/raid1/www/Hosts/bankrupt/TCRAP_Public/241018.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, October 18, 2024, Vol. 27, No. 210
Headlines
A U S T R A L I A
AUSTRALIAN ELECTRICAL: First Creditors' Meeting Set for Oct. 24
CAPITAL T: Second Creditors' Meeting Set for Oct. 22
CHRISTBEN PTY: Second Creditors' Meeting Set for Oct. 23
FENN FOODS: Plant-Based Meat Supplier Goes Into Liquidation
FIRSTMAC MEZZANINE: Loan Purchase No Impact on Moody's Ba1 Rating
IRON MOUNTAIN AUSTRALIA: Moody's Affirms 'Ba3' Sr. Bank Debt Rating
KEYSTONE DEVELOPMENTS: Second Creditors' Meeting Set for Oct. 23
NOUMI LTD: Former CFO Fined AUD100K; Disqualified for Four Years
PITCHFORK RESTAURANT: Second Creditors' Meeting Set for Oct. 23
PUBLIC HOSPITALITY: Adgemis Accused of Trading While Insolvent
[*] AUSTRALIA: Insolvencies Jump 43% in September Quarter
C H I N A
JINGBO TECHNOLOGY: Incurs $4.27 Million Net Loss in Second Quarter
I N D I A
A K NANDI: CARE Lowers Rating on INR10cr LT Loan to 'B-'
A. B. PAL: CRISIL Lowers Rating on Long/Short Term Debts to D
ALISHAN GINNING: CRISIL Keeps B Debt Ratings in Not Cooperating
ALLIED ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
ALM METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANAND WINES: CRISIL Keeps B Debt Ratings in Not Cooperating
ANANT AGRO: CRISIL Withdraws B+ Rating on INR15cr Cash Loan
ARK INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
ASHUTOSH FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
BAJRANGBALI REROLLERS: CARE Lowers Rating on INR15cr Loan to 'B+'
BEE PEE: CARE Lowers Rating on INR15.00cr LT Loan to 'B'
DHARMKALP CONSTRUCTIONS: Insolvency Resolution Process Case Summary
GANESA MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating
GAUTAM MALHOTRA: CRISIL Keeps B Debt Rating in Not Cooperating
K K POLYCOLOR: CRISIL Keeps D Debt Ratings in Not Cooperating
KAMRAN EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
KHANNA BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
KHANNA PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHAKALI RICE: CARE Lowers Rating on INR9.25cr LT Loan to 'B-'
MANN MEDICITI: CRISIL Lowers Rating on INR5.8cr Term Loan to D
PALM HEIGHTS: CARE Keeps D Debt Rating in Not Cooperating Category
PANCHAMI ELECTRONICS: CARE Keeps C Debt Rating in Not Cooperating
RAM NATH: CARE Keeps D Debt Rating in Not Cooperating Category
RHYTHM HOUSE: Gets New Owner Under Insolvency Auction
RKN PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
S.K. RICE: CRISIL Keeps D Debt Rating in Not Cooperating Category
S.S MEDICAL: CRISIL Keeps C Debt Rating in Not Cooperating
S.S. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
SAMPAT ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
SHASHI STRUCTURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
SPLEN MICA: CARE Keeps D Debt Rating in Not Cooperating Category
ST. JOHN'S EDUCATIONAL: CARE Keeps D Rating in Not Cooperating
U.C. JAIN: CRISIL Lowers Rating on INR5cr Term Loan to D
N E W Z E A L A N D
AAA DRIVEWAYS: Court to Hear Wind-Up Petition on Nov. 4
BRYCE TRAFFIC: Creditors' Proofs of Debt Due on Nov. 11
CAMEX 2018: Grant Bruce Reynolds Appointed as Liquidator
DU VAL GROUP: Founders' Family Trust in Receivership
MAINLAND PASTURES: Creditors' Proofs of Debt Due on Dec. 11
NETSECOPS LIMITED: Court to Hear Wind-Up Petition on Oct. 22
S I N G A P O R E
AP AUTOMOTIVE: Court Enters Wind-Up Order
BENG KUANG: Exits from SGX-ST Watchlist
DRAGON GROUP: Commences Wind-Up Proceedings
HATTEN LAND: Court Approves Appointment of Judicial Managers
HEMRO ASIA: Creditors' Proofs of Debt Due on Nov. 11
HIN LEONG: AGC Seeks 20-Year Jail Term for OK Lim
LHF INVESTMENTS: Creditors' Proofs of Debt Due on Nov. 11
VS ELECTRICAL: Court Enters Wind-Up Order
- - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN ELECTRICAL: First Creditors' Meeting Set for Oct. 24
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Electrical Wholesalers Pty Ltd will be held on Oct. 24, 2024 at
2:30 p.m. via virtual meeting.
Michael Gregory Jones of Jones Partners Insolvency & Restructuring
was appointed as administrator of the company on Oct. 15, 2024.
CAPITAL T: Second Creditors' Meeting Set for Oct. 22
----------------------------------------------------
A second meeting of creditors in the proceedings of Capital T Steel
Fixing Pty Ltd has been set for Oct. 22, 2024 at 10:30 a.m. at the
offices of Worrells at Level 2 AMP Building, 1 Hobart Place in
Canberra and via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 21, 2024 at 5:00 p.m.
Stephen John Hundy of Worrells was appointed as administrator of
the company on Sept. 16, 2024.
CHRISTBEN PTY: Second Creditors' Meeting Set for Oct. 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of Christben Pty
Ltd has been set for Oct. 23, 2024 at 11:00 a.m. at the offices of
Westburn Advisory at Level 5, 115 Pitt Street in Sydney.
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.
Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on Sept. 17, 2024.
FENN FOODS: Plant-Based Meat Supplier Goes Into Liquidation
-----------------------------------------------------------
News.com.au reports that a major Australian supplier of plant-based
and meat-free products to supermarket giants Woolworths and Coles
has collapsed with fears that customer could have faced product
shortages.
The Queensland-based company called Fenn Foods went into
liquidation on October 9, news.com.au discloses. It employed 32
staff.
Launched in 2015, Fenn Foods claimed on its website it was the
first certified carbon neutral, plant-based food producer in
Australia. It was founded by Michelin star chef Alejandro Cancino
who led the company's recipe development, as well as his wife. Fenn
Foods merged with competitor All G Foods' plant-based division in
2023, with its Veef and Lovebuds brands stocked by Woolworths and
Coles.
The meat free sector has been hit by falling sales and an inability
to find investment in recent years.
According to news.com.au, Ken Whittingham and Mark Robinson of Fort
Restructuring were appointed to oversee the liquidation.
"The meat free and plant-based sector has gone through somewhat of
a boom and then consolidation phase in recent years and there's no
doubt that Covid shutdowns impacted important wholesale and
restaurant channels for producers," said Mr Whinttingham, relates
the report.
Fort Restructuring have now secured a buyer for the company's major
assets, news.com.au notes.
News.com.au relates that Gold Coast-based Smart Foods has entered
into an agreement to purchase plant and equipment, stock, Veef and
Love Buds brand names, registered IPs, and other intellectual
property related to the producer of meat-free alternatives.
"As one of the largest suppliers of plant-based and meat free
products to major supermarkets in Australia, there was a very real
risk that consumers could have faced product shortages," the report
quotes Mr. Whittingham as saying. "This combined with the fact we
are dealing with stocks of perishable goods meant that we needed to
move quickly to ensure the best possible outcome - with this
transaction being completed within seven days of our appointment as
liquidators, after discussions with several potential buyers."
Smart Foods could offer new roles to up to half of the 32 employees
from the collapsed company.
Mr. Whittingham added in the liquidator's experience it was not
unusual for "pioneers in a young and growing sector to face
challenges" but they were "pleased that through this transaction
the IP and innovation around meat alternative products developed in
Australia won't be lost."
Liquidators are also working on payouts for creditors and employee
entitlements out of the remaining assets, news.com.au adds.
FIRSTMAC MEZZANINE: Loan Purchase No Impact on Moody's Ba1 Rating
-----------------------------------------------------------------
Moody's Ratings announced that the purchase of AUD295.0 million of
mortgage loans into Firstmac Mezzanine Pty Ltd on October 14, 2024
(the Substitution) would not, in and of itself and as of this point
in time, result in a reduction, placement on review for possible
downgrade or withdrawal of the current ratings of the Mezzanine
Notes issued by FirstMac Fiduciary Services Pty Ltd, in its
capacity as trustee of Firstmac Mezzanine Pty Ltd.
Current ratings of the notes are as follows:
Class A2 Notes, currently rated Aaa (sf)
Class B Notes, currently rated Aa1 (sf)
Class C Notes, currently rated A1 (sf)
Class D Notes, currently rated Baa1 (sf)
Class E Notes, currently rated Ba1 (sf)
The Class A1 Notes and Class F Notes are not rated by us.
The revised pool has a current weighted average loan-to-value ratio
of 71.7% and seasoning of 13.5 months.
The transaction is also supported by a mezzanine liquidity reserve
which covers three months of mezzanine notes interest payments,
with a floor of AUD250,000.
The transaction is a securitisation backed by a revolving portfolio
of Australian residential mortgage loans originated by FirstMac
Limited (Firstmac, unrated). The transaction has a 3 year revolving
period. The underlying portfolio consists of mortgage loans to
individuals and self-managed super funds (SMSF).
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.
IRON MOUNTAIN AUSTRALIA: Moody's Affirms 'Ba3' Sr. Bank Debt Rating
-------------------------------------------------------------------
Moody's Ratings affirmed Iron Mountain Incorporated's Ba3 Corporate
Family Rating ("Iron Mountain" or "the REIT") and Senior Unsecured
rating. In the same rating action, Moody's affirmed Iron Mountain
(UK) PLC's and Iron Mountain Info. Management Services, Inc.'s Ba3
Senior Unsecured rating, Iron Mountain Australia Group PTY. LTD.'s
Ba3 Senior Secured Bank Credit Facility rating and Iron Mountain
Information Management, LLC's Ba3 Backed Senior Secured Bank Credit
Facility ratings. The rating outlooks for each issuer are stable,
including the stable outlook newly assigned to Iron Mountain Info.
Management Services, Inc.
The rating affirmations reflect Moody's expectations for continued
solid operating performance in the document storage segment and
growing revenues and income from the company's data center
properties which balance somewhat elevated financial leverage
metrics and moderate fixed charge coverage.
RATINGS RATIONALE
Iron Mountain's Ba3 corporate family rating reflects its leading
market position in the mature document and record storage segment,
its focused investment in the growing market for data centers and
the diversity of its customer base. The company's strong business
profile mitigates potential rating pressure from elevated financial
leverage. Moody's expect that its large development pipeline will
limit any reduction in financial leverage although the significant
pre-leasing the company undertakes when developing new data centers
helps mitigate risk in these investments notwithstanding its
dependence on external debt for funding these projects.
Additionally, a high proportion of the company's properties are
leased compared to most other rated equity REIT peers, which lowers
Iron Mountain's asset coverage, access to capital and alternate
sources of liquidity, all else equal.
Although Iron Mountain's storage business faces long-term risks
because of the transition away from paper and document storage, the
REIT's operating metrics in this segment have been largely solid
with portfolio utilization rate close to 80% and average tenant
retention of about 93% in the last four quarters. Higher revenue
per square foot leased has contributed to strong revenue growth of
7.6% in the first half of 2024. Moody's expect that the utilization
rate and footprint of the document storage business will be
pressured over time. Consequently, its ability to increase revenue
per square foot will be key to supporting the profit margin in this
segment and its contribution to the company's consolidated
performance as it invests in growth in data centers.
Iron Mountain's data center exposure has been growing rapidly as
evidenced by the 28.8% increase in its data center revenue in the
first half of 2024. The REIT is constructing new properties in
North America, Europe and Asia that will add 305 megawatts ("MW")
of capacity, 94% pre-leased, to the 265 MW in operation currently.
The aggregate budget for these projects is almost $2.0 billion with
remaining investment of $1.2 billion at the end of the second
quarter of 2024. Moody's expect that most will be debt-financed.
Relative to most other REIT's, Iron Mountain owns a smaller
proportion of its properties. At the end of 2023, share of leased
assets was 78%, in terms of asset value. Its facility lease
expirations schedule is laddered with 8% of leases expiring through
YE 2025. A higher proportion of service revenue of 40% in an
operationally intensive business that requires materially more
employees than other REITs is another distinguishing factor
relative to other commercial real estate landlords.
Iron Mountain's total leverage ratio is elevated, and Moody's
expect this metric to remain close to its current level over the
next 12-18 months. At the end of the second quarter of 2024, the
REIT's effective leverage, total debt + preferred stock as a % of
gross assets was 71% and net debt to EBITDA was 6.7x. The REIT's
fixed charge coverage was 2.6x and will remain in the mid 2x range
over the next 12- 18 months because income from the data center
segment will offset the higher interest cost related to the debt
raised to fund its growth.
Iron Mountain's SGL-3 denotes Moody's view that the REIT's
liquidity will remain adequate. With limited cash on hand and
significant negative free cash flow because of the data center
growth strategy, the REIT will have to raise new debt to fund its
growth capex. However, Moody's view its unencumbered assets as a
sufficient alternate source of liquidity.
The stable outlook reflects Moody's expectation that Iron
Mountain's operating performance will remain strong, and the REIT
will maintain its prudent approach to growth with significant
pre-leasing for properties under development.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward ratings movement would be predicated on continued strength
in operating performance and leverage-neutral funding of
development and acquisitions. Moody's adjusted net debt to EBITDA
approaching 5.5x, and maintenance of fixed charge coverage above
3.5x could support an upgrade.
The REIT's ratings could be downgraded if operating metrics or
profitability weaken, if demand for its data centers weakens or
liquidity weakens. Moody's adjusted net debt to EBITDA that remains
above 7.0x or fixed charge coverage sustained below 2.5x could lead
to a ratings downgrade.
Founded in 1951, Iron Mountain (NYSE: IRM) is a REIT primarily
engaged in the ownership, management, development and acquisition
of secure records storage facilities and data centers. At the end
of the second quarter of 2024, Iron Mountain owned or operated over
1,400 facilities worldwide and had over 240,000 customers.
LIST OF AFFECTED RATINGS
Issuer: Iron Mountain Incorporated
Affirmations:
Corporate Family Rating, Affirmed Ba3
Senior Unsecured, Affirmed Ba3
Outlook Actions:
Outlook, Remains Stable
Issuer: Iron Mountain (UK) PLC
Affirmations:
Backed Senior Unsecured, Affirmed Ba3
Outlook Actions:
Outlook, Remains Stable
Issuer: Iron Mountain Australia Group PTY. LTD.
Affirmations:
Senior Secured Bank Credit Facility, Affirmed Ba3
Outlook Actions:
Outlook, Remains Stable
Issuer: Iron Mountain Info. Management Services, Inc.
Affirmations:
Backed Senior Unsecured, Affirmed Ba3
Outlook Actions:
Outlook, Assigned Stable
Issuer: Iron Mountain Information Management, LLC
Affirmations:
Backed Senior Secured Bank Credit Facility, Affirmed Ba3
Outlook Actions:
Outlook, Remains Stable
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in February 2024.
KEYSTONE DEVELOPMENTS: Second Creditors' Meeting Set for Oct. 23
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Keystone
Developments Seddon Pty Ltd has been set for Oct. 23, 2024 at 10:00
a.m. via Microsoft Teams.
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 4:00 p.m.
Claudio Trimboli of Charles & Co. was appointed as administrator of
the company on Sept. 17, 2024.
NOUMI LTD: Former CFO Fined AUD100K; Disqualified for Four Years
----------------------------------------------------------------
The Federal Court has ordered Campbell Nicholas, former Chief
Financial Officer and Company Secretary of Noumi Limited, to pay a
AUD100,000 penalty and be disqualified from managing corporations
for four years.
The penalty and disqualification order follow an earlier judgment
by his Honour Justice Jackman, finding that Noumi contravened its
continuous disclosure obligations. This related to the value of its
inventories in its financial reports for the full year ending June
30, 2019 (FY19) and the half year ending December 31, 2019 (HY20),
along with the overstatement of its HY20 disclosed revenue and
disclosed profit.
Mr Nicholas was found to have been knowingly concerned in Noumi's
continuous disclosure breaches, breached his duties as an officer
of Noumi and to have given false or misleading information to
Noumi's directors and auditors.
ASIC Deputy Chair Sarah Court said, 'The matter represents a
serious breach of Mr Nicholas' legal and ethical obligations. Mr
Nicholas was involved in the day-to-day management of the company
and held a senior position which increases the seriousness of his
conduct.'
'Companies have a fundamental responsibility to ensure compliance
with their continuous disclosure obligations. By failing to do so,
they not only cause harm to investors by denying them the
information they are entitled to, they also erode confidence in
Australia's financial markets.'
Mr. Nicholas was also ordered to contribute to ASIC's legal costs
to be agreed or taxed.
Mr. Nicholas did not file a defence and admitted the
contraventions.
Noumi is an Australian company listed on the ASX in the business of
manufacturing and selling dairy and plant-based beverages and
nutritional products. Prior to 2021, Noumi also manufactured and
sold cereals and snack food products.
Noumi traded as Freedom Foods until November 30, 2021.
ASIC commenced civil penalty proceedings against Noumi and its
former managing director and CEO, Rory Macleod and its former CFO
and company secretary, Campbell Nicholas on February 24, 2023.
On August 5, 2024, Justice Jackman found Noumi had contravened its
continuous disclosure obligations.
ASIC's proceedings against Mr. Macleod are ongoing.
PITCHFORK RESTAURANT: Second Creditors' Meeting Set for Oct. 23
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Pitchfork
Restaurant Pty Ltd has been set for Oct. 23, 2024 at 2:30 p.m. at
Suite 2, 63 The Esplanade in Maroochydore.
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 5:00 p.m.
Paul Eric Nogueira of Worrells was appointed as administrator of
the company on Sept. 18, 2024.
PUBLIC HOSPITALITY: Adgemis Accused of Trading While Insolvent
--------------------------------------------------------------
The Australian Financial Review reports that former KPMG deal maker
turned publican Jon Adgemis transferred more than AUD9 million out
of companies that were part of his hotel empire in the year before
they collapsed, according to an administrator's report that also
accuses him of trading while insolvent.
The Financial Review notes that Mr. Adgemis, a high-flying Sydney
businessman known for a lavish lifestyle and glamorous girlfriends,
built a hospitality empire spanning more than 20 pubs, bars and
hotels, including Oxford House and The Norfolk in Sydney, Karen
Martini's Saint George and Guy Grossi's Puttanesca.
But several of the businesses within that group collapsed last
month after its New York private credit investor, Muzinich & Co,
pulled out of a deal to refinance around AUD100 million of an even
larger pile of debt.
A creditors report for those companies, authored by advisory firm
BDO and filed with the corporate regulator, claims Mr. Adgemis had
run the businesses while they were insolvent since August 2021,
according to the Financial Review.
The Financial Review relates that BDO partner Duncan Clubb told
creditors that preliminary investigations suggested Mr. Adgemis may
have breached sections of the Corporations Act which related to
obligations to exercise care and diligence and act in good faith.
"It appears [Mr. Adgemis] and related entities withdrew funds in
the year leading up to the appointment of external administrators
totalling AUD475k and AUD9 million, respectively," wrote Mr Clubb,
says the report.
The withdrawals by Mr. Adgemis and a related entity may constitute
unfair preference payments, uncommercial transactions and
unreasonable director-related transactions, Mr. Clubb added.
But Mr. Adgemis said many of the company's creditors would be
repaid if administrators agreed to his proposal to buy back the
business. Otherwise, it is likely the companies will be liquidated,
and their assets sold, the Financial Review relays.
The collapsed part of Mr. Adgemis' Public Hospitality Group empire
includes Oxford House, The Exchange in Darlinghurst, The Norfolk,
The Strand Hotel and Camelia Grove Hotel. Another lender, Archibald
Capital, has taken over another group of his venues.
Mr. Adgemis remains involved in a spate of development sites and
venues in Sydney, and counts Deutsche Bank as a lender, the
Financial Review says.
"The [proposal], if accepted, would also see a substantial payment
to unsecured creditors, including the ATO," the Financial Review
quotes Mr. Adgemis as saying. While administrators have previously
said they were likely to liquidate the companies, they continue to
review Mr. Adgemis' proposal.
"We would note that under the original [refinancing deal]
negotiated in March, funds were being made to pay all creditors and
employees and was a financially viable entity," Mr. Adgemis said,
notes the report. "That position changed when Muzinich took over
the Deutsche Bank position in [one group of pubs], subsequently
declined to make funds available and appointed FTI."
Those companies owe at least AUD34.2 million to 1,157 creditors,
according to the BDO report. But those figures were still being
reviewed, Mr. Clubb added, with Mr. Adgemis' own companies listed
as creditors owed AUD11.8 million. Mr. Adgemis is listed as being
personally owed AUD2,000.
According to the Financial Review, Mr. Clubb said creditors were
unlikely to get anything back from Mr. Adgemis' personal assets as
he had offered personal guarantees worth more than AUD100 million.
"It is unlikely [Mr Adgemis] has any meaningful financial capacity
to satisfy any successful claim given the limited assets we have
identified coupled with the various personal guarantees that have
been issued which we understand exceed AUD100 million," he wrote in
his report.
The Financial Review adds that the administrators also suggested
that an investigation was needed into the allocation of assets into
three so-called pools - something that happened as part of a
broader refinancing deal that Mr. Adgemis struck with Deutsche Bank
and others earlier this year. That deal, Mr. Clubb wrote, could
have prevented properties becoming available to creditors.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group
has taken another hit with receivers and external managers
appointed at five of his Sydney hotels, including Oxford House and
The Strand Hotel.
According Good Food, insolvency specialist FTI Consulting has
stepped in as receivers and managers to operate Public's hip
Redfern pub The Norfolk, Oxford House in Paddington and
Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia
Grove Hotel and The Exchange Hotel, also in Darlinghurst. The pubs
will be sold as soon as possible.
Duncan Club and Andrew Sallway of BDO advisory firm have also been
appointed voluntary administrators at affiliated companies
including Public Lifestyle Management Pty Ltd, Good Food said.
[*] AUSTRALIA: Insolvencies Jump 43% in September Quarter
---------------------------------------------------------
Accounting Times reports that the Australian Securities &
Investments Commission (ASIC) has released the Australian
insolvency statistics for the period up to Sept. 29, 2024, with the
latest statistics indicating there was a 43 per cent increase in
total insolvencies in the first three months of the 2024–25
financial year from the same period in the previous financial
year.
According to Accounting Times, the statistics showed that for the
period from July 1 to September 29, 3,568 companies had entered
external administration or had a controller appointed. This was
1,073 more companies that entered insolvency than during the
September quarter in 2023.
While the construction sector still accounted for the highest
number of insolvencies at 876 for the first quarter, the rate of
growth in insolvencies for this industry has slowed substantially,
increasing only 11.6 per cent when compared to the same period last
year.
Accommodation and food services, on the other hand, have seen a
significant increase in the rate of insolvencies, with the sector
seeing more than double the number of insolvencies for the latest
quarter compared to the September quarter in 2023.
The statistics indicated a total of 695 insolvencies in the
accommodation and food services sector in the first quarter of
2024–25, an increase of 105 per cent from the same period in
2023, Accounting Times discloses.
Other services were the sector with the third highest number of
businesses entering insolvency at 345, followed by professional,
scientific and technical services at 233.
Accounting Times adds that while the number of insolvencies in the
healthcare and social assistance sector remained relatively low at
102, this was double the number of insolvencies for the same
quarter last year.
The rate of insolvencies also doubled for wholesale trade and arts
and recreation services, despite the total number for these
industries remaining low.
=========
C H I N A
=========
JINGBO TECHNOLOGY: Incurs $4.27 Million Net Loss in Second Quarter
------------------------------------------------------------------
Jingbo Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $4.27 million on $396,242 of net revenues for the three months
ended Aug. 31, 2024, compared to a net loss of $1.47 million on
$344,507 of net revenues for the three months ended Aug.31, 2023.
For the six months ended Aug. 31, 2024, the Company reported a net
loss of $5.48 million on $704,776 of net revenues, compared to a
net loss of $3.30 million on $804,672 of net revenues for the six
months ended Aug. 31, 2023.
As of Aug. 31, 2024, the Company had $13.19 million in total
assets, $34.69 million in total liabilities, and a total deficit of
$21.51 million.
Jingbo said, "The ability to continue as a going concern is
dependent upon long-term loans related to Shaoxing Keqiao Zhuyi
Technology Co. and the director (Guowei Zhang) to meet its
obligations and repay its liabilities arising from normal business
operations when they become due. These consolidated financial
statements do not include any adjustments to the recoverability and
classification of recorded asset amounts and classification of
liabilities that might be necessary should the Company be unable to
continue as a going concern.
"These conditions raise substantial doubt about the Company's
ability to continue as a going concern. The Company's continuation
as a going concern is dependent on long term loans related to
Shaoxing Keqiao Zhuyi Technology Co. and the director (Guowei
Zhang) to meet obligations as they become due and to obtain
additional equity or alternative financing required to fund
operations until sufficient sources of recurring revenues can be
generated. There can be no assurance that the Company will be
successful in its plans described above or in attracting equity or
alternative financing on acceptable terms, or if at all. The
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1647822/000149315224040937/form10-q.htm
About Jingbo
Headquartered in Shoujiang Town, Fuyang District, China., Jingbo
Technology, Inc., provides software solutions. The company offers
smart parking projects, smart parking mobile applications, and
cloud platform construction innovation.
Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated July 3, 2024, citing that the Company had incurred
substantial losses during the years and negative working capital,
which raises substantial doubt about its ability to continue as a
going concern.
=========
I N D I A
=========
A K NANDI: CARE Lowers Rating on INR10cr LT Loan to 'B-'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of A K
Nandi Agro Based Private Limited (AKNABPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 10.00 CARE B-; Stable; Issuer Not
Facilities Cooperating; Revised from
CARE B; Stable; based on
best available information
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 3, 2023,
placed the rating(s) of AKNABPL under the 'issuer non-cooperating'
category as AKNABPL had failed to provide information for
monitoring of the rating as agreed to in its Rating Agreement.
AKNABPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails dated June 18, 2024,
June 28, 2024, July 8, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of AKNABPL have been
revised on account of non-availability of requisite information.
A K Nandi Agro Based Private Limited (AKNABPL) was incorporated in
June 28, 2000 by Mr. Milan Nandi, Mr. Rajkumar Nandi, Mr. Ashok
Kumar Nandi and Mr. Kalpana Nandi. The company has started its
operation from January 2001. The company has been engaged in the
business of poultry farming.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of AKNABPL to the
'issuer not-cooperating' category vide press release dated October
26, 2023 on account of its inability to carryout review in the
absence of requisite information from the company.
A. B. PAL: CRISIL Lowers Rating on Long/Short Term Debts to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of A. B. Pal Electricals
Private Limited (ABPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letter and email May 15, 2024 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.
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 has been
arrived at without any interaction with the management and is based
on best available, limited or dated information regarding the
company. Such non-cooperation by a rated entity may be a result of
weakening of its credit risk profile. Ratings with the 'issuer not
cooperating' suffix lack a forward-looking component.
Detailed Rationale
Despite repeated attempts to engage with the management of ABPL,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of the entity. This restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the company. The rating action on ABPL is
consistent with the criteria detailed in 'Assessing information
adequacy risk'
Based on the last available information, CRISIL Ratings has
downgraded the ratings to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. As per information available in the public domain,
there remains delinquency in company accounts and clarity about the
same from the management and bankers is continuing to remain
awaited.
ABPL was formed in 1973 as a Partnership Firm. It was reconstituted
as a pvt ltd company in 1995. The company is based in Delhi and is
promoted by Mr. Thaker Pal Singh and his family members. The
promoters have over 3 decades of experience in trading of
electricals.
The company is an authorized stockiest/distributor for electrical
components such as cables, wires, switches etc for a number of
electrical companies such as Havells India Limited, Gloster Cables
Limited, Polycab Wires Pvt Ltd, RR Kabel Limited, Grandlay
Electricals (India) Pvt Ltd, Skytone Electrical India Limited,
Paragon Cables India Pvt Ltd and many more.
ALISHAN GINNING: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AGMPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL B/Stable (Issuer Not
Cooperating)
Standby Letter 1 CRISIL B/Stable (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with AGMPL 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 AGMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AGMPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2011, AGMPL, promoted by Mr. Kisanlal Agarwal and
his friend, Mr. Sunderlal Agarwal, processes raw cotton to
manufacture cotton bales and extract cotton seeds. The promoters'
sons Mr. Ashish Agarwal and Mr. Rahul Agarwal manage the
operations. It has a ginning and pressing unit in Kantabij, and the
registered office is at Bhubaneswar (both in Odisha).
ALLIED ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Allied
Associates (AA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 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 14,
2023, placed the rating(s) of AA under the 'issuer non-cooperating'
category as AA had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 30, 2024, August 9, 2024 and
August 19, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Agra-based (Uttar Pradesh) Allied Associates (AA) is a partnership
firm. The firm has succeeded an erstwhile proprietorship firm
established in 2009 and the same was converted into a partnership
firm in 2015. The current partners are Mr. Gaurav Lamba, Mr.
Bhushan Lamba and Mr. Saurabh Lamba. AA is an authorized
distributor (appointed in 2011) of motorcycle spare parts for Hero
Moto Corp Limited (HMCL).
Status of non-cooperation with previous CRA: India Ratings has
continued the ratings assigned to the bank facilities of AA into
'Issuer not-cooperating' category vide press release dated July 14,
2024 on account of non-availability of requisite information from
the firm.
ALM METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ALM Metals
and Alloys Limited (ALM) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.22 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 9.06 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.22 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ALM 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 ALM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2010-11, ALM commenced production in February 2012.
The company manufactures aluminium ingots from aluminium scraps,
for use in the automobile industry. The company is part of
Dubai-based AnM group which runs 6-7 similar units in the Middle
East, the US and South Africa. Operations are managed by promoters
Mr. Asif Rab and Mr. Pragnesh Patel. The company's facilities are
located in Rajkot, Gujarat.
ANAND WINES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AW continues
to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Cash 4 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with AW 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 AW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AW is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AW
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 1973, AW, a proprietorship concern of Mr. Suryakant
Narayanrao Mukkawar, trades Indian made foreign liquor, beer and
wine.
ANANT AGRO: CRISIL Withdraws B+ Rating on INR15cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Anant Agro Industries (Javik Krishi Pariyojana) (AAI) on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL Ratings'
policy on withdrawal of its ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Proposed Long Term 2 CRISIL B+/Stable/Issuer Not
Bank Loan Facility Cooperating (Withdrawn)
Warehouse Receipts 3 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with AAI for
obtaining information through letter and email dated July 11, 2024,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AAI. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AAI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Analytical Approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of Anant Agro Industries (Javik Krishi Pariyojana).
AAI, a proprietorship concern, was set up in 2009 by Mr. Ram
Swaroop Aggarwal. The firm produces cotton bales by ginning kapas.
AAI also has a seed-crushing unit in Bhikangaon (Madhya Pradesh) to
extract cotton oil from cotton seeds.
ARK INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ARK
Industries Private Limited (Ark; part of the Delta group) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 10 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 11 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 14 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Ark 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 Ark, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Ark
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Ark 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 Delta Iron and Steel
Private Limited (Delta) and Ark. This is because the two companies,
together referred to as the Delta group, have a common management
and are in the same business. Moreover, Delta holds 20.62% equity
share in Ark.
The Delta group is promoted by Mr. Akshay Jain and Mr. Dhanesh
Mehta. Based in Mumbai and incorporated in 1996, Delta trades in
hot-rolled coils and sheets, and plates. Ark, established in 2004,
processes, warehouses, and trades in hot-rolled and cold-rolled
steel products.
ASHUTOSH FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashutosh
Foods (AF) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Cash Credit 35 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AF 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 AF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AF
continues to be 'CRISIL D Issuer Not Cooperating'.
AF is a partnership firm incorporated in 2004 by Mr. Sushil Kumar
and Mr. Ashish Singla. It processes basmati rice for sale in India
and abroad. Its plant is in Karnal, Haryana.
BAJRANGBALI REROLLERS: CARE Lowers Rating on INR15cr Loan to 'B+'
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bajrangbali Rerollers Private Limited (BRPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE BB-;
Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 2, 2023,
placed the rating(s) of BRPL under the 'issuer non-cooperating'
category as BRPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BRPL 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).
The ratings assigned to the bank facilities of BRPL have been
revised on account of non-availability of requisite information.
Bajrangbali Rerollers Private Limited (BRPL) was incorporated in
August 2005 and currently, the company is managed by Mr. Prem Chand
Agarwal and Mr. Akhil Kumar Agarwal. Since its inception, the
company has been engaged in manufacturing of structural steel
products such as mild steel round bars, angles and channels. The
manufacturing unit of the company is located at Rourkela,
Sundargarh, Odisha.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of BRPL into ISSUER NOT
COOPERATING category vide press release dated October 30, 2023 on
account of its inability to carry out a review in the absence of
requisite information from the company.
BEE PEE: CARE Lowers Rating on INR15.00cr LT Loan to 'B'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Bee
Pee Rollers Private Limited (BPRPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 1, 2023,
placed the rating(s) of BPRPL under the 'issuer non-cooperating'
category as BPRPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BPRPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 16, 2024, June 26, 2024,
July 6, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of BPRPL have been
revised on account of non-availability of requisite information.
Bee Pee Rollers Private Limited (BPRPL) was incorporated in June
1994 and currently, the company is managed by Mr. Prem Chand
Agarwal and Mr. Akhil Kumar Agarwal. Since its inception, the
company has been engaged in manufacturing of structural steel
products such as TMT bars. The manufacturing unit of the company is
located at Kalunga, Sundargarh, Odisha.
DHARMKALP CONSTRUCTIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: Dharmkalp Constructions and Consultancy Private Limited
F-83, First Floor, Prime Mall, Beside Irla Church,
Irla Road, Vile Parle, Maharashtra, India - 400056
Insolvency Commencement Date: September 26, 2024
Estimated date of closure of
insolvency resolution process: March 25, 2025
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Vikas Khiyani
103, Palm Acre, Sunder Nagar Road No. 1,
Kolivery Village, Kalina, Mumbai-400098, India
Email: cavikas.khiyani@gmail.com
910, 9th Floor, Ajmera Sikova, Opposite Damodar Park,
Nityanand Nagar, Ghatkopar West, Mumbai-400086
Email: cirp.dccpl@gmail.com
Last date for
submission of claims: October 10, 2024
GANESA MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganesa Modern
Rice Mill (GMRM) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2.90 CRISIL D (Issuer Not
Cooperating)
Long Term Bank 0.72 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with GMRM 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 GMRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GMRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GMRM continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1976, GMRM is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located at Attur (Tamil Nadu). The firm is promoted by Mr. P.
Madheswaran.
GAUTAM MALHOTRA: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gautam
Malhotra and Co. (GMC) 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 GMC 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 GMC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GMC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GMC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
GMC was set up as a partnership firm in 2008. The firm trades in
Indian made foreign liquor (IMFL) through retail outlets. It has
retail L2 (retail of IMFL) & L14 (retail for country liquor) liquor
licenses for the Bhatinda district in Punjab. The Ludhiana-based
firm is managed by Mr. Deep Malhotra, Mr. Gaurav Malhotra, Mr.
Gautam Malhotra, Ms Reeya Malhotra and Ms Niharika Malhotra.
K K POLYCOLOR: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KKPA
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.75 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10.8 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 4.95 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KKPA 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 KKPA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KKPA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KKPA continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
KKPA is promoted by Kolkata-based Ladha family. It manufactures
calcium compounds and colour masterbatches.
KAMRAN EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamran
Exports Private Limited (KEPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Export Packing 25 CRISIL D (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with KEPL 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 KEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KEPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2009 and based in New Delhi, KEPL trades in
polyester fabrics and readymade garments. The company is promoted
by Mr. Kultar Singh and his family.
KHANNA BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Khanna
Builders and Developers (KBD) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KBD 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 KBD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KBD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KBD continues to be 'CRISIL D Issuer Not Cooperating'.
KBD, set up in 2002, is part of the Jabalpur-based Khanna group.
KBD develops residential real estate, primarily in Jabalpur, and is
executing a residential township project, Sukh Sagar Valley - Phase
2, with 190 units. The projects in this phase of the township
include Casa Elita, Casa Victoria, Sunflower ' 2, Lily -2, Tulip
-2, and Pearl. The Khanna group is managed by Mr. Baljinder Singh
Khanna, supported by his sons, Mr. Amandeep Singh Khanna and Mr.
Ramandeep Khanna.
KHANNA PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khanna
Properties and Infrastructures Private Limited (KPIPL) continue to
be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 0.7 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 9.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KPIPL 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 KPIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KPIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KPIPL continues to be 'CRISIL D Issuer Not Cooperating'.
KPIPL was set up in 2006 and is a part of the Jabalpur-based Khanna
group. The company develops residential real estate, primarily in
Jabalpur. It has six ongoing projects, with a total of 649 units in
Jabalpur: Sukh Sagar Blue, Sukh Sagar Solitaire, Sukh Sagar
Platinum, Sukh Sagar Sapphire, Sukh Sagar Lifestyle, and Sukh Sagar
Lifespace.
MAHAKALI RICE: CARE Lowers Rating on INR9.25cr LT Loan to 'B-'
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahakali Rice Mills Private Limited (MRMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 9.25 CARE B-; Stable; Issuer Not
Facilities Cooperating; Revised from
CARE B; Stable; based on
best available information
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 3, 2023,
placed the rating(s) of MRMPL under the 'issuer non-cooperating'
category as MRMPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. MRMPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 18, 2024, June 28, 2024,
July 8, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MRMPL have been
revised on account of non-availability of requisite information.
Mahakali Rice Mill Private Limited (MRMPL) was incorporated in the
May 2007. The company is engaged in milling of raw rice and trading
of paddy, rice, broken rice, bran and husk. The milling unit of
MRMPL is located at Burdwan, West Bengal with processing capacity
of 34,560 Metric Ton Per Annum (MTPA). The company is promoted by
Burdwan based Mr. Naba Kumar Kundu, who has a long experience in
the rice milling industry. MRMPL procures paddy from farmers &
local agents and sells its products through the wholesalers and
distributors located in West Bengal. Mr. Naba Kumar Kundu having
more than two decades of experience in similar line of business,
looks after the day to day operations of the company along with
other directors and a team of experienced professionals who have
rich experience in the similar line of business.
MANN MEDICITI: CRISIL Lowers Rating on INR5.8cr Term Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Mann Mediciti Wellness
Centre Private Limited (MWCPL) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.8 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Working
Capital Facility 0.2 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with MWCPL for
obtaining information through letter and email dated September 15,
2023 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-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffixes 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 MWCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view of the entity's
credit quality. CRISIL Ratings believes that rating action on MWCPL
is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
downgraded the rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'. As per information
available in the public domain, there remains delinquency in
company accounts and clarity about the same from the management and
bankers is continuing to remain awaited.
Incorporated in 2009 by Dr Jasbir Singh Mann, MMWC operates a
multispecialty hospital in Jalandar, Punjab. The hospital is
empanelled with ECHS, ESIC and Food Corporation of India (FCI).
PALM HEIGHTS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Palm
Heights Private Limited (PHPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 13,
2023, placed the rating(s) of PHPL under the 'issuer
non-cooperating' category as PHPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 29, 2024,
August 8, 2024 and August 18, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Palm Heights Private Limited (PHPL) was incorporated in 2013 and is
currently being managed by Mr. Daljit Dogra Singh, Mr. Harjinder
Singh Rangi and Mr. Ankit Sidana. The project was being developed
in the form of seven towers with a total of 164 flats. The project
is expected to be completed by October 2020. As on August 10, 2017,
62 flats have been sold out of 164 flats. CARE does not have any
update on the latest developments in this regard.
PANCHAMI ELECTRONICS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Panchami
Electronics Private Limited (PEPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.60 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.40 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 3, 2023,
placed the rating(s) of PEPL under the 'issuer non-cooperating'
category as PEPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. PEPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 18, 2024, June 28, 2024,
July 8, 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).
Panchami Electronics Private Limited (PEPL) was promoted by Mr.
Jwalaprasad in February 2007. Initially, PEPL started with one Sony
Exclusive showroom at Chilimbi, Mangaluru. Later, the company added
three more Sony brand stores located at Kodialbail, Kankanady, and
Udupi. PEPL also started one exclusive retail outlet of Panasonic
at Balmatta, Mangaluru. PEPL has one sister
concern company Panchami Distributors Private Limited (PDPL) which
started operations during the year 2009. The Board of Directors is
the same as of PEPL. Through PDPL, the company started wholesaling
and became the distributors for Panasonic and Onida. Later, it also
added Sony, Whirlpool, Haier, Bosch and Intex in their
distribution.
Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of PEPL to
the 'issuer not-cooperating' category vide press release dated May
3, 2024 on account of its inability to carryout review in the
absence of requisite information from the company.
RAM NATH: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ram Nath
Memorial Trust Society (RNMTS) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.15 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 22,
2023, placed the rating(s) of RNMTS under the 'issuer
non-cooperating' category as RNMTS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RNMTS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
7, 2024, August 17, 2024, August 27, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ram Nath Memorial Trust Society (RNMTS) was established in 1999
under the Society Registration Act, 1860 with an objective to
provide education services by establishing and operating various
educational institutions. It operates institutes offering courses
in arts, computer applications certificate courses in basic
training, post-graduate courses in education, management
and shortterm courses in computer science. The society is managed
by the Singhal family and was founded by Dr. P.N. Singhal (S/O Late
Shri Ram Nath Singhal). This society is named after an eminent
educationalist and social activist Late Shri Ram Nath Singhalji.
Currently, Ms. Seema Singhal is the president of the society. The
day to day affairs of the society is carried out by Mr. P.N.
Singhal.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of RNMTS into Issuer Not
Cooperating category vide press release dated August 29, 2024 on
account of its inability to carry out a review in the absence of
requisite information.
RHYTHM HOUSE: Gets New Owner Under Insolvency Auction
-----------------------------------------------------
Free Press Journal reports that the iconic landmark Rhythm House
has gone down the hammer under the insolvency auction with the new
owner acquiring the SoBo haunt in the cultural and heritage
precinct of Kala Ghoda.
The National Company Law Tribunal (NCLT) had in February 2020
ordered the liquidation of Rhythm House, which had been seized by
the Enforcement Directorate (ED) investigating Punjan National Bank
scam of Nirav Modi, recalls the report. ED had seized several
assets of the fugitive diamond trader Nirav Modi in the INR6,500
crore PNB loan scam available using fraudulent letters of
undertaking (LoU) which were auctioned by NCLT pay off the
debtors.
The cultural landmark owned by fugitive diamantaire Nirav Modi was
popular with music lovers had closed shutters in 2016 after 70
years.
"Rhythm House was part of our growing up in Bombay for over 50
years to get all kind of music from ghazals to jazz under in one
roof. We collected vinyls during our college days and then got
tapes and later CDs as we got older and technology evolved but
memories are still the same," said Mazgaon resident and late Union
Minister and LJP leader Ramvilas Paswan close confidante
businessman Shamim Hava, Free Press Journal relays.
The new owner, Bhaane Retail, a subsidiary of Shahi Exports,
India's largest apparel manufacturer has emerged as the highest
bidder for the property in an insolvency auction with a INR30-crore
offer, the report notes.
Rhythm House is amongst the several properties valued at INR1000
crore owned by Nirav Modi attached by ED being auctioned to recover
the Punjab National Bank dues, according to Free Press Journal. The
popular music store Rhythm House closed down shutters in 2016 and
sold by the owners Mehmood Mahomedhussein Curmally in 2017 to Nirav
Modi promoted Firestar Diamond International Pvt Ltd.
The confiscated assets worth INR2,600 crore in a money laundering
case include Rhythm House, a posh flat at Napean Sea Road, office
building in Kurla, a solar power plant in Ahmednagar, paintings and
luxury cars for liquidation. The other properties attached
including four lavish flats at Samudra Mahal building in Worli,
Alibaug bungalow and windmills in Jaisalmer are in ED possession,
the report adds.
RKN PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RKN
Projects Private Limited (RPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated July 18, 2023,
placed the rating(s) of RPPL under the 'issuer non-cooperating'
category as RPPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RPPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 2, 2024, June 12, 2024, June
22, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
RKN Projects Private Limited (RPPL) was incorporated on January 6,
2016, (erstwhile Nallapaneni Ramesh Kumar which was established in
the year 1993 and in the year 2016, the company's name has changed
to current nomenclature RPPL), promoted by Mr. N. Ramesh Kumar and
Mrs. N. Sreelakshmi (Spouse of Mr. N Ramesh Kumar). The company is
registered as a Special Class I contractor and engaged in execution
of civil construction works like canal works and earth works in the
state of Andhra Pradesh under direct tender basis.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of RPPL into
Issuer Not Cooperating category vide press release dated October 7,
2024 on account of its inability to carry out a review in the
absence of the requisite information from the company.
S.K. RICE: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.K. Rice
Industries (SKRI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SKRI 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 SKRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKRI continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2009, Devenagere (Karnataka) based SKRI is a partnership
firm engaged in milling and processing of paddy into rice, rice
bran and husk. It has an installed paddy milling capacity of 3
tonnes per hour and operates in two shifts. The firm is promoted by
Mrs. Syyed Rehana along with her family members, Mr. Syyed Altaf
Ahmed and Mr.Syyed Israr Ahmed.
S.S MEDICAL: CRISIL Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.S Medical
Systems (India) Private Limited (SSMSIPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 6 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSMSIPL 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 SSMSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSMSIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSMSIPL continues to be 'CRISIL C/CRISIL A4 Issuer
Not Cooperating'.
Established in 1975, SSMSIPL manufactures and assembles medical
equipment used in hospitals, pathologies, laboratories, at its unit
at Bhimtal in Nainital.
S.S. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.S.
Industries - Hinganghat (SSI) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.25 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Working 1.75 CRISIL B/Stable (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with SSI 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 SSI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SSI was formed as a proprietorship firm by Mr. Shantilal Kochar in
2012. The firm gins and presses raw cotton and extracts oil from
cotton seeds at its unit in Hinganghat, Maharashtra.
SAMPAT ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sampat
Aluminium Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.54 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 SAPL under the 'issuer non-cooperating'
category as SAPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SAPL continues
to be non-cooperative June 17, 2024, June 27, 2024, July 7, 2024
despite repeated requests for submission of information through
e-mails dated among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ahmedabad-based (Gujarat) Sampat Aluminium Private Limited (SAPL)
is a private limited company incorporated in June 11, 1999,
promoted by Mr. Sanjay Deora, accompanied by Mr. Sanket Deora.
Further the company is also getting benefit of Mr. Samyak Deora
(working as director in group companies). SAPL is engaged into
manufacturing of aluminum wires and conductors, which finds its
application in power utility sector for transmission of
electricity. Its manufacturing unit is located at Rakanpur, Santej,
Gujarat with an installed capacity of 7200 Metric Tonnes per year
per annum as on March 31, 2018.
Status of non-cooperation with previous CRA: Acuite has continued
the ratings assigned to the bank facilities of SAPL to 'Issuer Not
Cooperating' category vide press release dated December 27, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the company.
SHASHI STRUCTURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shashi
Structural Engineers Private Limited (SSEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 11 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.75 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 12.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SSEPL 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 SSEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SSEPL, promoted by Mr. Amresh K Tiwari, supplies aggregates and
earthwork material to large civil construction players. It also
undertakes work for road construction on lower layers up to the
granular sub-base.
SPLEN MICA: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Splen Mica
Private Limited (SMPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.17 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 SMPL under the 'issuer non-cooperating'
category as SMPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SMPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated 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).
Ahmedabad (Gujarat) based Splen Mica Private Limited (SMPL) was
incorporated in October 2000 as Aim Laminar Private Limited (ALPL).
However, the company commenced its full-fledged operations from
December 2014 post erection and commissioning of plant and
management take over in 2013 by Mr. Hitesh Patel and Mr. Masukhbhai
Patel. Subsequently, it has changed its name to the current name
from October 8, 2021. The company is engaged in the manufacturing
of decorative laminates which is used as an overlay over plywood or
other wooden furniture. SMPL has its sole manufacturing plant
situated in Kheda (Gujarat) with an installed capacity of 13.25
lakh sheets per annum.
ST. JOHN'S EDUCATIONAL: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of St. John's
Educational Trust (SJET) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 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 15,
2023, placed the rating(s) of SJET under the 'issuer
non-cooperating' category as SJET had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SJET 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).
Analytical approach: Combined
To arrive at the rating of SJET, business and financial risk
profiles of St. John's Educational Trust (SJET) and St. John's
Rajakumar Education & Research Trust (SJRERT) have been combined
since both the trusts are owned and managed by same promoter
family, are in same line of business and are co-borrowers for each
other's bank loans
SJET was established by Late Mr. G. Rajakumar in 1968 and currently
operates 9 schools in Chennai (of which 5 schools are affiliated to
CBSE and 4 schools to Tamil Nadu State Board). The trust is managed
by Dr. Kishore Kumar Rajakumar (son of Late Mr. G. Rajakumar) along
with his two brothers Mr. Suresh Kumar R and Mr. Ramesh Kumar R
SJRERT was set up by Dr. Kishore Kumar Rajakumar in 2010 to set up
new high-quality schools. It has Dr. Kishore Kumar Rajakumar and
his wife - Mrs. Caroline Kishore as trustees. SJRERT currently
operates 2 schools in Chennai (1 fully operational and one
partially operational and under construction), both of them
affiliated to CBSE.
U.C. JAIN: CRISIL Lowers Rating on INR5cr Term Loan to D
--------------------------------------------------------
CRISIL Ratings has downgraded the rating of U.C. Jain Foundation
Trust (UCJFT) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with UCJFT for
obtaining information through letter and email dated October 10,
2023 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 UCJFT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UCJFT
is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
downgraded the rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'. As per information
available in the public domain, there remains delinquency in
company account and clarity about the same from the management and
bankers is continuing to remain awaited.
Registered in 2012, UCJFT operates a school in Haridwar,
Uttarakhand, called The Wisdom Global School. An English medium
school that runs from Class Nursery to Class XII, it is affiliated
under the Central Board of Secondary Education. Operations started
in 2014. Mr. UC Jain, Mr. Rishabh Jain, and Mr. Nikhil Jain are the
trustee.
=====================
N E W Z E A L A N D
=====================
AAA DRIVEWAYS: Court to Hear Wind-Up Petition on Nov. 4
-------------------------------------------------------
A petition to wind up the operations of AAA Driveways Tauranga
(BOP) Limited will be heard before the High Court at Tauranga on
Nov. 4, 2024, at 10:00 a.m.
Fern Energy Limited filed the petition against the company on Aug.
20, 2024.
The Petitioner's solicitor is:
Charlotte Louise Webber
Anderson Lloyd
Floor 2, The Regent Building
33 Cathedral Square
Christchurch 8011
BRYCE TRAFFIC: Creditors' Proofs of Debt Due on Nov. 11
-------------------------------------------------------
Creditors of Bryce Traffic Solutions Limited 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. 11, 2024.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
CAMEX 2018: Grant Bruce Reynolds Appointed as Liquidator
--------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Oct. 11, 2024, was
appointed as liquidator of Camex 2018 Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
DU VAL GROUP: Founders' Family Trust in Receivership
----------------------------------------------------
Garth Bray of BusinessDesk reports that the family trust of Du Val
founders, Charlotte and Kenyon Clarke, has been put into
receivership.
The Clarkes are also seeking legal aid to pay defense lawyer's fees
in the case brought by the Financial Markets Authority against the
company, says the report. Previously, 70 Du Val entities were
placed into statutory management in August by the Government per
the FMA's recommendation. The group's assets were also seized
during the raid in the founders' home on Aug. 2, BusinessDesk
relates.
About Du Val Group
Du Val Group -- https://duval.co.nz/ -- is a developer of
large-scale residential projects in New Zealand, renowned for their
innovative design.
MAINLAND PASTURES: Creditors' Proofs of Debt Due on Dec. 11
-----------------------------------------------------------
Creditors of Mainland Pastures Limited and Mainland Transport
Services Limited are required to file their proofs of debt by Dec.
11, 2024, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 11, 2024.
The company's liquidators are:
Christopher Carey McCullagh
Stephen Mark Lawrence
PKF Corporate Recovery
PO Box 3678
Auckland 1140
NETSECOPS LIMITED: Court to Hear Wind-Up Petition on Oct. 22
------------------------------------------------------------
A petition to wind up the operations of Netsecops Limited will be
heard before the High Court at Rotorua on Oct. 22, 2024, at 10:00
a.m.
Megaport (New Zealand) Limited filed the petition against the
company on Sept. 17, 2024.
The Petitioner's solicitor is:
Kelly-Marie Margaret Paterson
Buddle Findlay
Level 3, 33 Cathedral Square
Christchurch
=================
S I N G A P O R E
=================
AP AUTOMOTIVE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Oct. 2, 2024, to
wind up the operations of AP Automotive Services Pte. Ltd.
Liew Nyok Wah filed the petition against the company.
The company's liquidators are:
Mr. Lau Chin Huat and
Mr. Yeo Boon Keong
50 Havelock Road
#02-767
Singapore 160050
BENG KUANG: Exits from SGX-ST Watchlist
---------------------------------------
Singapore Business Review reports that Beng Kuang Marine announced
that it has exited the Singapore Exchange (SGX) watchlist,
following the receipt of an approval in principle letter from
Singapore Exchange Securities Trading Limited (SGX-ST) for its exit
application on October 14.
SBR relates that the company submitted the exit application on
September 25 after meeting the requirements of SGX listing Rule
1314, which requires an average daily market capitalisation of
SGD40 million or more over the last six months.
The SGX-ST has also informed that it will be removed from the
watchlist effective from October 15.
Beng Kuang Marine advises shareholders and potential investors to
exercise caution when dealing in the shares of the company and
consult their advisers when in doubt, the report adds.
Beng Kuang Marine Limited provides corrosion prevention and
infrastructure engineering services. The Group offers hydro-jet
cleaning and tank cleaning services. Beng Kuang Marine trades
copper slag and waste management in Asia.
DRAGON GROUP: Commences Wind-Up Proceedings
-------------------------------------------
Members of Dragon Group International Limited on Oct. 4, 2024,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Ms. Lim Siew Soo
Mr. Liu Shao Xuan
c/o 215 Henderson Road, #01-05
Singapore 159554
HATTEN LAND: Court Approves Appointment of Judicial Managers
------------------------------------------------------------
The Edge Singapore reports that Hatten Land has received approval
from the Singapore High Court for the appointment of Deloitte &
Touche's Tan Wei Cheong and Lim Loo Khoon as joint judicial
managers, according to an Oct 14 bourse filing.
As joint judicial managers, Tan and Lim are expected to manage the
group's affairs, business and property, The Edge Singapore says.
On Aug. 5, the company announced that it had filed an application
in the General Division of the Singapore High Court to place the
company under judicial management.
Hatten Land also applied to be placed under interim judicial
management, The Edge Singapore relays.
"The judicial management application and the interim judicial
management application have been filed as a proactive measure to
facilitate the ongoing restructuring efforts and to forestall any
possible precipitate action by other creditors, in light of the
latest developments of the group including the winding-up of an
inactive subsidiary," added Hatten Land in its Aug. 5 announcement.
Currently, trading in Hatten Land's shares has been halted since
Aug. 2, the report notes. The suspension of the trading of the
company's shares was requested on Aug 5.
Hatten Land Limited (SGX:PH0)-- https://hattenland.com.sg/ --
operates as a property developer. The Company develops malls,
hotels, and residential properties. Hatten Land serves customers in
Singapore and Malaysia.
HEMRO ASIA: Creditors' Proofs of Debt Due on Nov. 11
----------------------------------------------------
Creditors of Hemro Asia 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. 3, 2024.
The company's liquidators are:
Chee Fung Mei
Loke Chiew Mun
110 Middle Road #05-03
Singapore 188968
HIN LEONG: AGC Seeks 20-Year Jail Term for OK Lim
-------------------------------------------------
The Business Times reports that Lim Oon Kuin, the founder of
liquidated oil trader Hin Leong Trading, could be staring at a jail
term of 20 years for his three cheating and forgery charges, if the
prosecution succeeds in persuading the court in what it described
as one of the most serious trade financing fraud cases in
Singapore.
The 82-year-old former billionaire - better known in the industry
as OK Lim - has, however, asked for an imprisonment term of seven
years through Senior Counsel Davinder Singh, BT says.
District judge Toh Han Li will sentence Lim on Nov. 18.
According to BT, Lim faced a total of 130 criminal charges of
forgery and cheating, involving a collective sum of US$2.7 billion.
Prosecution proceeded to trial on three of them.
BT relates that two charges against Lim pertained to cheating HSBC,
and the third was for instigating a contracts executive of Hin
Leong to forge a document for the ultimate purpose of cheating. The
charges involved a total of US$111.7 million.
Lim was convicted of the three charges in May, BT recalls.
On Oct. 15, the prosecution sought a total of 20 years' jail, BT
reports. That is the maximum of 10 years' imprisonment prescribed
by law for each of the cheating charge. For the forgery charge, a
jail term of nine years was sought, but prosecution asked for it to
run together with the two cheating charges.
On the contrary, Lim's defence counsel contended that Lim should be
handed seven years' jail.
In seeking the imprisonment, Deputy Public Prosecutor Christopher
Ong highlighted that Lim's offences have tarnished Singapore's
reputation as a leading oil trading hub, BT relays.
He also cited the amount of losses caused, which were among the
highest in trade financing fraud in Singapore, with HSBC alone
suffering US$85 million in unrecovered losses.
Lim had planned and orchestrated the offences, they were not
impulsive actions that he took at the stroke of a pen, DPP Ong
added.
However, Lim's defence team led by Singh objected to prosecution's
submissions that Singapore's reputation as an oil trading hub was
dented.
He cited a statement jointly issued by three government agencies,
including the Monetary Authority of Singapore in 2020, which stated
that there was "no serious impact on oil trading and bunkering
sectors" in the light of what happened at Hin Leong, BT relays.
Singh argued that the prosecution has also not taken into account
inflation in the past case of former Asia Pacific Breweries finance
manager Chia Teck Leng when comparing the losses Lim caused.
Chia abused his position as finance manager to swindle four foreign
banks out of SGD117 million from 1999 to 2003. Chia was sentenced
to a total of 42 years' jail for 14 offences including eight
cheating charges.
BT adds Singh contended that the offences of his client took place
over just four days whereas the two cases prosecution cited - Chia
and commodities trader Agritrade International's former chief
financial officer Lim Beng Kim, who defrauded more than a dozen
banks and caused almost US$500 million in losses - occurred over
three to four years.
Agritrade's Lim was sentenced to 20 years' jail over 12 offences
including 11 cheating charges, BT notes.
The accused in those cases were not handed the maximum prescribed
imprisonment for the cheating charges, Singh noted.
OK Lim would be 95 years old when he is released if he qualifies
for a one-third discount for a 20-year jail term for behaving well,
and that is tantamount to a life sentence, Singh pointed out.
About Hin Leong
Singapore-based Hin Leong Trading (Pte.) Ltd. provided petroleum
products and transportation services. The Company offered oil,
lubricants, grease, and diesel products, as well grants storage,
terminalling, trucking, and marine logistics services. Hin Leong
Trading served customers globally.
Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. Filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.
Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.
But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April 2020, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.
The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.
On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court. Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.
On March 8, 2021, judicial managers Goh Thien Phong and Chan Kheng
Tek of PwC were appointed liquidators of Hin Leong.
The judicial managers had applied for Hin Leong to be wound up
after three potential bidders walked away from a deal to buy Hin
Leong and two related companies as a combined entity, according to
The Straits Times.
LHF INVESTMENTS: Creditors' Proofs of Debt Due on Nov. 11
---------------------------------------------------------
Creditors of LHF Investments 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
VS ELECTRICAL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Oct. 4, 2024, to
wind up the operations of VS Electrical Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
*********
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 ***