/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/241014.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 Monday, October 14, 2024, Vol. 27, No. 206 Headlines A U S T R A L I A AMH MAINTENANCE: First Creditors' Meeting Set for Oct. 18 AUSTRALIAN PLANT: Administrator Recommends Company's Liquidation CAFE DE VILI: Closes Doors for Good Following Liquidation ENGSURVEY PTY: First Creditors' Meeting Set for Oct. 18 FINNISH EARLY: First Creditors' Meeting Set for Oct. 17 KGM ASSETS: First Creditors' Meeting Set for Oct. 18 REDZED TRUST 2024-3: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes SPARTAN ADMIN: First Creditors' Meeting Set for Oct. 17 [*] ASIC Cancels Two AFS Licences, 11 Australian Credit Licences I N D I A 5 CORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category AGARWAL COAL: CRISIL Keeps B Debt Rating in Not Cooperating AJANTA GARTEX: CRISIL Keeps B Debt Ratings in Not Cooperating ALBANNA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating ANGIKA DEVELOPMENT: CRISIL Keeps D Ratings in Not Cooperating D. M. JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating DAINIK SAVERA: CRISIL Keeps D Debt Ratings in Not Cooperating DHOLADHAR DEVELOPERS: CRISIL Keeps C Ratings in Not Cooperating DIANA HEIGHTS: CRISIL Keeps D Debt Rating in Not Cooperating ELLORA CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating ELPPE CHEMICALS: CRISIL Keeps B Debt Ratings in Not Cooperating ESSAL INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating ESSEM ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating ETERNAL MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating EUGEN LABORATORIES: CRISIL Keeps B Rating in Not Cooperating GEETHANJALI CONSTRUCTIONS: ICRA Cuts Rating on INR8.75cr Loan to D HARMANI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating IRB INFRASTRUCTURE: Fitch Affirms BB+ LongTerm IDR, Outlook Stable J.G. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating J.P. RICE: CRISIL Keeps B Debt Ratings in Not Cooperating JAIRAM MARUTI: CRISIL Keeps D Debt Ratings in Not Cooperating JANPATH PALACE: CRISIL Keeps D Debt Rating in Not Cooperating JAS ORCHID: CRISIL Keeps D Debt Ratings in Not Cooperating JBS ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating JINDAL WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating KALINDI RESORTS: CRISIL Keeps B Debt Rating in Not Cooperating LEMON ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Cooperating MALABAR EDUCATIONAL: CRISIL Reaffirms D Rating on INR11cr LT Loan PADMAJA PACKAGING: CRISIL Moves B Debt Ratings to Not Cooperating SASA MUSA: CRISIL Keeps D Debt Ratings in Not Cooperating SLR CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating SONAC: CRISIL Keeps D Debt Ratings in Not Cooperating Category SPEL GRANITO: Liquidation Process Case Summary M A L A Y S I A 1MDB: Deutsche Bank Ordered to Produce Documents re PetroSaudi Suit PHARMANIAGA BHD: Appoints EY as External Auditor from Oct. 9 SINO GREEN: Reports $798,804 Net Loss in FY Ended June 30, 2024 N E W Z E A L A N D BC394537 LIMITED: Court to Hear Wind-Up Petition on Nov. 22 BUILDNATION CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 2 ECO EARTH: Faces Probe, Suit as Workers 'Forced to Evacuate' HUNTER HILL: Court to Hear Wind-Up Petition on Oct. 17 QUEST INSURANCE: A.M. Best Affirms B(Fair) FS Rating RAM CONCRETE: Court to Hear Wind-Up Petition on Nov. 12 TCL BUILDERS: Firm Goes Into Liquidation; Tools Auctioned Off UBIQUITOME LIMITED: Creditors' Proofs of Debt Due on Oct. 29 S I N G A P O R E AK GLOBAL: Court Enters Wind-Up Order CHEETAHTRANS PTE: Court Enters Wind-Up Order ENERGIAN PTE: Commences Wind-Up Proceedings GLP PTE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable KEPPEL LTD: Completes Voluntary Liquidation of Two Subsidiaries NAPOLIZZ PIZZA: Court to Hear Wind-Up Petition on Oct. 25 RIGHT CHOICE: Court to Hear Wind-Up Petition on Oct. 16 - - - - - ================= A U S T R A L I A ================= AMH MAINTENANCE: First Creditors' Meeting Set for Oct. 18 --------------------------------------------------------- A first meeting of the creditors in the proceedings of AMH Maintenance Pty Ltd will be held on Oct. 18, 2024, at 11:00 a.m. via teleconference only (Microsoft Teams). Marcus Watters and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Oct. 8, 2024. AUSTRALIAN PLANT: Administrator Recommends Company's Liquidation ---------------------------------------------------------------- Grain Central reports that the administrator overseeing insolvent isolates manufacturer Australian Plant Proteins has recommended the company be liquidated, citing limited chances of resolving the issue of AUD15.89-million owed to secured creditors. Victorian-based APP entered voluntary administration in June. As one of the few commercial-scale plant-protein fractionation businesses in Australia, there were hopes an investor or buyer would step in to keep APP operational, Grain Central says. Founded by Brendan McKeegan and Phil McFarlane in 2016, the company operated two sites in Victoria, a research-and-development facility at Werribee near Melbourne, and a commercial fractionation plant at Horsham in the Wimmera district. Horsham currently produces 1200 tonnes of plant-protein isolates per annum, mostly from faba beans. Isolates are sold directly to plant-protein businesses and food-ingredient distributors domestically and overseas to be used in retail products such as meat and dairy alternatives, bakery goods, snack and convenience foods, and pet food. In a report presented to creditors at a September 30 meeting, administrator Manuel Hanna of Romanis Cant said the best outcome for creditors would be for "the company to be wound up" and assets sold under a liquidation process, Grain Central relays. According to the report, APP had "incurred material trading losses" from the end of the 2021 financial year until entering voluntary administration. It said shareholders had provided additional funding throughout those three years to sustain business operations. Grain Central relates that Mr. Hanna said he was in talks with a party interested in purchasing APP property as a "straight asset sale", and not a bid for the company as a going concern. "I have since continued to liaise with the interested parties and have now received a binding offer for the sale of the company's assets," Grain Central quotes Mr. Hanna as saying in his report to creditors. "I am advised that the offer will be finalised and submitted shortly." He noted that any asset sales would still leave "a material shortfall" in the AUD15.89M debt to secured creditor, Commonwealth Bank of Australia. Other outstanding unsecured debts include: AUD303,734 owed to employees; AUD557,453 to unnamed unsecured creditors, and AUD23,228 to statutory creditors, such as government charges and taxes, Grain Central discloses. Since taking control of the company, the administrator has continued to operate APP "in a limited capacity" focused on selling down its remaining stocks. Since July, a "material portion" has been sold to a related entity for AUD630,202. According to Grain Central, liquidation was one of three options presented to creditors during the meeting. The others involved ending the voluntary administration, or executing a deed of company arrangement (DOCA), an agreement aimed at restructuring the company's debts to enable operations to continue. Manuel Hanna of Romanis Cant was appointed as administrator of the company on June 21, 2024. CAFE DE VILI: Closes Doors for Good Following Liquidation --------------------------------------------------------- News.com.au reports that Adelaide's northern suburbs were left gutted Oct. 10 after beloved local spot, Cafe de Vili's in Elizabeth, announced it was closing its doors for good. The closure became public when a photo of a makeshift sign posted on the cafe's front door surfaced on Facebook. The sign, reading "Company in liquidation + ceased trading," confirmed the unfortunate news. The Cafe de Vili's later confirmed the closure, news.com.au says. "Cafe De Vili's (franchisor) and Vili's Family Bakery are aware that the company that independently owned and operated Café De Vili's Elizabeth franchise is in liquidation and has ceased trading," it said in a social media statement. "The Company, Cafe 24/7 Pty Ltd trading as Cafe De Vili's Elizabeth, was a licensed franchisee of Cafe De Vili's. An entity unrelated to the ownership and operation of Vili's Family Bakery. We remain fully committed to providing you with the high-quality service and products you have come to expect from our other sites, at Mile End, Hillcrest and Blair Athol." Skyrocketing costs have claimed several popular eateries in Adelaide in recent months, forcing many to make the tough decision to shut their doors, news.com.au notes. Abbots and Kinney, a "cult" bakery and cafe with stores across Adelaide, recently made the decision to close its Croydon store as the lease was about to expire. News.com.au relates that managing director Richard Wilson made the announcement on social media thanking the community. "You have been so kind to us over the past years, but unfortunately our time here has come to an end," he said, notes the report. "Leases expiring and prices increasing, it's something we're hearing more and more often these days with lots of businesses being forced to make tough decisions." ENGSURVEY PTY: First Creditors' Meeting Set for Oct. 18 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Engsurvey Pty Ltd will be held on Oct. 18, 2024, at 10:00 a.m. via Microsoft teams. Jeff Marsden and Andrew Sallway of BDO were appointed as administrators of the company on Oct. 8, 2024. FINNISH EARLY: First Creditors' Meeting Set for Oct. 17 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Finnish Early Childhood Education (Lara) Pty Ltd, trading as Hei Schools Lara Early Learning Centre, will be held on Oct. 17, 2024, at 10:00 a.m. via virtual meeting. Nicholas Giasoumi of Dye & Co. Pty Ltd was appointed as administrator of the company on Oct. 9, 2024. KGM ASSETS: First Creditors' Meeting Set for Oct. 18 ---------------------------------------------------- A first meeting of the creditors in the proceedings of KGM Assets Pty Ltd will be held on Oct. 18, 2024, at 10:00 a.m. at Level 34, 32 Turbot Street, in Brisbane, Qld and virtual meeting technology. Nick Combis of Vincents Chartered Accountants was appointed as administrator of the company on Oct. 8, 2024. REDZED TRUST 2024-3: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to RedZed Trust Series 2024-3's mortgage-backed pass-through floating-rate notes. The issuance consists of notes backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans originated by RedZed Lending Solutions Pty Limited. The notes will be issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed 2024-3. This is a separate and distinct series created under a master trust deed. Entity/Debt Rating ----------- ------ RedZed Trust Series 2024-3 A-1-L LT AAA(EXP)sf Expected Rating A-1-S LT AAA(EXP)sf Expected Rating A-2 LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating F LT B(EXP)sf Expected Rating G1 LT NR(EXP)sf Expected Rating G2 LT NR(EXP)sf Expected Rating Transaction Summary The collateral pool totalled AUD600.0 million and consisted of 841 obligors as of the 31 August 2024 cut-off date, with a weighted-average (WA) current loan/value ratio (LVR) of 66.1% and a WA indexed current LVR of 64.9%, KEY RATING DRIVERS Sufficient Credit Enhancement: The 'AAAsf' WA foreclosure frequency (WAFF) of 18.3% is driven by the WA unindexed current LVR of 66.1%, low documentation loans making up 91.9% of the pool, self-employed borrowers accounting for 95.2% and, under Fitch's methodology, non-conforming and investment loans forming 17.3% and 40.1%, respectively. The 'AAAsf' WA recovery rate (WARR) of 53.1% is driven by the portfolio's WA indexed scheduled LVR of 66.4%. The 'AAAsf' portfolio loss of 8.6% is higher than RedZed Trust Series 2024-2's loss of 8.1%, due primarily to a decrease in the WARR. The class A-1-S, A-1-L, A-2, B, C, D, E and F notes benefit from credit enhancement of 20.00%, 20.00%, 11.50%, 6.40%, 4.00%, 2.60%, 1.50% and 0.35%, respectively. Limited Liquidity Risk: Structural features include a liquidity facility sized at 1.5% of the class A-1-S to F invested balance, with a floor of AUD900,000. This is sufficient to mitigate Fitch's payment interruption risk. Other structural features include a retention amount that redirects excess available income to repay note principal in reverse sequential order (excluding G1 and G2 notes), with a limit of AUD500,000 and a post call amortisation amount that redirects after-tax excess income to repay note principal through the principal priority of payments waterfall. Low Operational and Servicing Risk: RedZed, established in 2006, is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards. Tight Labour Market Supports Outlook: Portfolio performance 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, rising to 1.7% in 2025, with unemployment at 4.1% and reaching 4.5% next year. This reflects Fitch's expectation that restrictive monetary policy and persistent inflation will continue to hinder domestic demand. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables 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 the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - WAFF or WARR - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Note: A-1-S / A-1-L / A-2 / B / C / D / E / F Expected Ratings: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BBBsf / BB-sf / Bsf Increase defaults by 30%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / B+sf / Bsf Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AAsf / A-sf / BBBsf / BBsf / Bsf Reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / AAsf / A-sf / BBBsf / BBsf / Bsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BBBsf / BB-sf / Bsf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / B+sf / Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A note ratings are at the highest level on Fitch's scale and cannot be upgraded. Prepayments to the loans with the largest obligor exposure, which result in the notes passing Fitch's concentration test, could lead to positive rating action, all else being equal. Notes: B / C / D / E / F Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf / BBB+sf / BB+sf / BB-sf 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 sought to receive a third-party assessment of the asset portfolio information, but none was made available to Fitch for this transaction. Fitch reviewed a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING 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. SPARTAN ADMIN: First Creditors' Meeting Set for Oct. 17 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Spartan Admin Pty Ltd will be held on Oct. 17, 2024, at 11:00 a.m. via Virtual Meeting via Microsoft Teams. Paul Vartelas of B K Taylor & Co was appointed as administrator of the company on Oct. 7, 2024. [*] ASIC Cancels Two AFS Licences, 11 Australian Credit Licences ---------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled two Australian financial services licences (AFS licence) and 11 Australian credit licences (collectively, the Licensees). The Licensees were required by law to be a member of the Australian Financial Complaints Authority (AFCA). AFCA membership gives consumers access to a free, fair, and independent dispute resolution scheme if a complaint cannot be resolved internally by a Licensee. ASIC works with AFCA to identify AFS licence and credit licence holders that do not comply with their obligation to maintain their AFCA membership. If an entity is expelled from the scheme or requests to withdraw membership, AFCA must notify ASIC. Where an entity fails to comply, or is otherwise in breach of general conduct obligations, ASIC will continue to take action to cancel AFS licence or credit licences. The Licensees have, varyingly: * failed to be a member of AFCA * failed to lodge annual compliance certificates on time (credit licence holders) * failed to prepare and lodge an annual profit and loss statement and balance sheet (AFS licence holders) * failed to comply with a condition on the licence * failed to pay industry funding levies owed to ASIC * ceased to carry on a financial services business (AFS licence holders), and/or * ceased to engage in credit activities (credit licence holders). In the period July 4, 2024 and July 10, 2024, ASIC cancelled the AFS licences of: * Colleen Hennequin ABN 67 456 235 051(AFS licence 486117)Licence cancelled July 4, 2024 * Aretean Pty Ltd ACN 159 826 114 (AFS licence number 460754). Licence cancelled July 10, 2024 In the period June 6, 2024 and Sept. 16, 2024, ASIC cancelled the credit licences of: * George Frossinos (credit licence number 391981). Licence cancelled Aug. 20, 2024. * J F Consultancy and Investments Pty Ltd ACN 119 365 605 (credit licence number 392778). Licence cancelled Aug. 22, 2024. * Aspirepay Pty Ltd ACN 628 508 930 (credit licence number 511877). Licence cancelled Aug. 22, 2024. * The Finmark Group Pty Ltd ACN 000 710 029 (credit licence number 391404). Licence cancelled Aug. 28, 2024. * Fast Track Finance Group Pty Ltd ACN 085 407 512 (credit licence number 383791). Licence cancelled Aug. 29, 2024. * Supreme Funding Pty Ltd ACN 114 525 094 (credit licence number 389728). Licence cancelled Sept. 2, 2024. * Julie Kruger (credit licence number 392085). Licence cancelled Sept. 6, 2024. * Indra Tengara (credit licence number 512598). Licence cancelled Sept. 9, 2024. * Yeung Cheng (credit licence number 387485). Licence cancelled Sept. 11, 2024. * Danielle Hobbs (credit licence number 443478). Licence cancelled Sept. 11, 2024. * Elancorp Pty Ltd ACN 096 634 561 (credit licence number 386741). Licence cancelled Sept. 16, 2024. Under section 915C of the Corporations Act, ASIC has the power to cancel an AFS licence if an AFS licence holder has not complied with its obligations under section 912A of the Corporations Act. This includes the obligation to: * be a member of AFCA * to comply with conditions on the licence, for example, the condition to require the AFS licence holder to lodge an opinion by a registered auditor on the AFS licence holder's compliance with the financial requirements, and * to comply with the financial services laws, including section 989B of the Corporations Act to prepare and lodge an annual profit and loss statement and balance sheet. Under section 55 of the Credit Act, ASIC has the power to cancel a credit licence if a credit licence holder has contravened its general conduct obligations under section 47. This includes the obligation to be a member of AFCA and the obligation to comply with the credit legislation. Section 53(1) of the Credit Act outlines the obligation to lodge an ACC and is defined as credit legislation in section 5 of the Credit Act. Under section 54(1)(d) of the Credit Act, ASIC may cancel a credit licence if the levies and late payment penalties relating to those levies have not been paid in full within 12 months after the due date for payment. ========= I N D I A ========= 5 CORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of 5 Core Acoustics Private Limited (5Core; a part of the Five Core group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 25 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Packing Credit in 10 CRISIL D (Issuer Not Foreign Currency Cooperating) CRISIL Ratings has been consistently following up with 5 Core for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of 5Core, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on 5Core is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of 5Core continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of Five Core Electronics Ltd (FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL), Visual and Acoustics Corporation LLP (Visual), Digi Export Ventures Pvt Ltd (Digi), Happy Acoustics Pvt Ltd (Happy), 5Core, and Neha Exports (Neha). This is because all these entities, collectively referred to as the Five Core group, have common management, brand, customers, suppliers, and strong operational synergies. Furthermore, 5Core is a wholly owned subsidiary of FCEL. FCEL is a part of the Five Core group that manufactures electronic equipment, including public address systems, speakers, amplifiers, microphones, woofers; and electrical accessories under the 5 Core brand. The group exports products to 56 countries. Mr Amarjit Kalra and his family manage the operations. Incorporated in 2002, FCEL is listed on the National Stock Exchange Emerge platform since May 2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan). Set up in 2008 as a partnership firm, EMS has a facility in Kashipur (Uttarakhand). Visual is a limited-liability partnership firm set up in 2008, with a unit in Mundka, Delhi. Neha is a proprietorship firm set up in 2009 and has a unit at Daruhera (Gurugram). Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private-limited companies with units in Noida, Bhiwadi, and Delhi, respectively. 5Core was set up in 2012 and has a unit in Bhiwadi. AGARWAL COAL: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Agarwal Coal Suppliers (ACS) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ACS for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ACS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ACS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACS continues to be 'CRISIL B/Stable Issuer Not Cooperating'. ACS was incorporated in 1984 as proprietorship firm by Mr Sudhir Garg. The firm is engage in trading of coal from Meerut (Uttar Pradesh), ACS has their own warehouse in Rampur district. AJANTA GARTEX: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ajanta Gartex Processors Private Limited (AGPPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.8 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 7.5 CRISIL B/Stable (Issuer Not Cooperating) Working Capital 0.7 CRISIL B/Stable (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with AGPPL for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AGPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AGPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AGPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. AGPPL, incorporated in April 2005 is an Uttar Pradesh based company promoted by Sh. Rajender Kumar Chindalia and Sh. Babu Lal Daga. AGPPL is engaged in the processing and dyeing of fabric and garments. The plant of AGPPL is located in Ghaziabad District, U.P., having built up on an area of 10,000 square feet approximately. The manufacturing facility is owned by a group partnership firm in which Shri Babu Lal Daga is a partner. The company is paying rent to the partnership firm for using the said facility. ALBANNA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Albanna Engineering (India) Private Limited (AEIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.4 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.6 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AEIPL for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AEIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AEIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. AEIPL, established in 2013, is a wholly owned subsidiary of Albanna Engineering LLC (ABE) which is a major EPC contractor in mechanical engineering field in UAE. AEIPL was established solely for taking up projects in India which fall under group fields of core competence like Oil & Gas and Process & Engineering Industries. The company is promoted by Mr. Sreekumar Nair. ANGIKA DEVELOPMENT: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Angika Development Society (ADS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6.4 CRISIL D (Issuer Not Cooperating) Term Loan 8 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ADS for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ADS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ADS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ADS continues to be 'CRISIL D Issuer Not Cooperating'. Established in 2004, ADS manages a DPS franchise school and a teacher training institute, VBCE, in Bhagalpur. The society added one more school in Ranchi, Jharkhand, in 2016 under the DPS brand. Operations are managed by the chairman, Mr Shekhar Dutt (retired Indian Administrative Service officer, former governor of Chhattisgarh, and defense secretary, Government of India), and secretary, Mr Rajesh Kumar Srivastava. D. M. JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of D. M. Jewellers (DMJ) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with DMJ for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of DMJ, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DMJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DMJ continues to be 'CRISIL D Issuer Not Cooperating'. DMJ is a proprietorship firm set up by Ms Dipti Lathigara in 2005. The firm sells gold, silver, diamond, and other precious stone-studded ornaments at its showroom in Navsari, Gujarat. The firm is presently managed by Mr. Manish Lathigara. DAINIK SAVERA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dainik Savera News and Media Network (DSMN) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.08 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.92 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with DSMN for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of DSMN, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DSMN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DSMN continues to be 'CRISIL D Issuer Not Cooperating'. DSMN was set up in December 2012 and is owned and managed by Mr Shital Vij and his family members. The firm operates a printing press in Jalandhar, Punjab, through which it publishes Dainik Savera Times, a regional newspaper with circulation in Jammu, Punjab, Haryana, Chandigarh, Delhi, and Himachal Pradesh. DHOLADHAR DEVELOPERS: CRISIL Keeps C Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dholadhar Developers Private Limited (DDPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.2 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Term Loan 8 CRISIL C (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with DDPL for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of DDPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DDPL continues to be 'CRISIL C Issuer Not Cooperating'. DDPL, incorporated in 2007 by Mr Gurmit Singh Mann, has set up Maximus Mall, a commercial complex with a 2-screen multiplex, at Dharamsala. The project commenced commercial operations in April 2017. The company's founder has entrepreneurial experience of 48 years. DIANA HEIGHTS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Diana Heights (DH) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with DH for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of DH, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DH continues to be 'CRISIL D Issuer Not Cooperating'. DH was established as Diana Tourist Home in Athani (Kerala) in 2010. The firm got its present name in 2012. It is promoted by Kerala-based Mr. Jose G Mathew and family. The firm commenced operations in April 2010 as a restaurant-bar in Athani and started operating as a five star hotel since March 2015. ELLORA CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ellora Construction Private Limited (Ellora) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.27 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Ellora for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Ellora, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Ellora is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Ellora continues to be 'CRISIL D Issuer Not Cooperating'. Set up in December 2005 as a partnership between Mr Saleem Ahmed Bismillah Khan and his wife Mrs Sameena Sultana, Ellora was reconstituted as a private limited company in April 2008. The company undertakes construction and executes work orders for buildings, roads, and infrastructure projects. ELPPE CHEMICALS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Elppe Chemicals Private Limited (ECPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Currency 20 CRISIL B/Stable (Issuer Not Term Loan Cooperating) Proposed Long Term 10 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 1 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Working Capital 5 CRISIL B/Stable (Issuer Not Facility Cooperating) Working Capital 5 CRISIL B/Stable (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with ECPL for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ECPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ECPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ECPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 1986, ECPL manufactures APIs and their raw materials. ECPL is managed by Mr P P Bardeskar along with his son, Mr. Amol Bardeshkar. Its facility is at Raigad (Maharashtra). ESSAL INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Essal Infrastructure Private Limited (EIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12 CRISIL D (Issuer Not Cooperating) Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with EIPL for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of EIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on EIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. EIPL, based in Raipur (Chhattisgarh), was established in 2004 by Mr. Anand Aggarwal and his father. The company is engaged in civil construction and executes projects for state government authorities such as Naya Raipur Development Authority and Chhattisgarh Housing Board. ESSEM ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Essem Enterprise - Kolkata (ESSEM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.43 CRISIL D (Issuer Not Cooperating) Cash Credit 8.00 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.57 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with Essem for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Essem, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Essem is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Essem continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Essem, a Kolkata based proprietorship firm is engaged in civil construction business. Mr. Santanu Mukherjee is the proprietor of the firm. ETERNAL MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Eternal Motors Private Limited (EMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.45 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.05 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with EMPL for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of EMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on EMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EMPL continues to be 'CRISIL D Issuer Not Cooperating'. EMPL was incorporated in 1998. It is an authorized dealer of Maruti Suzuki India Limited (MSIL) passenger and commercial vehicles. EUGEN LABORATORIES: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Eugen Laboratories Private Limited (Eugen) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 39 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with Eugen for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Eugen, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Eugen is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Eugen continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Eugen incorporated in Sept-2016, is setting up facility with integrated research and development, to support pre-clinical research involving the use of NHPs at outskirt of Vizag (Andhra Pradesh). The firm is promoted by Mr. Abishek Valluru and Maganti Damodara Ravindranath Chowdary. GEETHANJALI CONSTRUCTIONS: ICRA Cuts Rating on INR8.75cr Loan to D ------------------------------------------------------------------ ICRA has downgraded the ratings on certain bank facilities of Sree Geenthanjali Constructions (SGC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term– 8.75 [ICRA]D; Rating downgraded from Non Fund based [ICRA]A4; ISSUER NOT COOPERATING Others and continues to remain under 'Issuer Not Cooperating' Long-term– 0.25 [ICRA]D; Rating downgraded from Unallocated [ICRA]B+(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long-term– 7.00 [ICRA]D; Rating downgraded from Fund Based- [ICRA]B+(Stable); ISSUER NOT Cash Credit COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale Material event The rating of SGC is downgrade reflects Delay in Debt Repayment as mentioned in the Publicly available sources. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated December 2023. 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. As part of its process and in accordance with its rating agreement with Sree Geethanjali Constructions, 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. Sree Geenthanjali Constructions (SGC), commenced its operations 1993, has been involved in execution of electrical turnkey projects, supply Erection Testing Commissioning & Construction of substations and transmission lines from 33/11kv to 220kv, majorly for lift irrigation and power projects and has executed projects for erstwhile Andhra Pradesh government. HARMANI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Harmani Agro Export Limited (SIL; previously known as Samra Industries Limited) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SIL for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SIL continues to be 'CRISIL D Issuer Not Cooperating'. Promoted by Mr. Bimalpal Singh, Mr. Taranbir Singh and Mr. Satbir Sharma, SIL was incorporated 2012 and processes basmati and non-basmati rice at its plant in Faridkot (Punjab). SIL has total milling capacity of 5 metric tonne per hour. IRB INFRASTRUCTURE: Fitch Affirms BB+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed India-based IRB Infrastructure Developers Ltd's Long-Term Issuer Default Rating and the rating on its US-dollar senior secured notes at 'BB+'. The Outlook is Stable. The rating reflects IRB's strong financial profile at the consolidated level, with adequate rating headroom. Fitch expects continued robust traffic performance by IRB's diverse and strategically located assets, helped by strong Indian GDP growth. The company has a record of operating and maintaining the group's assets to a high standard, with expertise provided by its subsidiary, Modern Road Makers Private Limited (MRM). Fitch expects IRB's financial profile to remain robust, with the group's consolidated debt-service coverage ratio (DSCR) under its rating case averaging at 1.68x between the financial year ended March 2025 (FY25) and FY32. RATING RATIONALE IRB has strengthened its financial profile after an equity infusion by GIC Private Limited's affiliates and Cintra, S.A. at both the IRB Infrastructure Trust (Private InvIT) and the holding company level. Its rating approach fully consolidates IRB's wholly owned contracting and concession activities and includes distributions from its Private InvIT and IRB InvIT Fund (Public InvIT). IRB is a leader in India's road sector. It owns and manages more than 15,000 kilometres (km) of build-operate-transfer, toll-operate-transfer and hybrid-annuity-model road assets across 12 states. KEY RATING DRIVERS Diversified Portfolio, Robust Fundamentals - Revenue Risk - Volume: High Midrange IRB wholly owns five projects, of which two are operational and the rest under construction. It has a 51% stake in another under-construction project. Its roads cover nearly 500 km across Maharashtra, Gujarat, Uttar Pradesh, Himachal Pradesh, and Tamil Nadu, primarily on key national highway corridors. Traffic is robust, with a higher share of commercial vehicles and relatively low toll rates. IRB also faces traffic risk on 19 tolling projects through its two InvITs. Most InvIT concessions are part of the "golden quadrilateral" network, serving diverse traffic but facing competition from free routes. Formula-Linked Tariff Increases - Revenue Risk - Price: Midrange Toll increases are regulated by the National Highways Authority of India (NHAI) or Maharashtra State Road Development Corporation. The National Highway 48 concession allows a 16% hike every three years until FY31, while the Mumbai-Pune Expressway rates will be flat after the last rise in FY24. Tolls under NHAI concessions include base fees, a 3% annual hike, and 40% of India's wholesale price index rise. Fitch expects tolls to align with index forecasts. There has not been significant legislative interference. NHAI's agreements can extend or shorten concession maturities based on revenue thresholds. Well-Developed Capital Plan - Infrastructure Development and Renewal: Stronger IRB has robust capital and maintenance plans and undertakes in-house operation and maintenance (O&M) for each SPV. All engineering, procurement and construction (EPC) and O&M contracts are fixed-price and date-certain. IRB has not been responsible for significant delays or cost overruns. Capacity exceeds the medium-term forecasts of IRB's technical consultant and capex is met by internal accruals. The concessions do not provide for recovery of maintenance cost, but toll rises offer some protection against rising costs. Risk is also mitigated by many O&M agreements covering the entire concession life. Construction Business's Large Contribution - In-House EPC and O&M Fitch expects IRB's contracting activity to contribute around 20% of consolidated EBITDA in FY25-FY32. Contractual income from its SPVs typically comes from cyclical highway construction and O&M business. The captive EPC business has built over 18,500 lane km over three decades and can construct over 500km a year. IRB's uses its EPC capability only for in-house projects and does not bid for third-party contracts. IRB intends to further expand its order book and has high visibility around construction revenue, as its EPC contracts relate only to in-house projects. Partially Amortising Debt - Debt Structure: Midrange The US dollar notes have an eight-year 52% partially amortising structure and a fixed coupon. The covenant package is adequate, with restricted payment conditions and limits on additional debt through leverage and coverage ratios, including the InvITs. The notes benefit from a six-month debt-service reserve and a dedicated escrow account at the IRB level, secured through collateral, including a pledge of partial shares of a subsidiary and a charge over the escrow account. Refinancing risk at the FY32 maturity is mitigated by the long concession period and the group's access to banks. The notes are structurally subordinated to the project loans at subsidiaries. However, Fitch believes the subordination is not significant enough to warrant any notching. The holding company's adjusted EBITDA interest coverage (including MRM's EBITDA and returns from InvITs) is comfortable with an average of 3.8x over FY25-FY30 with minimum of around 2.4x. In any case, domestic financing at the subsidiary level has lenient restrictive covenants for distributions and can be easily refinanced providing additional comfort. Financial Profile Its base case is aligned with the sponsor's case, which assumes average traffic growth of 9.2% for the Mumbai-Pune Expressway and 4.0% for National Highway 4 on the Mumbai-Pune project for FY25-FY31, the consultant's "most likely" case for the Private InvIT and Ahmedabad-Vadodara projects and the sponsor's case for EPC revenue with a 23% EBITDA margin. The group's consolidated DSCR under its base case averages 2.16x between FY25-FY32, while its base-case leverage declines to around 1.0x in FY30, from a peak of 3.3x in FY25. Its rating case incorporates further stress, including a lower EPC order book at a narrower EBITDA margin of 17% and slower traffic growth for the Mumbai-Pune, Ahmedabad-Vadodara and Private InvIT projects. The group's consolidated DSCR under its rating case averages 1.68x between FY25-FY32, while its rating-case leverage declines to around 1.4x in FY30, from a peak of 3.7x in FY25. Fitch expects the financial profile to be comfortable at the current rating level, even if IRB raises an additional USD200 million, as approved by its board recently. In such an instance, Fitch expects the group's consolidated DSCR under the rating case to average 1.48x between FY25-FY32. PEER GROUP IRB can be compared with Yuexiu Transport Infrastructure Limited (YXT, BBB/Stable), a China-based concession group with a large portfolio of expressways, including a diverse network in Guangdong province and central China, with few roads facing competition. IRB has a better price risk assessment, as YXT lacks transparency and predictability in the regulatory framework, and has a better financial profile too. YXT's net leverage under its rating case is projected to remain below 4.5x over the medium term, while Fitch forecasts IRB's net leverage at below 4.0x between FY24 and FY31. However, IRB is rated two notches below YXT, as it is exposed to the more volatile EPC contracting business. IRB can also be compared with Shenzhen International Holdings Limited (SZIH, BBB/Stable, Standalone Credit Profile: bb+), which is engaged in toll road and logistics park operation in China. Most of SZIH's assets are essential roads in economically vibrant regions with limited competition. However, IRB has a better price risk and infrastructure development and renewal assessments, as SZIH is exposed to other businesses, including logistics. Fitch also expects higher net leverage at SZIH of 6.0x over the next four years, against 2.5x for IRB over FY25-FY31. However, IRB is exposed to the cyclical EPC business, which justifies a similar credit assessment for both entities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Sustained deterioration in the consolidated rating-case DSCR profile to below 1.25x due to higher costs, traffic underperformance or a major change in IRB's financials and dividend policy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch does not expect a positive rating action in near-term given high-exposure to the low-margin EPC business. Any upgrade will require the consolidated rating-case DSCR profile forecast to be in excess of 1.5x and the adjusted EBITDA interest coverage ratio to be above 2.5x on a sustainable basis. CREDIT UPDATE - Revenue from tolling operation rose by 17% to INR23.9 billion in FY24. - Revenue from EPC and O&M business rose by 16% to INR49.6 billion in FY24. - Consolidated EBITDA increased by 17% to INR41.2 billion in FY24. - IRB's founding family and Cintra sold stakes of around 4% and 5%, respectively, in IRB in a block deal. The current shareholding includes the IRB founding family, at 30%, and Cintra, at 20%. Cintra utilised its proceeds to fund its acquisition of a 24% stake in Private InvIT from GIC, which now holds a 25% stake in the InvIT with the balance 51% held by IRB. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- IRB Infrastructure Developers Ltd LT IDR BB+ Affirmed BB+ IRB Infrastructure Developers Ltd/Traffic Revenues - Senior Secured Notes/1 LT LT BB+ Affirmed BB+ J.G. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of J.G. Agro Foods (JGAF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Cash 2 CRISIL D (Issuer Not Credit Limit Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Warehouse Receipts 2 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JGAF for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JGAF, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JGAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JGAF continues to be 'CRISIL D Issuer Not Cooperating'. JGAF was established in 2013 as a partnership firm by Mr. Vijay Kumar Chhabra, Mr. Pritam Dass, and Mr. Pawan Kumar. The firm processes basmati rice at its plant at Ghubaya village, Jalalabad, in Punjab. It has a total milling and sorting capacity of 2 tonnes per hour. J.P. RICE: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of J.P. Rice and Foods Private Limited (JPR) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 5 CRISIL B/Stable (Issuer Not Facility Cooperating) Working Capital 10 CRISIL B/Stable (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with JPR for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JPR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JPR continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Set up in 2009, J.P.Rice Exports Private Limited, (JPR) is engaged in milling and processing of paddy into rice. It has an installed paddy milling capacity of 36000 MT. Its rice mill is located in Alipur in Delhi. The company is promoted by Mr. Bharat Bhushan Arora. JAIRAM MARUTI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jairam Maruti Mills (JMM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.78 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Long Term Loan 6 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.69 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with JMM for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JMM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JMM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JMM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. JMM was set up in 2006 by Mr. A Subramanian and Mr. A Rajan. It manufactures cotton yarn and converts it into fabric .The firm is based in Coimbatore (Tamil Nadu). JANPATH PALACE: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Janpath Palace (JP) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 16 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JP for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JP continues to be 'CRISIL D Issuer Not Cooperating'. JP was formed as a proprietary firm of Mr Manmohan Singh Kapur in 2015. The Hosiarpur (Punjab)-based firm is engaged in operating banquet halls for wedding ceremonies. JAS ORCHID: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jas Orchid Resorts Private Limited (JAS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.2 CRISIL D (Issuer Not Cooperating) Cash Credit 1.3 CRISIL D (Issuer Not Cooperating) Cash Credit 1.3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 30.62 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 9.58 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JAS for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JAS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JAS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JAS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. JAS was incorporated in 2004, promoted by Mr. Sanjeev Pinjha, Mr. Jaspal Singh, and Mr. Jagdeep Singh, and operates a 145 room luxury hotel in Amritsar, Punjab. The company has an operations and maintenance agreement with Intercontinental Hotel group for management of its hotel under the Holiday Inn brand. JBS ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of JBS Engineering Works (JEW) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.70 CRISIL D (Issuer Not Cooperating) Term Loan 1.42 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JEW for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JEW, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JEW is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JEW continues to be 'CRISIL D Issuer Not Cooperating'. JEW was set up in 2010 as a partnership firm by Sharma and Banyal family. The firm is engaged in the manufacturing of auto components parts for the Tier I vendors of Hero Moto Corp and Mahindra and Mahindra. The partners of the firm are Mr. D.S. Sharma, Mrs. Laxmi Sharma, Mr. Deepak Banyal, Mrs. Suman Banyal and M/S India Micro Private Limited. JINDAL WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jindal Wood Products Private Limited (JWPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 17 CRISIL D (Issuer Not Cooperating) Packing Credit 3 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JWPPL for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JWPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JWPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JWPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. JWPPL was incorporated in 1990. The company is based in Kandla (Gujarat) and processes and trades in timber logs from teakwood and hardwood. KALINDI RESORTS: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kalindi Resorts and Hotels (KHR) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 12 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KHR for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KHR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KHR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KHR continues to be 'CRISIL B/Stable Issuer Not Cooperating'. KHR, set up in April 2015, is constructing a hotel at Jaipur. Commercials operations of the hotel will start from end of fiscal 2019. LEMON ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lemon Electronics Limited (LEL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 35 CRISIL D (Issuer Not Cooperating) Proposed Long Term 55 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with LEL for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of LEL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LEL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Fastrack was incorporated in February 2008 in Noida, Uttar Pradesh. The company imports mobile phones from China and Taiwan, and sells these in India under the Lemon brand. It commenced operations in June 2008. Fastrack was founded by Mr. Sandeep Mushran, Mr. M S Malik, and Mr. Gopal Kalra, to tap into opportunities in the mobile handset segment in India. In June 2015, the company ventured into marketing of other electronic products such as LED bulbs, LED TVs, and music systems under the same brand. MALABAR EDUCATIONAL: CRISIL Reaffirms D Rating on INR11cr LT Loan ----------------------------------------------------------------- CRISIL Ratings has reaffirmed its rating on the long-term bank facilities of Malabar Educational and Charitable trust (MECT) at 'CRISIL D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 11 CRISIL D (Reaffirmed) Overdraft Facility 5 CRISIL D (Reaffirmed) Proposed Long Term Bank Loan Facility 7.65 CRISIL D (Reaffirmed) The rating continues to reflect the weak liquidity of the trust, leading to delay in servicing debt. The rating also reflects its exposure to intense competition and government regulations. However, MECT benefits from its established market position in the education industry. Analytical Approach: CRISIL Ratings has evaluated the standalone business and financial risk profiles of Malabar Educational and Charitable trust. Key Rating Drivers & Detailed Description Weaknesses: * Delays in servicing term debt repayment: The trust delayed meeting its term debt obligation in July 2024 as a result of poor liquidity. * Exposure to intense competition and to government regulations: The trust operates two institutes in Manoor, Edappal, Kerala. Manoor has many medical colleges of repute, leading to competition. The trust's growth over the medium term will continue to be restricted by geographical concentration in revenue and vulnerability to competition. Strength: * Established market position in the education industry: Presence of more than a decade has enabled the trust to gradually expand the yearly intake of students as well as further diversify the disciplines offered. This has led to consistent operating income and healthy margin. Strong position is likely to continue to support business risk profile. Liquidity: Poor Bank limit was almost fully utilised (98.08%) for the 12 months through June 2024. Cash accrual is insufficient against term debt obligation, which has resulted in delay in servicing the term loan repayment. Current ratio was healthy at 1.88 times as on March 31, 2024. However, liquidity is partially supported by equity infusion of around Rs 11 crore in 2024 from the trustees. Rating sensitivity factors Upward factors: * Timely servicing of term debt obligation * Improvement in the cash flows leading to debt service coverage ratio of over 1.10 times Established in 2007 by Mr CP Ali Bava Haji in Manoor, MECT offers undergraduate and postgraduate programmes at its colleges, Malabar Dental College and Research Centre and Malabar College of Commerce and Science. Mr Haji is the trust's chairman. PADMAJA PACKAGING: CRISIL Moves B Debt Ratings to Not Cooperating ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Padmaja Packaging Industries Limited (PIPL) to 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.50 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 3.75 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 32.00 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with PIPL for obtaining NDS through letters/emails dated July 31, 2024, August 31, 2024 and September 30, 2024 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated September 23, 2024 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. CRISIL Ratings has also tried to reach out to the lenders of PIPL to confirm timely debt servicing during these months, but awaits any feedback. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive NDSs from PIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. CRISIL Ratings believes that rating action on PIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PIPL migrated to 'CRISIL B/Stable Issuer Not Cooperating' Padmaja Packaging Industries Ltd, incorporated in 1993, is engaged in the manufacturing of primary and secondary corrugated boxes and cartons at its manufacturing facility in Kagal, Kolhapur. The company caters to a wide range of customers across end user industries including pharmaceuticals, FMCG, electronics. The day-to-day operations of the company are managed by Mr. Santosh Kunjeer. SASA MUSA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sasa Musa Sugar Works Private Limited (SMSWPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 55 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SMSWPL for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SMSWPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SMSWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SMSWPL continues to be 'CRISIL D Issuer Not Cooperating'. SMSWPL was promoted by the late Mr. Sheikh Mohammad Ibrahim in 1933. The company produces sugar at its factory in Sasa Musa (Bihar). SLR CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SLR Construction Private Limited (SLR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 12.0 CRISIL D (Issuer Not Cooperating) Cash Credit 1.8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with SLR for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SLR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SLR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. SLR was set up in 2005, by the promoter, Mr Shiv Kumar Bansal and his family, based in Ghaziabad. The company is a class A civil contractor for CNG stations and buildings. Operations are managed by Mr Shiv Kumar Bansal. SONAC: CRISIL Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sonac continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Open Cash Credit 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Sonac for obtaining information through letter and email dated September 9, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Sonac, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Sonac is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Sonac continues to be 'CRISIL D Issuer Not Cooperating'. Established in 2015 as a partnership firm, Sonac is engaged in shrimp feed manufacturing in Nellore (Andhra Pradesh). The firm is promoted and managed by Mrs .K Rama. SPEL GRANITO: Liquidation Process Case Summary ---------------------------------------------- Debtor: Spel Granito Private Limited Survey No. 488, Nr. Pavadiyari Temple, Jasmatgadh, Tal. Morbi, Dist. Rajkot, Gujarat, India, 363630 Liquidation Commencement Date: September 12, 2024 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: CS Arvind Gaudana 307, Ashirwad Paras, Nr. Prahladnagar Garden, Corporate Road, Satellite, Ahmedabad-380015 Phone: +91 9512254848 Email: arvindg_cs@yahoo.com Email: adgliq.spel.granito@gmail.com Last date for submission of claims: October 12, 2024 =============== M A L A Y S I A =============== 1MDB: Deutsche Bank Ordered to Produce Documents re PetroSaudi Suit ------------------------------------------------------------------- The Edge Malaysia reports that Deutsche Bank has been ordered by the High Court to surrender documents to 1Malaysia Development Bhd (1MDB) pertaining to 1MDB's suit regarding PetroSaudi International Ltd. This follows a consent judgement recorded by Judicial Commissioner Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan over 1MDB's discovery application on Deutsche Bank over the documents, The Edge relates. At the same time, Deutsche Bank has requested some documents from 1MDB following the German financial institution's discovery application and that matter is scheduled to be heard on Dec. 17, the Edge says. The matter came up during the hearing of 1MDB's discovery application, where parties recorded the consent judgement before Raja Ahmad Mohzanuddin. This was disclosed by 1MDB's lawyer Pang Huey Lynn from Messrs Lim Chee Wee Partnership after the matter was heard in chambers on Oct. 11, according to the report. 1MDB filed the US$1.11 billion suit against Tarek Obaid, Patrick Mahony, PetroSaudi, PetroSaudi Holdings (Cayman) Ltd, JP Morgan (Switzerland) Ltd, Deutsche Bank Malaysia, and Coutts & Co Ltd in May 2021 for negligence, breach of contract, breach of fiduciary duties, conspiracy, and dishonest assistance in May 2021, The Edge recalls. The Edge relates that 1MDB alleges that JPMorgan and Deutsche Bank had dishonestly received the transfer of funds from 1MDB into PetroSaudi, while the allegation against Coutts & Co was that it dishonestly received the transfer of funds from 1MDB to Good Star Ltd. Good Star was a company controlled by fugitive businessman Low Taek Jho, who is better known as Jho Low. Both JPMorgan and Coutts & Co have denied the allegations by 1MDB, The Edge notes. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as US$780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. PHARMANIAGA BHD: Appoints EY as External Auditor from Oct. 9 ------------------------------------------------------------ The Edge Malaysia reports that Pharmaniaga Bhd has appointed Ernst & Young (EY) as its new external auditor, effective from Oct. 9. According to The Edge, the company said EY is replacing PricewaterhouseCoopers, which resigned following a formal written notice served on the group on Sept. 20. The Edge relates that Pharmaniaga managing director Zulkifli Jafar said the appointment aligns with Boustead Holdings Bhd's initiative to consolidate external audit functions across the group. "Given EY's extensive familiarity with our operations and businesses, they are a natural fit for this role," the MD said in a statement on Oct. 10. Zulkifli further noted that as Pharmaniaga advances its strategic initiatives and business plans, EY's appointment will ensure seamless alignment across all subsidiaries within the Boustead group, The Edge relates. Pharmaniaga is reportedly one of the largest integrated pharmaceutical groups in Malaysia. Its annual report for the financial year ended Dec. 31, 2023 showed that Boustead held 679.15 million shares, representing a 47.12% stake in the company. About Pharmaniaga Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported on Feb. 28, 2023, that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. SINO GREEN: Reports $798,804 Net Loss in FY Ended June 30, 2024 --------------------------------------------------------------- Sino Green Land Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $798,804 on $2,088,028 of revenue for the year ended June 30, 2024, compared to a net loss of $1,077,360 on $636,482 of revenue for the year ended June 30, 2023. Singapore-based Audit Alliance LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated September 30, 2024, citing that during the year ended June 30, 2024, the Company incurred a net loss of $798,804 and used cash in operating activities of $752,278, result in an accumulated deficit of $2,891,559. The Company's current liabilities exceeded current assets $2,679,437, and the stockholder deficit of $560,144. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management estimates that the current funds on hand will be sufficient to continue operations through the next nine months. The continuation of the Company as a going concern is dependent upon: (1) the continued financial support from its stockholders or its ability to obtain external financing. (2) further implement management's business plan to extend its operations and generate sufficient revenues to meet its obligations. While the Company believes in the viability of its strategy to increase sales volume and in its ability to raise additional funds, there can be neither any assurances to that effect, nor any assurance that the Company will be successful in securing sufficient funds to sustain the operations. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/mw8dre7e About Sino Green Land Corp. Sino Green Land Corp. is a US holding company incorporated in Nevada. It conducts business through its Malaysia subsidiary "Tian Li Eco Holdings Sdn. Bhd", which is an environmental protection technology, recycling and renewal of plastic waste bottles and packaging materials being recycled and sale of recovered and recycled products, a company incorporated and based in Malaysia. With the mission to rooted in advocating for waste recycling, aiming for a sustainable environmental future. With its strategic initiatives, the company's objective is to become a prominent environmental recycling entity in Asia over the coming five years. As of June 30, 2024, the Company had $4,921,457 in total assets, $5,481,601 in total liabilities, and $560,144 in total stockholders' deficit. ===================== N E W Z E A L A N D ===================== BC394537 LIMITED: Court to Hear Wind-Up Petition on Nov. 22 ----------------------------------------------------------- A petition to wind up the operations of BC394537 Limited will be heard before the High Court at Auckland on Nov. 22, 2024, at 10:00 a.m. Body Corporate 164205 filed the petition against the company on Sept. 12, 2024. The Petitioner's solicitor is: Graeme Skeates Skeates Law, Unit 1 19 Edwin Street Mt Eden, Auckland BUILDNATION CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 2 ----------------------------------------------------------------- Creditors of Buildnation Construction Limited are required to file their proofs of debt by Nov. 2, 2024, to be included in the company's dividend distribution. The High Court at Auckland appointed Steven Khov and Kieran Jones, both Licensed Insolvency Practitioners as the company's joint and several liquidators on Oct. 4, 2024. ECO EARTH: Faces Probe, Suit as Workers 'Forced to Evacuate' ------------------------------------------------------------ Stuff.co.nz reports that Gareth Williams from Auckland started with a simple business idea focused on recycling topsoil. However, he is now facing a council investigation and legal challenges due to a large, man-made mountain of earth on a site operated by his company, Eco Earth NZ, in East Tamaki. Locals are concerned - one emailed saying "the pile towers over the gas station" operated by Mobil next door, Stuff relays. Another neighbouring business has told Stuff the "severe risk" posed to staff and customers has forced it to relocate at its own cost. Auckland Council has initiated Environment Court proceedings over the issue. An earlier court order estimated the total site was 5,500m2 and the pile at least 15 metres high. Now, Eco Earth NZ faces liquidation, Stuff notess. But Stuff wanted Mr. Williams' side of the story. While he refused an on site interview - "I'm not doing anything like that" - Mr. Williams told Stuff he had complied with court orders, and had tried to "rectify the site". That was until he found out about the liquidation application filed by his landlord, New Zealand New Oak Property. He also took aim at Stuff's previous reporting. "It came to our attention that they were trying to liquidate us and we thought well why are we doing all this? Then your lovely article came out and that was the end of it," Mr. Williams told Stuff. "I walked away from it." Council's Acting Compliance Manager, David Pawson, last week told Stuff work at the site is at a standstill after an enforcement order was issued on August 12. Only specific stabilisation works were allowed. With work stopped, and Mr. Williams walking away, what remains is an enormous pile of soil, dotted with concrete. A man working in a neighbouring car yard told Stuff dust covers the vehicles he's trying to sell when machinery is operating on the nearby pile. Next door, 2 Cheap Cars has moved out, with the huge pile of earth visibly bearing down on the site's sole building, according to Stuff. Further along, the local Mobil's car wash sits disused behind a steel fence blocking site access. Under the shadow of the mountain of earth sits a building once used as an office space for 2 Cheap Cars employees and their customers. It now sits abandoned, Stuff notes. Chairman Michael Stiassny told Stuff the company was "forced to evacuate the site". "After visiting it and looking at the nature of the neighbouring property it was clear that we believed there was severe risk to our customers, or anyone visiting the site, and our employees," he said. 2 CheapCars had done its own studies of the "mountain" and "concluded that it was really dangerous". "We took immediate steps to move and to set up elsewhere," Stuff quotes Mr. Stiassny as saying. "That incurred some cost for us but it was the only thing we could do." Worksafe was notified about the issue, but Mr. Stiassny said the company was "surprised" to be told the matter would not be taken further. "We just hope that no one is injured in due course as a result of that continuing impact," he said. Mr. Pawson told Stuff an interim enforcement order, issued back in August, meant works on site had ceased. The order was made to Eco Earth NZ, Mr. Williams himself and the landlord, New Zealand New Oak Property. It states Eco Earth and Mr. Williams are responsible for the works on site. However, Mr. Williams told Environment Court Judge Melinda Dickey he and his company were not responsible for the illegal fill and the enforcement orders required work done before he took over the land to be rectified, Stuff relays. HUNTER HILL: Court to Hear Wind-Up Petition on Oct. 17 ------------------------------------------------------ A petition to wind up the operations of Hunter Hill Retreat Limited will be heard before the High Court at Christchurch on Oct. 17, 2024, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 23, 2024. The Petitioner's solicitor is: Arna McAvoy Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 QUEST INSURANCE: A.M. Best Affirms B(Fair) FS Rating ---------------------------------------------------- AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Quest Insurance Group Limited (Quest) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. These ratings reflect Quest's balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also factor in the neutral impact from the company's ultimate majority shareholder, Federal Pacific Group Limited. Quest's balance sheet strength assessment is underpinned by its risk-adjusted capitalization, which was at the strongest level at fiscal year-end (March 31) 2024, as measured by Best's Capital Adequacy Ratio (BCAR). Prospectively, AM Best expects the company's risk-adjusted capitalization to remain at least at the very strong level, supported by its prudent capital management policy, with dividends payable only when there is sufficient buffer in its regulatory solvency capital. Offsetting balance sheet strength factors include a material affiliated asset, which weakens the company's quality of capital. In addition, Quest has a small absolute capital base at NZD 22.6 million, which increases the sensitivity of the risk-adjusted capitalization to stress scenarios. AM Best assesses Quest's operating performance as adequate. Quest's operating performance continues to be supported by its robust underwriting performance and positive investment returns. In fiscal-year 2024, the company recorded a combined ratio (net/net, IFRS 17) of 84.0%, as compared to the 88.8% recorded in fiscal- year 2023. Prospectively, loss ratios are expected to be elevated, driven by the rapid business growth in the less profitable comprehensive vehicle insurance (CVI). Quest's business profile assessment of limited reflects its small market presence, geographic concentration and relatively niche product offering, largely as a provider of CVI and mechanical breakdown insurance (MBI) in New Zealand. The company's scale of operation has increased significantly over the last five years, driven by both growth in Quest's direct distribution channels and its strategic partnership with Janssen Insurance Limited (Janssen), a third-party distributor of motor-related insurance. In addition, Quest's reliance on Janssen has increased in recent years, with the related distribution channel accounting for over two-thirds of the gross premiums in fiscal-year 2024. AM Best assesses Quest's ERM as appropriate given the current size and complexity of its operations. The company remains exposed to elevated levels of underwriting and execution risk following its recent business expansion. However, this risk has been mitigated partially to date through adequate monitoring of underwriting performance, and a conservative approach to pricing and reserving. RAM CONCRETE: Court to Hear Wind-Up Petition on Nov. 12 ------------------------------------------------------- A petition to wind up the operations of Ram Concrete Group Limited will be heard before the High Court at Wellington on Nov. 12, 2024, at 10:00 a.m. Kumar Vasist filed the petition against the company on Sept. 17, 2024. The Petitioner's solicitor is: Michael Wolff JB Morrison Lawyers Floor 7, 126 Lambton Quay Wellington Central Wellington TCL BUILDERS: Firm Goes Into Liquidation; Tools Auctioned Off ------------------------------------------------------------- NZ Herald reports that a Hastings building company has gone into liquidation owing over NZD600,000 with its tools and machinery for sale at public auction to help pay creditors. Building and house construction firm TCL Builders Ltd went into liquidation late last month and the Ellison Rd company has stopped trading, NZ Herald discloses. Company directors told liquidators the insolvency was "due to a general economic downturn", according to the first liquidators' report. TCL Builders has been contacted for further comment. The company owes over NZD630,000 to about 50 known creditors, including NZD30,000 to its employees, Stuff discloses citing the first liquidators' report. TCL Builders has NZD6,000 in the bank and is itself owed NZD317,000, which liquidators want to recover. It also has "fixed assets" worth about NZD500,000, according to the report. More creditors could still come forward and liquidators are yet to find out how much the company owes IRD. "All assets will be sold by public auction or private treaty," the first liquidators' report, as cited by NZ Herald, read. "All employees were terminated prior to the appointment of the liquidators. The liquidators are aware of preferential wages and holiday pay claims totalling NZD30,957 which remain outstanding." According to Stuff, an online auction is being held by Havelock North-based Rata Auctions, who have been appointed by the liquidators Rodgers Reidy. That auction opens on Oct. 3 and runs until Oct. 7 selling TCL Builders' tools and other goods such as machinery and a trailer. A smaller auction was staged earlier this month selling some of the company's building supplies. TCL Builders specialised in builds, renovations, extensions, and project management. The two directors of TCL Builders Ltd are Jonathan Newby and Cody Winterburn. UBIQUITOME LIMITED: Creditors' Proofs of Debt Due on Oct. 29 ------------------------------------------------------------ Creditors of Ubiquitome Limited are required to file their proofs of debt by Oct. 29, 2024, to be included in the company's dividend distribution. Gareth Russel Hoole and Raymond Paul Cox of Ecovis KGA were appointed joint and several liquidators of the company on Oct. 3, 2024. ================= S I N G A P O R E ================= AK GLOBAL: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Sept. 27, 2024, to wind up the operations of AK Global Pte. Ltd. Maybank Singapore Limited 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 CHEETAHTRANS PTE: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Oct. 4, 2024, to wind up the operations of Cheetahtrans Pte Ltd. RHB Bank Berhad filed the petition against the company. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ENERGIAN PTE: Commences Wind-Up Proceedings ------------------------------------------- Members of Energian Pte Ltd. on Oct. 1, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Terrence Chin Khee Loon Lim Loo Khoon Deloitte & Touche LLP 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 GLP PTE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed Singapore-based GLP Pte. Ltd.'s Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at 'BB'. The Outlook is Stable. Fitch has also affirmed the ratings on outstanding debt instruments. The affirmation and Outlook reflect the smooth execution of GLP's asset monetisation plan and the additional credit facilities it obtained from its key banks, which will provide an adequate liquidity buffer to help address its material short-term capital-market debt maturities. Fitch expects a gradual stabilisation in the company's asset monetisation programme, coupled with rising contribution from new businesses, including the data-centre segment, to support the company's EBITDA/cash flow recovery and medium-term deleveraging. Key Rating Drivers Improved Liquidity Buffer: GLP had short-term borrowings of USD4.3 billion as of end-June 2024 (end-2023: USD4.9 billion). Excluding secured loans and revolving credit facilities (RCFs) that can be rolled over, Fitch estimates that around USD2.3 billion of the short-term debt, including USD1.3 billion of bonds, can be repaid using liquidity on hand and proceeds from asset monetisation. GLP had available liquidity of USD2.0 billion as of end-June 2024, including readily available cash of USD1.4 billion and USD560 million in committed undrawn facilities. It subsequently secured USD500 million in additional committed RCFs, bolstering its liquidity buffer. Fitch believes this, together with net proceeds receivable totalling USD2.9 billion from already-signed asset monetisation and stake sales, ensures the company has sufficient liquidity to cover debt maturities through 2025. Fund Management Stake Sales: The company has entered into an agreement to dispose of the non-China and India portion of its 55%-owned fund management platform for up to USD2.5 billion, including USD1.5 billion in cash proceeds to be received upfront, USD300 million in Ares shares, and potentially USD700 million in earn-out proceeds that are contingent on the company delivering on certain fund-raising objectives. The transaction is likely to be completed in 1H25, subject to regulatory approval and the consent of limited partners. Asset Monetisation on Track: GLP has largely delivered on its asset disposal plan in the past year, with transactions amounting to USD4.6 billion in net proceeds and USD1 billion in signed asset monetisation proceeds yet to be received. Disposals have slowed recently, but Fitch believes Chinese domestic investors continue to be interested in assets with stable yields and GLP will sell assets to meet its debt obligations. Management also considers USD2 billion in asset disposals as highly certain, with completion and proceeds expected by 1H25. Interest Coverage Recovery Expected: GLP's recurring EBITDA interest coverage was 1.1x in 1H24 (2023: 1.2x), against Fitch's negative rating threshold of 1.25x. Fitch believes the coverage was affected by a decline in promote fee income in 1H24, while the underlying operations remained resilient. Fitch expects EBITDA to decline in 2024 and 2025 after further asset disposals before resuming growth in 2026. This should be mitigated by the resulting debt reduction while reduced interest payments will support recurring EBITDA interest coverage returning to above 1.25x in the medium term. Resilient Operating Performance: Revenue fell 13% yoy in 1H24 on the asset disposals, but normalised revenue, which excludes the impact of disposals and non-recurring promote fees, rose 4% yoy, indicating its operational resilience. Logistics assets' same-property net operating income rose 1.3% yoy, the data-centre business' revenue rose 54% yoy to USD86 million, and it also turned EBITDA positive, with underlying EBITDA of USD34 million. Management fee income was flat at USD445 million yoy, while assets under management fell slightly to USD126 billion. New Business to Drive Deleveraging: Net leverage, measured by net debt to recurring EBITDA, increased to 12x by end-1H24, from 10x at end-2023, due to the decline in EBITDA from asset disposals and lower promote fee income. Fitch expects leverage to drop in the medium term as investments in new businesses pay off while asset disposals gradually slow. However, the replacement of logistics rental income with other income streams, such as data-centre services and fund management fees, may lead Fitch to lower the company's leverage threshold to that of a typical investment-property (IP) company at the same rating level. This would be when GLP's other non-IP income contribution becomes materially higher than the current level, as rating sensitivities for Fitch-rated data-centre and other business-service companies tend to be more conservative than for property investors. Derivation Summary GLP's ratings are constrained by its liability profile and interest coverage. GLP faces significant capital market maturities in 2025 and 2026. The company's liquidity buffer has increased over the past 12 months following the successful execution of its asset monetisation plan and the additional committed undrawn credit facilities provided by the company's key banking partners. GLP's property portfolio is comparable with that of Singapore-based Mapletree Industrial Trust (BBB+/Stable) and Mapletree Logistics Trust (BBB+/Stable). However, a large portion of its assets is held under managed funds, where it earns fund management-related income, instead of direct rental income, with weaker access to secured financing. GLP also has greater concentration in China, where leases are shorter and the operating environment is currently more challenging. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Revenue to decline by 18% in 2024 (1H24: -13%) and 7% in 2025 due to asset monetization; - 2024-2025 operating EBITDA margin of 35%-36% (1H24: 38%); - 2024 and 2025 asset monetisation cash proceeds (after asset-level debt repayment) of about USD4 billion and USD2 billion, respectively (1H24: about USD2 billion); - Capex of USD1.6 billion per year in 2024 and 2025 (1H24: USD0.4 billion). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating action is unlikely over the next 12-18 months unless the company achieve stabilisation in its asset portfolio and demonstrated positive and sustained improvement in cash flow from operations. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Evidence of weakening liquidity, such as cash and committed undrawn facilities that are insufficient to cover short-term capital market debt and/or bank funding access that is weaker than Fitch expects; - Recurring EBITDA interest coverage of below 1.25x on a sustained basis; - Leverage fails to decline in line with Fitch's expectation over the medium term. Liquidity and Debt Structure Sufficient Liquidity: GLP had USD4.6 billion of short-term debt as of end-1H24. Excluding rolling revolvers and non-recourse secured debt, Fitch estimates GLP's short-term repayment needs at USD2.3 billion as of end-1H24, against available liquidity of USD2.5 billion, including available cash of USD1.4 billion and USD560 million in committed undrawn facilities at end-1H24, and the additional USD500 million in committed RCFs secured subsequently. GLP's liquidity is also supported by over USD1 billion in signed asset disposals, with proceeds to be received, and cash consideration of USD1.5 billion from the announced fund management platform stake disposal. Issuer Profile GLP is a global investor and manager of logistic and internet data-centre assets. It manages a gross floor area of more than 85 million square metres, with assets under management of over USD126 billion as of end-June 2024. Summary of Financial Adjustments Adjustments made to standard Fitch-defined EBITDA to derive GLP's recurring EBITDA: - Add back eliminated management fee on consolidated managed fund. - Deduct withholding tax from jointly controlled entities' dividends. 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 GLP has an ESG Relevance Score of '4' for Group Structure due to its complex group structure with various forms of operating entities. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. GLP has an ESG Relevance Score of '4' for Financial Transparency due to less frequent or detailed disclosures. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. 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 ----------- ------ ----- GLP Pte. Ltd. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB subordinated LT B+ Affirmed B+ KEPPEL LTD: Completes Voluntary Liquidation of Two Subsidiaries --------------------------------------------------------------- TipRanks.com reports that Keppel Corporation Limited has successfully completed the voluntary liquidation of two of its wholly-owned subsidiaries, Link SH Pte. Ltd. and Gadius Pte. Ltd., as part of its corporate restructuring efforts. This move follows the initial announcement made in February 2024, marking a strategic step in the company's operational consolidation. Headquartered in Singapore, Keppel Ltd., an investment holding company, engages in the infrastructure, real estate, and connectivity business in Singapore, China, Hong Kong, other far East and ASEAN countries, and internationally. The company operates through, Infrastructure, Real Estate, and Connectivity. The company was formerly known as Keppel Corporation and changed its name to Keppel Ltd. in January 2024. NAPOLIZZ PIZZA: Court to Hear Wind-Up Petition on Oct. 25 --------------------------------------------------------- A petition to wind up the operations of Napolizz Pizza Pte. Ltd. will be heard before the High Court of Singapore on Oct. 25, 2024, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Oct. 3, 2024. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 RIGHT CHOICE: Court to Hear Wind-Up Petition on Oct. 16 ------------------------------------------------------- A petition to wind up the operations of Right Choice Payments Pte. Ltd will be heard before the High Court of Singapore on Oct. 16, 2024, at 10:00 a.m. Ripple Markets APAC Pte. Ltd. filed the petition against the company on Aug. 16, 2024. The Petitioner's solicitors are: Allen & Gledhill LLP One Marina Boulevard, #28-00 Singapore 018989 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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