/raid1/www/Hosts/bankrupt/TCRAP_Public/241004.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, October 4, 2024, Vol. 27, No. 200
Headlines
A U S T R A L I A
ARGYLE BUILDING: In Liquidation; Owes Almost AUD1.5 Million
COUTURE BAKES: Second Creditors' Meeting Set for Oct. 9
D & B BACKBONE: Second Creditors' Meeting Set for Oct. 9
MELWIDE COMMERCIAL: First Creditors' Meeting Set for Oct. 11
NICHELIVING: Launches New Brand Name Amid Incomplete Homes Issue
RECYCLE AND RESOURCE: Moody's Cuts CFR & 1st Lien Term Loan to Caa2
S&J MINERAL: Second Creditors' Meeting Set for Oct. 10
SAPPHIRE XXX 2024-2: S&P Assigns B (sf) Rating to Class F Notes
SMS PLUMBING: First Creditors' Meeting Set for Oct. 10
C H I N A
SHIMAO: Creditors Holding Over 50% of Debt Support Revamp Plan
ZW DATA: Inks Securities Purchase Agreement With Marvel Investment
F I J I
FIJI: Moody's Affirms 'B1' Issuer & Senior Unsecured Ratings
I N D I A
AKASH AGRO INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating
AKASH AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
AKE EXPORTER: CRISIL Keeps B Debt Ratings in Not Cooperating
ALPS INDUSTRIES: Insolvency Resolution Process Case Summary
ANNAPURNA UDYOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating
APL MACHINERY: CRISIL Keeps D Debt Rating in Not Cooperating
AQUAMARINE HEALTHCARE: Insolvency Resolution Process Case Summary
ARUPPUKOTTAI SHRI: CRISIL Keeps B+ Debt Rating in Not Cooperating
ASHOKA KRAFT: CRISIL Keeps B Debt Ratings in Not Cooperating
ASPG INFRASTRUCTURE: Insolvency Resolution Process Case Summary
B. BUCHA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
BADDI INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
BHAGYASHREE COLOURS: CRISIL Keeps B+ Ratings in Not Cooperating
BHANSALI JEWELLERY: CRISIL Keeps B Debt Rating in Not Cooperating
BHAVANI RICE: CARE Keeps D Debt Rating in Not Cooperating Category
BIJAPUR EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating
BIJJARAGI MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
FIREFLY LED: Insolvency Resolution Process Case Summary
GOAL EDUCATIONAL: CARE Keeps B Debt Rating in Not Cooperating
ICICI SECURITIES: NCLAT Issues Notice in Delisting Case
INDIAN INFRABUILT: CARE Keeps C Debt Ratings in Not Cooperating
KANAK PIPE: CARE Lowers Rating on INR4.95cr LT Loan to B-
KINDLE INFRAHEIGHTS: Insolvency Resolution Process Case Summary
MULTI-VERSE TECHNOLOGIES: Insolvency Process Case Summary
NARAYAN FRUITS: CARE Keeps C Debt Rating in Not Cooperating
PAUL & COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
PROFIVE ENGINEERING: CARE Cuts Rating on INR4.85cr LT Loan to B-
RAMA AGRO: CRISIL Moves D Debt Ratings to Not Cooperating
RISSALA DECOR: Insolvency Resolution Process Case Summary
SCIL CAPITAL: CARE Keeps B- Debt Rating in Not Cooperating
SEKTRA MARKETING: CARE Lowers Rating on INR14.25cr Loan to B+
SHREEYA PEANUTS: CARE Keeps C Debt Ratings in Not Cooperating
SITI NETWORKS: Lenders Ordered to Return Withdrawn Funds to Company
SOMNATH AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
SRM HOTELS: CARE Keeps D Debt Ratings in Not Cooperating Category
THREE SIXTY: CARE Keeps B- Debt Rating in Not Cooperating Category
U. C. JAIN: CARE Keeps D Debt Rating in Not Cooperating Category
V. SELVAM: CARE Reaffirms B+ Rating on INR10.68cr LT Bank Loan
VINILOK SOLUTIONS: Insolvency Resolution Process Case Summary
[*] INDIA: NCLT Pres. Seeks More Manpower to Speed Up IBC Cases
M A L A Y S I A
HO HUP: Unit Gets Restraining Order Against Creditors
SARAWAK CABLE: Seeks More Time to Submit PN17 Regularisation Plan
N E W Z E A L A N D
G P GRAZING: Court to Hear Wind-Up Petition on Oct. 10
INTERFARM IMPORTS: Court to Hear Wind-Up Petition on Oct. 17
PYNE HOLDINGS: Calibre Partners Appointed as Receivers
RML LEASE: Creditors' Proofs of Debt Due on Oct. 24
TCL BUILDERS: Creditors' Proofs of Debt Due on Nov. 8
S I N G A P O R E
CAPTAIN K: Court to Hear Wind-Up Petition on Oct. 18
GIN LIN: Court to Hear Wind-Up Petition on Oct. 18
I.S PROJECTS: Court to Hear Wind-Up Petition on Oct. 18
RG INTERNATIONAL: Commences Wind-Up Proceedings
YIFENG GLOBAL: Court to Hear Wind-Up Petition on Oct. 18
- - - - -
=================
A U S T R A L I A
=================
ARGYLE BUILDING: In Liquidation; Owes Almost AUD1.5 Million
-----------------------------------------------------------
Freddy Pawle for Daily Mail Australia reports that an Aussie
building company has gone into liquidation after racking up almost
AUD1.5 million in debt - leaving customers in the lurch waiting for
faulty builds to be rectified.
Melbourne-based company Argyle Building Services was placed into
administration on August 23 owing AUD1,474,932 to 55 creditors.
Among the dozens of creditors are six Argyle employees owed
AUD191,538 in unpaid superannuation and annual leave.
Administrator and Cor Cordis chief executive Daniel Juratowitch,
was unable to save the business and was appointed liquidator this
week, according to Daily Mail Australia.
At the time of its collapse, Argyle had been building a major
project in Williamstown which consisted of eight townhouses, a
commercial shop and an apartment.
Daily Mail Australia says a recent creditors meeting heard a number
of customers had been impacted by the faulty builds.
Industry suppliers were also among those owed money by Argyle.
The company was started in 2011 and specialised in medium density
residential developments.
According to Daily Mail Australia, Argyle director, Sam Salloum,
blamed 'numerous unpaid invoices' from developers who similarly
became insolvent for his company's collapse.
Mr. Salloum claimed that developers 'simply refused to pay' the
debts which exceeded AUD2 million.
'In a nutshell, whatever could've gone wrong, did go wrong,' he
told the Herald Sun, notes the report.
Daily Mail Australia relates that the company was forced to stop
work on a house in Toorak and another project in South Yarra
mid-construction due to unpaid bills.
The domino effect resulted in the collapse of Argyle, leaving a
large concrete supplier asking to collect materials left abandoned
at the halted Williamstown project, the report notes.
COUTURE BAKES: Second Creditors' Meeting Set for Oct. 9
-------------------------------------------------------
A second meeting of creditors in the proceedings of Couture Bakes
Pty Ltd has been set for Oct. 9, 2024 at 11:00 a.m. via online
teleconferencing/video facilities 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 Oct. 8, 2024 at 5:00 p.m.
Neil McLean and Brodie Hilet of Rodgers Reidy were appointed as
administrators of the company on Sept. 4, 2024.
D & B BACKBONE: Second Creditors' Meeting Set for Oct. 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of D & B Backbone
Limited has been set for Oct. 9, 2024 at 2:00 p.m. at the offices
of Cor Cordis at Level 29, 360 Collins Street in Melbourne.
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 Oct. 8, 2024 at 4:00 p.m.
Sam Kaso and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on Sept. 4, 2024.
MELWIDE COMMERCIAL: First Creditors' Meeting Set for Oct. 11
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Melwide
Commercial Cleaning Pty Ltd will be held on Oct. 11, 2024 at 2:00
p.m. via virtual meeting.
Andrew MacNeill of SMB Advisory was appointed as administrator of
the company on Oct. 1, 2024.
NICHELIVING: Launches New Brand Name Amid Incomplete Homes Issue
----------------------------------------------------------------
ABC News reports that a Perth builder which is fighting to retain
its building registration after failing to complete hundreds of
homes has now rebranded as a property sales company.
Western Australia's Building Services Board deregistered
Nicheliving in July, saying it was not confident the company could
pay its debts when they fell due, the ABC relays.
But a stay order issued by the State Administrative Tribunal (SAT)
allowed Nicheliving to continue operating until a full review takes
place in November.
The ABC relates that the Niche group has now moved much of its
building and property work under an entity called Australian
Property Alliance.
The APA website lists is services across house and land
developments, property management, and finance advice.
But the website contains no mention of the company's connections to
Nicheliving or its directors Ronnie Michel-Elhaj and Paul Bitdorf,
the ABC says.
This is despite a listing on the REIWA website confirming APA
shares the same address and directors as Nicheliving.
The Nicheliving website now lists few building projects.
According to the ABC, the initial decision to deregister
Nicheliving was a huge relief to customers with unfinished homes,
as it would have allowed them to claim up to AUD200,000 in
indemnity insurance to complete the work.
The stay order has since left unhappy customers in limbo, with the
SAT hearing about 200 customers, some of whom signed contracts as
far back as 2019, were still waiting for their homes to be
completed.
Some have told the ABC they were facing homelessness and were close
to bankruptcy, as their properties remained unfinished years past
the completion dates specified in their contracts.
A credit report for the company shows its debts have continued to
grow, with a tax debt of almost AUD3.8 million, the ABC discloses.
The new brand, APA, also has a tax debt of AUD1.2 million.
The ABC adds that the company is also facing legal action from a
number of unpaid contractors, including a AUD20,000 claim from a
heritage assessment company and AUD10,000 from a roofing firm.
RECYCLE AND RESOURCE: Moody's Cuts CFR & 1st Lien Term Loan to Caa2
-------------------------------------------------------------------
Moody's Ratings has downgraded Recycle and Resource Operations Pty
Limited's ("Bingo") corporate family rating and senior secured
ratings on the company's first lien term loan and revolving credit
facility to Caa2 from B3. The outlook remains negative.
RATINGS RATIONALE
Bingo's rating downgrade to Caa2 reflects the company's high
financial leverage and operating underperformance relative to
Moody's prior expectations for the year ended June 2024 (fiscal
2024). Moody's view the company's capital structure as becoming
increasingly unsustainable given its high debt load, heavy interest
expense, significant level of cash requirements and weak earnings.
These factors increase the likelihood of a balance sheet
restructuring over the medium term, including a distress exchange,
and reflects the company's aggressive financial strategy and risk
management policies, a key governance consideration in the action.
On September 19th, Bingo entered into a loan agreement with its
financial sponsors, Macquarie Infrastructure and Real Assets (MIRA)
and Government of Singapore Investment Corporation (GIC), for up to
AUD100 million. The loan is structured as a secured delayed draw
term loan (which can be drawn down in tranches over the next 18
months), ranking pari-passu with existing secured debt and maturing
in 2034. The loan has no requirement to pay interest in cash but
interest will accrue and be capitalized to debt. In addition, each
drawdown of the loan requires Special Majority (effectively Board)
approval. Moody's understand an initial drawdown of AUD40 million
was already approved and Bingo will receive the funds by the
October 4, 2024. While these funds will provide some needed
liquidity, the payment in kind (PIK) interest means the quantum of
debt will increase over time, making it harder for Bingo to reduce
leverage without a significant improvement in earnings.
Bingo's operating performance for fiscal 2024 was also weaker than
anticipated, registering EBITDA of AUD120 million, compared to
Moody's previous forecast of AUD130 million. This shortfall
reflects a challenging construction market, constrained landfill
volumes and a softening in collections and union activity at one of
its assets. Leverage – as measured by Moody's adjusted debt to
EBITDA - remained high at 8.4x, compared to Moody's previous
expectation of 7.8x.
As Moody's expect weak construction activity and waste volumes in
Bingo's key markets will continue to weigh on earnings, Moody's
anticipate Bingo's adjusted leverage will rise above 9.0x over the
next 12 months.
As of June 30, 2024, Moody's estimate Bingo's cash balance was
around AUD40 million. While the company has an AUD75 million
revolving credit facility, availability is much lower. The facility
has a springing covenant that requires Bingo to maintain net
leverage below 6.75x, when 40% or more of the revolver is drawn.
Although the facility is currently undrawn, Bingo's leverage
already exceeds 6.75x, effectively limiting access to around AUD30
million only.
Moody's assess Bingo's liquidity as weak reflecting is negative
free cash flow generation over the next 12 -18 months.
Cash and cash equivalents of around AUD40 million as of June 2024
and estimated cash from operations totaling AUD51 million through
June 30, 2025 will be insufficient to cover its capital spending
(AUD64 million), debt repayments (AUD 12 million) and penalty
payments (AUD19 million) over the same period. The company is also
required to pay around AUD103 million by December 31, 2024 for the
acquisition of adjacent land at Eastern Creek.
The company has acquired additional liquidity from the delayed draw
term loan (AUD40 million) and has access to a portion of its RCF,
but Bingo will still require additional funding to cover all of its
cash requirements over the next 12 months. Further negative rating
pressure could emerge if the company is unable to execute a funding
strategy for the option land payment.
The majority of Bingo's debt matures in July 2028, while its
revolving credit facility expires in July 2026.
Bingo's Caa2 rating continues to reflect its strong market position
as the leading vertically integrated player in B&D waste, in the
Australian state of New South Wales. The company owns a network of
well-located post-collection waste facilities that is difficult to
replicate, supporting its earnings generation and providing
considerable barriers to entry. Bingo has historically generated
solid margins due to its vertical integration and advanced
recycling capabilities, which help raise margins through diversion
of waste from landfill, thereby avoiding substantial landfill
levies imposed by the government.
RATING OUTLOOK
The negative outlook reflects Moody's expectations of limited
earnings growth, negative free cash flows over the next 12 to 18
months and increased financial risk (including the heightened
possibility of a debt restructuring) given the company's high
leverage and weak liquidity.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
Environmental, social and governance (ESG) considerations have a
negative impact on Bingo's credit ratings (CIS-5). This reflects
mainly governance risks driven by the company's aggressive
financial strategy and risk management policies, private equity
ownership, which can result in prioritization of shareholder
interests over creditor interests, such as more aggressive growth
plans and strategies, including a tolerance for higher debt and
leverage, and track record of underperformance. The charges
relating to Bingo's price fixing in mid-2019 also presents
governance concerns, although Moody's understand that the company
has worked to enhance its compliance and governance processes under
new ownership and senior management. Bingo is also exposed to
environmental risks, particularly physical climate risks, with
abnormally wet weather negatively impacting earnings in recent
periods. Environmental considerations also include stringent
regulations and monitoring of waste management activities, where no
material issues have been disclosed recently but there have been
breaches in the past that have resulted in penalties.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the ratings is unlikely in the near term. However,
Moody's could upgrade the ratings if Bingo: (1) materially improves
its operating performance such that its capital structure becomes
sustainable, and/or (2) improves its liquidity profile and
demonstrates the ability to sustainably generate positive free
cash.
Moody's could downgrade the ratings if: (1) Bingo's liquidity
continues to deteriorate; (2) there is increased likelihood of a
default event, including a distressed exchange and/or (3) the
expectation of recovery in the event of default weakens.
METHODOLOGY
The principal methodology used in these ratings was Environmental
Services and Waste Management published in August 2024.
PROFILE
Recycle and Resource Operations Pty Limited ("Bingo") is an
Australian recycling and waste management company that provides
end-to-end solutions across the resource management supply chain
including collection, processing and recovery, disposal and waste
equipment manufacturing. Bingo primarily operates in the New South
Wales (NSW) building & demolition (B&D) waste market, which
accounts for the majority of its earnings. The company also
operates in the states of Victoria and Queensland and in commercial
& industrial (C&I) waste. In 2021, Bingo was acquired by Macquarie
Infrastructure and Real Assets and its managed funds for an
enterprise value of AUD2.6 billion.
S&J MINERAL: Second Creditors' Meeting Set for Oct. 10
------------------------------------------------------
A second meeting of creditors in the proceedings of S&J Mineral
Group Pty Ltd has been set for Oct. 10, 2024 at 2:00 p.m. at the
offices of AL Restructuring at Level 13, 50 Margaret Street in
Sydney and via virtual meeting technology.
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 Oct. 9, 2024 at 4:00 p.m.
Andre Lakomy of AL Restructuring was appointed as administrator of
the company on Sept. 4, 2024.
SAPPHIRE XXX 2024-2: S&P Assigns B (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) 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 ratings S&P has assigned to the floating-rate RMBS 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 said, "Our 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.
"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Ratings Assigned
Sapphire XXX Series 2024-2 Trust
Class A1S, A$225.00 million: AAA (sf)
Class A1L, A$360.00 million: AAA (sf)
Class A2, A$75.00 million: AAA (sf)
Class B, A$47.20 million: AA (sf)
Class C, A$15.00 million: A (sf)
Class D, A$12.70 million: BBB (sf)
Class E, A$9.80 million: BB (sf)
Class F, A$2.40 million: B (sf)
Class G1, A$1.50 million: Not rated
Class G2, A$1.40 million: Not rated
SMS PLUMBING: First Creditors' Meeting Set for Oct. 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of SMS Plumbing
Pty Ltd will be held on Oct. 10, 2024 at 11:00 a.m. via telephone
conference from Suite 1 Level 20, 20 Bond Street in Sydney.
Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Sept. 27, 2024.
=========
C H I N A
=========
SHIMAO: Creditors Holding Over 50% of Debt Support Revamp Plan
--------------------------------------------------------------
Reuters reports that Shimao Group said creditors holding more than
50% of its debt support its offshore restructuring plan, after it
amended some terms.
According to Reuters, Shimao said in a filing late on Oct. 2 the
amendments include controlling shareholders committing to not
dispose of capital stock to below 20% of total voting power, and
certain creditors being paid in mandatory convertible bonds as a
fee.
Reuters says the developer, which defaulted on $11.5 billion in
offshore debt in 2022, has been negotiating with creditors to
refine the term sheet ahead of its next liquidation hearing in
December.
Shimao also said in the filing it will again extend the deadline
for an early consent fee, an incentive for creditors to back the
restructuring plan, to Oct. 31, Reuters relates.
China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The
Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.
As reported in the Troubled Company Reporter-Asia Pacific in July
2022, Shimao Group has missed the interest and principal payment of
a US$1 billion offshore bond due on July 3, 2022.
ZW DATA: Inks Securities Purchase Agreement With Marvel Investment
------------------------------------------------------------------
ZW Data Action Technologies Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that on
September 25, 2024, the Company entered into a Securities Purchase
Agreement with Marvel Investment Limited, a British Virgin Island
company, which is owned and controlled by George Kai Chu, a
director of the Company.
Pursuant to the SPA, Marvel agreed to purchase 358,424 shares of
common stock of the Company, par value $0.001 per share for an
aggregate purchase price of US$268,818. The closing shall take
place on the date mutually agreed by the parties, subject to the
closing conditions contained in the Agreement. On the date that the
Agreement was signed, the Purchaser also entered into a lock-up
agreement with the Company, whereby the Purchaser agreed not to
transfer the shares until six-month anniversary of the date of the
Agreement.
About ZW Data Action Technologies
Beijing, China-based ZW Data Action Technologies Inc., established
in 2003, is an ecological enterprise that provides digital services
to sales and marketing channels through blockchain, big data, and
precision marketing. ZW Data Action is committed to empowering SMEs
to achieve more efficient and accurate operations and management,
resulting in additional value for clients.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated June 28, 2024, citing that the Company has an accumulated
deficit from recurring net losses and significant net operating
cash outflow for the year ended December 31, 2023. All these
factors raise substantial doubt about its ability to continue as a
going concern.
As of June 30, 2024, ZW Data had $10.8 million in total assets,
$5.6 million in total liabilities, and $5.3 million in total
stockholders' equity.
=======
F I J I
=======
FIJI: Moody's Affirms 'B1' Issuer & Senior Unsecured Ratings
------------------------------------------------------------
Moody's Ratings has affirmed the Government of Fiji's local and
foreign currency long-term issuer ratings and local currency senior
unsecured ratings at B1. Moody's maintain the outlook at stable.
The affirmation of the B1 rating reflects Moody's assessment that
Fiji's government debt burden, although declining, will remain
higher than similarly-rated peers. At the same time, Fiji's large
domestic savings and strong support from multilateral and bilateral
development partners help stabilize debt affordability and contain
liquidity risks. The rating also takes into account Fiji's small
economy and limited diversification that will continue to constrain
the economy's capacity to absorb shocks, including those related to
climate change.
The stable outlook reflects Moody's view that risks to the credit
profile are balanced. On the upside, the government could quicken
fiscal and debt consolidation more than Moody's current
expectations. This could come from stronger-than-expected growth or
the government implementing material revenue raising or expenditure
cutting measures. Fiji could also attract more investments and
boost economic diversification to a greater extent than Moody's
currently expect, boosting Fiji's long-term growth and increasing
its resilience to shocks. On the downside, moderate global growth
could weaken demand for tourism in Fiji more than Moody's currently
expect, resulting in greater growth and fiscal challenges than
Moody's currently expect. Severe shocks, such as from climate
events, could also drive rapid declines in growth and government's
fiscal position leading to significant deterioration in Fiji's
credit quality.
Fiji's local and foreign currency country ceilings remain unchanged
at Ba1 and B1 respectively. The three notch gap between the local
currency ceiling and sovereign rating reflects Fiji's moderately
strong institutions and moderate political and external
vulnerability risks, balanced against a reliance on tourism that
represents a common risk for the government and non-government
issuers in the country. The foreign currency ceiling of B1, three
notches below the local-currency ceiling, reflects limited capital
account openness and a moderate but rising stock of external debt,
which may result in transfer and convertibility restrictions at
times of perceived need, notwithstanding currently steady foreign
reserves buffers.
RATINGS RATIONALE
RATIONALE FOR AFFIRMATING B1 RATING
DEBT BURDEN TO DECLINE GRADUALLY, BUT REMAIN HIGHER THAN PEERS
Fiji's government debt as a share of GDP has declined, but remains
high. A combination of high nominal growth and material
revenue-raising measures that the government implemented in FY2024
(ending July 2024), supported a large decline in the government
debt to 78.3% of GDP in FY2024 from 90.6% in FY2022.
Fiji's fiscal deficit narrowed to 3.4% of GDP in FY2024, compared
to 7.1% in FY2023. Moody's expect government revenue to reach 27.7%
of GDP in FY2024 (FY2023: 23.1%), reflecting the impact of
government fiscal policies, which included an increase in VAT rate
in FY2024. In tandem, government debt declined to 78.3% of GDP in
FY2024 from 82% in FY2023.
However, fiscal consolidation has stalled. The government targets a
wider fiscal deficit of 4.5% of GDP for FY2025, driven by a 10.9%
increase in expenditure, which includes wage increases for civil
servants. The budget targets expenditure to increase to 32.5% of
GDP in FY2025 from 31.2% in FY2024. Meanwhile, the government did
not announce material revenue measures.
Moody's forecast the government debt burden to decline at a modest
pace over the next two to three years, consistent with the
government's medium term fiscal framework, keeping Fiji's debt
burden at higher levels than peers. Moody's expect the government
to return to gradual fiscal consolidation, registering fiscal
deficits of around 3-4% of GDP over FY2026-2027, keeping government
debt above 77% of GDP in FY2027. In comparison, Moody's forecast
the median B-rated sovereign's government debt at about 50% of GDP
in 2027.
Meanwhile, Moody's expect Fiji's large pool of domestic savings and
strong support from multilateral and bilateral development partners
to help stabilize debt affordability and contain liquidity risks.
The Fiji National Provident Fund (FNPF) is a major and stable
source of domestic financing for the government. The assets of the
FNPF increased to FJD9.5 billion in 2023, or about 150% of
government domestic debt, from FJD5.1 billion in 2016. The FNPF
held about 60% of total government domestic debt as at end-2023.
ECONOMIC RECOVERY HAS BEEN STRONG, BUT STRUCTURAL CHALLENGES WEIGH
ON LONG-TERM GROWTH
Fiji's economy has rebounded strongly from the pandemic, led by
rapid recovery in the tourism sector. Real GDP growth was 7.5% in
2023 (2022: 19.8%), taking the level of real GDP to 1.6% above the
pre-pandemic level.
Moody's expect growth to moderate, slowing down to about trend of
around 3% in 2024 and 2025. Economic activity in the tourism sector
will be limited by stretched hotel capacity, while labour shortages
are weighing on the progress of existing investment projects.
Meanwhile, growth in some other sectors, such as mining,
manufacturing and construction, has been tepid and remains below
pre-pandemic level. Moody's expect economic activity in these
sectors to gradually pick-up, reflecting one-off gains from
increase in Fiji Water's production and easing immigration
bottlenecks that would alleviate labour shortages.
Fiji's longer-term growth prospects are constrained by its narrowly
diversified economy that is largely dependent on the tourism sector
and high exposure to climate events. The tourism sector directly
and indirectly contributes to about 40% of Fiji's GDP. The
country's low level of investments also constrains longer-term
growth potential. World Bank data shows that Fiji's gross fixed
capital formation averaged about 19% of GDP annually from
2014-2022, compared to the average of 23% for the Pacific Island
Small States region.
To increase the country's resilience to shocks, the government is
planning measures to boost economic diversification, raise
investments and increase productivity growth. For example, to
support diversification within the tourism sector, the government
plans to broaden tourism activity across the country and diversify
its sources of tourist arrivals. To this end, the government has
partnered the World Bank to develop the tourism potential of Vanua
Levu, the country's second largest island. The government also
explores air routes to more countries. For example, Fiji Airways
will begin service to US, Dallas. Beyond tourism sector, the
government also plans to diversify its agriculture sector toward
higher value-added products, while continuing to support growth in
the business process outsourcing sector. The government has
released a National Development Plan 2025-2029, outlining Fiji's
development goals for the next three to five years.
Moody's expect the government's economic diversification plan will
take time, even as the government begins to progressively implement
measures to support investment, such as addressing issues related
to labour shortages and ease of doing business. Tangible
diversification that materially raises longer-term growth is
unlikely in the near to medium term.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's view that risks to the credit
profile are balanced.
On the upside, the government could quicken fiscal and debt
consolidation more than Moody's current expectations. This could
come from stronger-than-expected growth or the government
implementing material revenue raising or expenditure cutting
measures. Fiji could also attract more investments and boost
economic diversification to a greater extent than Moody's currently
expect, boosting Fiji's long-term growth and increasing its
resilience to shocks.
On the downside, moderate global growth could weaken demand for
tourism in Fiji more than Moody's expected, resulting in weaker
growth and greater fiscal challenges than Moody's currently expect.
Severe shocks, such as from climate events, could also drive rapid
declines in growth and government's fiscal position leading to
significant deterioration Fiji's credit quality.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Fiji's CIS-3 Credit Impact Score indicates that ESG considerations
have a limited impact on the current credit rating with potential
for greater negative impact over time because of its high exposure
to physical climate risks. However, this risk is mitigated by its
proactive climate adaptation efforts, supported by its moderate
governance strength.
Fiji's E-4 issuer profile score for environmental risk reflects the
country's high exposure to physical climate risks associated with
severe tropical cyclones and rising sea levels, that risk
disruptions to the tourism sector and in general, to the lives and
livelihoods in Fiji. Susceptibility to environmental risk is
amplified by Fiji's geography and limited economic diversification
away from weather-dependent sectors such as tourism and
agriculture. Fiji is also exposed to moderate risks related to
water management and natural capital because of its island
geography. The government has been steadily implementing measures
to reduce its vulnerability to climate events. For example, the
government has set up institutions to better adapt to climate
change. Fiji's ongoing efforts have enabled it to build some
resilience to climate events, although it remains vulnerable.
Fiji's economy has demonstrated some resilience in recent episodes
of cyclones. Early warnings were provided to population, reducing
human losses. Infrastructure services such as electricity or
airport services were restored rapidly following any disruptions
during a climate event.
Fiji's S-3 issuer profile score for social risk is driven by its
high level of youth unemployment, weak health care provision and
low life expectancy. Although infrastructure efforts in Fiji are
better than in other similar remote island economies, the provision
of basic services and infrastructure are significant challenges
because of the archipelago's geography.
Fiji's G-3 issuer profile score for governance risk reflects the
challenges of policy administration because of its small population
size and lack of technical expertise. However, this is mitigated by
Fiji's continued progress on institutional reforms – backed by
ongoing technical assistance from development partners – have
improved the rule of law and control of corruption.
GDP per capita (PPP basis, US$): 16,590 (2023) (also known as Per
Capita Income)
Real GDP growth (% change): 7.5% (2023) (also known as GDP Growth)
Inflation Rate (CPI, % change Dec/Dec): 5.1% (2023)
Gen. Gov. Financial Balance/GDP: -7.1% (2023) (also known as Fiscal
Balance)
Current Account Balance/GDP: -7.7% (2023) (also known as External
Balance)
External debt/GDP: 48.8% (2023)
Economic resiliency: ba2
Default history: No default events (on bonds or loans) have been
recorded since 1983.
On September 25, 2024, a rating committee was called to discuss the
rating of the Fiji, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has materially increased. The issuer's susceptibility to
event risks has not materially changed.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
FACTORS THAT COULD LEAD TO AN UPGRADE
The rating would likely be upgraded if the government debt burden
declined materially faster than Moody's current expectations,
pointing to higher fiscal strength. This could come from higher
governance and institutions strength, supporting the government's
ability to implement revenue-raising measures or enhance efficiency
of spending. There would also be upward rating pressures if Fiji
raises its level of investments or boost economic diversification,
more materially than Moody's currently expect, leading to
significantly stronger long-term growth.
FACTORS THAT COULD LEAD TO A DOWNGRADE
The rating would likely be downgraded if there were evidence that
Fiji's fiscal outcomes were to substantially deteriorate. This
could come from weakening fiscal discipline, large shocks such as
from natural disaster, or material disruptions to tourism. There
would also be downward rating pressures if domestic political risk
were to reemerge, with the potential to disrupt economic and fiscal
management or strained relationships with development partners,
weakening institution and fiscal strength.
The principal methodology used in these ratings was Sovereigns
published in November 2022.
=========
I N D I A
=========
AKASH AGRO INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akash Agro
Industries - Sirsa (AAI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B/Stable (Issuer Not
Cooperating)
Warehouse Receipts 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AAI 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 AAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AAI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AAI was establish in January 2018. The partners are Ms Laxmi Devi
and Mangat Raj, while the business is entirely managed by Mr.
Shamlal Goyal. AAI is engaged in cotton ginning and pressing. It
also trade in cotton. It has its manufacturing facility located in
Sirsa, Haryana.
AKASH AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akash Agro
Industries (AAI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.25 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 2.00 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AAI 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 AAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AAI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2006, AAI is a partnership firm promoted by Mr.
Jayesh Patel and his family members. They have experience of over a
decade in the agricultural commodities industry. The firm processes
and trades in psyllium seed husk.
AKE EXPORTER: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AKE Exporter
Private Limited (AKE) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 4.9 CRISIL B/Stable (Issuer Not
Credit Cooperating)
Proposed Fund- 0.1 CRISIL B/Stable (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with AKE 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 AKE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AKE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AKE continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2013, AKE is owned and promoted by Mr. Anil Kumar
Lakhotia and Ms Anjana Lakhotia. The company manufactures and
exports leather and leather products such as wallets and bags. The
manufacturing facility is in Kolkata.
ALPS INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: ALPS industries ltd
Registered Address:
Plot No. 15-B, G.T. Road,
Chaudhary Morh, Ghazaibad,
Uttar Pradesh, India 201001
Insolvency Commencement Date: September 13, 2024
Court: National Company Law Tribunal, New Delhi
Estimated date of closure of
insolvency resolution process: March 15, 2025
Insolvency professional: Hemant Sharma
Interim Resolution
Professional: Hemant Sharma
C-10, LGF, Lajpat Nagar-III
New Delhi,
National Capital Territory of Delhi 110024
Email: hermant78sharma@yahoo.com
Email: cirp.alps@gmail.com
Last date for
submission of claims: September 30, 2024
ANNAPURNA UDYOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Annapurna
Udyog (AU) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit-Stock 3 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AU 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 AU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AU is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AU
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AU is a partnership firm set up by Mr. Mithlesh Gupta and his
brother, Mr. Sant Kumar Gupta in 1994. It processes pulses such as
masoor, matar, and chana dal. It has a milling capacity of 70
quintal per hour for masoor and 25-30 quintal per hour for chana,
and a sorting capacity of 50 quintal per hour, at its plant in
Kanpur, Uttar Pradesh.
APL MACHINERY: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of APL Machinery
Private Limited (APL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APL 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 APL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1995, APL is promoted by Mr. Chander Prakash Paul
and his wife Mrs Swati Paul. The company manufactures screen
printing machines and ultra violet curing machinery at its facility
is in Faridabad, Haryana.
AQUAMARINE HEALTHCARE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Aquamarine Healthcare Private Limited
Registered Address:
House No. 2, 2nd Floor, Block 1,
State Bank Colony,
nearby Petrol Pump,
Gujranwala Colony,
Delhi, India 110009
Insolvency Commencement Date: September 10, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: March 9, 2025
Insolvency professional: Ashok Kumar
Interim Resolution
Professional: Ashok Kumar
Garg Ashok & Company
A-263/1, First Floor,
Derawal Nagar, Delhi - 110009
E-mail: gargashokca@gmail.com
E-mail: cirp.aquamarinehealth@gmail.com
Last date for
submission of claims: September 24, 2024
ARUPPUKOTTAI SHRI: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aruppukottai
Shri Vijayalakshmi Textile MillsPrivate Limited (AVTPL) continues
to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.75 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AVTPL 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 AVTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVTPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AVTPL was established in 1987 to manufacture cotton yarn. The
company has 3533 rotors in its manufacturing unit at Aruppukottai
in Tamil Nadu. It was managed by Mr. Dinakaran, one of the
promoters, from 1987 to 2005, after which, his sister Ms
Renugadhevi, took over the management.
ASHOKA KRAFT: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashoka Kraft
Paper Mills L.L.P (Ashoka) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 16 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Ashoka 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 Ashoka, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Ashoka is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Ashoka continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Ashoka Kraft, a limited liability partnership firm, was established
on May 3, 2013. The firm manufactures kraft paper; it has an
installed capacity of 30,000 tonnes per annum at its facility in
Assam. The firm's product is mainly used for manufacturing of
corrugated boxes used for packaging.
ASPG INFRASTRUCTURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: ASPG Infrastructure Private Limited
Registered Address:
F-93A, Ground Floor,
Gali No. 7, Jagatpuri,
East Delhi, New Delhi 110051
Office:
Plot No.- 130011, Gogal Road, Partapur,
Near Parag Milk Plant, Meerut,
Uttar Pradesh- 250103
Insolvency Commencement Date: September 12, 2024
Court: National Company Law Tribunal, New Delhi Bench-VI
Estimated date of closure of
insolvency resolution process: March 11, 2025
Insolvency professional: Niraj Kumar
Interim Resolution
Professional: Niraj Kumar
E-47, IARI Pusa Campus,
New Delhi 110012
E-mail: njhaandco@gmail.com
-- and --
205, Ansal Imperial Tower,
C-Block Community Centre,
Naraina Vihar, New Delhi-110028
Email: cirp.aspg@gmail.com
Last date for
submission of claims: September 26, 2024
B. BUCHA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B. Bucha
Reddy and Co (BBRC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 5.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BBRC 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 BBRC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BBRC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1991 by Mr. B Bucha Reddy, BBRC is a partnership
firm engaged in civil construction work, mainly related to
irrigation projects in Andhra Pradesh (AP).
BADDI INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Baddi
Infrastructure (BI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 6 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BI 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 BI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of BI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
BI has been got incorporated as a Special Purpose Vehicle (SPV) of
BBN Industries Association. The SPV was got incorporated on 6th of
May 2010 and was got converted as a Section-25 Company under the
Companies Act, 1956 on 21st of September 2010 as per guidelines of
Ministry of Commerce and Industry. BI is engaged in various
infrastructure development projects such as common effluent
treatment plant, technical training institute, widening and
strengthening of roads in the Baddi-Barotiwala-Nalagarh (BBN)
industrial cluster.
BHAGYASHREE COLOURS: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagyashree
Colours Private Limited (BCPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.50 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.84 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.66 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BCPL 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 BCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BCPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
BCPL, incorporated in 2008, manufactures master batches (a compound
used primarily as a colouring agent for plastics) and fillers. The
company is located in Bengaluru and the operations are managed by
Mr.Ravindra Somani.
BHANSALI JEWELLERY: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhansali
Jewellery House (BJH) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BJH 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 BJH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BJH
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BJH continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2003, BJH is engaged in trading of bullion along
with manufacturing & trading of gold, diamond & silver jewelries.
BJH has branches in Mumbai, Nagpur and Kolkata. BJH is owned &
managed by Mr. Jayant Bhansali and Mr. Pankaj Bhansali.
BHAVANI RICE: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhavani
Rice Mill (BRM) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 11,
2023, placed the rating(s) of BRM under the ‘issuer
non-cooperating’ category as BRM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BRM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
27, 2024, August 6, 2024, August 16, 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).
Bavla (Gujarat) based Bhavani Rice Mill (BRM) was established in
1975 as a proprietorship firm by Mr. Bhailalbhai Patel and later
converted into partnership firm. BRM is engaged in the milling and
processing of non-basmati rice. BRM is operating from its sole
manufacturing plant located in Bavla (Gujarat).
BIJAPUR EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bijapur
Education and Social Welfare Society (BESWS) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 2, 2023,
placed the rating(s) of BESWS under the ‘issuer
non-cooperating’ category as BESWS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BESWS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
17, 2024, June 27, 2024, July 7, 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).
Bijapur Education and Social Welfare Society (BESWS) was
established under the Societies Registration Act in 2003 by Ms.
Sheela M Hurali and Dr. Suresh B Biradar. The society operates two
schools and two Pre -university Education colleges in Vijayapur.
The trustees established Ajeet Education Society in 2000 and
operates one school under the society. The trustees have submitted
a proposal to merge the two societies into Bijapur Education and
Social Welfare Society. BESWS operates four institutions namely,
Vishwabharati Public School, Vishwabharati Model High School,
Shantiniketan Pre-University Science and Commerce College
(Vijayapur) and Shantiniketan Pre-University Science and Commerce
College (Dharawad). One school namely, Shantiniketan Preprimary
School is operated under Ajeet Education Society. The registered
office of the society is located in Vijayapur, Karnataka.
BIJJARAGI MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bijjaragi
Motors (BM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (Issuer Not
Cooperating)
Inventory Funding 5 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with BM 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 BM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of BM
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 2008, BM is an authorised dealer of passenger vehicles
and spare parts of TML for Bijapur and Bagalkot. The firm is
promoted by Mr. Raju Bijjargi and his family.
FIREFLY LED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Firefly Led Products Private Limited
Registered Address:
Nirav No. 6,
Gaondevi Industrial Estate,
Sativali Road, Vasai-East, Thane,
Maharashtra 401208 India
Insolvency Commencement Date: August 28, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: February 24, 2025
Insolvency professional: Umesh Balaram sonkar
Interim Resolution
Professional: Umesh Balaram sonkar
10, Om Shanti CHS,
Plot no. 8/10/12, RD No.4 Sector-11,
New Panvel-410206
E-mail: rosonkar1603@gmail.com
E-mail: cirp.firefly@gmail.com
Phone: 7874447169
Last date for
submission of claims: September 19, 2024
GOAL EDUCATIONAL: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goal
Educational Services Private Limited (GESPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 17, 2023,
placed the rating(s) of GESPL under the ‘issuer
non-cooperating’ category as GESPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GESPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
1, 2024, June 11, 2024, June 21, 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 GESPL have been
revised on account of non-availability of requisite information.
GESPL was initially established as a proprietorship entity in the
name of Goal Practice Centre in the year 1997 and reconstituted as
a partnership firm in the year 2000 and finally it was converted
into private limited company in November 2010 with its current
name. The company was promoted and managed by Mr. Bipin Kumar and
Dr. Mamta Singh based out of Patna, Bihar. Since its inception, the
company has been engaged in imparting non-formal education (tuition
classes) in the fields of Medical and Engineering entrance
examination.
ICICI SECURITIES: NCLAT Issues Notice in Delisting Case
-------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Oct. 1 issued a notice to ICICI Securities
following an appeal by the minority shareholders against the
tribunal's order approving the financial broking firm's delisting.
A bench, led by justices Yogesh Khanna and Ajai Das Mehrotra, were
hearing petitions filed by Manu Rishi Gupta and Quant Mutual Fund,
the two minority shareholders, against the August 21 order of the
National Company Law Tribunal (NCLT), Livemint.com relates.
The two shareholders own 0.002% and 0.08%, respectively, of ICICI
Securities' paid-up equity share capital.
In its August order, the Mumbai bench of the NCLT dismissed
applications filed by minority shareholders opposing the delisting
of ICICI Securities, while allowing the company to go ahead with
the plan.
Livemint.com relates that Arun Kathpalia, senior counsel for ICICI
Securities, informed the tribunal that the objections against the
delisting scheme were filed by the shareholders before NCLT which
rejected it.
He said the appeal was filed against the scheme, and the NCLT's
dismissal of the objections had not been challenged by the
shareholders. There is a serious challenge to the maintainability
of their petition, he said.
Kathpalia added that under the Companies Act section 230(4), any
objection to the compromise or arrangement shall and only be made
by people who hold not less than 10% of the shareholding,
Livemint.com relays.
"If they (minority shareholders) are ineligible they cannot
challenge the scheme here (in NCLAT). . . A person aggrieved can
only be a person whose legal right has been infringed, and legal
right can be infringed only if one has the right in the first
place," the senior counsel said.
Livemint.com says the counsel for the shareholders informed the
court that the NCLT order had been challenged in its entirety.
The bench agreed to hear the matter on merits.
In June 2023, ICICI Securities announced its plan to delist and
merge with its parent ICICI Bank, Livemint.com recalls. The plan
was approved by shareholders in March 2024, with 72% of minority
shareholders voting in favor of the plan. On June 29, 2023, the
board of ICICI Bank approved the plan.
According to Livemint.com, the delisting plan included ICICI
Securities becoming a wholly-owned subsidiary of ICICI Bank. As
part of the plan, shareholders were to receive 67 shares of ICICI
Bank for every 100 shares of ICICI Securities held.
However, shareholders like Manu Rishi Gupta and Quantum Mutual Fund
had opposed the proposed delisting of ICICI Securities in two
different petitions, claiming that the swap will negatively impact
minority shareholders. Guptha and Quantum Mutual Fund,
respectively, own 0.002% and 0.08% of ICICI Securities' paid-up
equity share capital.
ICICI Securities contested the applications, stating that the
applicants had no locus in the matter.
Discussions on the stock's actual value were sparked by the fact
that, at the time of the announcement, the price of ICICI
Securities' shares was slightly above the INR520 initial public
offering (IPO) issue price, Livemint.com notes.
As the proposal advanced, the shareholders highlighted concerns
regarding the depressed valuation and share-swap ratio of ICICI
Securities. They also questioned the fairness of the deal,
especially given the stock's low price relative to its potential.
In November, the Reserve Bank of India approved delisting ICICI
Securities and making it ICICI Bank's wholly-owned subsidiary,
subject to certain conditions, Livemint.com says.
Later, it also received 'no objection' letters from the stock
exchanges for delisting shares of the broking arm on Nov. 29,
2023.
INDIAN INFRABUILT: CARE Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Indian
Infrabuilt Private Limited (IIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 0.50 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 6.00 CARE A4; ISSUER NOT
Bank 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 2, 2023,
placed the rating(s) of IIPL under the 'issuer non-cooperating'
category as IIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. IIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 17, 2024, June 27, 2024 and
July 7, 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).
Uttar Pradesh based, Indian Infrabuilt Private Limited (IIPL) was
incorporated in August, 2008. The company is currently being
managed by Mohammed Javed Khan, and his wife Mrs. Farah Khan. Mr.
Avesh Kaushik joined the firm as an executive director only
recently in November, 2017. The company is a Class 'A' Government
contractor, engaged in civil construction works such as
construction of roads, flyovers and finishing activities for
buildings etc. mainly for government departments like Public Works
Department (Kanpur), Kanpur Development Authority, Kanpur Nagar
Nigam, Avaz Vik as Parishad etc.
KANAK PIPE: CARE Lowers Rating on INR4.95cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kanak Pipe Industries Private Limited (KPIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.95 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 1.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 0.50 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and LT rating
downgraded from CARE B; Stable
and ST rating reaffirmed
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 17,
2023, placed the rating(s) of KPIPL under the 'issuer
non-cooperating' category as KPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
2, 2024, July 12, 2024 and July 22, 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 KPIPL have been
revised on account of non-availability of requisite information.
Kanak Pipe Industries Private Limited (KPIPL), incorporated in
1991, promoted by Mr. Lalchand Kanungo and family. An ISO certified
company, being engaged in to manufacturing of copper & copper alloy
semi products such as tube, pipes, rods, flats and other copper
alloy products. KPIPL's manufacturing plant located at Sanjan,
(Palghar) in Maharashtra.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of KPIPL into Issuer Not
Cooperating category vide press release dated May 21, 2024 on
account of its inability to carry out a review in the absence of
requisite information.
KINDLE INFRAHEIGHTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Kindle Infraheights Private Limited
Registered Address:
C-60 Vikas Marg,
Preet Vihar, Delhi,
Delhi, India 110092
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: Hemant Sethi
Interim Resolution
Professional: Hemant Sethi
C-1/2846 Sushant Lok-Phase 1
Gurugram (Haryana - 122002)
Block No. 1B, House No. 8-C
Ashok Vijar, Phase 1
Delhi 110052
Email: hemantmlsethi60@gmail.com
-- and --
AAA House, 64, Okla Estate, Phase III
Behind Modi Hills, New Delhi 110020
Email: kipl.cirp@gmail.com
Last date for
submission of claims: October 2, 2024
MULTI-VERSE TECHNOLOGIES: Insolvency Process Case Summary
---------------------------------------------------------
Debtor: Multi-Verse Technologies Private Limited
Registered Address:
#41/1, New No. 35,
Trisha Mansion, Second Floor
Nanjappa Road, Shanthinagar,
Bangalore, Bangalore,
Karnataka, India 560027
Insolvency Commencement Date: September 2, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: March 1, 2025
Insolvency professional: Shirley Mathew
Interim Resolution
Professional: Shirley Mathew
23, Fifth Cross Hutchins Road,
St. Thomas Town,
Bangalore, Karnataka 560084
E-mail: shirley@smathew.in
-- and --
#31 Wheeler Road Extension,
St. Thomas Town,
Bangalore 560084
Email: cirp.multiverse@gmail.com
Last date for
submission of claims: September 23, 2024
NARAYAN FRUITS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Narayan
Fruits & Vegetables Cold Storage Private Limited (NFVCSPL) continue
to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 8, 2023,
placed the rating(s) of NFVCSPL under the 'issuer non-cooperating'
category as NFVCSPL had failed to provide information for
monitoring of the rating as agreed to in its Rating Agreement.
NFVCSPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails dated June 23, 2024,
July 3, 2024 and July 13, 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).
Etawah, Uttar Pradesh based Narayan Fruits & Vegetables Cold
Storage Private Limited was incorporated in 2016 and commenced its
operation February, 2017. The company is being manage by Mr. Nikhil
Aggarwal. NFVCSPL is engaged in the business of renting of its cold
storage facility for potatoes to the local farmers in Etawah from
its cold storage unit with multi chambers.
PAUL & COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Paul &
Company (PC) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.34 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 12,
2023, placed the rating(s) of PC under the 'issuer non-cooperating'
category as PC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 28, 2024, August 7, 2024,
August 17, 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).
Paul & Company (PC) was established in 1978 by Mr. Narayan Paul,
Ms. Atrayee Paul and Mrs. Mina Paul. Since its establishment the
firm is engaged in the business of manufacturing of auto parts at
East Singhbhum, Jharkhand.
PROFIVE ENGINEERING: CARE Cuts Rating on INR4.85cr LT Loan to B-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Profive Engineering Private Limited (PEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.85 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 18,
2023, placed the rating(s) of PEPL under the 'issuer
non-cooperating' category as PEPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 3, 2024, July
13, 2024 and July 23, 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 have been revised on account of non-availability of
requisite information.
Incorporated in 2010, PEPL is managed by Mr. Manik Dawar, Mr.
Deepak Targe and Ms. Yogita Daware. PEPL is engaged in
manufacturing of precision machine components, CNC machine
components and fabricated machinery components. The manufacturing
unit of the company (owned) is located in Warje, Pune
(Maharashtra).
Status of non-cooperation with previous CRA: India Ratings has
continued the rating assigned to the bank facilities of PEPL under
Issuer Not Cooperating category vide press release dated May 15,
2024 on account of its inability to carry out a
review in the absence of the requisite information from the
company.
RAMA AGRO: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Rama
Agro Products (RAGP) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 4.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Working Capital 2.5 CRISIL D (ISSUER NOT
Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with RAGP for
obtaining information through letter and email dated August 13,
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 RAGP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RAGP
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RAGP to 'CRISIL D Issuer not cooperating'.
RAGP, a partnership firm set up in 2018, undertakes crushing of
castor seeds to produce de-oiled cake and refined oils. Its
facility is located at Kalyanpura Village in Kadi (Mehsana,
Gujarat). Mr. Amrut Patel and Mr. Kishan Patel are the partners.
RISSALA DECOR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Rissala Decor Private Limited
Registered Address:
537/1 Khera Devat Road,
Gurgaon, Haryana, India, 122001
Insolvency Commencement Date: September 12, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: March 11, 2025
Insolvency professional: Sandeep Chandna
Interim Resolution
Professional: Sandeep Chandna
H. No.23, GF, A Block, South City 2,
Sector 49, Sohna Road,
Gurgaon, Haryana 122018
E-mail: cssandeep@live.in
-- and --
109, First Floor,
Surya Kiran Building, 19,
Kasturba Gandhi Marg,
New Delhi - 110001
E-mail: cirp.rissala@gmail.com
Last date for
submission of claims: September 26, 2024
SCIL CAPITAL: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Scil
Capital India Private Limited (SCIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 18,
2023, placed the rating(s) of SCIPL under the 'issuer
non-cooperating' category as SCIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
3, 2024, July 13, 2024 and July 23, 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).
SCIL Capital India Private Limited (SCIL) is a part of the KVS
(Khimji Visram & Sons) group and was incorporated in August 1995.
Company is registered as NBFC. As an NBFC, the company primarily
deals in trading of equity shares, debentures and
preference shares along with investments in venture capital, mutual
funds and bonds. In addition, the company also grants
Inter-Corporate Deposits (ICDs). Furthermore, the company is also
in the business of trading and export of cotton bales. SCIL's
cotton trading arm commenced operations in August 2015.
SEKTRA MARKETING: CARE Lowers Rating on INR14.25cr Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sektra Marketing Services Private Limited (SMSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.25 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 16,
2023, placed the rating(s) of SMSPL under the 'issuer
non-cooperating' category as SMSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
1, 2024, July 11, 2024 and July 21, 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 SMSPL have been
revised on account of non-availability of requisite information.
Sektra Marketing Services Private Limited (SMSPL) was incorporated
in 2007, is a part of Sektra group which is promoted by Seksaria
family with Seksaria Trading Company Private Limited (STCPL) as
Flagship Company. SMSPL is managed by directors Mr. Himanshu
Seksaria and Mr. Piyush Seksaria who have more than a decade of
experience in distributorship of mobile phones. SMSPL started its
operations as distributor of Nokia mobile phones and accessories
across Mumbai region till 2015 and later diversified its product
portfolio with four reputed technology-based brands. SMSPL has
registered office in Mumbai and warehouses in Mumbai and Pune.
SHREEYA PEANUTS: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreeya
Peanuts Private Limited (SPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.46 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.30 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 15.00 CARE C/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 10, 2023,
placed the rating(s) of SPPL under the 'issuer non-cooperating'
category as SPPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SPPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated May 25, 2024, June 4, 2024, June
14, 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 October 2013, Shreeya Peanuts Private Limited
(SPPL) is engaged in groundnut oil milling, solvent extraction and
refinery of edible oil with an installed capacity for the oil mill
plant is 22,000 MTPA, 44,000 MTPA for the solvent plant and 22,000
MTPA for the refinery plant.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of SPPL to 'Issuer Not
Cooperating' category vide press release dated February 19, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.
Brickwork has continued the ratings assigned to the bank facilities
of SPPL to 'Issuer Not Cooperating' category vide press release
dated December 15, 2023 on account of its inability to carry out a
review in the absence of the requisite information from the
company.
SITI NETWORKS: Lenders Ordered to Return Withdrawn Funds to Company
-------------------------------------------------------------------
Livemint.com reports that an insolvency tribunal has directed Axis
Bank and other financial creditors of bankrupt Siti Networks to
repay the company INR143 crore. Siti Network, part of the Essel
Group, is undergoing insolvency proceedings.
Livemint.com relates that the tribunal's order, issued on Oct. 1,
is based on a petition filed by Asset Reconstruction Company
(India) Ltd, one of the creditors, which alleged that certain other
creditors had unlawfully withdrawn funds from Siti while a stay on
the insolvency proceedings was in effect.
After taking over the company's operations in August 2023,
resolution professional (RP) Rohit Ramesh Mehra found that Axis
Bank had withdrawn funds from Siti and distributed about INR143
crore to various other lenders, including while the stay was in
effect. These lenders included IndusInd Bank, RBL Bank, Aditya
Birla Finance, and IDBI Bank.
According to Livemint.com, on Oct. 1 the Mumbai bench of the
National Company Law Tribunal, led by Justices Laxmi Gurung and
Charanjeet Singh Gulati, said, "All the transactions and
appropriations undertaken during the stay period - i.e. between
March 2023 and August 2023 - shall be reversed and the amounts
shall be remitted back to the account of the corporate debtor
(Siti) within four weeks from today."
Asked why the tribunal took no action against Axis Bank for
withdrawing the funds, advocate Ashish Pyasi, counsel for Asset
Reconstruction Company and founder of Aendri Legal, said, "Though
the withdrawal was held to be in breach of the moratorium, as there
was no specific prayer for prosecution, no order to that effect has
been passed by the NCLT. Also the breach of the moratorium can only
be prosecuted in an appropriate court. NCLT does not have
jurisdiction over that," Livemint.com relays.
SITI Network provides cable services at 580 locations and adjoining
areas, reaching out to over 11.3 million digital customers.
The insolvency proceedings against Siti began on Feb. 22, 2023,
after IndusInd Bank petitioned the NCLT over an alleged default of
INR148 crore, according to Livemint.com. NCLT appointed Rohit
Ramesh Mehra as the resolution professional (RP) who would oversee
the day-to-day affairs of the company. Mehra invited the creditors
to submit their claims before March 8, 2023.
After the NCLT admitted the company into insolvency, Shilpi
Asthana, one of the suspended directors of Siti, challenged order
in the National Company Law Appellate Tribunal (NCLAT) in Delhi. In
an interim order on March 7, 2023, the NCLAT in effect stayed the
insolvency proceedings against the company, and Siti was handed
back over to the directors of the company.
SOMNATH AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Somnath Agro
Industries (SAI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAI for
obtaining information through letter and email dated August 14,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of SAI continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated May 16, 2024.
'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 SAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAI continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2012 as a partnership firm, SAI processes and trades
in pulses, cereals, spices and other agro commodities. The
manufacturing facility is in Halvad, Morbi in Gujarat, with
installed capacity of 21,600 metric tonne. It is owned and managed
by Mr. Hitesh Kumar Mendha and Ms Charmiben Mendha.
SRM HOTELS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of SRM Hotels
Private Limited (SHPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 62.68 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.00 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 1, 2023,
placed the rating(s) of SHPL under the 'issuer non-cooperating'
category as SHPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SHPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 16, 2024, June 26, 2024,
July 6, 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).
SHPL, promoted by Mr P Ravi, belongs to the SRM group based in
Chennai which has diversified interests in educational
institutions, transport services, engineering and construction,
hotels and others. SHPL primarily owns and operates two budget
categories i.e., three-star hotels in the name of SRM Hotels
(erstwhile Royal Southern Hotels) situated at Maraimalai Nagar,
Chennai and Trichy with an aggregate capacity of 170 rooms as at
the end of March 2020. The company also operates two other hotels
on lease basis in Tuticorin and Trichy. SHPL has also opened a new
hotel property under five-star category with a room inventory of
134 rooms at Guindy, Chennai named Ramada Plaza Chennai.
THREE SIXTY: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Three Sixty
Textiles Private Limited (TSTPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 14, 2023,
placed the rating(s) of TSTPL under the 'issuer non-cooperating'
category as TSTPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. TSTPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated May 29, 2024, June 8, 2024, 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).
Three Sixty Business Process India Private Limited was established
in the year 2007 and promoted by Mr. Kasi V Thiagarajan and Mr.T.
Nagappan as first directors of the company. During May 2012, the
company name has changed to current nomenclature Three Sixty
Textiles Private Limited (TSTPL). Later in the year 2013, the
company was taken over by Mr. S Sethuramasamy, Mr.S. Parimalam,
Mr.A. Selvakumar along with their friends and family members.
Company's registered office and factory are located in
Thanneerpanthal, Coimbatore and is engaged in trading of cotton
yarn and cloth. The company has availed moratorium from March to
August 2020 amid COVID-19 RBI guidelines.
U. C. JAIN: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of U. C. Jain
Foundation Trust (UCJFT) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 15,
2023, placed the rating(s) of UCJFT under the 'issuer
non-cooperating' category as UCJFT had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. UCJFT continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
31, 2024, August 10, 2024 and August 20, 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).
U.C. Jain Foundation Trust (UCJ) is an educational trust and was
formed in July, 2012 by Mr. U.C. Jain (aged 63 years) and his sons;
Mr. Rishab Jain (aged 32 years) and Mr. Nikhil Jain (37 years) with
the objective to provide education services. For imparting
education, the trust started school under the name of Wisdom Global
School in June, 2012 affiliated from Central Board of Secondary
Education (CBSE).
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of UCJFT into
Issuer Not Cooperating category vide press release dated August 7,
2024 on account of its inability to carry out
a review in the absence of requisite information.
CRISIL has continued the rating assigned to the bank facilities of
UCJFT into Issuer Not Cooperating category vide press release dated
December 15, 2023 on account of its inability to carry out a review
in the absence of requisite information.
V. SELVAM: CARE Reaffirms B+ Rating on INR10.68cr LT Bank Loan
--------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
V. Selvam, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 10.68 CARE B+; Stable Reaffirmed
Bank Facilities
Rationale and key rating drivers
The rating assigned to the bank facilities of V. Selvam continues
to be constrained by the small scale of operations, stretched
liquidity profile and proprietorship nature of constitution with
inherent risk of withdrawal of capital. The rating is further
constrained by the inherent cyclicality of the hospitality industry
and highly leveraged capital structure. The rating, however,
derives strength from the experienced promoter and healthy
operating margins.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Increase in scale of operation with income above INR12.00 crore
with healthy hotel occupancy levels above 75% in hotel
business.
* Improvement in the debt protection metrics with Total debt/GCA
below 6.00x.
Negative factors
* Decline in profitability margins as marked by profit before
interest, lease expenses, depreciation and taxation (PBILDT) margin
below 25% on a sustained basis.
* Increase in debt level or withdrawal of capital leading to
overall gearing above 3.00x.
Analytical approach: Standalone
Outlook: Stable
The stable outlook by CARE Ratings Limited (CARE Ratings) reflects
that the firm is expected to maintain stable operations in the
medium term aided by extensive experience of the promoter in
managing the business and improving occupancies in hotel division.
Detailed description of key rating drivers:
Key weaknesses
* Small scale of operations: The scale of operations stood small at
INR9.32 crore in FY24 (refers to the period from April 1 to March
31) albeit improved from INR8.37 crore in FY23. The hotel business
contributed around 75% (PY: 71%) of the total revenue, followed by
bar, bus service and rental income. Revenue from Hotel business
improved from INR6.21 crore in FY23 to INR7.01 crore in FY24 owing
to better occupancy. The firm has collected INR2.89 crore in 5m
FY25(refers to the period from April
01 to August 31).
* Moderate capital structure: The capital structure of the firm
marked by overall gearing stood moderate, however improved to 1.83x
as on March 31, 2024, against 2.65x as on March 31, 2023. The debt
coverage indicators marked by Total Debt/GCA also remained moderate
at 7.86x as on March 31, 2024, against 12.93x as on March 31,
2023.
* Proprietorship nature of constitution with inherent risk of
withdrawal of capital: V. Selvam is a proprietorship nature of
business wherein the inherent risk of withdrawal of capital by the
proprietary at the time of their personal contingencies
resulting in erosion of capital base leading to adverse effect on
capital structure.
Key strengths
* Experienced promoter: Mr. V. Selvam runs various businesses viz
hotel, bus transport services, wedding hall/commercial complex
rentals and auto fuel outlets. He was previously associated with
the educational sector for almost two decades and holds the
position of Vice President in one of the renowned higher
educational institutions in India, viz Vellore institute of
Technology.
* Healthy operating margins: The operating margin of the firm stood
healthy above 30% during the last three years due to the service
nature of the industry. The PBILDT Margin stood at 34.26% in FY24
as against 32.30% in FY23. The firm's hotel division is a key
driver of its impressive profitability, significantly enhancing the
overall financial performance.
Liquidity: Stretched
The liquidity profile of the firm is stretched due to small scale
of operations of hotel business coupled with tightly matched cash
accruals against term loan repayment obligations. The entity
majorly deals with customers on cash & carry basis except with
corporate customers where 15 days credit period is offered. On the
payments side, average credit period of 30 day offered to the firm
for F&B supplies.
V. Selvam is a proprietorship firm which was founded and promoted
by Mr. V. Selvam since 1990. The firm operates in various business
vertical namely Bar, bus transport service and hotel businesses.
Hotel business is functioning under the brand name of
'Khanna Fiesta' situated in Vellore, Tamil Nadu having 52 deluxe
rooms, 2 banquet hall with seating capacity of 200 persons each,
multi cuisine restaurant and separate bar facility. Khana Fiesta is
a three-star hotel which was established in the year 2016 is being
managed and operated by M/s Bergamont Hotels Private Limited as per
the agreement entered with the firm. The promoter has experience
close to 3 decades in various businesses.
VINILOK SOLUTIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Vinilok Solutions Private Limited
Registered Address:
c/o Twenty One Century Studio
Facility Private Limited
5th Floor Acropolis Mall, 1858/1,
Rajdanga Main Road, Sector 1,
East Kolkata Township, E.K. T,
Kolkata, Kolkata,
West Bengal, India, 700107
Insolvency Commencement Date: September 13, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: March 11, 2025
Insolvency professional: Chaya Gupta
Interim Resolution
Professional: Chaya Gupta
1, Bima Nagar, 202,
Almas Dreams Apartment,
Near Anand Bazaar,
Indore - 452018, MP
E-mail: guptachayacs@gmail.com
-- and --
911, Apollo Premier
Near Vijay, Nagar Square,
Indore 452010 MP
Email: cirpviniloksolutions@gmail.com
Last date for
submission of claims: September 27, 2024
[*] INDIA: NCLT Pres. Seeks More Manpower to Speed Up IBC Cases
---------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) requires more manpower to expedite the handling of
bankruptcy cases and help in the faster resolutions of stressed
assets, its president Ramalingam Sudhakar said on Oct. 1.
"Give me the number, I will give you the results," ET quotes
Sudhakar as saying at a function to mark the eighth foundation day
of the Insolvency and Bankruptcy Board of India (IBBI).
ET says the head of the adjudicating authority was responding to
concerns about delay in the admission and clearances of insolvency
cases.
According to ET, Sudhakar said the sanctioned NCLT member strength
of 63 was worked out for handling cases relating to the companies
law alone, when the Insolvency and Bankruptcy Code (IBC) didn't
exist (before 2016). Now that NCLT benches are also saddled with
IBC cases, on top of the company law ones, the strength needs to be
raised accordingly, he suggested.
ET relates that the corporate insolvency resolution process (CIRP)
is supposed to be completed within 180 days and a 90-day extension
is granted, subject to the NCLT approval. But, typically, the
process stretches on, thanks to litigation and delay in admission.
Even a 330-day deadline, which includes time spent on legal
proceedings, is hardly maintained.
About 68% of the cases where resolution is currently in progress,
the 270-day time frame has been breached, as per the IBBI data, ET
notes.
According to the report, IBBI chairman Ravi Mital said stressed
firms, on an average, lose more than a half of their value by the
time creditors take them to the insolvency court, calling on
critics to factor in such data while blaming the IBC for forcing
large haircuts on the lenders.
Mital said the cumulative recovery from stressed companies has been
more than 84% of the fair value and 161% of their liquidation value
when they were admitted for insolvency resolution.
But the recovery against the creditors' claims has been to the tune
of 32.1%, he said, indicating substantial value erosion before the
IBC was tapped by creditors. So, the IBC, he argued, can't be
blamed for the delay caused by lenders and the consequent haircuts,
ET relays.
More than 1,000 bankrupt companies have been rescued through the
IBC in the eight years of its existence, fetching the lenders about
INR3.5 lakh crore, Mital said. Of these, 450 companies were saved
in the past two years alone, which also resulted in the recovery of
Rs 1 lakh crore, he added.
Under the Indian insolvency ecosystem, financial creditors
effectively take the reins of the company when the insolvency
application is admitted by the NCLT, which is not the case in many
countries where the debtor continues to exercise control over the
firm during bankruptcy resolution, Mital, as cited by ET, said.
So, the Indian ecosystem is more prone to litigations caused by the
promoters' dogged pursuit to retain control of their firms, which
lead to delays in rescue of stressed assets and further value
erosion, he said, explaining a key reason behind the delay, adds
ET.
===============
M A L A Y S I A
===============
HO HUP: Unit Gets Restraining Order Against Creditors
-----------------------------------------------------
The Edge Malaysia reports that Ho Hup Construction Company Bhd said
its 52%-owned unit, Golden Wave Sdn Bhd (GWSB), has obtained an
interim restraining order from the High Court in Kota Kinabalu,
shielding it from legal actions by its creditors.
This follows the dismissal of GWSB's application to be placed under
judicial management by the High Court in Kuala Lumpur on the same
day, the Edge relates.
GWSB applied with the High Court to be placed under judicial
management in May 2024.
Judicial management is a corporate rescue mechanism that allows
companies unable to pay their debts to appoint a judicial manager,
triggering an automatic interim moratorium to protect them from
litigation during the application process.
With the dismissal, the interim moratorium will be lifted, meaning
GWSB may no longer be protected from legal and arbitration
proceedings against it, the Edge notes.
On the restraining order, Ho Hup said in a filing with the stock
exchange that the application was filed by Accolades Project
Consultancy Sdn Bhd pursuant to Section 368 of the Companies Act
2016.
The Edge relates that the order imposes an immediate two-month
moratorium, during which GWSB cannot be wound up, according to the
beleaguered construction firm.
Additionally, any enforcement of charges or legal actions against
GWSB will require court approval during this period, Ho Hup noted.
According to the Edge, Ho Hup said GWSB will obtain advice from its
solicitors concerning both the judicial management dismissal and
the restraining order.
GWSB is 70%-owned by Ho Hup's property development division, Ho Hup
Ventures (KK) Sdn Bhd, which is in turn 75%-owned by Ho Hup.
Notably, Ho Hup and HHVKK are currently being sued by Sabah
Development Bank Bhd (SDB) over a loan facility granted to GWSB.
In a filing made in early September, Ho Hup said that it is being
sued in its capacity as a corporate guarantor for GWSB, while Ho
Hup Ventures is being sued by SDB as a shareholder of GWSB, the
Edge recalls.
At that time, Ho Hup noted that SDB had withdrawn all claims and
suits against GWSB after the latter filed for judicial management.
Ho Hup has been in the red for over two financial years, with its
net loss swelling to MYR19.7 million in the second quarter ended
June 30, 2024, compared with MYR1.39 million a year ago, due to
restructuring efforts and decreased sales in the property
development and construction divisions, the Edge discloses. Revenue
fell 68.1% year-on-year to MYR21.74 million from MYR68.13 million.
As of June, the group had cash and bank balances of MYR17.2 million
and total borrowings of MYR491.8 million.
About Ho Hup
Based in Malaysia, Ho Hup Construction Company Berhad --
https://www.hohupgroup.com.my/ -- engages in foundation and civil
engineering, and building contracting works. The company operates
through Construction, Property Development, Building Materials, and
Others segments. It also engages in building contracting works,
engineering, procurement, construction, and commissioning of
pipeline system. In addition, the company builds foundation and
civil engineering related works. Further, it manufactures and
distributes ready-mixed concrete and quarry operation.
Additionally, it is involved in trading, asset, and retail
management activities.
SARAWAK CABLE: Seeks More Time to Submit PN17 Regularisation Plan
-----------------------------------------------------------------
Malacca Securities, on behalf of the Board of Directors of Sarawak
Cable Berhad, on Sept. 30, 2024 sought an extension of time from
Bursa Malaysia Securities Bhd to submit the company's
regularisation plan.
The application is still pending decision from Bursa Securities,
the company said in a Bursa filing on Oct. 1.
Malaysian-based Sarawak Cable Bhd manufactures cables and wires. It
operates in four segments The Sale of power cables and conductors
segment supplies power cables and conductors components, sale of
galvanized steel products, and steel structures segment supplies
galvanized steel products and steel structures and galvanizing
services. The transmission lines construction segment involves
supply, installation, and commissioning of transmission line
projects. And the corporate segment is involved in Group-level
corporate and management services.
In September 2022, Sarawak Cable Bhd said it triggered the criteria
of a Practice Note 17 (PN17) company following a disclaimer of
opinion expressed by its external auditor. It said it is in the
midst of formulating a regularisation plan to address the PN17
status.
On July 9, 2024, the Kuala Lumpur High Court allowed the
application from the solicitors acting on behalf of Messrs. Krish
Maniam & Co for the company to be placed under interim judicial
management and that Lim Sin Han of Messrs Sin Han & Co. be
appointed as the Judicial Manager of the Company.
=====================
N E W Z E A L A N D
=====================
G P GRAZING: Court to Hear Wind-Up Petition on Oct. 10
------------------------------------------------------
A petition to wind up the operations of G P Grazing Limited will be
heard before the High Court at Invercargill on Oct. 10, 2024, at
11:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 9, 2024.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
INTERFARM IMPORTS: Court to Hear Wind-Up Petition on Oct. 17
------------------------------------------------------------
A petition to wind up the operations of Interfarm Imports Limited
will be heard before the High Court at Napier on Oct. 17, 2024, at
2:15 p.m.
Cliff Ford Earthworks Limited filed the petition against the
company on Aug. 26, 2024.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
Level 19
191 Queen Street
Auckland
PYNE HOLDINGS: Calibre Partners Appointed as Receivers
------------------------------------------------------
Neale Jackson and Daniel Stoneman of Calibre Partners on March 30,
2024, were appointed as receivers and managers of Pyne Holdings
Limited.
The receivers and managers may be reached at:
Calibre Partners
Level 21
88 Shortland Street
Auckland
RML LEASE: Creditors' Proofs of Debt Due on Oct. 24
---------------------------------------------------
Creditors of RML Lease Limited and Xmen Logging Limited are
required to file their proofs of debt by Oct. 24, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Sept. 26, 2024.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
TCL BUILDERS: Creditors' Proofs of Debt Due on Nov. 8
-----------------------------------------------------
Creditors of TCL Builders Limited are required to file their proofs
of debt by Nov. 8, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 26, 2024.
The company's liquidators are:
Lynda Smart
Paul Vlasic
Rodgers Reidy
PO Box 39090
Harewood
Christchurch 8545
=================
S I N G A P O R E
=================
CAPTAIN K: Court to Hear Wind-Up Petition on Oct. 18
----------------------------------------------------
A petition to wind up the operations of Captain K F&B Management
Pte Ltd will be heard before the High Court of Singapore on Oct.
18, 2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Sept. 25, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
GIN LIN: Court to Hear Wind-Up Petition on Oct. 18
--------------------------------------------------
A petition to wind up the operations of Gin Lin Pte Ltd will be
heard before the High Court of Singapore on Oct. 18, 2024, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
Sept. 25, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
I.S PROJECTS: Court to Hear Wind-Up Petition on Oct. 18
-------------------------------------------------------
A petition to wind up the operations of I.S Projects (S) Pte Ltd
will be heard before the High Court of Singapore on Oct. 18, 2024,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Sept. 23, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
RG INTERNATIONAL: Commences Wind-Up Proceedings
-----------------------------------------------
Members of RG International Commodities Pte Ltd on Sept. 25, 2024,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Abuthahir Abdul Gafoor
Yessica Budiman
AAG Corporate Advisory
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
YIFENG GLOBAL: Court to Hear Wind-Up Petition on Oct. 18
--------------------------------------------------------
A petition to wind up the operations of Yifeng Global Pte Ltd will
be heard before the High Court of Singapore on Oct. 18, 2024, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Sept. 27, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***