/raid1/www/Hosts/bankrupt/TCRAP_Public/241009.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, October 9, 2024, Vol. 27, No. 203
Headlines
A U S T R A L I A
CIRCONOMY: Enters Into Creditors' Voluntary Liquidation
EAKIN MCCAFFERY: Second Creditors' Meeting Set for Oct. 16
GENETIC TECH: Grant Thornton Audit Pty Raises Going Concern Doubt
KELLETT AUSTRALIA: First Creditors' Meeting Set for Oct. 15
LATITUDE AUSTRALIA: Fitch Puts 'BBsf' Final Rating to Cl. E Notes
MARKIT PROJECTS: Second Creditors' Meeting Set for Oct. 14
PARNEET PTY: Second Creditors' Meeting Set for Oct. 14
REX AIRLINES: Albanese Government Called to Buy Out Carrier
SECURE FUNDING 2024-2: Moody's Assigns (P)B1 Rating to Cl. F Notes
SECURITY IN DEPTH: First Creditors' Meeting Set for Oct. 15
C H I N A
AIRNET TECH: Reports $19.9-Mil. Net Income in H1 2024
DATASEA INC: Signs Subscription Deals for 1.9 Mil. Common Shares
I N D I A
ADAPTIO FACILITY: Insolvency Resolution Process Case Summary
ASD TRADING: Voluntary Liquidation Process Case Summary
BEKO DIMON: ICRA Keeps D Debt Ratings in Not Cooperating Category
C.E.O.A EDUCATIONAL: ICRA Lowers Rating on INR7.50cr Loan to B+
CALL EXPRESS: ICRA Keeps D Ratings in Not Cooperating Category
CHANNEL INDIA: Voluntary Liquidation Process Case Summary
EMPEE HOTELS: CARE Keeps D Debt Rating in Not Cooperating Category
EQUIMEDICAL PRIVATE: Voluntary Liquidation Process Case Summary
G.D. METSTEEL: CARE Lowers Rating on INR27cr LT Loan to B-
GANPATI FOODS: CARE Lowers Rating on INR28cr LT Loan to B+
GAURISHANKER BIHANI: ICRA Keeps B+ Ratings in Not Cooperating
GENEX POLYFAB: Insolvency Resolution Process Case Summary
GODDESS TEXTILES: Insolvency Resolution Process Case Summary
GUPTA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
HARI PULSES: CARE Keeps B- Debt Rating in Not Cooperating Category
HINDUSTAN PRODUCE: CARE Keeps D Debt Ratings in Not Cooperating
ISKRUPA MALL: Insolvency Resolution Process Case Summary
JAIN TIMBER: Liquidation Process Case Summary
JANS COPPER: Liquidation Process Case Summary
M.D. AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
MAHABIR INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
MANSA DEVI: ICRA Keeps B+ Debt Rating in Not Cooperating Category
MICRON SEMICONDUCTOR: Voluntary Liquidation Process Case Summary
NAGARJUNA FERTILIZERS: CARE Keeps D Ratings in Not Cooperating
NAGRAJ INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
NANDI IRRIGATION: ICRA Lowers Rating on INR6.0cr LT Loan to D
NATIONAL PLASTICS: CARE Keeps B- Debt Rating in Not Cooperating
NEWPORT INVESTMENT: Voluntary Liquidation Process Case Summary
PUSHP PREM: CARE Keeps D Debt Ratings in Not Cooperating Category
RTS REALTIME: Voluntary Liquidation Process Case Summary
SD MILKPRO: CARE Keeps D Debt Rating in Not Cooperating Category
SHRIRAM FINANCE: Fitch Puts 'BB' Final Rating to Sr. Secured Bonds
SIYARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating
SL RESIDENTIAL: Insolvency Resolution Process Case Summary
SMART VISIONS: CARE Keeps B- Debt Rating in Not Cooperating
SRINIVASA FARMS: CARE Lowers Rating on INR145cr LT Loan to B+
SUDALAGUNTA SUGARS: Insolvency Resolution Process Case Summary
SUN PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating
SWASTIK COPPER: Insolvency Resolution Process Case Summary
T. R. CHEMICALS: CARE Keeps D Debt Ratings in Not Cooperating
TANTIA AGROCHEMICALS: Insolvency Resolution Process Case Summary
WARM FORGINGS: CARE Keeps D Debt Ratings in Not Cooperating
WTL GARMENTS: CARE Moves B+ Debt Rating to Not Cooperating
XRBIA DEVELOPERS: Insolvency Resolution Process Case Summary
XRBIA WARAI: Insolvency Resolution Process Case Summary
YORK PRINT: CARE Keeps B- Debt Rating in Not Cooperating Category
YUMMZ FOODS: Liquidation Process Case Summary
I N D O N E S I A
CIPUTRA DEVELOPMENT: Fitch Affirms Then Withdraws 'BB-' LT IDR
LIPPO KARAWACI: Moody's Ups CFR to B3, Alters Outlook to Positive
J A P A N
JAPAN: Sees Most Bankruptcies in a Decade Amid Rising Costs
JAPAN: Struggling Regional Banks Stagger Branch Operations
M A L A Y S I A
ASPEN GROUP: Gives Notice of Three Years of Consecutive Losses
CAPITAL A: Shareholders to Vote on Aviation Biz Sale on Oct. 14, 16
N E W Z E A L A N D
CANTERBURY TEAMWEAR: Creditors' Proofs of Debt Due on Nov. 4
CONSTELLATION MOTORS: Creditors' Proofs of Debt Due on Oct. 11
ECTCH LIMITED: Court to Hear Wind-Up Petition on Oct. 31
GRANDE MEADOW: Creditors' Proofs of Debt Due on Oct. 23
LOVERIDGE ENGINEERING: Court to Hear Wind-Up Petition on Oct. 21
S I N G A P O R E
EDENSWORTH HOLDINGS: Creditors' Proofs of Debt Due on Nov. 4
KAI HONG: Creditors' Proofs of Debt Due on Nov. 6
KEPPEL CAPITAL: Creditors' Proofs of Debt Due on Nov. 4
NEW ASIA: Court Enters Wind-Up Order
PACIFIC GANSU: Creditors' Proofs of Debt Due on Nov. 3
PRIME STRUCTURES: Court Enters Wind-Up Order
S O U T H K O R E A
[*] SOUTH KOREA: To Select Insolvent Savings Banks to Revamp
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A U S T R A L I A
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CIRCONOMY: Enters Into Creditors' Voluntary Liquidation
-------------------------------------------------------
Inside Retail reports that Circonomy has entered creditors'
voluntary liquidation due to becoming financially unviable after 11
years of operation.
Initially meant to raise funds for charity while promoting
environmental sustainability, the circular economy retailer found
it difficult to sustain the business despite efforts to boost sales
and reduce costs, notes the report. Officeworks took a stake in the
business in 2022.
Liquidators James Taplin and Stefan Dopking of BRI Ferrier are now
reviewing Circonomy's operations with a view to selling the
business, Inside Retail discloses.
"While this is not the outcome we had hoped for, we are proud of
the positive impact Circonomy has made," Inside Retail quotes Yas
Grigaliunas, Circonomy founder as saying. "Our focus is now on
supporting our employees through this process in any way we can. We
understand the impact this decision will have on them, and we do
not take it lightly."
Originally founded as the World's Biggest Garage Sale in 2013,
Circonomy sells renewed furniture, technology equipment, apparel,
and toys rates.
EAKIN MCCAFFERY: Second Creditors' Meeting Set for Oct. 16
----------------------------------------------------------
A second meeting of creditors in the proceedings of Eakin McCaffery
Cox (Services) Pty Limited ATF Eakin McCaffery Cox Service Trust
has been set for Oct. 16, 2024, at 10:00 a.m. at the offices of
Rodgers Reidy, Level 12, The University Centre, 210 Clarence
Street, in Sydney, NSW, and also virtually by way of Zoom
Application.
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. 15, 2024, at 4:00 p.m.
Andrew James Barnden and Sichu Wang of Rodgers Reidy were appointed
as administrators of the company on Sept. 10, 2024.
GENETIC TECH: Grant Thornton Audit Pty Raises Going Concern Doubt
-----------------------------------------------------------------
Genetic Technologies Limited disclosed in a Form 20-F Report filed
with the U.S. Securities and Exchange Commission for the fiscal
year ended June 30, 2024, that its auditor has expressed
substantial doubt about the Company's ability to continue as a
going concern.
Melbourne, Australia-based Grant Thornton Audit Pty Ltd, the
Company's auditor since 2021, issued a 'going concern'
qualification in its report dated September 30, 2024, citing that
the Company incurred a total comprehensive loss of A$12,033,485
(2023: A$11,650,334) and net cash outflow from operations of
A$9,679,048 (2023: A$9,723,095). As at June 30, 2024, the Company
held total cash and cash equivalents of A$1,020,608 and total net
current liabilities of A$500,088. These conditions, along with
other matters, raise substantial doubt about the Company's ability
to continue as a going concern.
The Company's net loss for the year ended June 30, 2024, is
A$12,017,219, compared to a net loss of A$11,750,923 and
A$7,130,998 for the years ended June 30, 2023, and 2022,
respectively.
A full-text copy of the Company's Form 20-F is available at:
https://tinyurl.com/4k455thf
About Genetic Technologies Ltd.
Victoria, Australia-based Genetic Technologies Limited (ASX: GTG;
Nasdaq: GENE) is a diversified molecular diagnostics company. A
global leader in genomics-based tests in health, wellness, and
serious disease through its geneType and EasyDNA brands. GTG offers
cancer predictive testing and assessment tools to help physicians
to improve health outcomes for people around the world. The company
has a proprietary risk stratification platform that has been
developed over the past decade and integrates clinical and genetic
risk to deliver actionable outcomes to physicians and individuals.
Leading the world in risk prediction in oncology, cardiovascular
and metabolic diseases, Genetic Technologies continues to develop
risk assessment products. For more information, please visit
www.genetype.com
As of June 30, 2024, the Company had A$6,186,521 in total assets,
A$4,356,106 in total liabilities, and A$1,830,415 in total equity.
KELLETT AUSTRALIA: First Creditors' Meeting Set for Oct. 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Kellett
Australia Pty. Ltd. will be held on Oct. 15, 2024, at 11:00 a.m. at
the offices of SV Partners, Level 17, 200 Queen Street, in
Melbourne, Victoria, and by way of teleconference/electronic
facilities (Microsoft Teams).
Peter Gountzos and Timothy James Brace of SV Partners were
appointed as administrators of the company on Oct. 3, 2024.
LATITUDE AUSTRALIA: Fitch Puts 'BBsf' Final Rating to Cl. E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Latitude Australia
Credit Card Loan Note Trust Series 2024-2's floating-rate notes.
The issuance consists of notes backed by a pool of Australian
consumer sales finance and credit card receivables originated by
Latitude Finance Australia. The notes were issued by Perpetual
Corporate Trust Limited in its capacity as trustee of Latitude
Australia Credit Card Master Trust. This is the seventh issuance
from Latitude Australia Credit Card Master Trust.
Entity/Debt Rating Prior
----------- ------ -----
Latitude Australia
Credit Card Master
Trust
2024-2 Class A1
AU3FN0091435 LT AAAsf New Rating AAA(EXP)sf
2024-2 Class A2
AU3FN0091443 LT AAAsf New Rating AAA(EXP)sf
2024-2 Class B
AU3FN0091450 LT AAsf New Rating AA(EXP)sf
2024-2 Class C
AU3FN0091468 LT Asf New Rating A(EXP)sf
2024-2 Class D
AU3FN0091476 LT BBBsf New Rating BBB(EXP)sf
2024-2 Class E
AU3FN0091484 LT BBsf New Rating BB(EXP)sf
KEY RATING DRIVERS
Stable Receivables Performance: Portfolio performance is stable,
with gross charge-offs averaging 4.6%, yield averaging 16.7% and a
monthly payment rate (MPR) averaging 17.5% in the financial year
ended June 2024 (FY24). Yield and MPR exclude merchant service fees
and recoveries. Fitch assigned a recovery base case of 20%, as
Latitude has demonstrated a substantial, consistent and steady
recovery history. This led us to adjust the yield steady state to
exclude recoveries, reducing it to 11.5%, from 13.0%. Fitch retains
steady states of 5.25% for gross charge-offs and 12.5% for MPR.
The Stable Outlook on the note ratings is supported by Australia's
continued economic growth and tight labour market, despite rapid
interest rate hikes in 2022-2023. GDP growth was 1.0% for the year
ended June 2024 and unemployment was 4.2% in August 2024. Fitch
forecasts GDP growth of 1.1% for the full year before rising to
1.7% in 2025, with unemployment at 4.1% and increasing to 4.5% the
next year. This reflects Fitch's expectation that the effects of
restrictive monetary policy and persistent inflation will continue
to hinder domestic demand.
A summary of the steady states and rating stress applied in its
cash flow modelling is shown below:
Steady State:
Gross charge-offs: 5.25%
Recoveries: 20%
MPR: 12.5%
Gross yield: 11.5%
Purchase rate: 100%
Rating Stress:
Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf
Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.75x
Recoveries (% haircut): 60% / 48% / 36% / 27% / 18%
MPR (% decrease): 40% / 35% / 30% / 25% / 15%
Gross yield (% decrease): 35% / 30% / 25% / 20% / 15%
Purchase rate (% decrease): 90% / 85% / 75% / 65% / 55%
Originator and Servicer Risk Mitigated: Latitude is a publicly
listed company with more than a decade of experience in managing
large consumer receivable portfolios in Australia and New Zealand.
Latitude is not rated by Fitch. Servicer risk is mitigated through
back-up arrangements. Fitch undertook an operational review and
found that the operations of the originator and servicer were
comparable with that of other non-bank credit card providers.
Added Flexibility: The structure employs an originator variable
funding note (VFN) purchased and held by Latitude to add funding
flexibility that is typical and necessary for credit card trusts.
It provides credit enhancement to the rated notes, adds protection
against dilution and is used to meet risk-retention requirements. A
separate VFN provides funding flexibility for the trust.
Mitigated Counterparty Risk: Latitude acts in several capacities,
most prominently as originator, servicer and trust manager. The
degree of reliance is mitigated by the transferability of
operations, a nominated back-up servicer and a series-specific
liquidity reserve.
Mitigated Interest-Rate Risk: Interest-rate risk is mitigated by
available credit enhancement.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Unanticipated increases in charge-offs or reductions in purchase
rates or yield could produce loss levels higher than Fitch's base
case and are likely to result in a decline in credit enhancement
and remaining loss coverage levels available to the notes.
Decreased credit enhancement may make certain note ratings
susceptible to negative rating action, depending on the extent of
coverage decline. Hence, Fitch conducts sensitivity analysis by
stressing a transaction's steady-state assumptions.
This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.
Notes: Class A1 / A2 / B / C / D / E
Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
Increase charge-off steady state by 25%: AAAsf / AA+sf / AA-sf /
Asf / BBBsf / BBsf
Increase charge-off steady state by 50%: AAAsf / AA+sf / A+sf /
A-sf / BB+sf / BBsf
Increase charge-off steady state by 75%: AAAsf / AAsf / Asf /
BBB+sf / BB+sf / BB-sf
Reduce MPR steady state by 15%: AAAsf / AA+sf / AA-sf / Asf / BBBsf
/ BBsf
Reduce MPR steady state by 25%: AAAsf / AA+sf / A+sf / A-sf /
BBB-sf / BBsf
Reduce MPR steady state by 35%: AAAsf / AA-sf / Asf / BBB+sf /
BB+sf / BBsf
Reduced purchase rate by 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf
Reduced purchase rate by 75%: AAAsf / AAAsf / AAsf / Asf / BBB-sf /
BBsf
Reduced purchase rate by 100%: AAAsf / AA+sf / AA-sf / A-sf / BB+sf
/ BBsf
Reduced yield steady state by 15%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf
Reduced yield steady state by 25%: AAAsf / AAAsf / AAsf / Asf /
BBB-sf / BBsf
Reduced yield steady state by 35%: AAAsf / AAAsf / AAsf / Asf /
BBB-sf / BBsf
Rating sensitivity to increased charge-off rate and reduced MPR:
Increased charge-off rate by 25% and reduced MPR by 15%: AAAsf /
AA+sf / A+sf / BBB+sf / BB+sf / BBsf
Increased charge-off rate by 50% and reduced MPR by 25%: AA+sf /
A+sf / A-sf / BBBsf / BBsf / B+sf
Increased charge-off rate by 75% and reduced MPR by 35%: AA-sf /
A-sf / BBBsf / BB+sf / B+sf / Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Reduce charge-off steady state by 25%: AAAsf / AAAsf / AA+sf /
AA-sf / A-sf / BBBsf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction.
Prior to the series closing, Fitch sought to receive a third-party
assessment conducted on the asset portfolio information, but none
was made available to Fitch for this series.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the asset pool information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
Date of Relevant Committee
09 September 2024
The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
MARKIT PROJECTS: Second Creditors' Meeting Set for Oct. 14
----------------------------------------------------------
A second meeting of creditors in the proceedings of Markit Projects
Pty Ltd has been set for Oct. 14, 2024, at 12:00 p.m. at the
offices of Hamilton Murphy Advisory, Level 21, 114 William Street,
in Melbourne, Vic, 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. 13, 2024, at 4:00 p.m.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Sept. 6, 2024.
PARNEET PTY: Second Creditors' Meeting Set for Oct. 14
------------------------------------------------------
A second meeting of creditors in the proceedings of Parneet Pty Ltd
(formerly t/as "Flame Kitchen", "Little Mamma Mia", "Little Veneto
Champ", "Flame CafeBar & Grill" and "Little Lamb Restaurant") has
been set for Oct. 14, 2024, at 11:00 a.m. via virtual meeting.
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. 11, 2024, at 5:30 p.m.
Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of the company on Sept. 16, 2024.
REX AIRLINES: Albanese Government Called to Buy Out Carrier
-----------------------------------------------------------
News.com.au reports that the Albanese government has been called on
to buy out beleaguered airline Rex, after the regional carrier
entered voluntary administration in July.
According to news.com.au, new polling found 71 per cent of
Australians supported further government intervention to ensure Rex
could continue servicing regional routes, with only 10 per cent
disagreeing with the statement. The remaining 19 per cent said they
"didn't know".
News.com.au relates that three quarters of 1,044 respondents to the
YouGov poll said the government should take out an equity stake
when it bails out troubled companies, such as Rex.
Meanwhile, 74 per cent of respondents also said there needed to be
a new independent commission to set standards for jobs and services
in aviation, which would be separate to the proposed
consumer-facing ombuds proposed by Transport Minister Catherine
King, news.com.au relays.
According to news.com.au, Transport Workers Union (TWU) national
secretary Michael Kaine said the polling was proof Labor had a
mandate to buy into the airline.
"Regional Australia needs Rex, and this poll shows overwhelming
support for the federal government to step in and safeguard its
future," news.com.au quotes Mr. Kaine as saying. "Not only are
hundreds of aviation jobs on the line, but these routes are also
critical to regional Australia's business, tourism, healthcare and
community services. The federal government must keep Rex flying."
Since Rex's collapse, EY Australia administrators Samuel Freeman,
Justin Walsh and Adam Nikitins have been tasked with finding
another buyer for the airline, which has an extended deadline of
November 25, news.com.au notes.
In the interim, the government has guaranteed the continuation of
the airline's regional flights. Following Rex's collapse, customers
who had purchased fares between capital cities were also allowed to
rebook through Virgin Australia and Qantas at no extra charge.
While Ms. King has left the door open for a potential government
buy in, adding that "no options are off the table," she said the
government would like to see a "market led solution," news.com.au
relays.
"Regional aviation is critical to keeping Australians connected to
their families, employment opportunities and services," she said,
notes the report. "We're working closely with Rex's administrators
and have acted to guarantee regional tickets through the
administration, as well as ensuring that Rex maintain its regional
NSW slots at Sydney Airport."
About Rex Airlines
Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales. It operates scheduled
regional and domestic services. It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia. It is the primary subsidiary of Regional
Express Holdings.
On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:
* Regional Express Holdings Limited;
* Regional Express Pty Limited;
* Rex Airlines Pty Ltd;
* Rex Investment Holdings Pty Limited; and
* Air Partners Pty Ltd.
SECURE FUNDING 2024-2: Moody's Assigns (P)B1 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Secure Funding Pty Ltd as trustee of
Liberty Series 2024-2.
Issuer: Secure Funding Pty Ltd as trustee of Liberty Series 2024-2
AUD255.00 million Class A1a Notes, Assigned (P)Aaa (sf)
AUD345.00 million Class A1b Notes, Assigned (P)Aaa (sf)
AUD112.00 million Class A2 Notes, Assigned (P)Aaa (sf)
AUD7.00 million Class B Notes, Assigned (P)Aa2 (sf)
AUD12.00 million Class C Notes, Assigned (P)A2 (sf)
AUD3.00 million Class D Notes, Assigned (P)Baa2 (sf)
AUD6.00 million Class E Notes, Assigned (P)Ba2 (sf)
AUD2.00 million Class F Notes, Assigned (P)B1 (sf)
The AUD8.0 million Class G Notes are not rated by us.
The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by Liberty Financial Pty Ltd
(Liberty, unrated). Liberty is an Australian non-bank lender that
started originating non-conforming residential mortgages in 1997.
It subsequently expanded into prime residential mortgage
origination, as well as auto loans, small commercial mortgage loans
and personal loans. As of June 2024, Liberty had total receivables
of AUD14.6 billion
RATINGS RATIONALE
The provisional ratings take into account, among other factors:
-- Evaluation of the underlying receivables and their expected
performance;
-- Evaluation of the capital structure and credit enhancement
provided to the notes;
-- The liquidity reserve in the amount of 1.50% of the note
balance subject to a floor of AUD750,000;
-- The experience of Liberty as the servicer; and
-- The presence of Perpetual Trustee Company Limited as the
back-up servicer
According to Moody's analysis, the transaction benefits from credit
strengths such as subordination to the Class A1a and Class A1b
notes in excess of the Moody's individual loan analysis (MILAN)
stressed loss. However, notes that the transaction features some
credit weaknesses such as exposure to 8.7% of loans with a
scheduled LTV above 80.0% and exposure to loans to self-employed
borrowers (28.2%).
Moody's MILAN stressed loss for the collateral pool —
representing the loss that Moody's expect the portfolio to suffer
in the event of a severe recession scenario — is 4.4%. Moody's
median expected loss for this transaction is 0.8%, which represents
a stressed, through-the-cycle loss relative to Australian
historical data.
The key transactional features are as follows:
-- The notes benefit from a guarantee fee reserve available to
cover losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD2,250,000, equivalent to 0.30% of the initial invested amount of
the notes.
-- The notes will be initially repaid sequentially. The Class A2
to Class F Notes will start receiving their pro-rata share of
principal collections if certain step down conditions are satisfied
on or after the payment date in October 2026. The step down
conditions include, among others, no unreimbursed charge-offs and
the subordination to the Class A2 Notes at least doubling since
closing. While the Class G Notes do not receive principal payments
until the other notes are fully repaid, once the step down
conditions are satisfied, their pro-rata share of principal
collections will be allocated in a reverse sequential order,
starting from the Class F Notes. The principal paydown will revert
to sequential pay once the aggregate invested amount of all notes
is less than or equal to 20.0% of the aggregate initial invested
amount of all notes on the issue date, or following the payment
date in October 2028.
Key pool features are as follows:
-- The portfolio has a weighted-average seasoning of 19.3 months.
-- The portfolio has a weighted average scheduled LTV ratio of
64.0%.
-- Around 28.2% of the loans in the portfolio were extended to
self-employed borrowers.
-- Based on Moody's classifications, 13.6% of the loans in the
portfolio were extended on an alternative documentation basis.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's expectations of loss could
improve from its original expectations because of fewer defaults by
underlying obligors or higher recoveries on defaulted loans. The
Australian job market and the housing market are primary drivers of
performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in credit quality of
transaction counterparties, fraud or lack of transactional
governance.
SECURITY IN DEPTH: First Creditors' Meeting Set for Oct. 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Security In
Depth Pty Ltd will be held on Oct. 15, 2024, at 11:00 a.m. at the
offices of Level 6, 9 Barrack Street, in Sydney, NSW, and virtual
meeting technology.
Anthony Phillip Wright and Neil Robert Cussen of Olvera Advisors
were appointed as administrators of the company on Oct. 3, 2024.
=========
C H I N A
=========
AIRNET TECH: Reports $19.9-Mil. Net Income in H1 2024
-----------------------------------------------------
AirNet Technology Inc. filed with the U.S. Securities and Exchange
Commission its unaudited interim consolidated financial statements
for the first half of 2024, reporting a net income of $19.9 million
on $193,000 in revenue for the six months ended June 30, 2024,
compared to a net loss of $3.7 million on $538,000 in revenue for
the same period in 2023.
The company said, "We incurred loss from continuing operations of
$2.2 million and $2.3 million for the six months ended June 30,
2023 and 2024, respectively. As of June 30, 2024, we had an
accumulated deficit of $298.9 million and a working capital
deficiency of $26.9 million. These conditions raise substantial
doubt about our ability to continue as a going concern.
"We intend to meet the cash requirements for the next 12 months
from the date of this report through business restructuring plan
and private placement. In February 2024, we entered into share
transfer agreement with Hainan Oriental Meitong Technology
Partnership to sell the 33.67% equity interest we held in Unicom
AirNet (Beijing) Network Co., Ltd for a consideration of RMB197
million. On April 15, 2024, we completed a private placement of
US$5.7 million with certain investors. As a result, our management
prepared the unaudited condensed consolidated financial statements
assuming our company will continue as a going concern. As described
above, we had a working capital deficiency and generated negative
cash flows from operations. These conditions raise substantial
doubt about our ability to continue as a going concern.
Management's plans in regard to these matters are also described
above. We may need to raise additional funds to meet our
obligations and sustain our operations. However, there is no
assurance that the measures above can be achieved as planned. The
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
"We generally deposit our excess cash in interest-bearing bank
accounts. Although we consolidate the results of the VIEs in our
consolidated financial statements, we can only receive cash
payments from them pursuant to our contractual arrangements with
them and their shareholders. Our principal uses of cash primarily
include contractual concession fees and other investments and, to a
lesser extent, salaries and benefits for our employees and other
operating expenses. We expect that these will remain our principal
uses of cash in the foreseeable future. We may also use additional
cash to fund strategic acquisitions."
As of June 30, 2024, the Company had $96.4 million in total assets,
$85.1 million in total liabilities, and $11.3 million in total
equity.
A full-text copy of the Company's reports attached on Form 6-K with
the Securities and Exchange Commission are available at:
https://tinyurl.com/2hzp4mc7
About AirNet Technology
AirNet Technology Inc. was incorporated in the Cayman Islands on
April 12, 2007. AirNet, its subsidiaries, through its variable
interest entities and the VIEs' subsidiaries, operate its
out-of-home advertising network, primarily air travel advertising
network, in the People's Republic of China. The Company also
conducts cryptocurrencies mining business operations by its Hong
Kong subsidiary, Blockchain Dynamics Limited.
As of December 31, 2023, the Company had $115.1 million in total
assets, $101.8 million in total liabilities, and $13.4 million in
total equity.
Singapore-based Audit Alliance LLP, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
April 26, 2024, citing that the Company has a history of operating
losses and negative operating cash flows and has negative working
capital of approximately $56 million as of December 31, 2023. These
conditions indicate that a material uncertainty exists that raise
substantial doubt on the Company's ability to continue as a going
concern, the auditor said.
DATASEA INC: Signs Subscription Deals for 1.9 Mil. Common Shares
----------------------------------------------------------------
Datasea Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on Sept. 27, 2024, that it entered into
subscription agreements with three non-U.S. investors, including
Zhixin Liu, the Company's Chairman of the Board, chief executive
pfficer, president and secretary, and Fu Liu, a director of the
Company, pursuant to which the Company agreed to sell, and the
Investors agreed to purchase, an aggregate of 1,932,224 shares of
the Company's common stock, par value $0.001 per share, at a
purchase price of $2.06 per share, which was equal to the closing
price of the Common Stock on The Nasdaq Capital Market on Sept. 26,
2024. Pursuant to the terms of the Subscription Agreements, each
Investor must pay the Purchase Price for the number of Shares such
Investor purchased within 15 days of the Effective Date. In
addition, the Investors have agreed to hold the Shares for at least
180 days following the Effective Date.
Each Investor has represented that it is not a resident of the
United States and is not a "U.S. person" as defined in Rule 902(k)
of Regulation S under the Securities Act of 1933, as amended, and
is not acquiring the Shares for the account or benefit of any U.S.
person.
In reliance upon the Investors' representations to the Company, the
issuances of the Shares are exempt from the registration
requirements of the Securities Act, pursuant to Regulation S
promulgated thereunder.
About Datasea
Headquartered in Beijing, People's Republic of China, Datasea Inc.
-- http://www.dataseainc.com-- is a technology company
incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries
and operating entities located in Delaware, US, and China. The
company provides acoustic business services (focusing on high-tech
acoustic technologies and applications such as ultrasound,
infrasound, and Schumann resonance), 5G application services (5G AI
multimodal digital business), and other products and services to
various corporate and individual customers.
Los Angeles, California-based Kreit & Chiu CPA LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Sept. 26, 2024, citing that the Company had an
accumulated deficit of $39.44 million and incurred a net loss from
operations of approximately $11.38 million as of and for the year
end June 30, 2024. The Company has had recurring losses from
operations which has raised substantial doubt about the entity's
ability to continue as a going concern.
=========
I N D I A
=========
ADAPTIO FACILITY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Adaptio Facility Management Private Limited
Registered Address:
1/12 6th Cross Street
Venketashwara Nagar,
Ramapuram, Chennai 600089
Insolvency Commencement Date: September 12, 2024
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: March 10, 2025
Insolvency professional: Satyadevi Alamuri
Interim Resolution
Professional: Satyadevi Alamuri
No.23 Lake Area, 3rd Cross Street,
Nungambakkam, Chennai 600034
TAMIL NADU, INDIA
E-mail: satyadevifcs@gmail.com
E-mail: cirp.adaptio@gmail.com
Last date for
submission of claims: October 1, 2024
ASD TRADING: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: ASD Trading Private Limited
10th Floor, Room No. 47 23A
Netaji Subhas Road, Kolkata,
West Bengal, India 700001
Liquidation Commencement Date: September 20, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Anil Kumar Dubey
Meridian Splendora
Tower II, 4th Floor, Flat No. 4F
9A/1 Umakant Sen Lane,
Kolkata, West Bengal 700030
E-mail: anil@mandaassociates.in
Telephone: 8334984350
Last date for
submission of claims: October 20, 2024
BEKO DIMON: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term and Short-Term ratings of Beko Dimon
Fishing Co in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Beko Dimon Fishing Co, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Beko Dimon Fishing Company was established in the year 2003. It is
registered as a 100% Export Oriented Unit (EOU). The firm is into
manufacturing of fishing hooks, snoods, lines, swivels,
monofilament lines and rubber tubing for the long line fishing
industry and for other commercial and non-commercial fishing
purposes. The firm has its manufacturing 2 facility in Nilgiris
with a built up area of approximately 1830 sq m. in 1.0 acre of
land. It has a capacity to manufacture 20,000 to 25,000 hooks per
day which would increase to ~200,000 hooks per day with the
installation of the new machinery.
C.E.O.A EDUCATIONAL: ICRA Lowers Rating on INR7.50cr Loan to B+
---------------------------------------------------------------
ICRA has downgraded and moved the rating for the bank facilities of
C.E.O.A Educational Society (CEOA) to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; downgraded from
Cash Credit ICRA]BB+ (Stable) and moved to
'Issuer Not Cooperating'
category
The rating downgrade is because of lack of updated information on
CEOA's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating, as the rating does not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As a part of its process and in accordance with its rating
agreement with CEOA, ICRA has been trying to seek information from
the entity so as to monitor its performance. Despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In absence of requisite information and in line
with the aforesaid policy of ICRA, the rating has been moved to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.
CEOA Matriculation School was started in 1995 under the leadership
of Mr. Raja Climax, along with a team of Central Excise officers
with a student strength of 43 in Mahatma Gandhi Nagar, Madurai. By
2000-01, the school achieved a massive strength and started
operating from two branches - one at Kosakulam and another at
Officers Town, both functioning in owned spacious buildings. Apart
from the above, the society now operates five more schools and an
art and science college in various cities across Tamil Nadu and
provides education to more than 9,000 students.
CALL EXPRESS: ICRA Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-term and Short-Term ratings of Call Express
Construction India Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 50.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 10.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Call Express Construction India Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2006, Call Express Construction (India) Private
Limited (Call Express) is a Chennai based realestate company
involved in the development of residential and commercial projects.
The focus of the company has been primarily on project planning and
land acquisition. The company completed its first residential
project – Euphoria in 2011. Its second residential project –
Ushera, categorized under ultra luxury segment is in the early
stages of construction is expected to be completed by March 2019.
CHANNEL INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Channel India Business Solutions Private Limited
Cabin Type 306 Golden Square Serviced
and Virtual Office
1101, 2nd Floor, 24th Main,
1st Phase (Above ICICI Bank),
J P Nagar, Bangalore, Bangalore South,
Karnataka, India, 560078
Liquidation Commencement Date: September 20, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Hemant J Mehta
D613/614, Neelkanth Business Park,
Nathani Road, Vidyavihar West,
Mumbai City, Maharashtra - 400086
Mobile No: 9821261193
E-mail: vlchannelindia@gmail.com
E-mail: hemant@apmh.in
Last date for
submission of claims: October 20, 2024
EMPEE HOTELS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Empee
Hotels Ltd. (EHL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 185.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from EHL to monitor
the rating(s) vide letter/e-mail communications dated September 24,
2024, September 2, 2024 & August 23, 2024. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Empee Hotels Limited's proposed NCDs will now
be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Analytical approach: Standalone
Outlook: Stable
Detailed description of key rating drivers:
At the time of last rating on July 17, 2023, the following were the
rating weaknesses and strengths.
Key weaknesses
* Ongoing delays in debt obligations to Edelweiss Asset
Reconstruction Company (EARC): On account of consistent liquidity
issues, the company has delayed meeting the debt obligations for
the period of FY20, FY21 and FY22. The company entered into
one-time settlement (OTS) agreement with the lender (EARC) during
March 2022, as per which the company was liable to pay Rs 205
crore, by May 31, 2022. The company could pay only Rs 17 crore out
of the total outstanding amount as on date (June 17, 2022). The
proceeds from the proposed NCD would be utilized towards settling
the amount of OTS and the balance amount is proposed to be paid by
promoters. However, EARC filed a petition against Empee Hotels in
NCLT invoking Section 7 of the IBC. The final decision of the
petition is still pending.
* Weak Financial Profile: The company has a weak financial risk
profile characterized by high leverage and poor debt coverage
indicators. Going forward, EHL's cash flow from hotel operations
would not be sufficient to meet the debt obligations related to
proposed NCDs. Hence, there would be significant reliance on
promoters for timely fund infusion to repay the quarterly interest
obligations and bullet principal repayment at the end of two years.
The promoters are expected to monetize some of their assets or
develop another land in JV for a commercial real estate project to
meet the debt obligations related to proposed NCDs.
Key strengths
* Experienced promoters: EHL is promoted by Mr. MP Purshothaman who
is also serving as Chairman of EHL. Mr. MP Purshothaman has
extensive experience of over five decades in hospitality business
and has also held the position of President of Tamil Nadu Hotels
and Restaurants Association for close to 22 years. Mrs. Nisha
Purshothaman, who is serving as a Managing Director of EHL also has
a rich experience of over 3 decades in hoteling and hospitality
business.
* Favourable location of hotels and strong Brand image of 'Hilton':
The hotel is located in Ekkaduthangal, which is proximity to the
Chennai airport and IT clusters of Chennai. Chennai has the sixth
busiest airport in the country (based on passenger traffic in
2021-22), and also enjoys the status of being the second largest
exporter of Information technology and business process outsourcing
(BPO) services, after Bengaluru, in India. Thus, owing to the
hotel's favorable location, EHL benefits from an influx of business
and leisure travellers.
Further, EHL has a long-term association with Hilton group, UK
which is one of the largest hospitality brands across the world and
has a stellar reputation among the international business and
leisure travellers. The hotel is operated by the name 'Hotel
Hilton' and is fully managed by the Hilton group. In consideration,
Hilton charges from EHL 2% of revenue as management fees and a
further 8% of gross operating profit as incentive fees, which is
calculated as per defined terms, for managing the hotel. Further
EHL also shares 2% of revenue as group service benefit fees (GSB)
with Hilton.
Empee Hotels Ltd (EHL) was incorporated in 2004 primarily to
develop a 5-star deluxe hotel project in Chennai. The company
commenced its operations in 2011. EHL is promoted by Mr.M.P.
Purushothaman, Chairman of Empee group of companies. EHL
currently owns a 204 rooms 5-star deluxe category hotel in the name
of 'Hilton, Chennai' at Ekkaduthangal, located within proximity to
Chennai International Airport and IT clusters in Chennai. The major
shareholding in EHL is held by Empee
International Hotels and Resorts Ltd (EIHRL), a closely held
company promoted by the Empee group. The Hotel is fully managed by
the Hilton Group, UK in consideration of management, incentive fee
and group sharing fees.
EQUIMEDICAL PRIVATE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Equimedical Private Limited
No. 17/1, 3rd Cross, Malleshwaram,
Bangalore, Karnataka 560003, India
Liquidation Commencement Date: September 23, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Manish Kumar Bhagat
B-1204, Shilp Corporate Park
Rajpath Rangoli Road,
Bodakdev, Ahmedabad 380054
Email: mbhagat2003@gmail.com
Mobile No: +91 98790 61500
Last date for
submission of claims: October 23, 2024
G.D. METSTEEL: CARE Lowers Rating on INR27cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
G.D. Metsteel Private Limited (GDMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 21,
2023, placed the rating(s) of GDMPL under the 'issuer
non-cooperating' category as GMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GDMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 6, 2024, July
16, 2024 and July 26, 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 bank facilities of GDMPL have been revised
on account of non – availability of requisite information.
Established in January 23, 1990 by Malhotra family G.D. Metsteel
Private Limited (GDMPL) is engaged in manufacturing of Angles,
Channels, Beam & Flats which caters to the needs of construction,
infrastructure industries. It markets its product under the brand
"GD Malhotra". GDMPL fulfil its raw material requirements through
its group company viz. Sohn Steel Pvt. Ltd who is engaged in
manufacturing of MS Billets. The company's manufacturing unit is
situated in Bhandgaon in Pune District.
GANPATI FOODS: CARE Lowers Rating on INR28cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ganpati Foods (GF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 28.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Downgraded from
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) has been seeking information
from GF to monitor the rating(s) vide e-mail communications dated
July 24, 2024; July 31, 2024; August 9, 2024; August 21, 2024;
September 18, 2024; and numerous phone calls. However, despite
repeated requests, the firm has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE Ratings has reviewed the ratings on the basis of
the best available information which, however, in CARE Ratings'
opinion is not sufficient to arrive at a fair rating. The rating of
Ganpati Foods bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.
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 the non-availability of
requisite information due to non-cooperation by Ganpati Foods with
CARE Ratings' efforts to undertake a review of the ratings
outstanding. CARE Ratings views information availability risk as a
key factor in its assessment of credit risk. Further, rating is
constrained by firm's weak financial profile marked by leveraged
capital structure coupled with weak debt coverage indicators and
stretched liquidity position. The rating is further constrained by
the susceptibility of margins to volatility in raw materials
prices, monsoon dependent operations, presence of the firm in a
highly competitive and fragmented agro-processing business with a
high level of government control, working capital intensive nature
of operations, modest albeit growing scale of operations and
constitution of entity as a partnership concern. The rating,
however, derives strength from the long track record of operations,
experienced partners, established business relationships with its
customers and favorable manufacturing unit location.
Analytical approach: Standalone
Outlook: Stable
"Stable" outlook reflects CARE Ratings' opinion that Ganpati Foods
will continue to derive benefit from its long-standing experience
of promoters in the industry.
Detailed description of key rating drivers:
At the time of last rating on October 6, 2023, the following were
the rating strengths and weaknesses.
Key weaknesses
* Weak financial risk profile: The capital structure of the firm is
leveraged as reflected by an overall gearing of 4.80x as on March
31, 2023 (PY: 6.48x). Slight improvement is observed on account of
decreased Warehouse receipts (WHR) limit utilization & increase in
capital with ploughing back of profit into business. Debt coverage
indicators of the firm are also weak characterized by interest
coverage and total debt to gross cash accruals of 1.30x and 26.75x
respectively as on March 31, 2023 (PY: 1.17x and 40.86x
respectively).
* Working Capital Intensive nature of operations: The firm has
significant dependence on working capital borrowings for its
day-to-day operations, thereby leading to working capital intensive
nature of operations with operating cycle of 140 days as on March
31, 2023 (PY: 202 days). The firm majorly procures paddy in high
quantity during season. Average inventory period remains high
around 5-6 months as milling of paddy takes time & basmati rice
requires seasoning (storing) as well.
* Modest albeit growing scale of operations: The scale of
operations of the firm remained modest and has grown at a CAGR of
~8% during FY19 (refers to period April 1 to March 31) to FY23 and
stood at INR143 crore during FY23 (PY: INR101.80 crore) on account
of increase in capacity & sales orders. However, the profit before
interest, lease rentals, depreciation and taxation (PBILDT) margin
of the firm remained moderate at 4.80% (PY: 5.89%) due to
increasing raw material cost, fixed operational costs, freight cost
& increasing employee costs.
* Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature. The
price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
Paddy being the major raw material is harvest during June to
September, and the peak paddy procurement season is generally
during second half of the financial year. Therefore, firm is bound
to builds up raw material inventory to cater to the milling and
processing of rice throughout the year which is reflected by the
high working capital utilization during second half of financial
year coupled with high inventory holding on balance sheet date. The
monsoon has a huge bearing on crop availability which determines
the prevailing paddy prices. Since there is a long-time lag between
raw material procurement and liquidation of inventory, the firm is
exposed to the risk of adverse price movement resulting in lower
realization than expected. The surge in unexpected demand has to be
met by procuring semi processed rice from smaller rice millers
which may also increase the average cost of raw materials.
* Regulatory risk with highly competitive and fragmented nature of
the industry: The commodity nature of the product makes the
industry highly fragmented with numerous players operating in the
unorganized sector with very less product differentiation. The raw
material (paddy) prices are regulated by government to safeguard
the interest of farmers, which in turn limits the bargaining power
of the rice mills.
* Constitution of entity as a partnership concern: The constitution
of the entity being a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and the firm being dissolved upon
death/retirement/insolvency of a partner. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partner would be one of the key factors affecting
credit decision of the lenders. However, the partners have infused
additional capital amounting to INR0.62 crore in FY23 (PY: INR0.46
crore). Further, the promoters and related parties has also
provided support in form of unsecured loans amounting to INR1.83
crore as on March 31, 2023, to support the operations of the firm.
Key strengths
* Established business relationships with customers and suppliers:
Presence of the firm in rice industry is for ~15 years and a
favorable location of the plant in close proximity to paddy growers
in Punjab have led to development of long-term business
relationships with the suppliers and therefore, easy procurement of
raw materials. On the customer side, this has enabled the firm to
establish relationships with its clientele (long standing
relationship of more than 10 years with some of the clients) in the
domestic market, which in turn leads to repeat orders.
* Favorable manufacturing location: Firm's manufacturing unit
located in Patran, Punjab. The area is one of the hubs for
paddy/rice, leading to its easy availability. The unit is also at a
proximity to the grain market resulting in procurement of paddy at
competitive rates. The presence of GF in vicinity to the paddy
producing regions gives it an advantage over competitors in terms
of easy availability of the raw material as well as favorable
pricing terms. The favorable location also puts the firm in a
position to cut on the freight component of incoming raw
materials.
Ganpati Foods is a partnership firm constituted in 2008. Currently,
the firm has three partners - Kewal Krishan, Om Parkash Bansal and
Yashu Bansal. The firm is engaged in the processing of paddy to
basmati rice and is also engaged in the selling of the byproducts
in the process, including bardana, bran, husk, etc. The firm
operates at its single manufacturing facility in Patran, Punjab
with an installed capacity of 14TPH (tons per hour). The firm
caters to the domestic market through a network of distributors and
wholesalers located all over India. The firm also sells rice under
its own brand names- 'Patiala Gate' 'KK' and 'GF 298'.
GAURISHANKER BIHANI: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating for the bank facilities of
Gaurishanker Bihani in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Gaurishanker Bihani, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Gaurishanker Bihani was incorporated in 1936 as a proprietorship
firm by Late Gaurishanker Bihani and in 1974, it was reconstituted
as a partnership firm. Based in Kolkata, West Bengal, GSB is an
exclusive project distributor of TSL's TISCON TMT bars in the state
and an authorised dealer of TSL's HR flat products.
GENEX POLYFAB: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Genex Polyfab Limited
Registered Address:
228-F, Near Janakpuri Chowk Industrial Area - A,
Ludhiana Punjab 141001
Insolvency Commencement Date: September 23, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: March 22, 2025
Insolvency professional: Vishawjeet Gupta
Interim Resolution
Professional: Vishawjeet Gupta
H.No. 51, Adarsh Enclave,
Ghakauli, SAS Nagar,
Mohali, Punjab 140603
E-mail: vishawjeetgupta@gmail.com
E-mail: cirp.genexpoly@gmail.com
Last date for
submission of claims: October 7, 2024
GODDESS TEXTILES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Goddess Textiles Private Limited
Registered Address:
No.1/192, Appanaickanpatti Pudur Road,
Kalangal Post, Sulur, Coimbatore,
Coimbatore, Tamil Nadu, India, 641402
Insolvency Commencement Date: September 2, 2024
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: March 1, 2025
Insolvency professional: E.Santhanalakshmi
Interim Resolution
Professional: E.Santhanalakshmi
Plot No. 42B, Sree Krishna Flats,
S-1, 2nd Floor, LIC Nagar 2nd Street,
Madipakkam, Chennai,
Tamil Nadu - 600091
Mobile: 9941465504
Email: cirp.goddesstextiles@gmail.com
Last date for
submission of claims: October 2, 2024
GUPTA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gupta Agro
Products (GAP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 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 GAP under the 'issuer
non-cooperating' category as GAP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GAP continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 28, 2024,
August 7, 2024 and 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).
Gupta Agro Products (GAP) was established in 2013 as a partnership
firm. The firm is being currently managed by Mr. Puneet Gupta and
Ms. Tanvi Gupta as its partners. GAP has setup Integrated cold
chain with Individual Quick Freezing (IQF) and with installed
capacity of 4 MT/hr of Multi Vegetable Processing Line, 4 MT/hr of
Individual Quick Freezing and 3,000 MT per annum of Frozen Cold
Storage Facility. The aim of GAP is to establish direct linkages
from farm to processing and to consumer market, through network of
collection centres and supported by backward linkages with
farmers.
HARI PULSES: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Hari
Pulses (SHP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 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 SHP under the 'issuer
non-cooperating' category as SHP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SHP continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 3, 2024, July
13, 2024, 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).
Shri Hari Pulses (SHP) based out of Indore (Madhya Pradesh) was
formed in 1978 as a partnership concern by Mr Rajendra Kumar and
other family members. The partners of the company are Mr Rajendra
Kumar, Ms Chanda Bai and Ms Kalawati. SHP is engaged in the
business of processing of Moong Dall, Channa Dall and grading of
wheat. It is also engaged in the trading of variety of agriculture
commodities. It purchases the commodities from local mandi and
sells it in Madhya Pradesh, Tamil Nadu, Delhi and Maharashtra under
brand name of 'Double Elephant' and 'Amrpali'.
HINDUSTAN PRODUCE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hindustan
Produce Company (HPC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.93 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 22,
2023, placed the rating(s) of HPC under the 'issuer
non-cooperating' category as HPC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HPC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 7, 2024,
August 17, 2024, August 27, 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).
Hindustan Produce Company (HPC) was constituted as partnership firm
in January 1964 by the Keyal family of Kolkata, West Bengal.
However, the firm was reconstituted on admission of three new
partners via partnership deed dated May 24, 2011. Currently the
firm is managed by six partners namely: Mr. Surendra Kumar Keyal,
Mr. Vijay Kumar Keyal, Mr. Puneet Keyal, Mr. Vivek Keyal, Mrs.
Pramila Keyal and Mrs. Bandana Keyal having equal share in the
firm. Since its inception, the firm has been engaged in trading of
various kinds of ferro alloys, sponge iron, scraps, refractories,
graphite powder and other raw materials required for iron and steel
manufacturing plants.
ISKRUPA MALL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Iskrupa Mall Management Company Private Limited
Registered Address:
Office No-135, Ground Floor B Wing Orm,
Aarey Road, Goregaon East,
Aareymilk Colony, Mumbai, Goregaon East,
Maharashtra, India, 400065
Insolvency Commencement Date: September 24, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: March 23, 2025
Insolvency professional: Avil Jerome Menezes
Interim Resolution
Professional: Avil Jerome Menezes
106, 1st Floor, Kanakia Atrium 2,
Cross Road 'A', Chakala MIDC
Andheri (East), Mumbai 400093
E-mail: avil@caavil.com
E-mail: irp.iskrupa@aegisipe.com
Last date for
submission of claims: October 8, 2024
JAIN TIMBER: Liquidation Process Case Summary
---------------------------------------------
Debtor: Jain Timber Co Private Limited
74/1/2, Rajdhani Park
Rohtak Road, Nangloi
New Delhi, India, 110011
Liquidation Commencement Date: September 25, 2024
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Shaikh Nafis Anjum
A-34 Lower Ground Floor,
Vikas Puri, New Delhi 110018
E-mail: sn.anjum123@gmail.com
-- and --
C-4, 2nd Floor, Central Market
Lajpat Nagar 2, Delhi - 110024
E-mail: jaintimber.liquidation@gmail.com
Last date for
submission of claims: October 25, 2024
JANS COPPER: Liquidation Process Case Summary
---------------------------------------------
Debtor: Jans Copper Private Limited
11/43 Lifescapes Nilay, Shop No. 8
Thakurwar Road,
Opp. Bank of Baroda, Mumbai
Maharashtra, India 400002
Liquidation Commencement Date: August 13, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Sanjay Ramdas Mahajan
3/3, Mohanial Mansion, Bhandarkar Road,
Matunga Central, Mumbai 400019
E-mail: sanjayrmahajan@hotmail.com
Office Address:
Orion Resolution and Turnaround Private Limited
811, 8th Floor, Meadows, Sahar Plaza Complex
Off. J B Nagar/Chakala Metro Station
Andheri - Kurla Road, Andheri East
Mumbai - 400093
Last date for
submission of claims: October 4, 2024
M.D. AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term rating for the bank facilities of M/S.
M.D. Agro Foods (MDAF) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with MDAF, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
MDAF was established in Nissing, Karnal (Haryana) in 2009 and
undertakes milling and processing of basmati rice. MDAF commenced
commercial operations in January 2010 and is owned and managed by
Mr. Ajay Kumar and Mr. Praveen Kumar.
MAHABIR INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahabir
Industries (MHI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; 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 September 8,
2023, placed the rating(s) of MHI under the 'issuer
non-cooperating' category as MHI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MHI continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 24, 2024,
August 3, 2024 and August 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).
Mahabir Industries (MHI) is a partnership firm established in 1992
and is managed by Mr Daulat Ram Khurana and his sons, Mr Manoj
Kumar Khurana and Mr Naveen Khurana. The firm is engaged in
extraction of rice bran oil at its processing facility located in
Karnal, Haryana.
MANSA DEVI: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating for the bank facilities of Mansa
Devi Rice Mills in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 31.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Mansa Devi Rice Mills, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
MDRM is a partnership concern established in 1982 by its partners,
Mr. Raj Kumar and Mr. Ved Prakash. MDRM processes basmati and
non-basmati rice and sells it in the domestic and export market.
MICRON SEMICONDUCTOR: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Micron Semiconductor India Private Limited
Office 17, Level 8, Tower 1,
Umiya Business Bay,
Cessna Business Park, Kadubeesanahalli,
Bangalore, Karnataka - 560103
Liquidation Commencement Date: September 18, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Chitra Srinivas
ASTA AVM, Flat B4E,
P.V.Rajamannar Salai,
K.K.Nagar, Chennai - 600078
E-mail: schitra18@gmail.com
Mobile No.: 9884355245
Last date for
submission of claims: October 18, 2024
NAGARJUNA FERTILIZERS: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nagarjuna
Fertilizers and Chemicals Limited (NFCL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1,276.14 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 1,179.67 CARE D/CARE D; 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 12, 2023,
placed the rating(s) of NFCL under the 'issuer non-cooperating'
category as NFCL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. NFCL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated May 27, 2024, June 06, 2024, June
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).
NFCL (ISIN: INE454M01024) is the flagship company of the Hyderabad
based Nagarjuna group, promoted by late Shri. K.V.K. Raju. Along
with Mr. Raju, Andhra Pradesh State Government and FIIs are the
major shareholders of NFCL. NFCL has two Urea plants (capacity –
2,300 MT per day each) located at Kakinada, Andhra Pradesh. While
Plant-I operates entirely on natural gas as the feedstock, Plant
–II can use both natural gas (NG) and naphtha. Besides
manufacturing, NFCL is also involved in trading of Urea (Government
Pool Urea), Specialty Fertilizers and Agriinputs [viz. Muriate of
Potash (MOP), Diammonium Phosphate (DAP), NPK etc.) A small
proportion of NFCL's revenue also comes from micro irrigation
business and manufacturing of PVC Pipes.
NAGRAJ INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nagraj
Industries (NI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.20 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.80 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 10,
2023, placed the rating(s) of NI under the 'issuer non-cooperating'
category as NI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. NI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated June 25, 2024, July 5, 2024, July
15, 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).
Karnataka based, Nagraj Industries (NI) was established in 2014, by
Mr. Kiran Kotian and Mrs. Savitha Kiran. The firm initiated its
business operations in February 2016 and is currently engaged in
the manufacturing and retailing of Par boiled drier plants, Rice
mill machineries, Food grain processing machinery, Maize grit
process plants, Roofing sheet profiling and Pre-Engineered Building
(PEB) Structures. The company exports around 50% of the machineries
manufactured to customers located in international markets such as
Bangladesh, Srilanka, Nigeria, and South America. The manufacturing
unit of the firm is located a Moodbidri, Karnataka.
NANDI IRRIGATION: ICRA Lowers Rating on INR6.0cr LT Loan to D
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Nandi
Irrigation Systems Limited (NISL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Short-term– 3.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non Fund based Rating downgraded from
Others [ICRA]A4 and continues to remain
under 'Issuer Not Cooperating'
category
Long Term/ 3.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term- COOPERATING; Rating downgraded
Unallocated from [ICRA]B (Stable)/[ICRA]A4
and continues to remain under
'Issuer Not Cooperating'
Category
Rationale
Material event
There is public announcement by Insolvency and Bankruptcy Board of
India (IBBI) on September 20, 2024. Rishabh TriExim LLP has made an
application in IBBI against Nandi Irrigation Systems Limited. The
IBBI has mentioned March 19, 2025, as the estimated date closure of
insolvency resolution process.
* Impact of material event: The amount and nature of claim made by
Rishabh TriExim LLP is uncertain.
The rating is based on limited information on the entity's
performance since the time it was last rated in February 2024. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade".
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/ limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Nandi Irrigation Systems Limited (NISL) was incorporated in 2007
and is promoted by Mr. Sajjala Sreedhar Reddy. The company is
engaged in the manufacturing of Polyvinyl-Chloride (PVC) pipes,
lateral pipes and sprinklers used in irrigation. NISL hasits plant
located in Nandyal, Kurnool district of Andhra Pradesh and is a
part of the Nandi group of Industries based out of Andhra Pradesh.
The group is having diversified business interest such as cement,
dairy, PVC pipes, construction etc.
NATIONAL PLASTICS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of National
Plastics (NP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.32 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 NP under the 'issuer non-cooperating'
category as NP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. NP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 3, 2024, July 13, 2024, 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).
Ahmedabad-based (Gujarat) NP was established in1978 by Jayantilal
Patel and his brothers. NPL is engaged into manufacturing of water
and chemical tanks from sole manufacturing unit located at GIDC,
Odhav Ahmedabad.
Status of non-cooperation with previous CRA: Acuite (SMERA) has
continued the ratings assigned to the bank facilities of NP to
'Issuer Not Cooperating' category vide press release dated July 28,
2023 on account of its inability to carry out a review in the
absence of the requisite information from the firm.
NEWPORT INVESTMENT: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Newport Investment Advisors Private Limited
12th Floor, Plot 130,
Whispering Heights Real Estate Private Limited,
Altimus Building, Pandurang Budhkar Marg,
Doordarshan, Worli Colony, Mumbai 400018
Liquidation Commencement Date: September 19, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Anish Gupta
105 Lotus Business Park,
Ram Baug Lane, Off S V Road,
Malad (West), Mumbai 400064
Phone: +91 9821099720
E-mail: ipanishgupta@gmail.com
Last date for
submission of claims: October 19, 2024
PUSHP PREM: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pushp Prem
Constructions (PPC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 6.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 13,
2023, placed the rating(s) of PPC under the 'issuer
non-cooperating' category as PPC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PPC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 29, 2024,
August 08, 2024 and August 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).
Agra, Uttar Pradesh based Pushp Prem Constructions (PPC) was
established in the year 2012 as a proprietorship firm and started
its commercial operations from 2013. The firm is currently managed
by Mr. Prem Prakash Gupta. The firm is "Class A" contractor and is
engaged in construction works such as construction of R.C.C.
overhead water tanks, pump house, rising main & drainage system,
etc.
RTS REALTIME: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: RTS Realtime Systems India Private Limited
5th Floor, Sky One, S. No. 210,
Plot No. 72, Kalyani Nagar,
Village Yerwada, Taluka Haveli,
Pune, Maharashtra, India 411006
Liquidation Commencement Date: September 20, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Anish Gupta
105 Lotus Business Park,
Ram Baug Lane, Off S V Road,
Malad (West), Mumbai 400064
Phone: +91 9821099720
Email: ipanishgupta@gmail.com
Last date for
submission of claims: October 20, 2024
SD MILKPRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SD MilkPro
Private Limited (SMPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.25 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 28,
2023, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 13, 2024, July
23, 2024 and August 2, 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).
SPPL is a Pune (Maharashtra) based company incorporated in May 18,
2015. The company is engaged in the business of processing of milk
processing and milk-based products and providing cold storage
facility for raw milk. The commercial operations commenced from
April 2018.
SHRIRAM FINANCE: Fitch Puts 'BB' Final Rating to Sr. Secured Bonds
------------------------------------------------------------------
Fitch Ratings has assigned India-based Shriram Finance Limited's
(SFL, BB/Stable) USD500 million 6.15% senior secured bonds due
April 2028 a final rating of 'BB'.
This follows the receipt of final documentation conforming to
information previously received. The final rating is in line with
the expected rating assigned on 23 September 2024.
The bonds carry a fixed-rate coupon payable semi-annually and are
secured by a fixed charge over specified accounts receivable, in
line with SFL's domestic secured bonds. They are also subject to
maintenance covenants that require SFL to meet regulatory capital
requirements at all times, maintain a net stage 3 asset ratio equal
to or less than 7%, and ensure its security coverage ratio is equal
to or greater than 1x at all times.
The bonds were issued in the international market under the Reserve
Bank of India's external commercial borrowings framework, and the
proceeds will be used in accordance with SFL's social finance
framework. The bonds were issued under SFL's USD3.5 billion global
medium term-note programme.
Key Rating Drivers
SFL's bonds are rated at the same level as its Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB', in accordance
with Fitch's rating criteria.
Most of SFL's debt is secured and Fitch believes that non-payment
of the company's senior secured debt would best reflect uncured
failure of the entity. SFL can issue unsecured debt in the overseas
market, but such debt is likely to constitute a small portion of
its funding and thus cannot be viewed as its primary financial
obligation.
For more information on the key rating drivers and rating
sensitivities on the company, please see Fitch Affirms Shriram
Finance at 'BB'; Outlook Stable, dated 4 September 2023.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Any negative action on SFL's Long-Term Foreign-Currency IDR would
drive similar action on the bond rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of SFL's Long-Term Foreign-Currency IDR would result in
corresponding action on the bond rating.
Date of Relevant Committee
17 May 2024
ESG Considerations
SFL has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance and leasing
sector. This reflects its retail-focused operation, which exposes
it to risks around practices of fair lending, pricing transparency,
repossession, foreclosure and collection. Aggressive practices in
these areas may subject the company to legal, regulatory and
reputational risk that may negatively affect its credit profile.
The relevance score of '3' for this factor reflects Fitch's view
that these risks are adequately managed and have a low impact on
SFL's credit profile at present.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Shriram Finance
Limited
senior secured LT BB New Rating BB(EXP)
SIYARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Siyaram
Cotton Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.90 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 18,
2023, placed the rating(s) of SCI under the 'issuer
non-cooperating' category as SCI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SCI continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 3, 2024, July
13, 2024, 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).
Ratlam (Madhya Pradesh) based Siyaram Cotton Industries (SCI) was
established in October, 2017 by Mr. Manoj Agrawal, Mr. DL Agrawal,
Ms. Rekha Agrawal and Ms. Aarti Agrawal as a partnership concern.
The firm was formed with an objective to set up green field project
for cotton ginning and pressing at Ratlam, Madhya Pradesh. SCI
envisaged total project cost of Rs.6 crore towards the project
which envisaged to be funded through term loan of Rs.4.00 crore and
remaining of Rs.2.00 crore through unsecured loans and share
capital. The plant of the company will have installed capacity to
manufacture cotton bales of 400 Bales per Day (BPD).
SL RESIDENTIAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: SL Residential Layout Private Limited
Registered Address:
#44/1, 8th Main Road, RMV Extension,
Sadashivnagar, Bangalore,
Karnataka, India 560080
Insolvency Commencement Date: September 13, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: March 12, 2025
Insolvency professional: Venkataraman Jayagopal
Interim Resolution
Professional: Venkataraman Jayagopal
E-003, Victoria Haven,
Patel Ram Reddy Road,
Domlur 1st Stage, Bangalore 560071
E-mail: gopal_venus@hotmail.com
E-mail: cirp.slrl@gmail.com
Last date for
submission of claims: October 3, 2024
SMART VISIONS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Smart
Visions (SV) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.38 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 SV under the 'issuer non-cooperating'
category as SV had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SV continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 3, 2024, July 13, 2024, 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).
Smart Visions (SV) is a Bangalore based firm engaged in commercial
offset printing activities. SV was promoted by Mr. Vishwanath
Bharat as a proprietorship concern in the year 2000. SV is engaged
majorly in printing orders for posters, banners, danglers,
magazines etc. SV has installed seven offset printing machines with
installed capacity of 100000 posters per machine per day. The
capacity utilization of the machines is based on the orders the
firm receives it from its customers.
SRINIVASA FARMS: CARE Lowers Rating on INR145cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Srinivasa Farms Private Limited (SFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 145.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Downgraded from
CARE BB+; Positive and moved to
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from SFPL to monitor
the rating(s) vide e-mail communications dated July 23, 2024 to
September 6, 2024, among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings.
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. The rating on SFPL's bank facilities will
now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.
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 due to non-cooperation by Srinivasa Farms
Private Limited with CARE's effort to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.
Analytical approach: Standalone
Outlook: Stable
CARE believes that the entity will benefit from the experience of
the promoters in the industry.
Detailed description of the key rating drivers
At the time of last rating on September 11, 2023 the following were
the rating strengths and weaknesses.
Key weaknesses
* Continuous losses y-o-y: Under the agreement with Hy-line
International, SFPL undertook to develop new breed of poultry
birds. This international breed took several years to stabilise and
for this breed to become commercially viable the company incurred
significant expenses y-o-y to educate the farmers, capture the
market, etc. Resultantly, while the revenue of the company has been
growing backed by feed business, the company was incurring
operational losses. Nonetheless, the operational have been
stabilised now and company is likely to benefit from the improved
realisations and achieve operational profits.
* Unfavourable capital structure: The leverage and coverage
indicators of the company have remained poor because of consistent
losses, the promoters have been supporting company's operations and
debt servicing. Improvement in net-worth base of the company and
strengthening its coverage indicators remains a key monitorable.
* Raw material price fluctuating risk: The primary raw material for
production of poultry feed in soya and maize which are agro based
products. The profitability margins of the company remain
susceptible to fluctuation is raw material prices along as its
availability is depended on vagaries of nature. In order to ensure
uninterrupted supply of raw material and to hedge inventory risk,
the company needs to procure adequate quantity of maize and soya,
thereby resulting in high inventory holding period. Therefore, the
working capital requirement of the company tend to remain high
during peak season.
Key strengths
* Resourceful promoters and infusion of funds by IFC: The promoters
of the company are resourceful and have so far infused more than Rs
100 crore in the business to support its operations. Furthermore,
IFC, an investment arm of the World Bank has agreed to invest a
total of Rs. 130 crores in SFPL to support its poultry operations.
During May 2019, it invested Rs 65 crore in the form of CCDs and
the remaining Rs. 65 crore is expected to be infused by IFC in the
near term.
* Exclusive agreement with Hy-line International: SFPL has entered
into a pan-India exclusive franchise agreement with Hyline
International, a leading genetic layer breeder, for distribution of
layer chicks in August 2017. Increasing acceptance of W80 layer
breed is likely to support its revenue growth over the medium term.
The Market share of Hy-line international in India has improved
from 0.5% in 2017 to 13% in 2022.
* Vertically integrated business: The company has its presence
across the value chain of the poultry industry including
manufacturing of poultry feed, soya processing, breeding of layer
and broiler chicks, contract farming, and chicken processing.
Furthermore, the group has more than five decades of experience in
poultry operations.
Liquidity: Stretched
The liquidity position of the company is stretched marked by
continues losses, negative cash accruals and absence of operational
cash flows. The leverage structure of the company is un-favourable,
tempered by eroded net-worth base as against significant unsecured
loans and working capital borrowings. However, promoters have been
regularly infusing funds to support operational requirements and
facilitate debt servicing. Also, the company does not have any
major term debt repayment obligation and unutilised working capital
lines also provide some cushion to liquidity.
Srinivasa Farms Private limited is a part of Srinivasa group,
incorporated in 1965 and promoted by Mr C. Jagapati Rao. SFPL had
initially set up a poultry layer breeding farm with 6000-layer
birds which subsequently has now increased to 6,35,000 layer and
broiler birds. Furthermore, the company is engaged in production of
poultry feeds, soya processing and chicken processing. Company has
an integrated manufacturing facility located in Hyderabad,
Telangana.
SUDALAGUNTA SUGARS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Sudalagunta Sugars Limited
Registered Address:
Mayura Nagar, Katur Post B.N
Kandriga Mandal
Andhra Pradesh 517644 India
Insolvency Commencement Date: September 20, 2024
Court: National Company Law Tribunal, Amaravati Bench
Estimated date of closure of
insolvency resolution process: March 19, 2025
Insolvency professional: Chaitanya Kiran Immaneni
Interim Resolution
Professional: Chaitanya Kiran Immaneni
#40-26-22, Mohiddin Street,
Chandramoulipuram,
Opp BSNL Telephone Exchange
MG Road, Vijayawada, NTR District
Andhra Pradesh -- 520010
E-mail: cimmaneni@outlook.com
E-mail: Sudalaguntasugars2024@gmail.com
Last date for
submission of claims: October 11, 2024
SUN PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sun
Packaging (Daman) (SP) 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 September 12,
2023, placed the rating(s) of SP under the 'issuer non-cooperating'
category as SP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SP continues to be
non-cooperative despite repeated requests for submission of
information through emails 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).
SP was incorporated in July, 2015 to setup manufacturing capacity
of 150 tonnes of blown films and 100 tonne of moulded plastic
articles (containers) per month. SP's revenue mix would entail
manufacturing and trading of extruder plastic articles (blown
films) and injection moulding plastic articles (containers), to be
used in areas such as packaging of food grade items and as plastic
containers.
SWASTIK COPPER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Swastik Copper Private Limited
Registered Address:
E-1/1274, Phase-III Sitapura Industrial Area,
Jaipur, Rajasthan, India - 302022
Insolvency Commencement Date: September 23, 2024
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: March 22, 2025
Insolvency professional: Satyendra Prasad Khorania
Interim Resolution
Professional: Satyendra Prasad Khorania
402, 4th Floor, O K Plus, D P Metro,
Opp. Pillar No. 94, New Sanganer Road,
Jaipur, Rajasthan, 302019
E-mail: skhorania@live.com
E-mail: ipcirpswastik@gmail.com
Last date for
submission of claims: October 7, 2024
T. R. CHEMICALS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of T. R.
Chemicals Limited (TRCL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.00 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 TRCL under the 'issuer non-cooperating'
category as TRCL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. TRCL continues
to be non-cooperative despite repeated requests for submission of
information through emails 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).
T. R. Chemicals Limited was incorporated in May 1993 as a Private
Limited Company. Subsequently, it was reconstituted as a closely
held Public Limited Company. Since its inception, the company is
engaged in manufacturing of sponge iron. The manufacturing unit of
the company is located at Rajgangpur, Sundargarh, Odisha. Company's
plant has an installed capacity of 45000 tons per annum (TPA). Mr.
Sanjeev Kumar Kapoor (Director), Mr. Gurdas Kapoor (Director), Mr.
Sunil Kumar Agarwal (Director) and Mr. Swapan Kumar Kapat
(Directors) who have 21 years, 21 years, 16 years and 11 years of
experiences, respectively, in the similar line of business, look
after the day to day operation of the company. They are further
supported by a team of experienced professionals.
TANTIA AGROCHEMICALS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Tantia Agrochemicals Private Limited
Registered Address:
25/27, Netaji Subhas Road,
Kolkata, West Bengal, India 70001
Insolvency Commencement Date: September 19, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: March 18, 2025
Insolvency professional: Sanjeev Jhunjhunwala
Interim Resolution
Professional: Sanjeev Jhunjhunwala
Siddha Weston, 9 Weston Street, Suite No. 134
Kolkata, West Bengal 700013
E-mail: sanjeevjhunjhunwala@gmail.com
E-mail: cirp.tantiaagro@gmail.com
Last date for
submission of claims: October 3, 2024
WARM FORGINGS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Warm
Forgings Private Limited (WFPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 4.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 28,
2023, placed the rating(s) of WFPL under the 'issuer
non-cooperating' category as WFPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
WFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 13, 2024, July
23, 2024 and August 2, 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).
Alwar (Rajasthan) based CNC Automotive Private Limited was
incorporated in 1999 by Mr. Amit Rajput along with other family
members. Subsequently in 2003, the promoters changed the name to
Warm Forgings Private Limited (WFPL). The company is mainly engaged
in the business of manufacturing of auto components mainly
different types of gears.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of WFPL under
Issuer Not Cooperating category vide press release dated January 2,
2024 on account of its inability to carry out a
review in the absence of the requisite information from the
company.
WTL GARMENTS: CARE Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of WTL
Garments Private Limited to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.17 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CARE Ratings) has been seeking information from
WTL Garments Private Limited to monitor the rating(s) vide e-mail
communications dated September 18, 2024; September 10, 2024; August
1, 2024; July 31, 2024, and numerous phone
calls. However, despite repeated requests, the firm has not
provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE Ratings 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. The rating on WTL Garments Private Limited bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.
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 rating is constrained on account of weak financial profile,
susceptibility to raw material price volatility and foreign
exchange fluctuation risk, elongated operating cycle and
competitive, fragmented and cyclical nature of the industry. The
rating, however, draws comfort from long track record of operations
and established relationships with the client & suppliers albeit
customer concentration risk, favorable location and semi-integrated
nature of operations and experienced promoters.
Analytical approach: Standalone
Outlook: Stable
Detailed description of key rating drivers:
At the time of last rating on October 4, 2023, the following were
the rating strengths and weaknesses:
Key weakness
* Weak Financial Profile: The income from operations of WGPL has
improved from INR107.87 crores in FY22 (refers to the period April
1 to March 31) to INR116.59 crores in FY23. Further, the company
has booked sales of INR30 crores in 5MFY24 (refers to period April
1, 2023, to August 31, 2023). The profitability margins of the
company have remained low, although showing improvement with PBILDT
margin improving from 3.32% as on March 31, 2022, to 4.63% as on
March 31, 2023, and PAT margin slightly improving from 0.22% as on
March 31, 2022, to 0.87% as on March 31, 2023. The improvement in
the profitability is on account of decrease in cost of production.
* Susceptibility to raw material price volatility and foreign
exchange fluctuation risk: Raw material constituted around 84% of
the total income in FY23 (Prov.) The entities in textile industry
are susceptible to fluctuations in raw material prices. Cotton (one
of the main raw materials forming significant portion of the total
material procured each year) being an agricultural product, its
demand supply situation depends on various natural conditions like
monsoons, drought, and floods. It being a product of international
importance, its price is highly volatile depending on the
demand-supply situation in the global markets. Further, the prices
of polyester also remain dependent on crude oil which has also
remained volatile in the past. In a competitive scenario, the
company has limited ability to pass on fluctuations to the
customers. Furthermore, the margins are also vulnerable to adverse
fluctuation in the foreign exchange rates. In FY23, the WGPL
received around 56% of its income from exports.
* Elongated Operating Cycle: The operating cycle of the company has
remained elongated at 170 days as on March 31, 2023 (PY: 171 days).
The reason behind the elongated operating cycle is the high
collection period and inventory holding period. The company has
collection period of 129 days as on March 31, 2023(Prov.) against
230 days in FY22. On the customer side, the company offers credit
period of 3-4 months. However, now the company is focusing more on
the domestic market because of the slowdown in export demand for
textiles, thereby improving the collection period of the company.
* Competitive, fragmented and cyclical nature of the industry: The
Indian textile industry, which is the second largest employer after
agriculture and accounts for a significant portion of the GDP, is
inherently cyclical in nature. Any adverse changes in the global
economic outlook as well as demand-supply scenario in the domestic
market directly impacts demand of the textile industry. Textile
industry as a whole remains vulnerable to various factors such as
fluctuations in prices of crude oil, mobilization of adequate
workforce and changes in government policies for overall
development of the textile industry. Any significant changes in
such factors will have a direct impact on the business operations
of the company. WGPL operates in a highly fragmented textile
manufacturing industry where in the presence of large number of
entities in the unorganized sector and established players in the
organized sector limits the bargaining power with customers.
Furthermore, the company is also exposed to competitive pressures
from domestic players as well as from players situated in China and
Bangladesh.
Key strengths
* Long track record of operations and established relationships
with the client & suppliers albeit customer concentration risk:
WGPL has been engaged in the garments industry for over two decades
now. Further, the promoter family has an experience of
about three decades in the industry. This has enabled established
relationships with the clients as well as suppliers. The company
caters primarily to export clients based in UAE, USA, Brazil etc.
Domestically, the company mainly caters to reputed clients like
Aditya Birla Fashion and Retail Limited rated, Monte Carlo Fashions
Limited etc. which have established domestic brands like Allen
Solly, Van Heusen, Monte Carlo etc. The remaining domestic sales
are derived from nearby garment players.
* Favourable location and semi-integrated nature of operations:
WGPL operates in Ludhiana, which is a well-established hub of
textiles. The company benefits from the location advantage in
terms of easy accessibility to a large customer base located in
Ludhiana. Additionally, a large number of spinners and other
textile players operate in the region leading to easy and ample
availability of raw materials and processing activities like dyeing
etc. WGPL's manufacturing unit is semi-integrated with facilities
for knitting, cutting, stitching, and finishing available
in-house.
* Experienced Promoters: WGPL was initially incorporated in 2010 as
a partnership firm by Rakesh Kumar Garg and his father Luddar Mal
Garg. The firm was later converted in a Private Limited Company
with the partners Rakesh Garg and his wife Manju Garg converting
their capital in the firm to Equity share capital in the company
and becoming the directors. Both the directors hold an industry
experience of around 1.5 decades. Rakesh Garg is actively involved
in the management of the company. Further, the company has
professionally qualified persons for various functions viz.
merchandising, production, operations, knitting and fabrics,
exports etc.
Liquidity: Stretched
The company has free cash of INR0.32 crores and FDRs of INR1.63
crores as on March 31, 2023. The term loan repayment for FY24 would
stand at approximately INR1.44 crores as against an envisaged GCA
of approximately INR2.40 crores. However, the working capital
limits stand fully utilised. The current ratio of the company as on
March 31, 2023, stands at 1.22x against 1.24x in the previous
fiscal. The operating cycle of the company has moderated, albeit
remaining high, from 171 days to 170 days.
Worldwide Trade Links was incorporated as a partnership firm in
2010. The firm was later on converted in a Private Limited Company
with the partners Rakesh Garg and his wife Manju Garg converting
their capital in the firm to Equity share capital in the company
and becoming the directors of WTL Garments Private Limited. The
company is engaged in the manufacturing of knitted readymade
garments at its single manufacturing facility in Ludhiana, Punjab.
WTL Garments Private Limited sells to reputed domestic players and
other Ludhiana based players. The company also exports its products
and derived around 56% of the total income in FY23 from export
sales. WT has been awarded the status of 'Star Export House' by the
Directorate General of Foreign Trade (DGFT). The product profile of
the company includes cotton-polyester blended gents TShirts, gents
shirts, gents lowers, boys T-Shirts, ladies T-Shirts, baby suits
etc.
XRBIA DEVELOPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Xrbia Developers Limited
Registered Address:
Office No. 1251126,
Patil Plaza Mitramandal Chowk
Parvati Pune MH 411009
Insolvency Commencement Date: August 6, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: March 24, 2025
Insolvency professional: Vikas Khiyani
Interim Resolution
Professional: Vikas Khiyani
103, Palm Acre, Sunder Nagar Road No. 1,
Kolivery Village, Kalina,
Mumbai-400098, India
E-mail: Cavikas.khiyani@gmail.com
-- and --
910, 9th Floor, Ajmera Sikova,
Opposite Damodar Park,
Nityanand Nagar, Ghatkopar West,
Mumbai-400086
E-mail: cirp.xdl@gmail.com
Last date for
submission of claims: October 9, 2024
XRBIA WARAI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Xrbia Warai Developers Private Limited
Registered Address:
Mantri House, 1st Floor, 929, F.C. Road
Pune, Maharashtra, India 411004
Insolvency Commencement Date: June 28, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: March 23, 2025
Insolvency professional: Vikas Khiyani
Interim Resolution
Professional: Vikas Khiyani
103, Palm Acre, Sunder Nagar Road No. 1,
Kolivery Village, Kalina,
Mumbai - 400098, India
Email: Cavikas.khiyani@gmail.com
-- and --
910, 9th Floor, Ajmera Sikova,
Opposite Damodar Park,
Nityanand Nagar, Ghatkopar West,
Mumbai - 400086
Email: warai.cirp@gmail.com
Last date for
submission of claims: October 8, 2024
YORK PRINT: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of York Print
and Pack (YPP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.48 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 11,
2023, placed the rating(s) of YPP under the 'issuer
non-cooperating' category as YPP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
YPP 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).
Established in April 1996, York Print and Pack (YPP) was promoted
by Mr. Milan Kumar Mehra, Mr. Gautam Tendon, Mr. Manav Mehra, Mr.
Atin Mehra, Mr. Ankit Mehra and Ms. Anuja Mehra. The firm has been
engaged in manufacturing and supplying of printed folded cartons
and Corrugated Fibreboard Carton (CFC) boxes, used for packaging
products. The firm manufactures laminated packets/cartoons as per
client demand and their specification. The manufacturing facility
of the firm is located at Kolkata, West Bengal. The firm procures
its entire raw materials from domestic market whereas it sells its
products both in the domestic as well as international market.
YUMMZ FOODS: Liquidation Process Case Summary
---------------------------------------------
Debtor: Yummz Foods Private Limited
Village & PO Khamarshimulia,
Krishnagar, West Bengal, India 741121
Liquidation Commencement Date: September 18, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Sanjeev Jhunjhunwala
Siddha Weston, 9 Weston Street,
Suite No. 134, Kolkata 700013
E-mail: sanjeevjhunjhunwala@gmail.com
E-mail: cirp.yummzfoods@gmail.com
Last date for
submission of claims: October 18, 2024
=================
I N D O N E S I A
=================
CIPUTRA DEVELOPMENT: Fitch Affirms Then Withdraws 'BB-' LT IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Ciputra
Development Tbk's (CTRA) Long-Term Issuer Default Rating (IDR) and
senior unsecured rating at 'BB-'. The Outlook on the Long-Term IDR
is Stable.
The affirmation reflects Fitch's view that CTRA will sustain annual
attributable contracted sales, excluding minorities' share, above
IDR6.5 trillion over the next two years. Fitch expects presales to
be supported by continued demand for affordable landed houses, amid
Indonesia's steady medium-term growth prospects and rising
urbanisation.
Fitch believes that CTRA's geographic and product diversification
will enable it to flexibly meet customer demand. The rating is
constrained by the company's smaller scale, based on attributable
contracted sales, relative to higher-rated global peers.
Fitch has chosen to withdraw the ratings on CTRA for commercial
reasons.
Key Rating Drivers
Contracted Sales to Increase: Fitch forecasts CTRA's attributable
contracted sales to expand to nearly IDR7 trillion in the next two
years (2023: IDR6.5 trillion, 1H24: IDR3.8 trillion). Fitch
believes growth will be driven by growing demand for affordable
landed houses priced under IDR3 billion. This segment caters to
first-time homebuyers and upgraders, and will benefit from rising
home ownership and urbanisation amid medium-term economic growth.
In the short-term, demand should also be supported by a recent
policy rate cut and extension of a VAT rebate.
Fitch expects housing demand and contracted sales funded by
mortgages to rise, if local banks lower mortgage rates in line with
the recent policy rate cut of 25bp by the Bank Indonesia, which was
the first cut since February 2021. Some of the local banks raised
mortgage rates earlier this year following upward revision in
policy rates by the Bank Indonesia. The majority of CTRA's
contracted sales in 1H24 were funded by mortgages (70%), followed
by cash (18%) and instalments (12%).
VAT Rebate Extended: The VAT rebate of an 11% discount on the first
IDR2 billion of the total value of completed homes priced up to
IDR5 billion was extended recently for six months to December 2024.
The VAT rebate was unveiled in November 2023. Fitch expects CTRA to
accelerate the completion and handover of some developments to
maximise the number of units that can benefit from this scheme and
may result in 2024 presales being better than its estimates. The
VAT-exempted presales made 30% of CTRA's consolidated presales in
1H24, up from 8% in 2023.
Net Cash Position: Fitch forecasts CTRA will remain in a net cash
position in the short term. Cash collection will benefit from a
boost in mortgage-funded presales (1H24:70%; 2023: 63%) from the
decline in interest rates. Fitch expects capex and dividends to
increase, but capex to remain measured, with the issuer focusing on
new hospitals and shopping malls in its existing townships. Fitch
expects free cash flow (FCF) to turn negative in 2025-2026 as capex
is likely to peak during these years. CTRA has recorded positive
FCF for many years.
Fitch does not expect CTRA to engage in large-scale land banking,
but the company may opportunistically acquire completed hospitals
or shopping malls. The scale of these acquisitions could be
significant, which would reduce its large consolidated cash balance
of IDR11.4 trillion at end-June 2024. However, the timing and
amount of acquisitions are uncertain, so Fitch treats them as event
risks and have not included them in its forecasts.
Diversified Sales Mix: CTRA's geographic and product
diversification increases the stability of its contracted sales.
Contracted sales in 1H24 were supported by increase in sales in
Sumatra, providing better diversity away from Greater Jakarta,
which contributed 41% of consolidated presales in 1H24, down from
52% in 2023. CTRA's exposure to a wide range of price points helps
tailor new projects to customer demand. The majority of sales
growth in 1H24 was from landed houses costing between IDR1 billion
to IDR2 billion per unit. Fitch expects CTRA to remain focused on
affordable landed houses in the medium term.
Stable Non-Development Income: Fitch forecasts non-development
revenue to remain around 23% of total revenue in 2024 and 2025
(1H24: 22%; 2023: 23%). Fitch expects shopping mall revenue to
continue to recover as tenant rental discounts fall away and
occupancy improves. Fitch forecasts hotel revenue to benefit from
improved occupancy and average room rates with the return of
domestic business travel, which drives the majority of demand for
CTRA's hotels. Nonetheless, Fitch expects hospital revenue to
stabilise after several years in which services related to the
Covid-19 pandemic boosted revenue.
Large Land Bank, Joint Operations: CTRA owns a land bank of over
2,200 hectares, largely in the main urban areas of Greater Jakarta
and Greater Surabaya. The large land bank provides CTRA with the
flexibility and assurance that it can continue to develop projects
in the long term. The company also develops projects with other
land owners on a profit- or revenue-sharing basis. It reports joint
operations on a proportionally consolidated basis, while Fitch
proportionally consolidates the company's key joint ventures -
reported using the equity method - when calculating credit
metrics.
Derivation Summary
CTRA's rating compares well with that of Indonesia-based PT Pakuwon
Jati Tbk (PWON, BB+/Stable) and PT Bumi Serpong Damai Tbk (BSD,
BB-/Stable).
PWON is one of Indonesia's leading shopping-mall owners and a
mixed-use property developer. The company is rated two-notch higher
than CTRA because of its substantial and increasing non-development
cash flow, which is more stable than property presales. Fitch
expects PWON non-development EBITDA to continue to expand to more
than 80%-85% of total EBITDA in next few years. This offset risks
from PWON's smaller property-development business, although the
business is prudently managed as construction is mostly funded by
customer presales rather than debt.
BSD is one of the largest property developers in Indonesia and is
rated at the same level as CTRA. Fitch expects BSD's attributable
contracted sales will be similar to that of CTRA in 2024. CTRA has
greater geographic diversification than BSD, as the majority of
BSD's contracted sales are from the Tangerang region in Greater
Jakarta. However, BSD has a larger land bank than CTRA, which
supports its long-term development pipeline and provides it with
the flexibility to sell land to regional property developers for
collaboration. Both BSD and CTRA maintain low leverage and have
strong liquidity.
Key Assumptions
Fitch's Key Assumptions Within the Rating Case for the Issuer:
- Attributable contracted sales (excluding minority interests'
share) of IDR6.8 trillion in 2024 and IDR7 trillion in 2025;
- Attributable land acquisition spending of around IDR500 billion a
year in 2024 and 2025;
- Capex of IDR700 billion-800 billion a year in 2025-2026;
- Dividends increasing to IDR500 billion-600 billion a year in 2024
and 2025.
RATING SENSITIVITIES
Not relevant since the ratings have been withdrawn
Liquidity and Debt Structure
Strong Liquidity: CTRA reported IDR11.4 trillion of consolidated
cash and cash equivalents as of end-June 2024 (Fitch-estimated
IDR11 trillion excluding minorities' share). CTRA also has access
to significant committed undrawn construction lines. This is more
than sufficient to cover debt maturities in next 12 months of
IDR712 billion, including IDR307 billion of short-term debt.
CTRA has solid access to its domestic bank market and its funding
sources are diversified. Only around 22% of its debt is denominated
in foreign currency, which relates to its SGD150 million of
medium-term notes maturing in February 2026. The principal amount
is partially hedged using call spread options.
Issuer Profile
CTRA is a leading Indonesian homebuilder with a land bank of over
2,200 hectares spread across several areas in the country. It is
also one of the most diversified Indonesian homebuilders with over
88 projects in 34 cities, and contracted sales are spread across
low, mid and upper-income customer segments.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Following the withdrawal of ratings for CTRA, Fitch will no longer
be providing the associated ESG Relevance Scores.
Entity/Debt Rating Prior
----------- ------ -----
PT Ciputra
Development Tbk LT IDR BB- Affirmed BB-
LT IDR WD Withdrawn BB-
senior unsecured LT BB- Affirmed BB-
senior unsecured LT WD Withdrawn BB-
LIPPO KARAWACI: Moody's Ups CFR to B3, Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Ratings has upgraded Lippo Karawaci Tbk (P.T.)'s corporate
family rating to B3 from Caa1.
At the same time, Moody's have also upgraded the backed senior
unsecured rating on the notes issued by Theta Capital Pte. Ltd. - a
wholly-owned subsidiary of Lippo Karawaci Tbk (P.T.) - to Caa1 from
Caa2. The notes are guaranteed by Lippo Karawaci and some of its
subsidiaries.
Moody's have revised the outlook on all ratings to positive from
negative.
"The rating upgrade reflects Lippo Karawaci's improved liquidity
position following the developer's recent disposal of an 18.57%
stake in Siloam International Hospitals Tbk (P.T.). Moody's expect
part of the IDR6.9 trillion sales proceeds will be used to address
its debt maturities, including the $63.7 million bond due January
2025 and the $130.8 million bond due October 2026," says Rachel
Chua, a Moody's Ratings Vice President and Senior Analyst.
"The positive outlook reflects Lippo Karawaci's increasing
marketing sales, which will support positive operating cash flow at
the holding company level over the next 12-18 months," adds Chua.
RATINGS RATIONALE
On September 30, 2024, Lippo Karawaci announced a call option
notice to redeem the outstanding 2026 bonds at par. It will fund
the redemption with proceeds from a partial stake in Siloam
International Hospitals.
Lippo Karawaci announced that it had divested a partial stake in
Siloam International Hospitals to Sight Investments Pte. Ltd, an
investment vehicle of private equity firm CVC Capital Partners, on
September 18, 2024. Following the transaction, Lippo Karawaci
maintains a 29.09% stake in Siloam International Hospitals.
The company's management said that of the IDR6.9 trillion of sales
proceeds, IDR3.9 trillion will be used to repay its borrowings. The
balance will be used to fund investments and for other general
corporate purposes.
Moody's believe the majority of the IDR3.9 trillion will be used to
address its outstanding US dollar bonds as there are no other
material maturities over the next few years.
Assuming the two bonds get repaid, the company's capital structure
will strengthen with the debt reduction.
Moody's expect its leverage will remain healthy at around 5.0x in
2025-26. Its interest cover will strengthen to 2.7x from 1.1x as of
June 2024.
Lippo Karawaci's B3 CFR continues to reflect its position as one of
Indonesia's largest homebuilders and the continued momentum in its
marketing sales performance.
Lippo Karawaci's marketing sales were IDR3.14 trillion during the
first half of 2024, comprising IDR2.4 trillion of sales at the
holding company level. Moody's expect its marketing sales will
remain steady and likely close the year at IDR6 trillion.
The company's new affordable landed housing projects at Park
Serpong, including the XYZ series and the Cendana series, have sold
well in 2024 and will continue to remain its key focus over the
next couple of years. In the first half of 2024, Lippo Karawaci
launched six projects with strong portfolio take up rates of over
90%.
LIQUIDITY
Lippo Karawaci's liquidity at the holding company level will be
very good over the next 12-18 months. As of June 30, the company
had cash and cash equivalents of IDR1.4 trillion at the holding
company level, which will be sufficient to fund its operating cash
outflow.
OTHER CONSIDERATIONS
The Caa1 ratings on the notes issued by Theta Capital Pte. Ltd.
continue to reflect legal subordination risk, given that secured
debt accounted for the majority of the company's borrowings as of
June 2024.
ESG CONSIDERATIONS
Moody's have revised the company's governance issuer profile score
(IPS) to G-4 from G-5 and credit impact score (CIS) to CIS-4 from
CIS-5. This reflects the impact of the company's improved financial
strategy and strengthened liquidity on the rating action.
OUTLOOK
The positive outlook reflects Moody's view that the cash proceeds
from the Siloam International Hospitals stake sale will be used to
address the company's 2025 and 2026 US dollar bond maturities. It
also reflects Moody's expectation that the company will continue
generating positive operating cash flow at the holding company
level over the next 12-18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody’s could upgrade Lippo Karawaci's rating if the company (1)
repays its US dollar bonds due January 2025 and October 2026 using
the proceeds from its partial sale of Siloam International
Hospital; (2) continues to deliver strong core property development
business, such that its operating cash flow at the holding company
level is positive, without relying on any one-off asset sales; and
(3) maintains good liquidity over the next 12-18 months.
Specific credit metrics that will support an upgrade include
leverage below 4.5x and interest coverage above 2.5x.
Given the positive outlook, a downgrade is unlikely.
However, Moody's could change Lippo Karawaci's rating outlook to
stable if (1) its operating cash flow deteriorates at the holding
company level, weakening its liquidity; or (2) there are signs of
cash leakage from Lippo Karawaci to its affiliated companies, for
example, through intercompany loans, aggressive cash dividends or
investments in affiliates.
The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.
Lippo Karawaci Tbk (P.T.) and its subsidiaries are engaged in the
development, management and operation of retail malls, hospitals,
hotels, condominiums and residential townships across multiple
cities in Indonesia. The company also manages Lippo Malls Indonesia
Retail Trust, a Singapore Exchange-listed real estate investment
trust, in which it held a 47% stake as of June 2024.
=========
J A P A N
=========
JAPAN: Sees Most Bankruptcies in a Decade Amid Rising Costs
-----------------------------------------------------------
Bloomberg News reports that Japan saw the highest number of
bankruptcies since 2013 in the six months through September, as
companies were increasingly hit by rising costs.
Some 4,990 firms went bankrupt in that period, increasing 18.6%
from the previous year, Bloomberg discloses citing a report by
Teikoku Databank on Oct. 8. The number of firms going under in
Japan has continued to increase since the second half of the year
ending March 2022.
According to Bloomberg, the jump in bankruptcies partly reflects
the impact of higher prices, particularly for small companies. A
record 472 out of the 4,990 firms cited inflation as the main
reason they went bankrupt, the report showed. The country's key
price gauge has stayed at or above the Bank of Japan's 2% target
for over two years, as the weak yen has inflated import costs for
everything from food to energy.
Construction, manufacturing and retail were among the sectors that
had the highest number of cost-driven bankruptcies, according to
the report.
Beyond rising prices, a record 163 firms cited labor shortages as a
reason for their struggles, Bloomberg relates. Japan's unemployment
rate has remained below 3% for over three years, the lowest level
among developed economies.
The tighter labor market puts pressure on companies to boost
salaries to retain their employees, further straining their
budgets, Bloomberg says. While some Japanese companies successfully
offered more than a 5% wage increase for their workers in pay
negotiations earlier this year, many small and medium sized firms
have reported difficulties in following suit.
Looking ahead, another potential risk for companies is higher
debt-servicing costs following the BOJ's interest rate hikes in
March and July. Some major and regional banks have already
announced they will raise the lending rates on certain short-term
loans.
JAPAN: Struggling Regional Banks Stagger Branch Operations
----------------------------------------------------------
The Asahi Shimbun reports that regional banks are increasingly
adopting "every-other-day" operations for their branches to reduce
staff numbers but continue offering services in rural areas.
According to the Asahi Shimbun, the long period of low interest
rates has taken a toll on their traditional businesses, and many
banks have shut down branches.
But instead of closing them all, they are staggering the operations
of nearby branches to ensure areas are not bereft of banking
services.
However, given the expenses needed to maintain and repair the
buildings while customer numbers decline, it is unclear how long
this strategy can continue, the report says.
In late June, many customers who were trying to complete their
banking chores for the month visited the Yoshinoguchi branch of
Nanto Bank in Gose, Nara Prefecture.
One of them, a manufacturing company owner in his 70s, came to the
branch to transfer salary payments to his employees' accounts,
according to the Asahi Shimbun.
He has been using Nanto Bank for about half a century, including
for financing, mainly through the Wakigami branch.
But the Wakigami branch was closed on that day in late June, so he
had to visit the Yoshinoguchi branch, which was 3 kilometers away,
the Asahi Shimbun relates.
Nanto Bank, based in Nara Prefecture, started every-other-day
operations for two sets of two branches in spring 2020.
One branch of each pair is open on Mondays, Wednesdays and Fridays,
while the other opens on Tuesdays and Thursdays.
A total of 10 people used to work at the Yoshinoguchi and Wakigami
branches, but the number was slashed in half. The five remaining
staff members now work at both branches.
"I was worried about whether the procedures would go smoothly," the
business owner who visited the Yoshinoguchi branch said. "But it
turned out there were no problems because the same clerks work at
both branches."
The Yoshinoguchi and Wakigami branches stand in what had been a
thriving area for the forest industry, particularly for "Yoshino
sugi" brand wood.
The area also has produced famous "Yoshino kuzu" used for Japanese
sweets.
But things have changed, the Asahi Shimbun notes.
"The local economy has not been thriving like before," said
Kazuhiro Yasukawa, head of the Yoshinoguchi branch.
The branches are surrounded by residential areas, and many of their
customers are elderly individuals, not companies. The number of
customers has also been decreasing.
After Nanto Bank struggled to reduce the costs to run its branches,
it decided to carry out large-scale restructuring that cut annual
operational expenses by an estimated JPY400 million ($2.7
million).
It shut down branches and combined 30 others, but it tried to
retain branch numbers and accounts to make services easier for
customers.
"The area's population is aging and public transportation often
does not run, so we took an every-other-day-operation style for
customers' convenience," Satoshi Goto, vice head of the sales
support division of Nanto Bank, said.
The Asahi Shimbun relates that managing regional banks has also
reached a turning point because of digitalization and other
factors.
"We had to restructure branch networks in accordance with the needs
of customers instead of continuing our traditional practice of
setting up offices near stations or in densely populated areas and
waiting for customers at those branches," he said.
According to the report, banks were originally obliged to operate
their branches every weekday under the Order for Enforcement of the
Banking Law. But the Financial Service Agency amended the law in
2018, allowing banks to close branches on weekdays.
That legal change also allowed regional banks to start
every-other-day operations.
The Bank of Kochi in Kochi Prefecture introduced such operations at
its Ikegawa and Ochi branches in July.
The Ikegawa branch is the only financial institution operating in
the mountainous location. So, the Bank of Kochi didn't close it.
However, it instructed the branch to focus on individual customers,
while representatives from nearby branches visit corporate
customers when asked.
San-in Godo Bank, headquartered in Matsue, Shimane Prefecture,
adopted every-other-day operations at two branches in the Oki
islands, the Asahi Shimbun adds.
The Asahi Shimbun says the bank integrated 33 branches and
sub-branches in 2020 because its customers have decreased in number
by 40 percent over the past 10 years.
The two branches are the only ones on their respective islands in
the Oki chain.
Although the two island branches also had fewer customers, the bank
keep them open for the convenience of the remaining clients.
To improve efficiency, the bank adopted every-other-day operations
at the two branches in 2023, adds the Asahi Shimbun.
===============
M A L A Y S I A
===============
ASPEN GROUP: Gives Notice of Three Years of Consecutive Losses
--------------------------------------------------------------
The Edge Malaysia reports that Aspen (Group) Holdings has given
notice that it has recorded pre-tax losses for its three most
recently completed financial years in a row.
However, on Aug. 29, the group reported a profit before tax of
MYR37.4 million ($11.4 million) for its FY2024 ended June 30,
reversing from a loss before tax of MYR96.1 million in FY2023, The
Edge discloses.
Earnings attributable to shareholders in FY2024 stood at MYR38.3
million, up from a loss of MYR195.3 million in FY2023.
As at Oct. 7, Aspen's latest six-month average daily market
capitalisation is at $49.9 million, above the $40 million minimum.
According to The Edge, Rule 1311 of the Singapore Exchange S68's
(SGX) listing manual states that a listed company will be put on
its watch-list if it records pre-tax losses for the three most
recently completed consecutive financial years and has an average
daily market capitalisation of less than $40 million for the last
six months.
At the same time, Aspen announced that Cheah Teik Seng, will be
retiring as the company's chairman and independent non-executive
director at the end of its annual general meeting (AGM) on Oct. 22,
The Edge reports.
Dato' Alan Teo Kwong Chia, another independent non-executive
director, will do the same. Both Cheah's and Teo's retirements are
part of the board's renewal process, Aspen said.
Aspen (Group) Holdings Limited, an investment holding company,
engages in property development activities in Malaysia. It operates
through Property Development and Others segment. The company
develops residential and commercial properties; and sells food and
beverages. It is also involved in the provision of management and
IT services. In addition, the company engages in the general
construction and restaurant business.
CAPITAL A: Shareholders to Vote on Aviation Biz Sale on Oct. 14, 16
-------------------------------------------------------------------
The Edge Malaysia reports that shareholders of low-cost carrier
Capital A Bhd and AirAsia X Bhd will vote on the former's proposed
disposal of its aviation business to its medium-haul affiliate for
RM6.8 billion at their extraordinary general meetings on Oct. 14
and Oct. 16, respectively.
The Edge relates that the corporate exercise is meant to facilitate
Capital A's exit from Practice Note 17 (PN17) status for
financially distressed companies, and ensure access to capital for
the bigger, more efficient airline group under AAX.
"From [AAX's] standpoint, we are ready to take off, whereas Capital
A is just about to get on the runway," The Edge quotes Capital A
CEO Tan Sri Tony Fernandes as saying.
In his latest interview with The Edge, he responds to the mixed
views on the airline business' valuation, dilution in the two
listed companies and the prospects of the wider aviation industry.
On the potential shareholder value dilution, Mr. Fernandes said:
"AAX by itself, history has shown, is going to struggle. By
injecting the [short-haul] airlines [held via Capital A's units,
AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) into AAX],
it will have a massively earnings-accretive business."
For common shareholders of AAX and Capital A, the dilution effect
will be less, as Capital A will distribute to shareholders RM2.2
billion worth of AAX shares or 73.33% of the total AAX shares it
will receive from the proposed disposal.
"We [Fernandes and Capital A co-founder Datuk Kamarudin Meranun]
put our money there [in Capital A and AAX], and our lives to be
honest. Our stakes are not as diluted because we invested in both
companies. I would hope that most minority shareholders [hold
shares in both Capital A and AAX too]," The Edge quotes Mr.
Fernandes as saying.
AAX will issue RM3 billion worth of shares at RM1.30 apiece to
acquire AAAGL, which holds AirAsia's subsidiaries in Indonesia,
Thailand, Cambodia and the Philippines. It will also raise RM1
billion through a private placement at RM1 per share.
The two exercises will see AAX issue 3.31 billion shares, which
will raise its share base to 3.75 billion shares from 447.07
million shares currently. A detailed circular to its shareholders
on Sept. 24 shows an equity dilution of about 88% as a result, The
Edge relays.
For Malaysia AirAsia, which is held through AAB, AAX will assume
RM3.83 billion worth of debt that Capital A owes AAB. To sweeten
the entire deal, AAX will throw in free warrants on the basis of
one warrant for every two shares held.
Based on the combined figures for AAX and Capital A's aviation
business for the first half of 2024 (1HFY2024), the dilution at the
earnings before interest, taxes, depreciation and amortisation
(Ebitda) level for AAX minority shareholders on a per share basis
is around 13.4% (before eliminations), compared with the 88% equity
holding dilution, The Edge discloses. That means, while their
voting rights become much smaller, the earnings do not shrink as
much after Capital A's aviation business is combined with that of
AAX.
Over at Capital A, a shareholder holding 1,000 shares in the
company will receive 392 AAX shares from the proposed
distribution.
Mr. Fernandes and Kamarudin, who collectively hold an indirect
stake of 23.81% in Capital A, will see their indirect interest in
AAX post-exercise reduce to 12.7% from 16.74% (excluding the 17.91%
Capital A will keep in AAX). Kamarudin's direct stake in AAX will
fall to 1.01% (from 8.29%), while Fernandes' equity interest will
drop to 0.32% (from 2.5%).
Mr. Fernandes reiterates that the proposed deal will be enough to
lift Capital A's equity position to positive, adding that it will
no longer need to rush to unlock value by listing its branding
business, Capital A International, adds The Edge.
The Edge says the combined price tag of MYR6.8 billion for AAB and
AAAGL is higher than the MYR5 billion previously projected by some
analysts who cover the company.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, Capital A is in the midst of formulating a plan to
regularize its financial condition to address its Practice Note 17
(PN17) status.
Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
=====================
N E W Z E A L A N D
=====================
CANTERBURY TEAMWEAR: Creditors' Proofs of Debt Due on Nov. 4
------------------------------------------------------------
Creditors of Canterbury Teamwear Limited are required to file their
proofs of debt by Nov. 4, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 3, 2024.
The company's liquidators are:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany, Auckland 0752
CONSTELLATION MOTORS: Creditors' Proofs of Debt Due on Oct. 11
--------------------------------------------------------------
Creditors of Constellation Motors Limited, 40 Foot Consulting
Limited and 40 Foot Tech Limited are required to file their proofs
of debt by Oct. 11, 2024, to be included in the company's dividend
distribution.
Constellation Motors Limited commenced wind-up proceedings on Sept.
5, 2024.
40 Foot Consulting and 40 Foot Tech commenced wind-up proceedings
on Sept. 11, 2024.
The company's liquidator is David Edward Thomas.
ECTCH LIMITED: Court to Hear Wind-Up Petition on Oct. 31
--------------------------------------------------------
A petition to wind up the operations of Ectch Limited will be heard
before the High Court at Auckland on Oct. 31, 2024, at 10:45 a.m.
Dennis & Leo Brady Construction Limited filed the petition against
the company on July 30, 2024.
The Petitioner's solicitor is:
Peter Montagna
Blackwood Montagna Legal Professional House
12–18 Seddon Street
Pukekohe
GRANDE MEADOW: Creditors' Proofs of Debt Due on Oct. 23
-------------------------------------------------------
Creditors of Grande Meadow Developments Limited are required to
file their proofs of debt by Oct. 23, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 2, 2024.
The company's liquidator is:
Stephen Young
RSM New Zealand (Auckland)
PO Box 204276
Highbrook, Auckland 2161
LOVERIDGE ENGINEERING: Court to Hear Wind-Up Petition on Oct. 21
----------------------------------------------------------------
A petition to wind up the operations of Loveridge Engineering
Services Limited will be heard before the High Court at Whangarei
on Oct. 21, 2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 2, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
EDENSWORTH HOLDINGS: Creditors' Proofs of Debt Due on Nov. 4
------------------------------------------------------------
Creditors of Edensworth Holdings Pte. Ltd. are required to file
their proofs of debt by Nov. 4, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 27, 2024.
The company's liquidators are:
Victor Goh
Khor Boon Hong
Marie Lee
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
KAI HONG: Creditors' Proofs of Debt Due on Nov. 6
-------------------------------------------------
Creditors of Kai Hong Investments Pte Ltd are required to file
their proofs of debt by Nov. 6, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 1, 2024.
The company's liquidators are:
Lee Yin Chen
Loo Min Min
164 Bukit Merah Central #03-3655
Singapore 150164
KEPPEL CAPITAL: Creditors' Proofs of Debt Due on Nov. 4
-------------------------------------------------------
Creditors of Keppel Capital One Pte Ltd are required to file their
proofs of debt by Nov. 4, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 1, 2024.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
NEW ASIA: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Sept. 27, 2024, to
wind up the operations of New Asia Logistic Services Pte. Ltd.
Ledcare LLC filed the petition against the company.
The company's liquidator is:
Zahabar Ali
Raffles Overseas LLP
3 Shenton Way
#03-09 Shenton House
Singapore 068805
PACIFIC GANSU: Creditors' Proofs of Debt Due on Nov. 3
------------------------------------------------------
Creditors of Pacific Gansu Development Pte Ltd are required to file
their proofs of debt by Nov. 3, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 1, 2024.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia
50 Havelock Road #02-767
Singapore 160050
PRIME STRUCTURES: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Sept. 27, 2024, to
wind up the operations of Prime Structures Engineering Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=====================
S O U T H K O R E A
=====================
[*] SOUTH KOREA: To Select Insolvent Savings Banks to Revamp
------------------------------------------------------------
Maeil Business reports that financial authorities will select
insolvent savings banks within this year and begin intensive
compulsory management improvement work. The plan is to virtually
complete the groundwork for restructuring savings banks within this
year and start full-fledged procedures next year, and up to five
are expected to receive "timely corrective measures."
According to the report, the Financial Supervisory Service has
completed on-site inspections of three insolvent savings banks that
conducted management assessments at the end of June as well as four
additional savings banks that launched management assessments in
August. Maeil Business says the Financial Supervisory Service is
organizing the evaluation through the inspection and plans to
submit it to the Financial Services Commission by the end of next
month at the latest. Based on the results of the FSS evaluation,
the Financial Services Commission will request each company to
submit a management improvement plan, and then determine whether or
not to take timely corrective measures.
Maeil Business relates that one or two of the three companies that
conducted the management evaluation in June are likely to receive
timely corrective measures, and four savings banks that were
evaluated in August are also said to have a "low rating" that
allows up to three companies to impose timely corrective measures.
According to the Mutual Savings Bank Business Supervision
Regulations, if the comprehensive evaluation grade for management
status evaluation is 3rd grade or the asset quality or capital
adequacy evaluation grade is 4th grade or lower, it can be subject
to the "recommendation" rating for timely corrective measures.
As a result, it means that at least three to five locations can
receive timely corrective measures, Maeil Business notes. Timely
corrective measures are compulsory management improvement measures,
and financial companies that have been imposed on them must
implement measures such as disposing of bad debts, increasing
capital, and restricting dividends. If the measures recommended and
requested by the authorities are not properly implemented, they can
even be disposed of for business reorganization, merger and sale to
other banks, which is actually a strong measure to take steps to
"exit."
However, the number of savings banks subject to timely corrective
measures may change. This is because some savings banks are working
to improve asset soundness indicators such as delinquency rates and
fixed credit ratios, and one savings bank is even considering
capital increase for major shareholders.
Maeil Business adds that the Financial Supervisory Service plans to
continue evaluating additional management conditions based on the
soundness indicators at the end of the third quarter of each
savings bank. Financial authorities check the delinquency rate and
non-performing loan ratio at the end of each quarter and conduct a
management evaluation if they fail to meet the criteria for two
consecutive quarters.
The financial sector expects two to three companies to be listed on
the list of additional evaluations, in addition to the existing
seven companies, considering the delinquency rate and the ratio of
non-performing loans.
However, the financial authorities are evaluating that asset
soundness indicators such as the delinquency rate and the fixed
credit rate of savings banks have been improving since the third
quarter. An FSS official said, "As of the third quarter, there are
savings banks whose net profit has turned into a surplus, and in
terms of delinquency rates and bad debt ratios, there are better
places than the previous quarter," adding, "It is estimated that
the financial authorities have strengthened their soundness
management this year," Maeil Business relays.
The Financial Services Commission, which imposes timely corrective
measures, said that it is too early to discuss the timing of timely
corrective measures and financial companies as savings banks
subject to evaluation at the end of June have not yet submitted
their management improvement plans, and August evaluation targets
are also under way by the Financial Supervisory Service, Maeil
Business relates. An official from the Financial Services
Commission said, "There is still a process in which each company
has to submit a management improvement plan and review its
feasibility," adding, "It is too early to definitively discuss
whether to take timely corrective measures because the four
companies that conducted the management evaluation in August have
not yet reached the evaluation results."
*********
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
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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 ***