/raid1/www/Hosts/bankrupt/TCRAP_Public/241017.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, October 17, 2024, Vol. 27, No. 209
Headlines
A U S T R A L I A
APRICOT HOLDING: First Creditors' Meetings Set for Oct. 21
AVCON PROJECTS: Second Creditors' Meeting Set for Oct. 21
BUSTECH GROUP: GoZero Group Wins Bid to Acquire Bus Maker
GOSSAN RESOURCES: Second Creditors' Meeting Set for Oct. 23
KESW EL: Second Creditors' Meeting Set for Oct. 22
SWOOP AERO: Drone Start-Up Placed in Administration
SWOOP AERO: First Creditors' Meeting Set for Oct. 24
C H I N A
DAFA PROPERTIES: Hong Kong High Court Enters Wind Up Order
HOZON AUTO: Denies Rumors it is Not Paying Frontline Staff
I N D I A
AL-AYAAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
AMBATI SUBBANNA: ICRA Keeps B+ Debt Rating in Not Cooperating
AMIT CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
ANNADATA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
ASR ENGINEERING: Insolvency Resolution Process Case Summary
BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
BHAGAT JEE: CARE Keeps D Debt Ratings in Not Cooperating Category
BHOLANATH ZAVERI: CARE Keeps B- Debt Rating in Not Cooperating
BIRD AIRPORT: ICRA Keeps B+ Debt Rating in Not Cooperating
BUDS TEA: CARE Keeps D Debt Ratings in Not Cooperating Category
CHOUDHARY GUM: ICRA Keeps D Debt Rating in Not Cooperating
CLRK EXTRACTIONS: CARE Keeps D Debt Ratings in Not Cooperating
GO FIRST: RP Cannot Become Carrier's Liquidator, NCLT Says
GOURAV POULTRIES: CARE Keeps C Debt Rating in Not Cooperating
H.M. INDUSTRIAL: ICRA Keeps D Debt Rating in Not Cooperating
ILD HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category
IRIS HEALTH: CARE Keeps D Debt Ratings in Not Cooperating Category
JASOL CHAWAL: CARE Keeps D Ratings in Not Cooperating Category
JINDAL AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
JOVIAL STAINLESS: CARE Keeps D Debt Rating in Not Cooperating
KKNT FIRST MAIN: Voluntary Liquidation Process Case Summary
KRISHNA KIREETI: ICRA Keeps B Debt Ratings in Not Cooperating
LAKSHMI POULTRY: ICRA Keeps C+ Debt Ratings in Not Cooperating
MUTHOOT FINANCE: Fitch Assigns BB(EXP) Rating to USD Sr. Sec. Bonds
NAVBHARAT FUSE: CARE Keeps D Debt Ratings in Not Cooperating
PARASMANI BUILDWELL: CARE Keeps C Debt Rating in Not Cooperating
PLASMA METAL: CARE Keeps D Debt Rating in Not Cooperating Category
SANDOR MEDICAIDS: ICRA Keeps D Debt Ratings in Not Cooperating
SHREE HANUMAN SUGAR: Insolvency Resolution Process Case Summary
VEERA VENKATA: ICRA Keeps B+ Debt Ratings in Not Cooperating
VIDARBHA INDUSTRIES: Insolvency Resolution Process Case Summary
J A P A N
BANDAI NAMCO: Cuts Jobs, Culls Titles as Game Sector Woes Deepen
M A L A Y S I A
CAPITAL A: Shareholders Approve Buyout of AirAsia
N E W Z E A L A N D
AWARIRI LANDS: Creditors' Proofs of Debt Due on Nov. 1
DIRT WORLD: Court to Hear Wind-Up Petition on Oct. 31
METALWORX ENGINEERING: Khov Jones Appointed as Receivers
RAZORBACK RIGGING: Court to Hear Wind-Up Petition on Nov. 22
SHANORA LIMITED: Creditors' Proofs of Debt Due on Nov. 8
STAFF SERVICES: Owes NZD525K to Creditors, Liquidator Says
S I N G A P O R E
BRIFA HOLDINGS: Creditors' Proofs of Debt Due on Nov. 11
CHESSER PTE: Commences Wind-Up Proceedings
DIAMOND S: Creditors' Proofs of Debt Due on Nov. 11
EVIA REAL ESTATE: Creditors' Proofs of Debt Due on Nov. 11
VAN NGUYEN: Court to Hear Wind-Up Petition on Oct. 25
- - - - -
=================
A U S T R A L I A
=================
APRICOT HOLDING: First Creditors' Meetings Set for Oct. 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Apricot
Holding Co Pty Ltd, Apricot It Pty Ltd, and Apricot Consulting
(Aust) Pty Ltd will be held on Oct. 21, 2024, at 10:00 a.m., 10:30
a.m., and 11:00 a.m. respectfully, via virtual meeting only.
Joanne Keating of Worrells was appointed as administrator of the
company on Oct. 9, 2024.
AVCON PROJECTS: Second Creditors' Meeting Set for Oct. 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of Avcon Projects
Australiasia Pty Ltd has been set for Oct. 21, 2024 at 12:00 p.m.
at the offices of Nicols + Brien at Suite 1, Level 1, 310 Crown
Street in Wollongong and via virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 21, 2024 at 12:00 p.m.
Ryan Bradbury of Nicols + Brien was appointed as administrator of
the company on Sept. 15, 2024.
BUSTECH GROUP: GoZero Group Wins Bid to Acquire Bus Maker
---------------------------------------------------------
GoAutoNews reports that Australian bus manufacturing company GoZero
Group is set to become the nation's biggest bus maker after winning
a bid to buy BusTech Group, the second-biggest bus maker, from
creditors.
BusTech is a major bus-maker in diesel, hybrid and zero-emission
buses and employs more than 270 people in factories in Queensland
and South Australia. Last month it entered into voluntary
administration.
According to GoAutoNews, the takeover is not expected to affect
BusTech's recent contract with the South Australian government to
supply vehicle bodies - built on Scania drivetrains - under a
AUD11.75 million contract.
GoAutoNews relates that South Australian transport minister Tom
Koutsantonis, speaking before the GoZero move, said on radio in
Adelaide that Scania, which subcontracted BusTech for the work, did
not have any concerns about meeting the contract targets.
"BusTech is continuing to operate while under voluntary
administration, and existing production targets remain on track,"
Mr. Koutsantonis told FIVEaa radio. "However, the responsibility
for meeting contractual obligations with the state government
ultimately rests with Scania."
GoZero, which has subsidiaries including the Foton Mobility
Distribution joint venture, said in a statement that after the bid
had been approved, the deed of company arrangement was "expected to
be finalised in the coming days, pending the satisfactory
conclusion of discussions with the state governments," GoAutoNews
relays.
GoAutoNews adds that GoZero managing director Stephen Cartwright
said: "We need the state governments to demonstrate their ongoing
support for the transaction to ensure that the workers remain
employed in Adelaide and Brisbane, and to ensure that BusTech
remains a local bus manufacturer for many years to come."
He said that the acquisition substantially expands GoZero's
Australian bus manufacturing capability and that BusTech's
factories in Edinburgh, South Australia and Rocklea, Queensland
would complement GoZero's established Nexport bus factory in
Western Sydney.
Mr. Cartwright said it was an important acquisition for GoZero
Group.
"Not only will it increase our opportunity to service the growing
national market for low and zero-emission buses, but it will
protect local manufacturing jobs in both Queensland and South
Australia at a time when the employment market remains uncertain,"
GoAutoNews quotes Mr. Cartwright as saying.
"We are rapidly scaling up to be able to meet increasing demand
from state governments, councils and the private sector, increasing
our investment in factories and people ensuring we have the scale
and capacity to deliver Australian-made world class buses.
"This acquisition is a testament of great confidence in the future
of the bus manufacturing sector in Australia, and the message to
all tiers of government is clear; "we support a Future Made in
Australia, and we stand ready to help you reach your strategic
zero emission targets' and provide safer, cleaner public transport
for all Australians".
Ben Verney of Melbourne-based GreyHouse Partners were appointed
administrator of BusTech SA and QLD on Aug. 12, 2024.
GOSSAN RESOURCES: Second Creditors' Meeting Set for Oct. 23
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Gossan
Resources Pty Ltd has been set for Oct. 23, 2024 at 3:30 p.m. at
the offices of WA Insolvency Solutions, a division of Jirsch
Sutherland at Level 6, 109 St Georges Terrace in Perth, and via
teleconference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 22, 2024 at 4:00 p.m.
Jimmy Trpcevski and Clifford Rocke of WA Insolvency Solutions were
appointed as administrators of the company on Sept. 19, 2024.
KESW EL: Second Creditors' Meeting Set for Oct. 22
--------------------------------------------------
A second meeting of creditors in the proceedings of KESW EL Pty Ltd
has been set for Oct. 22, 2024 at 10:00 a.m. at the offices of SV
Partners at Level 6/La Balsa, 45 Brisbane Road in Mooloolaba.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 18, 2024 at 5:00 p.m.
Adam Peter Kersey and Anne Meagher of SV Partners were appointed as
administrators of the company on Sept. 16, 2024.
SWOOP AERO: Drone Start-Up Placed in Administration
---------------------------------------------------
The Australian Financial Review reports that a drone delivery
start-up backed by major local venture capital funds has been
placed in administration after falling out with one of its largest
backers, who allegedly pressured the firm to take production
shortcuts to generate revenue faster.
Swoop Aero, which was backed by CSIRO's Main Sequence Ventures,
Folklore Ventures and Right Click Capital, has appointed BPS
Reconstruction and Recovery as administrators, only two years after
it turned down a AUD100 million takeover offer, the Financial
Review discloses.
Swoop Aero co-founder Eric Peck told The Australian Financial
Review the administration process was necessary to try to secure
its future, after it was unable to raise just a few hundred
thousand dollars to finish a production run of its Kite drones.
"We got stuck in a loop where we needed to ramp up manufacturing to
ramp up revenue, but we needed capital . . . and it took us a long
time to transition the order book onto a new sales structure that
had more of an upfront component," he said.
The company was founded in 2017 by former Royal Australia Air Force
pilot turned Deloitte consultant Mr. Peck and engineer Josh Tepper.
It operates a fleet of drones for first- and last-mile logistics.
During the COVID-19 pandemic, its drones were used to deliver
vaccines in Vanuatu and testing kits in Scotland.
It has raised more than AUD26 million in external funding, with
Artesian Venture Partners and Giant Leap set to take a hit on their
stakes alongside Main Sequence, Right Click and Folklore. US-based
investment fund In-Q-Tel, which is backed by the CIA, is also an
investor.
In an email to shareholders seen by the Financial Review, Mr. Peck
said Swoop did not have enough money to support its regulatory,
product and operational needs, referencing issues arising out of a
"turbulent" 2023.
The nature of these issues was not disclosed, the report notes.
However, Mr Peck said when the tech downturn hit, the company felt
pressured in late 2022 and early 2023 to bring its drones to market
faster and to book revenue.
He said the dynamic with the investors changed after its Series B
raise, which was led by Main Sequence. The co-founder declined to
identify any investor by name.
"It was an incredibly stressful time. When you're the director
responsible for aviation safety, you hold extra liability," the
Financial Review quotes Mr. Peck as saying.
"We haven't got enough diversity within venture capital in
Australia to understand safety critical businesses really well. We
were pressured to save two months of costs, but that then cost us
12 months."
The company is aiming to restructure in the hopes of securing a new
capital partner, he said.
Mr. Peck quoted strong future orders of between $US14 million and
AUD50 million, and plenty of inventory to continue if new funding
emerged. A first creditors meeting is set for October 24, the
Financial Review notes.
Mr. Peck had informed Swoop Aero's board earlier this month that he
wanted to step down as CEO. However, if under the restructure the
new investors want him to stay on, he plans to agree.
In seven years, the company's drones have logged more than 10,000
flight hours and delivered more than 2 million items.
The company employs drone pilots to operate its fleet from a
central control centre in Port Melbourne. When it was first granted
permission from the Civil Aviation and Safety Authority, each pilot
could control five drones at a time, but this number is expected to
increase to 30 in the coming months.
In 2022, Mr. Peck told the Financial Review that Swoop had turned
down a AUD100 million takeover offer from a US company servicing
the defence sector, instead raising a AUD16 million funding round
to keep growing the business.
He still stands by this decision. If the company had taken it, Mr.
Peck said, he would have been the only one to make money out of the
deal.
SWOOP AERO: First Creditors' Meeting Set for Oct. 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of Swoop Aero
Pty Ltd and Kookaburra Aerospace Pty Ltd will be held on Oct. 24,
2024 at 10:30 a.m. and 11:15 a.m. respectfully, at Level 5, Suite
6, 350 Collins Street in Melbourne and via virtual meeting
technology.
Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrators of the company on Oct. 14, 2024.
=========
C H I N A
=========
DAFA PROPERTIES: Hong Kong High Court Enters Wind Up Order
----------------------------------------------------------
Reuters reports that DaFa Properties Group and its unit have been
ordered to wind up by Hong Kong's high court, an exchange filing
showed on Oct. 16.
In February, the company received a winding-up petition from China
Construction Bank (Asia) related to outstanding 12.375% senior
notes due in 2022, totaling $360 million, Reuters recalls. The
petition also included the company's unit, YinYi Holdings (Hong
Kong).
An increasing number of Chinese property developers, including
Country Garden are facing liquidation lawsuits from creditors,
while China Evergrande Group was ordered to liquidate earlier this
year, Reuters notes.
DaFa said last month that it may adopt measures that include
proposing a debt restructuring plan to its creditors.
Trading in the company's shares remained suspended following the
winding-up order, Reuters says.
DaFa Properties Group Limited is a Shanghai-based residential
property developer. As of June 30, 2021, the company had developed
86 property development projects with a gross floor area of 6.7
million square meters. Its key operating cities include Wenzhou,
Huzhou, Hefei and Ningbo.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
10, 2022, Moody's Investors Service has withdrawn DaFa Properties
Group Limited's Caa2 corporate family rating and its Caa3 senior
unsecured ratings. Prior to the withdrawal, the rating outlook was
negative.
Moody's said it has decided to withdraw the ratings because it
believes it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.
HOZON AUTO: Denies Rumors it is Not Paying Frontline Staff
----------------------------------------------------------
Yicai Global reports that Neta has reportedly rebutted rumors that
the electric vehicle brand of Hozon Auto has not paid the salaries
of frontline staff.
The wages of Neta's frontline workers have been distributed, The
Paper reported on Oct. 16, citing an insider, Yicai relays. Hozon
Auto is optimizing equity and adjusting the pay structure for
middle management and executives, and due to the need to finalize
these changes before going public, some salaries are being slightly
delayed, the person added.
Yicai, citing rumors circulating online earlier on Oct. 16, says
Neta did not pay last month's salaries as scheduled and owes
suppliers a significant amount of money. Buyers were also advised
to be cautious when purchasing Neta vehicles.
The insider did not provide details about Neta owing money to
suppliers, Yicai notes.
Tongxiang-based Hozon Auto submitted a prospectus to the Hong Kong
Stock Exchange on June 26, according to the website of the bourse.
According to Yicai, Hozon sold 152,100 Neta vehicles in 2022, up
118 percent from a year earlier, ranking top among Chinese car
manufacturing startups. However, sales fell to 127,500 units last
year, with the decline continuing this year.
Deliveries of Neta models tumbled 23 percent to 10,100 units last
month from a year earlier and 8.1 percent on the prior month,
marking the second straight month of year-on-year and
month-on-month drops. In comparison, other Chinese car-making
startups, including Leapmotor and Xpeng Motors, sold more than
20,000 units each in September.
Hozon's net loss was CNY6.9 billion (USD969.3 million) last year,
expanding from CNY6.7 billion a year earlier and CNY4.8 billion in
2021, Yicai discloses citing the company's prospectus. Its revenue
rose to CNY13.6 billion (USD1.9 billion) in 2023, up from CNY13.1
billion the year before and CNY5.1 billion in 2021.
=========
I N D I A
=========
AL-AYAAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Al-Ayaan Foods Private
Limited (Al-Ayaan) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Al-Ayaan, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite Information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in January 2014, Al-Ayaan is involved in the trading
of livestock for meat producers in India. The company's biggest
customer is a related entity called Rayban Foods Pvt Ltd. which
operates a slaughterhouse and supplies meat products to other
domestic meat exporters.
AMBATI SUBBANNA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Ambati Subbanna & Company Oil
Firm in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Ambati Subbanna & Company Oil Firm, 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.
Ambati Subbanna & Company Oil Firm was established in the year 1910
with the objective of manufacturing and marketing edible oils like
sesame oil, ground nut oil, rice bran oil etc. The firm operates
its sesame seed crushing unit in Samarlakota in East Godavari
district in Andhra Pradesh with an installed capacity of 5250 MTPA.
The firm sells its products under brand names such as A.S.Brand,
Mansion and Pooja which have been established in the market over
the years. The firm has depots in Secunderabad, Tenali and
Vijayawada to facilitate the distribution of its products across
the states of Andhra Pradesh and Telangana.
AMIT CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amit
Construction-Mumbai (ACM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2023, placed the rating(s) of AC under the 'issuer non-cooperating'
category as AC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AC continues to be
non-cooperative despite repeated requests for submission of
information through emails dated August 5, 2024, August 15, 2024
and August 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Amit Constructions, a proprietorship firm, was established in the
year 1999 by Mr. Roman Felix Philip Dsouza. The firm is engaged
into civil construction where it undertakes construction projects
for building of hospital, schools, offices, stadium, footpath,
water tanks, etc. The entity is Class-I A category contractor and
generally takes tender based contracts for its projects where it
majorly caters to Navi Mumbai Municipal Corporation and CIDCO.
ANNADATA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Annadata Rice
Mill (ARM) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Long-term 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with ARM, 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.
Established in 2007 as a partnership firm, ARM has been promoted by
Mr. Sekh Jakir Ali and Mr. Mirza Amanat Ali. The firm mills govind
bhog rice and has an installed milling capacity of 8,400 metric
tonnes per annum (MTPA) in the Burdwan district of West Bengal.
ASR ENGINEERING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: ASR Engineering & Projects Limited
Registered Address:
Plot No. 27, Vidyut Nagar,
New Town, Anantapur,
Andhra Pradesh, India 515001
Insolvency Commencement Date: September 27, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: March 25, 2025
Insolvency professional: Naga Bhushan Bhagawati
Interim Resolution
Professional: Naga Bhushan Bhagawati
H. No. 1-1-380/38
Ashok Nagar Extension
Hyderabad 500020
Email: bnagabhushan@yahoo.com
Email: asrepl2024@gmail.com
Last date for
submission of claims: October 17, 2024
BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Industries (Nagpur) (BI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2023, placed the rating(s) of BI under the 'issuer non-cooperating'
category as BI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. BI continues to be
non-cooperative despite repeated requests for submission of
information through emails dated August 5, 2024, August 15, 2024
and August 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
BHAGAT JEE: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhagat Jee
Steels Private Limited (BJSPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.15 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.57 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 2, 2023,
placed the rating(s) of BJSPL under the 'issuer non-cooperating'
category as BJSPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BJSPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 17, 2024, June 27, 2024,
July 7, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bhagat Jee Steels Private Limited (BJSPL) was incorporated on June
14, 2000, promoted by Mr. Rakesh Kumar Agarwal and his family
members. Since its inception, BJSPL has been engaged in
manufacturing of MS ingots, angles, flats, channels, rounds,
squares etc. The manufacturing facility of the company is located
at industrial area, Durgapur, West Bengal.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of BJSPL into ISSUER NOT
COOPERATING category vide press release dated July 13, 2023 on
account of its inability to carry out a review in the absence of
requisite information from the company.
BHOLANATH ZAVERI: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bholanath
Zaveri Jewellers Private Limited (BZJPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.60 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 22,
2023, placed the rating(s) of BZJPL under the 'issuer
non-cooperating' category as BZJPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BZJPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
7, 2024, August 17, 2024 and August 27, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi-based Bholanath Zaveri Jewellers Private Limited (BZJPL) was
incorporated in 2006 by Mr. Sushil Kapoor, Mr. Raj Kapoor and Mr.
Ashok Kapoor. However, the= company is currently being promoted by
Mr. Sushil Kumar Kapoor and Ms. Versha Kapoor. The company has
taken over business of M/s Zaveri Jewellers (ZJL) in October 2011.
The company is engaged in manufacturing, trading and retailing of
gold, silver and diamond jewellery and has its office located in
Karol Bagh, Delhi.
BIRD AIRPORT: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Bird Airport Hotel Private
Limited (BAHPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 82.18 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with BAHPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite Information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2009, Bird Airport Hotel Private Limited (BAHPL)
owns and operates 216 room hotel under the brand The Roseate House
Hotel at Aerocity, New Delhi. The construction of the property was
started in 2009 and the hotel became operational in FY2017. The
property also offers facilities like a convention centre, meeting
rooms, swimming pool, fitness centre and dining options by way of
five restaurants and bars. The Roseate House brand is an in-house
brand of Bird Group, which has interest ranging in aviation, luxury
car dealership, hospitality and education sectors. Apart from The
Roseate House, the group operates two other properties – The
Roseate in New Delhi and one property in Rishikesh (Uttarakhand) in
India. It also owns 3 properties in the United Kingdom (UK), all of
which held under a different group companies.
BUDS TEA: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Buds Tea
Industries Limited (BTIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 2.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 4, 2023,
placed the rating(s) of BTIL under the 'issuer non-cooperating'
category as BTIL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BTIL continues
to be non-cooperative despite repeated requests for submission of
information through emails dated June 19, 2024, June 29, 2024, July
9, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Buds Tea Industries Limited (BTIL), incorporated in 2013, is
engaged in processing (4,500 tpa) and sale of tea. For this it has
a bought leaf factory in Jalpaiguri, West Bengal. The operations of
BTIL are managed by directors and brothers Mr. Gopal Poddar, Mr.
Shankar Poddar and Mr Subhash Poddar. BTIL is a part of the Limtex
Group of Industries which is promoted by Kolkata based
Poddar family which is mainly into tea industry.
Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of BTIL into ISSUER NOT
COOPERATING category vide press release dated September 27, 2023 on
account of its inability to carry out a review in the absence of
requisite information from the company.
CRISIL has continued the rating assigned to the bank facilities of
BTIL into ISSUER NOT COOPERATING category vide press release dated
April 11, 2024 on account of its inability to carry out a review in
the absence of requisite information from the company.
CHOUDHARY GUM: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Choudhary Gums & Derivatives
(CGD) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 14.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with CGD, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite Information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2013, Choudhary Gums & Derivatives (CGD) processes
guar seeds to obtain guar gum refined splits and byproducts such as
churi and korma. The firm operates from its facility at Saudulsahar
in Rajasthan, with an installed guar gum seeds processing capacity
of 75000 MTPA. The firm is primarily a family run concern with Mr.
Om Praksh and Mr. Amandeep being the partners. The firm sells its
products in the domestic market with its sales fully concentrated
in the state of Rajasthan.
CLRK EXTRACTIONS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of C L R K
Extractions & Exports Private Limited (CLRK) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 7, 2023,
placed the rating(s) of CLRK under the 'issuer non-cooperating'
category as CLRK had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. CLRK continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 22, 2024, July 2, 2024, July
12, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
CLRK was promoted in 2011 by Chhattisgarh based Mr. Gopal Singhal.
It is engaged in trading and export of raw and boiled rice. Besides
the trading activity, the company also processes rice. The
manufacturing facility of CLRK is located at Raipur Chhattisgarh.
The manufacturing facilities commenced operation from December 2015
and FY17 was the first full year of operation. The company
primarily exports to Africa and Middle East countries. Apart from
export, the company also sells rice in domestic market,
particularly in North East.
GO FIRST: RP Cannot Become Carrier's Liquidator, NCLT Says
----------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal (NCLT)
on Oct. 15 said bankrupt Go First's current resolution professional
Shailendra Ajmera cannot be appointed as its liquidator.
Livemint.com relates that the NCLT bench, consisting of judicial
member Mahendra Khandelwal and technical member Sanjeev Ranjan,
while hearing Go First plea, clarified that Ajmera could not
continue as the liquidator. "The RP can be involved in the
liquidation process in some other capacity, but not as a
liquidator," the tribunal said.
The NCLT is yet to pass a final order on the matter, Livemint.com
says.
According to Livemint.com, the bench cited a July 2023 circular
from the Insolvency and Bankruptcy Board of India (IBBI), which
recommended appointing a different individual as the liquidator,
not the RP. The tribunal suggested Ajmera could still participate
in the liquidation process in another capacity but not as the
liquidator.
It instructed Go First to choose a new liquidator while emphasizing
that Ajmera could not continue in his current role, Livemint.com
relates.
However, the tribunal did not pass a final order on the issue and
asked Go First's senior counsel to seek instructions, with the case
scheduled for further hearing on November 8.
The airline filed for liquidation in September, citing the absence
of viable assets or a revival plan, and in the liquidation
petition, it called for Ajmera to be appointed as the liquidator.
About Go First
Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra. Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.
Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.
The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.
Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.
On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition. The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.
As reported in the Troubled Company Reporter-Asia Pacific in early
August, Go First lenders have decided to liquidate the company's
assets after rejecting bids by interested suitors to revive the
bankrupt airline, two banking sources told Reuters. Go First had
received two financial bids under the bankruptcy process.
GOURAV POULTRIES: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gourav
Poultries India Private Limited (GPIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.29 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 18,
2023, placed the rating(s) of GPIPL under the 'issuer
non-cooperating' category as GPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
3, 2024, August 13, 2024 and August 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gourav Poultries India Private Limited (GPIPL) was incorporated in
December, 2010 by Mr Jai Bhagwan and Mr. Vinod Kumar. The company
is currently being managed by Mr Jai Bhagwan and Mrs Kiran. GPIPL
is engaged in poultry farming business at its poultry farm located
in Jind, Haryana.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of GPIPL into
Issuer Not Cooperating category vide press release dated December
12, 2023 on account of its inability to carry out a review in the
absence of requisite information.
CRISIL has continued the rating assigned to the bank facilities of
GPIPL into Issuer Not Cooperating category vide press release dated
January 17, 2024 on account of its inability to carry out a review
in the absence of requisite information.
H.M. INDUSTRIAL: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Non-Convertible Debenture of H.M. Industrial
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible
Debentures (NCD) 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with H.M. Industrial Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
In 1991, H.M. Industries was established as partnership firm by Mr.
Paresh Patel, Mr. Dinesh Patel and Mr. Viresh Patel. In the year
2000, Mr. Viresh Patel left from partnership and subsequently
in2012, Mr. Hardeep Patel and Mr. Jigar Patel, sons of Mr. Paresh
Patel joined the company. In the current fiscal, from mid-June
2016, the constitution of the entity has changed from Partnership
firm to Private Limited Company. Initially, the company was engaged
in crushing of castor seed only. Later in the year 2002, the
company foray in cotton seed crushing. Again in 2006, it added new
business line of cotton ginning. For producing better quality of
castor oil which can be used in pharmaceutical industries, the
company has installed BSS plant for refining castor oil in FY 2013.
The company has also installed solvent extraction plant with
processing capacity of 500 MTPD of castor seeds to produce
De–Oiled Cake and castor oil. Initially the operation of solvent
extraction plant was expected to commence from November 2013
however due to delay in getting license of Hexgine, the extraction
plant has commenced operation from March 2014. Currently company
has installed 48 cotton ginning machines with an installed capacity
of producing 400 cotton bales per day, 9 expellers for crushing
45000 MT of Cotton seeds and 9 expellers for crushing 180000 MT.
ILD HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ILD Housing
Projects Private Limited (IHPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 33.48 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 22,
2023, placed the rating(s) of IHPPL under the 'issuer
non-cooperating' category as IHPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. IHPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
7, 2024, August 17, 2024 and August 27, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in July 2006, ILD Housing Projects Private Limited
(IHPPL) (formerly known as International Land Developers Pvt. Ltd.)
is a Gurgaon based real estate developer promoted by Mr. Alimuddin
Rafi Ahmed. The company is a part of ILD group. The company is
engaged in the real estate sector.
IRIS HEALTH: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of IRIS
Health Services Limited (IHSL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.97 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.88 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 4, 2023,
placed the rating(s) of IHSL under the 'issuer non-cooperating'
category as IHSL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. IHSL continues
to be non-cooperative despite repeated requests for submission of
information through emails dated June 19, 2024, June 29, 2024, July
9, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in December 18, 2007, IRIS Health Services Ltd (IHSL)
was promoted by Mr. Pavan Kumar Poddar, Mr. Govindswamy Sridharan,
Mr. Nikhil Poddar, Mr. Ramesh Kumar Kedia, Mr. Vivek Kumar Kathotia
and Mr. Sanjay Kumar Ginoria based out of Kolkata, West Bengal. The
company has started its commercial operations from February 2008
onwards. The company has been engaged in Healthcare Services.
Currently the hospital is running with 180 beds which consist of 35
deluxe beds, 22 emergency beds, 15 Intensive Care Unit (ICU), and
other general beds.
JASOL CHAWAL: CARE Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jasol
Chawal Private Limited (JCPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 10,
2023, placed the rating(s) of JCPL under the 'issuer
non-cooperating' category as JCPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JCPL continues to be non-cooperative despite repeated requests for
submission of information through emails dated June 25, 2024, July
5, 2024, July 15, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in May 2016, Jasol Chawal Private Limited (JCPL) is
engaged in therice milling activities at its plant located at
Baloddistrict, Chhattisgarh. The company has started commercial
operations of its rice mill from January, 2018 onwards. Moreover,
the company is also engaged in the trading of paddy since April,
2017. Mr. Avant Kumar Golechha, having around two decades
of experience in the rice milling industry, looks after the day to
day operations of the company. He is supported by other director
Mrs. Rani Golchhaand a team of experienced professionals.
JINDAL AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jindal
Agro Mills Private Limited (JAMPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 37.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2023, placed the rating(s) of JAMPL under the 'issuer
non-cooperating' category as JAMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JAMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
5, 2024, August 15, 2024 and August 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 1989, Jindal Agro Mills Private Limited (JAMPL) is
engaged in the trading and manufacturing & selling of nonferrous
metals at its single operating facility in Ludhiana, Punjab.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of JAMPL into Issuer Not
Cooperating category vide press release dated November 22, 2023 on
account of its inability to carry out a review in the absence of
requisite information.
JOVIAL STAINLESS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jovial
Stainless Steel and Alloys (JSSA) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 22,
2023, placed the rating(s) of JSSA under the 'issuer
non-cooperating' category as JSSA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JSSA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 7, 2024,
August 17, 2024 and August 27, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jovial Stainless Steel and Alloys (JSSA) was established as a
proprietorship concern in July 2017 and the firm is currently being
managed by Mr. Ashok Bansal. JSSA is established with an aim to set
up two manufacturing facilities at Kaithal, Haryana for
manufacturing of Stainless steel (SS) tubes, SS Pipes, SS sections,
SS rods, strips and coils with an aggregate installed capacity of
manufacturing 10800 metric tonne of Stainless-steel products per
annum. The commercial operations of Unit I commenced in March,
2018. And the commercial operation of Unit II is expected to
commence from August 2018. Further, the firm is ISO 9001:2015
certified.
KKNT FIRST MAIN: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: KKNT First Main Private Limited
2nd Floor, 570/571,
1st Cross, 3rd Block Koramangala,
Bengaluru 560034
Karnataka, India
Liquidation Commencement Date: September 30, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Joby Chacko
No. 120, 3rd Cross,
3rd Main, Pride Valley
View Layout, Jigani Hobli,
Bengaluru 560083
E-mail: jobykc@gmail.com
Phone: +91 96633 08656
Last date for
submission of claims: October 30, 2024
KRISHNA KIREETI: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sri Krishna
Kireeti Food Products (SKKFP) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.10 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 4.90 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 2.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SKKFP, 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.
Sri Krishna Kireeti Food Products (SKKFP) was established as a
partnership firm in January 2012 by Mr. CHSV Satyanarayana Murthy
and other family members. The firm is involved in milling of paddy
to produce raw and boiled rice and its by-products. The rice
milling unit is located in East Godavari district of Andhra Pradesh
and it has an installed capacity of 5 tons per hour.
LAKSHMI POULTRY: ICRA Keeps C+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Sri Lakshmi Poultry Farm
(SLPF) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]C+; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 6.50 [ICRA]C+; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 1.87 [ICRA]C+; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SLPF, 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.
Sri Lakshmi Poultry Farm (SLPF) was incorporated as a partnership
firm in the year 2007 and is engaged in the business of commercial
layer poultry farming and operates through facilities located in
Brahmanagudem Village and Chikkala Village with total capacity of
2,80,000 commercial layers.
MUTHOOT FINANCE: Fitch Assigns BB(EXP) Rating to USD Sr. Sec. Bonds
-------------------------------------------------------------------
Fitch Ratings has assigned India-based Muthoot Finance Ltd's (MFL,
BB/Stable) proposed US dollar-denominated senior secured bonds an
expected rating of 'BB(EXP)'. The final rating is subject to the
receipt of final documentation conforming to information already
received.
The proposed bonds will carry a fixed-rate coupon payable
semi-annually and will be secured by collateral that includes
specified assets and receivables of the issuer. The proposed notes
are also subject to maintenance covenants that require MFL to meet
regulatory capital requirements, and ensure its security coverage
ratio is equal to or greater than 1x at all times.
MFL will issue the proposed bonds in the international market under
the Reserve Bank of India's external commercial borrowings
framework. They will be issued under MFL's USD2 billion global
medium term-note programme.
Key Rating Drivers
MFL's proposed bonds are rated at the same level as its Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB', in accordance
with Fitch's rating criteria.
Most of MFL's debt is secured and Fitch believes that non-payment
of the company's senior secured debt would best reflect uncured
failure of the entity. MFL can issue unsecured debt in the overseas
market, but such debt is likely to constitute a small portion of
its funding and thus cannot be viewed as its primary financial
obligation.
For more information on MFL's key rating drivers and rating
sensitivities, please see Fitch Affirms Muthoot Finance at 'BB';
Outlook Stable, published on 29 August 2024.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Any negative action on MFL's Long-Term Foreign-Currency IDR would
drive similar action on the expected rating on the proposed bonds.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of MFL's Long-Term Foreign-Currency IDR would result in
corresponding action on the expected rating on the proposed bonds.
Date of Relevant Committee
28 August 2024
ESG Considerations
MFL has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the non-bank financial
institutions sector. This reflects its retail-focused operation,
which exposes it to risks around fair lending practices, pricing
transparency, repossession, foreclosure and collection practices,
whereby aggressive practices in these areas may subject the company
to legal or regulatory and reputational risk that may damage its
credit profile. The score of '3' for this factor reflects its view
that such risks are adequately managed and have a low impact on the
company's credit profile.
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
----------- ------
Muthoot Finance Ltd
senior secured LT BB(EXP) Expected Rating
NAVBHARAT FUSE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Navbharat
Fuse Company Limited (NFCL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 23.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 11,
2023, placed the rating(s) of NFCL under the 'issuer
non-cooperating' category as NFCL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NFCL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 26, 2024, July
6, 2024, July 16, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Navbharat Fuse Company Ltd (NFCL) was incorporated in 1988 for
manufacturing of industrial explosives at Raipur, Chhattisgarh. The
company produces bulk and cartridge explosives with an aggregate
installed capacity of 50,000 tons per annum (TPA). The company
supplies explosives majorly to Coal India Ltd (CIL) and its
subsidiaries including South Eastern Coalfields Ltd, Northern
Coalfields Ltd, Eastern Coalfields Limited, etc. Apart from NFCL,
the Navbharat group carries out the explosives business through
another legal entity i.e. Navbharat Explosives Company Limited
(NECL). This apart, the company is also engaged into manufacturing
of sponge iron with a 60,000 TPA plant at Jagdalpur, Chhattisgarh.
The Navbharat group also has interest in real estate activities
which it carries out through its group companies. The main
promoters of the group – the Singh family of Raipur –have over
three decades of track record in the industrial explosives segment.
PARASMANI BUILDWELL: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Parasmani
Buildwell Private Limited (PBPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 15,
2023, placed the rating(s) of PBPL under the 'issuer
non-cooperating' category as PBPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PBPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 31, 2024,
August 10, 2024 and August 20, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Parasmani Buildwell Private Limited (PBPL) was incorporated in
April 2010 by Mr. Vikas Passi and Ms Jyoti Passi. The company is
currently developing a commercial project named 'Apple's Height' at
Zirakpur, Punjab on 4.15 acres of land. The project got launched in
FY10 and Phase I has been successfully completed in FY15. Phase II
got launched in July 2016 and is expected to be completed by
October 2019.
PLASMA METAL: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Plasma
Metal Processing Private Limited (PMPPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.72 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2023, placed the rating(s) of PMPPL under the 'issuer
non-cooperating' category as PMPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PMPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
5, 2024, August 15, 2024 and August 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in the year 2011, PMPPL is engaged in the business for
manufacturing of plasma coated rebars, wire rods and wires. The
commercial operation started from April 2019. The manufacturing
facility of the company is located at Butibori, Nagpur.
Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of PMPPL under Issuer Not
Cooperating category vide press release dated February 29, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.
SANDOR MEDICAIDS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Non-Convertible Debenture of Sandor Medicaids
Private Limited (SMPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Debentures (NCD) Rating Continues to remain under
issuer not cooperating category
As part of its process and in accordance with its rating agreement
with SMPL, 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.
Sandor Medicaids Private Limited (SMPL) is in the medical
distribution business of high technology products such as
specialized biotech drugs for cancer and transplantation as well as
devices and equipment's used in various therapeutic areas for the
last 20 years. SMPL was incorporated by Mr. Rajeev Sindhi and Mr.
KVM Reddy in 1995. SMPL started with the distribution of IStat
Portable Clinical Analyser for Abbott and since then has been
involved in the distribution of niche, state of the art technology
products in various therapeutic fields. The focus has been on
critical care, transplantation, nephrology and oncology. The
company is an exclusive distributor of medical devices and drugs
manufactured by reputed health care companies including Genzyme
Corporation, Abbott Point of Care, ITC Med, Minntech Corporation,
Dr. Franz Chemie etc.
SHREE HANUMAN SUGAR: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Shree Hanuman Sugar and Industries Limited
Registered Address:
Premises No. 9, Ground Floor,
Vasundhara Building
2/7 Sarat Bose Road,
Kolkata, West Bengal, India, 700020
Insolvency Commencement Date: September 27, 2024
Court: National Company Law Tribunal, Guwahati Bench
Estimated date of closure of
insolvency resolution process: March 26, 2025
Insolvency professional: Sandeep Khaitan
Interim Resolution
Professional: Sandeep Khaitan
2nd Floor, Sanmati Plaza,
G.S. Road, ABC,
Guwahati - 781005, Assam
E-mail: khaitansandeep@gmail.com
E-mail: cirpshsil@gmail.com
Last date for
submission of claims: October 14, 2024
VEERA VENKATA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sri Veera Venkata
Satyanarayana Rice Mill (SVVSRM) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 10.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SVVSRM, 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.
Sri Veera Venkata Satyanarayana Rice Mill (SVVSRM) was setup in the
year 1999 and is engaged in milling of paddy to produce raw and
boiled rice. It is promoted by Mr. S. Konda Reddy and S.Srinivas
Reddy. The Firm has a milling unit in Biccavolu – East Godavari
district of Andhra Pradesh with a milling capacity of 43,200 MTPA.
VIDARBHA INDUSTRIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Vidarbha Industries Power Limited
Registered Address:
Shop No 16 Floor 1 Plot 8
Khatau Building, Bombay Stock Exchange
Fort Mumbai, Maharashtra, India, 400001
Insolvency Commencement Date: September 30, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: March 29, 2025
Insolvency professional: Bimal Kumar Agarwal
Interim Resolution
Professional: Bimal Kumar Agarwal
B-234, Kalpataru Towers, Akurli Road,
Kandivali East, Mumbai, Suburban,
Maharashtra, 400101
Email: bimalagarwal.irp@gmail.com
Email: CIRP.Vidarbha@gmail.com
Last date for
submission of claims: October 15, 2024
=========
J A P A N
=========
BANDAI NAMCO: Cuts Jobs, Culls Titles as Game Sector Woes Deepen
----------------------------------------------------------------
Bloomberg News reports that Bandai Namco Holdings is cutting its
workforce after canceling several titles in the latest sign that
rising costs and plateauing demand are depressing the gaming's
industry's bottom lines.
Bloomberg relates that the Tokyo-based company is taking a
traditionally Japanese approach to reducing staff by sending
workers to rooms where they are given nothing to do, putting
pressure on them to leave voluntarily, according to people familiar
with the matter. Since April, affiliate Bandai Namco Studios has
moved about 200 of its roughly 1,300 employees to such rooms and
nearly 100 have resigned, said the people, asking not to be named
discussing private information. More are expected to leave in
coming months, they said.
Such oidashi beya, or "expulsion rooms," are sometimes used by
Japanese corporations in a country with some of the world's
strictest labor-protection laws, Bloomberg says. Employees are
typically given no work-related tasks, but are left with the
knowledge that their performance will give managers ammunition to
cut severance when they do leave. Many employees use their time in
such rooms to look for other jobs.
Bloomberg relates that Bandai Namco said its goal is not to push
employees out of the company.
"Our decisions to discontinue games are based on comprehensive
assessments of the situation. Some employees may need to wait a
certain amount of time before they are assigned their next project,
but we do move forward with assignments as new projects emerge," a
representative of Bandai Namco said. "There is no organization like
an 'oidashi beya' at Bandai Namco Studios designed to pressure
people to leave voluntarily."
Bandai Namco is a storied name in the games industry, tracing its
roots back to the introduction of the Pac-Man arcade title in 1980.
Its current games include Dragon Ball and Gundam.
Like its competitors, the company is now under pressure to cut
costs and adjust to a post-pandemic drop in the time users have for
games, Bloomberg notes. Smartphone and online games have born the
brunt of cooled sentiment, forcing Bandai Namco to overhaul its
game title lineup, resulting in JPY21 billion ($141 million) in
writedowns in the three quarters to December.
Bandai Namco's staff cuts show a sector that faces higher
development costs, gamers' limited attention spans for new games,
and an expected game-revenue drop in Japan this year, said Nathan
Naidu, analyst at Bloomberg Intelligence. This extends to peers
such as Sony, which canceled its Concord title that was reported to
have cost $400 million, as well as Square Enix, which like Bandai
Namco incurred hundreds of millions of dollars in writedowns last
year from cancellations.
Over the summer, the company further shuttered smartphone game
Tales of the Rays and said it would take down big-budget online
game Blue Protocol in January, Bloomberg recalls. It has also
decided to either cancel or pause development of several games,
including ones that feature characters from anime series "Naruto"
and "One Piece," as well as a project commissioned by Nintendo.
===============
M A L A Y S I A
===============
CAPITAL A: Shareholders Approve Buyout of AirAsia
-------------------------------------------------
Reuters reports that shareholders have backed plans for budget
carrier AirAsia to be bought by its long-haul associate, AirAsia X
paving the way for the Malaysian-based airlines to finalise their
consolidation by the end of the year.
AirAsia X shareholders approved the proposed acquisition of
Malaysian investment firm Capital A's equity interest in AirAsia
units for 6.8 billion Malaysian ringgit ($1.6 billion) on Oct. 16,
after Capital A shareholders gave the nod on Oct. 14 to the deal,
company statements said, according to Reuters.
The merger of AirAsia is intended to create efficiencies and aid a
significant expansion of routes and global network reach, AirAsia
executives have said.
AirAsia operates short-haul routes around Asia with single-aisle
aircraft while AirAsia X flies wide-body planes on longer routes
including to Australia and Saudi Arabia.
Reuters says the creation of an enlarged AirAsia Group remains
subject to final court and regulatory approvals.
AirAsia was founded in 2001 with two aircraft and has since become
one of Asia's largest budget airline operators with a fleet of some
200 planes serving markets across SouthEast Asia, India and China.
Both Capital A and AirAsia X were hard hit by pandemic travel
restrictions and classified by Malaysia's stock exchange as PN17,
or financially distressed. Such firms may be de-listed from the
exchange if they fail to stabilise their finances within a set time
frame.
AirAsia X was removed from PN17 status a year ago, Reuters notes.
Reuters adds that Capital A CEO Tony Fernandes said on Oct. 14 the
disposal of AirAsia Berhad and AirAsia Aviation Group, which
includes AirAsia units in Thailand, Indonesia, Philippines, and
Cambodia, will pave the way for Capital A's restructuring and exit
from PN17 status.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, Capital A is in the midst of formulating a plan to
regularize its financial condition to address its Practice Note 17
(PN17) status.
Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
=====================
N E W Z E A L A N D
=====================
AWARIRI LANDS: Creditors' Proofs of Debt Due on Nov. 1
------------------------------------------------------
Creditors of Awariri Lands Limited are required to file their
proofs of debt by Nov. 1, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 3, 2024.
The company's liquidator is:
Victoria Toon
Corporate Restructuring Limited
PO Box 10100
Dominion Road
Auckland 1446
DIRT WORLD: Court to Hear Wind-Up Petition on Oct. 31
-----------------------------------------------------
A petition to wind up the operations of Dirt World Limited will be
heard before the High Court at Auckland on Oct. 31, 2024, at 10:45
a.m.
Rock And Rubble Limited filed the petition against the company on
Sept. 9, 2024.
The Petitioner's solicitor is:
Brett Leeson Martelli
1 St Georges Bay Road
Parnell
Auckland
METALWORX ENGINEERING: Khov Jones Appointed as Receivers
--------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Oct. 15, 2024, were
appointed as receivers and managers of Metalworx Engineering
Limited, Bob Kini and Jayden Kini.
The receivers and managers may be reached at:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
RAZORBACK RIGGING: Court to Hear Wind-Up Petition on Nov. 22
------------------------------------------------------------
A petition to wind up the operations of Razorback Rigging Limited
will be heard before the High Court at Auckland on Nov. 22, 2024,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 26, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
SHANORA LIMITED: Creditors' Proofs of Debt Due on Nov. 8
--------------------------------------------------------
Creditors of Shanora Limited are required to file their proofs of
debt by Nov. 8, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 7, 2024.
The company's liquidators are:
Trevor Edwin Laing
Emma Margaret Laing
Laing Insolvency Specialists Limited
PO Box 2468
Dunedin 9044
STAFF SERVICES: Owes NZD525K to Creditors, Liquidator Says
----------------------------------------------------------
The Timaru Herald reports that a Timaru-based employment agency put
into liquidation in March owes the tax department almost NZD425,000
in unpaid GST and PAYE - significantly more than initially
thought.
In his first six-monthly report, liquidator Brenton Hunt of
Insolvency Matters, said the amount Staff Services Limited owed to
Inland Revenue was "higher than estimated" in his first report, The
Timaru Herald relates.
In March, the amount owed was estimated at NZD350,000, but further
investigation rounded that up to NZD424,935.
IRD was the sole preferential creditor owed money, the report
notes.
The Timaru Herald says the liquidator had received no claims from
secured creditors and four claims from unsecured creditors which
totalled NZD91,629.
Since being appointed, on March 7, Mr. Hunt had discussed matters
with the director and unsecured creditors, terminated employment
agreements and distributed staff holiday pay of about NZD1,300.
A motor vehicle owned by the company had been sold and an
investigation into the trading history of the company and the
director's actions had been conducted including into whether there
had been any breach of the Companies Act 1993.
Staff Services Limited, which provided labour hire services in
South Canterbury, was established in October 2015 and was owned by
sole shareholder and director Leon Hobbs.
At the time the company was placed into liquidation, Mr. Hunt said
Mr. Hobbs had sought professional advice and decided to place the
company into liquidation, The Timaru Herald relays.
He cited slowly reducing demand for labour, increasing competition,
the pressures of Covid-19 and lower margins as reasons for falling
behind in his tax obligations.
The Timaru Herald, citing the first liquidator's report, says the
company ceased trading in January 2024, and was associated to
Pinnacle Recruitment Limited which was incorporated in January 2024
and was 100% owned by Mr. Hobbs who was also the sole director.
The estimated shortfall to creditors was NZD525,000. The
liquidation was expected to be completed within the next 12 months,
adds The Timaru Herald.
=================
S I N G A P O R E
=================
BRIFA HOLDINGS: Creditors' Proofs of Debt Due on Nov. 11
--------------------------------------------------------
Creditors of Brifa Holdings Pte. Ltd. are required to file their
proofs of debt by Nov. 11, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 7, 2024.
The company's liquidators are:
Don M Ho
David Ho Chjuen Meng
c/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
CHESSER PTE: Commences Wind-Up Proceedings
------------------------------------------
Members of Chesser Pte Ltd on Oct. 4, 2024, passed a resolution to
voluntarily wind up the company's operations.
The company's liquidator is:
Mr. Yang Ching Chao
Fellow Chartered Accountant
c/o 10 Anson Road
#31-01 International Plaza
Singapore 079903
DIAMOND S: Creditors' Proofs of Debt Due on Nov. 11
---------------------------------------------------
Creditors of Diamond S Management (Singapore) Pte. Ltd. are
required to file their proofs of debt by Nov. 11, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 4, 2024.
The company's liquidators are:
Low Sok Lee Mona
Teo Chai Choo
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807
EVIA REAL ESTATE: Creditors' Proofs of Debt Due on Nov. 11
----------------------------------------------------------
Creditors of Evia Real Estate (3) Pte. Ltd. are required to file
their proofs of debt by Nov. 11, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 4, 2024.
The company's liquidator is:
Helmi Bin Ali Bin Talib
c/o Helmi Talib LLP
133 Cecil Street
#15-02 Keck Seng Tower
Singapore 069535
VAN NGUYEN: Court to Hear Wind-Up Petition on Oct. 25
-----------------------------------------------------
A petition to wind up the operations of Van Nguyen Pte. Ltd. will
be heard before the High Court at Singapore on Oct. 25, 2024, at
10:00 a.m.
DBS Bank Ltd filed the petition against the company on Oct. 2,
2024.
The Petitioner's solicitor is:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***