/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240703.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, July 3, 2024, Vol. 27, No. 133 Headlines A U S T R A L I A AUTISM TASMANIA: First Creditors' Meeting Set for July 8 CLARITY KITCHENS: First Creditors' Meeting Set for July 9 ELFIN HOUSE: First Creditors' Meeting Set for July 10 ESTIMA FACILITIES: Second Creditors' Meeting Set for July 8 GIGSUPER HOLDINGS: Enters Voluntary Liquidation PF GROUP: First Creditors' Meeting Set for July 8 C H I N A BEIJING ZUOJIANG: To Delist From Shenzhen After Fin'l Fraud Probe BETTER LIFE: Court Approves Reorganization Plan SENMIAO TECHNOLOGY: Incurs $4.23-MM Net Loss in FY Ended March 31 I N D I A AGILE REAL: CARE Lowers Rating on INR750cr LT Loan to C AL-AMAL DIAGNOSTICS: CRISIL Keeps D Ratings in Not Cooperating ANIL KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating BALAHANUMAN PLASTIC: CRISIL Keeps B+ Ratings in Not Cooperating BALAJI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating BEEJ SHEETAL: CRISIL Keeps B Debt Rating in Not Cooperating BPL TECHNO: CRISIL Keeps D Debt Rating in Not Cooperating CHANDAN REALITIES: CRISIL Keeps B- Debt Rating in Not Cooperating CHOOSY FASHIONS: CRISIL Keeps B Debt Rating in Not Cooperating CHOUDHARI CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating DEWAN CHAND: CARE Keeps D Debt Ratings in Not Cooperating Category EDEN CRITICAL: CRISIL Keeps D Debt Rating in Not Cooperating GURU GOBIND: CRISIL Keeps D Debt Ratings in Not Cooperating HINDUSTHAN NATIONAL: CARE Keeps D Debt Ratings in Not Cooperating HYDERABAD GALVANISING: CRISIL Keeps B+ Ratings in Not Cooperating K.R. THANGA: CRISIL Lowers Rating on INR13cr LT Loan to B KHODAL DEVELOPERS: CRISIL Moves D Ratings from Not Cooperating KUMARAN MILLS: CARE C Debt Rating in Not Cooperating Category KUTTANADU VIKASANA: CRISIL Keeps D Debt Rating in Not Cooperating LIVTAR SINGH: CRISIL Keeps D Debt Rating in Not Cooperating MCNALLY BHARAT: CARE Keeps D Debt Rating in Not Cooperating MODERN DAIRIES: CARE Keeps D Debt Ratings in Not Cooperating PADAM MOTORS: CARE Keeps D Debt Ratings in Not Cooperating PIONEER SPINNING: CARE Lowers Rating on INR14.10cr LT Loan to C RAHIL COLD: CRISIL Keeps D Ratings in Not Cooperating Category RAJ CHICK: CARE Keeps D Debt Rating in Not Cooperating Category VIJ AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category VISHNU STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating VPR CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating J A P A N BANDAI NAMCO: Online Games Developer Unit Declares Bankruptcy N E W Z E A L A N D AJF COURIERS: BDO Tauranga Appointed as Liquidator AVANTIPLUS BOTANY: First Creditors' Meeting Set for July 9 BARRIO EXPRESS: BDO Tauranga Appointed as Receivers and Managers CL ENGINEERING: Creditors' Proofs of Debt Due on Aug. 22 LEADING TARANAKI: Creditors' Proofs of Debt Due on July 25 P A K I S T A N PAKISTAN: Inflation Quickens For First Time in Six Months P H I L I P P I N E S PH RESORTS: Okada Manila Ends Deal to Acquire Emerald Bay Project S I N G A P O R E GENERAD EQUIPMENT: Court to Hear Wind-Up Petition on July 12 MARLOES CAPITAL: Commences Wind-Up Proceedings QA SYSTEMS: Court Enters Wind-Up Order SERRON TECHNOLOGY: Court to Hear Wind-Up Petition on July 5 STASH NEXT: Creditors' Proofs of Debt Due on July 30 V I E T N A M VIETNAM AIRLINES: Gets Loan Extension to Avoid Insolvency Risk - - - - - ================= A U S T R A L I A ================= AUTISM TASMANIA: First Creditors' Meeting Set for July 8 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Autism Tasmania Incorporated will be held on July 8, 2024 at 10:00 a.m. at the offices of Rodgers Reidy (Tas) Pty Ltd, Cnr Bathurst & Argyle Street in Hobart. Shelley-Maree Brooks of Rodgers Reidy (Tas) was appointed as administrator of the company on June 26, 2024. CLARITY KITCHENS: First Creditors' Meeting Set for July 9 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Clarity Kitchens & Cabinets Pty Ltd will be held on July 9, 2024 at 10:00 a.m. at the offices of RSM Australia Partners at Equinox Building 4, Level 2, 70 Kent Street in Deakin and via virtual meeting. Frank Lo Pilato of RSM Australia Partners was appointed as administrator of the company on June 27, 2024. ELFIN HOUSE: First Creditors' Meeting Set for July 10 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Elfin House Community Child Care Centre Inc will be held on July 10, 2024 at 10:30 a.m. at Level 5, 34 East Street in Rockhampton City. Michael Beck of Worrells was appointed as administrator of the company on June 28, 2024. ESTIMA FACILITIES: Second Creditors' Meeting Set for July 8 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Estima Facilities Management Pty Ltd has been set for July 8, 2024 at 11:00 a.m. via teleconference only. 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 July 5, 2024 at 4:00 p.m. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on June 17, 2024. GIGSUPER HOLDINGS: Enters Voluntary Liquidation ----------------------------------------------- 7NEWS.com.au reports that the holding company of a superannuation fund created seven years ago to service 'gig economy' and self-employed workers has entered voluntary liquidation. According to 7NEWS.com.au, the GigSuper Group collapsed just over two years ago, reportedly owing creditors AUD2.7 million. Both the holding company, GigSuper Holdings Pty Ltd, and the subsidiary company, GigSuper Pty Ltd, entered voluntary administration in 2022. It was the subsidiary company, GigSuper, which had owed creditors the millions of dollars. But those debts were "extinguished" when creditors put the company in a Deed of Company Arrangement in 2022. Following a meeting on June 24 of the company's members, the holding company has now entered voluntary liquidation, 7NEWS.com.au discloses. DW Advisory principal Paul Weston was appointed as liquidator. "The debt previously owed to related party creditors had been forgiven . . . before shareholders resolved to wind it up," Weston told 7NEWS.com.au on June 25. The company had not been in operation, nor had it had any superannuation members or customers, since 2021, Mr. Weston said. "GigSuper Holdings Pty Ltd was wound up by resolution of its shareholders, as it was deemed that the company had come to the end of its useful life and should accordingly be wound up," the report quotes Mr. Weston as saying. GigSuper, founded in 2017, had partnered with the now-defunct food delivery service, Deliveroo, according to the report. 7NEWS.com.au says the partnership aimed to allow gig workers - who are paid per job, and are not part of a company's payroll - to make their own superannuation contributions, rather than Deliveroo doing it for them. At the time, the Transport Workers Union said the arrangement was as "an insult" to food-delivery riders, 7NEWS.com.au relays. 7NEWS.com.au adds that the TWU said three out of four delivery riders were being paid below minimum award and were therefore unable to cover their super entitlements. PF GROUP: First Creditors' Meeting Set for July 8 ------------------------------------------------- A first meeting of the creditors in the proceedings of PF Group Holdings Pty Ltd and PF Management Holdings Pty Ltd will be held on July 8, 2024 at 2:00 p.m. at Level 2, 555 Coronation Dr in Toowong. Andrew Scott, Adam Colley, Stephen Longley, and Derrick Vickers of PwC were appointed as administrators of the company on June 26, 2024. ========= C H I N A ========= BEIJING ZUOJIANG: To Delist From Shenzhen After Fin'l Fraud Probe ----------------------------------------------------------------- South China Morning Post reports that Chinese chip firm Beijing Zuojiang Technology, which once touted its potential to rival Nvidia Corp, will be delisted from the Shenzhen Stock Exchange after being investigated for financial fraud, marking another cautionary tale in the country's semiconductor industry. In a regulatory filing on June 28, Zuojiang Technology said that its shares will cease trading in the Shenzhen bourse on July 26, the Post relates. This comes after the company was not able to present a clean audit report for its 2023 financial results, which prompted the Shenzhen Stock Exchange to move for its delisting. Earlier this year, the China Securities Regulatory Commission (CSRC) said it found the 2023 financial disclosures of Zuojiang Technology to be "seriously untrue" and "suspected [the company] of significant financial fraud," the Post recalls. According to the Post, the delisting notice sent shock waves across the Chinese investor community, which had pushed Zuojiang Technology's stock to a high of CNY300 (US$41.26) a year ago when the company was touted as a key player in China's semiconductor self-sufficiency efforts. The stock closed at CNY6.94 on April 26 before its trading was suspended. In June, the Shanghai Stock Exchange barred S2C, a local chip maker, from listing its shares in the next five years after the company was found to have inflated its 2020 financial results, the Post notes. The CSRC in February slapped the firm with a fine of CNY16.5 million for overstating its revenue and profits in its listing prospectus. Founded in 2007, Zuojiang Technology started as a designer, manufacturer and vendor of hardware used in cybersecurity applications. After going public in September 2019, the firm shifted its focus on the development of data processing units (DPUs) in late 2022 when an artificial intelligence (AI) frenzy swept China following the debut of OpenAI's ChatGPT, the Post says. DPU is a programmable chip that tightly combine a central processing unit with network interface hardware, which became an in-demand component just like graphics processing units for computing infrastructure used for AI projects. Zuojiang Technology touted that its China-developed NE6000 DPU matched up with the performance of Nvidia's own Bluefield-2 DPU, according to the Post. Zuojiang Technology, however, reported last December that its DPU sales last year failed to meet expectations, according to its stock exchange filing at the time, the Post relays. The company said that it only signed one contract for DPUs that covered 400 units of its NE6000, which were delivered to a trading company. Those goods were later classified as "not in actual development or sales" because the client enterprise that bought the chips did not use most of them. Beijing Zuojiang Technology Co., Ltd. wholesales and distributes electronic products. The Company provides dual host series platforms, single boards, dedicated chips, and other products. Beijing Zuojiang Technology provides its services throughout China. BETTER LIFE: Court Approves Reorganization Plan ----------------------------------------------- Yicai Global reports that Better Life Group, a leading regional operator of supermarkets and department stores in China, said its asset reorganization plan has been approved by a court. According to Yicai, 17 external investors swill inject CNY2.5 billion (USD344 million) into Better Life and its 14 subsidiaries as part of the asset reorganization, it announced July 1. Better Life said it expects the reorganization to boost liquidity, slash financial costs, and clear out most of its debt, aiding the group's business recovery and operational improvement, Yicai relays. Founded in 1995, the company operates a range of supermarkets, department stores, and shopping centers, mainly serving consumers in central and southern China with fresh produce, groceries, clothing, household goods, and electronics. A creditor applied to the Xiangtan Intermediate People's Court for Better Life's debt restructuring last July because the Hunan province-based firm defaulted and was insolvent, Yicai recalls. The judicial green light for Better Life to draw up a bankruptcy restructuring plan was given in October. Four of the new investors are industrial concerns, and the rest are financial firms, Yicai learned. One of the industrial investors is Baitube Culture Communication, a multi-channel network agency for incubating and empowering fast-moving consumer goods brands in beauty, fashion, and food. The Chengdu-based firm plans to set up a joint venture with Better Life to integrate the online and offline sales of its self-operated products and build a related supply chain system, according to Yicai. Yicai relates that the three other industrial investors will also use their advantages to help Better Life improve its business, such as enhancing its ability to procure and supply high-quality fresh farm produce, cutting procurement costs, and using digital technologies to boost its supply chain capabilities and operational efficiency. SENMIAO TECHNOLOGY: Incurs $4.23-MM Net Loss in FY Ended March 31 ----------------------------------------------------------------- Senmiao Technology Limited filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $4.23 million on $6.81 million of total revenues for the year ended March 31, 2024, compared to a net loss of $3.79 million on $8.08 million of total revenues for the year ended March 31, 2023. As of March 31, 2024, the Company had $9.86 million in total assets, $5.57 million in total liabilities, $234,364 in mezzanine equity, and $4.05 million in total equity. New York, New York-based Marcum Asia CPAs LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated June 27, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Senmiao said, "In light of the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies, we cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government approvals on a timely basis, if at all, with respect to future capital contributions or future loans by us to our PRC subsidiaries. If we fail to complete such registrations or obtain such approvals, our ability to use the proceeds we expect to receive from our public offerings and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund and expand our business." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001711012/000121390024056536/ea0207335-10k_senmiao.htm About Senmiao Technology Limited Senmiao is not a Chinese operating company but a U.S. holding company incorporated in the State of Nevada on June 8, 2017. As a holding company with no material operations of its own, Senmiao conducts a substantial majority of its operations through its operating entities established in the PRC, including its subsidiaries and the equity investee company. Since November 2018, the Company has been providing automobile transaction and related services focusing on the online ride-hailing industry in the People's Republic of China through its wholly owned subsidiaries, Yicheng and Corenel, and its majority owned subsidiaries, Jiekai, and Hunan Ruixi, and its equity investee company, Jinkailong. Since October 2020, the Company has been operating an online ride-hailing platform through XXTX, which is a wholly owned subsidiary of Senmiao Consulting. XXTX's platform enables qualified ride-hailing drivers to provide transportation services mainly in Chengdu, Changsha and other 20 cities in China as of the date of this Report. The Company's business includes Automobile Transaction and Related Services and Online Ride-hailing Platform Services, which constituted a series of services. ========= I N D I A ========= AGILE REAL: CARE Lowers Rating on INR750cr LT Loan to C ------------------------------------------------------- CARE Ratings Ltd. (CARE) has revised the rating of Agile Real Estate Private Limited from CARE BB-; Negative to CARE D and simultaneously upgraded to CARE C; Stable. The downgrade takes into consideration the delays in servicing of its rated term debt obligations in FY24 (refers to period from April 1, 2023 to March 31, 2024) mainly due to slow project execution which impacted the collections leading to cash flow mismatch. The simultaneous upgrade reflects regularized debt servicing for the rated term loan for more than 90 days. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 750.00 CARE C; Stable; Revised from Facilities CARE BB; Negative to CARE D and simultaneously upgraded to CARE C; Stable The rating reflects weak financial risk profile marked by high leverage position and low receivable coverage ratio as well as stretched liquidity profile. However, the rating derives comfort from experienced promoters and established track record in real estate industry and favourable location of the project. In response to FIR registered against the promoters, the management has stated that the Occupancy Certificate (OC) for the project has already been received. The project has delivered partial possessions to buyers, and the remaining possessions are currently in process. The group has challenged the FIR and is contemplating legal options. CARE Ratings will continue to monitor the development. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in the cash flow position of the company through improved collections or substantial promoter infusion. Negative factors * Deterioration in the credit risk profile of the company or delays in debt servicing of the rated term loan Analytical approach: Standalone Outlook: Stable Stable outlook reflects that the cashflows of the company will be managed through collections or promoters' infusion. Detailed description of the key rating drivers: Key weaknesses * Delays in debt servicing: CARE noted few instances of delays in debt servicing of rated term loan in FY24 audited financials and term loan statements. These delays were primarily on account of slow execution which impacted the collections causing cash flow mismatch. However, the company has been regular in debt servicing since Jan-24. * Weak financial risk profile: The financial risk profile of the company stands weak marked by leveraged capital structure and weak committed receivable coverage ratio. The company's capital structure is leveraged as reflected from high overall gearing of more than 10 times as on March 31, 2024. As on March 31, 2024, the company has committed receivables of over INR700 crore which covers only 15% of balance project cost and outstanding external debt. As the committed receivable coverage ratio is weak, there is high reliance on fresh sales or promoter infusion for effective cash flow management. Key strengths * Experienced promoters: AREPL is a part of the Kalpataru Group, which has diversified interest in residential and commercial real estate, power transmission, and infrastructure sectors. The group has established track record of over five decades in real estate industry. It has delivered more than 110 projects across nine cities, covering an area of over 22 million square feet. The group draws financial flexibility from its strong presence in power transmission and infrastructure business. In the past, the group has infused sizeable funds by way of unsecured loans, to support the entity's operations. * Favourable location of the project: The township project is located at Thane west, Maharashtra. The location has good connectivity to international airport, Navi Mumbai, Eastern express highway. Additionally, proposed metro lines- 4 and 5, are expected to further improve the accessibility. The township is located near NaMo Grand Central Park, and in proximity to various schools, supermarkets, malls and hospitals which enhances the saleability of the projects. The sales in the projects has been improving gradually post grand central park is handed over to Thane Municipal Corporation. Liquidity: Stretched. The company has sizeable debt commitments of over INR300 crore on rated debt, for which it is largely reliant on fresh sales to generate collections, given the committed receivable coverage ratio stands low at close to 15%. Although the project sales is gradually improving, ARPL is likely to remain reliant on promoter infusion for any cash flow mismatches. The management is also exploring alternatives such as bulk sale in the projects which will improve the liquidity position of the company. These developments will remain monitorable. The liquidity position of the company is also supported by maintenance of free liquid balances of over INR40 crore. Agile Real Estate Private Limited (AREPL) is a subsidiary of Kalpataru Properties Private Limited. AREPL in 2012 had acquired ~105 acres of land located on Kolshet Road, Thane (W). The Company is developing a township project in phases with residential complexes, school, hotel, large format retail stores, F&B outlets and recreational facilities. AL-AMAL DIAGNOSTICS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Al-Amal Diagnostics (AAD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 6.4 CRISIL D (Issuer Not Overdraft Facility Cooperating) Term Loan 2.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AAD for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AAD, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AAD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AAD continues to be 'CRISIL D Issuer Not Cooperating'. AAD was setup in 1984 by Mr. Yousif Qabageh. It provides diagnostic facilities to the gulf panel. The diagnostic center, is one of the 20 diagnostic centers in Mumbai which provide services to gulf panel. It provides regular blood tests, eye test, X rays and physical checkups. It has one clinic in Kurla. ANIL KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL said the ratings on bank facilities of Anil Kumar Biswal (AKB) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.9 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 8.5 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 0.6 CRISIL D (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with AKB for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AKB, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AKB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AKB continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. AKB was set up in 1995 in Balugaon, Odisha, as a proprietorship firm by Mr Anil Kumar Biswal. It constructs and develops roads and buildings; and also undertakes other civil and electrical repair works. The firm is classified as a Class 1A contractor under the Government of Odisha. BALAHANUMAN PLASTIC: CRISIL Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Balahanuman Plastic Industries Private Limited (BPIPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 4.52 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BPIPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BPIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. BPIPL was set up in 1996 as a partnership firm, which was reconstituted as a private limited company in 2006. Mr Rajesh Shah and Mr Pradeep Khandelwal are the promoters. The company manufactures low-density polyethylene/polypropylene bags at its facility at Bapunagar, Gujarat. BALAJI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Balaji Sahakari Soot Girni Limited (SBSSGL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.18 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 9, 2023, placed the rating(s) of SBSSGL under the 'issuer non-cooperating' category as SBSSGL 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. SBSSGL 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). SBSSGL was established as a co-operative society on January 21, 1991, but commenced commercial operation from May 25, 2011 onwards. SBSSG is engaged in cotton spinning through open end spinning method with an installed capacity of 6,624 spindles for manufacturing of cotton yarn with end-user industries being power loom companies situated in and around the area of Washim, Maharashtra. BEEJ SHEETAL: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Beej Sheetal Research Private Limited (BSRPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BSRPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BSRPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BSRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BSRPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. BSRPL was incorporated in 1986. It is engaged in biotech research of vegetable seeds and trading of seeds. It is based in Jalna- Maharashtra and promoted by Mr. Suresh Agarwal and Mr. Sameer Agarwal. BPL TECHNO: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of BPL Techno Vision Private Limited (BTVPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BTVPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BTVPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BTVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BTVPL continues to be 'CRISIL D Issuer Not Cooperating'. BTVPL, established in 1983 in Bengaluru (Karnataka), manufactures lanterns and home automation equipment. CHANDAN REALITIES: CRISIL Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Chandan Realities (CR) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 7 CRISIL B-/Stable (Issuer Not Overdraft Facility Cooperating) CRISIL Ratings has been consistently following up with CR for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CR continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. CR was set up in fiscal 2012 by Mr Sushil Bahirat, Mr Nitin Bame, and Mr Girish Jalegaonkar. The firm develops real estate largely in and around Pune. It has one ongoing project - Chandan Colozium - a commercial and residential project in Wakad, in a joint development agreement with the land owners. CHOOSY FASHIONS: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of CF continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with CF for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CF, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CF continues to be 'CRISIL B/Stable Issuer Not Cooperating'. CF was established in 1985 as a proprietorship firm by Mr. Daljit Singh Chadha. The Mumbai-based firm trades in men and ladies garments. It also has a retail showroom in Goregaon (East) with an area of 2000 square feet. CHOUDHARI CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Choudhari Construction Co. (CCC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.8 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with CCC for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CCC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CCC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. CCC was set up as a partnership firm in 1983 by Mr. Hamiram Choudhari and his wife, Mrs. Ratanben Choudhari. It undertakes various infrastructure-related construction activities, comprising construction and repair of roads, buildings, and sewerage systems in Mumbai and Pune. The firm participates in tenders floated by the Brihanmumbai Municipal Corporation, Mumbai Metropolitan Regional Development Authority, and Public Works Department. DEWAN CHAND: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Dewan Chand (DC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 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 10, 2023, placed the rating(s) of DC under the 'issuer non-cooperating' category as DC 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. DC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 25, 2024, April 4, 2024, April 14, 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). DC was initially established as proprietorship concern and later on converted into a partnership firm on August 29, 2009. DC is Delhi-based firm managed by Mr Vikram Phalper along with his wife Mrs Anita Phalper for carrying out different types of civil construction projects for Public Works Department (PWD) Delhi. DC was founded in 1949 by late Lala Mr Dewan Chand. DC is registered as a Class A contractor with PWD, Delhi, and has tendered various contracts involving contracts of government buildings since inception. It has completed prestigious contracts namely Indra Prastha Bhawan, Ashoka Estate Building, World health house, Indian Oil Bhawan, Police head Quarters, etc. DC is present majorly in Delhi. EDEN CRITICAL: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Eden Critical Care Hospital Private Limited (ECCHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 19.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ECCHPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ECCHPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ECCHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ECCHPL continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 2011 by Dr. Sanjay Bansal and his family members, ECCHPL operates a 100-bed multi-specialty hospital in Chandigarh. The hospital began operations in July 2014. GURU GOBIND: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Guru Gobind Foods And Agro Private Limited (GGFAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Long Term Loan 8 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GGFAPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GGFAPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GGFAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GGFAPL continues to be 'CRISIL D Issuer Not Cooperating'. GGFAPL, incorporated in 2014 by Mr Shaminderjeet Singh Sandhu, is a Muktsar (Punjab)-based company that processes basmati and non-basmati rice, with milling and sorting capacities of 8 tonne per hour each; the company commenced operations in March 2015. HINDUSTHAN NATIONAL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hindusthan National Glass & Industries Limited (HNG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2,063.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 600.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE had, vide its press release dated July 6, 2023, continued the ratings of HNG under the 'issuer non-cooperating' category as HNG 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. HNG continues to be non-cooperative despite repeated requests for submission of information through phone calls and letters/emails dated May 21, 2024, and June 10, 2024, among others. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers: At the time of last rating on July 6, 2023, the following were the rating strengths and weaknesses (updated for the information available from stock exchange filings): Key weaknesses * Ongoing delays in debt servicing: The Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench, vide its order dated October 21, 2021, has admitted the company for initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy code, 2016 (IBC). Mr. Girish Siriram Juneja was appointed as the Resolution Professional (RP) and he is being supported in the CIRP by EY Restructuring LLP as the Insolvency Professional Entity. As the Company has been admitted for initiation of CIRP process under the IBC code, it has been granted a moratorium from paying off the debts till the approval of resolution plan. * Modest financial risk profile: The company reported net profit of INR163.38 crore on total operating income (TOI) of INR2552.35 crore in FY24 vis-à-vis net loss of INR233.32 crore on TOI of INR2460.88 crore in FY23. However, networth remained negative in view of significant past losses. Key strengths * Long track record of the company with established market presence: HNG, having market presence of over six decades, is an established manufacturer of container glass and has a pan India presence. The promoters have an experience of over two decades in the container glass industry. HNG, incorporated in February 1946, was promoted by late Mr. C.K. Somany of the Kolkata-based Somany family. The company manufactures container glass with seven manufacturing units, spread across the country having an aggregate installed capacity of 15,69,500 tpa (tonne per annum). HYDERABAD GALVANISING: CRISIL Keeps B+ Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hyderabad Galvanising Private Limited (HGPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Cash 3 CRISIL B+/Stable (Issuer Not Credit/Bills Cooperating) Discounting Limit CRISIL Ratings has been consistently following up with HGPL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HGPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HGPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Established in 2009 as a private limited company, HGPL is engaged in fabrication and galvanising of transmission and telecom towers. Based in Hyderabad (Telangana), the company is promoted and managed by Mr. N Srikanth Reddy. K.R. THANGA: CRISIL Lowers Rating on INR13cr LT Loan to B --------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of K.R. Thanga Maligai (KRTM) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Fund Based 13.0 CRISIL B/Stable (ISSUER NOT Facilities-LT COOPERATING; Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with KRTM for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KRTM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KRTM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KRTM Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Set up in 2001 as a partnership firm, KRTM is engaged in jewelry retailing. The firm is based in Ramanathapuram (Tamil Nadu). The operations are managed by Mr. Purushothaman. KHODAL DEVELOPERS: CRISIL Moves D Ratings from Not Cooperating -------------------------------------------------------------- Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, CRISIL Ratings had migrated its rating on the long-term bank facilities of Khodal Developers (KD) to 'CRISIL D; Issuer Not Cooperating'. However, the firm's management has subsequently started sharing the information necessary for carrying out a comprehensive review of the rating. Consequently, CRISIL Ratings is migrating its rating to 'CRISIL D' from 'CRISIL D Issuer not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Mortgage Loan 6.5 CRISIL D (Migrated from Facility 'CRISIL D ISSUER NOT COOPERATING') Proposed Fund- 0.95 CRISIL D (Migrated from Based Bank Limits 'CRISIL D ISSUER NOT COOPERATING') Term Loan 6.55 CRISIL D (Migrated from 'CRISIL D ISSUER NOT COOPERATING') The rating continues to reflect the delays in servicing equated monthly installments on term loan due to weak liquidity. The rating also factors in the firm's exposure to cyclicality inherent in the Indian real estate industry and its weak financial risk profile. However, the firm benefits from the extensive experience of its partners in the real estate industry. Analytical Approach CRISIL Ratings has considered standalone financials of KD for the rating exercise. Key Rating Drivers & Detailed Description Weaknesses: * Exposure to risks associated with ongoing projects: The projects have received combined booking of 50%, leading to moderate customer advances. Thus, operating performance will remain susceptible to timely completion of the projects and flow of customer advances. * Susceptibility to cyclicality inherent in the Indian real estate industry: The real estate sector in India is cyclical and affected by volatile prices, opaque transactions, and a highly fragmented market structure. Hence, business risk profile will remain exposed to risks arising from any industry slowdown. Strength: * Extensive experience of the partners: The partners' experience of over three decades in the real estate industry has helped the firm to establish a strong position in the real estate market of Mehsana, Gujarat. The partners also have a successful project implementation track record. Liquidity: Poor Bank limit utilisation was 100.38 percent for the 12 months through March 24. Cash accrual is expected to be negative and hence, insufficient against term debt obligation over the medium term. Current ratio was moderate at 1.55 times as on March 31, 2024. However, the partners are likely to extend unsecured loans to meet working capital requirement and debt obligation. Rating Sensitivity factors Upward factors * Track record of timely debt servicing and absence of any irregularity for three consecutive months * Significant improvement in liquidity Established in 2009 as a partnership firm by Mr Pravinkumar Sanghvi, Mr Lalitkumar Shah, Mr Nikunj P Sanghvi and Mr Rasiklal Juharmal Sanghvi, KD develops real estate projects in Mehsana. KUMARAN MILLS: CARE C Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Kumaran Mills Private Limited (SKMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.13 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 0.90 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 April 10, 2023, placed the rating(s) of SKMPL under the 'issuer non-cooperating' category as SKMPL 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. SKMPL continues to be noncooperative 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). Sri Kumaran Mills Private Limited (SKMPL), was incorporated in 1935 as a Public Limited company by Mr. G.V. Doraiswamy Naidu and further change in constitution to Private Limited Company in June 2016. Presently SKMPL is run by Mr. D. Krishna Murthy, Mrs. Rajini Krishnamurthy, Mr. K. Harish Kapil and Mr. M. C. Ramamirtham. The company is engaged in manufacturing of cotton yarn spindles at its manufacturing unit located at Coimbatore, Tamil Nadu. The manufacturing process includes ginning of raw cotton, blending, carding, combing, drawing out, twisting and spinning. KUTTANADU VIKASANA: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kuttanadu Vikasana Samithy (KVS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1.15 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with KVS for obtaining information through letter and email dated May 16, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KVS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KVS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KVS continues to be 'CRISIL D Issuer Not Cooperating'. KVS is a non-profit organisation managed by Fr Thomas Peelianickal. The organisation was registered in 1979, and was taken over by the current management in 1993. The company operates in Alappuzha, Kerala and provides microfinance loans to poor women. LIVTAR SINGH: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Livtar Singh Bajaj And Company (LSB) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with LSB for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of LSB, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LSB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LSB continues to be 'CRISIL D Issuer Not Cooperating'. LSB was set up as a proprietorship concern in 2010 by Mr Livtar Singh Bajaj, and was reconstituted as a partnership firm in April 2014 with the addition of Mr Charanjit Singh Bajaj and Mr Kamaljit Singh Bajaj as partners. The firm retails Punjab-medium liquor and Indian-made foreign liquor in Ludhiana and Nayagaon MCNALLY BHARAT: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of McNally Bharat Engg Co Limited (MBECL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cumulative Redeemable 43.50 CARE D; ISSUER NOT Preference Shares COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING Category Detailed rationale and key rating drivers CARE had, vide its press release dated April 12, 2023, continued the ratings of MBECL under the 'issuer non-cooperating' category as MBECL 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. MBECL continues to be non-cooperative despite repeated requests for submission of information through phone calls and letters/emails dated February 26, 2024 and March 17, 2024 among others. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers At the time of last rating on April 12, 2023, the following were the rating strengths and weaknesses (updated for the information available from stock exchange filings): Key Rating Weaknesses: * Delays in debt servicing by the company: The liquidity position of the company continues to be stressed due to losses incurred and stretched operating cycle. This has led to continued delays in servicing of debt obligations. The operating cycle has been stretched due to high collection period. MBECL is currently under corporate insolvency resolution process (CIRP). On December 19, 2023, NCLT pronounced its order in favour of one of the successful Resolution Applicants i.e., BTL EPC Limited, who had proposed to pay over INR441 crore against McNally Bharat's admitted liabilities of INR5,015 crore. The lenders had approved BTL EPC's resolution plan. * Leveraged capital structure: The capital structure of MBECL is highly leveraged due to erosion of net worth resulting from continuing losses and high debt level. MBECL, incorporated in 1961, based in Kolkata, is engaged in engineering turnkey project execution. It belongs to the B. M. Khaitan group. MBECL has completed large number of turnkey projects in different areas of its operations like bulk material handling, ash handling, port handling, mineral beneficiation plant, water management, road construction and maintenance, structural fabrication, erection, piping, utilities, etc. MODERN DAIRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Modern Dairies Limited (MDL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 121.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.10 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 May 12, 2023, placed the rating(s) of MDL under the 'issuer non-cooperating' category as MDL 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. MDL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 27, 2024, April 6, 2024, April 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). Modern Dairies Limited (MDL) [ISIN: INE617B01011] was setup by Mr. Krishan Kumar Goyal in 1992 with an initial milk processing capacity of 3.25 lakh litre of milk per day (LLPD). For liquid milk, the company has a tie-up with Mother Dairy for complete off-take of 2 LLPD. Ghee is sold through the company's own retail channel and through bulk sales under the brand name of 'SHWETA' and 'MODERN DAIRIES'. The company supplies products like skimmed milk powder and other milk products like whole milk powder, mozzarella cheese, casein to various institutional buyers while its current focus is on sale of fresh dairy products, cheese, ghee, etc. PADAM MOTORS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Padam Motors Private Limited (PMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.93 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 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 4, 2023, placed the rating(s) of PMPL under the 'issuer non-cooperating' category as PMPL 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. PMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 19, 2024, March 29, 2024, April 8, 2024. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Padam Motors Private Limited (PMPL) was incorporated in May 2004 and operates as an authorized dealer for the sale of passenger and commercial vehicles of the Ashok Leyland, Tata and Renault. PIONEER SPINNING: CARE Lowers Rating on INR14.10cr LT Loan to C --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Pioneer Spinning and Weaving Mills Limited (PSWML), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.10 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Short Term Bank 0.90 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 April 10, 2023, placed the rating(s) of PSWML under the 'issuer non-cooperating' category as PSWML 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. PSWML 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). The ratings assigned to the bank facilities of PSWML have been revised on account of non-availability of requisite information. The revision also factored in reported net loss as well as increased debt levels which has led to deterioration in capital structure during FY23. Pioneer Spinning & Weaving Mills Limited (PSWML) was incorporated in the year 1979 under companies act 2013. In 1979, the company was started under the name and style M/s. Putthur Textiles Limited. During 1984, the company name was changed to current nomenclature. PSW is a closely held Limited Company (unlisted), primarily engaged in cotton yarn spinning in the counts of 40s, 60s, 80s, 92s, and 100s. The administration office of the company located in Chennai and the manufacturing activities are taking place at Chittoor Dt, Andhra Pradesh. Totally 350 employees including of 200 numbers labours are working for this company. The company procures raw materials from Andhra Pradesh, Madhya Pradesh and Gujarat, and sells its produce in the domestic markets. RAHIL COLD: CRISIL Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Rahil Cold Storage LLP (RCSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 3.25 CRISIL D (Issuer Not Cooperating) Long Term Loan 14.92 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RCSL for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RCS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RCS continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 2013 , RCS is an Ahmedabad based partnership firm engaged in storage and trading of fruits and vegetables. RAJ CHICK: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raj Chick Farms Private Limited (RCFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.99 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2023, placed the rating(s) of Raj Chick Farms Private Limited (RCFPL) under the 'issuer non-cooperating' category as RCFPL 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. RCFPL 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). Andhra Pradesh based, Raj Chick Farms Private Limited (RCFPL), was incorporated in 2002 as a Private Limited Company by Mr. Guarav Khurana and Mr. Omprakash Khurana. The Company is engaged in farming of egg laying poultry birds (chickens) and trading of eggs and cull birds and its registered office is at Banjara hills, Hyderabad, Telangana with installed capacity of 1,00,000 number of birds per annum. VIJ AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vij Agro Exports Private Limited (Vij Agr) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 60 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Vij Agr for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Vij Agr, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Vij Agr is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Vij Agr continues to be 'CRISIL D Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of Vij Agro and K L Sons. This is because both the companies, together referred to as the Vij group, are in similar lines of business and have the same promoters. Incorporated in 1999, the Vij group mills and processes basmati rice (Pusa 1121 quality). The group is promoted by Mr. Sunil Kumar Vij, his two brothers, Mr. Sachin Kumar and Mr. Pravin Kumar, and their mother, Mrs. Naresh Kumari Vij. Its processing unit is in Ferozepur, Punjab. VISHNU STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vishnu Steels (VS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 CRISIL D (Issuer Not Cooperating) Letter of credit 1.55 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Long Term Loan 3.9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with VS for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of VS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. VS, set up in 2003 by Mr. Gumansingh B Rajpurohit, manufactures thermo-mechanically treated (TMT) bars from ingots. The firm has a plant in Wada district, Thane (Maharashtra). VPR CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of VPR Constructions (VPR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.8 CRISIL D (Issuer Not Cooperating) Secured Overdraft 12 CRISIL D (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with VPR for obtaining information through letter and email dated May 15, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of VPR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VPR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. VPR, which was set up as a partnership firm in 1993, undertakes civil construction projects, primarily roads and bridges, for the Panchayat Raj departments of the state governments of Andhra Pradesh and Telangana. Operations are managed by Mr Paramdhami Reddy. ========= J A P A N ========= BANDAI NAMCO: Online Games Developer Unit Declares Bankruptcy ------------------------------------------------------------- Maria Lopez at Softonic reports that the latest financial reports from Bandai Namco Studios and Bandai Namco Online turned out to be a complete disaster. During the last fiscal year, which ended in March 2024, Bandai Namco Studios recorded a loss of JPY3,983 million, which is about EUR23 million. However, the worst part was taken by Bandai Namco Online, which has declared bankruptcy. Bandai Namco Studios is one of the branches of Bandai Namco Entertainment, which is responsible for developing video games for PC, consoles, mobile devices, and more, Softonic notes. Some of their recent releases include Tekken 8, Blue Protocol, and The Idolmaster Shiny Color: Song for Prism. This has marked the first decline for Bandai Namco's development branch since its establishment in 2012. On the other hand, Bandai Namco Online has closed the fiscal year with losses of JPY8,201 million, Softonic discloses. As a result, the company has declared itself insolvent. Bandai Namco Online is the subsidiary responsible for the development and publishing of online games. Among its latest titles are Blue Protocol, Idolish7, Gundam Evolution, SD Gundam Operations and Gundam Tribe. However, for Bandai Namco Holdings, the parent company of both branches, things couldn't be better, Softonic states. Last year, the company recorded its highest net sales and net income to date, surpassing JPY100 billion. This great success is largely due to the strong performance of franchises such as Gundam, Dragon Ball, and One Piece. ===================== N E W Z E A L A N D ===================== AJF COURIERS: BDO Tauranga Appointed as Liquidator -------------------------------------------------- Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on June 20, 2024, were appointed as liquidators of AJF Couriers Limited. The liquidators may be reached at: C/- BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 AVANTIPLUS BOTANY: First Creditors' Meeting Set for July 9 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Avantiplus Botany Limited will be held on July 9, 2024 at 12:30 p.m. at the offices of Tompkins Wake Lawyers at Level 17 Lumley Centre, 88 Shortland Street in Auckland. Benjamin Francis and Garry Whimp of Blacklock Rose were appointed as administrators of the company on June 26, 2024. BARRIO EXPRESS: BDO Tauranga Appointed as Receivers and Managers ---------------------------------------------------------------- Thomas Lee Rodewald and Paul Thomas Manning of BDO Tauranga on July 1, 2024, were appointed as receivers and managers of Barrio Express Papamoa Limited. The receivers and managers may be reached at: C/- BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 CL ENGINEERING: Creditors' Proofs of Debt Due on Aug. 22 -------------------------------------------------------- Creditors of CL Engineering NZ Limited are required to file their proofs of debt by Aug. 22, 2024, to be included in the company's dividend distribution. The High Court at Christchurch appointed Lynda Smart and Derek Ah Sam of Rodgers Reidy as liquidators on June 27, 2024. LEADING TARANAKI: Creditors' Proofs of Debt Due on July 25 ---------------------------------------------------------- Creditors of Leading Taranaki Limited are required to file their proofs of debt by July 25, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 25, 2024. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 =============== P A K I S T A N =============== PAKISTAN: Inflation Quickens For First Time in Six Months --------------------------------------------------------- Bloomberg News reports that Pakistan's inflation quickened in June for the first time in six months as energy costs inched up. Consumer prices rose 12.57% from a year, according to data released by the Pakistan Bureau of Statistics on July 1. That compares with a median estimate for a 12.7% gain in a Bloomberg survey and a reading of 11.8% in May. Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific in December 2023, Fitch Ratings affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. ===================== P H I L I P P I N E S ===================== PH RESORTS: Okada Manila Ends Deal to Acquire Emerald Bay Project ----------------------------------------------------------------- BusinessWorld reports that the operator of Okada Manila Resort & Casino has terminated its negotiations to acquire the Emerald Bay Resort casino project from PH Resorts Group Holdings (PHR) of Duterte crony Dennis Uy. BusinessWorld relates that Tiger Resort Leisure & Entertainment Inc. (TRLEI) informed PHR on July 1 that it was no longer interested in taking over the Cebu casino hotel project, ending negotiations that began over six months ago in December. According to BusinessWorld, TRLEI is the third investor group to enter into a preliminary agreement with Dennis Uy for the acquisition of PHR. Previously, Bloomberry Resorts, controlled by ultra bilyonaryo Ricky Razon, and AppleOne, led by government contractor Ray Manigsaca, had pursued similar agreements. However, both Bloomberry and AppleOne withdrew from the deal following their due diligence reviews of PHR, BusinessWorld says. PHR has yet to disclose why the three buyers decided to walk away from the deal. TRLEI had advanced PHP300 million in nonrefundable payments to PHR during negotiations, which were supposed to be concluded this month. "We understand that the Okada Manila operator no longer intends to pursue the Emerald Bay acquisition. Nevertheless, this development shall give PHR the opportunity to engage with other parties which have already expressed their keen interest in the Emerald Bay Project, but have been unable to formalize due to the restrictions under the TRLEI deal," BusinessWorld quotes PHR president Raymundo Martin M. Escalona as saying. "We assure our shareholders and stakeholders, however, that the Company's management is already working towards another transaction, be it an acquisition, joint venture, or otherwise, that will ensure the completion of the Emerald Bay Project," said Mr. Escalona. About PH Resorts PH Resorts Group Holdings Inc. operates as a holding company. The Company, through its subsidiaries, manages and maintains tourism-related businesses which includes resort and casino projects. PH Resorts Group holdings serves customers in the Philippines. As reported in the Troubled Company Reporter-Asia Pacific on May 2, 2024, PH Resorts (PHR) Group Holdings reported losses of PHP4.213 billion in 2023, up 270 percent from PHP1.14 billion the previous year. According to Bilyonaryo.com, PHR's soaring losses led SGV & Co. to cast doubts on the firm's ability to crawl out of its deep financial hole for the fourth consecutive year. SGV highlighted PHR's escalating deficit (up 161 percent to PHP6.8 billion), significant net current liabilities (down 62 percent to PHP4.1 billion), and negative operating cash flow (down 50 percent to PHP72.4 million). ================= S I N G A P O R E ================= GENERAD EQUIPMENT: Court to Hear Wind-Up Petition on July 12 ------------------------------------------------------------ A petition to wind up the operations of Generad Equipment Pte Ltd will be heard before the High Court of Singapore on July 12, 2024, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 20, 2024. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 MARLOES CAPITAL: Commences Wind-Up Proceedings ---------------------------------------------- Members of Marloes Capital Pte Ltd on June 24, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Oon Su Sun Ms. Dang Looyean Finova Advisory Pte Ltd 182 Cecil Street #30-01 Frasers Tower Singapore 069547 QA SYSTEMS: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on June 21, 2024, to wind up the operations of QA Systems Pte. Ltd. Amberwork Source Pte. Ltd. filed the petition against the company. The company's liquidator is: Mr. Chan Yee Hong CLA Global TS Risk Advisory 80 Robinson Road #25-00 Singapore 068898 SERRON TECHNOLOGY: Court to Hear Wind-Up Petition on July 5 ----------------------------------------------------------- A petition to wind up the operations of Serron Technology Pte Ltd will be heard before the High Court of Singapore on July 5, 2024, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on June 14, 2024. The Petitioner's solicitors are: Messrs Harry Elias Partnership LLP SGX Centre 2 #17-01, 4 Shenton Way Singapore 068807 STASH NEXT: Creditors' Proofs of Debt Due on July 30 ---------------------------------------------------- Creditors of Stash Next Gen Technology Pte. Ltd., Arris Singapore Pte. Ltd., and Green 18 Pte. Ltd. are required to file their proofs of debt by July 30, 2024, to be included in the company's dividend distribution. Stash Next Gen Technology commenced wind-up proceedings on June 21, 2024. Arris Singapore commenced wind-up proceedings on June 20, 2024. Green 18 commenced wind-up proceedings on June 24, 2024. The company's liquidators are: Mr. Don M Ho Mr. David Ho c/o DHA+ pac 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 ============= V I E T N A M ============= VIETNAM AIRLINES: Gets Loan Extension to Avoid Insolvency Risk -------------------------------------------------------------- Bloomberg News reports that Vietnam's National Assembly approved an extension for Vietnam Airlines' VND4 trillion ($157 million) state-backed loans through July 2027 to give the financially struggling national carrier time to reorganize its operations, according to information from the parliament. Bloomberg relates that the airline was at risk of insolvency without the extension, according to a statement late in June on the National Assembly's website. The carrier had yet to complete refinancing efforts, such as restructuring non-core investments and sales of new shares, due to delays in regulatory approvals, according to the statement. Parliament ordered the Commission for the Management of State Capital at Enterprises, relevant authorities and Vietnam Airlines "to work on a comprehensive development strategy and soon finalize measures to deal with the carrier's difficulties so that it can recover and restructure," the legislature's Chief Administrator Bui Van Cuong told delegates at the closing session on June 29, Bloomberg relays. According to Bloomberg, the national carrier struggled through the COVID-19 pandemic, which "had much more complicated impact and lasted longer than forecast, causing extremely severe consequences for the airline," the government said in a statement on the parliament's website. Vietnam Airlines received VND4 trillion in low-cost loans from commercial banks that were refinanced at 0% interest by the central bank in 2021, Bloomberg recalls. The national carrier is targeting after-tax profit of 4.2 trillion dong this year after trimming its loss by half in 2023, according to an emailed statement from the airline. The company reported a net loss of VND10.4 trillion in 2022, Bloomberg discloses. In December 2023, the airline said cumulative losses over three straight years totaled more than VND35 trillion, newspaper Tuoi Tre reported. Bloomberg adds that the company will focus on restructuring its assets, capital, investment portfolio and organizational structure as well as corporate governance reforms, Chairman Dang Ngoc Hoa said in an emailed statement June 24. Vietnam Airlines is the national airline of Vietnam and majority-owned by the Vietnamese government. Vietnam Airlines operates an extensive network of domestic and regional services within Southeast and North Asia and international services to Europe and Australia. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***