epidemic,
there was a significant reduction in real estate transaction
volumes as many of the Group's developer clients had to close their
project sales centers and showrooms for an extended period. This
adversely affected the Group's e-commerce services, and many real
estate developers also scaled back online advertising expenditures.
Although China began to modify the zero COVID-19 policy at the end
of 2022, the economic environment and the real estate market in
2023 have not yet recovered. Customers still need time to recover
from the economic effects of the pandemic, bringing significant
uncertainty to the Group's future revenue.
Management's plan to alleviate the substantial doubt about the
Group's ability to continue as a going concern includes attempting
to improve its business profitability, its ability to generate
sufficient cash flow from its operations to meet its operating
needs on a timely basis. The Group said there can be no assurance
it will be successful in achieving its strategic plans, that the
Group's future capital raises will be sufficient to support its
ongoing operations, or that any additional financing will be
available in a timely manner or with acceptable terms, if at all.
If the Group is unable to raise sufficient financing or events or
circumstances occur such that the Group does not meet its strategic
plans, it would have a material adverse effect on the Group's
financial position, results of operations, cash flows, and ability
to achieve its intended business objectives.
A full-text copy of the Company's Form 20-F is available at
https://tinyurl.com/mrxe4rca
About Leju Holdings
Beijing, China-based Leju Holdings Limited through its subsidiaries
and consolidated variable interest entities, is principally engaged
in providing online advertising, e-commerce services and listing
services for the real estate and home furnishing industries in the
People's Republic of China.
As of December 31, 2023, the Company has $216.11 million in total
assets, $163.15 million in total liabilities, and $52.96 million in
total equity.
SUNING HOLDINGS: Risks Losing Inter Club as Loan Deadline Ends
--------------------------------------------------------------
Caixin Global reports that pressure is building for FC
Internazionale Milano SpA's majority stakeholder Suning Holdings
Group Co. Ltd. as a deadline has arrived for the Chinese retail
giant to repay a multimillion-euro loan or risk losing control of
the club.
Suning, which owns a 68.55% stake of Inter Milan, had until May 20
to repay some EUR350 million ($380 million) including EUR275
million in principal and EUR75 million in interest owed to
distressed debt investor Oaktree Capital Management LP, one
creditor told Caixin. The loan was made under a 2021 deal that
allows Oaktree to take over the club and sell it in the event of a
default.
Caixin says the funds can be wired as late as May 21 following May
20's bank holiday in Luxembourg--home to Suning's holding
companies, which took on the debt.
On May 18, in response to speculation about the club's financial
stability, Inter Milan President Steven Zhang said in a statement
published on the club's website that "we have been making every
attempt with our partner to find an amicable resolution, including
multiple paths for Oaktree to achieve full and immediate financial
return," Caixin relays.
Suning Holdings Group Co. Ltd. provides business services. The
Company offers retail services, real estate services, investment
services, financial services, and more. Suning Holdings Group
serves customers worldwide.
VIVIC CORP: Financial Strain Raises Going Concern Doubt
-------------------------------------------------------
Vivic Corp. disclosed in a Form 10-Q Report filed with the U.S.
Securities and Exchange Commission for the quarter ended March 31,
2024, that there is substantial doubt about its ability to continue
as a going concern.
The Company had $47,224 of cash and cash equivalents available for
the Company's continuing operations and working capital of
$2,780,765 (which included $2,817,646 due from a related party) as
of March 31, 2024, and generated net income of $610,165 and a net
loss of $332,224 during the three months ended March 31, 2024 and
2023, respectively. In addition, the Company had an accumulated
deficit of $2.69 million as of March 31, 2024.
The continuation of the Company as a going concern within the next
12 months is dependent upon the continued financial support from
its related parties and loans or investments from third parties.
The Company is actively pursuing additional financing for its
operations through loans and the sale of equity. However, there is
no assurance that the Company will be successful in securing
sufficient funds to sustain its operations.
Management has determined that these conditions indicate it may be
probable that the Company would not be able to meet its obligations
within the next 12 months.
A full-text copy of the Company's Form 10-Q is available at
https://tinyurl.com/5y98vc4f
About Vivic
VIVIC CORP. was established under the corporate laws of the State
of Nevada on February 16, 2017. Beginning with a change in
management resulting from a change in control of the Company which
occurred at the end of 2018, the Company has explored and initiated
operations in a number of business areas related to the pleasure
boat industry. These included yacht sales, marine tourism,
development of electric powered yachts, development and operation
of yacht marinas in Asia and the development of a yacht rental and
time share service. The Company's headquarters are maintained at
its branch in the Republic of China, Vivic Corp. It is mainly
engaged in yacht procurement, sales, and leasing services in Taiwan
and other countries.
As of March 31, 2024, the Company has $4,127,655 in total assets
and $1,963,364 in total liabilities.
[*] CHINA: Bankruptcy Court Helps Displaced Workers
---------------------------------------------------
China Daily reports that a Beijing court that has been helping
enterprises deal with restructuring and liquidation has also been
assisting their employees to find new jobs.
"Enabling people whose employers are facing business difficulties
to get compensation or find new jobs is a major issue in handling
bankruptcy cases, as better placement is conducive to family
harmony and social stability," China Daily quotes Li Qian, a judge
from the Beijing No 1 Intermediate People's Court, as saying.
She made the remark on May 16 as the court released its five-year
achievements in solving bankruptcy disputes, China Daily says.
China Daily, citing data released by the court, relates that the
bankruptcy tribunal, which was established in late January 2019,
has concluded 580 cases, 19 of which involved large enterprises.
In 2022, for example, the tribunal resettled more than 3,000
employees of a large auto company while tackling its liquidation,
according to Li.
"We first informed the workers that their employer was facing
bankruptcy, and then asked them, one by one, what they wanted - to
seek a job with a similar car company or to leave with
compensation," she said, China Daily relays. "Most of them chose
re-employment in the automobile industry, with a small number of
people who eventually terminated their labor contracts with the
employer getting compensated."
The placement was completed within three months, Li said.
Ma Qiang, president of the court, said the efficient handling of
bankruptcy cases aims to serve the capital's high-quality
development and build a sound business environment, according to
China Daily.
Thanks to the judicial efforts, the tribunal has revived nearly 80
companies on the verge of bankruptcy over the past five years,
securing 96,000 jobs, he said.
In addition to the tribunal in Beijing, more judicial teams
specializing in bankruptcy have been set up across the country,
including in Shanghai and Shenzhen, Guangdong province, China Daily
notes.
The Supreme People's Court, the nation's top court, said in March
that 29,000 bankruptcy cases were concluded last year, up 68
percent year-on-year, China Daily relays.
A total of 762 struggling enterprises survived, securing 118,000
jobs, China Daily discloses.
The Standing Committee of the National People's Congress, China's
top legislature, said early this year that the Enterprise
Bankruptcy Law is expected to be revised to deepen reform and
accelerate the creation of a new pattern of development, China
Daily adds.
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H O N G K O N G
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BORQS TECHNOLOGIES: Yu CPA Raises Going Concern Doubt
-----------------------------------------------------
Borqs Technologies, Inc. disclosed in a Form 20-F Report filed with
the U.S. Securities and Exchange Commission for the fiscal year
ended December 31, 2023, that its auditor has expressed substantial
doubt about the Company's ability to continue as a going concern
for the next 12 months.
New York, N.Y.-based Yu Certified Public Accountant PC, the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated May 14, 2024, citing that the
Company and its subsidiaries has continued to incur significant
losses, and it has not yet to generate favorable working capital.
As of December 31, 2023, the Group had cash and cash equivalents of
$1 million and restricted cash of $0.03 million and a negative
working capital of $14.9 million, and has generated a net loss from
continuing operations of $26.9 million and cash outflows of $10.3
million for the year then ended.
Borqs said the Group's cash level at December 31, 2023, was not
adequate for operations in the 2024 fiscal year and financing was
needed; and due to the COVID-19 pandemic, negative effects from
slow collection from receivables and significant cancellation of
otherwise signed purchase orders from customers were observed as
early as January 2020. The Group has experienced reductions of
orders due to effects of COVID-19 in 2022 and the slowdown of
China's macroeconomy since the re-opening in December 2022.
Affected by these matters, the number and amounts of purchases from
the Group's business customers have been reduced. Borqs said it is
not possible to determine the ultimate impact of the COVID-19
pandemic on the Group's business operations and financial results.
Management's plan to alleviate the substantial doubt about the
Group's ability to continue as a going concern includes attempting
to:
-- improve its business profitability, its ability to generate
sufficient cash flow from its operations to meet its operating
needs on a timely basis; and
-- raise capital in the public market.
Borqs cautioned there can be no assurance the Group will be
successful in achieving its strategic plans, that the Group's
future capital raises will be sufficient to support its ongoing
operations, or that any additional financing will be available in a
timely manner or with acceptable terms, if at all. If the Group is
unable to raise sufficient financing or events or circumstances
occur such that the Group does not meet its strategic plans, it
would have a material adverse effect on the Group's financial
position, results of operations, cash flows, and ability to achieve
its intended business objectives.
A full-text copy of the Company's Form 20-F is available at
https://tinyurl.com/47ky647n
About Borqs Technologies
Kowloon, Hong Kong-based Borqs Technologies, Inc. was incorporated
in the British Virgin Islands on July 1, 2015. The Company was
formed for the purpose of acquiring, engaging in a share exchange,
share reconstruction and amalgamation, purchasing all or
substantially all of the assets of, entering into contractual
arrangements, or engaging in any other similar business combination
with one or more businesses or entities.
As of December 31, 2023, the Company has $30.3 million in total
assets, $14.6 million in total liabilities, and $7.1 million in
total shareholders' equity.
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AINAJ INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ainaj
Industries (Ainaj) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 2 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Ainaj for
obtaining information through letter and email dated April 19, 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 Ainaj, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Ainaj
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Ainaj continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Ainaj, established in 1997 and based in Radhanpur, Gujarat, was set
up as a partnership firm by Mr Dayaram Thakkar, Mr Vasant Thakkar,
Mr Dinesh Thakkar, Mr Suresh Thakkar, and Mr Rajesh Thakkar. In
2010, four partners withdrew their capital and Ainaj was
reconstituted as a proprietorship firm of Mr Suresh Thakkar.
ANGEL PIPES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Angel Pipes
and Tubes Private Limited (APTPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with APTPL for
obtaining information through letter and email dated April 19, 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 APTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APTPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2007, APTPL manufactures stainless steel pipes. The
company is promoted by the Mehta family and is based in Mumbai. Its
manufacturing facilities are in Sanchore (Rajasthan).
ANNAPURNA POULTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Annapurna
Poultries (ANNPOU) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.81 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 0.52 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 3.67 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ANNPOU for
obtaining information through letter and email dated April 19, 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 ANNPOU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
ANNPOU is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of ANNPOU continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
ANNPOU's was establish in 2009 it is located in Vatluru (Andhra
Pradesh). ANNPOU's is owned and managed by Mr. Kolli Koteshwara
Rao. ANNPOU's sells poultry products such as eggs.
ANUPAM INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anupam
Industries (ANI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ANI for
obtaining information through letter and email dated April 19, 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 ANI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
ANI was set up as a sole proprietorship firm of Mr Abhay Oswal in
2002. The firm processes pigeon pea (toor dal), at its
manufacturing facility at Hinganghat (Maharashtra), and has an
installed capacity of 50 tonne per day.
APINDIA BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apindia
Biotech Limited (ABPL; part of the MB group) continue to be 'CRISIL
C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term 7.3 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.2 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letter and email dated April 19, 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 ABPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABPL continues to be 'CRISIL C Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of APBPL and Madhya Bharat
Phospate Pvt Ltd (MBPPL). This is because the two companies
together referred to as the MB group, have strong business linkages
as they are engaged in the same line of businesses; APBPL has been
supplying raw material (rock phosphate) to MBPPL since July 2012.
Furthermore, MBPPL has a shareholding of 99.99 per cent in APBPL
and has provided loans and advances of Rs.52 million to the company
to support its working capital requirements.
MBPPL was originally incorporated in 1998 as Omni Seeds and Farms
(India) Pvt Ltd, promoted by Mr. Pawan Agrawal; the name was
changed to the current one in 2003. The company manufactures SSP
fertilisers. It has two manufacturing facilities, one each in
Raisen and Meghnagar (both in Madhya Pradesh).
ARUPPUKOTTAI SHRI: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aruppukottai
Shri Ramalinga Spinners Private Limited (ASRS) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 23 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ASRS for
obtaining information through letter and email dated April 19, 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 ASRS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASRS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASRS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 1999, ASRS is engaged in the business of
manufacturing of yarn and is based out of Tamil Nadu. The company
is promoted by Ms. D Nirmala and Mr. Dhinakaran Kotha.
BRT SPINNER: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of BRT Spinner
Private Limited (BSPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 17 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 6 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BSPL for
obtaining information through letter and email dated April 19, 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 BSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BSPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established as a partnership firm in 1978, Tirupur-based, BRT
Spinners Pvt Ltd (BSPL) is engaged in manufacturing of yarn, fabric
(cloth) and also undertakes job work related to yarn sizing.
Company is promoted by Mr. Senniappan.
EDIMANNICKAL FASHION: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Edimannickal
Fashion Jewellery (EFJ) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with EFJ for
obtaining information through letter and email dated April 19, 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 EFJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EFJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EFJ continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
EFJ was established in 2012 and is promoted by Mr. E T Jose. The
firm retails gold jewellery at its showroom at Punalur in Kollam,
Kerala.
EXPRESS INFOCOM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Express
Infocom Private Limited (EIPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 1.7 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 10 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 17.8 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with EIPL for
obtaining information through letter and email dated April 19, 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 EIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
EIPL was incorporated in 2006, by Mr Sandeep Sethi, Mr Sanjay
Arora, Mr R L Sharma and Mr Deepak Sharma. The company operated a
three-star hotel, Express Sarovar Portico with 70 rooms at
Surajkund in Faridabad, Haryana. This hotel has been operational
since June 2011. The company was acquired by TBIPL in November 2015
and is currently managed by the Bengaluru-based MRG group. The
hotel has been rebranded, to Goldfinch ' Delhi, since April 2016.
G. D. BUILDERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of G. D. Builders
(GDB) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term 10 CRISIL B+/Stable (Issuer Not
Bank Facility Cooperating)
CRISIL Ratings has been consistently following up with GDB for
obtaining information through letter and email dated April 19, 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 GDB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GDB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GDB continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2006, GDB is engaged in real estate development. The
company is currently undertaking three real residential and
commercial projects. The company is promoted by Mr. M. D.
Unnikrishnan who has been in the industry for more than 2 decades.
GAGANA ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gagana
Enterprises (Gagana) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Gagana for
obtaining information through letter and email dated April 19, 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 Gagana, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Gagana is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Gagana continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Established in February 2018, Gagana trades in calcium hydroxide,
which finds application in the granite quarrying industry. Mr Shaik
Jaheer Basha and Mr K Mohan Rao are the partners.
GAJANAN SIDDHIVINAYAK: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gajanan
Siddhivinayak Foods Private Limited (GSFPL) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B-/Stable (Issuer Not
Cooperating)
Cash Credit 11 CRISIL B-/Stable (Issuer Not
Cooperating)
Proposed Fund- 3.3 CRISIL B-/Stable (Issuer Not
Based Bank Limits Cooperating)
Term Loan 4.25 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 1.45 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GSFPL for
obtaining information through letter and email dated April 19, 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 GSFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSFPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Incorporated in April 2012 and promoted by Mr Lakhi Prasad Jaiswal
and family, GSFPL mills raw and parboiled non-basmati rice at its
facility in Sasaram, Bihar, and sells under the Shiva Gajanan
brand. Commercial operations began in July 2014.
GARVIT HOSPITALITY: CRISIL Keeps B- Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Garvit
Hospitality & Infracon Private Limited (GHIPL) continue to be
'CRISIL B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.75 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 13.25 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GHIPL for
obtaining information through letter and email dated April 19, 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 GHIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GHIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GHIPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Set up in October 18, 2011, M/S. Garvit Hospitality & Infracon
Private Limited (GHIPL) is setting up a plant to manufacture
Autoclaved Aerated Concrete blocks to be used in building and civil
construction. It is based out of Jhansi, Uttar Pradesh and is by
Mr. Parvindar Singh and his father Mr. Bishan Singh.
GAUR HARI: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gaur Hari and
Co. (GHC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 12 CRISIL B+/Stable (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with GHC for
obtaining information through letter and email dated April 19, 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 GHC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GHC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GHC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 1991 as a proprietorship concern by Mr Khagendra
Jana, GHC retails and wholesales gold and diamond-studded jewellery
(necklaces, earrings, bangles, kada, rings, bracelets, and
pendants) through its single outlet in Chandni Chowk, New Delhi. It
is setting up another outlet in Karol Bagh at an estimated capex of
INR4.0 crore, primarily to be met by proprietor's funds. The outlet
is expected to become operational in the first quarter of fiscal
2020.
GROVER AGRO: CRISIL Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Grover Agro
Food Private Limited (GAFPL) continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5.2 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GAFPL for
obtaining information through letter and email dated April 19, 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 GAFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GAFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GAFPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
GAFPL, incorporated in October 2015 by Mr Surender Mohan Grover and
his wife Ms Sucheta Mani Grover, processes and markets fruit juices
under its own brand Fruit Heart, Fruit Link and Fal Ras. The
processing plant is at Hisar, Haryana.
INTEGRATED ELECTRIC: CRISIL Keeps C Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Integrated
Electric Company Private Limited (IECPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 2.75 CRISIL C (Issuer Not
Cooperating)
Letter of Credit 3.5 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 0.92 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Supplier Line
of Credit 5.20 CRISIL A4 (Issuer Not
Cooperating)
Term Loan 1.63 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with IECPL for
obtaining information through letter and email dated April 19, 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 IECPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IECPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
IECPL, incorporated in 1982, manufactures electrical rotating
machines for various industrial applications. The company is
promoted by Mr. R Vijayaraghavan and his family.
KUNNATH GOLD: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kunnath Gold
and Diamond (KGAD) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KGAD for
obtaining information through letter and email dated April 19, 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 KGAD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KGAD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KGAD continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in September 2018, KGAD is operating a jewellery
showroom in Malappuram, Kerala, for retailing gold and diamonds.
The promoters are Mr. Kunnath Moosa and Mr. Mohammad Thajudheen.
S S G PAPER: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S S G Paper
Mills LLP (SSG) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 6 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSG for
obtaining information through letter and email dated April 19, 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 SSG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSG continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
A limited liability partnership, SSG was established in September
2015 and began commercial operations from October 2016. It
primarily manufactures poster paper, tissue paper, and Kraft paper.
Avijit Kumar and Sanjeev Kumar are the partners.
SAI BUILDERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Sai
Builders And Developers (SSBD) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 6 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSBD for
obtaining information through letter and email dated April 19, 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 SSBD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSBD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSBD continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SSBD is a partnership firm based out of Rajahmundry, Andhra
Pradesh. It is into residential real estate development. It is
managed by D V M Mohan and others.
SANJANA CRYOGENIC: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sanjana
Cryogenic Storages Limited (Sanjana Cryogenic) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 20 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 20 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Sanjana
Cryogenic for obtaining information through letter and email dated
April 19, 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 Sanjana Cryogenic, which
restricts CRISIL Ratings' ability to take a forward looking view on
the entity's credit quality. CRISIL Ratings believes that rating
action on Sanjana Cryogenic is consistent with 'Assessing
Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of Sanjana Cryogenic
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 1999 and promoted by Mumbai-based Mr RA Goenka and
Mr Sanjay Goenka, Sanjana Cryogenic owns two liquid ammonia storage
facilities of 10,000 tonne each in Dahej (Gujarat) and Haldia (West
Bengal). The facility in Dahej was built in 2000, while the Haldia
facility was started in 2002. The Dahej facility is rented to
Hindalco and the Haldia facility to IRCAPL for 25 years.
Sanjana Cryogenic also owns windmills with total installed capacity
of 17.75 megawatt (MW) in Maharashtra, Karnataka, Madhya Pradesh,
and Rajasthan. Power from these windmills is sold to the respective
state electricity distribution companies under long-term power
purchase agreements. Additionally, the company trades in metals
such as nickel and tin on an opportunistic basis and owns iron ore
mines in Goa that are currently non-operational.
SKILWORTH TECHNOLOGIES: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Skilworth
Technologies Private Limited (STPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 10 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with STPL for
obtaining information through letter and email dated April 19, 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 STPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
STPL, incorporated in 2007, and based in Chennai, is a subsidiary
of Singapore-based Bijlipay Asia Pte Ltd. The company is a merchant
aggregator and provides mobile point of sale payment solutions to
its customers located across India.
SURYA INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Surya
Industries (Warangal) (SIW) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SIW for
obtaining information through letter and email dated April 19, 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 SIW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIW continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SIW was established in 1998 by Mr T Sampath Kumar and Ms T
Thirumala Devi. It mills and processes paddy into rice. The
manufacturing facility is located in Warangal, Telangana.
VARALAKSHMI MOTORS: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Varalakshmi Motors Private Limited (SVMPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.25 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 0.25 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SVMPL for
obtaining information through letter and email dated April 19, 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 SVMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVMPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2005, SVMPL is an authorized dealer for
two-wheelers of HML in Vizianagaram district of Andhra Pradesh. The
company is promoted by Mr. N Sairam Venkata Reddy and his family.
VEERESHWARA AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri
Veereshwara Agro Agencies (SVAA) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVAA for
obtaining information through letter and email dated April 19, 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 SVAA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVAA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVAA continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2004, Raichur (Karnataka)-based SVAA is a
partnership firm that trades in chemical fertilisers and
pesticides. Mr Bheemana Gouda and Mr Devendra Gouda are the
partners.
===============
M A L A Y S I A
===============
AWANBIRU: Trading Suspension, Affected Listed Issuer Status Lifted
------------------------------------------------------------------
The Star reports that shares in Awanbiru Technology Bhd (Awantec)
resumed trading on May 13 after Bursa Malaysia lifted its affected
listed issuer status and suspension on the trading of its
securities.
The trading stock of the ICT software services provider opened 12.5
sen higher from its last traded price of 25.5 sen on April 26, to
38 sen a share.
In a filing with Bursa Malaysia on May 10, Awantec said Bursa
Malaysia Securities had granted it a waiver from complying with
Paragraph 8.04(3)(a) of the Main Market listing requirements, which
requires an affected listed issuer pursuant to Paragraph 8.03A of
the Main Market listing requirements to submit a regularisation
plan to Bursa Securities, The Star relates.
Awantec was classified as an affected listed issuer in January 2021
after its wholly-owned subsidiary, Prestariang Systems Sdn Bhd,
terminated its membership in the Microsoft Partner Network.
The Star notes that the company's shares were suspended from
trading on April 26 this year for failing to submit a
regularisation plan within the stipulated time frame.
On May 7, the company had filed its results for the third quarter
ended March 31, 2024, with Bursa Malaysia, registering a net profit
of MYR2.14 million as compared to a net loss of MYR1.99 million in
3QFY23, The Star discloses.
Awantec's revenue came to MYR55.77 million against MYR8.51 million
in the comparative quarter with an earnings per share of 0.27 sen
compared to a loss per share of 0.25 sen.
Cumulatively, the company's net profit over three quarters was
MYR3.33 million against a net loss of MYR6.3 million in 9MFY23,
while revenue stood at MYR84.39 million against MYR34.6 million in
the comparative period, The Star adds.
AwanBiru Technology Berhad, an investment holding company, offers
information communication technology training and certification
services in Malaysia. The company operates through Software and
Services, Talent, Concession, and Others segments. It is involved
in the license distribution, implementation, system integration,
managed services, application development, and other cloud related
solutions and services. In addition, the company delivers total
solution for the integrated and comprehensive core immigration
system, which includes design, customize, install, configure, test,
commission, and maintain throughout the concession period, as well
as provides career placement, talent upskilling, reskilling, and
training and certification.
=====================
N E W Z E A L A N D
=====================
BAXTER DEVELOPMENTS: Court to Hear Wind-Up Petition on May 24
-------------------------------------------------------------
A petition to wind up the operations of Baxter Developments Limited
will be heard before the High Court at Auckland on May 24, 2024, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 25, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
DOH (NZ): Creditors' Proofs of Debt Due on June 14
--------------------------------------------------
Creditors of DOH (NZ) Limited are required to file their proofs of
debt by June 14, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 14, 2024.
The company's liquidator is:
Hamish John Pryde
CS Insolvency
C/- Coombe Smith (PN) Limited
168 Broadway Avenue
PO Box 788
Palmerston North
FLAMING FIRES: Creditors' Proofs of Debt Due on June 21
-------------------------------------------------------
Creditors of Flaming Fires Limited are required to file their
proofs of debt by June 21, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 6, 2024.
The company's liquidators are:
Garry Whimp
Benjamin Francis
Blacklock Rose Limited
PO Box 6709
Victoria Street West
Auckland 1142
SIGN SQUAD: Court to Hear Wind-Up Petition on May 28
----------------------------------------------------
A petition to wind up the operations of Sign Squad Limited will be
heard before the High Court at Wellington on May 28, 2024, at 10:00
a.m.
Jennifer Sharon Hendry filed the petition against the company on
April 4, 2024.
The Petitioner's solicitor is:
Andrew Davie
Treadwells, Solicitors
Midland Chambers, 14th Floor
45 Johnston Street
Wellington
TRADE AID: To Close in Timaru After 48 Years
--------------------------------------------
Stuff.co.nz reports that Trade Aid has been a mainstay in Timaru's
CBD for 48 years, with sales improving the lives of many, but come
the end of June, Trade Aid Timaru will close its doors for good.
According to Stuff, the store is one of the organisation's 24
nationwide that will progressively close from the next month, after
the company, founded by Vi and Richard Cottrell in 1973, announced
in March it was closing its stores, citing the cost of living and
declining retail sales.
It imports and sells products made by small food and craft
producers under ethical conditions.
However, Timaru store manager Natasha Brown said the organisation
had done much more than that.
"It's become a lot of things," Stuff quotes Ms. Brown as saying. "I
think it has become huge for women around the world, giving them a
voice, and supporting their families and their children."
She said when she looked back over the nine years she had been
involved with the Timaru store, she thought of the women who had
been empowered through the sale of their work, Stuff relays.
Ms. Brown said the store had 12 volunteers. When she started, there
were about 40.
She said volunteers had been upset to hear of the shop's closure as
many had been there for many years, including two who had worked at
the counter for more than 30 years each.
"Their main concern was 'what about the people who produce our
stuff? How would they be affected?'"
Stuff relates that Ms. Brown said Trade Aid had always held people
accountable for their actions, so it was important it stood by its
own ethos.
Over the years, the store had supported makers from India,
Bangladesh, Thailand, Vietnam, and Indonesia.
"And also a little bit from Africa, South America, Peru."
She said while its stores were being closed, Trade Aid's business
model was adapting to focus on online retail sales and wholesale
crafts, food, and coffee.
"So there will still be a Trade Aid," she said.
It had been a tough few years for many, and Ms. Brown said the next
couple of years would be tough too.
"We had a great year after Covid but since then it's been on the
decline. This year was picking up for us."
She said the Timaru store had "very loyal, supportive" customers
who had "always shopped here".
She, and the volunteers, would miss the customers, she said.
"We don't see it as a job.
"It's more than just working in a retail store."
At the moment everything for sale in store was reduced by 40%, and
Ms. Brown said stock was still arriving as they had ordered up to a
year in advance, Stuff adds.
Y G PROPERTY: Court to Hear Wind-Up Petition on June 21
-------------------------------------------------------
A petition to wind up the operations of Y G Property Limited will
be heard before the High Court at Auckland on June 21, 2024, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 19, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
===============
P A K I S T A N
===============
PAKISTAN: GDP Grows 2.09% in Q3, Supported by Agriculture
---------------------------------------------------------
Reuters reports that Pakistan's economy grew 2.09% in the third
quarter of the financial year 2023-2024, supported by higher growth
in agriculture, the Pakistan Bureau of Statistics said in a press
release on May 21.
Reuters relates that the estimated provisional growth rate of gross
domestic product (GDP) for the financial year ending June 2024 is
2.38%, the bureau said in a statement. That compares with a revised
0.21% economic contraction in the 2023 year when political unrest,
a combination of tax and gas tariff hikes, controlled imports, and
a steep fall in the rupee currency rapidly pushed up inflation.
Last week in its half yearly report, Pakistan's central bank
projected real GDP growth of 2-3% for the fiscal year 2024.
There was no comparable year-ago third quarter GDP data as Pakistan
only began releasing quarterly growth numbers from November,
Reuters says. That was done in compliance with the structural
benchmarks of the current $3 billion bailout program agreed with
the International Monetary Fund and completed last month.
According to Reuters, the bureau revised the first and second
quarter GDP estimates for financial year 2023-2024 to 2.71% and
1.79% respectively, compared to earlier estimates of 2.5% and 1%.
The provisional 2024 financial year growth in agriculture was
estimated at 6.25%, and 1.21% for both industry as well as
services, it added.
"The healthy growth of agriculture is mainly due to double-digit
growth in important crops", the bureau said, adding that bumper
crop of wheat, cotton, and rice contributed to the positive
result.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Fitch Ratings affirmed Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below.
=================
S I N G A P O R E
=================
DIGITAL COMMERCE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Digital Commerce Intelligence Pte Ltd, on May 15, 2024,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Farooq Ahmad Mann
Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
EPICENTRE HOLDINGS: Creditors' Meeting Set for June 20
------------------------------------------------------
Epicentre Holdings Ltd, which is in liquidation, will hold a
meeting for its creditors on June 20, 2024, at 10:00 a.m., at.
Agenda of the meeting includes:
a. to receive an update on the liquidation; and
b. to receive an account of the Liquidators’ acts and
dealings,
and of the conduct of the winding up.
Ms. Ee Meng Yen Angela and Mr. Aaron Loh Cheng Lee of Ernst & Young
LLP were appointed as the liquidators of the Company on Jan. 13,
2022.
INNOVESCO PTE: Court to Hear Wind-Up Petition on June 7
-------------------------------------------------------
A petition to wind up the operations of Innovesco Pte Ltd will be
heard before the High Court of Singapore on June 7, 2024, at 10:00
a.m.
CIMB Bank Berhad filed the petition against the company on May 13,
2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
PROPERTYGURU GROUP: Loss Narrows to SGD6.3MM in Qtr Ended March 31
------------------------------------------------------------------
The Business Times reports that PropertyGuru Group Limited posted a
narrower net loss of SGD6.3 million for the first quarter ended
March, as compared to SGD10.2 million net loss in the same period
last year.
BT relates that the decrease comes after the New York Stock
Exchange-listed real estate platform made positive earnings for
previous two sequential quarters.
Revenue for the quarter rose 11.9 per cent to SGD36.5 million, from
SGD32.6 million year ago, on the back of a strong growth in
Singapore marketplace segment, based on PropertyGuru's financials
released on May 21, BT discloses.
Basic loss per share for the period stood as SGD0.04, as compared
to SGD0.06 loss per share in the year-ago period.
Adjusted earnings before interest, taxes, depreciation, and
amortisation (Ebitda) for the quarter rose to SGD4.5 million from
SGD220,000 in Q1 2023.
Fintech and data services revenue was 3 per cent down to SGD1
million in the first quarter, while marketplaces revenue increased
13 per cent on the year to SGD35 million as strong results in
Singapore offset a slower recovery in Vietnam and Malaysia.
Singapore marketplaces revenue increased 25 per cent to SGD23.5
million driven by growth in both the number of agents and the
average revenue per agent.
Malaysia marketplaces revenue was SGD6.7 million, as compared to
SGD6.8 million in the first quarter last year, as property pricing
remains elevated relative to consumer expectations, shifting the
focus to rental listings in the near term, said PropertyGuru.
According to BT, Hari Krishnan, chief executive officer and
managing director of PropertyGuru, noted that despite near-term
challenges, the company expects a positive outlook for the
Malaysian market on a reviving property-buying sentiment based on
its consumer survey.
Revenue from Vietnam marketplaces revenue was almost flat year over
year at SGD3.3 million in the first quarter as a 13 per cent
increase in the average revenue per listing was offset by a 13 per
cent decrease in listings amid a sustained market weakness.
"In Vietnam, we are seeing a gradual improvement in the property
market towards the end of the quarter, with listings on our
platform hitting a 12-month high in March," said Krishnan.
The company's chief financial officer Joe Dische highlighted
"selective hiring and focused investment" for the remainder of
2024.
"We plan to continue to invest in automation, leverage our existing
technologies and generative AI to both provide superior customer
experiences and manage our cost base as we drive continued revenue
growth. Our full year revenue outlook of SGD165 million to SGD180
million and full year adjusted Ebitda outlook of SGD22 million to
SGD26 million are unchanged," Dische added.
About PropertyGuru
Based in Singapore, PropertyGuru Limited ((NYSE: PGRU) --
https://www.propertyguru.com.sg/ -- operates online property
classifieds marketplaces in Singapore, Vietnam, Malaysia, Thailand,
and Indonesia. It serves agents and developers to advertise
residential and commercial properties for sale or rent to property
seekers.
PropertyGuru Group reported net losses of SGD187.41 million,
SGD129.19 million, and SGD15.27 million for the years ended Dec.
31, 2021, 2022 and 2023, respectively.
SG LANDED: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on May 3, 2024, to
wind up the operations of SG Landed Development Pte. Ltd.
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
SHEENWAY EXHIBITION: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on May 15, 2024, to
wind up the operations of Sheenway Exhibition & Projects Pte. Ltd.
Tey Leng Yen filed the petition against the company.
The company's liquidator is:
Chan Yee Hong
CLA Global TS Risk Advisory
80 Robinson Road, #25-00
Singapore 068898
*********
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.
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