/raid1/www/Hosts/bankrupt/TCRAP_Public/240919.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, September 19, 2024, Vol. 27, No. 189
Headlines
A U S T R A L I A
BERNDALE CAPITAL: Ex-Director Pleads Guilty to Dishonest Conduct
OCEAN GUARDIAN: Administrators Sell IP to US investors
PROGRESS 2024-2: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
PUBLIC HOSPITALITY: Receivers Appointed at Five Sydney Pubs
QUEEN BIZ: Second Creditors' Meeting Set for Sept. 25
SAPPHIRE XXX 2024-2: S&P Assigns Prelim B (sf) Rating to F Notes
SCRUBBY CREEK: Second Creditors' Meeting Set for Sept. 25
STEKER CORPORATION: First Creditors' Meeting Set for Sept. 26
THINK TANK 2024-2: S&P Assigns B (sf) Rating to Class F Notes
VEUVE VENTURES: First Creditors' Meeting Set for Sept. 24
VEUVE VENTURES: Pinot & Picasso Franchisor Enters Administration
VISION SCAPES: Second Creditors' Meeting Set for Sept. 24
C H I N A
SINOCHEM GROUP: Two Oil Refineries Declared Bankrupt
TUANCHE LTD: Posts RMB40.7 Million Net Loss in H1 2024
YUBO INTERNATIONAL: Financial Strain Raises Going Concern Doubt
I N D I A
AGASTI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating
AHIO OVERSEAS: Insolvency Resolution Process Case Summary
AHUJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
ALPHA PECIFIC: Insolvency Resolution Process Case Summary
ANAND MINE: CARE Keeps D Debt Ratings in Not Cooperating Category
BASANTAR BREWERIES: Insolvency Resolution Process Case Summary
BATWINGS LEARNING: Voluntary Liquidation Process Case Summary
BLUE DUCK: CARE Keeps D Debt Rating in Not Cooperating Category
BYJU'S: Obligated to Repay US$1.2BB with Interest, US Lenders Says
CHOWORDERNOW TECHNOLOGIES: Voluntary Liquidation Case Summary
CJ INFRADEVELOPERS: Insolvency Resolution Process Case Summary
DRASHTI INNOVATIVE: CRISIL Keeps D Ratings in Not Cooperating
EXCEL DWELLINGS: Insolvency Resolution Process Case Summary
EXCLUSIVE LINEN: Insolvency Resolution Process Case Summary
FATEHPURIA TRANSFORMERS: CARE Keeps D Rating in Not Cooperating
G. S. RADIATORS: CARE Keeps C Debt Ratings in Not Cooperating
GEETA HEEMGHAR: CRISIL Keeps D Debt Ratings in Not Cooperating
GINI & JONY: Insolvency Resolution Process Case Summary
INDIA OFFSET: Insolvency Resolution Process Case Summary
ITSOURCE TECHNOLOGIES: Insolvency Resolution Process Case Summary
L D CRYSTALS: Insolvency Resolution Process Case Summary
M.R. NIRMAN: Insolvency Resolution Process Case Summary
MARUTI METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
MARVEL OMEGA: Insolvency Resolution Process Case Summary
MEWAR UNIVERSITY: CARE Keeps D Debt Rating in Not Cooperating
MODERN ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
MOTHER POULTRY: CRISIL Keeps C Debt Rating in Not Cooperating
MOTI RAM: CARE Keeps D Debt Rating in Not Cooperating Category
MURALI EXPORT: CARE Lowers Rating on INR5cr ST Loan to D
NEHA EXPORTS: CARE Keeps C Debt Ratings in Not Cooperating
OM COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category
PANKAJ C: CARE Lowers Rating on INR5.0cr LT Loan to D
PAWAR ELECTRO: CARE Keeps D Debt Ratings in Not Cooperating
R. L. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
ROYAL ORCHID: CARE Lowers Rating on INR38.48cr LT Loan to C
S C ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
S&J GRANULATE: CARE Keeps D Debt Ratings in Not Cooperating
S. R. WORTH: Insolvency Resolution Process Case Summary
SAIGON INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
SANGHAVI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
SIKKA MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
SRISHTI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
SS INNOVATIONS: Appoints Dr. Fredric Moll as Vice Chairman of Board
STAGE DOOR: CARE Keeps C Debt Rating in Not Cooperating Category
ZEE ENTERTAINMENT: Refutes Disney-Owned Star's US$940MM Claim
[*] INDIA: IBBI Chief Asks IP to be as Transparent as Possible
N E W Z E A L A N D
ACCURO HEALTH: Creditors' Proofs of Debt Due on Nov. 15
COOKE AND HENRY: Grant Bruce Reynolds Appointed as Liquidator
KITCHEN AND LIGHTING: Court to Hear Wind-Up Petition on Oct. 11
ONE TIME: Court to Hear Wind-Up Petition on Oct. 4
WEBBER CORPORATE: Creditors' Proofs of Debt Due on Nov. 5
S I N G A P O R E
ENERGIAN PTE: Deloitte Appointed as Liquidators
RESIDENZA PTE: Creditors' Proofs of Debt Due on Oct. 17
TEE INT'L: Scheme of Arrangement Approval Hearing Set Sept. 23
VS ELECTRICAL: Court to Hear Wind-Up Petition on Oct. 4
V I E T N A M
CENTRAL POWER: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
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A U S T R A L I A
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BERNDALE CAPITAL: Ex-Director Pleads Guilty to Dishonest Conduct
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Former Berndale director Daniel Kirby appeared before the Melbourne
Magistrates' Court on Sept. 16, 2024, to plead guilty to the
following offences:
* one count of dishonest conduct in relation to a financial
service,
* one count of dishonest use of his position as a director, and
* one count of providing false or misleading information to an
auditor.
Mr. Kirby was previously a director of collapsed retail
over-the-counter derivatives provider Berndale Capital Securities
Pty Ltd. He entered the guilty plea on the first day of a four-day
committal hearing.
On Nov. 22, 2018, ASIC cancelled Berndale's financial services
licence due to multiple concerns including failure to comply with
various reporting obligations, failure to comply with statutory
notices and that its representative was not adequately trained or
competent to provide financial services.
Prior to, and immediately following this licence cancellation, Mr.
Kirby illegally transferred Berndale company funds to benefit
himself and other associates and entities. Several of these
transfers occurred mere hours after Berndale's licence had been
cancelled.
Mr. Kirby also submitted false or misleading documents to
Berndale's auditor about the amount of funds available in overseas
Berndale bank accounts.
Berndale's Australian financial services licence required it to
maintain a minimum level of net tangible assets of at least the
greater of AUD1 million or 10% of its average revenue; and lodge
audited financial reports. The relevant overseas funds and accounts
either did not exist or were grossly inaccurate.
Mr. Kirby was committed to the Federal Court of Australia for
sentence, which will occur on a date to be fixed. Mr. Kirby's first
appearance before that Court will be on Sept. 30, 2024.
Mr. Kirby was charged on June 2, 2023, at the same time as former
Berndale director Stavro D'Amore. Mr. D'Amore has pleaded not
guilty on all charges. On Sept. 16, 2024, Mr. D'Amore was committed
to stand trial in the criminal jurisdiction of the Federal Court of
Australia on a date to be fixed. The matter is listed for
directions on Sept. 30, 2024.
As a result of ASIC's investigation:
* In 2018, ASIC banned co-accused and former Berndale director,
Mr. D'Amore from providing financial services for six years
and cancelled Berndale's Australian financial services
licence.
* In 2019, ASIC successfully sought to have Berndale and two
associated companies, Berndale Capital Securities Management
Pty Ltd and Algoplus Pty Ltd, wound up. Rachel Burdett-Baker
and Bruno Secatore of Cor Cordis, Melbourne, were appointed
to act as joint and several liquidators of all three
companies. The liquidation of Berndale remains ongoing.
* In 2023, Mr. D'Amore and Mr Kirby were charged with
dishonesty offences, including misusing over AUD1 million in
company funds.
Following legislative change earlier this year, the Federal Court
of Australia can now hear an expanded range of corporate criminal
matters, including indictable offences against the Corporations Act
2001 and the Australian Securities and Investments Commission Act.
This will be the first ASIC matter to proceed in the Federal Court
under these changes. The CDPP is conducting the prosecution.
Creditors and/or clients of the Berndale companies can contact the
liquidators via the following details:
Cor Cordis
Level 29
360 Collins Street
Melbourne, VIC 3000
OCEAN GUARDIAN: Administrators Sell IP to US investors
------------------------------------------------------
Business News Australia reports that the Sydney-based company that
spearheaded commercialisation of the Shark Shield technology may
have gone into liquidation recently, but administrators have
revealed its intellectual property (IP) has been successfully sold
to a group of US investors led by Florida speargun entrepreneur Ed
Martin.
The Shark Shield technology emits electrical signals that are
picked up by the sensitive "ampullae of Lorenzini" receptors in
sharks, causing muscular spasms that prompt them to swim away in
most cases.
Initially developed in South Africa, at the turn of the Millennium
the technology was licensed to a South Australian company called
SeaChange Technology which further developed its own iterations and
patents, and eventually became known as Ocean Guardian - a company
that went into administration in mid-2024 and was resolved to be
wound up on August 30, according to Business News Australia.
Prior to administration, the group recorded a net loss of AUD1.2
million in FY23 as pre-IPO funding had been allocated to prepare
for a listing and build its Shark Barrier sales pipeline. However,
more capital was required to purchase inventory to meet demand for
its dive, boat and fish products.
In August, The Australian reported the company owed AUD602,179 to
unsecured creditors, Business News Australia discloses.
Administrators have declined to provide a copy of the creditor's
report to confirm this figure. Documents lodged with the corporate
regulator show AUD13.9 million in total was paid for shares in
Ocean Guardian.
Administrator Olga Litosh of Quartz Advisory told Business News
Australia the sale process for Ocean Guardian involved 32
interested parties globally including in the USA, Europe, South
Africa and Australia.
"I met with various interested parties and held discussions about
recapitalising Ocean Guardian through a DOCA (Deed of Company
Arrangement) or the acquisition of assets outright," the report
quotes Ms. Litosh as saying.
"I received an overwhelming response from the market including
interest from various stakeholders and government bodies in support
of the restructure.
"Ocean Guardian, as a business, had a significant environmental
purpose. All stakeholders, including secured parties and creditors,
have supported the efforts made during the administration to secure
the future of the Ocean Guardian brand and Shark Shield
technology."
Despite these discussions and interest, no formal DOCA proposal was
put forward before a resumed second concurrent meeting of
creditors, "and there was no viable alternative for creditors other
than to place the companies in liquidation," Business News
Australia relays.
However, behind the scenes Ms. Litosh was able to secure a small
victory in the process, with assistance from Stefano Calabretta of
Emerson Lewis Lawyers, in securing a sale of the IP. Ms. Litosh
describes Mr. Martin as a "stalwart in the Florida spear fishing
and diving community and creator of Killshot Spearguns".
According to the report, Ms. Litosh said the new owners are
ordinary unsecured creditors in Shark Shield Pty Ltd and
long-standing users of Shark Shield products.
"As a user and vendor of Shark Shield products, we were so
impressed by the product's effectiveness that it was an impossible
opportunity to pass up," the report quotes Mr. Martin as saying.
"We are appreciative of Ms Litosh's professionalism and diligence
in making this happen. She and her team are an absolute pleasure to
work with."
Business News Australia relates that Ms. Litosh said the new owners
have committed to manufacturing the dive and surf line of product
lines, which should be shipping again within the next couple of
months.
"The boat and fishing product lines are planned to be shipped in
the summer of 2025, and development and deployment of the
large-scale shark barrier will continue as well," Ms. Litosh said.
"Mr. Martin and his team remain committed to the company's
tradition of research and development of shark deterrence
technologies and will continue to offer what he says is 'the only
effective shark deterrence product on the market'."
The investors were advised by Thomas Russel of Piper Alderman in
Australia.
PROGRESS 2024-2: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for Progress 2024-2 Trust.
Progress 2024-2 Trust is a securitization of prime residential
mortgages originated by AMP Bank Ltd.
S&P said, "The preliminary ratings reflect our view of the credit
risk of the underlying collateral portfolio and the credit support
provided to each class of rated notes are commensurate with the
ratings assigned. Credit support is provided by subordination,
lenders' mortgage insurance (LMI), and excess spread, if any. Our
assessment of credit risk considers AMP Bank's underwriting
standards and approval process, which are consistent with
industrywide practices, the servicing quality of AMP Bank, and the
support provided by the LMI policies on 7.5% of the portfolio.
"We believe the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
mechanism for trapping excess spread into an excess reserve, the
provision of a liquidity reserve, and the provision of an income
reserve--funded by AMP Bank at closing to cover extraordinary
expenses--sized at a level consistent with the ratings. All rating
stresses are made on the basis that the trust does not call the
notes at or beyond the first call-option date, and that all rated
notes must be fully redeemed via the principal waterfall mechanism
under the transaction documents.
"Our ratings also consider the counterparty exposure to Australia
and New Zealand Banking Group Ltd. and MUFG Bank Ltd. as bank
account providers. The transaction documents include downgrade
remedies consistent with our counterparty criteria. The legal
structure of the trust is established as a special-purpose entity
and meets our criteria for insolvency remoteness."
Preliminary Ratings Assigned
Progress 2024-2 Trust
Class A, A$460.00 million: AAA (sf)
Class AB, A$19.60 million: AAA (sf)
Class B, A$8.30 million: AA (sf)
Class C, A$5.35 million: A (sf)
Class D, A$2.40 million: BBB (sf)
Class E, A$2.20 million: BB (sf)
Class F, A$2.15 million: Not rated
PUBLIC HOSPITALITY: Receivers Appointed at Five Sydney Pubs
-----------------------------------------------------------
The Sydney Morning Herald's Good Food reports that pub baron Jon
Adgemis' embattled Public Hospitality Group has taken another hit
with receivers and external managers appointed at five of his
Sydney hotels, including Oxford House and The Strand Hotel.
Good Food relates that insolvency specialist FTI Consulting has
stepped in as receivers and managers to operate Public's hip
Redfern pub The Norfolk, Oxford House in Paddington and
Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia
Grove Hotel and The Exchange Hotel, also in Darlinghurst. The pubs
will be sold as soon as possible.
Duncan Club and Andrew Sallway of BDO advisory firm have also been
appointed voluntary administrators at affiliated companies
including Public Lifestyle Management Pty Ltd, Good Food
discloses.
"We will be working closely with management of the venues to ensure
they continue uninterrupted by this process while we seek new
owners for the venues to secure their future," Good Food quotes
receiver Vaughan Strawbridge from FTI Consulting as saying.
Mr. Strawbridge is confident the hotels will sell quickly: "We
expect a lot of interest in these venues and will work closely with
venue management to achieve a successful outcome."
Good Food says the venues vary significantly, with The Strand Hotel
offering a designer rooftop with recently refurbished hotel rooms,
while The Norfolk has cult food brand Ricos Tacos in residence and
Oxford House includes hotel rooms plus natural-wine bar Busby's.
The five properties represent a large slice of Adgemis' sprawling
Public portfolio, which has already lost one of the jewels in its
crown, management of Sydney's hatted Alpha restaurant in June. The
group also underwent a high-profile split with the team behind
award-winning cocktail bar Maybe Sammy in July.
QUEEN BIZ: Second Creditors' Meeting Set for Sept. 25
-----------------------------------------------------
A second meeting of creditors in the proceedings of Queen Biz Pty
Ltd has been set for Sept. 25, 2024 at 2:00 p.m. at the offices of
WA Insolvency Solutions, a division of Jirsch Sutherland at Level
6, 109 St Georges Terrace in Perth.
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 Sept. 24, 2024 at 4:00 p.m.
Jimmy Trpcevski and David Hurt of WA Insolvency Solutions were
appointed as administrators of the company on Aug. 20, 2024.
SAPPHIRE XXX 2024-2: S&P Assigns Prelim B (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Sapphire XXX Series 2024-2 Trust. Sapphire XXX Series
2024-2 Trust is a securitization of nonconforming and prime
residential mortgages originated by Bluestone Group Pty Ltd. and
Bluestone Mortgages Pty Ltd. (collectively Bluestone).
The preliminary ratings S&P has assigned to the floating-rate RMBS
to be issued by Permanent Custodians Ltd. as trustee for Sapphire
XXX Series 2024-2 Trust reflect the following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, the yield reserve,
retention amount built from excess spread, and the provision of an
extraordinary expense reserve. S&P's analysis is on the basis that
the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.
S&P's ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider and
National Australia Bank Ltd. as liquidity facility provider. The
transaction documents for the facilities include downgrade language
consistent with S&P Global Ratings' counterparty criteria.
S&P has also factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.
Preliminary Ratings Assigned
Sapphire XXX Series 2024-2 Trust
Class A1S, A$180.00 million: AAA (sf)
Class A1L, A$288.00 million: AAA (sf)
Class A2, A$60.00 million: AAA (sf)
Class B, A$37.80 million: AA (sf)
Class C, A$12.00 million: A (sf)
Class D, A$10.20 million: BBB (sf)
Class E, A$7.80 million: BB (sf)
Class F, A$1.90 million: B (sf)
Class G1, A$1.20 million: Not rated
Class G2, A$1.10 million: Not rated
SCRUBBY CREEK: Second Creditors' Meeting Set for Sept. 25
---------------------------------------------------------
A second meeting of creditors in the proceedings of Scrubby Creek
Enterprises Pty. Ltd. has been set for Sept. 25, 2024 at 11:00 a.m.
at the offices of WA Insolvency Solutions, a division of Jirsch
Sutherland at Level 6, 109 St Georges Terrace in Perth.
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 Sept. 24, 2024 at 4:00 p.m.
Greg Prout and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on Aug. 20, 2024.
STEKER CORPORATION: First Creditors' Meeting Set for Sept. 26
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Steker
Corporation Pty Ltd will be held on Sept. 26, 2024 at 2:00 p.m.
virtually by Zoom.
Nathan Deppeler and Scott Andersen of Worrells were appointed as
administrators of the company on Sept. 16, 2024.
THINK TANK 2024-2: S&P Assigns B (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of residential mortgage-backed, floating-rate pass-through
notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think
Tank Residential Series 2024-2 Trust.
Think Tank Residential Series 2024-2 Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).
The ratings reflect the following factors.
S&P has considered the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.
The credit support is sufficient to withstand the stresses S&P
applies. This credit support comprises note subordination for each
class of rated note.
The transaction's cash flows can meet timely payment of interest
and ultimate payment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, the yield reserve, and the
principal draw function.
There is an extraordinary expense reserve of A$150,000, funded from
day one by Think Tank, available to meet extraordinary expenses.
The reserve will be topped up via excess spread if drawn.
S&P's ratings also reflect the legal structure of the trust, which
has been established as a special-purpose entity and meets our
criteria for insolvency remoteness.
S&P has also considered the counterparty exposure to Commonwealth
Bank of Australia as bank account provider and Westpac Banking
Corp. as liquidity facility provider. The transaction documents for
the bank account and liquidity facility include downgrade language
consistent with our counterparty criteria.
Ratings Assigned
Think Tank Residential Series 2024-2 Trust
Class A1-S, A$150.00 million: AAA (sf)
Class A1-L, A$450.00 million: AAA (sf)
Class A2, A$91.50 million: AAA (sf)
Class B, A$24.00 million: AA (sf)
Class C, A$15.75 million: A (sf)
Class D, A$9.00 million: BBB (sf)
Class E, A$4.13 million: BB (sf)
Class F, A$2.62 million: B (sf)
Class G, A$3.00 million: Not rated
VEUVE VENTURES: First Creditors' Meeting Set for Sept. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Veuve Ventures Holdings No 2 Pty Ltd;
- Veuve Ventures Pty Ltd;
- Veuve Ventures South Australia Pty Ltd;
- Veuve Victoria Pty Ltd;
- Veuve Western Australia Pty Ltd;
- Pinot & Picasso Malvern Pty Ltd;
- Bondi Arts & Crafts Supplies Pty Ltd; and
- Veuve Queensland Pty Ltd
will be held on Sept. 24, 2024 at 12:00 p.m. virtually via
Microsoft Team.
Sule Arnautovic of Salea Advisory was appointed as administrator of
Veuve Ventures, et al. on Sept. 12, 2024.
VEUVE VENTURES: Pinot & Picasso Franchisor Enters Administration
----------------------------------------------------------------
SmartCompany reports that the future of popular paint-and-sip
business Pinot & Picasso is uncertain after its master franchisor
entered voluntary administration last week.
However, the administrator of the business has confirmed to
SmartCompany it will continue to trade during the voluntary
administration process.
Veuve Ventures Pty Ltd and seven related entities appointed Sule
Arnautovic of Salea Advisory to act as voluntary administrator on
Sept. 12, SmartCompany discloses citing the Australian Securities
and Investments Commission.
The entities act as master franchisors for 42 Pinot & Picasso
venues across Australia and New Zealand, and operate seven
company-owned stores.
Pinot & Picasso bills itself as a "relaxing, beginner-friendly
paint and sip experience" for parties and corporate gatherings.
In a statement provided to SmartCompany, Mr. Arnautovic said the
directors of the companies had identified cost-of-living concerns
as a cause for the administration.
They "advised the reason for the administration is largely
attributable to a reduction in discretionary consumer spending, as
Australians and other customers look to tighten entertainment
budgets," he said.
Mr. Arnautovic intends to continue trading the business and has
informed franchisees of this decision.
However, some redundancies have already taken place, SmartCompany
notes.
At the time of Mr. Arnautovic's appointment, the companies employed
around 16 full-time employees and 41 casual employees. Around seven
positions have now been made redundant as part of the
administration process.
According to SmartCompany, Mr. Arnautovic said he is now
undertaking an urgent assessment of the financial position of the
companies and will explore both options of restructuring or
recapitalising the business via a Deed of Company Arrangement, or
selling the business as a going concern.
The first meeting of creditors is set for September 24, while an
informal meeting of Pinot & Picasso franchisees was due to take
place on Monday, September 16.
In a separate letter to franchisees, seen by SmartCompany, Mr.
Arnautovic confirmed franchisees will continue to receive payments
under their franchise agreements during the administration period
while the companies continue to trade.
"I am moving as quickly as possible to preserve as much of the
business and as many jobs as possible," he told franchisees.
"For current franchisees and customers, I am aiming to reduce the
impacts on business operations and ensure the companies' business
continues as consistently as possible through this period.
"The continued support of customers and franchisees of the
companies will maximise the chances of the companies' business
continuing beyond administration and will likely lead to a better
outcome for all creditors of the companies," he added.
VISION SCAPES: Second Creditors' Meeting Set for Sept. 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of Vision Scapes
(Aust) Pty Ltd has been set for Sept. 24, 2024 at 3:30 p.m. via
videoconference 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 Sept. 23, 2024 at 5:00 p.m.
Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Aug. 20, 2024.
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SINOCHEM GROUP: Two Oil Refineries Declared Bankrupt
----------------------------------------------------
Bloomberg News reports that two oil refiners in China run by
chemical conglomerate Sinochem Group Co were declared bankrupt,
highlighting the headwinds older units face as margins plummet.
The creditors of Zhenghe Group Co and Shandong Huaxing
Petrochemical Group Co, both based in the eastern province of
Shandong, failed to agree on restructuring plans for the indebted
plants and the businesses were declared bankrupt, according to
separate statements from a local court, Bloomberg relays.
According to Bloomberg, China's so-called teapot refineries - small
and simple processing facilities that are mostly privately owned -
are facing lacklustre demand for fuels as the nation's economic
recovery fails to gather pace and electric vehicle usage grows.
That has led to plummeting operating rates at the teapots clustered
in Shandong.
Bloomberg relates that the two plants, which applied for
restructuring last year, used to be part of China National Chemical
Corp, or ChemChina, and were taken over by Sinochem when the two
groups merged. Argus reported their bankruptcies earlier.
Another Sinochem teapot, Shandong Changyi Petrochemical Co, was
scheduled to host a meeting with creditors in late September,
Bloomberg reports citing a separate statement. The three plants,
formed to process crude from a local field in the last century,
have a combined nameplate processing capacity of more than 300,000
barrels a day, although most of their units have been idled for
months.
Sinochem Group Co., Ltd. operates as an integrated oil company. The
Company provides oil exploration, production, refining, trading,
storage, logistics, distribution, and other services. Sinochem
Group also conducts businesses in agriculture, chemical, real
estate, finance, and other related fields.
TUANCHE LTD: Posts RMB40.7 Million Net Loss in H1 2024
------------------------------------------------------
TuanChe Limited, a leading integrated automotive marketplace in
China, on August 30, 2024 announced its unaudited financial results
for the six months ended June 30, 2024.
Key First Half 2024 Financial and Operating Metrics:
* Net revenues were RMB32.3 million (US$4.4 million).
* Gross profit was RMB22.4 million (US$3.1 million).
* The number of auto shows organized during the first half of
2024 was 63 in 47 cities across China.
* The number of automobile sale transactions facilitated
during the first half of 2024 was 10,460, and the gross merchandise
volume of new automobiles sold during the first half of 2024 was
RMB1.7 billion (US$0.2 billion).
"Intensified competition and the complex macro environment have
posed unprecedented challenges to our business since the beginning
of 2024," Mr. Wei Wen, TuanChe's Chairman and CEO, commented. "Amid
lackluster consumer sentiment, our net revenues came in at RMB32.3
million for the first half of 2024. Meanwhile, our continued focus
on cost management and operating efficiency refinement drove a 5.8
percentage point increase in gross margin and a 14.0% decrease in
loss from operations year over year. Looking ahead, we will
continue developing innovative business initiatives and expanding
business collaborations to navigate the competitive landscape and
create long-term value for our shareholders."
Mr. Simon Li, TuanChe's Chief Financial Officer, added, "Despite
topline pressure and evolving macro dynamics, our efforts to
enhance operating leverage and streamline cost structure have begun
to bear fruit. In the first half of 2024, our adjusted net loss and
adjusted EBITDA both narrowed year over year by 25.9% and 27.3%,
respectively. We will remain committed to optimizing operating
efficiency, setting the stage for our future development."
Unaudited First Half 2024 Financial Results:
Net revenues in the first half of 2024 decreased by 64.9% to
RMB32.3 million (US$4.4 million) from RMB92.2 million in the same
period of the prior year.
* Offline marketing services. Net revenues generated from auto
shows decreased by 71.2% to RMB19.9 million (US$2.7 million) in the
first half of 2024 from RMB69.3 million in the same period of the
prior year, and net revenues generated from special promotion
events decreased by 62.0% to RMB0.2 million (US$31 thousand) in the
first half of 2024 from RMB0.6 million in the same period of the
prior year. The decrease in revenues from offline marketing
services was primarily due to a reduction in customer marketing
budgets, resulting in a decrease in the number of offline
activities.
* Referral service for a commercial bank. Net revenues
generated from referral service for a commercial bank decreased by
100.0% to nil in the first half of 2024 from RMB2.6 million in the
same period of the prior year, primarily because the Company has
ceased operation of the referral services since April 1, 2022.
* Online marketing services. Net revenues generated from
online marketing services decreased by 70.7% to RMB2.6 million
(US$0.4 million) in the first half of 2024 from RMB8.8 million in
the same period of the prior year, primarily due to the decrease in
the live streaming events held by the Company as the change in the
key customers resulted in a failure to continue cooperations.
* Other services. Net revenues from other services decreased
by 12.7% to RMB9.6 million (US$1.3 million) in the first half of
2024 from RMB11.0 million in the same period of the prior year,
primarily due to the decrease in referral services.
Gross profit decreased by 61.7% to RMB22.4 million (US$3.1 million)
in the first half of 2024 from RMB58.4 million in the same period
of the prior year. Gross margin was 69.2% in the first half of 2024
compared to 63.4% in the same period of the prior year, primarily
attributable to the change in our revenue composition.
Total operating expenses decreased by 38.5% to RMB69.8 million
(US$9.6 million) in the first half of 2024 from RMB113.6 million in
the same period of the prior year.
* Selling and marketing expenses decreased by 54.7% to RMB36.5
million (US$5.0 million) in the first half of 2024 from RMB80.7
million in the same period of the prior year, primarily due to a
decrease in promotion expenses as a result of decreased volume of
offline events.
* General and administrative expenses increased by 2.6% to
RMB24.3 million (US$3.3 million) in the first half of 2024 from
RMB23.7 million in the same period of the prior year, primarily due
to an increase in general and administrative staff compensation
expenses, partially offset the decrease in allowance for doubtful
accounts.
* Research and development expenses increased by 13.4% to
RMB8.7 million (US$1.2 million) in the first half of 2024 from
RMB7.7 million in the same period of the prior year, primarily due
to an increase in research and development staff compensation
expenses.
* Impairment of long-lived assets decreased by 80.2% to RMB0.3
million (US$41 thousand) in the first half of 2024 from RMB1.5
million in the same period of the prior year, primarily due to a
decrease in impairment in relation to right-of-use assets.
As a result of the foregoing, loss from operations decreased by
14.0% to RMB47.5 million (US$6.5 million) in the first half of 2024
from RMB55.2 million in the same period of the prior year.
Net loss attributable to the Company's shareholders in the first
half of 2024 increased by 32.5% to RMB40.7 million (US$5.6 million)
from RMB30.7 million in the same period of the prior year. Basic
and diluted loss per ordinary share were both RMB0.1 (US$0.01) in
the first half of 2024 compared with RMB0.08 in the same period of
the prior year.
Adjusted net loss attributable to the Company's shareholders in the
first half of 2024 decreased by 25.9% to RMB27.2 million (US$3.7
million) from RMB36.7 million in the same period of the prior year.
Adjusted basic and diluted net loss per ordinary share were both
RMB0.06 (US$0.01) in the first half of 2024 compared with RMB0.09
in the same period of the prior year. (1)
Adjusted EBITDA was a loss of RMB26.8 million (US$3.7 million) in
the first half of 2024 compared with a loss of RMB36.8 million in
the same period of the prior year.
As of June 30, 2024, the Company had RMB5.0 million (US$0.7
million) in cash and cash equivalents and RMB4.3 million (US$0.6
million) in restricted cash. Net cash used in operating activities
in the first half of 2024 was RMB11.1 million (US$1.5 million)
compared with net cash used in operating activities of RMB52.4
million in the same period of the prior year.
A full-text copy of the Company's report filed on Form 6-K with the
Securities and Exchange Commission is available at:
https://tinyurl.com/43yfxa4h
About TuanChe Ltd
Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading
integrated automotive marketplace in China. TuanChe offers services
to connect automotive consumers with various industry players such
as automakers, dealers, and other automotive service providers.
TuanChe provides automotive marketing and transaction-related
services by integrating its online platforms with offline sales
events. Through its integrated marketing solutions, TuanChe turns
individual and isolated automobile purchase transactions into
large-scale collective purchase activities by creating an
interactive many-to-many environment. Furthermore, leveraging its
proprietary data analytics and advanced digital marketing system,
TuanChe's online marketing service platform helps industry
customers increase the efficiency and effectiveness of their
advertising placements.
New York, N.Y.-based Marcum Asia, the Company's auditor, issued a
"going concern" qualification in its report dated March 28, 2024,
citing that the Company has incurred significant recurring losses
and negative cash flows from operating activities, and there were
negative working capital balance and limited cash balance as of
December 31, 2023. These conditions raise substantial doubt about
the Company's ability to continue as a going concern.
YUBO INTERNATIONAL: Financial Strain Raises Going Concern Doubt
---------------------------------------------------------------
Yubo International Biotech Ltd disclosed in a Form 10-Q Report
filed with the U.S. Securities and Exchange Commission for the
quarterly period ended June 30, 2024, that there is substantial
doubt about its ability to continue as a going concern.
According to the Company, it has not yet established an ongoing
source of revenues and cash flows sufficient to cover its operating
costs and allow it to continue as a going concern. At June 30,
2024, the Company had cash of $7,700 and negative working capital
of $3,191,054. For the six months ended June 30, 2024 and June 30,
2023, the Company had losses of $1,007,853 and $683,994,
respectively. These factors among others raise substantial doubt
about the ability of the Company to continue as a going concern for
a reasonable period of time.
In order to continue as a going concern, the Company will need,
among other things, additional capital resources. Management's plan
is to obtain such resources for the Company by obtaining capital
from management and significant shareholders sufficient to meet its
operating expenses and seeking third party equity and/or debt
financing. However, management cannot provide any assurances that
the Company will be successful in accomplishing any of its plans.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/56bh8637
About Yubo International Biotech
Beijing, China-based Yubo International Biotech Limited develops
disposable diagnostic imaging devices. The Company's products are
for use in enhancing the effectiveness of magnetic resonance
imaging for the detection and diagnoses of coronary artery
disease.
As of June 30, 2024, the Company had $1,728,582 in total assets,
$4,149,660 in total liabilities, and $2,421,078 in total
stockholders' deficit.
=========
I N D I A
=========
AGASTI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agasti
Sahakari sakhar Karkhana Limited (ASSKL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long 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 August 14,
2023, placed the rating(s) of ASSKL under the 'issuer
non-cooperating' category as ASSKL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ASSKL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 29, 2024, July 9, 2024 and July 19,
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).
ASSKL was incorporated under Maharashtra Co-Operative Societies Act
1960 in a year 1992-93, to undertake sugar and sugar related
production by Mr. Madhukarrao Kashninath Pichad (Chairman) and Mr.
Sitaram Gaikar (Vice Chairman).
AHIO OVERSEAS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Ahio Overseas LLP
Registered Address:
B-III-468, First Floor,
Street Mandir Mohan Lal,
Purana Bazar, Ludhiana-141008
Insolvency Commencement Date: September 9, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: March 8, 2025
Insolvency professional: Rajesh Dhawan
Interim Resolution
Professional: Rajesh Dhawan
88. Akash Avenue,
Fatehgarh Churian Road,
Amritsar
Email: rdshivam@yahoo.co.uk
Email: irp.ahiooverseas@gmail.com
Mobile: 9814049497
Last date for
submission of claims: September 23, 2024
AHUJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ahuja
Automobiles (AA) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 14,
2023, placed the rating(s) of AA under the 'issuer non-cooperating'
category as AA had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 29, 2024, July 9, 2024 and July 19, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 2008, Ahuja Automobiles (AA) is a partnership entity
based in Amritsar, Punjab. The entity is currently being managed by
Mr Harish Ahuja, Mr Gagan Ahuja and Mrs Madhu Ahuja, sharing profit
and loss in an equal proportion. The entity is operating 3S
facilities (Sales, Service and Spares) of Hyundai Motor India
Limited (HMIL), with an authorized dealership of entire range of
passenger vehicles (PV), since 2008. AA operates through its three
showrooms-cum-workshops in Amritsar and Distt. Tarn Taran, Punjab.
ALPHA PECIFIC: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Alpha Pecific Engineers Private Limited
Registered Address:
F-69/1, Street No-4,
Subhash Vihar North Ghonda,
North East, New Delhi - 110053
Insolvency Commencement Date: January 7, 2022
(Last order of Hon'ble NCLT was
passed on August 30, 2024)
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: February 26, 2025
Insolvency professional: Atul Jagnani
Interim Resolution
Professional: Atul Jagnani
30 Harsh Vihar, Pitampura
Delhi, North West,
National Capital Territory of Delhi-110034
Email: atuljagnani@gmail.com
-- and --
405, New Delhi House
27 Barakhamba Road
Connaught Place, New Delhi, 110001
Email: alphapecificengineersprivateli@gmail.com
Last date for
submission of claims: September 13, 2024
ANAND MINE: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anand Mine
Tools Private Limited (AMTPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.95 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.60 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 July 28, 2023,
placed the rating(s) of AMTPL under the 'issuer non-cooperating'
category as AMTPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. AMTPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 12, 2024, June 22, 2024 and July 2, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Nagpur, Maharashtra based Anand Mine Tools Private Limited (AMTPL),
was incorporated in the year 2010 by Mr. Tukaram Jawade along with
his son Mr. Hemant Jawade. The company is engaged in the trading of
pumps, spare parts and earthmoving machineries and also provides
workshop for repairing of mining machineries.
BASANTAR BREWERIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Basantar Breweries Private Limited
Registered Address:
Basantar Group of Industries
Industrial Growth Centre
SIDCO, Phase-I, Jammu SAMBA
Jammu & Kashmir 184121
Insolvency Commencement Date: September 9, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: March 8, 2025
Insolvency professional: Pawan Kumar Singal
Interim Resolution
Professional: Pawan Kumar Singal
AVM Resolution Professionals LLP
8/28, 3rd Floor, W.E.A. Abdul Aziz Road
Karol Bagh, New Delhi - 110005
Email: mlvij1956@gmail.com
Email: cirp.basantar@gmail.com
Last date for
submission of claims: September 24, 2024
BATWINGS LEARNING: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Batwings Learning Centers Private Limited
Purbayan Co-Op 1569
Madurdaha, Kolkata,
West Bengal 700107, India
Liquidation Commencement Date: September 10, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Manish Kumar Bhagat
B-1204, Shilp Corporate Park,
Rajpath Rangoli Road
Bodakdev, Ahmedabad 380054
Email: mbhagat2003@gmail.com
Mobile: +91 98790 61500
Last date for
submission of claims: October 10, 2024
BLUE DUCK: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Blue Duck
Textiles Private Limited (BDTPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.35 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 26, 2023,
placed the rating(s) of BDTPL under the 'issuer non-cooperating'
category as BDTPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BDTPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 10, 2024, June 20, 2024 and June 30, 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).
Ghaziabad-based (Uttar Pradesh) BDTPL was originally incorporated
in the year 1948 as a private limited company under the name of
Webbing and Belting Factory Private Limited for carrying out the
business of fabric dyeing and printing industry. It was later
rechristened to BDTPL in April, 2013, to engage in the business of
printing and dyeing of white fabric. BDTPL is promoted by Mr.
Shantanu Kaul and Mrs. Gitanjali Kaul and currently operates from
its sole manufacturing unit located in Sikandrabad (Uttar Pradesh).
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of BDTPL into Issuer Not
Cooperating category vide press release dated January 15, 2024 on
account of its inability to carry out a review in the absence of
requisite information.
BYJU'S: Obligated to Repay US$1.2BB with Interest, US Lenders Says
------------------------------------------------------------------
The Economic Times reports that the US lenders of Byju's parent
company Think & Learn have said that the troubled edtech firm must
repay the borrowed $1.2 billion along with interest.
According to these lenders, Byju's has not made any contractually
due payment in more than 17 months.
"Neither Byju Raveendran (founder) nor the Insolvency Resolution
Professional (IRP) has the authority to disqualify any term loan
lender - and even if they did, Byju's would still be obligated to
repay the full amount of the loan plus interest. Any argument
otherwise is illegitimate, and Byju knows it," the steering
committee of the ad hoc group of term loan lenders to Byju's Alpha
Inc said in a statement, ET relays.
According to ET, the lenders have issued this statement in response
to a PTI report in which Raveendran claimed that Think & Learn may
not be required to repay any amount of the disputed $1.2 billion
Term Loan B (TLB) due to the current "behaviour" of Glas Trust,
which represents the US-based lenders. Raveendran said that the
insolvency resolution professional (IRP) has verified Byju's debt
claim, which now stands at INR20 crore.
"Majority lenders today hold more than 64% of the TLB . . . Byju's
claim that he either does not know who the lenders are or intends
to pay primary lenders is illogical and false. He has not paid any
principal or interest - be it to majority lenders or those who
purchased the loans in the secondary market," they added.
On September 3, the committee of creditors (CoC) held its first
meeting where the IRP for Byju's removed Glas Trust from the
committee after concluding that it does not represent the minimum
51% of lenders in the consortium that provided a $1.2 billion term
loan to Byju's, ET recalls.
Glas Trust had moved the National Company Law Tribunal (NCLT) on
September 4 against the IRP for Byju's. However, the NCLT refused
to stay the CoC proceedings as the Supreme Court had allowed its
constitution on August 21.
ET had earlier reported that the Supreme Court had agreed to hear
an appeal by Glas Trust, opposing a INR158-crore settlement arrived
at between Byju's and the Board of Control for Cricket in India
(BCCI). The matter was expected to be heard last September 17.
"Almost all key personnel have abandoned Byju's, including the CEO,
CFO and General Counsel, and it has now seen a second auditor
resign in less than two years due to Byju's inability to explain
away the whereabouts of the $500 million, among other reasons," the
lenders added.
On September 7, ET reported that MSKA & Associates, an affiliate of
BDO International, the auditing firm for Byju's, had stepped down
as statutory auditor due to the management's lack of cooperation,
difficulty in getting necessary numbers and information for a
thorough investigation, and the emergence of an issue that had to
be reported to the MCA per the Companies Act.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-July 2024, Byju's will face insolvency proceedings for failure
to pay $19 million in dues to the country's cricket board. Reuters
said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than $3 billion. Byju's has
denied any wrongdoing.
According to Reuters, a ruling by India's companies tribunal on
July 16, following a complaint by the Board of Control for Cricket
in India (BCCI), initiated insolvency proceedings. These will
include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as the
company's board of directors is suspended as per law. CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.
The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.
BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024. In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.
CHOWORDERNOW TECHNOLOGIES: Voluntary Liquidation Case Summary
-------------------------------------------------------------
Debtor: Chowordernow Technologies India Pvt Ltd
No. 21, Hospital Road,
Shivajinagar, Bangalore GPO
Bangalore, Karnataka 560001
Liquidation Commencement Date: August 30, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Kanekal Chandrasekhar
No. 6, "Shree" 9th Cross,
Bhuvaneshwari Nagar, Hebbalkempapura
Bengaluru 560024
Email: chowordernow.liq@gmail.com
Phone: +917899802070
Last date for
submission of claims: September 29, 2024
CJ INFRADEVELOPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: CJ Infradevelopers Private Limited
Registered Address:
AT Plot No. III,
Sahid Nagar, Bhubaneswar,
Khorda, Odisha 751007
Insolvency Commencement Date: September 5, 2024
Court: National Company Law Tribunal, Cuttack Bench
Estimated date of closure of
insolvency resolution process: March 4, 2025
Insolvency professional: Chittaranjan Panda
Interim Resolution
Professional: Chittaranjan Panda
HIG-108, Kanan Vihar Phase-I,
Patia, Bhubaneswar,
Khorda, Odisha, Pin: 751031
Email: crpanda2001@gmail.com
Email: irpccjinfra@gmail.com
Last date for
submission of claims: September 20, 2024
DRASHTI INNOVATIVE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Drashti
Innovative Syncotex Private Limited (DISPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Fund Based 24.0 CRISIL D (Issuer Not
Facilities-LT Cooperating)
Non-Fund Based 1.0 CRISIL D (Issuer Not
Facilities-ST Cooperating)
CRISIL Ratings has been consistently following up with DISPL for
obtaining information through letter and email dated August 12,
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 DISPL, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DISPL
is consistent with ‘Assessing Information Adequacy Risk’. Based
on the last available information, the ratings on bank facilities
of DISPL continues to be ‘CRISIL D/CRISIL D Issuer Not
Cooperating’.
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of DISPL and Gauri
International Pvt Ltd (GIPL). This is because the two companies,
together referred to as the Gauri group, have common promoters, are
in the same business, and have business and operational synergies.
Incorporated in 2013 and based in Surat, Gujarat, DISPL
manufactures and trades in fabrics used in home furnishing,
readymade garments, and dress material. GIPL, also based in Surat
and incorporated in 2010, is in a similar line of business. The
manufacturing facilities of both companies are in Surat. DISPL is
promoted by Mr. Dhaval Nakrani and Mr. Vishal Balar, while GIPL is
promoted by Mr. Nakrani.
EXCEL DWELLINGS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Excel Dwellings India Private Limited
Registered Address:
Survey no. 92/5,
Mottanahalli Village,
Gudigattanahalli Village,
Sarjapura Hobli, Anekal Taluk
Karnataka, India - 562125
Insolvency Commencement Date: August 8, 2024
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: February 3, 2025
Insolvency professional: S Kangayan
Interim Resolution
Professional: S Kangayan
Plot No.81, 3rd Street,
Phase-I, Dollars Colony,
Vengambakkam, Tambaram (East),
Chennai 600 126 Tamil Nadu
Email: kangayan.s@gmail.com
Last date for
submission of claims: August 22, 2024
EXCLUSIVE LINEN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Exclusive Linen Fabric Private Limited
Registered Address:
Tex Centre Premises Society,
Gala 202, H Wing, 26/A,
Opp Chandivali Road,
Sakinaka, Mumbai,
Maharashtra, India - 400072
Insolvency Commencement Date: September 5, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: March 4, 2025
Insolvency professional: CA Rajan Garg
Interim Resolution
Professional: CA Rajan Garg
Flat No. 202, Wing-B,
2nd Floor, Safal Twins,
Block-Punjabwadi,
Sion-Trombay Road, Deonar,
Mumbai Suburban, Maharashtra - 400 088
Email ID: fcarajangarg@gmail.com
-- and --
Suite No. 5, 8th Floor,
207, Embassy Centre,
Jamnalal Bajaj Marg, Nariman Point,
Mumbai, Maharashtra - 400021
Email ID: cirp@exclusivelinenfabric.in
Last date for
submission of claims: September 19, 2024
FATEHPURIA TRANSFORMERS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Fatehpuria
Transformers And Switchgears Private Limited (FTSPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 10.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 28.00 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 July 14, 2023,
placed the rating(s) of FTSPL under the 'issuer non-cooperating'
category as FTSPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. FTSPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated May 29, 2024, June 8, 2024 and
June 18, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaipur based, FTSPL was incorporated as a partnership firm in 1981
and was converted into private limited company in 1995. Since
inception, the company is engaged in manufacturing of power &
distribution transformers. FTSPL operates out of its manufacturing
facility located at Kalwar road, Jaipur. Further, the company also
has two wind mills of 0.8 MW each located at Karnataka and
Maharashtra.
G. S. RADIATORS: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of G. S.
Radiators Limited (GSRL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.68 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 2.00 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
category
Short Term Bank 6.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 14, 2023,
placed the rating(s) of GSRL under the 'issuer non-cooperating'
category as GSRL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. GSRL continues
to be non-cooperative despite repeated requests for submission of
information through emails dated May 29, 2024, June 8, 2024 and
June 18, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 1988, G.S Radiators Limited (GSRL) is a closely
held public limited company promoted by Mr. Ranjodh Singh, Mr.
Mohinder Singh and Ms. Rajinder Kaur. The company is engaged in the
manufacturing of copper-brass radiators for the automotive original
equipment manufacturers (OEMs). The manufacturing unit of the
company is located at Ludhiana (Punjab).
GEETA HEEMGHAR: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Geeta
Heemghar Private Limited (GHPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.48 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.72 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 0.74 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GHPL for
obtaining information through letter and email dated August 12,
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 GHPL, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GHPL
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the ratings on bank facilities
of GHPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating’.
GHPL, incorporated in 2012 by Mr Shyamal Dandapat, provides cold
storage facilities in Medinipur, West Bengal, to potato farmers and
traders; it also trades in potatoes.
GINI & JONY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Gini & Jony Limited
Registered Address:
A - 601, Citipoint,
Next To Kohinoor Continental,
Andheri-Kurla Road,
Andheri - East Mumbai MH 400059
Insolvency Commencement Date: September 6, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: March 5, 2025
Insolvency professional: Anurag Jain
Interim Resolution
Professional: Anurag Jain
1401 Oriental Heights, Sector-44, Plot-158,
Seawoods West Navi Mumbai,
Maharashtra-400706
Email: ipanuragjain@gmail.com
-- and --
Resolve-IPE Private Limited
V-3073, Akshar Business Park,
Sector-25, Vashi, Navi Mumbai-400705
Email: gini.jony@resolvegroup.co.in
Last date for
submission of claims: September 20, 2024
INDIA OFFSET: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: India Offset Printers Private Limited
Registered Address:
B Wing, Basement 20/01,
Okhla Industrial Area, Phase II,
Okhla Industrial Estate,
South Delhi, New Delhi,
Delhi, India 110020
Insolvency Commencement Date: September 11, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: March 10, 2025
Insolvency professional: Vikram Sharma
Interim Resolution
Professional: Vikram Sharma
26/161, Second Floor,
West Patel Nagar,
New Delhi 110008
Email: ipvikramsharma@gmail.com
-- and --
4A/54, Old Rajinder Nagar,
New Delhi 110060
Email: cirp.indiaoffset@ gmail.com
Last date for
submission of claims: September 25, 2024
ITSOURCE TECHNOLOGIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: ITSOURCE TECHNOLOGIES LIMITED
Registered Address:
Unit 403, 4th Floor, Skyline Icon,
Chimatpada Marol, Andheri - Kurla Road,
Mumbai - 400059
Insolvency Commencement Date: September 6, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: March 5, 2025
Insolvency professional: Kailash Shah
Interim Resolution
Professional: Kailash Shah
505, 21st Century Business Center,
Nr. World Trade Center,
Ring road, Surat - 395002
E-mail: ipktshah@gmail.com
E-mail: cirp.itsource@gmail.com
Last date for
submission of claims: September 20, 2024
L D CRYSTALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: L D Crystals Private Limited
Registered Address:
TU-70, Pitampura, Delhi - 110034
Insolvency Commencement Date: September 10, 2024
Court: National Company Law Tribunal, New Delhi, Bench VI
Estimated date of closure of
insolvency resolution process: March 9, 2025
Insolvency professional: Anuradha Gupta
Interim Resolution
Professional: Anuradha Gupta
E-194, Amba Bari
Jaipur, Rajasthan - 302039
Email : anuradhagupta70@gmail.com
Email : cirp.LDcrystals@gmail.com
Last date for
submission of claims: September 25, 2024
M.R. NIRMAN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M.R. Nirman Private Limited
Registered Address:
287/3, East Sinthee Road,
Kolkata 700030 West Bengal
Insolvency Commencement Date: September 5, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: March 4, 2025
Insolvency professional: Ashish Giria
Interim Resolution
Professional: Ashish Giria
493/C/A, G T Road
Vivek Vihar, 5th Floor
Howrah 711102, West Bengal
Email: ashishgiria@gmail.com
-- and --
18, Rabindra Sarani,
Poddar Court, Gate No. 1
5th Floor, Room No. 529B
Kolkata, West Bengal 700001
Email: mrnirman24.cirp@gmail.com
Last date for
submission of claims: September 19, 2024
MARUTI METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maruti Metal
Industries (MMI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 9.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 13.05 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Standby Line 0.45 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with MMI for
obtaining information through letter and email dated August 12,
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 MMI, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMI
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the ratings on bank facilities
of MMI continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating’.
MMI, based in Bhavnagar (Gujarat), is a partnership firm set up in
2003. Managed by Mr. Mahendrakumar Rana, the firm trades in
non-ferrous metals such as bronze, copper, nickel, zinc, and lead.
MARVEL OMEGA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Marvel Omega Builders Private Limited
Registered Address:
301-302, Jewel Tower,
Lane No 5 Koregaon Park,
Pune, Maharashtra, India 411001
Insolvency Commencement Date: September 6, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: March 5, 2025
Insolvency professional: Birendra Kumar Agrawal
Interim Resolution
Professional: Birendra Kumar Agrawal
913, Corporate Annexe, Sonawala Lane,
Near Udyog Bhawan, Goregaon (E),
Mumbai 400063, Maharashtra
Email: cirp.omega@gmail.com
Email: bk@bhamaconsulting.com
Last date for
submission of claims: September 20, 2024
MEWAR UNIVERSITY: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mewar
University (MU) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.72 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 September 1,
2023, placed the rating(s) of MU under the 'issuer non-
cooperating' category as MU had failed to provide information for
monitoring of the rating as agreed to in its Rating Agreement. MU
continues to be non-cooperative despite repeated requests for
submission of information through emails, phone calls and a
letter/email dated July 17, 2024, July 27, 2024 and August 6,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mewar University (MU) is an autonomous body promulgated by the
Government of Rajasthan through an Act passed by Rajasthan Assembly
in 2009 and is also approved by the UGC with the right to confer
degrees. MU was set up with an objective of providing higher and
technical education to the people of Mewar region of Rajasthan in
particular and India in general. MU is promoted by the Mewar
Education Society (MES), Chittorgarh and is controlled by a Board
of Management constituted by MES. The Board of Management is headed
by the Chancellor Mr. Ashok Kumar Gadiya.
MODERN ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Modern
Engineering Enterprise (MEE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 11,
2023, placed the rating(s) of MEE under the 'issuer
non-cooperating' category as MEE had failed to provide information
for monitoring of the rating. MEE continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated June 26, 2024, July
6, 2024, July 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 Engineering Enterprise was established in 1995 by Smt.
Khetoli Yepthomi with an objective to enter into undertaking
infrastructure and civil construction business. Since its
inception, the entity has been engaged in civil construction
business in the segment like roads, bridges and building works. The
entity is registered and enlisted by various Government Department
as PWD (Nagaland) class 'A', ministry of Telecom class 'A1' and
BSNL class 'A'. Class 'A' and class 'A1' contractor can bid for all
types and higher value of contracts of Public Works Department
(PWD) in Nagaland. The registered address of the entity is located
at H/No. 129, Circular Road, Middle point, Dimapur, Nagaland-
797112.
MOTHER POULTRY: CRISIL Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mother Poultry
Farm (MPF) continues to be 'CRISIL C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7.35 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MPF for
obtaining information through letter and email dated August 12,
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 MPF, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPF
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the ratings on bank facilities
of MPF continues to be 'CRISIL C Issuer Not Cooperating’.
Incorporated in 2009, Namakkal (Tamil Nadu) based proprietorship
firm Mother Poultry Farm (MPF) is engaged in selling of poultry
products and bird feed. The promoter is a second generation
entrepreneur with around one and a half decades of experience in
the industry.
MOTI RAM: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Moti Ram
Sunil Kumar (MRSK) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.67 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 September 6,
2023, placed the rating(s) of MRSK under the 'issuer
non-cooperating' category as MRSK had failed to provide information
for monitoring of the rating agreed to in its Rating Agreement.
MRSK continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 22, 2024,
August 1, 2024 and August 11, 2024 among others.
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).
Moti Ram Sunil Kumar (MRSK) was established as a proprietorship
firm in 2006 by Mr Sunil Kumar. The manufacturing unit is located
at Karnal, Haryana. The firm is engaged in processing (milling) of
paddy (rice). The firm also works on job work basis for Government
departments.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of MRSK into 'Issuer
not-cooperating' category vide press release dated April 10, 2024
on account of non-availability of requisite information from the
firm.
MURALI EXPORT: CARE Lowers Rating on INR5cr ST Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Murali Export House (MEH), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 9,
2024, placed the rating(s) of MEH under the 'issuer
non-cooperating' category as MEH had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MEH continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 11, 2024
among others.
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 MEH have been
revised on account of delays in debt servicing recognized from
publicly available information.
Kolkata (West Bengal) based Murali Export House (MEH) was initially
set up as a partnership firm in the year 1992 by Mr. Shekhar Mohan
Saha, Mr. Debasis Mohan Saha and Mr. Tapan Mohan Saha.
Subsequently, it was converted into proprietorship firm in the year
2014 by Mr. Sekhar Mohan Saha. Since its inception, MEH has been
engaged in trading of industrial chemicals like caustic soda,
bleaching powder and acetic soda. The firm sells its products
through local distributors and retailers in Kolkata, this apart the
firm also exports to Banglades h which constitutes 95% of TOI for
FY18. Currently the day to day activities of the entity are looked
after by Mr. Sekhar Mohan (Proprietor) having more than two decades
of experience in similar line of business, along with a team of
experienced marketing professionals who are having long experience
in this industry.
NEHA EXPORTS: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Neha
Exports (NE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 14.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 23,
2023, placed the rating(s) of NE under the 'issuer non-cooperating'
category as NE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. NE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 8, 2024, July 18, 2024 and
July 28, 2024 among others.
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).
Neha Exports was incorporated on December 20, 2006 by Ms Madhu
Gulati. The firm is involved in the manufacturing, assembling and
export of public address (PA) systems and components, including
loud speakers, amplifiers, microphones, and woofers, and related
electronic and electrical equipment's. The firm commenced operation
in 2008 and its manufacturing facility is located in Dharuhera,
Haryana.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of NE into Issuer Not
Cooperating category vide press release dated February 16, 2024 on
account of its inability to carry out a review in the absence of
requisite information.
OM COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Cottex
(OC) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 7, 2023,
placed the rating(s) of OC under the 'issuer non-cooperating'
category as OC had failed to provide information for monitoring of
the rating. OC continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 22, 2024, July 2, 2024, July 12,
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).
Botad (Gujarat) based Om Cottex (OC) was established in 2008 as a
partnership firm. Currently, OC is managed by six partners with
unequal profit and loss sharing agreement between them. OC is into
the business of cotton ginning & pressing and crushing of cotton
seeds. While cotton bales are used in manufacturing of cotton yarn,
cotton seeds are further processed for extraction of edible oil. OC
operates from its sole manufacturing facility located in Botad
(Gujarat) and has an installed capacity of 6048 metric tons per
annum (MTPA) for cotton bales, 756 MTPA for cotton seed oil & 5418
MTPA for cake as on March 31, 2016. OC markets its products in the
states of Gujarat, Tamil Nadu and Maharashtra.
PANKAJ C: CARE Lowers Rating on INR5.0cr LT Loan to D
-----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pankaj C. Patel (PCP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 14, 2024,
placed the rating(s) of PCP under the 'issuer non-cooperating'
category as PCP had failed to provide information for monitoring of
the rating. PCP continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated September 9, 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 for PCP have been revised on account of
non-availability of requisite information. The rating revision also
considers delays in debt servicing as recognized from lenders
feedback.
Nadiad (Gujarat) based Pankaj C. Patel (PCP) was established as a
partnership firm by the Patel family in November 1979. However, in
2019, Mrs. Shantaben Patel has retired, and Mrs. Sinali M. Patel
has joined as a partner. The firm is engaged in civil construction
work, mainly road construction work for Government and
semi-Government departments in Gujarat. The firm operates largely
in Gujarat, with specific focus on the Anand, Nadiad and Kheda
regions. PCP is an approved 'AA' class contractor with the State
Government of Gujarat.
Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of PCP into ISSUER NOT
COOPERATING category vide press release dated July 23, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the firm.
PAWAR ELECTRO: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pawar
Electro Systems Private Limited (PESPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 49.89 CARE D; Issuer not cooperating;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 55.50 CARE D; Issuer not cooperating;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 20, 2023,
placed the rating(s) of PESPL under the 'issuer non-cooperating'
category as PESPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. PESPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 4, 2024, June 14, 2024 and June 24, 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).
Pawar Electro Systems Private Limited (PESPL) [erstwhile
proprietary concern since 1998] was incorporated in 2006 by Mr.
Kailash Pawar, Mrs. Manisha Pawar and Mr. Hemant Wagh. PESPL is
engaged in manufacturing and assembly of blood bank equipments and
cold storage medical equipment. PESPL is an ISO 9001:2003 certified
company and its products comply with medical devices standards of
ISO 13485:2003. PESPL has a network of around 35 dealers across
India.
R. L. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. L. Agro
Foods Private Limited (RLAFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 70.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 14, 2023,
placed the rating(s) of RLAFPL under the 'issuer non-cooperating'
category as RLAFPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RLAFPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 29, 2024, June
08, 2024 and June 18, 2024 among others.
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).
RLAFPL is engaged in the business of milling and processing of
basmati rice with an installed manufacturing capacity of 16 metric
tonnes per hour (MTPH) in Nissing (Karnal, Haryana). The company is
also engaged in procurement of semi processed rice from the market
which is further processed through colour sorter and grading
machines to remove the impurities.
Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of RAFPL under Issuer Not
Cooperating category vide press release dated September 19, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.
ROYAL ORCHID: CARE Lowers Rating on INR38.48cr LT Loan to C
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Royal Orchid Hotels Limited (ROHL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 38.48 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated June 11, 2024,
placed the rating(s) of ROHL under the 'issuer non-cooperating'
category as ROHL had failed to provide information for monitoring
of the rating. ROHL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 9, 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 ROHL have been
revised on account of non-availability of requisite information.
The revision also factored in delays in repayment of debt (Not
rated by CARE) recognised from Audit report of FY24, available from
stock exchanges.
Royal Orchid Hotels Limited (ROHL) (ISIN Number: INE283H01019) is
promoted by Mr. CK Baljee, to carry on the business and management
of hotels/ hospitality business. The group largely operates
5-Star/4-Star hotels having presence in 38 locations and 11 states
under the brand name Royal Orchid and Regenta. As on March 31,
2022, on consolidated basis, ROHL along with its subsidiaries,
associates and JVs, owns/operates/manages 67 hotels with 4888
keys.
S C ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S C
Enterprises (SCE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 6,
2023, placed the rating(s) of SCE under the 'issuer
non-cooperating' category as SCE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SCE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 22, 2024,
August 1, 2024 and August 11, 2024 among others.
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).
Faridabad (Haryana) based S.C Enterprises (SCE) was established in
1995 as a proprietary firm by Mr. Subhash Chand. SCE is engaged
trading of textile products viz. fabrics of ladies and gents'
suits, mattress cover, blankets, slipcover, sofa covers, cushion
covers etc.
S&J GRANULATE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S&J
Granulate Solutions Private Limited (SGSPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.82 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.00 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 July 19, 2023,
placed the rating(s) of SGSPL under the 'issuer non-cooperating'
category as SGSPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SGSPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 3, 2024, June 13, 2024 and June 23, 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).
Incorporated in 2010 (commercial operations were started in
December, 2012), S & J Granulate Solutions Private Limited was
promoted by Mr. Amit Agarwal and Mr. Kunal Jiwarajka and is an ISO
9001:2008 certified company with its plant situated at
Valsad, Gujarat. S&J is engaged in manufacturing of Crumb Rubber
Granules (from scrap from truck, bus or OTR (Off the Road) radial
tyres of up to 20 mesh size), steel wire and nylon fiber.
S. R. WORTH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: S. R. Worth Limited
Registered Address:
258 G.T. Road, Narayani Complex, 1st Floor,
Liluah, Howrah, West Bengal 711204
Insolvency Commencement Date: August 30, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: February 25, 2025
Insolvency professional: Neeraj Kumar Sureka
Interim Resolution
Professional: Neeraj Kumar Sureka
Central Plaza,6th Floor, Room No. H,41,
B. B. Ganguly Street,
Kolkata- 700012, West Bengal
Email: ipneerajsureka@gmail.com
Email: cirp.srworth@gmail.com
Last date for
submission of claims: September 13, 2024
SAIGON INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Saigon
Infratech Private Limited (SIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 26.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 26, 2023,
placed the rating(s) of SIPL under the 'issuer non-cooperating'
category as SIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 10, 2024, June 20, 2024 and June 30, 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).
Incorporated in 2011, SIPL is promoted by Mr. Abhimanyu Pratap
Singh Tyagi and Mr. Anirudh Singh. The company started its
commercial operations in June 2012 and is engaged in execution of
civil construction projects like construction of commercial
building, office complex, hard-scaping stone work and residential
projects for both private organizations and government
departments.
SANGHAVI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sanghavi
Exports International Private Limited (SEIPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 544.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 21, 2023,
placed the rating(s) of SEIPL under the 'issuer non-cooperating'
category as SEIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SEIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2024, June 15, 2024 and June 25, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sanghavi Exports International Pvt. Ltd (SEIPL) was established as,
a partnership firm in 1984 by the late Mr. Vasantlal R. Sanghavi,
Mr. Kirtilal R. Sanghavi, Mr. Rameshchandra R Sanghavi and Mr.
Chandrakant R Sanghavi (Chairman). In April 2007, the firm was
converted to a private limited company. SEIPL is engaged in the
business of processing and exports of cut and polished diamonds.
The company also undertakes trading of diamonds on a limited scale.
SEIPL's manufacturing facility is located at Surat, Gujarat.
SIKKA MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sikka
Motors Private Limited (SMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 49.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 11, 2023,
placed the rating(s) of SMPL under the 'issuer non-cooperating'
category as SMPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SMPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 26, 2024, June 5, 2024 and June 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).
Incorporated in 2013, Sikka Motors Private Limited (SMPL) is
promoted by Mr. Gurinder Singh Sikka, Mr. Harvinder Singh Sikka,
Ms. Jasvinder Kaur and Ms. Kusham Kaur. SMPL's commercial
operations commenced from October 2016. The company is an
authorised dealership of Hyundai Motors India Limited (HMIL) for
Passenger vehicles.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of SMPL into
ISSUER NOT COOPERATING category vide press release dated February
13, 2024 on account of its inability to carry out a
review in the absence of requisite information.
SRISHTI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srishti
Builders (SB) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 25,
2023, placed the rating(s) of SB under the 'issuer non-cooperating'
category as SB had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2024, July 20, 2024 and July 30, 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).
Kota (Rajasthan) based Srishti Builders (SB) was formed in
February, 2015 by Mr. Sanjay Khatri and Mr. Ajay Khatri.
Subsequently, in June, 2015, there is change in the partnership
deed with introduction of 3 partners. SB is engaged in the
development of housing projects in Kota, Rajasthan. The firm is a
part of Srishti group which is engaged in the wide range of
projects in real estate industry. SB is mainly engaged in the real
estate development.
SS INNOVATIONS: Appoints Dr. Fredric Moll as Vice Chairman of Board
-------------------------------------------------------------------
SS Innovations International, Inc. announced the addition of Dr.
Fredric Moll to its Board of Directors, where he will serve as Vice
Chairman. Dr. Moll is the founder of Intuitive Surgical and is
widely regarded as the "father of surgical robotics."
Dr. Moll brings a wealth of industry experience and expertise to
the board: He oversaw the development and commercialization of the
da Vinci surgical robotic system. He most recently served as Chief
Development Officer for Johnson & Johnson Medical Devices Companies
from April 2019 to March 2023. Dr. Moll was a co-founder, Chairman
and Chief Executive Officer of Auris Health, Inc., a robotics
medical device company that was acquired by Johnson & Johnson in
2019. Dr. Moll is also the Founding Partner of Sonder Capital
Management, LLC, a healthcare venture capital investment firm. He
served on the board of Shockwave Medical, Inc. from March 2011
through its acquisition by Johnson & Johnson in May 2024. Dr. Moll
was an early investor in Avra Medical Robotics and is a current
investor in SS Innovations.
"The strength and caliber of Dr. Moll's leadership is peerless, and
he will be a tremendous addition to our Board of Directors," said
Dr. Sudhir Srivastava, SS Innovations Chairman and CEO . "Joining
us during the most robust phase of global growth to date, his
appointment is perfectly timed. As a pioneer in robotic surgery,
Dr. Moll offers a unique perspective and legacy as well as superior
insight on the direction and promising future of the industry and
SS Innovations."
Dr. Moll added, "I am excited to help with SS Innovation's mission
to bring the benefits of robotic surgery not just to more people in
the United States but also to the rest of the world. This
technology should be available to everyone on the planet, and I
believe the Company successfully addresses the reasons why others
have not yet been able to do so. It is much more affordable than
what is out there now without sacrificing any clinical
capabilities. It even has capabilities such as in cardiac that no
one else even has. I also believe that the system's proven
telesurgery capabilities as well as its related teaching and
proctoring tools will prove invaluable."
Earlier this year, SS Innovations launched the SSI Mantra 3, the
newest and most advanced version of its surgical robotic system
that makes possible more affordable and accessible surgical care
across the globe.
The SSi Mantra 3 provides the capabilities for multi-specialty
usage including cardiothoracic, head and neck, gynecology, urology,
general surgery and more while engaging with surgeons and surgical
teams to improve safety and efficiency during procedures. The
regulatory approval process from the U.S. Food and Drug
Administration (FDA) is already underway, and SS Innovations
anticipates receiving approval to market in the latter part 2025.
About SS Innovations International
SS Innovations International, Inc. (OTC: SSII) is a developer of
innovative surgical robotic technologies headquartered in Gurugram,
Haryana, India. The company's vision is to make robotic surgery
benefits more affordable and accessible globally. SSII's product
range includes its proprietary "SSi Mantra" surgical robotic system
and "SSi Mudra," a broad array of surgical instruments for various
procedures, including robotic cardiac surgery. The company plans to
expand its presence with technologically advanced, user-friendly,
and cost-effective surgical robotic solutions.
Lakewood, Colo.-based BF Borgers CPA PC, the Company's former
auditor, issued a "going concern" qualification in its report dated
March 22, 2024, citing recurring losses from operations that raise
substantial doubt about the Company's ability to continue as a
going concern.
SS Innovations International had a net loss of $20.94 million for
the year ended December 31, 2023. As of June 30, 2024, SS
Innovations International had $38.32 million in total assets,
$21.33 million in total liabilities, and $16.98 million in total
stockholders' equity.
On May 13, 2024, SS Innovations dismissed BF Borgers CPA PC as its
independent registered public accounting firm after the firm and
its owner, Benjamin F. Borgers, were charged by the Securities and
Exchange Commission with deliberate and systemic failures to comply
with PCAOB standards in audits and reviews included in over 1,500
SEC filings from January 2021 through June 2023. The charges
included false representations of compliance with PCAOB standards,
fabrication of audit documentation, and false statements in audit
reports. Borgers agreed to a $14 million civil penalty and a
permanent suspension from practicing before the Commission.
On May 29, 2024, SS Innovations engaged BDO India LLP as its new
independent registered public accounting firm. This engagement was
approved by the Company's board of directors through unanimous
written consent in lieu of a meeting dated May 23, 2024.
STAGE DOOR: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Stage Door
(SD) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 24,
2023, placed the rating(s) of SD under the 'issuer non-cooperating'
category as SD had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 9, 2024, July 19, 2024 and
July 29, 2024 among others.
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).
Stage Door (SDR) was established as a society in 1975 under
Societies Registration Act 1860. The society was established with
the aim of promoting arts and culture.
ZEE ENTERTAINMENT: Refutes Disney-Owned Star's US$940MM Claim
-------------------------------------------------------------
Reuters reports that Zee Entertainment on Sept. 18 refuted
Disney-owned Star India's claim of damages worth US$940 million for
the termination of a cricket broadcasting agreement.
According to Reuters, Star India is seeking the damages in the
London Court of International Arbitration (LCIA).
"The arbitration is at its initial stage and the LCIA Arbitral
Tribunal is yet to determine if the company is liable in any
manner," Zee said in a statement.
In January, Zee quit the $1.4 billion deal with Star India, under
which the latter was to license television broadcasting rights for
the International Cricket Council's events to Zee for four years.
Zee believes that Star India breached the agreement and had sought
the repayment of 685.4 million rupees (about $8 million), according
to its December-quarter earnings report.
About Zee Entertainment
Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.
According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.
Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.
[*] INDIA: IBBI Chief Asks IP to be as Transparent as Possible
--------------------------------------------------------------
The Economic Times reports that IBBI Chairperson Ravi Mital on
Sept. 17 asked insolvency professionals to be as transparent as
possible during the resolution process as that will help in
improving the bids and reduce haircuts. Speaking at a conference
organised by the Indian Institute of Insolvency Professionals of
ICAI (IIIPI) in the national capital, he said insolvency
professionals and insolvency professional entities are the fulcrum
of the insolvency system, ET relates.
While highlighting that the insolvency professionals need to be
mindful of time and delays, Mital said, "be as transparent as
possible during the bidding process. This will improve bids, reduce
haircuts and improve image of the IBC ecosystem," according to a
release issued by IIIPI, notes ET.
The Insolvency and Bankruptcy Board of India (IBBI) is a key
institution in implementing the Insolvency and Bankruptcy Code
(IBC).
=====================
N E W Z E A L A N D
=====================
ACCURO HEALTH: Creditors' Proofs of Debt Due on Nov. 15
-------------------------------------------------------
Creditors of Accuro Health Insurance Society Limited are required
to file their proofs of debt by Nov. 15, 2024, to be included in
the company's dividend distribution.
The High Court at Wellington appointed Heath Gair of Palliser
Insolvency as liquidators on Sept. 10, 2024.
COOKE AND HENRY: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Sept. 11, 2024,
was appointed as liquidator of Cooke And Henry Co Limited, Italian
Stallion Limited and The Franklin Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
KITCHEN AND LIGHTING: Court to Hear Wind-Up Petition on Oct. 11
---------------------------------------------------------------
A petition to wind up the operations of Kitchen and Lighting NZ
Limited will be heard before the High Court at Auckland on Oct. 11,
2024, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 14, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
ONE TIME: Court to Hear Wind-Up Petition on Oct. 4
--------------------------------------------------
A petition to wind up the operations of One Time Contractors
Limited will be heard before the High Court at Auckland on Oct. 4,
2024, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 14, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
WEBBER CORPORATE: Creditors' Proofs of Debt Due on Nov. 5
---------------------------------------------------------
Creditors of Webber Corporate Limited are required to file their
proofs of debt by Nov. 5, 2024, to be included in the company's
dividend distribution.
The High Court at Rotorua appointed Lynda Smart and Paul Vlasic of
Rodgers Reidy as liquidators on Sept. 10, 2024.
=================
S I N G A P O R E
=================
ENERGIAN PTE: Deloitte Appointed as Liquidators
-----------------------------------------------
Lim Loo Khoon and Terrence Chin Khee Loon of Deloitte & Touche on
Sept. 2, 2024, were appointed as liquidators of Energian Pte Ltd.
The liquidators may be reached at:
Lim Loo Khoon
Terrence Chin Khee Loon
Deloitte & Touche LLP
6 Shenton Way
#33-00 OUE Downtown
Singapore 068809
RESIDENZA PTE: Creditors' Proofs of Debt Due on Oct. 17
-------------------------------------------------------
Creditors of Residenza Pte. Ltd. are required to file their proofs
of debt by Oct. 17, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 16, 2024.
The company's liquidator is:
Tan Chin Ren
26 Eng Hoon Street
Singapore 169776
TEE INT'L: Scheme of Arrangement Approval Hearing Set Sept. 23
--------------------------------------------------------------
Tee International has filed an application for an order that the
proposed Scheme of Arrangement dated June 7, 2024, between Tee
International Limited and its creditors be sanctioned and approved
by the Court so as to be binding upon the parties.
The application will be heard before the High Court of Singapore on
Sept. 23, 2024, at 2:30 p.m.
The Petitioner's solicitors are:
Oon & Bazul LLP
36 Robinson Rd
#08-01/06 City House
Singapore 068877
VS ELECTRICAL: Court to Hear Wind-Up Petition on Oct. 4
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A petition to wind up the operations of VS Electrical Pte Ltd will
be heard before the High Court of Singapore on Oct. 4, 2024, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Sept. 11, 2024.
The Petitioner's solicitors are:
Adsan Law LLC
300 Beach Road
#26-00 The Concourse
Singapore 199555
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V I E T N A M
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CENTRAL POWER: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
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Fitch Ratings has affirmed Central Power Corporation's (EVNCPC),
Southern Power Corporation's (EVNSPC), Northern Power Corporation's
(EVNNPC), Ho Chi Minh City Power Corporation's (EVNHCMC), and Hanoi
Power Corporation's (EVNHanoi) Long-Term Foreign-Currency Issuer
Default Ratings at 'BB+' with a Stable Outlook. The ratings of the
five Vietnamese power distribution companies (PCs) are equalised
with that of their 100% parent, Vietnam Electricity (EVN,
BB+/Stable), in line with Fitch's Parent and Subsidiary Linkage
Rating Criteria. Fitch assesses EVN's incentive to support the PCs
as 'High', based on 'High' operational and strategic incentives,
despite 'Low' legal incentives.
Fitch continues to assess the PCs' Standalone Credit Profiles (SCP)
at 'bb', the same level as EVN's SCP. This is because EVN exerts
significant control over their financial profiles, including
determining their profitability. This is despite the PCs' much
stronger financial profiles than their SCPs. The SCPs also reflect
their stable operating profiles as pure distribution utilities with
monopoly positions in their respective areas of operation.
Key Rating Drivers
'High' Strategic Incentives: Fitch believes EVN has a 'High'
strategic incentive to support the PCs should they face financial
difficulties given the subsidiaries' monopoly in electricity
distribution in their individual operating regions in Vietnam.
Fitch believes the PCs provide significant competitive advantages
to EVN in light of their critical role in the power sector.
'High' Operational, 'Low' Legal Incentives: Fitch regards
operational synergies between EVN and the PCs as 'High' because the
subsidiaries are an integral part of EVN's electricity value chain
in Vietnam. EVN also has significant control over their strategic,
operational and financial decisions. Fitch views the legal
incentives as 'Low' in the absence of any parent-guaranteed debt or
cross-default provisions in the parent's debt that link it with the
subsidiaries' distress.
Controlled Tariff Increases: Fitch expects tariff increases to
continue to be influenced by the government's socio-political
considerations. EVN can raise retail electricity tariffs every
three months under the regulatory framework. However, tariff
increases up to 5% face scrutiny from the authorities, while
increases between 5% and 10% require approval from the Ministry of
Industry and Trade, and larger increases need the prime minister's
approval.
Low ROE: Fitch expects the PCs' return on equity (ROE) to remain
low, averaging 0.2%-2% from 2024 to 2027. EVN sets the bulk-supply
tariff (BST), the major cost component for the PCs, with the aim of
providing them with a modest profit. The BST's considerations
include variances in earnings from the PCs' customer profiles as
well as their capital intensity.
Strong Market Position; Demand Recovery: The PCs benefit from their
monopoly positions in electricity distribution in Vietnam. Fitch
expects Vietnam's strong growth prospects to continue to drive
power demand and revenue growth for the PCs over the medium term.
Fitch estimates electricity demand for the PCs to rise by 6%-11% in
2024 and 4%-7% from 2025-2027.
Diversified Counterparties, Low Receivables: The PCs' credit
profiles benefit from their stable and diversified customer base,
with the top-20 customers accounting for 6%-12% of total revenue.
Lower counterparty risk is also reflected in the PCs' high
collection rates of well above 99% and their low receivables of
less than five days.
Low Leverage Despite Capex: Fitch expects capex for the PCs to
remain high in the medium term as they continue to invest to
enhance the distribution grid, and build substations and
transmission lines to improve the power supply capacity to
accommodate new capacity additions from renewable segments over the
next few years. This is in line with the government's Power
Development Plan 8.
Fitch expects EVNNPC and EVNSPC's capex to range between VND9.8
trillion and VND13.8 trillion annually during 2024-2027 and that of
EVNCPC, EVNHCMC and EVNHanoi to range between VND3.2 trillion and
VND7.6 trillion annually. Fitch estimates EBITDA net leverage of
1.3x to 2.9x for the PCs in 2024-2027 as Fitch expects their EBITDA
to rise in line with their increasing asset base.
Derivation Summary
The PCs' ratings are equalised to that of their parent, state-owned
EVN, which holds 100% of the PCs, based on 'High' incentives to
support, in line with its Parent and Subsidiary Linkage Rating
Criteria. Fitch expects the PCs' ratings to remain equalised with
EVN's if their SCPs weaken, provided its assessment of their
linkages with EVN remains unchanged.
In comparison, the rating on National Power Transmission
Corporation (EVNNPT, BB+/Stable) reflects its SCP. EVNNPT has lower
operating risk as a pure transmission company with better
geographical diversification than the PCs. Furthermore, EVNNPT's
ROE is determined by the regulator, albeit in consultation with
EVN. This compares with EVN's more significant influence over the
PCs, including determining their profitability, which explains the
PCs' one-notch lower SCPs than that of EVNNPT.
The rating of Global Power Synergy Public Company Limited (GPSC,
BBB-/Negative) incorporates a two-notch uplift from its
'bb'/'a-(tha)' SCP due to its linkage with Thailand's PTT Group.
GPSC has a lower EBITDA contribution to PTT than other key PTT
group companies and lower avoidance cost for PTT in the event of a
power disruption given the availability of back-up power supply
from Thailand's Provincial Electricity Authority. This results in
its assessment of 'Medium' strategic and operational incentives for
PTT to support GPSC.
Key Assumptions
Fitch's Key Assumptions Within Its Rating Case for the Issuers:
- Electricity demand to rise by 6%-11% in 2024 and 4%-7% annually
between 2025 and 2027.
- Weighted-average retail tariffs to increase by 4%-6% in 2024 and
2% annually in 2025-2027.
- Bulk-supply tariffs to rise by 4%-7% in 2024 and 2%-5% annually
from 2025 to 2027.
- Distribution losses to remain stable at around 1%-4% in
2024-2027.
- Capex to range from VND3.2 trillion to VND7.6 trillion annually
from 2024 to 2027 for EVNCPC, EVNHCMC and EVNHanoi.
- Capex to range from VND9.8 trillion to VND13.8 trillion annually
from 2024 to 2027 for EVNNPC and EVNSPC.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade
- Positive rating action on EVN.
Factors that could, individually or collectively, lead to negative
rating action/downgrade
- Negative rating action on EVN.
For EVN's rating, the following sensitivities were outlined by
Fitch in a Rating Action Commentary on 30 August 2024:
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on the sovereign.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on the sovereign.
Liquidity and Debt Structure
Adequate Liquidity: Fitch estimates that the PCs have adequate cash
to cover debt maturities in the next 12 months as their cash flow
from operations would be sufficient to manage annual debt
maturities. However, they would require external funds to manage
annual capex targets. Still, Fitch does not expect liquidity to be
an issue for the PCs as they benefit from strong access to domestic
debt markets and overseas development assistance due to their
direct and indirect linkages to EVN and the state, respectively.
EVNCPC's cash of around VND5.5 trillion as of 31 December 2023 can
cover debt maturities of VND2.5 trillion in the next 12 months.
Fitch expects the company to generate cash flow from operations of
VND4.6 trillion annually in 2024-2027.
EVNSPC's cash of around VND5.6 trillion as of 31 December 2023 can
cover debt maturities of VND2.7 trillion in the next 12 months.
Fitch expects the company to generate cash flow from operations of
VND7.0 trillion-8.2 trillion in 2024-2027.
EVNNPC's cash of around VND11.6 trillion as of 31 December 2023 can
cover debt maturities of VND6.9 trillion in the next 12 months.
Fitch expects the company to generate cash flow from operations of
VND11.4 trillion-12.7 trillion in 2024-2027.
EVNHCMC's cash of around VND2.0 trillion as of 31 December 2023 can
cover debt maturities of VND1.5 trillion in the next 12 months.
Fitch expects the company to generate cash flow from operations of
VND4.0 trillion-4.7 trillion in 2024-2027.
EVNHanoi's cash of around VND5.5 trillion as of 31 December 2023
can cover debt maturities of VND2.3 trillion in the next 12 months.
Fitch expects the company to generate cash flow from operations of
VND4.8 trillion-5.7 trillion in 2024-2027.
Issuer Profile
The five Vietnamese electricity distribution companies have a
monopoly over electricity distribution in their respective
operating regions in Vietnam. They are responsible for the
development, operation, and maintenance of facilities for the
distribution of electricity.
Public Ratings with Credit Linkage to other ratings
The PCs' ratings are directly linked to the credit quality of the
parent, EVN. A change in Fitch's assessment of the credit quality
of the parent would automatically result in a change in the PCs'
rating.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Hanoi Power Corporation LT IDR BB+ Affirmed BB+
Ho Chi Minh City
Power Corporation LT IDR BB+ Affirmed BB+
Northern Power Corporation LT IDR BB+ Affirmed BB+
Southern Power Corporation LT IDR BB+ Affirmed BB+
Central Power Corporation LT IDR BB+ Affirmed BB+
*********
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
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*** End of Transmission ***