/raid1/www/Hosts/bankrupt/TCRAP_Public/241030.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, October 30, 2024, Vol. 27, No. 218
Headlines
A U S T R A L I A
AMPED AUTOMATION: First Creditors' Meeting Set for Nov. 5
HAPI HEALTHCARE: First Creditors' Meeting Set for Nov. 6
HARROLDS: Took Deposits Weeks Before AUD16 Million Collapse
PATEL HOSPITALITY: First Creditors' Meeting Set for Nov. 4
PROGRESS 2024-2: S&P Assigns BB (sf) Rating to Class E Notes
RENTSET HOLDINGS: Second Creditors' Meeting Set for Nov. 4
WAVE CHASER: Second Creditors' Meeting Set for Nov. 4
[*] AUSTRALIA: Construction Sector Faces Zombie Apocalypse
I N D I A
ABF RURAL: CARE Keeps C Debt Rating in Not Cooperating Category
ACARA BIOHERB: CARE Keeps D Debt Rating in Not Cooperating
ADITHI AUTOMOTIVE: CARE Keeps D Debt Rating in Not Cooperating
AIRCEL CELLULAR: ICRA Keeps D Debt Ratings in Not Cooperating
AIRCEL LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
AIRCEL SMART: ICRA Keeps D Debt Ratings in Not Cooperating
AJIT SOLAR: Liquidation Process Case Summary
ANNAPURNA PET: CARE Keeps D Debt Ratings in Not Cooperating
ATIBIR INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
BABA FLOORING: Ind-Ra Assigns BB Bank Loan Rating
BLDE: Ind-Ra Keeps BB Loan Rating in NonCooperating
BLUE AUTOWORLD: CARE Keeps C Debt Rating in Not Cooperating
CONSOLIDATED CONSTRUCTION: ICRA Keeps D Ratings in Not Coop.
COSMIC FERRO: CARE Keeps D Debt Ratings in Not Cooperating
DREAM PET: ICRA Assigns B+ Rating to INR26cr Term Loan
FAWOW VENTURES: Voluntary Liquidation Process Case Summary
GAJANAND RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
IL&FS SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
IMI ABRASIVES: ICRA Keeps B+ Debt Ratings in Not Cooperating
INDIAN CROP: ICRA Keeps B+ Debt Ratings in Not Cooperating
JAYPEE CEMENT: Dalmia Bharat Ends Tolling Agreement
KAPEESHWAR SUGARS: Ind-Ra Affirms BB Bank Loan Rating
L.A. HOTELS: ICRA Keeps B+ Debt Rating in Not Cooperating
L.M FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
MAGMA AUTOLINKS: ICRA Keeps D Debt Ratings in Not Cooperating
MEENAMANI REAL: ICRA Keeps B+ Debt Rating in Not Cooperating
MINING AND CONSULTANCY: Liquidation Process Case Summary
NEHA INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
NUWAY ORGANIC: ICRA Keeps D Debt Ratings in Not Cooperating
POLESTAR TRADERS: ICRA Keeps D Debt Rating in Not Cooperating
PURANMAL PHOOLA: ICRA Keeps B+ Debt Rating in Not Cooperating
RAMESH COMPANY: ICRA Keeps B+ Debt Ratings in Not Cooperating
RATHI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category
ROHIT JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
SPACETECH EQUIPMENTS: ICRA Withdraws B+ Rating on INR1.75cr Loan
SPASHT MARKETING: Liquidation Process Case Summary
THREE LEAF FOODS: Liquidation Process Case Summary
VENSON ELECTRIC: ICRA Keeps B+ Debt Rating in Not Cooperating
VISHNUSHIVA INFRA: ICRA Keeps D Debt Rating in Not Cooperating
I N D O N E S I A
KB KOOKMIN: Indonesian Subsidiary Issues US$300MM in Global Bonds
J A P A N
MEC COMPANY: To Liquidate Hong Kong Subsidiary on Low Sales
N E W Z E A L A N D
CHIC LASH: Creditors' Proofs of Debt Due on Nov. 18
PRECISE TRAFFIC: Placed in Liquidation Due to NZD2.1MM IRD Debt
SELETTI NEW ZEALAND: Court to Hear Wind-Up Petition on Nov. 7
TRANSFORM ELECTRICAL: Creditors' Proofs of Debt Due on Dec. 6
UUE TRUSTEE: Court to Hear Wind-Up Petition on Nov. 4
YLG TRADE: Court to Hear Wind-Up Petition on Dec. 6
S I N G A P O R E
ASIAN FLAVORS: Commences Wind-Up Proceedings
BOLDTEK HOLDINGS: Court Enters Wind-Up Order
MEDIA CAPITALIST: Court Enters Wind-Up Order
P.Y. INVESTMENT: Creditors' Proofs of Debt Due on Nov. 25
QOO10 LTD: Court OKs Sale Process for e-Commerce Platforms
SUBHARA SINGAPORE: Court Enters Wind-Up Order
S O U T H K O R E A
LOTTE CHEMICAL: To Liquidate Malaysian Synthetic Rubber Unit
- - - - -
=================
A U S T R A L I A
=================
AMPED AUTOMATION: First Creditors' Meeting Set for Nov. 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Amped
Automation Pty Ltd will be held on Nov. 5, 2024 at 11:00 a.m. at
the offices of Hall Chadwick at Level 40, 2-26 Park Street in
Sydney.
Nicholas Wollinski and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Oct. 24, 2024.
HAPI HEALTHCARE: First Creditors' Meeting Set for Nov. 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Hapi
Healthcare Pty Ltd will be held on Nov. 6, 2024 at 10:30 a.m. at
Level 19, 144 Edward St, in Brisbane.
Travis Pullen of B&T Advisory was appointed as administrator of the
company on Oct. 28, 2024.
HARROLDS: Took Deposits Weeks Before AUD16 Million Collapse
-----------------------------------------------------------
The Sydney Morning Herald reports that just weeks before luxury
retailer Harrolds collapsed with debts of more than AUD16 million,
an Italian tailor had been flown to Melbourne, a list of
well-heeled clients measured for expensive suits, and deposits of
50 per cent paid.
According to SMH, fashion houses in Milan, Paris, London and New
York were caught off guard by the sudden collapse of the business
that operated department stores in Melbourne and Sydney, which
until recently sold AUD700 designer T-shirts and exquisite suits
for up to AUD20,000.
Some are now demanding to know what happened to their stock, or the
proceeds from their sale.
"Where the f--- are the garments? What about the money? This needs
to be looked at properly," said the local agent for a European
brand that had supplied Harrolds.
SMH says the agent, who asked not to be identified over concerns it
could jeopardise his company's debt recovery, accused Harrolds of
continuing to import clothes until at least August and offloading
them just weeks before it was placed into liquidation on October
3.
On September 16, Harrolds hosted a made-to-measure sitting at a
luxury apartment on St Kilda Road and accepted deposits of more
than AUD14,000, SMH relays. It had also imported about AUD80,000
worth of suits, sports jackets, shirts and shoes in August for
clients to peruse, before they were measured.
But the stock has vanished, while the deposits were paid to a
company called Nelson River International Pty Ltd, which is now in
liquidation along with three other companies linked to the Harrolds
Group, SMH relates.
The agent's client is one of almost 90 creditors, including
Versace, Balmain Paris, Tom Ford, Stella McCartney and Victoria
Beckham, SMH states. The Australian Tax Office is owed more than
AUD2.3 million, while staff were not paid almost AUD200,000 in
entitlements.
SMB Advisory was appointed as liquidator on October 3, but met with
Harrolds management in May, when it determined that a "liquidation
scenario was the likely path forward".
"I confirm that my investigations into the affairs of the Harrolds
Group will include whether it traded whilst insolvent and whether
the liquidator has a resulting claim against the director to
compensate the companies for an amount equal to the loss or damage
suffered," SMB Advisory managing principal Andrew MacNeill told
SMH.
SMH relates that Mr. MacNeill said he had been informed by Harrolds
Company's director Ross Poulakis that the majority of stock had
been sold before liquidation during a sale conducted by a third
party, with the proceeds paid into the Harrolds Group's bank
account. About 730 items remain unsold, according to Mr. MacNeill.
The liquidator said he would also examine a series of
multimillion-dollar intercompany loans made between companies
controlled by the Harrolds Group, SMH relays.
"Whilst the director estimates no recovery is expected from the
related party loan accounts, I will call for the related parties to
repay their respective loan accounts in full," SMH quotes Mr.
MacNeill as saying.
He said his investigation was still at a preliminary stage and
creditors would be provided with a comprehensive update in a
statutory report due to be filed by January 3.
Ross Poulakis, who did not respond to questions from SMH, said in a
statement released last week that the business had struggled to
navigate the post-COVID retail landscape.
"Despite our best efforts to adapt to the evolving economic
environment, a combination of reduced luxury spending, decreased
foot traffic, unprecedentedly high levels of CBD office vacancies
and extremely unfavourable government policies has significantly
impacted our ability to sustain operations," he said.
Harrolds operated luxury fashion department store with flagships in
Sydney and Melbourne.
Andrew MacNeill of SMB Advisory was appointed liquidator of the
company on Oct. 3, 2024.
PATEL HOSPITALITY: First Creditors' Meeting Set for Nov. 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Patel
Hospitality Pty Ltd will be held on Nov. 4, 2024 at 11:00 a.m. via
teleconference only.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrators of the company on Oct. 23, 2024.
PROGRESS 2024-2: S&P Assigns BB (sf) Rating to Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Progress 2024-2 Trust. Progress
2024-2 Trust is a securitization of prime residential mortgages
originated by AMP Bank Ltd.
S&P said, "The ratings reflect our view of the credit risk of the
underlying collateral portfolio and the credit support provided to
each class of rated notes are commensurate with the ratings
assigned. Credit support is provided by subordination, lenders'
mortgage insurance (LMI), and excess spread, if any. Our assessment
of credit risk considers AMP Bank's underwriting standards and
approval process, which are consistent with industrywide practices,
the servicing quality of AMP Bank, and the support provided by the
LMI policies on 11.6% of the portfolio.
"We believe the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
mechanism for trapping excess spread into an excess reserve, the
provision of a liquidity reserve, and the provision of an income
reserve--funded by AMP Bank at closing to cover extraordinary
expenses--sized at a level consistent with the ratings. All rating
stresses are made on the basis that the trust does not call the
notes at or beyond the first call-option date, and that all rated
notes must be fully redeemed via the principal waterfall mechanism
under the transaction documents.
"Our ratings also consider the counterparty exposure to Australia
and New Zealand Banking Group Ltd. and MUFG Bank Ltd. as bank
account providers. The transaction documents include downgrade
remedies consistent with our counterparty criteria. The legal
structure of the trust is established as a special-purpose entity
and meets our criteria for insolvency remoteness."
Ratings Assigned
Progress 2024-2 Trust
Class A, A$920.00 million: AAA (sf)
Class AB, A$39.20 million: AAA (sf)
Class B, A$16.60 million: AA (sf)
Class C, A$10.70 million: A (sf)
Class D, A$4.80 million: BBB (sf)
Class E, A$4.40 million: BB (sf)
Class F, A$4.30 million: Not rated
RENTSET HOLDINGS: Second Creditors' Meeting Set for Nov. 4
----------------------------------------------------------
A second meeting of creditors in the proceedings of Rentset
Holdings Pty Ltd has been set for Nov. 4, 2024 at 10:00 a.m. at the
offices of B&T Advisory at Level 19, 144 Edward Street in
Brisbane.
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 Nov. 1, 2024 at 4:00 p.m.
Travis Pullen of B&T Advisory was appointed as administrator of the
company on Sept. 27, 2024.
WAVE CHASER: Second Creditors' Meeting Set for Nov. 4
-----------------------------------------------------
A second meeting of creditors in the proceedings of Wave Chaser Pty
Ltd has been set for Nov. 4, 2024 at 11:00 a.m. at the offices of
B&T Advisory at Level 19, 144 Edward Street in Brisbane.
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 Nov. 1, 2024 at 4:00 p.m.
Travis Pullen of B&T Advisory was appointed as administrator of the
company on Sept. 27, 2024.
[*] AUSTRALIA: Construction Sector Faces Zombie Apocalypse
----------------------------------------------------------
The Sydney Morning Herald reports that as Australia's housing
crisis worsens amid a critical shortage of labour and rising costs,
experts are warning that major construction companies are
increasingly at risk of becoming "zombie companies".
New data from KPMG Australia revealed that the number of ASX-listed
zombies has spiked by 31 per cent in just six months, climbing from
94 in May to 122 companies, SMH discloses.
Companies are considered "zombies" when showing signs of financial
distress while managing not to collapse.
According to SMH, Gayle Dickerson, KPMG's head of turnaround and
restructuring, said that while there was a strong demand for
housing, builders were being squeezed by soaring costs and lack of
available labour.
"It means that there are less builders to meet any demand for new
housing stock," SMH quotes Ms. Dickerson as saying. "This is
exacerbated by builders flocking to government infrastructure
projects, where there is more security of payment, and cost
overruns can usually be renegotiated."
Ms. Dickerson added that only the most seasoned developers with
long-standing relationships would be able to secure builders for
residential housing or apartment projects.
"And that will only be for those projects that can stack up. Many
project approvals have not gotten off the ground as the costs to
build remains high, impacting project feasibility," she said, notes
the report.
Most new apartment developments are aimed at affluent Baby Boomers
looking to downsize who are willing to pay top dollar. Ms.
Dickerson warned that until construction costs and labour issues
improved, the outlook for increasing housing supply remained grim,
SMH relays.
On the ASX, the mining sector has the lion's share of zombie
companies listed on the index, largely due to plummeting nickel and
lithium prices, according to SMH.
"Stubborn inflation, sustained high interest rates and low consumer
sentiment have left businesses with little breathing room to keep
themselves solvent. These factors are simultaneously biting into
profit margins and increasing debt burdens [turning] once stable
businesses into zombies," Ms. Dickerson, as cited by SMH, said. "In
prior years, the increase in zombie companies was largely due to
the removal of COVID stimulus, which had propped up many
businesses. Now, insolvency appointments are 50 per cent higher
than pre-COVID levels, which is a symptom of more challenging
market conditions."
The federal government's safe harbour legislation presents
companies with a chance at revival. The legislation introduced in
2017 gives companies in financial distress "breathing space" to
turn around their business without the risk of personal liability.
Companies are not required to disclose whether they are operating
in a safe harbour environment, which allows them to discreetly look
through options that may lead to a better outcome than insolvency.
SMH adds that Mr. Dickerson said it was likely that companies in
the zombie-zone may be using the safe harbour provisions and were
not completely destined for the graveyard.
"The taming of inflation and the subsequent lowering of interest
rates by the RBA, which we anticipate by February next year, will
be the best cure of zombification," she said, notes the report. "It
does take time for the effects of interest rate drops to filter
through the economy, but for businesses struggling, there are still
a raft of options available like safe harbour laws and private
credit that simply didn't exist in previous downturns."
Some sectors, with stronger underlying market conditions, remain
zombie-free, SMH says. These include aerospace and defence,
agriculture, real estate trusts, manufacturing and utilities, all
of which have not recorded a zombie company in the past six
months.
=========
I N D I A
=========
ABF RURAL: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ABF Rural
Godown (ARG) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 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 29,
2023, placed the rating(s) of ARG under the 'issuer
non-cooperating' category as ARG had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ARG continues to be non-cooperative despite repeated requests for
submission of information through emails dated August 14, 2024,
August 24, 2024 and September 3, 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: Standalone
ABF Rural Godown (ARG) was established in the year 2016, as a
proprietorship concern, by Mr. Mohammed Aslam Kazi. The firm is
engaged in constructing warehouse for lease rental purpose. ARG has
started constructing the Godown in Tyamagondlu Hobli, Nelamangala
Taluk and Bangalore Rural District. The firm has started its
commercial operations in May 2017.
ACARA BIOHERB: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ACARA
Bioherb Private Limited (ABPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 8.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 14,
2023, placed the rating(s) of ABPL under the 'issuer
non-cooperating' category as ABPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ABPL 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).
Analytical approach: Standalone
Bangalore based Acara Bioherb Private Limited (ABPL) is a Private
Limited Company started by Mr. H.Pawan in the year 2012. ABPL is
involved in the business of manufacturing and exporting of herbal
cosmetics and herbal extracts. The manufacturing and export of
herbal extracts unit was started in July 2017. Some of the main
products of ABPL are henna, hair cream, shampoos, scrubs,
moisturizers, and herbal health supplements. The company procures
most of its raw materials like glycerine, harinol IPM and
fragrances locally from Maharashtra. Currently, ABPL exports
majority (about 90%) of its produce to Middle East and United
Kingdom. While the herbal cosmetics are sold on business to
customer model in Middle Eastern Countries (under the brand name
'Acara'), the herbal extracts used in pharmaceutical, food and
dietary industry are sold on business to business model in United
Kingdom.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of ABPL under
Issuer Not Cooperating category vide press release dated September
3, 2024 on account of its inability to carry out a review in the
absence of the requisite information from the company.
ADITHI AUTOMOTIVE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adithi
Automotive Private Limited (AAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 21,
2023, placed the rating(s) of AAPL under the 'issuer
non-cooperating' category as AAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 6, 2024, July
16, 2024, July 26, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Bellary (Karnataka) based, Adithi Automotives Private Limited
(AAPL) was incorporated in the year 2012. AAPL was promoted by Mr.
Gonaguntla Jayaprakash and Ms. Gunuguntla Manoja. The company is
engaged in trading, repairing of light commercial vehicles and
trading of spare parts. AAPL is an authorized dealer for Ashok
Leyland where the dealership will be renewed every two years and it
has 8 showrooms in Hospet, Belgaum and Hubli. Mr. Gonaguntla
Jayaprakash, the Managing Director, who has industry experience of
more than two decades in automobile industry and manages the day
to-day operations of the business.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of AAPL into Issuer Not
Cooperating category vide press release dated September 25, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the company.
AIRCEL CELLULAR: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Aircel Cellular Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 3,750 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term- 13,729 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Aircel Cellular Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.
AIRCEL LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Aircel Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 13,729 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 3,750 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Aircel Limited, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with
a pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.
AIRCEL SMART: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term ratings of Aircel Smart Money Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 13,729 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 3,750 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund Rating continues to remain under
based Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Aircel Smart Money Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.
AJIT SOLAR: Liquidation Process Case Summary
--------------------------------------------
Debtor: Ajit Solar Private Limited
National Motors Building M. I. Road,
Jaipur, Rajasthan-302001
Liquidation Commencement Date: October 1, 2024
Court: National Company Law Tribunal, Jaipur Bench
Liquidator: Mr. Bihari Lal Chakravarti
GC-901 Aditya Mega City,
Vaibhav Khand Indirapuram,
Ghaziabad, Uttar Pradesh-201014
Email: blchakravati.associates@gmail.com
Email: cirp.aspl@gmail.com
Last date for
submission of claims: November 3, 2024
ANNAPURNA PET: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Annapurna
Pet Private Limited (APPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 11.00 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 October 4,
2023, placed the rating(s) of APPL under the 'issuer
non-cooperating' category as APPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
APPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 19, 2024,
August 29, 2024 and September 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).
Incorporated in 2011, by Mr. Vijay Bajoria, Mr. Vimal Bajoria, Mr.
Krishna Tulsian, Mr. Suresh Murarka & Mr. Sunil Goyal, Annapurna
Pet Private Limited (APPL) is engaged in manufacturing of
polyethylene terephthalate (PET) pre-forms and bottle caps, used in
the manufacturing of plastic bottles/containers. The company
commenced commercial operations from March 1, 2013. The entity has
manufacturing facility located at Valsad (Gujarat).
Status of non-cooperation with previous CRA: Brickwork continues to
categorize rating assigned to the bank facilities of APPL under
non-cooperation category vide PR dated September 18, 2024 on
account of its inability to carry out a rating surveillance in the
absence of the requisite information from the company.
ATIBIR INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Atibir
Industries Company Limited (AICL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 282.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 314.07 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 25,
2023, placed the rating(s) of AICL under the 'issuer
non-cooperating' category as AICL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AICL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 10, 2024, July
20, 2024, July 30, 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: Standalone
Atibir Industries Company Limited (AICL), incorporated in 2000
promoted by Mr. Santosh Kumar Sarawgi of Giridih, Jharkhand is
engaged in manufacturing of sponge iron and pig iron and also has
pellets and sinters manufacturing facilities as a backward
integration in Jharkhand.
Status of non-cooperation with previous CRA: India Ratings has
continued the rating assigned to the bank facilities of AICL into
ISSUER NOT COOPERATING category vide press release dated June 27,
2024 on account of its inability to carry out a review in the
absence of requisite information from company.
BABA FLOORING: Ind-Ra Assigns BB Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) rated Baba Flooring Private
Limited's (BFPL) bank facilities as follows:
-- INR150.14 mil. Fund-based working capital limit assigned with
IND BB/Stable/IND A4+ rating;
-- INR100 mil. Non-fund-based working capital limit assigned with
IND A4+ rating;
-- INR19.86 mil. Proposed bank facility assigned with IND BB/
Stable rating; and
-- INR250 mil. Term loan due on June 10, 2030 assigned with IND
BB/Stable rating.
Detailed Rationale of the Rating Action
The rating reflects BFPL's small scale of operations, modest
EBITDA and moderate credit metrics. Ind-Ra expects the revenue to
grow in FY25, though the scale is likely to remain small, and
credit metrics are likely to improve during the year. The ratings
are supported by promoters' experience.
Detailed Description of Key Rating Drivers
Small Scale of Operations: In FY24, which was the first full year
of operations of the company, BFPL reported revenue of INR265.13
million and EBITDA of INR86.61 million. During 5MFY25, the company
booked revenue of INR214 million. BFPL had an order book of
INR598.45 million as of August 2024, to be executed by March 2025.
BFPL generates 80%-85% of its revenue from exports, with 70% being
generated from the US and the remaining from the UAE. In FY25,
Ind-Ra expects the revenue to improve due to the orders in hand.
Modest EBITDA Margin: BFPL's EBITDA margins stood at 32.67% in
FY24, with ROCE of 8.6%. The company had exported limited volumes
in FY24 and had charged high margins for the same. In FY25, with
growth in export volumes, the margins are likely to be rangebound
between 12%-15%.
Moderate Credit Metrics: BFPL's interest coverage (operating
EBITDA/gross interest expenses) stood at 2.42x in FY24 and its net
leverage (total adjusted net debt/operating EBITDAR) was 4.72x. In
FY25, the credit metrics are likely to improve owing to the absence
of any capex plans.
Experienced Promoters: The ratings are supported by the promoters'
experience of over one decade in the quartz and tiles industry,
which would help the company establish strong relationships with
its customers and suppliers.
Liquidity
Stretched: BFPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The working capital cycle was elongated at 936 days
in FY24, mainly on account of a stretched in inventory period.
BFPL's average maximum utilization of the fund-based limits was
75.44% and that of the non-fund-based limits of 41.83% during the
12 months ended October 2024. The cash flow from operations stood
at negative INR106.08 million in FY24, due to high working capital
requirement. The free cash flow stood at negative INR454.52 million
in FY24 (FY23: negative INR327.28 million). The cash and cash
equivalents stood at INR19.54 million at FYE24 (FYE23: INR1.76
million). The company has repayment obligations of INR38.5 million
in FY25 and INR38.5 million in FY26.
Rating Sensitivities
Negative: Significant deterioration in the scale of operations,
leading to deterioration in the liquidity profile and the credit
metrics, will be negative for the ratings.
Positive: A significant increase in the scale of operations while
improving the overall credit metrics, with the net leverage falling
below 4x and an improvement in the liquidity profile, on a
sustained basis, will be positive for the ratings.
About the Company
BFPL, which was incorporated in June 2022, is based out of
Kishangarh, Ajmer Rajasthan. The company manufactures stone polymer
composite tiles.
BLDE: Ind-Ra Keeps BB Loan Rating in NonCooperating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained BLDE (Deemed to
be University)'s (BLDEU) rating in the non-cooperating category and
has simultaneously withdrawn the same.
The detailed rating action is:
-- INR1.50 bil. Fund-based working capital limit maintained in
non-cooperating category and withdrawn.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information
WD- Rating Withdrawn
*Maintained at 'IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
Detailed Rationale of the Rating Action
The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails. This is in accordance with Ind-Ra's policy
of 'Guidelines on What Constitutes Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and a no-objection
certificate from the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with BLDEU while reviewing the
ratings. Ind-Ra had consistently followed up with BLDEU over
emails, apart from phone calls since October 2023. The issuer has
also not been submitting the monthly no default statement since
February 2024.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of BLDEU, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. BLDEU has been
non-cooperative with the agency since October 2023.
About the Company
BLDEU was established as a deemed university under section 3 of the
UGC Act, 1956. BLDEU registered under the Karnataka Societies
Registration act, 1960. It manages a college - Shri B. M. Patil
Medical College and general hospital and super specialty hospital.
Shri B. M. Patil Medical College offers UG programme MBBS, PG
programmes in 23 disciplines, PG super specialty programme and
innovative courses like fellowship, diploma and certificate courses
in medical and allied sciences.
BLUE AUTOWORLD: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Blue
Autoworld Private Limited (BAPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Issuer rating 0.00 CARE C; Stable; ISSUER NOT
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 21,
2023, placed the rating(s) of BAPL under the 'issuer
non-cooperating' category as BAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 6, 2024, July
16, 2024, July 26, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
BAPL was incorporated in March 2010, promoted by Malda based Mr.
Panchanan Misra for trading and servicing of spare parts of two
wheelers. In 2011, BAPL was appointed as an exclusive 3S (Sale/
Service/ Spares) authorized dealer of TVS Motor Company Limited.
The company has 1 showroom, 7 branches and 8 sub-dealers appointed
under it. The showrooms are housed with the
two-wheeler vehicles of TVS Motor Company for sale.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of BAPL into ISSUER NOT
COOPERATING category vide press release dated February 22, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
CONSOLIDATED CONSTRUCTION: ICRA Keeps D Ratings in Not Coop.
------------------------------------------------------------
ICRA has kept the BLR rating and Non-Convertible Debenture of
Consolidated Construction Consortium Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 380.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 72.05 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 45.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term- 190.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 1275.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Bonds/NCD/LTD 50.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating' category
As part of its process and in accordance with its rating agreement
with Consolidated Construction Consortium Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Consolidated Construction Consortium Limited was incorporated in
1997 as a public limited company by four former employees of L&T:
Mr. R. Sarabeswar, Mr. S. Sivaramakrishnan, Mr. V. Janarthanam, and
Mr. T.R. Seetharaman. Since inception, the company has concentrated
on construction and related activities in the commercial,
infrastructure, industrial and residential sectors. To provide
turnkey construction solution to clients, CCCL has set up
subsidiaries including Consolidated Interiors Limited (for interior
contracting and fit-out services); Noble Consolidated Glazings
Limited (for glazing services); and CCCL Power Infrastructure
Limited (for undertaking BOP orders for power projects).
COSMIC FERRO: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Cosmic
Ferro Alloys Limited (CFAL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 84.65 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 122.05 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 25,
2023, placed the rating(s) of CFAL under the 'issuer
non-cooperating' category as CFAL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CFAL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 10, 2024, July
20, 2024, July 30, 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).
Cosmic Ferro Alloys Limited (CFAL), incorporated in 2003, is
engaged in manufacturing of ferro manganese and silica manganese
with an installed capacity of 45 MVA (5 furnaces of 9 MVA each) at
Barjora, Durgapur, West Bengal. In April 2014, CFAL forayed into a
new product line, namely, Cold Rolled Form Sections (CRFS) by
setting up a new manufacturing facility of 18,000 MTPA in
Singur, West Bengal.
DREAM PET: ICRA Assigns B+ Rating to INR26cr Term Loan
------------------------------------------------------
ICRA has assigned rating to the bank facilities of Dream Pet
Private Limited (DPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 26.00 [ICRA]B+ (Stable); Assigned
Fund-based
Term Loan
Long Term- 5.00 [ICRA]B+ (Stable); Assigned
Fund-Based
Cash Credit
Rationale
The rating assigned to DPPL favorably factors in the promoters'
experience in the beverage industry and DPPL's location-specific
advantages as its plants are close to its major revenue
contributing customer and steady demand.
The rating is constrained by DPPL's nascent stage of operations,
with FY2023 being the first year of operations. The rating is also
impacted by the high customer concentration and contract renewal
risks, as around 99% of its revenue is derived from a single
customer, where the contracts are negotiated annually.
Nevertheless, the customer is a related entity and thus provides
comfort in revenue visibility. DPPL also faces stiff competition
from other established packaged film players, limiting its pricing
flexibility as the company supplies at market prices. Further, the
rating adversely factors in DPPL's anticipated debt-funded capital
expenditure (capex) in the near term, which will weaken its capital
structure and debt protection metrics. The company's ability to
generate commensurate returns will remain a key rating monitorable.
The Stable outlook reflects ICRA's opinion that the company will
witness a steady scale-up of operations on the back of healthy
demand for bottled beverages.
Key rating drivers and their description
Credit strengths
* Experienced promoters: Mr. Chetanbhai Khanpara has around two
decades of experience in the beverages industry. Extensive
experience of the promoters in the beverage industry will lend
support in establishing strong relationships with customers and
suppliers.
* Location advantage of plants being in proximity to its largest
customer: The company enjoys the benefit of proximity to its key
customer, Davat Beverages Private Limited's (DBPL) plant. This
enables low freight costs, thus supporting the profitability. The
company derived nearly 99% of its revenue from DBPL in FY2024.
Credit challenges
* Modest scale of operations: ICRA notes the early stage of
operations of DPPL, which commenced its operations in FY2023. The
company, which is in its second year of operations, reported modest
revenues of INR43 crore in FY2024. DPPL's ability to scale up its
operations is yet to be demonstrated and would remain a key
monitorable for its credit profile. However, regular
enhancement of capacities of its key customer on the back of
healthy demand of bottled beverages provides comfort to some
extent.
* High customer concentration: The company's customer concentration
remains high, as a single customer accounts for nearly 99% of the
total revenues since the commencement of operations. ICRA, however
notes that the risk is mitigated to a large extent as it is a
related entity and has annual supply agreements.
* Subdued financial profile: DPPL availed term loans of INR26 crore
to set up the manufacturing plant at a total capex of INR31 crore,
while the balance cost has been funded through promoter's funds.
Given the high debt levels, DPPL's capital structure remained
stretched with a gearing of 3.6 times as on March 31, 2024.
Further, due to modest revenues and profits, its debt coverage
indicators also remained subdued with an interest cover of 1.5
times and total debt vis-à-vis the operating profit of 8.3 times
as on March 31, 2024. ICRA further notes that the company plans to
incur additional debt-funded capex, which will
lead to elevated debt level over the medium term.
* Highly competitive intensity and commoditised nature of products:
With the commoditised nature of most of the products with little
scope for differentiation, industry players have faced periods of
intense competition, resulting in weakening of
margins.
Liquidity position: Stretched
DPPL's liquidity position is stretched, as reflected by its modest
cash flows, low cash and bank balance of INR0.04 crore as on March
31, 2024 and limited headroom available in the form of undrawn
working capital limits worth INR1.1 crore as on July 31, 2024.
Against this, the company has repayment obligations of INR2.7 crore
in FY2025 and INR4 crore in FY2026. Further, the company has plans
to incur debt-funded capex of INR13-14 crore in the near term,
proposed to be funded through debt of ~INR10 crore and the balance
through internal accruals of INR4 crore.
Rating sensitivities
Positive factors – The rating may be upgraded if there is a
significant improvement in the company's revenues and
profitability, debt protection metrics and liquidity position.
Specific credit metric that could lead to a rating upgrade includes
total debt vis-à-vis OPBITDA remaining below 5 times on a
sustained basis.
Negative factors – The rating could witness a downward revision
in case of any adverse impact on the revenue and profitability of
the company, leading to a deterioration in debt protection
metrics.
Dream Pet Private Limited (DPPL) was incorporated in 2021 by Mr.
Chetanbhai Khanpara and Ms. Sonalben Khanpara. The company
manufactures preform and shrink-packaging films. The company's key
customer currently includes a related entity, DBPL, which
manufactures fruit juices and carbonated soft drinks. DPPL has a
manufacturing capacity of 3,650 MTPA of preform unit and 1,095 MTPA
of shrink films unit. The manufacturing facility is located at
Rajkot, Gujarat.
FAWOW VENTURES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Fawow Ventures Private Limited
No. 4, Building No. 24/8,
Ground Floor AKKM Tower,
Behind Cusat Metro Station,
Ernakulam, Kalamassery,
Kerala-682022
Liquidation Commencement Date: September 17, 2024
Court: National Company Law Tribunal, Kochi Bench
Liquidator: Allen Bosco
65/2364A, Ponoth Rd,
Avenue-2, Kaloor, Kochi
Ernakulam, Kerala 682017
Email: liquidator.fawow@gmail.com
Last date for
submission of claims: October 17, 2024
GAJANAND RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Gajanand Rice Mill (GRM) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA] B+ (Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Long Term- 10.17 [ICRA] B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with GRM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite Information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 1982, Gajanand Rice Mill (GRM) is engaged in
processing, milling and polishing of non-basmati rice as well as
trading of product mix consisting of rice bran and rice. The firm
operates from its unit located at Sanand (Gujarat); with an
installed capacity of processing 6 Tones/hour of paddy. The
processing and milling unit of the firm is spread across an area of
17300 Sq Yards.
IL&FS SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the BLR and Non-Convertible Debenture of IL&FS Solar
Power Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 45.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Bonds/NCD/LTD 360.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating' category
As part of its process and in accordance with its rating agreement
with IL&FS Solar Power Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
IL&FS Solar Power Limited, a 100% subsidiary of IL&FS Energy
Development Private Limited, has been set up to install a 100-MW
(AC)/ 130-MW (DC) ground mounted solar PV power project at Ittigi
(40 MW), Nellukudure (28 MW) and Mooregeri (32 MW) villages of the
Bellary district of Karnataka. The project capital cost stood at
about INR685 crore. The project was developed under build, finance
and transfer arrangement by ISPL. ISPL signed a DPA with EEPL as
per which the latter, post commissioning, will be paying monthly
payments to ISPL for the duration of 15 years. The solar power
generated by the project is being supplied to the various office
parks/commercial properties operated by the Embassy Group.
IMI ABRASIVES: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of IMI Abrasives (P) Ltd. in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 2.80 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- (2.00) [ICRA]A4 ISSUER NOT
Interchangeable COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 7.20 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with IMI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 1991, IMI Abrasives (P) Ltd. (IMI) manufactures
steel shots/grits and ferro manganese with an annual production
capacity of 6,000 MT (metric tonne) and 2,000 MT, respectively. The
manufacturing facilities of IMI are located at Urla in Raipur
district, Chhattisgarh. The products manufactured by IMI find
applications in industries like, foundry, ship 3 buildings,
railways, steel etc. The company is promoted by Mr. S.K. Mundhra,
who has an experience of more than two decades in this line of
business.
INDIAN CROP: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term ratings of Indian Crop Science Private
Limited (ICSPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
Unallocated 1.00 [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with ICSPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category.
Indian Crop Science Private Limited (ICSPL) was incorporated in
February 2011 by Mr. Bijendra Lohia and Mr. Praveen Kumar as its
directors. The company commenced operations in April 2012 from its
manufacturing facility based at Meerut in Uttar Pradesh. The
company is engaged in manufacturing of fertilizers and pesticides.
The product profile of the company includes products with nutrients
like Zinc, iron, copper, sulphur, calcium, magnesium, and boron in
varying proportions, as specified by the state government,
pesticides and organic fertilizers. Around 30% ofsales are from
sale of organic fertilizers, 10% from sales of pesticides and
balance from sales of other products.
JAYPEE CEMENT: Dalmia Bharat Ends Tolling Agreement
---------------------------------------------------
The Hindu Business Line reports that cement-maker Dalmia Bharat has
discontinued its tolling arrangement with Jaypee, for use of
manufacturing facilities of the latter, and taken an impairment
loss of INR113 crore in view of ongoing uncertainty over the deal.
Jaypee's assets could now see fresh bidding in the NCLT, sources
said.
According to BusinessLine, Dalmia Bharat had, for five-odd
quarters, initiated a tolling arrangement with Jaypee (JP
Associates), which was recently discontinued. The arrangement
allowed the cement-maker access to the key Central India market
under its own brand.
"We have discontinued the tolling arrangement with Jaypee, and
right now we are catering to Central India through our facilities
in the East," the report quotes Puneet Dalmia, Managing Director
and CEO, Dalmia Bharat as saying during a post result analyst
call.
In December 2022, Dalmia Bharat had signed a deal to acquire
Jaypee's cement and power assets for an enterprise value of
INR5,666 crore, BusinessLine recalls. It was then touted as the
largest deal in the sector. The acquisition included cement plants
with a capacity of 9.4 million tonnes per annum, clinker assets of
6.7 million tonnes, a 280 MW thermal power plant and a 74 per cent
stake in Bhilai Jaypee Cement. Definitive agreements were executed
in 2023.
Earlier, the company top brass had referred to the "uncertainty"
surrounding the deal, with JP going into insolvency and called it a
"surprise" which was not anticipated, BusinessLine says. On June
3, the NCLT, Allahabad, accepted accepted Jaiprakash Associates for
corporate insolvency, following ICICI Bank's application for debt
resolution dating back to September 2018.
Dalmia Bharat had previously said it was in touch with the Interim
Resolution Professional (IRP).
A report by analyst firm Systematix said, "JP associates will see a
fresh bidding in NCLT," BusinessLine relays.
Dalmia said an impairment loss to the tune of INR113 crore has been
provided for as likely final settlement, BusinessLine discloses.
Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary
of Jaiprakash Associates Ltd, is engaged in cement manufacturing.
JCCL commenced insolvency proceedings on July 22, 2024.
KAPEESHWAR SUGARS: Ind-Ra Affirms BB Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kapeeshwar Sugars
& Chemicals Limited's (KSCL) bank loans' ratings as follows:
-- INR745 mil. Term loan due on August 31, 2027 affirmed with IND
BB/Stable rating; and
-- INR755 mil. Fund-based working capital limit affirmed with IND
BB/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The affirmation reflects KSCL's reflects a strong growth in KSCL's
scale of operations in FY24 (provisional numbers), led by the
capacity expansion in the sugar and ethanol segments, and a
significant growth in its profitability, driven by higher output
prices of sugar. The ratings, however, remained constrained by the
elongation in inventory days due to increased production, thereby
exerting pressure on the near-to-medium term liquidity. The ratings
also factor in the likely decline in profitability in the medium
term due to higher cane costs. The ratings also consider the
regulatory risks inherent to the sugar segment, and its
susceptibility to agro-climatic conditions.
Detailed Description of Key Rating Drivers
Debt Levels High due to Capex, but Likely to Moderate in Medium
Term; Modest Credit Metrics: KSCL's overall debt levels rose
significantly to INR1,786.34 million in FY24 (FY23: INR1,352.18
million), with the short-term debt rising to INR824.55 million
(INR630.76 million), due to the entity's increased working capital
requirement. The entity also availed additional term loans of
INR166 million in FY24, to partly fund the capex of around INR250
million incurred over FY23-FY24 for capacity expansion, which
became operational from October 2023. The interest costs increased
to INR146.46 million in FY24 (FY23: INR55.49 million). The gross
interest coverage ratio (operating EBITDA/gross interest expense)
improved to 2.45x in FY24 (FY23: 1.88x) and the net leverage ratio
(Ind-Ra adjusted net debt/operating EBITDAR) improved to 4.95x in
FY24 (FY23: 11.73x) owing to an increase in the EBITDA to INR358
million. However, Ind-Ra expects the credit metrics to deteriorate
in the medium term due to moderation in EBITDA coupled with higher
working capital requirements.
Rising Cane Costs likely to Impact FY25 Profitability: For sugar
season 2024-25 (SS 2024-25), the government has increased the
sugarcane fair remunerative prices (FRP) to INR3,400 per metric
tons (MT), for a basic recovery rate of 10.25% before the premium
for incremental recovery, from INR3,150 per MT. This has
significantly increased the cane procurement costs for the upcoming
sugar season. At the current sugar realization of INR36,500 per MT
(ex-mill), the rise in cane FRP will lead to significant shrinking
of the gross margin on sugar sales, thereby impacting the
profitability in FY25. At the current sugar minimum selling price
(MSP) of INR31,000 per MT, any volatility in the market prices of
sugar will lead to likely losses in the sugar segment in the medium
term, which will have to be absorbed by increased sales of
ethanol, and other products. Ind-Ra expects the EBITDA margin to
moderate in the medium term due to higher cane costs, unless the
MSP of sugar increases to at least around INR37,000 per MT.
However, the margins are likely to sustain around 12% levels,
supported by increased sales in sugar and distillery segments.
Regulatory Risks inherent to Sugar Industry: The sugar industry is
regulated and vulnerable to government policies as it is classified
as an essential commodity. Besides setting quotas for the domestic
sale of sugar and restricting sugar exports, the government has
implemented various regulations such as fixing the raw material
prices in the form of FRP for sugarcane as well as implementing
restrictions on the diversion of sugar syrup and B-heavy molasses
in the previous season (2023-24), although the restrictions have
now been lifted. All these factors impact the production and sales
of sugar and ethanol/extra neutral alcohol (ENA), posing
significant risks to KSCL's scale of operations.
Medium Scale of Operations; Growth in Revenue Led by Successful
Ramp-up of Capex: KSCL's revenue increased to INR1,659.78 in FY24
(FY23: INR1592.57 million), as overall sugar sales rose to 32,729
MT (20,470 MT) owing to an increase in capacity by 1,250 tons of
canes per day (TCD). For SS 2023-24, KSCL enhanced its crushing
capacity to 3,750TCD from 2,500TCD and also set up an ethanol plant
with a capacity of 45 kiloliters per day (KLPD). The total cane
crushed was 0.408 million MT in FY24 (FY23: 0.348 million MT).
KSCL's cane crushing is likely to exceed 0.525 million MT in the
upcoming season, with the entity's sugar production likely to rise
to 50,000MT-55,000MT as the entity does not divert syrup or B-heavy
molasses for ethanol production. Ind-Ra expects the revenue to
increase further in the near-to-medium term owing to a likely
increase in sales, backed by higher monthly quotas for sale
received in 1HFY25 compared to the first half of previous years,
and the increased estimates of annual domestic consumption.
Average EBITDA Margins; Improved Profitability in FY24: KSCL's
EBITDA rose to INR358.11 million in FY24 (FY23: INR104.33 million;
FY22: INR91.12 million), driven by the higher gap between sugar
prices and sugarcane FRP. The ROCE increased to 12.2% in FY24
(FY23: 7.4%). The EBITDA margin rose to 21.58% in FY24 (FY23:
6.55%; FY22: 4.85%), mainly due to an increase in output prices of
sugar to about INR34,500 per MT on average during the year, which
is significantly above the current MSP of INR31,000 per MT. The FRP
of sugarcane procurement remained at INR3,150 per MT during FY24,
before premium for incremental recovery rate above 10.25%, during
SS 2023-24, leading to a considerable expansion in the gross margin
on sugar sales. The output prices of sugar continued to rise in
1HFY25, with the average ex-mill prices in North Karnataka reaching
around INR36,500 per MT in September 2024. However, Ind-Ra expects
the EBITDA margin to moderate in FY25, as the significant increase
in the FRP of sugarcane for SS 2024-25 would reduce the gap between
the input prices and output prices.
Free Cash Flow Likely to Improve in Medium Term: KSCL's free cash
flow remained negative at INR447.25 million in FY24 (FY23: negative
INR225.20 million) due to the capex of INR252.98 million (INR276.40
million) incurred for the capacity expansion. The cash flow from
operations turned negative at INR194.27 million in FY24 (FY23:
positive INR51.20 million), due to the increase in working capital
requirement, following the increased inventory levels. Ind-Ra
expects the free cash flow to improve in the near-to-medium term
due to absence of any capex plans.
Liquidity
Stretched: The sugar manufacturing business is inherently working
capital-intensive in nature. KSCL's net working capital cycle
elongated considerably to 427 days in FY24 (FY23: 158 days; FY22:
41 days) owing to a significant rise in inventory levels. Ind-Ra
expects the net working capital cycle to remain elongated in the
medium term owing to the increased inventory levels after every
crushing season. The entity's average maximum utilization of its
fund-based working capital limits was 84.21% and that of the
non-fund-based working capital limits was 20.38% for the 12 months
ended September 2024. The unencumbered cash and cash equivalents
stood at INR14.38 million at FYE24 (FYE23: INR128.49 million). KSCL
has high debt repayment obligations of INR170 million and INR214
million in FY25 and FY26, respectively, which will put pressure on
the liquidity position.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the interest
coverage falling below 1.25x and/or pressure on the liquidity
position, all on a sustained basis, could lead to a negative rating
action.
Positive: A significant increase in the scale of operations along
with an improvement in the credit metrics, with the interest
coverage remaining above 1.5x, and an improvement in the liquidity
position, all on a sustained basis, could lead to a positive rating
action.
About the Company
KSCL was incorporated on February 20, 2020. It has a sugar plant
with crushing capacity of 3,750 TCD and a Distillery with
molasses-based Ethanol capacity of 45 KLPD. The plant is located
in Hingoli district of Maharashtra.
L.A. HOTELS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term ratings of L.A. Hotels & Retreats
Private Limited (LHRPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with LHRPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 1996, LHRPL is a private limited company, and is a
part of the LAHAG group of companies. It operates various bars and
restaurants in Bareilly and has an under-construction hotel in
Mangolpuri Industrial Area, Delhi which is expected to start
operations in December 2016. The project cost estimated at INR91
crores is being funded by term loan of INR15 crore and balance
through promoters' funds.
L.M FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of L.M. Foods in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 23.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with L.M. Foods, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite Information and in line with the aforesaid
policy of ICRA, the rating has
been continued to the "Issuer Not Cooperating" category. The rating
is based on the best available information.
Based in Karnal, L.M. Foods was formed in 1997 as a partnership
firm by Mr Madan Lal and Mr. Kewal Krishnan. Mrs Krishna Devi and
Mr Kewal Krishnan are equal partners in the firm. L.M. Foods is
involved in milling and processing of basmati rice. The firm is
also engaged in further processing of byproducts like bran and
husk. From FY13, the firm has focused only on domestic sales and
does not have any export sales.
MAGMA AUTOLINKS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Magma Autolinks Private
Limited (MAPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MAPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite Information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in Nov 2013, Magma Autolinks Private Limited (MAPL) is
an authorized dealer for passenger vehicles of Honda Cars India
Limited (HCIL). The Company is promoted by the Sharma family, with
Mr. Tushar Sharma and Ms. Shveta Sharma serving as the directors of
the Company. As on date, the company has on outlet (owned) situated
at Kangra, Himachal Pradesh. Further, one more company of the group
is "Bhagat Ram Motorways Pvt. Ltd." which was incorporated in 2011
and is engaged in the dealership of "Chevrolet" from its two
showrooms located in UNA & Hamirpur, Himachal Pradesh.
MEENAMANI REAL: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Meenamani Real Venture Llp
(MRV) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with MRV, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Meenamani Real Venture LLP (MRV) was established in March 2010 as a
partnership firm and was subsequently converted into Limited
Liability Partnership firm in FY2017. The firm is a part of Goel
Ganga Group which has been real estate development for more than 2
decades. The firm has already developed "Ganga Estoria Phase I"
with total saleable are of 88,000 sq ft. The construction of
phase-I was completed in August 2014 and all the units have been
sold out. The firm is developing a residential real estate project
'Ganga Estoria Phase-II' at Undri in Pune consisting one building
(14 floors) with 110 2BHK flats with a total saleable area of
1,18,800 sq ft.
MINING AND CONSULTANCY: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: M.S. Mining and Consultancy Pvt Ltd
Plot No. 14, Missal Layout, Nagbhumi Society,
Indora-Nagpur, Maharahstra-440014
Liquidation Commencement Date: October 1, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Srigini Rajat Naidu
Block No. 11, 12, 1st Floor, Mount Annex,
Opp. Oriental Insurance Co.,
Mount Road Ext.
Sadar, Nagpur, 440 001
Email: rajat_naidu@yahoo.com
Mobile No: 9422507009
1502, Ved Solitaire,
Cement Road, Dharampeth Extension,
Shivaji Nagar, Nagpur 440010
Email: msmining.cirp@gmail.com
Mobile No: 9422507009
Last date for
submission of claims: November 2, 2024
NEHA INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Neha
International Ltd. (NIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 23.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 9, 2023,
placed the rating(s) of NIL under the 'issuer non-cooperating'
category as NIL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. NIL continues to
be non-cooperative despite repeated requests for submission of
information through emails dated June 24, 2024, July 4, 2024, July
14, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1993, Neha International Ltd (NIL) (ISIN:
INE874D01022) is engaged into trading of agricultural products
mainly Maize, Soya Bean, Sun Flower, Edible oils etc. The company
has been promoted by Mr. G Vinod Reddy, who has about two decades
of experience in the line of activity. The company got listed on
BSE expand in February 1995. Neha at the group level is into
floriculture space also exporting cut roses to Europe and Middle
Eastern markets in Saudi Arabia, Qatar and UAE, through its
subsidiaries (based in Ethiopia) and step down subsidiaries. Being
primarily into trading, the company procures the agricultural
products from small local traders and sells it to big traders &
poultry farms domestically.
NUWAY ORGANIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term ratings of Nuway Organic Naturals
(India) Limited (NONIL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 18.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Unallocated 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Limits Rating Continues to remain under
issuer not cooperating category
As part of its process and in accordance with its rating agreement
with NONIL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Nuway Organic Naturals India Limited (NONIL) is primarily engaged
in the production and sale of alcoholic products. The proposed
distillery project was conceived by Punjab Agro Industries
Corporation Limited (PAIC), Chandigarh, with a view to add value to
the damaged grains and surplus agro-produce available from within
the state of Punjab. The distillery based on grains with a capacity
of 45 kilolitres per day (KLPD) of potable alcohol has been set up
in Rajpura over a land measuring 28.15 acres. The company
manufactures Extra-Neutral Alcohol (ENA), which is used for
production of Punjabmade Liquor (PML) as well as Indian-made
Foreign Liquor (IMFL).
POLESTAR TRADERS: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Polestar Traders Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 1.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Polestar Traders Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Polestar Traders Private Limited was incorporated in March 2013 by
Mr. Umesh Vrajlal Damania and Mr. Manish Babel. The company started
operations by taking over the asset and liabilities of M/s Polestar
Industries, a proprietorship concern established by Mr. Umesh
Vrajlal Damania. The company is engaged in trading of various
ferrous and non ferrous metals. It predominantly deals in trading
of various types of stainless steel like pipes, plates, sheets,
wire rods etc. The company has its registered office in Mumbai and
warehouse in Navi Mumbai.
PURANMAL PHOOLA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Puranmal Phoola Devi
Memorial Trust (PPDMT) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with PPDMT, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
PPDMT, a charitable trust formed in 1980, is managed by Dr. S.S.
Agarwal. The trust owns and operates "Swasthya Kalyan group of
Institutions" in Rajasthan and offers courses in Homoeopathy
(BHMS), MD in Homeopathy, Nursing (B.Sc. Nursing, G.N.M, Post Basic
B.Sc. Nursing), Physiotherapy (BPT), Polytechnic Diploma,
Engineering (B. Tech.) and Paramedical courses. In addition, the
trust also operates blood banks in Jaipur (Rajasthan).
RAMESH COMPANY: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Ramesh Company (RC) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 14.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Long Term/ 6.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with RC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
RC was incorporated in 1960 as a proprietorship firm to undertake
distributorship of Tata Steel's various HR products. In 1974, it
was reconstituted as a partnership firm. Based in Kolkata, RC is an
authorised distributor of TSL's HR products, sold under the brand,
Tata Astrum, in West Bengal.
RATHI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Rathi
Agro Industries (SRAI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.01 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 0.29 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 31,
2023, placed the rating(s) of SRAI under the 'issuer
non-cooperating' category as SRAI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SRAI continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 16, 2024, July
26, 2024, August 5, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shri Rathi Agro Industries (SRAI) is a partnership firm established
on May 16, 2010 by Mr. Hemraj Rathi and his son Mr. Vinesh Rathi
being the active partner. SRAI is engaged in the business of
processing of rice and wheat. Its plant is situated at SanandBavla
highway having installed capacity of 30,000 MTPA for rice
processing and 40,500 for wheat processing as on March 31, 2017.
Mr. Hemraj Rathi and Smt. Bhagvatiben Rathi have been associated as
partners for almost 20 years with other partnership firms namely
Rathi Rice Mill (RRM) and Annapurna Pulse Mill (APM) from which
promoters have separated on the event of family
separation. SRAI has a warehouse in Ahmedabad. The firm caters to
the customers of Gujarat, Maharashtra and Tamil Nadu.
Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of SRAI to
'Issuer Not Cooperating' category vide press release dated October
31, 2023 on account of its inability to carry out a review in the
absence of the requisite information from the firm.
ROHIT JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rohit
Jewellers Private Limited (RJPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 27.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 18,
2023, placed the rating(s) of RJPL under the 'issuer
non-cooperating' category as RJPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RJPL continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 3, 2024, July
13, 2024, July 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Rohit Jewellers Private Limited (RJPL) was incorporated in December
1994. The company has been engaged in manufacturing and wholesale
of hand-crafted gold jewellery, antique gold jewellery and stone
studded gold jewellery.
SPACETECH EQUIPMENTS: ICRA Withdraws B+ Rating on INR1.75cr Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Spacetech Equipments & Structurals Private Limited (SESPL) at the
request of the company, and in accordance with ICRA's policy on
withdrawal. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.75 [ICRA]B+ (Stable); Withdrawn
Fund-Based
Cash Credit
Short Term– 4.25 [ICRA]A4; Withdrawn
Non-Fund Based–
Bank Guarantee/
Letter of credit
The key rating drivers, liquidity position, rating sensitivities
and key financial indicators have not been captured as the rated
instruments are being withdrawn.
Established in 1982, SESPL is involved in the fabrication of
pressure vessels, with its facility at Ambernath in Thane district
of Maharashtra. SESPL's fabrication facility is ISO 9001-2000
certified, and the pressure vessels manufactured by the company
find application mainly in the steel, oil and gas, power and
engineering sectors.
SPASHT MARKETING: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Spasht Marketing Private Ltd
The Millenium
235/2A AJC Boseroad, 3rd Floor,
Kolkata-700020
Liquidation Commencement Date: October 4, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: CA. Swarup Ghosh
Maya Kunja, 53C/4 DR Suresh Chandra
Banerjee Road, Beliaghata,
Kolkata, West Bengal, 700010
Email: swarupghosh1@yahoo.co.in
1716, Rajdanga Main Road, Block EF4,
Opposite Acropolis Mall,
Kasba Kolkata-700107, West Bengal
Email: liq.smpl@yahoo.com
Last date for
submission of claims: November 3, 2024
THREE LEAF FOODS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Three Leaf Foods Private Limited
Shop No 04, First Floor Tapadia Cine Market,
N-1, Cicdo Aurangabad Aurangabad MH 431003 In
Liquidation Commencement Date: October 3, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Siddhant Vinod Agrawal
Aegis Resolution Services Private Limited
106, 1st Floor, Kanakia Atrium 2, Cross Road A,
Behind Courtyard Marriott,
Chakala, Andheri (East), Mumbai 400093
Email: avil@caavil.com
ip.siddhantagrawal@gmail.com
Last date for
submission of claims: November 2, 2024
VENSON ELECTRIC: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Venson
Electric Pvt Ltd (Venson) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Short Term- 9.00 [ICRA]A4 ISSUER NOT
Non-Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Venson, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Venson was established as a proprietorship concern in 1973. Later
in 2000, it was converted into a private limited company. The
company is engaged in manufacturing control and relay panel boards
for generations, transmissions and distribution switchgear
equipment. The company has an installed manufacturing capacity of
200 panels per month at its Peenya facility in Bangalore,
Karnataka. VEPL is a closely held company owned and managed by Mr.
M. V. Satyanarayana and his family. The company is ISO 9001:2008
certified.
VISHNUSHIVA INFRA: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating for the bank facilities of
Vishnushiva Infrastructures (VI) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with VI, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in March 2008, Vishnushiva Infrastructures (VI) is a
partnership firm engaged in overburden removal, coalexcavation
contract and road excavation contracts. The firm is majorly
involved in sub-contract and joint venture work for Sadbhav
Engineering Ltd. The firm is promoted by Mr. Birendra Rana and
other family members.
=================
I N D O N E S I A
=================
KB KOOKMIN: Indonesian Subsidiary Issues US$300MM in Global Bonds
-----------------------------------------------------------------
BusinessKorea reports that KB Kookmin Bank said on Oct. 28 that its
Indonesian subsidiary, KB Bank Indonesia, has successfully issued
global bonds worth $300 million. This marks a significant milestone
for KB Bank Indonesia, which has faced substantial financial
challenges since KB Kookmin Bank entered the Indonesian market in
2018.
BusinessKorea says KB Kookmin Bank initially acquired a 22% stake
in KB Bank Indonesia in 2018, later increasing its stake to 67% by
2020, making it the largest shareholder. Despite these investments,
KB Bank Indonesia has recorded losses amounting to KRW1.5 trillion
(approximately $1.1 billion) as of June this year. To address these
financial difficulties, KB Kookmin Bank conducted two rounds of
capital increases in 2021 and May of last year.
According to BusinessKorea, the successful bond issuance is the
first of its kind for KB Bank Indonesia. A representative from KB
Kookmin Bank stated, "(KB Bank Indonesia) held investment briefings
over three days for about 70 institutional investors in Hong Kong
and Singapore after deciding to issue the bonds." These briefings
were crucial in garnering investor confidence, as they positively
evaluated KB Bank Indonesia's efforts to improve its financial
structure, reduce non-performing assets, and its future growth
potential.
BusinessKorea relates that Representative Cho Seung-rae of the
Democratic Party of Korea highlighted the financial strain during
the National Assembly's Political Affairs Committee audit on Oct.
24, stating, "Approximately KRW3.1 trillion has been invested,
including investments, loans, and other liquidity support, but (KB
Bank Indonesia) recorded losses of about KRW1.5 trillion as of June
this year."
The Financial Supervisory Service (FSS) is also closely monitoring
the situation, BusinessKorea notes. Lee Bok-hyun, Governor of the
FSS, commented, "Regular inspections of KB Financial Group (105560)
and KB Kookmin Bank are currently underway, and we have been taking
the (KB Bank Indonesia losses) issue seriously even before the
inspections began."
The success of this bond issuance is expected to provide momentum
for the operation of KB Kookmin Bank's next-generation banking
system (NGBS), scheduled for the first half of next year,
BusinessKorea says. This system aims to enhance banking operations
and customer service, positioning KB Bank Indonesia for future
growth in the competitive Indonesian market.
BusinessKorea notes that KB Kookmin Bank's strategic expansion into
Indonesia, one of Southeast Asia's largest markets, has been
fraught with challenges, including non-performing assets and market
conditions. However, the positive reception from institutional
investors in major financial hubs like Hong Kong and Singapore
indicates a renewed confidence in KB Bank Indonesia's financial
restructuring efforts and growth potential.
=========
J A P A N
=========
MEC COMPANY: To Liquidate Hong Kong Subsidiary on Low Sales
-----------------------------------------------------------
TipRanks reports that MEC Company Ltd. has announced the decision
to dissolve and liquidate its wholly owned subsidiary, MEC (Hong
Kong) Ltd., due to shrinking sales activities and to enhance
overall business efficiency.
The subsidiary, established in 1996, primarily focused on the sale
of chemicals for electronic substrates.
According to TipRanks, the liquidation process will proceed
following local regulations.
MEC Company Ltd. (TYO: 4971) engages in the research and
development, production, and sale of chemicals, equipment, and
related materials used in the production of printed circuit boards.
The company offers various chemicals for electronic substrates,
such as roughening type adhesion enhancement; rolled annealed
copper roughening treatment; pre-lamination treatment of multilayer
substrates and adhesion enhancement for high-frequency substrates;
anisotropic etching and seed layer etching; copper surface
treatment for CO2 laser direct drilling; degreasing, rust removal,
temporary anti-tarnish; other metal surface treatment; DFR
pre-treatment; microetching; and various residue removal treatment.
It also provides AMALPHA, a metal surface treatment technology for
direct metal and resin bonding.
=====================
N E W Z E A L A N D
=====================
CHIC LASH: Creditors' Proofs of Debt Due on Nov. 18
---------------------------------------------------
Creditors of Chic Lash N Brows Limited are required to file their
proofs of debt by Nov. 18, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 17, 2024.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
PRECISE TRAFFIC: Placed in Liquidation Due to NZD2.1MM IRD Debt
---------------------------------------------------------------
The Post reports that 30 people are out of work after a Wellington
traffic management company's NZD2.1 million tax bill plunged it
into liquidation, despite holding contracts with the likes of
Fulton Hogan, Wellington Water and Northpower.
According to The Post, Precise Traffic Solutions went into
liquidation on October 1 after petrol company Z Energy issued a
statutory demand and applied to put it into liquidation on that
date, which was granted by the High Court at Wellington.
"The financial pressures and changing nature of work proved
insurmountable, ultimately leading to the company's liquidation,"
BDO liquidators Iain Shephard and Jessica Kellow said in the
company's first liquidator's report last week.
Precise Traffic Solutions provided traffic management services
across Lower Hutt and the Greater Wellington region.
SELETTI NEW ZEALAND: Court to Hear Wind-Up Petition on Nov. 7
-------------------------------------------------------------
A petition to wind up the operations of Seletti New Zealand Limited
will be heard before the High Court at Invercargill on Nov. 7,
2024, at 11:45 a.m.
Comptroller of Customs filed the petition against the company on
Sept. 13, 2024.
The Petitioner's solicitor is:
Philip Vance Shackleton
Meredith Connell
Level 7, 8 Hardinge Street
Auckland
TRANSFORM ELECTRICAL: Creditors' Proofs of Debt Due on Dec. 6
-------------------------------------------------------------
Creditors of Transform Electrical Limited (trading as Transform
Electrical Ltd), Focus Civil Solutions Limited, Lucky Trowel
Limited, Flexible Property Maintenance Limited, Bal Transport
Limited, Auckland Doors Limited (trading as Auckland Doors) and My
Multiplying Limited are required to file their proofs of debt by
Dec. 6, 2024, to be included in the company's dividend
distribution.
Transform Electrical Limited, Focus Civil Solutions Limited, Lucky
Trowel Limited commenced wind-up proceedings on Oct. 21, 2024.
Transform Electrical Limited, Focus Civil Solutions Limited, Lucky
Flexible Property Maintenance Limited commenced wind-up proceedings
on Oct. 22, 2024.
Bal Transport Limited commenced wind-up proceedings on Oct. 23,
2024.
Auckland Doors Limited and My Multiplying Limited commenced wind-up
proceedings on Oct. 24, 2024.
The company's liquidators are:
Derek Ah Sam
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu, Auckland 0651
UUE TRUSTEE: Court to Hear Wind-Up Petition on Nov. 4
-----------------------------------------------------
A petition to wind up the operations of UUE Trustee Limited will be
heard before the High Court at Tauranga on Nov. 4, 2024, at 10:00
a.m.
Body Corporate 519465 filed the petition against the company on
Sept. 9, 2024.
The Petitioner's solicitor is:
Conall MacFadyen
c/- Level 2, 87 Central Park Drive
Henderson, Auckland 0650
YLG TRADE: Court to Hear Wind-Up Petition on Dec. 6
---------------------------------------------------
A petition to wind up the operations of YLG Trade Limited will be
heard before the High Court at Auckland on Dec. 6, 2024, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 8, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
=================
S I N G A P O R E
=================
ASIAN FLAVORS: Commences Wind-Up Proceedings
--------------------------------------------
Members of Asian Flavors Pte. Ltd. on Oct. 22, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Farooq Ahmad Mann
No. 3 Shenton Way
#03-06C Shenton House
Singapore 068805
BOLDTEK HOLDINGS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order Oct. 21, 2024, to wind
up the operations of Boldtek Holdings Limited.
The company's liquidators are:
Tan Wei Cheong
Lim Loo Khoon
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
MEDIA CAPITALIST: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of Media Capitalist Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
P.Y. INVESTMENT: Creditors' Proofs of Debt Due on Nov. 25
---------------------------------------------------------
Creditors of P.Y. Investment Company (Private) Limited, Jubros Pte
Ltd and Buan Lee Seng Trading Pte Ltd are required to file their
proofs of debt by Nov. 25, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 18, 2024.
The company's liquidators are:
Victor Goh
Khor Boon Hong
Marie Lee
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
QOO10 LTD: Court OKs Sale Process for e-Commerce Platforms
----------------------------------------------------------
Yonhap News Agency reports that a Seoul court has approved the
process to find a new owner for e-commerce platforms TMON and
WeMakePrice placed under court-led rehabilitation since early
September after failing to make payments to vendors using their
platforms, an official said Oct. 23.
The Seoul Bankruptcy Court has selected the EY Hanyoung accounting
firm as the lead manager for the process to sell the e-commerce
platforms to help resolve the massive payment delays, the court's
appointed custodian, Jo In-cheol, told Yonhap News Agency over the
phone.
TMON and WeMakePrice are separately put up for sale, but they can
be sold together, he said.
The process will be carried out in the form of a stalking horse
bid, in which a preliminary bidder suggests its price for the
platforms ahead of a formal auction and other bidders submit their
prices in the auction, the manager said, Yonhap relays.
If a bidder were to suggest a higher price, the preliminary bidder
would have to decide whether to take over the platforms at the
other bidder's price or not.
Yonhap relates that EY Hanyoung plans to receive letters of intent
from companies interested in the platforms by Nov. 8 and aims to
select a preferred bidder on Dec. 11, he said.
Under the court-led rehabilitation program, EY Hanyoung is
scheduled to evaluate the two platforms' going concern value and
their liquidation value by Nov. 29.
If their going concern value is bigger than their liquidation
value, TMON and WeMakePrice are expected to submit their detailed
rehabilitation plans to the court by Dec. 27, according to Yonhap.
"The push for an M&A before the court's decision on whether to
approve rehabilitation plans for the platforms or not (in December)
is aimed at making delayed payments to vendors as quickly as
possible," he said.
In late July, TMON and WeMakePrice filed for corporate
rehabilitation with the bankruptcy court.
The payment delays by the two platforms prompted local financial
authorities to launch an investigation, Yonhap says. The
authorities estimated there are more than KRW1.5 trillion (US$1.1
billion) of unpaid bills and other liquidity issues regarding the
incident.
The liquidity crisis was reportedly caused by aggressive merger
deals by their owner, Singapore-based Qoo10, Yonhap adds.
About Qoo10
Singapore-based Qoo10 Group retails e-commerce products. The
Company offers personal care, sports apparel, consumer electronics,
home furnishing, food, toys, and other consumer products. Qoo10
serves customers worldwide. Qoo10 owns Korean online shopping
platforms TMON and WeMakePrice.
As reported the Troubled Company Reporter-Asia Pacific on Sept. 11,
2024, the Seoul Bankruptcy Court on Sept. 10 granted a
rehabilitation process for liquidity crisis-hit e-commerce
platforms TMON and WeMakePrice, allowing them to restructure their
debts to creditors under the supervision of court-appointed
custodians.
According to Yonhap News Agency, the decision came more than a
month after TMON and WeMakePrice filed for court-supervised
rehabilitation, following overdue payments to vendors operating on
their platforms that reached nearly KRW1 trillion (US$744 million).
SUBHARA SINGAPORE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of Subhara Singapore Pte. Ltd.
Standard Chartered Bank (Singapore) Limited filed the petition
against the company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=====================
S O U T H K O R E A
=====================
LOTTE CHEMICAL: To Liquidate Malaysian Synthetic Rubber Unit
------------------------------------------------------------
Businesskorea reports that Lotte Chemical announced on Oct. 25 that
it will liquidate LUSR, a synthetic rubber production company based
in Malaysia. This decision marks a significant step in Lotte
Chemical's strategic restructuring efforts to concentrate resources
on fostering and strengthening new growth businesses centered on
general petrochemicals.
LUSR was established in 2012 as a joint venture between Lotte
Chemical and UBE Elastomer, with each company holding a 50% stake,
Businesskorea discloses. The joint venture aimed to capitalize on
the growing demand for synthetic rubber, which is widely used in
industries such as automotive and manufacturing. However, the
liquidation of LUSR aligns with Lotte Chemical's strategic
direction, as the company now considers synthetic rubber a non-core
business.
Businesskorea relates that Lotte Chemical's CEO, Lee Hoon-ki,
stated, "The liquidation of LUSR is part of our efforts to restore
financial soundness and change our business portfolio." This move
is part of a broader strategy to reduce the proportion of its basic
chemical business in its portfolio to below 30% by 2030. The
company is shifting its focus to general petrochemicals, which are
seen as more aligned with its long-term strategic goals.
According to the report, the decision to liquidate LUSR is also
driven by the need to enhance financial soundness. Lotte Chemical
plans to achieve this through strategic business withdrawals, the
sale of inefficient assets, and attracting investments to manage
business risks. "We will continue to actively respond to the
changing market in line with our management strategy,"
Businesskorea quotes Mr. Lee as saying.
Businesskorea notes that the global petrochemical industry is
undergoing significant changes, with companies increasingly
focusing on specialized and high-value products. This trend is
influencing Lotte Chemical's decision to pivot away from synthetic
rubber, which, despite its wide range of applications, does not
align with the company's future direction. By concentrating on
general petrochemicals, Lotte Chemical aims to optimize its
business portfolio and focus on its core competencies.
Historically, the establishment of LUSR in 2012 was a strategic
move to expand into the synthetic rubber market, Businesskorea
says. However, the market dynamics have shifted, and Lotte Chemical
now sees greater potential in other areas. The company's recent
financial performance, including revenue, profit margins, and debt
levels, underscores the need for strategic adjustments to improve
financial stability.
In addition to the liquidation of LUSR, Lotte Chemical is also
looking to sell inefficient assets as part of its financial
strategy, Businesskorea adds. This approach is aimed at enhancing
the company's financial health and ensuring it can navigate the
complexities of the global petrochemical market. The company is
also keen on attracting investments to manage business risks and
support its growth initiatives.
Headquartered in Seoul, South Korea, Lotte Chemical Corporation
manufactures synthetic resins and other chemical products used for
various industrial materials.
*********
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
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Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***