/raid1/www/Hosts/bankrupt/TCRAP_Public/240621.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, June 21, 2024, Vol. 27, No. 125
Headlines
A U S T R A L I A
AIR VANUATU: Gets Interest From Several Suitors, Liquidator Says
ARDONAGH MIDCO 3: Cliffwater CL Marks A$3.2MM Loan at 36% Off
CRIMSON BOND 2023-1P: S&P Assigns B (sf) Rating to Class F Notes
CUTT ABOVE: Second Creditors' Meeting Set for June 27
ESTIMA FACILITIES: First Creditors' Meeting Set for June 27
ETERNAL AUS: Cliffwater CL Marks A$4.3MM Loan at 37% Off
FITNESS & LIFESTYLE: Cliffwater CL Marks A$227,417 Loan at 36% Off
FITNESS & LIFESTYLE: Cliffwater CL Marks A$5.1MM Loan at 36% Off
FRESH FOR LIFE: First Creditors' Meeting Set for June 25
HPS TECHNOLOGY: Cliffwater CL Marks A$2.8MM Loan at 35% Off
NSM HOLDINGS: First Creditors' Meeting Set for June 26
OCEAN GUARDIAN: Second Creditors' Meeting Set for June 28
PENMACONN TOPCO: Cliffwater CL Marks A$2.8MM Loan at 35% Off
RUBY BOND 2024-1: S&P Assigns B (sf) Rating to Class F Notes
VERMONT AUS: Cliffwater CL Marks A$10.6MM Loan at 35% Off
WEALTHCHECK: Mitchell Has Until July 3 to Present Rescue Plan
C H I N A
RETO ECO-SOLUTIONS: YCM CPA Raises Going Concern Doubt
SHINECO INC: Registers 1M Additional Shares for 2024 Incentive Plan
THEVELIA HOLDINGS: Moody's Affirms 'B1' CFR, Alters Outlook to Neg.
I N D I A
ABHINAV INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
ALVAS EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
ARCH PHARMALABS: Insolvency Resolution Process Case Summary
ARENA SUPERSTRUCTURES: CARE Keeps D Debt Rating in Not Cooperating
AUTONEEDS (INDIA): Insolvency Resolution Process Case Summary
BHIND MIHONA: CARE Keeps D Debt Rating in Not Cooperating Category
BINA KHIMLASA: CARE Keeps D Debt Rating in Not Cooperating
CORUSCATION VIDYUT: CARE Keeps D Debt Rating in Not Cooperating
ESSEL WALAJAHPET: CARE Keeps D Debt Rating in Not Cooperating
FOX CASHEW: CARE Keeps B- Debt Rating in Not Cooperating Category
GANESH CARS: ICRA Keeps B+ Debt Rating in Not Cooperating
GENIX AUTOMATION: Insolvency Resolution Process Case Summary
GVP INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating
H.K. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
IRE-TEX PREMIER: ICRA Keeps B Debt Ratings in Not Cooperating
JAI GURUDEV: CARE Keeps C Debt Rating in Not Cooperating Category
K.K. LEISURES: ICRA Keeps B- Debt Ratings in Not Cooperating
KAVERI SILK: ICRA Withdraws B+ Rating on INR31.50cr Cash Loan
KESAR ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
LML LIMITED: ICRA Keeps D Debt Rating in Not Cooperating Category
MAJESTIC MARKET: Liquidation Process Case Summary
MEDYBIZ PRIVATE: Insolvency Resolution Process Case Summary
MHOW GHATABILLOD: CARE Keeps D Debt Rating in Not Cooperating
MOTOR AND GENERAL: CARE Lowers Rating on INR80.50cr Loan to D
NACHIAPPAN. K: CARE Keeps B- Debt Rating in Not Cooperating
NIMAWAT EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
P P COMMODITIES: CARE Keeps B- Debt Rating in Not Cooperating
PAAPPAI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
PURVANCHAL VIDYUT: SC Stays NCLAT's Insolvency Process Order
REX SEWING: CARE Keeps D Debt Ratings in Not Cooperating Category
SAGAR DAMOH: CARE Keeps D Debt Rating in Not Cooperating Category
SLIMLINE REALTY: Insolvency Resolution Process Case Summary
TOWNSHIP DEVELOPERS: Insolvency Resolution Process Case Summary
TULIP MARKETING: CARE Lowers Rating on INR10cr LT Loan to B-
VIJAYA LAKSHMI: CARE Keeps D Debt Rating in Not Cooperating
M A C A U
MGM CHINA: Moody's Rates New $500MM Senior Unsecured Notes 'B1'
M A L A Y S I A
1MDB: Arul Wins Appeal to Amend Defence, File Counterclaim
N E W Z E A L A N D
BOTT INVESTMENTS: Creditors' Proofs of Debt Due on July 15
CAK STONE: Court to Hear Wind-Up Petition on June 26
CHIP LORD: Lord of the Fries Franchisor Goes Into Liquidation
JON BIDCO: Cliffwater CL Marks NZ$6.3MM Loan at 41% Off
NORTHERN ZAC: Creditors' Proofs of Debt Due on July 15
OCHO LIMITED: Board Seeks Voluntary Administration
RIB HOUSE: Court to Hear Wind-Up Petition on June 27
WHAKAARO FACTORY: Court to Hear Wind-Up Petition on June 27
[*] NEW ZEALAND: Businesses Fold Up as Consumer Confidence Dwindles
S I N G A P O R E
BORE PRECISION: Court to Hear Wind-Up Petition on July 5
DEDOCO PTE: Creditors' Meeting Set for June 28
OMEGA CONSTRUCTION: Placed in Liquidation
- - - - -
=================
A U S T R A L I A
=================
AIR VANUATU: Gets Interest From Several Suitors, Liquidator Says
----------------------------------------------------------------
FlightGlobal reports that several parties have expressed interest
in taking over grounded Air Vanuatu, according to accountancy firm
EY, the liquidator responsible for the insolvent South Pacific
carrier.
"We have received interest from a range of parties seeking to
resume Air Vanuatu's operations," FlightGlobal quotes Morgan Kelly,
Partner in Strategy & Transactions at EY, as saying. "We're
reviewing these offers and will be working toward a resolution as
soon as possible."
EY was not able to disclose the "number and nature of non-binding
offers," but notes that the carrier's assets include airport slots
in Brisbane, Melbourne, Sydney, Auckland, New Caledonia, and Fiji.
In addition, the airline owns aircraft and other assets.
According to FlightGlobal, the liquidator, which is evaluating the
offers, adds that a date of resumption for Air Vanuatu's services
has yet to be determined. The offers will be assessed as "part of a
structured sale or recapitalisation process to ensure the best
outcome for creditors."
EY's remarks about potential suitors follow its statement on May 31
in which it said the airline's operations would be restructured to
reduced costs, and that this was likely to impact 170 roles at the
carrier, FlightGlobal states.
"The restructuring at Air Vanuatu today is an unfortunate but
necessary step to give the business the opportunity to bring on
board new investors and capitalise on strong domestic and
international demand for travel," Mr. Kelly said, notes the report.
"This restructuring attempts to position Air Vanuatu for growth
into the future."
Air Vanuatu, which employs 441 people, went into voluntary
liquidation in early May, with Ernst & Young estimating it owed at
least US$66 million.
ARDONAGH MIDCO 3: Cliffwater CL Marks A$3.2MM Loan at 36% Off
-------------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its AUD3,261,164
loan extended to Ardonagh Midco 3 PLC to market at AUD2,093,214 or
64% of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in Cliffwater CL's Amended Form N-CSR for the
fiscal year ended March 31, filed with the Securities and Exchange
Commission.
The Cliffwater CL is a participant in a First Lien Term Loan to
ArdonaghMidco 3 PLC. The loan accrues interest at a rate of 9.07%
(BBSW+475) per annum. The loan matures on February 15, 2031.
The Cliffwater CL is a Delaware statutory trust registered under
the Investment Company Act of 1940, as amended, as a closed-end
management investment company operating as a diversified interval
fund. The Fund operates under an Agreement and Declaration of
Trust, as most recently amended and restated on September 15, 2021.
Cliffwater LLC serves as the investment adviser of the Fund. The
Investment Manager is an investment adviser registered with the
Securities and Exchange Commission under the Investment Advisers
Act of 1940, as amended. The Fund intends to continue to qualify
and has elected to be treated as a regulated investment company
under the Internal Revenue Code of 1986, as amended). The Fund
commenced operations on March 6, 2019.
The Cliffwater CL is led by President Stephen Nesbitt and Treasurer
Lance J. Johnson. The Fund can be reached through:
Stephen Nesbitt
C/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
- and -
Timothy M. Bonin
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
Ardonagh is the largest diversified independent insurance
intermediary in the UK. Its strategy is to operate across four core
business segments including both B2C and B2B to capture maximum
commission and significant synergies across the insurance value
chain.
CRIMSON BOND 2023-1P: S&P Assigns B (sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Crimson Bond Trust 2023-1P.
Crimson Bond Trust 2023-1P is a term transaction with an initial
12-month revolving period, backed by prime residential mortgage
loans originated by BC Securities Pty Ltd. and BC Invest Pty Ltd.
The ratings assigned to the floating-rate RMBS reflect the
following factors.
The credit risk of the underlying collateral portfolio, which
comprises residential mortgage loans to residents of Australia and
to self-managed superannuation fund borrowers, and the credit
support provided to each class of notes are commensurate with the
ratings assigned. Credit support is provided by subordination,
excess spread, if any, and a loss reserve funded by the trapping of
excess spread, subject to certain conditions. Our assessment of
credit risk considers BC Securities' underwriting standards and
approval process, and the servicing quality of BC Asset Management
Pty Ltd.
The rated notes can meet timely repayment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date.
S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as the bank account provider.
"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.
"We assessed the servicing and standby servicing arrangements in
this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that were no constraints
on the maximum rating that could be assigned to the notes."
Ratings Assigned
Crimson Bond Trust 2023-1P
Class A1, A$410.40 million: AAA (sf)
Class A2, A$17.60 million: AAA (sf)
Class B, A$8.70 million: AA (sf)
Class C, A$7.50 million: A (sf)
Class D, A$5.20 million: BBB (sf)
Class E, A$3.10 million: BB (sf)
Class F, A$1.70 million: B (sf)
Class G1, A$0.90 million: Not rated
Class G2, A$0.90 million: Not rated
CUTT ABOVE: Second Creditors' Meeting Set for June 27
-----------------------------------------------------
A second meeting of creditors in the proceedings of Cutt Above
Shearing Pty Ltd has been set for June 27, 2024 at 11:00 a.m. via
Microsoft Teams platform.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 26, 2024 at 5:00 p.m.
Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on May 22, 2024.
ESTIMA FACILITIES: First Creditors' Meeting Set for June 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Estima
Facilities Management Pty Ltd will be held on June 27, 2024 at 2:00
p.m. via teleconference only.
Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on June 17, 2024.
ETERNAL AUS: Cliffwater CL Marks A$4.3MM Loan at 37% Off
--------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its AUD4,376,511
loan extended to Eternal AUS Bidco PTY LTD to market at
AUD2,774,780 or 63% of the outstanding amount, as of March 31,
2024, according to a disclosure contained in Cliffwater CL's
Amended Form N-CSR for the fiscal year ended March 31, filed with
the Securities and Exchange Commission.
The Cliffwater CL is a participant in a First Lien Term Loan to
Eternal AUS Bidco PTY LTD. The loan accrues interest at a rate of
10.63% (BBSW+625) per annum. The loan matures on October 27, 2029
The Cliffwater CL is a Delaware statutory trust registered under
the Investment Company Act of 1940, as amended, as a closed-end
management investment company operating as a diversified interval
fund. The Fund operates under an Agreement and Declaration of
Trust, as most recently amended and restated on September 15, 2021.
Cliffwater LLC serves as the investment adviser of the Fund. The
Investment Manager is an investment adviser registered with the
Securities and Exchange Commission under the Investment Advisers
Act of 1940, as amended. The Fund intends to continue to qualify
and has elected to be treated as a regulated investment company
under the Internal Revenue Code of 1986, as amended). The Fund
commenced operations on March 6, 2019.
The Cliffwater CL is led by President Stephen Nesbitt and Treasurer
Lance J. Johnson. The Fund can be reached through:
Stephen Nesbitt
C/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
- and -
Timothy M. Bonin
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
Eternal AUS Bidco Pty Ltd is engaged in the consumer discretionary
sector.
FITNESS & LIFESTYLE: Cliffwater CL Marks A$227,417 Loan at 36% Off
------------------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its AUD227,417
loan extended to Fitness and Lifestyle Group Bidco Pty Ltd to
market at AUD145,231 or 64% of the outstanding amount, as of March
31, 2024, according to a disclosure contained in Cliffwater CL's
Amended Form N-CSR for the fiscal year ended March 31, filed with
the Securities and Exchange Commission.
The Cliffwater CL is a participant in a Delayed Drawto Fitness and
Lifestyle Group Bidco Pty Ltd. The loan accrues interest at a rate
of 11.64%% (BBSY+725) per annum. The loan matures on June 30,
2026.
The Cliffwater CL is a Delaware statutory trust registered under
the Investment Company Act of 1940, as amended, as a closed-end
management investment company operating as a diversified interval
fund. The Fund operates under an Agreement and Declaration of
Trust, as most recently amended and restated on September 15, 2021.
Cliffwater LLC serves as the investment adviser of the Fund. The
Investment Manager is an investment adviser registered with the
Securities and Exchange Commission under the Investment Advisers
Act of 1940, as amended. The Fund intends to continue to qualify
and has elected to be treated as a regulated investment company
under the Internal Revenue Code of 1986, as amended). The Fund
commenced operations on March 6, 2019.
The Cliffwater CL is led by President Stephen Nesbitt and Treasurer
Lance J. Johnson. The Fund can be reached through:
Stephen Nesbitt
C/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
- and -
Timothy M. Bonin
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
Fitness & Lifestyle Group is Asia Pacific's leading health &
wellness group, with headquarters in Australia.
FITNESS & LIFESTYLE: Cliffwater CL Marks A$5.1MM Loan at 36% Off
----------------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its AUD5,138,828
loan extended to Fitness and Lifestyle Group Bidco Pty Ltd to
market at AUD3,281,717 or 64% of the outstanding amount, as of
March 31, 2024, according to a disclosure contained in Cliffwater
CL's Amended Form N-CSR for the fiscal year ended March 31, filed
with the Securities and Exchange Commission.
The Cliffwater CL is a participant in a First Lien Term Loan to
Fitness and Lifestyle Group Bidco Pty Ltd. The loan accrues
interest at a rate of 11.64%% (BBSY+725) per annum. The loan
matures on June 30, 2026.
The Cliffwater CL is a Delaware statutory trust registered under
the Investment Company Act of 1940, as amended, as a closed-end
management investment company operating as a diversified interval
fund. The Fund operates under an Agreement and Declaration of
Trust, as most recently amended and restated on September 15, 2021.
Cliffwater LLC serves as the investment adviser of the Fund. The
Investment Manager is an investment adviser registered with the
Securities and Exchange Commission under the Investment Advisers
Act of 1940, as amended. The Fund intends to continue to qualify
and has elected to be treated as a regulated investment company
under the Internal Revenue Code of 1986, as amended). The Fund
commenced operations on March 6, 2019.
The Cliffwater CL is led by President Stephen Nesbitt and Treasurer
Lance J. Johnson. The Fund can be reached through:
Stephen Nesbitt
C/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
- and -
Timothy M. Bonin
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
Fitness & Lifestyle Group is Asia Pacific's leading health &
wellness group, with headquarters in Australia.
FRESH FOR LIFE: First Creditors' Meeting Set for June 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Fresh For
Life Pty Ltd will be held on June 25, 2024 at 11:30 a.m. via
teleconference facilities.
David Ian Mansfield and Nathan Karl Schwarz of Deloitte Financial
Advisory were appointed as administrators of the company on June
14, 2024.
HPS TECHNOLOGY: Cliffwater CL Marks A$2.8MM Loan at 35% Off
-----------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its AUD2,835,714
loan extended to HPS Technology to market at AUD1,847,852 or 65% of
the outstanding amount, as of March 31, 2024, according to a
disclosure contained in Cliffwater CL's Amended Form N-CSR for the
fiscal year ended March 31, filed with the Securities and Exchange
Commission.
The Cliffwater CL is a participant in a Delayed Draw Loan to HPS
Technology. The loan accrues interest at a rate of 9.64%(BBSW+525)
per annum. The loan matures on September 15, 2027.
The Cliffwater CL is a Delaware statutory trust registered under
the Investment Company Act of 1940, as amended, as a closed-end
management investment company operating as a diversified interval
fund. The Fund operates under an Agreement and Declaration of
Trust, as most recently amended and restated on September 15, 2021.
Cliffwater LLC serves as the investment adviser of the Fund. The
Investment Manager is an investment adviser registered with the
Securities and Exchange Commission under the Investment Advisers
Act of 1940, as amended. The Fund intends to continue to qualify
and has elected to be treated as a regulated investment company
under the Internal Revenue Code of 1986, as amended). The Fund
commenced operations on March 6, 2019.
The Cliffwater CL is led by President Stephen Nesbitt and Treasurer
Lance J. Johnson. The Fund can be reached through:
Stephen Nesbitt
C/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
- and -
Timothy M. Bonin
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
Help/Systems, Inc. develops data center management software. The
Company offers a range of management software products including
automation scheduling, system management, backup and recovery,
reports, performance management, data access, security, and
developer tools. Help/Systems serves customers worldwide.
NSM HOLDINGS: First Creditors' Meeting Set for June 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of NSM Holdings
Qld Pty Ltd will be held on June 26, 2024 at 11:00 a.m. via
Microsoft Teams.
Scott Matthew Clout and David Lewis Clout of David Clout &
Associates were appointed as administrators of the company on June
14, 2024.
OCEAN GUARDIAN: Second Creditors' Meeting Set for June 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of Ocean Guardian
Holdings Limited and Shark Shield Pty Ltd has been set for June 28,
2024 at 11:00 a.m. virtually via Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 27, 2024 at 4:00 p.m.
Olga Litosh of Quartz Advisory was appointed as administrator of
the company on May 24, 2024.
PENMACONN TOPCO: Cliffwater CL Marks A$2.8MM Loan at 35% Off
------------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its AUD2,800,000
loan extended to Permaconn TopCo Pty, Ltd to market at AUD1,811,600
or 65% of the outstanding amount, as of March 31, 2024, according
to a disclosure contained in Cliffwater CL's Amended Form N-CSR for
the fiscal year ended March 31, filed with the Securities and
Exchange Commission.
The Cliffwater CL is a participant in a First Lien Term Loan to
PermaconnTopCo Pty, Ltd. The loan accrues interest at a rate of
10.15% (BBSY+575) per annum. The loan matures on December 8, 2027.
The Cliffwater CL is a Delaware statutory trust registered under
the Investment Company Act of 1940, as amended, as a closed-end
management investment company operating as a diversified interval
fund. The Fund operates under an Agreement and Declaration of
Trust, as most recently amended and restated on September 15, 2021.
Cliffwater LLC serves as the investment adviser of the Fund. The
Investment Manager is an investment adviser registered with the
Securities and Exchange Commission under the Investment Advisers
Act of 1940, as amended. The Fund intends to continue to qualify
and has elected to be treated as a regulated investment company
under the Internal Revenue Code of 1986, as amended).
The Fund commenced operations on March 6, 2019.
The Cliffwater CL is led by President Stephen Nesbitt and Treasurer
Lance J. Johnson. The Fund can be reached through:
Stephen Nesbitt
C/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
- and -
Timothy M. Bonin
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
Permaconn is the market leader in mission-critical signaling
solutions for the alarm security industry. It is based in New South
Wales, Australia.
RUBY BOND 2024-1: S&P Assigns B (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Ruby Bond Trust 2024-1. Ruby
Bond Trust 2024-1 is a securitization of prime residential mortgage
loans originated by BC Securities Pty Ltd.
The ratings assigned to the floating-rate RMBS reflect the
following factors.
The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, lenders' mortgage insurance covering
81.7% of the loan portfolio, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk considers BC
Securities' underwriting standards and approval process as well as
its servicing quality.
The rated notes can meet timely payment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P said, "Our
analysis is on the basis that the notes are fully redeemed via the
principal waterfall mechanism under the transaction documents by
their legal final maturity date, and we assume the notes are not
called at or beyond the call-option date."
S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. as the
bank account provider. The transaction documents include downgrade
language consistent with S&P Global Ratings' counterparty
criteria.
"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.
"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes."
Ratings Assigned
Ruby Bond Trust 2024-1
Class A1-MM, A$150.00 million: AAA (sf)
Class A1-AU, A$168.00 million: AAA (sf)
Class A2, A$88.00 million: AAA (sf)
Class B, A$59.60 million: AA (sf)
Class C, A$46.00 million: A (sf)
Class D, A$12.80 million: BBB (sf)
Class E, A$2.90 million: BB (sf)
Class F, A$1.60 million: B (sf)
Class G, A$1.10 million: Not rated
VERMONT AUS: Cliffwater CL Marks A$10.6MM Loan at 35% Off
---------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its AUD10,699,656
loan extended to Vermont Aus Pty Ltd. to market at AUD6,912,656 or
65% of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in Cliffwater CL's Amended Form N-CSR for the
fiscal year ended March 31, filed with the Securities and Exchange
Commission.
The Cliffwater CL is a participant in a First Lien Term Loan to
Vermont Aus Pty Ltd. The loan accrues interest at a rate of 10.14%
(BBSY+575) per annum. The loan matures on March 23, 2028.
The Cliffwater CL is a Delaware statutory trust registered under
the Investment Company Act of 1940, as amended, as a closed-end
management investment company operating as a diversified interval
fund. The Fund operates under an Agreement and Declaration of
Trust, as most recently amended and restated on September 15, 2021.
Cliffwater LLC serves as the investment adviser of the Fund. The
Investment Manager is an investment adviser registered with the
Securities and Exchange Commission under the Investment Advisers
Act of 1940, as amended. The Fund intends to continue to qualify
and has elected to be treated as a regulated investment company
under the Internal Revenue Code of 1986, as amended).
The Fund commenced operations on March 6, 2019.
The Cliffwater CL is led by President Stephen Nesbitt and Treasurer
Lance J. Johnson. The Fund can be reached through:
Stephen Nesbitt
C/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
- and -
Timothy M. Bonin
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
Vermont Aus Pty Ltd operates as an investment company. The Company
provides investment services.
WEALTHCHECK: Mitchell Has Until July 3 to Present Rescue Plan
-------------------------------------------------------------
The Australian reports that would-be cattle baron Sam Mitchell has
been given until July 3 to come up with a rescue plan for his
WealthCheck business after a meeting of creditors on June 19.
Mervyn Jonathan Kitay of Worrells WA was appointed as administrator
of WEALTHcheck Management Pty Limited on June 7, 2024.
Wealthcheck Funds Management is an investment and property manager
that sources opportunities to invest in the Australian agricultural
property sector. It operates a number of cattle breeding
enterprises, as well as broadacre and horticultural properties
(growing cotton, wheat, sugar cane, almonds, avocadoes and wine
grapes) across Australia.
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RETO ECO-SOLUTIONS: YCM CPA Raises Going Concern Doubt
------------------------------------------------------
ReTo Eco-Solutions, 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.
Irvine, Calif.-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of December 31, 2023, and the Company currently has net
working capital deficit, continued net losses and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
The Company's net loss from continuing operations amounted to
approximately $16.1 million, $15.4 million and $20.5 million for
the year ended December 31, 2023, 2022 and 2021, respectively. Its
net loss from discontinued operations amounted to approximately
nil, nil and $1.6 million for the year ended December 31, 2023,
2022 and 2021, respectively. Total net loss amounted to
approximately $16.1 million, $15.4 million and $22.1 million for
the year ended December 31, 2023, 2022 and 2021, respectively.
Management's plan to alleviate the substantial doubt about ReTo's
ability to continue as a going concern include working to improve
the Company's liquidity and capital sources mainly through cash
flow from its operations, renewal of bank borrowings, equity or
debt offering and borrowing from related parties. In order to fully
implement its business plan and recover from continuing losses, the
Company may also seek equity financing from outside investors. At
the present time, however, it does not have commitments of funds
from any potential investors. There can be no assurance that
additional financing, if required, would be available on favorable
terms or at all and/or that these plans and arrangements will be
sufficient to fund its ongoing capital expenditures, working
capital, and other requirements.
If the Company is unable to achieve these goals, its business will
be jeopardized, and it may not be able to continue. If the Company
ceased operations, it is likely that all of its investors will lose
their investment.
A full-text copy of the Company's Form 20-F is available at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1687277/000121390024043803/ea0205638-20f_retoecosolu.htm
About ReTo
Beijing, China-based ReTo Eco-Solutions, Inc. manufactures building
materials. The Company produces abrasives, asbestos, nonmetallic
mineral products, concretes, bricks, pavers, and tiles. ReTo
Eco-Solutions markets its products throughout China.
As of December 31, 2023, the Company has $25.2 million in total
assets, $20.4 million in total liabilities, and $4.9 million in
total shareholders' equity.
SHINECO INC: Registers 1M Additional Shares for 2024 Incentive Plan
-------------------------------------------------------------------
Shineco, Inc. filed a registration statement on Form S-8 with the
U.S. Securities and Exchange Commission to register securities
issuable pursuant to its 2024 Equity Incentive Plan.
The additional securities registered consist of 1,000,000 new
common stock, US$0.001 par value per share of the Company, which
represent the number of Common Stock available for issuance under
the 2024 Equity Incentive Plan.
Pursuant to Rule 416(a) under the Securities Act of 1933, as
amended, this Registration Statement also covers an indeterminate
number of additional shares which may be offered and issued to
prevent dilution from share splits, share subdivisions, share
dividends, bonus issues of shares or similar transactions as
provided in the 2024 Equity Incentive Plan. Any Common Stock
covered by an award granted under the 2024 Equity Incentive Plan
(or portion of an award) that terminates, expires, lapses or
repurchased for any reason will be deemed not to have been issued
for purposes of determining the maximum aggregate number of Common
Stock that may be issued under the 2024 Equity Incentive Plan.
A full-text copy of the registration statement is available at
https://tinyurl.com/mvwak545
About Shineco
Headquartered in Beijing, China, Shineco, Inc. is a holding company
incorporated in Delaware. As a holding company with no material
operations of its own, the Company conducts its operations through
its subsidiaries and in the two years ended June 30, 2022 and 2023,
through the variable interest entities and subsidiaries. The
Company's shares of common stock currently listed on the Nasdaq
Capital Markets are shares of our Delaware holding company. The
Chinese regulatory authorities could disallow its structure, which
could result in a material change in its operations and the value
of its securities could decline or become worthless.
As disclosed in its unaudited condensed consolidated financial
statements, Shineco had recurring net losses of US$12.9 million and
US$6.9 million, and continuing cash outflow of US$2.9 million and
US$2.5 million from operating activities from continuing operations
for the nine months ended March 31, 2024 and 2023, respectively.
As of March 31, 2024, the Company had negative working capital of
US$20.9 million. Management believes these factors raise
substantial doubt about the Company's ability to continue as a
going concern for the next 12 months, according to the Company's
Quarterly Report for the period ended March 31, 2024.
THEVELIA HOLDINGS: Moody's Affirms 'B1' CFR, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Ratings has affirmed Thevelia Holdings Limited's (Thevelia)
B1 corporate family rating. Moody's has also affirmed the B1
ratings on (1) the existing $760 million senior secured first-lien
term loans due 2029, borrowed by Thevelia (US) LLC; and (2) the
EUR- and USD-denominated senior secured first-lien term loans due
2029, co-borrowed by Thevelia (US) LLC and Thevelia Finance, Sarl.
At the same time, the agency has changed the outlooks on these
entities to negative from stable.
"The change in outlook to negative reflects Moody's expectation
that a slower-than-expected improvement in the company's earnings
will keep its financial leverage elevated during 2024-25. This view
is because of continued sluggishness in IPO activities in Greater
China, as well as moderate synergy benefits arising from the
consolidation of Thevelia and Vistra Group Holdings (BVI) Ltd. July
2023," said Stephanie Lau, a Moody's Vice President and Senior
Credit Officer.
RATINGS RATIONALE
Moody's expects Thevelia's adjusted EBITDA to increase by 10%-12%
annually to $418 million and $470 million, respectively, in 2024
and 2025. These growth rates are slower than those the agency
previously anticipated, as business conditions in Greater China
will remain difficult and the cost savings arising from the
consolidation of Thevelia and Vistra Group will be relatively
moderate during the period.
Consequently, Moody's now expects Thevelia's adjusted debt/EBITDA
to track a more gradual improvement versus the agency's previous
expectation, declining to 6.4x in 2024 and further to 5.6x in 2025,
from 7.0x in 2023. These forecasts consider revenue growth of
6%-7.5%, synergy benefits and largely flat debt levels over the
next 12-18 months without any material acquisitions. Moody's had
previously forecasted its financial leverage will decline to about
5.0x by 2025.
Similarly, its adjusted retained cash flow (RCF)/net debt will
likely grow to around 7% by 2025 from 0.3% in 2023, as Moody's
expects the company to increase its free cash flow. These projected
key financial metrics are weak for its B1 rating category, although
this weakness is mitigated by its high business stability and very
good liquidity.
The B1 ratings continue to reflect Thevelia's (1) strong presence
in the fund and corporate services sector globally, with a leading
position in Asia; (2) good growth prospects and revenue visibility
because of limited demand cyclicality and its high recurring
revenue; (3) strong profitability and ability to generate positive
free cash flow (FCF); and (4) very good liquidity profile.
These strengths are counterbalanced by (1) Thevelia's high
financial leverage, (2) its exposure to event risks related to
potential debt-funded acquisitions as a private equity-owned
company, and (3) its private company status.
Thevelia's liquidity is very good, underpinned by (1) its aggregate
cash holdings of around $252 million; (2) a $350 million undrawn
revolving credit facility (RCF); (3) its ability to generate
positive FCF starting in 2024; and (4) its having no debt maturity
until June 2029 except for debt amortization of 1% per year on its
USD and HKD first-lien term loan.
Thevelia's Credit Impact Score of CIS-4 indicates its rating is
lower than it would have been if environmental, social and
governance (ESG) risk exposures did not exist. The company, under
its private equity ownership, has had a track record of adhering to
aggressive financial policies, including a highly-leveraged balance
sheet and debt-funded mergers and acquisitions (M&A), as part of a
strategy to pursue business growth and achieve synergies.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The outlook could return to stable if Thevelia grows its earnings
and generates free cash flow on a sustained basis. Specifically,
credit metrics supporting an outlook change to stable include its
adjusted debt/EBITDA falling towards 5.5x and adjusted RCF/net debt
increasing to 7%-8% over the next 12 months while it maintains very
good liquidity.
Moody's could downgrade the ratings if (1) Thevelia's growth in
revenue and earnings remains lackluster; (2) the company engages in
aggressive debt-funded expansions; or (3) its liquidity
deteriorates significantly. Financial metrics that would indicate a
downgrade include adjusted debt/EBITDA staying above 5.5x or
adjusted RCF/net debt below 7%-8% on a sustained basis.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Thevelia Holdings Limited is the parent and intermediate holding
company for Thevelia Limited, which indirectly owns Trivium
Holdings Ltd and Vistra Group Holdings (BVI) III Limited.
In July 2023, BPEA Private Equity Fund VIII (BPEA EQT) completed
the merger of Vistra with Tricor, an existing BPEA EQT Fund VIII
portfolio company, in a transaction that valued the combined
company at an enterprise value of US$6.5 billion. The combined
business creates a leading platform of over 9,000 professionals in
over 50 jurisdictions.
=========
I N D I A
=========
ABHINAV INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Abhinav Industries (AI) in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.70 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 6.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.30 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with AI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Abhinav Industries (AI) incorporated in 2005, is engaged in custom
milling of paddy for Chattisgarh government agency from its
manufacturing facility at Balodabazar in the district of Bhatapara,
Chhattisgarh. The current installed capacity of the plant for
milling rice is 45,000 metric tonne per annum (MTPA) of paddy. In
addition to its own manufacturing, the firm is also engaged in
labour contract work. The firm is promoted by Mr. Ashwini Kumar
Sharma.
ALVAS EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alvas
Education Foundation (AEF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 183.13 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 12, 2023,
placed the rating(s) of AEF under the 'issuer non-cooperating'
category as AEF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AEF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 26, 2024, March 7, 2024, March 17, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1995, Alva's Education Foundation (AEF), was founded
by Mr. M Mohan Alva who is a managing trustee and chairman of the
trust. The trust runs schools, high schools, Pre-University (PU)
Colleges offering diverse range of courses in the fields of
Management, Engineering, Medical, Arts, Commerce, Agriculture,
Fashion, Pharmacy, Law, Polytechnic etc.
ARCH PHARMALABS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Arch Pharmalabs Ltd.
Unit No.101/104, HydePark,
Saki Vihar Road,
Opp. Ansa Industrial Estate,
Anheri (E), Mumbai,
Maharashtra-400072, India
Insolvency Commencement Date: May 15, 2024
Estimated date of closure of
insolvency resolution process: November 11, 2024
Court: National Company Law Tribunal, New Delhi
Insolvency
Professional: Mr. Sanjay Garg
193, Agroha Kunj, Sector-13,
Rohini New Delhi-110085
Email: rp.sanjaygarg@gmail.com
Email: cirp.archpharamalabs@gmail.com
Last date for
submission of claims: May 29, 2024
ARENA SUPERSTRUCTURES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Arena
Superstructures Private Limited (ASPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 100.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 27, 2023,
placed the rating(s) of ASPL under the 'issuer non-cooperating'
category as ASPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ASPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2024, March 22, 2024, April 1, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ASPL incorporated in June 2010 is into real estate development. It
is a part of Lotus group engaged in real estate development in
Noida and Gurgaon region. The group has successfully executed a
number of projects including residential buildings, malls, office
complex, etc. in Delhi NCR with the total saleable area of 17.70
lsf.
AUTONEEDS (INDIA): Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: AUTONEEDS (INDIA) PRIVATE LIMITED
E-1/4, Pandav Nagar, Opp. Mother Dairy,
Hero Honda Showroom,
Patparganj, Delhi-110092
Insolvency Commencement Date: May 14, 2024
Estimated date of closure of
insolvency resolution process: November 10, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Ms. Rashmi Mintri
JD-18-B, Near Ashiana Chowk, Pitampura,
New Delhi-110034
Email: ca.rashmimintri@gmail.com
Email: cirp.anipl2024@gmail.com
Last date for
submission of claims: June 3, 2024
BHIND MIHONA: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhind
Mihona Gopalpur Toll Roads Limited (BMGTRL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 52.35 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 11, 2023,
placed the rating(s) of BMGTRL under the 'issuer non-cooperating'
category as BMGTRL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BMGTRL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 25, 2024, March 6, 2024, March 16, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bhind Mihona Gopalpur Toll Road Limited (BMGL) is a Special Purpose
Vehicle (SPV) floated by Essel Infraprojects Limited (EIL) for
construction of a 2-lane toll road from Lahar Junction [State
Highway (SH)-2] at Bhind traversing though Mihona and terminating
at Gopalpur (SH-45), a 50.86 km road section, in the state of
Madhya Pradesh under Build, Operate & Transfer (BOT) basis. The
project was awarded to BMGL by Madhya Pradesh Road Development
Corporation Limited (MPRDC) a public sector undertaking. The scope
of work for the project highway includes construction, operation
and maintenance for a period of 20 years commencing form the
Appointed Date i.e. February 26, 2010 (including two years
construction period).
BINA KHIMLASA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bina
Khimlasa Malthon Toll Roads Limited (BKMTRL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.87 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 11, 2023,
placed the rating(s) of BKMTRL under the 'issuer non-cooperating'
category as BKMTRL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BKMTRL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 25, 2024, March 6, 2024, March 16, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bina Khimalasa Malthon Toll Roads Limited (BKML) is a Special
Purpose Vehicle (SPV) floated by EIL for construction of a 2-lane
toll road Bina-Malthon section, a 39.72 km road section, in the
state of Madhya Pradesh under Build, Operate & Transfer
(BOT) basis. The project was awarded to BKML by Madhya Pradesh Road
Development Corporation Limited (MPRDC), a public sector
undertaking. The scope of work for the project highway includes
construction, operation and maintenance for a period of 25 years
including a construction period of 2 years commencing on the
Appointed Date i.e. February 26, 2010.
CORUSCATION VIDYUT: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Coruscation Vidyut Vitaran (Ujjain) Private Limited (CVVPL)
continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 62.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of CVVPL under the 'issuer non-cooperating'
category as CVVPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CVVPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 24, 2024, March 5, 2024, March 15, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Coruscation Vidyut Vitaran (Ujjain) Private Limited (CVVPL),
incorporated on April 24, 2012, as a special purpose vehicle (SPV)
promoted by Essel group for functioning as the distribution
franchisee (DF) for the Ujjain area. The SPV is held by Essel group
Investment Company i.e. Pan India Network Limited (PINL) holding
74% and balance is held by Pan India Infraprojects Private Limited
(PIIPL). CVVUPL was responsible for the purchase and distribution
of power to the existing and future consumers in the prescribed
area, maintenance of the distribution assets and all related
activities subject to the terms and conditions as stipulated in the
distribution franchise agreement (DFA) and various regulatory
authorities.
ESSEL WALAJAHPET: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essel
Walajahpet Poonamallee Toll Roads Private Limited (EWPTRPL)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 164.17 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 21, 2023,
placed the rating(s) of EWPTRPL under the 'issuer non-cooperating'
category as EWPTRPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement.
EWPTRPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated March 6, 2024, March 16, 2024, March 26, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
EWPTRPL is a special purpose vehicle (SPV) incorporated on May 18,
2012, by EIL. EIL has been awarded the four to six laning of the
Poonamallee (Km 13/8) Walajahpet (Km 106/8) section of NH4 in the
state of Tamil Nadu by National Highway Authority of India (NHAI)
under design build finance operate and transfer (DBFOT) basis
covering a length of approximately 93.00 km.
FOX CASHEW: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fox Cashew
Industries (FCI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of FCI under the 'issuer non-cooperating'
category as FCI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. FCI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 24, 2024, March 5, 2024, March 15, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Fox Cashew Industries (FCI) was established in the year 2009 as
proprietorship firm by Mrs. Janet Pais. The firm is engaged in
processing of raw cashew nut into cashew kernels with installed
capacity of 4 tons per day at Valpady, Karnataka. The 3 Press
Release process involves steam roasting, shell cutting, peeling and
grading. The firm majorly procures raw material (raw cashew nuts)
from African countries like Benin, Togo, Ivory Coast, and Tanzania
etc. The firm imports 100% of the raw cashew nut (70% of total
purchases) owing to better quality and relatively lower prices as
compared to the domestic market. The firm is also engaged in
trading of cashew kernels. The firm purchases the cashew kernels
for trading from the local traders in Karnataka. The firm sells the
cashew kernels to wholesalers in the state of Karnataka and
Gujarat. The firm also generates income from sale of by-products
cashew shells, cashew husk and rejections.
GANESH CARS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Ganesh Cars Private Limited (GCPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with GCPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative.
In the absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been continued to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.
Ganesh Cars Private Limited (GCPL) is an authorized dealer of
passenger and commercial vehicles of Maruti Suzuki India Limited
(MSIL). GCPL commenced its operations in 1998 and is the exclusive
dealer of MSIL in Vellore district in Tamil Nadu. Apart from sale
of vehicles, the company is also involved in sale of spare parts
and accessories of MSIL. The Company has six showrooms spread
across Vellore, Vaniyambadi, Thiruvannamalai and Kanchipuram in
Tamil Nadu. The promoter of the company is Mr. Ramprakash who has
vast experience in the auto dealership business.
GENIX AUTOMATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Genix Automation Private Limited
Gat No. 40, Chimbli Phata,
Chimbali, Khed, Pune-412105
Insolvency Commencement Date: May 16, 2024
Estimated date of closure of
insolvency resolution process: November 12, 2024
Court: National Company Law Tribunal, Mumbai Bench-IV
Insolvency
Professional: Purusottam Behera
Headway Resolution and Insolvency Services Pvt. Ltd.
708, Raheja Centre, Nariman Point,
Mumbai-400021, Maharashtra
Email: purusosbbj@yahoo.com
Email: cirpgenix@yahoo.com
Last date for
submission of claims: May 30, 2024
GVP INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of GVP
Infotech Limited (GIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 70.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 21, 2023,
placed the rating(s) of GIL under the 'issuer non-cooperating'
category as GIL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 6, 2024, March 16, 2024, March 26, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
GVP Infotech Limited (Formerly Fourth Dimension Solution Limited)
(ISIN: INE382T01030) was incorporated in June, 2011 and was
converted into public limited company in May, 2015. The company is
listed on NSE. GVP is an India based Information technology (IT)
company engaged in sale of IT products and services. Its business
activities include trading of IT & electronic products (like
tablets, TV, Mobile Phones, etc.) and providing infrastructure
support services, technical support services and operations
outsourcing services. GVP caters to various verticals including
smart governance projects, education, BFSI, telecom, power &
utilities, security & surveillance, healthcare, etc. The customer
base of the company comprises private corporate including Lava
International, Twinstar Industries, etc. spread across various
industries and also local/state/central government bodies. The
company also has a wholly owned subsidiary Thumb speed Tech
Solutions Private Limited which is engaged in IT related business.
H.K. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of H.K. Agro Impex in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 2.38 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term- 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 3.62 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with H.K. Agro Impex, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 2014, H.K Agro Impex is a proprietorship firm
managed by Mr. Mohammed Ansari. The firm is engaged in processing
cashew kernels from raw cashew nuts. The firm has its processing
unit in Mangalore, Karnataka with an installed capacity of
processing 60 bags of raw cashew nuts per day as on August 2016.
IRE-TEX PREMIER: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Ire-Tex Premier India Pvt Ltd in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.50 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with Ire-Tex Premier India Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Ire-Tex Premier India Pvt Ltd was incorporated on March 5, 2007 and
is involved in manufacturing of Expanded Poly Ethylene (EPE)/Low
density Poly Ethylene (LDPE) foam and air bubble products. The
company's products majorly cater to various types of packaging
needs of the customers. The company is ISO 9001 certified and has
its manufacturing facility at Sriperumbudur in Tamil Nadu, spread
across 5-acre land with built-up area of 1,00,000 sqft (40,000 sqft
of admin building and 60,000 sqft of factory premises). The company
has capacity to produce 4,500 Metric Tonnes Per Annum (MTPA) of
packaging material.
JAI GURUDEV: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jai
Gurudev Food Product (JGFP) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 9, 2023,
placed the rating(s) of JGFP under the 'issuer non-cooperating'
category as JGFP had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JGFP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 24, 2024, April 3, 2024, April 13, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sihora-based (Madhya Pradesh (M.P.)) JGFP was formed on July 17,
2018 as partnership firm by Mr. Nareshkumar Sehajwani and Mr.
Inderkumar Sehajwani. The firm is currently into trading of rice
and is envisaging to foray into manufacturing and processing of
paddy and rice. The total cost of project was envisaged at INR4.70
crore (excluding working capital margin) to be funded via
debt-equity mix of 1.14:1.00 times, while JGFP has completed 95% of
its project till March 31, 2019. JGFP's processing unit is situated
at Pherewa, Sihora, Madhya Pradesh having installed capacity of
38,400 Metric Tonne Per Annum (MTPA) for rice processing as on
March 31, 2019. Commercial operations of JGFP's manufacturing
facility was expected to commence from April, 2019. JGFP envisages
procuring paddy from local traders of M.P. and Uttar Pradesh (U.P.)
and will sell the parboiled rice domestically within India.
K.K. LEISURES: ICRA Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of K.K.
Leisures & Tourism International Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B-(Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 14.27 [ICRA]B- (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 0.73 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with K.K. Leisures & Tourism International Private Limited, ICRA
has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
K.K. Leisures & Tourism International Private Limited, incorporated
in 2007, owns and operates hotels across Kerala. The Company has
three hotels under the name - Broad Bean; of which two hotels are
located in Kannur district and a resort in Munnar district. During
September 2013, the promoters of the company acquired a 3-star
property in Kochi - Broad Bean, Vytilla (erstwhile Nyle Plaza),
which was later upgraded to a 4-star hotel and operates as a
subsidiary of KKLT. The group enjoys moderate brand equity due to
its operational history of over a decade of the 'Broad Bean'
chain.
KAVERI SILK: ICRA Withdraws B+ Rating on INR31.50cr Cash Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Kaveri Silk Mills Private Limited at the request of the company and
based on the No Objection Certificate/Closure Certificate received
from its bankers. However, ICRA does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. The Key Rating Drivers and their description,
Liquidity Position, Rating Sensitivities, Key financial indicator
have not been captured as the rated instruments are being
withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 31.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Long Term- 1.10 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Long Term
Long Term- 0.62 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Withdrawn
Kaveri Silk Mills Private Limited was incorporated in 1987 and is
engaged in the business of selling sarees wherein the company buys
the greige cloth locally and outsources the value additive works
like dyeing, printing, embroidery to local job- workers. The sarees
are sold under the brand name 'Kaveri'. KSMPL has its office as
well as its warehouse in Surat (Gujarat).
KESAR ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kesar
Enterprises Limited (KEL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 170.56 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 29, 2023,
placed the rating(s) of KEL nder the 'issuer non-cooperating'
category as KEL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 12, 2024, February 22, 2024, March 3, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kesar Enterprises Ltd (KEL) [ISIN: INE133B01019], formerly known as
Kesar Sugar Works Ltd was originally promoted by Kilachand Group in
October 1933. In 1985, the promoters renamed it to its present
name. The company is part of the Kilachand Group, one of the old
and well-established Industrial Houses in India having diversified
interest in sugar, distillery, renewable energy, storage and other
agro products. KEL is a fully integrated sugar company operating
its sugar unit with a capacity of 7,200 TCD (Tonnes Crushed per
Day), cogeneration power plant of 44 MW, and a distillery unit
producing industrial alcohol with capacity of 50,000 KLPD (Kilo
Litres per Day). The company's integrated sugar plant is located at
Baheri, Uttar Pradesh. The power plant is a fully automated bagasse
fired co-generation power plant. The plant can operate at high
pressure of 115 kg/cm2. The company has entered into a PPA (Power
Purchase Agreement) with Uttar Pradesh Power Corporation Limited
(UPPCL) for sale of power for 20 years. Besides, the company
produces open pollinated and hybrid seeds under its brand name
"Kesar seeds". The company has an in-house research division at
Hyderabad where the seeds are developed.
LML LIMITED: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Preference Share Capital Programme of LML Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– 125.00 [ICRA]D; ISSUER NOT
COOPERATING;
Preference Rating continues to remain under
Shares Capital 'Issuer Not Cooperating'
category
As part of its process and in accordance with its rating agreement
with LML, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
LML Limited (LML) was promoted in 1972 as Lohia Machines Limited by
the Singhania family to manufacture machinery for the synthetic
fibers industry. Later, it diversified into production of 100 cc
scooters, in technical collaboration with Piaggio Vespa, of Italy
in 1984. Piaggio later took up 23.5% equity stake, which it later
divested in favor of the Indian promoters pursuant to the
settlement reached following certain legal disputes, which were
settled out of court. Subsequently, the company entered technical
collaboration with Daelim Motor Company, South Korea (DMC) to set
up a small capacity for manufacturing of four-stroke motorcycles.
Following a strike by the workers, LML had declared a lock-out at
its factory in Kanpur with effect from March 7, 2006. The lock-out
remained in place for over a year and the same was lifted only in
April 2007 pursuant to a tripartite agreement reached between the
company, the Trade Union, and the Labor Department of Government of
Uttar Pradesh. Since then, although production has been regular, it
is currently at much lower levels of around 1,052 units per month.
MAJESTIC MARKET: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Majestic Market Research Support Services Ltd
C-108, 1st Floor, Kanakia Zillion,
Gateway To Bkc, Lbs Marg,
Kurla (West) Mumbai-40070
Liquidation Commencement Date: May 20, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Anil Seetaram Vaidya
Plot No. 107, Survey No. 62/65,
Mahatma Society, Bhusari Colony,
Kothrud, Pune-411038
Email: anilvaidya38@gmail.com
Email: liq.transfab@gmail.com
Last date for
submission of claims: June 19, 2024
MEDYBIZ PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Medybiz Private Limited
Manek Mahal, 6th Floor,
90 Veer Nariman Road,
Mumbai, Maharashtra,
India - 400020
Insolvency Commencement Date: May 8, 2024
Estimated date of closure of
insolvency resolution process: November 4, 2024
Court: National Company Law Tribunal, Mumbai Bench-IV
Insolvency
Professional: Mr. Ritesh Prakash Adatiya
H-35, 1st Floor Jangpura Extension
Jungpura, South Delhi
New Delhi - 110014
Email: ipe@npvca.in
10th Floor, 1003, Zion Z1,
Near Avalon Hotel,
Sindhu Bhavan Road,
Thaltej, Ahmedabad - 380054
Email: medybiz.987@yahoo.com
Last date for
submission of claims: May 22, 2024
MHOW GHATABILLOD: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mhow
Ghatabillod Toll Roads Private Limited (MGTRPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 200.10 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 21, 2023,
placed the rating(s) of MGTRPL under the 'issuer non-cooperating'
category as MGTRPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MGTRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 6, 2024, March 16, 2024, March 26, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mhow Ghatabillod Toll Roads Private Limited is a special purpose
vehicle (SPV) promoted by Essel Infra projects Limited (EIL) and
group entities for four laning of the Mhow Ghatabillod section (on
SH-27) from km 1.500 to km 28.500 in the state of Madhya Pradesh on
a design, build, finance, operate and transfer (DBFOT) toll basis.
MOTOR AND GENERAL: CARE Lowers Rating on INR80.50cr Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Motor and General Sales Private Limited (MGSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 80.50 CARE D Revised from CARE BB;
Facilities Stable
Long Term/ 14.50 CARE D/CARE D Revised from
Short Term CARE BB; Stable/CARE A4
Bank Facilities
Rationale and key rating drivers
CARE Ratings Limited (CARE) has revised the ratings assigned to the
bank facilities of MGSPL to CARE D/CARE D. The facilities with this
rating are in default or are expected to be in default soon. The
revision in ratings on bank facilities of MGSPL takes into account
the instance of delay in servicing of debt obligations by the
company.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Timely servicing of debt obligations for more than 90 days.
Analytical approach: Standalone.
Outlook: Not applicable.
Detailed description of the key rating drivers:
Key weaknesses
* Instances of delays in servicing of debt obligations: As per the
lender's feedback received, there was instance of delay by the
company in the repayment of tranches due in Channel finance (CF)
account during the month of April 2024, wherein the tranche due in
CF account remained overdue for a continuous period of fifteen
days. The instance of delay was largely on account of poor
liquidity position of the company.
* Low profitability margins: The profitability margins of the
company though improved, continued to remain at low levels, marked
by profit before interest, lease rental, depreciation, and taxation
(PBILDT) and profit after tax (PAT) margins of 4.11% and 1.14%
respectively in FY24 (Provisional) as against to 2.72% and 0.65%
respectively in FY23 (Audited). Further, the company achieved a
total operating income of INR311.67 crore in FY24 (Provisional)
vis-à-vis INR179.57 crore in FY23 (Audited). The growth in
company's scale and improvement in profitability margins was
largely on account of contribution from franchise business with
Kalyan Jewellers.
* Leveraged capital structure and weak debt coverage indicators:
MGSPL's capital structure continued to remain leveraged marked by
overall gearing ratio of 4.32x in FY24 (Provisional) though the
same improved from 5.22x in FY23 (Audited). The improvement was
largely on account of increase in tangible net worth of the company
post accretion of profits to reserves. As on March 31, 2024
(Provisional), the company's debt profile comprises of term loans
of INR25.73 crore, unsecured loans from promoters and related
parties of INR19.33 crore and working capital borrowings of
INR58.18 crore as against tangible net worth (excluding
subordinated debt) of INR13.85 crore. The unsecured loans to the
tune of INR8.16 crore is classified as quasi equity in both FY23
and FY24 as same are subordinated to bank debt as per sanction
letter. Due to low profitability margins and high debt levels, the
debt coverage indicators of the company remained weak as marked by
interest coverage ratio and total debt to gross cash accruals of
1.54x and 17.12x in FY24 (Provisional).
* Cyclical and competitive nature of automotive industry: The
automobile industry is cyclical in nature and automotive component
suppliers' sales are directly linked to the sales of auto Original
Equipment Manufacturers (OEMs). Further, the auto-ancillary
industry is competitive with presence of a large number of players
in the organized as well as unorganized sector. While the organized
segment majorly caters to the OEM segment, the unorganized segment
caters mainly to the replacement market and to Tier II and Tier III
suppliers.
* Working capital intensive nature of jewellery industry and gold
price fluctuation risk: The working capital intensive nature of the
business is an inherent characteristic of the retail gems and
jewellery industry. The operating cycle of the company remained
elongated at 121 days in FY24 (Provisional) as against 109 days in
FY23 (Audited), due to franchise business with Kalyan Jewellers,
resulting in a high average inventory holding period of 108 days in
FY24 (Provisional). Further, gold prices are correlated to
international gold prices and exchange rates. Therefore, any
adverse change in the gold prices is likely to have an impact on
the company's revenues and margins.
Key strengths
* Experienced promoters: MGSPL was promoted by Late Shri Rahul
Gupta in the year 1955. The company is currently run and managed by
its second line of promoters, Mrs. Shivani Gupta, Mr. Divas Gupta,
and Mr. Raghav Gupta. Mr. Divas Gupta and Mr. Raghav Gupta are sons
of Late Shri Rahul Gupta and Mrs. Shivani Gupta. Mr. Divas Gupta,
and Mr. Raghav Gupta are postgraduates by qualification and possess
experience of more than a decade in the similar line of business.
Mrs. Shivani Gupta is a graduate by qualification and has an
overall experience of more than three decades in the similar line
of businesses. Mr. Vivek Shukla is also a director in the company
and act as Chief Financial Officer (CFO) of the company. He is a
Chartered Accountant by qualification.
* Diversified streams of revenue: MGSPL has diversified streams of
revenue to support the business growth. Till FY20, MGSPL was purely
engaged into dealership business of OEMs, Honda, Ford, and Tata
Motors. In FY21, the promoters of the company diversified the
business and entered into fabrication business. The company
receives order from renowned customers including from India
Railways for fabrication work. Further, it is engaged in the
manufacturing of Agri implements such as trenchers, tillers,
rotovators etc. It also owns and operates a cinema theatre viz.
Novelty Cinema in Lucknow (Uttar Pradesh), which is a more than
five decades old multi-screen theatre having seating capacity of
around 500 persons. MGSPL has also entered into franchise business
with Kalyan Jewellers during Q4FY23 (refers to period from January
01, 2023, to March 31, 2023). By having diversified streams of
revenue, MGSPL is able to avoid the risk of revenue concentration
coupled with economic slowdown in a particular industry.
Liquidity: Poor
MGSPL has poor liquidity position as marked by reported instance of
delay in repayment of tranches due in the CF account.
Incorporated in the year 1955 and based in Lucknow (Uttar Pradesh),
MGSPL is engaged in business of design and fabrication of vehicles
bodies like bus body, truck load bodies, tippers, trailers,
trolleys, water tanks, wrecker truck, mobile ATM van, etc. It is
also engaged in the manufacture of Agri equipment and implements
like straw reaper, ratoon manager, trencher, rotovators etc.
Further, it undertakes orders from Indian Railways for refurbishing
or repair of railways wagons and coaches. Moreover, it runs a more
than five decades old multi-screen cinema theatre (Novelty Cinema),
located in Lucknow (Uttar Pradesh). During Q4FY23 (refers to period
from January 01, 2023, to March 31, 2023), the company further
entered into franchise business with Kalyan Jewellers and is
operating two stores located in the markets of Hazratganj and Gomti
Nagar, Lucknow (Uttar Pradesh).
NACHIAPPAN. K: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nachiappan.
K (NK) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 2, 2023,
placed the rating(s) of NK under the 'issuer non-cooperating'
category as NK had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 17, 2024, March 27, 2024, April 6, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
K Nachiappan is a proprietor of M/s. E.K.N. Poultry Farm (EKNPF).
He established EKNPF in the year 1984, in Namakkal District which
is popular for poultry activities in south India. The firm engaged
in farming egg, cull birds and manure. Currently the firm has 60000
chicks, 60000 grower and 280000-layer birds. The firm has the
capacity to produce 224000 eggs per day.
NIMAWAT EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nimawat
Education Society (NES) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.59 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of NES under the 'issuer non-cooperating'
category as NES had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NES continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 24, 2024, March 5, 2024, March 15, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaipur (Rajasthan) based Nimawat Education Society (NES) was
registered as a society in September, 2015, promoted by Mr. Mahesh
Nimawat along with his family members with an objective to set up
educational institutions. In December, 2016, the promoters have
started construction of school in the name of "Nimawat
International School" for class 1st to 12th of Central Board of
Secondary Education (CBSE) curriculum at Mahapura (Jaipur) and
started running classes from Nursery to 8th from Academic Year
2019-20. The promoters of the society have also promoted M/s
Surajmal Nimawat Smrati Sewa Prayansh (SNSSP) which is engaged in
the same line of business since last two decades and operates
co-education school SM Nimawat Public School for 1st to 12th of
CBSE curriculum at Fatehpur, Sikar (Rajasthan).
P P COMMODITIES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P P
Commodities (PPC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 22, 2023,
placed the rating(s) of PPC under the 'issuer non-cooperating'
category as PPC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PPC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 06, 2024, April 16, 2024, April 26, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kolkata, West Bengal based P P Commodities was established in
September 2013 as a partnership firm by Mr. Ravi Singhal and his
son Mr. Saket Singhal. Since its inception, the firm has been
engaged in trading of all types of pulses. The company imports
around 70% of its total purchases from countries like Australia,
Canada and Myanmar and balance procurement happens domestically.
Moreover, the company sells its entire products in the domestic
market only.
PAAPPAI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paappai
Exports (PE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.69 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 20, 2023,
placed the rating(s) of PE under the 'issuer non-cooperating'
category as PE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 5, 2024, March 15, 2024, March 25, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Paappai Exports (PE) was established on, 2008 and promoted by Mr V
Suryanarayanan, as Managing Partner and C Leela Krishnan, D Vijaya
Kumar, D Sivakumar, L Sumathi and L Pradeep Kannan as partners. The
firm is mainly engaged in manufacturing and exports of knitted and
woven garments since inception. The firm purchase yarn and
converting into fabric by giving job work. The manufacturing
process contains knitting, bleaching, and dyeing are executed by
job work basis. Cutting and stitching and printing of garments done
by PE. The main products of the firm are hosiery garments from
which the firm is generating more than 95% of the total operating
income derived through exports to countries like France, UK, and
Dubai.
PURVANCHAL VIDYUT: SC Stays NCLAT's Insolvency Process Order
------------------------------------------------------------
The Economic Times reports that the Supreme Court on June 14 stayed
the National Company Law Appellate Tribunal's order that initiated
insolvency proceedings against Uttar Pradesh government-owned
Purvanchal Vidyut Vitran Nigam.
A vacation Bench of Justice Sanjay Kumar and Justice Augustine
George Masish also issued a notice to its operational creditor
S.R.V. Techno Engineering and posted the matter for further hearing
on July 26, ET says.
According to ET, S.R.V. Techno Engineering had in 2019 moved the
National Company Law Tribunal, Allahabad bench, seeking to initiate
insolvency proceedings against Purvanchal for failing to pay debt
of INR4.43 crore including interest. Thereafter, S.R.V also filed
arbitration proceedings against the UP firm Nigam in 2022 where an
arbitrator awarded INR1.73 crore to it in 2023.
In the tribunal in 2023, S.R.V said that it erred in not mentioning
the date of default in its plea and subsequently filed an
application where the correct date was mentioned, ET relates. It
contended that it found discrepancies in its account due to
non-consideration of some payments received and according to which
the total outstanding amount was INR1.76 crore and not INR4.43
crore as claimed earlier.
However, the tribunal rejected S.R.V's insolvency petition and held
that it was deemed to have filed valid petition only in 2023 and
there was a pre-existing dispute before S.R.V. filed the insolvency
plea, according to ET.
Challenging this, S.R.V. moved the National Company Law Appellate
Tribunal, which on April 23 set aside the NCLT's order, treating
the case ex-parte, ET relates.
Aggrieved by the appellate tribunal's order, the state
government-owned distribution company moved the SC stating that an
ex-parte order was passed against it and also no notice was given
to it.
REX SEWING: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rex Sewing
Machine Company Private Limited (RSMCPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 28, 2023,
placed the rating(s) of RSMCPL under the 'issuer non-cooperating'
category as RSMCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RSMCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 13, 2024, March 23, 2024, April 2, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Set up in 1957 by Mr. Om Parkash Dandona, RSMCPL is engaged in the
manufacturing of a wide range of sewing machines at its two
manufacturing facilities located in Ludhiana.The company also
engages in the export of its products. The sewing machines are sold
under the brand name 'Rex' in the domestic markets as well as
export markets. RSMCPL is currently being managed by Mr Dinesh
Dandona and Mr Bhupesh Dandona (sons of Mr Om Prakash Dandona). All
the machines manufactured by RSMCPL have an ISI registration. The
company also has trading operations wherein it sources and sells
allied machines like Bag Closing Machines, Button Presses & Button
Moulding Machines, sewing machine components and spare parts.
SAGAR DAMOH: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sagar Damoh
Toll Roads Limited (SDTRL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 41.95 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 11, 2023,
placed the rating(s) of SDTRL under the 'issuer non-cooperating'
category as SDTRL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SDTRL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 25, 2024, March 6, 2024, March 16, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sagar Damoh Toll Roads Limited (SDTRL) is a Special Purpose Vehicle
(SPV) floated by Essel Infraprojects Limited, for two lanin g of
existing road from the Sagar city and terminating at Teen Gulli
Chuoraha in Damoh, on the SH-14 section, a 68.81-km road section in
the state of Madhya Pradesh under Build, Operate & Transfer (BOT)
basis. The project was awarded to SDL by Madhya Pradesh Road
Development Corporation Limited (MPRDC), a public sector
undertaking. The scope of work for the project highway includes
construction, operation and maintenance for a period of 18 years
commencing form the Appointed Date i.e. February 26, 2010.
SLIMLINE REALTY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Slimline Realty Private Limited
507, 5th Floor, Vyapar Bhavan,
49, P.D' Mello Road,
Carnac Bunder, Mumbai, 400009
Maharashtra, India
Insolvency Commencement Date: May 15, 2024
Estimated date of closure of
insolvency resolution process: November 11, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Ms. Shubham Agarwal Goyal
Rosewood Estate, B-404,
Prernatirth Derasar Road,
Satellite, Ahmedabad 380015, Gujarat
Email: fcs.shubhamgoyal@gmail.com
A-402, "Aaryabhumi", Opp. M.G. Party Plot,
Jodhpur Char Rasta,
Satellite, Ahmedabad 380015, Gujarat
Email: cirp.srpl@rediffmail.com
Last date for
submission of claims: June 2, 2024
TOWNSHIP DEVELOPERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Township Developers India Limited
HDIL Towers, 4th Floor,
Anant Kanekar Marg,
Bandra East, Mumbai - 400051
Insolvency Commencement Date: April 29, 2024
Estimated date of closure of
insolvency resolution process: October 26, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Vithal M. Dahake
8, 3rd Main, KSSIDC Ind Estate,
6th Block, Ajajinagar,
Bangalore - 56001, Karnataka
405 - 407, Hind Rajasthan Building,
Dadar East, Mumbai - 400014
Email: cirptdil@gmail.com
Last date for
submission of claims: May 21, 2024
TULIP MARKETING: CARE Lowers Rating on INR10cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Tulip Marketing (TM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 12, 2023,
placed the rating(s) of TM under the 'issuer non-cooperating'
category as TM had failed to provide information for monitoring of
the rating and had not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
TM continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 26, 2024, March 7, 2024, March 17,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of TM have been revised
on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Tulip Marketing (TM) is a partnership firm was established on May
2, 2013 by Mr. Bhavya Dave and Mr. Sadik Sayed. TM is primarily
engaged in trading of mobile handsets and accessories in the retail
market through to various stores spread across western suburb of
Mumbai. TM is an authorized distributor of Karbon, Vivo India which
covers area like Kandivali, Borivali and Dahisar, Micromax India
covers area like Andheri, Goregaon and Jogeshwari. TM has its
corporate office and warehouse located at Borivali, Mumbai spread
over 700 sq. feet.
VIJAYA LAKSHMI: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vijaya
Lakshmi Tobacco Traders (VLTT) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 17, 2023,
placed the rating(s) of VLTT under the 'issuer non-cooperating'
category as VLTT had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VLTT continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 1, 2024, April 11, 2024, April 21, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Andhra Pradesh based, Vijaya Lakshmi Tobacco Traders (VLTT) was
established in March 2016 as a partnership firm, by Mr. D.
Satyanarayana and Mrs. D. Vijaya Lakshmi. Vijaya Lakshmi Tobacco
Traders (VLTT) is an authorized licensed dealer in tobacco
registered with Tobacco Board for trading of Virginia tobacco. VLTT
is mainly engaged in trading of Virginia tobacco.
=========
M A C A U
=========
MGM CHINA: Moody's Rates New $500MM Senior Unsecured Notes 'B1'
---------------------------------------------------------------
Moody's Ratings assigned a B1 rating to MGM China Holdings Limited
("MGM China") proposed $500 million senior unsecured notes. The
company's existing senior unsecured notes rated B1 remain
unchanged. MGM China is a 55.95% owned publicly traded subsidiary
of MGM Resorts International ("MGM"). MGM's ratings, including the
B1 Corporate Family Rating, B1-PD Probability of Default Rating,
and B1 rated senior unsecured notes remain unchanged. MGM's
Speculative Grade Liquidity Rating (SGL) of SGL-2 is unchanged and
the outlook remains unchanged at stable.
Net proceeds from the proposed $500 million senior unsecured notes
will be used to repay a portion of amounts outstanding on MGM
China's revolving credit facility and for general corporate
purposes. The proposed refinancing is leverage neutral, as the
company had recently drawn on the revolving credit facility to
repay its $750 million notes which matured in May 2024, and pushes
out the maturity of a portion of the company's debt.
RATINGS RATIONALE
MGM Resorts International's (B1 stable) credit profile reflects the
company's large scale, strong presence on the Las Vegas Strip, and
a solid position within several regional markets across the US.
MGM's presence in the large Macau market with favorable long-term
prospects further supports the rating. The rating is constrained by
the company's high leverage, including the company's sizeable
leases on the balance sheet. Moody's expects MGM will actively
pursue large integrated resort development projects that would
result in elevated leverage for some time until it completes the
project.
The stable outlook for MGM Resorts International and MGM China
reflects the continued strong performance of the company's US
regional and Las Vegas operations, with a recovery in Macau
operations. The stable outlook also incorporates the company's good
liquidity, with substantial cash balances and revolver
availability.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Rating could be upgraded if the company generates consistent
positive free cash flow, debt-to-EBITDA is sustained below 6.0x,
and the company maintains a balanced financial policy with respect
to shareholder returns, including share repurchases.
MGM's rating could be downgraded if EBITDA declines, liquidity
deteriorates, or the company is unable to sustain debt-to-EBITDA on
an LTM basis below 8x.
MGM Resorts International operates integrated casino resorts across
the US, as well as through the MGM Macau resort and casino and MGM
Cotai, through its 56% controlling interest in MGM China Holdings
Limited. MGM has entered into a long-term triple-net lease
agreement pursuant to which the company leases and operates 16
domestic casino resorts. Consolidated net revenue for the year
ended March 31, 2024 was approximately $16.7 billion.
The principal methodology used in this rating was Gaming published
in June 2021.
===============
M A L A Y S I A
===============
1MDB: Arul Wins Appeal to Amend Defence, File Counterclaim
----------------------------------------------------------
Free Malaysia Today reports that the Court of Appeal has
unanimously allowed former 1MDB president and CEO Arul Kanda
Kandasamy's appeal to amend his defence and file a counterclaim in
response to the company's US$6.59 billion lawsuit against him and
an ex-1MDB chairman.
Free Malaysia Today relates that a three-member bench chaired by
Justice Azizah Nawawi said there was merit in the appeal and that a
previous High Court ruling would be set aside.
On Feb. 7, judicial commissioner Raja Ahmad Mohzanuddin Shah Raja
Mohzan dismissed Arul's application to amend his defence and file
the counterclaim over the termination of his contract extension.
The amendment to his defence was over the losses 1MDB suffered in
its investment in 1MDB-PetroSaudi Ltd and its dealings with
International Petroleum Investment Company (IPIC).
According to Free Malaysia Today, Arul filed the counterclaim
against the lawsuit filed by 1MDB in the Kuala Lumpur High Court on
Nov. 17 last year through Messrs Sanjay Mohan.
He sought from the company MYR202,600 for loss of income, a bonus
of MYR2.5 million, and special damages of MYR54 million (loss of
income from June 2019 to 2036) in addition to general, exemplary
and aggravated damages.
Free Malaysia Today relates that Arul said his employment contract
had ended on Dec 31, 2017, but that after discussions, the 1MDB
board agreed to extend his contract. He said a new agreement was
signed on Feb 23, 2018.
He claimed that according to the extended employment agreement,
1MDB agreed to pay him a monthly salary of MYR101,300 until June
30, 2018, and an ex-gratia bonus of MYR2.5 million, in addition to
his salary for January to April 2018 amounting to MYR405,200, Free
Malaysia Today relays.
However, he claimed that then finance minister Lim Guan Eng had
made various allegations against him, including that the former
1MDB CEO was dishonest and untrustworthy, in an article published
by a news portal on May 24, 2018.
Arul claimed that on June 25, 2018, 1MDB wrongfully terminated his
contract, concluding that he had acted against the company's
interest without any basis or investigation, Free Malaysia Today
relays.
He also alleged that his contract was terminated without any
evidence of wrongdoing to prevent the company from making salary
payments for May and June 2018 amounting to MYR202,600 and the
remaining ex-gratia bonus of MYR2.5 million.
In May 2021, 1MDB filed the suit against Arul and Irwan Serigar
Abdullah for allegedly causing the company losses of US$1.83
billion in relation to its investment in 1MDB-PetroSaudi Ltd, which
was converted into an investment in Brazen Sky Ltd, said to be
found in the Bridge Global Fund, the report recalls.
1MDB also claimed that the duo misappropriated US$3.5 billion in
1MDB funds paid to Aabar Investments, and US$1.265 billion paid to
IPIC on May 9, 2017.
It alleged that Irwan also conspired with Arul to cause the company
to implement an employment extension agreement, and make a payment
of MYR2,905,200 to Arul in accordance with the agreement, in
disregard of the company's interests, causing it to suffer loss and
damage.
Lawyer Sanjay Mohan appeared for Arul while Brendan Navin Siva
represented 1MDB, the report says.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
=====================
N E W Z E A L A N D
=====================
BOTT INVESTMENTS: Creditors' Proofs of Debt Due on July 15
----------------------------------------------------------
Creditors of Bott Investments Limited are required to file their
proofs of debt by July 15, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 15, 2024.
The company's liquidator is:
Victoria Toon
Restructuring Limited, Chartered Accountants
PO Box 10100
Dominion Road
Auckland 1446
CAK STONE: Court to Hear Wind-Up Petition on June 26
----------------------------------------------------
A petition to wind up the operations of CAK Stone NZ Limited will
be heard before the High Court at Auckland on June 26, 2024, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 20, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
CHIP LORD: Lord of the Fries Franchisor Goes Into Liquidation
-------------------------------------------------------------
Stuff.co.nz reports that the company that brought vegan fast food
chain, Lord of the Fries, to New Zealand has been put into
liquidation.
Outlets had already closed at Snickel Lane and Karangahape Rd in
central Auckland, Cuba St, Wellington, Hamilton East and
Queenstown, Stuff relates.
Lord Of The Fries stores in Christchurch and Auckland's Botany Town
Centre are open under separate owners.
Chip Lord NZ Limited, which trades as Lord of the Fries, was
started by Bruce and Baksho Craig in 2016, and was placed in
liquidation on June 12, according to Stuff.
Stuff relates that the couple posted on social media in April that
their era of ruling over vegan fast food in Aotearoa was over, and
they were moving to Australia to fulfil grandparent
responsibilities.
A co-owner of the separately owned Botany store, which is open and
trading, Rahul Sunilkumar, told Stuff neither of the open stores is
owned by Chip Lord NZ.
"We opened the store in March 2023, we bought a franchise from
Bruce Craig."
Mr. Sunilkumar said business was "a little bit up and down", with
some weeks better than others.
"That is normal in hospitality at the moment."
He and his co-owners now deal directly with Lord Of The Fries head
office in Australia, he said.
Mr. Craig bought the New Zealand master franchise rights in 2016
and opened the first container store at 1 Queen Street, Auckland,
and then a second on Karangahape Rd shortly after, Stuff notes.
A third store took their vegan burgers and hot dogs to Queenstown
in 2018.
At its height, there were seven stores, including in Hamilton and
Wellington.
Stuff adds that five other companies associated with the brand were
also placed into liquidation on June 12: Chip Lord 1 Queen Street
Limited, Chip Lord Collective Kitchen Limited, Chip Lord K Road
Limited, Chip Lord Queenstown Limited and Chip Lord Wellington
Limited.
Chartered accountant, Victoria Toon, was appointed liquidator, and
creditors have until July 12 to prove debts or claims, Stuff
discloses.
JON BIDCO: Cliffwater CL Marks NZ$6.3MM Loan at 41% Off
-------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its NZD6,300,000
loan extended to Jon Bidco Limited to market at NZD3,691,908 or
59% of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in Cliffwater CL's Amended Form N-CSR for the
fiscal year ended March 31, filed with the Securities and Exchange
Commission.
The Cliffwater CL is a participant in a First Lien Term Loan to
Jon Bidco Limited.The loan accrues interest at a rate of 10.19%
(BKBM+450) per annum. The loan matures on March 18, 2027.
The Cliffwater CL is a Delaware statutory trust registered under
the Investment Company Act of 1940, as amended, as a closed-end
management investment company operating as a diversified interval
fund. The Fund operates under an Agreement and Declaration of
Trust, as most recently amended and restated on September 15, 2021.
Cliffwater LLC serves as the investment adviser of the Fund. The
Investment Manager is an investment adviser registered with the
Securities and Exchange Commission under the Investment Advisers
Act of 1940, as amended. The Fund intends to continue to qualify
and has elected to be treated as a regulated investment company
under the Internal Revenue Code of 1986, as amended). The Fund
commenced operations on March 6, 2019.
The Cliffwater CL is led by President Stephen Nesbitt and Treasurer
Lance J. Johnson. The Fund can be reached through:
Stephen Nesbitt
C/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
Tel No.: (414) 299-2000
- and -
Timothy M. Bonin
235 West Galena Street
Milwaukee, WI 53212
Jon Bidco Limited is a provider of healthcare services based in
Auckland, New Zealand.
NORTHERN ZAC: Creditors' Proofs of Debt Due on July 15
------------------------------------------------------
Creditors of Northern Zac Limited are required to file their proofs
of debt by July 15, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 14, 2024.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
OCHO LIMITED: Board Seeks Voluntary Administration
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NZ Herald reports that the directors of Dunedin craft chocolate
company Ocho are proposing to wind up the company amid financial
difficulties.
According to the Herald, the board on June 12 notified staff and
shareholders that it was seeking voluntary administration, saying
it believes the company is unable to trade out of its current
financial situation and has no prospect of achieving future
profitability under the current business model.
"This is not a decision that has been made lightly and the new
board is mindful what this announcement means for the 11 highly
talented and dedicated Ocho staff," the Herald quotes board
chairman Pete Lead as saying.
"While Ocho Limited is currently solvent and can continue to trade
for a short period of time, the new board hopes that winding up the
company will present an opportunity for the business to be sold as
a going concern.
"The best outcome for shareholders would be that the Ocho brand and
its assets are bought by someone with a passion for craft chocolate
and a desire to see chocolate-making continue in Dunedin, although
this is not guaranteed."
A special meeting will be held on June 26 to consider and pass a
resolution to appoint a liquidator, the report notes.
Mr. Lead told the Herald Ocho was operating in a difficult economic
climate, with the cost of living crisis affecting sales and
increasing prices squeezing its margins.
"There was no one incident or catalyst, just a sober assessment of
our current and forecast position," he said.
"It's a challenging economic climate and consumers are being forced
to make difficult choices around their purchasing, and sometimes
that means buying a cheaper option or going without."
He said Ocho's supply chain for craft chocolate from the Pacific
Islands -- where it gets ethically sourced beans from -- is less
affected by the price increase for commodity chocolate.
"However, there has been an increase in supply side prices across
the board which has impacted our margins," the Herald relays.
Ocho was founded in 2013 by Dunedin local Liz Rowe and operated as
a small, craft chocolate company until 2017, when Ocho Newco was
incorporated for the purpose of a crowdfunding campaign.
Ms. Rowe, who resigned as general manager in early 2019 but remains
the company's largest shareholder, said she was sad but not
surprised to hear of the board's decision, the Herald relates.
"The crowdfunding in 2017 and the support from so many people who
bought shares in Ocho was exciting and humbling. However, the
company structure set up hasn't proved to be the easiest model to
work with," she said.
"In essence, there was a big company structure being managed by a
very small staff.
"Combine that with a commitment to buy cocoa beans direct from the
farmers and an uncompromising approach to making the best quality
craft chocolate and, with the benefit of hindsight, it's not hard
to see there were some challenges for the company from the start."
The Herald says Ms. Rowe stepped back from the company to give the
then-board the opportunity to appoint someone with the skill-set
needed to take the company from the start-up phase into a period of
growth.
Ocho's crowdfunding in 2017 raised NZD2 million in less than 48
hours from 3549 investors on platform PledgeMe.
RIB HOUSE: Court to Hear Wind-Up Petition on June 27
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A petition to wind up the operations of The Rib House Limited will
be heard before the High Court at Auckland on June 27, 2024, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 26, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
WHAKAARO FACTORY: Court to Hear Wind-Up Petition on June 27
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A petition to wind up the operations of Whakaaro Factory Limited
will be heard before the High Court at Christchurch on June 27,
2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 23, 2024.
The Petitioner's solicitor is:
Nanette Cunningham
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
[*] NEW ZEALAND: Businesses Fold Up as Consumer Confidence Dwindles
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Radio New Zealand reports that a retail industry group said
businesses are shutting up shop as shoppers worry about their
spending.
RNZ relates that the Westpac McDermott Miller Confidence survey
shows consumer confidence dropped 11 points in June to 82.2, wiping
out the past six months of gains.
A confidence level of below 100 signals households are pessimistic
about the economy.
On the business side, the retail sector is probably seeing the
worst conditions in modern memory with consumers spending only on
things they really need rather than what they want, an expert
said.
Measures of consumer confidence and spending are at multi year
lows, with retailers reporting falling sales, tight margins, and
reduced profits.
According to RNZ, First Retail Group managing director Chris
Wilkinson said the downturn in consumer sentiment will be no
surprise to retailers, not just in New Zealand but around the
world.
"Talking to multi generational retailers and retailers running very
large businesses here and overseas, we've had conversations that
this is without a doubt the most challenging time that we've seen
in modern memory."
On June 18, the country's biggest listed retailer the Warehouse
Group announced a back to basics restructuring and management shake
up to concentrate on its main brands.
RNZ relates that Mr. Wilkinson said The Warehouse's efforts to slim
down its top management and offer a greater range of basic items to
consumers was the right way to go.
Retail NZ chief executive Carolyn Young told Morning Report
consumers and households were uncertain about the job market,
housing and their ability fund new expenses.
"When you look at the graphs, they're probably slightly worse than
'87 when it took a long time for us to recover from the crash way
back then."
Ms. Young said she was hearing of some in the Retail NZ membership
closing their businesses.
As prices rise, including increases in insurance and freight,
retailers were unable to absorb extra costs because the margins
were really small, she said, RNZ relays.
"It really is about surviving till '25, it's how do you get through
this next six to eight months and then hopefully we see confidence
turn around because whilst the economy's going to take time to
change...we actually need consumer confidence and business
confidence to turn around . . ."
RNZ adds that Ms. Young said businesses should remember customer
service was key and look at how they can be agile right now within
the current constraints.
And that cash was king.
"If you've got some cash then you can get through."
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S I N G A P O R E
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BORE PRECISION: Court to Hear Wind-Up Petition on July 5
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A petition to wind up the operations of Bore Precision Pte Ltd will
be heard before the High Court of Singapore on July 5, 2024, at
10:00 a.m.
MI Polymer Concrete Pipes (S) Ptd. Ltd. filed the petition against
the company on June 14, 2024.
The Petitioner's solicitors are:
Oon & Bazul LLP
36 Robinson Rd
#08-01/06 City House
Singapore 068877
DEDOCO PTE: Creditors' Meeting Set for June 28
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Dedoco Pte Ltd will hold a meeting for its creditors on June 28,
2024, at 11:00 a.m. at at 10 Collyer Quay, #05-04/05 Ocean
Financial Centre, in Singapore.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to confirming the appointment of Liquidator(s) nominated by
the Company or nominating another person or persons as
Liquidator(s) for the purpose of winding up the affairs and
distributing assets of the Company;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
Messrs. Cosimo Borrelli and Jason Aleksander Kardachi care of Kroll
were appointed provisional liquidators of the Company on June 13,
2024.
OMEGA CONSTRUCTION: Placed in Liquidation
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Ms. Ellyn Tan Huixian of Forvis Mazars Consulting on June 12, 2024,
were appointed as liquidators of Omega Construction & Engineering
Pte. Ltd.
The liquidator may be reached at:
Ms. Ellyn Tan Huixian
Forvis Mazars Consulting
135 Cecil Street
#10-01 Philippine Airlines Building
Singapore 069536
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S U B S C R I P T I O N I N F O R M A T I O N
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