/raid1/www/Hosts/bankrupt/TCRAP_Public/241101.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, November 1, 2024, Vol. 27, No. 220
Headlines
A U S T R A L I A
AFAR RETAIL: Second Creditors' Meeting Set for Nov. 6
EAST ROCKINGHAM: Calls In KordaMentha as Administrators
ERA SECURITY: First Creditors' Meeting Set for Nov. 6
LANDMARK EAST: First Creditors' Meeting Set for Nov. 6
ROBOT SPECIALIST: First Creditors' Meeting Set for Nov. 7
C H I N A
CBAK ENERGY: President & CEO Yunfei Li Resigns
CHINA EVERGRANDE: Faces Hurdles Amid Liquidation Efforts
CHINA VANKE: Posts CNY8.1 Billion Net Loss in Q3 of 2024
HOZON AUTO: Confirms Layoffs Amid Efforts to Arrest Sales Plunge
SHINECO INC: All Four Proposals Approved at Annual Meeting
I N D I A
ALECTRONA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
ASHTAVINAYAK AUTO: CARE Keeps D Debt Rating in Not Cooperating
AVK AUTOMALL: CARE Keeps D Debt Rating in Not Cooperating Category
AVK AUTOMART: CARE Keeps D Debt Rating in Not Cooperating Category
AYODHYA COTSPIN: CRISIL Cuts Long/Short Term Ratings to D
BANSI MALL: CRISIL Keeps D Debt Ratings in Not Cooperating
BOSTIN ENGINEERS: CRISIL Moves D Debt Rating to Not Cooperating
GANPATI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
GEM GRANITES: CARE Keeps D Debt Ratings in Not Cooperating
GURUDEVA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
GVR RMN HUBLI: CRISIL Keeps D Debt Rating in Not Cooperating
GYAN SHAKTI: CRISIL Keeps D Debt Rating in Not Cooperating
H. K. TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
HI TECH FERROUS: Insolvency Resolution Process Case Summary
HOTEL IDA: CRISIL Keeps D Debt Ratings in Not Cooperating
HOTEL RATHI: CRISIL Keeps D Debt Rating in Not Cooperating
HOWRAH MILLS: CRISIL Keeps D Debt Ratings in Not Cooperating
INTEGRATED CAPS: CRISIL Keeps D Debt Ratings in Not Cooperating
INTENSIV-FILTER: CRISIL Keeps D Debt Ratings in Not Cooperating
LIFE INSURANCE: Receives GST Demand Notice of INR65 crore
MADAN GOPAL: CARE Keeps D Debt Ratings in Not Cooperating Category
MAKRO CAST: Liquidation Process Case Summary
MERCURY WEALTH: Voluntary Liquidation Process Case Summary
ORANGE TREE: Voluntary Liquidation Process Case Summary
ORCHARD FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
P. KALIKURICHI: CRISIL Keeps D Debt Ratings in Not Cooperating
P. PRAFUL: CRISIL Keeps D Debt Rating in Not Cooperating Category
PREM NARAYAN: CARE Keeps D Debt Rating in Not Cooperating Category
RAIPUR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
REENA TINAAZ: CRISIL Keeps D Debt Ratings in Not Cooperating
SPARK GREEN: BEST's Bid to be Classified as Sec. Creditor Rejected
SUNLIT ELEMENTS: CARE Keeps D Debt Rating in Not Cooperating
TRANS GLOBAL: Voluntary Liquidation Process Case Summary
VARMORA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
VIJETHA SUPER: CRISIL Keeps D Debt Ratings in Not Cooperating
VIMAL CHHAGANLAL: CRISIL Keeps D Debt Ratings in Not Cooperating
VIRAJ SPINNERS: CRISIL Keeps D Debt Ratings in Not Cooperating
M A L A Y S I A
AGESON BHD: Independent Auditor Issues Disclaimer of Opinion
MAXLAND BHD: External Auditor Raises Going Concern Doubts
N E W Z E A L A N D
BIG DADDYS: Court to Hear Wind-Up Petition on Nov. 6
GRACE LIMITED: Court to Hear Wind-Up Petition on Nov. 12
LABOUR 4 YOU: Creditors' Proofs of Debt Due on Nov. 30
RAYNMAC LIMITED: Creditors' Proofs of Debt Due on Nov. 29
SAGE LIFESTYLE: Reynolds & Associates Appointed as Liquidator
S I N G A P O R E
MR. DONER: Court Enters Wind-Up Order
PAREL HOLDINGS: Creditors' Proofs of Debt Due on Nov. 30
RIGHT CHOICE: Court Enters Wind-Up Order
VENTURER PTE: Court Enters Wind-Up Order
YIFENG GLOBAL: Court Enters Wind-Up Order
- - - - -
=================
A U S T R A L I A
=================
AFAR RETAIL: Second Creditors' Meeting Set for Nov. 6
-----------------------------------------------------
A second meeting of creditors in the proceedings of Afar Retail EF
Pty Ltd has been set for Nov. 6, 2024 at 3:00 p.m. at the offices
of BRI Ferrier at Level 26, 25 Bligh Street in Sydney.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 5, 2024 at 4:00 p.m.
Jonathon Keenan and Peter Krejci of BRI Ferrier were appointed as
administrators of the company on Oct. 1, 2024.
EAST ROCKINGHAM: Calls In KordaMentha as Administrators
-------------------------------------------------------
Jesinta Burton at WAtoday reports that the entity behind the AUD511
million East Rockingham Waste to Energy plant has called in
administrators amid an unrelenting legal row with its own
contractors.
Documents lodged with the corporate regulator show KordaMentha's
John Bumbak and Richard Tucker were appointed on Oct. 28 to East
Rockingham RRF Project Co Pty Ltd, the entity behind the
trouble-plagued waste-to-energy plant.
By Oct. 29, the entity had been handballed to receivers, WAtoday
says.
According to WAtoday, the construction of the plant, which has been
backed by taxpayers to the tune of AUD75 million, has been plagued
by issues stemming from the pandemic, delaying its completion by
more than two years.
It had been due to be operational by the end of 2024.
But it has also been locked in a stoush with contractors Hitachi
and Acciona in the Federal Court, the latter returning fire with a
cross-claim, WAtoday notes.
WAtoday relates that East Rockingham Resource Recovery Facility
Project Co dragged the contractors to court in February 2023
demanding damages over allegations of unconscionable conduct for
locking workers out of the site.
In May, the Federal Court justice presiding over the case lashed
the parties over their conduct and the burden the case had placed
on public resources.
The trio have been coexisting in an "uneasy truce" after multiple
failed attempts at mediation but have continued their respective
legal pursuits - inking financial undertakings just weeks ago.
The parties had been due to return to court on December 4, says
WAtoday.
ERA SECURITY: First Creditors' Meeting Set for Nov. 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Era Security
Pty Ltd will be held on Nov. 6, 2024 at 11:00 p.m. via Microsoft
Teams.
Liam Bellamy of Mackay Goodwin was appointed as administrator of
the company on Oct. 25, 2024.
LANDMARK EAST: First Creditors' Meeting Set for Nov. 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Landmark
East Pty Ltd will be held on Nov. 6, 2024 at 2:30 p.m. via
telephone conference from Suite 1 Level 20, 20 Bond Street in
Sydney.
Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Oct. 25, 2024.
ROBOT SPECIALIST: First Creditors' Meeting Set for Nov. 7
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Robot
Specialist Australia Pty Ltd will be held on Nov. 7, 2024 at 11:00
a.m. virtually by video conference.
Barry Wight and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on Oct. 25, 2024.
=========
C H I N A
=========
CBAK ENERGY: President & CEO Yunfei Li Resigns
----------------------------------------------
CBAK Energy Technology, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on and effective Oct. 24,
2024, Mr. Yunfei Li resigned as chief executive officer and
president of the Company. Mr. Li's resignation was due to personal
reasons and his planned retirement and not because of any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.
On the same date, the Board of Directors of the Company appointed
Mr. Zhiguang Hu as chief executive officer and president of the
Company.
Mr. Zhiguang Hu, 42, is a long-term employee who has been with the
Company since 2004 and has led the Company's sales and marketing
department, contributing significantly to the revenue growth of the
Company's battery business in recent years. Since June 2023, he
has held the position of Deputy General Manager in the Company's
Sales and Marketing Department. Prior to this role, he served as
the Director of Sales and Marketing at our subsidiary, Dalian CBAK
Power Battery Co., Ltd., from January 2014 to May 2023. His
experience also includes serving as the Director of the Sales and
Marketing Department at BAK International (Tianjin) Co., Ltd. from
January 2012 to December 2013, a former subsidiary of the Company.
Before that, he was the Sales Manager at BAK International
(Tianjin) Co., Ltd. from January 2008 to December 2011.
Additionally, he managed Overseas Business and Key Accounts at
Shenzhen BAK Battery Co., Ltd., another former subsidiary of the
Company, from July 2004 to December 2007. Mr. Hu graduated from
Lanzhou Business College (now Lanzhou University of Finance and
Economics) in July 2004, earning a degree in Business
Administration.
Mr. Zhiguang Hu is entitled to receive an annual salary of
RMB308,230.33 (approximately $43,301.72) from the Company.
There is no family relationship that exists between Mr. Zhiguang Hu
and any directors or executive officers of the Company. In
addition, there are no arrangements or understandings between Mr.
Zhiguang Hu and any other persons pursuant to which he was selected
as an officer of the Company and there are no transactions between
the Company and Mr. Zhiguang Hu that would require disclosure under
Item 404(a) of Regulation S-K.
About CBAK Energy Technology
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products and storage, among others.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 15, 2024, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2023. All these factors raise substantial doubt
about its ability to continue as a going concern.
CHINA EVERGRANDE: Faces Hurdles Amid Liquidation Efforts
--------------------------------------------------------
TipRanks reports that China Evergrande Group, currently in
liquidation, announced that despite ongoing efforts by the
liquidators to realize assets and return value to stakeholders, the
company's significant debt and limited resources hinder potential
restructuring and trading resumption.
TipRanks relates that the liquidators are open to new investors for
restructuring opportunities, while trading of Evergrande's shares
remains suspended. Investors are advised to exercise caution in
dealing with the company's securities.
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
CHINA VANKE: Posts CNY8.1 Billion Net Loss in Q3 of 2024
--------------------------------------------------------
Bloomberg News reports that China Vanke Co posted another massive
loss in the third quarter (3Q), underscoring the pressure on the
property developer as it tries to pay off debt amid the country's
prolonged housing slump.
Shenzhen-based Vanke reported a net loss of CNY8.1 billion,
bringing its combined losses for the first nine months of the year
to CNY17.9 billion, Bloomberg discloses citing a statement to the
Hong Kong exchange on Oct. 30.
As a bellwether for China's real estate crisis, Vanke's debt
troubles underscore how even the highest quality developers have
been ensnared by the unprecedented slowdown, now in its fourth
year, Bloomberg says. The crisis is taking a toll on the closely
watched builder, as the government's efforts to stem the sector's
decline have yet to materially reinvigorate homebuyer demand.
"Vanke will likely keep struggling with a shortfall in contracted
sales, as the raft of stimulus policies targeting China's housing
sector since September is unlikely to lead to a sustainable
recovery in developers' new-home sales," Bloomberg Intelligence
analysts Kristy Hung and Monica Si wrote in a note last week.
In September, Vanke's contracted sales declined 46% from a year
earlier to CNY17.4 billion, the biggest monthly slide since
February, according to Bloomberg calculations based on company
data.
The state-backed developer, once considered one of the strong
players in the industry, has been raising funds and looking to sell
assets to calm investor concern over liquidity stress, Bloomberg
notes.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-September 2024, Fitch Ratings has downgraded China Vanke Co.,
Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to 'B+', from 'BB-'. The Outlook is Negative. Fitch has also
downgraded the Long-Term IDR on China Vanke's wholly owned
subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK),
to 'B', from 'B+', and downgraded Vanke HK's senior unsecured
rating and the rating on the outstanding senior notes to 'B' with a
Recovery Rating of 'RR4', from 'B+'. The Outlook on the IDR is
Negative.
The TCR-AP reported in mid-September 2024, that S&P Global Ratings
lowered its long-term issuer credit rating on China Vanke Co. Ltd.
to 'BB-' from 'BB+', and its long-term issuer credit rating on
China Vanke subsidiary Vanke Real Estate (Hong Kong) Co. Ltd.
(Vanke HK) to 'B+' from 'BB'. S&P also lowered the issue rating on
Vanke HK's senior unsecured notes to 'B+' from 'BB'.
The TCR-AP also reported in mid-August, Moody's Ratings has
downgraded the corporate family ratings of China Vanke Co., Ltd.
and its wholly-owned subsidiary, Vanke Real Estate (Hong Kong)
Company Limited. Moody's have also maintained the negative outlooks
of the entities.
HOZON AUTO: Confirms Layoffs Amid Efforts to Arrest Sales Plunge
----------------------------------------------------------------
Yicai Global reports that Hozon Auto, which produces electric
vehicles under the Neta brand, has confirmed plans for redundancies
and organizational changes at the marque in the wake of a sales
slump.
Yicai relates that the confirmation followed an online rumor about
salary cuts for Neta's research and development staff, with those
earning over CNY1 million (USD140,450) set for a 30 percent drop,
while other workers face cuts of between 5 percent and 20 percent.
According to Yicai, Hozon said day-to-day operations are proceeding
smoothly and that the Shanghai-based company is actively delivering
new vehicles to customers. The firm also plans to participate in
the upcoming Guangzhou Auto Show, it added.
Neta announced on Oct. 29 an allocation of 5 percent of its shares,
worth about CNY2 billion (USD281 million), as part of an employee
incentive plan. New salary and performance assessment frameworks
have been introduced internally as well.
Yicai notes that Neta has been struggling in China's fiercely
competitive EV market, with total sales falling by 16 percent last
year to 120,000 units. There was a further 12.1 percent drop in the
first nine months of this year to 86,000. The company has faced
reports of delayed salaries and bonuses in February and again in
September this year.
Founded in 2018, Neta has completed 14 funding rounds, yet it
reported a cumulative loss exceeding CNY18 billion (USD2.53
million) from 2021 to 2023, Yicai states. Its parent company filed
for an initial public offering in Hong Kong on June 26, but there
has been little progress with the listing since then.
Tongxiang-based Hozon Auto manufactures electric car. It produces
vehicles under the Neta brand.
SHINECO INC: All Four Proposals Approved at Annual Meeting
----------------------------------------------------------
Shineco, Inc. reported in a Form 8-K filed with the Securities and
Exchange Commission that on Oct. 21, 2024, the Company held the
2025 annual general meeting of shareholders at which the
stockholders:
(1) approved an amendment to the Company's certificate of
incorporation to effect, at the discretion of its Board of
Directors, a reverse stock split of the Common Stock at a ratio of
not less than 1-for-2 and not more than 1-for-25, subject to the
Board's authority to abandon such amendment;
(2) approved the Company's 2025 Equity Incentive Plan, pursuant
to which 6,500,000 shares of the Company's common stock, par value
$0.001 per share, will be made available for issuance under the
2025 Equity Incentive Plan;
(3) elected Mike Zhao, Sai (Sam) Wang, Jennifer Zhan, Mingyong
Hu, Aamir Ali Quraishi, Xiqiao Liu, and Hu Li as directors to serve
until their successors are duly elected and qualified at the 2026
annual meeting of stockholders or until their earlier resignation
or removal; and
(4) ratified the appointment of Assentsure PAC as the
independent registered public accounting firm of the Company for
the fiscal year ending June 30, 2025.
About Shineco
Headquartered in Beijing, People's Republic of China, Shineco, Inc.
is a holding company incorporated in Delaware. As a holding
company with no material operations of its own, the Company
conducts its operations through its subsidiaries and in the two
years ended June 30, 2023 and 2024, through the VIEs and
subsidiaries. The Company's shares of common stock currently
listed on the Nasdaq Capital Markets are shares of its Delaware
holding company.
Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
30, 2024, citing that the Company had net losses of approximately
US$$24.3 million and US$14.0 million, and cash outflow of US$3.9
million and US$5.4 million from operating activities for the years
ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and
2023, the Company had accumulated deficit of US$54.3 million and
US$31.7 million, respectively, and as of June 30, 2024 and 2023,
the Company had negative working capital of US$6.7 million and
US28.9 million, respectively. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
=========
I N D I A
=========
ALECTRONA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alectrona
Energy Private Limited (AEPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 47.28 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 35.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 20.13 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2023, placed the rating(s) of AEPL under the 'issuer
non-cooperating' category as AEPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 5, 2024,
August 15, 2024 and August 25, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
AEPL is a Chennai-based Engineering, Procurement and Construction
(EPC) contractor engaged in execution of turn-key projects in the
Solar Power sector. AEPL was promoted by Mr Rohit Rabindranath in
May 2010 and is a part of the Zynergy group, which operates in the
solar power segment. AEPL mainly undertakes turn-key projects for
government entities like Tamil Nadu Energy Development Authority
(TEDA), Agency for Non-conventional Energy and Rural Technology
(ANERT) etc.
ASHTAVINAYAK AUTO: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Ashtavinayak Auto Private Limited (AAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.75 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 5,
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 August 20, 2024,
August 30, 2024 and September 9, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ashtavinayak Auto Private Limited (AAPL) was set-up in 2007 by Mr.
Lalit Kumar and his son, Mr. Puneet Kumar. The company is an
authorized dealer of Chevrolet cars in Mumbai having a showroom
located at Andheri and a service center at Oshiwara. CARE does not
have any update on the latest developments in this regard.
AVK AUTOMALL: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AVK
Automall Private Limited (AAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.26 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 5,
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 August 20, 2024,
August 30, 2024 and September 9, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
AAPL was set-up in 2010 by Mr. Lalit Kumar and his son, Mr. Puneet
Kumar and is an authorized dealer of Ford India Private Limited in
Mumbai. The company has a showroom located at Powai, Mumbai with
two workshops at Chandivali and Powai.
AVK AUTOMART: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AVK
Automart Private Limited (AAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.44 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 10,
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 August 25, 2024,
September 4, 2024 and September 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).
AAPL was set-up in 2010 by Mr. Lalit Kumar and his son, Mr. Puneet
Kumar and is an authorized dealer of Ford India Private Limited in
Mumbai. The company has a showroom located at Powai, Mumbai with
two workshops at Chandivali and Powai.
AYODHYA COTSPIN: CRISIL Cuts Long/Short Term Ratings to D
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Ayodhya Cotspin Pvt Ltd (ACPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Short Term Rating - CRISIL D (Downgraded from
'CRISIL A4+')
The downgrade in ratings reflects the instance of delay in
repayment of term debt obligation for the month of July 2024
because of poor liquidity. The term debt repayment was due on July
24, 2024, however, due to insufficient funds, the repayment was
made with a delay of 2 days on July 26, 2024. The utilisation of
bank lines was also full on the due date, thereby leaving limited
funds to service the debt obligation. The company has shared the
no-default statement wherein they haven't mentioned about any
irregularities.
The ratings reflect the delay in meeting repayment obligation,
working capital intensive operations and leveraged capital
structure. These weaknesses are partially offset by the extensive
experience of the promoters in the cotton textile industry and
benefits from the adoption of latest machinery in a steady
industry.
Analytical Approach
CRISIL Ratings has considered the standalone business and financial
risk profiles of ACPL
Key Rating Drivers & Detailed Description
Weaknesses:
* Delay in servicing term debt obligation: The firm had to delay
servicing its term debt obligation in July 2024 because of poor
liquidity. The term debt repayment was due on July 24, 2024,
however, due to insufficient funds, the repayment was made on July
26, 2024. The utilisation of bank lines was also full on the due
date, thereby leaving limited funds to service the debt
obligation.
* Working capital intensive operations: Bank limit utilisation was
100% for multiple months through six months through June 2024 with
average utilization for same period being 99%. Gross current assets
(GCAs) were 112 days as on March 31, 2024. A low cushion in bank
limits exposes the company to the risk of liquidity challenges in
the wake of any unanticipated weakening in the business risk
profile.
* Leveraged capital structure: Low networth and increased
dependence on external debt to support business growth has resulted
in leveraged capital structure with gearing at 2.42 times and total
outside liabilities to tangible networth (TOLTNW) ratio at 2.94
times as on March 31, 2024.
Strength:
* Extensive experience of the promoters: Longstanding presence of
the promoters in the cotton textile industry, including via
directorships in other group companies engaged in the same
business, has helped them gain strong understanding of market
dynamics and maintain healthy relationships with suppliers and
customers. This will ensure steady demand and easy access to raw
material for ACPL over the medium term.
Liquidity: Poor
The firm had to delay servicing its repayment obligation for July
2024. Utilisation level of cash credit facility was high at 99% for
the six months through June 2024.
Rating sensitivity factors
Upward factors:
* Timely honouring of debt obligations for three months
continuously
* Improvement in revenue and sustenance of operating margin,
leading to higher-than-expected net cash accrual
ACPL was incorporated in 2021 by Mr Surinder Kumar, Mr Rajeev
Singla, Mr Vijay Kumar, Mr Gaurav Garg, Mr Nitesh Garg, and Mr
Ravinder Kumar.
ACPL is currently operating a unit to manufacture cotton yarn in
Patiala Road, Samana, Punjab with installed capacity of 7770 Metric
tonnes per annum (MTPA) (i.e., 6300 MT for 14 counts and 1470 MT
for 20 counts). The plant commenced operations on November 27,
2023.
BANSI MALL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bansi Mall
Management Company Private Limited (BMMCPL) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 100 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 150 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BMMCPL for
obtaining information through letter and email dated September 17,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BMMCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BMMCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of BMMCPL continues to be 'CRISIL D Issuer Not
Cooperating'.
BMMCPL was incorporated in 2005 by the promoters of the Future
group to develop and manage SOBO Central Mall (formerly Crossroad
Mall) at Haji Ali, in Mumbai. It also acts as a special-purpose
vehicle for other companies of the Future group. SOBO Central Mall
has total leasable area of 1.5 lakh sq ft, which has been entirely
rented out to clients such as Future Consumer Enterprises Ltd
(FCEL), FRL and FLFL, with FCEL occupying only 1% of the leasable
area.
BOSTIN ENGINEERS: CRISIL Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Bostin Engineers Private Limited (BEPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated')
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated')
Inland/Import 2.4 CRISIL D (ISSUER NOT
Letter of Credit COOPERATING; Rating Migrated')
CRISIL Ratings has been consistently following up with BEPL for
obtaining information through letter and email dated September 18,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BEPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the ratings on
bank facilities of BEPL to 'CRISIL D/CRISIL D Issuer not
cooperating'
BEPL, incorporated in 1990, is a Howrah (West Bengal)-based company
that manufactures and installs pressure boilers, boiler parts, heat
exchangers, steam pipelines, pressure vessels, and pipe fittings
for players in the power industry; it also installs process
equipment at customer's site. Mr. Dilip Bose and Mr. Deepak Bose
are the main promoters individually having more than 2 decades of
operational experience in the fittings and engineering industry.
GANPATI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganpati
Steels (GS) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GS for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GS
continues to be 'CRISIL D Issuer Not Cooperating'.
GS is a partnership of Mr Ashish Gupta and Ms Nirupama Gupta. It
manufactures and trades in galvanised iron, barbed, and stay wires.
Manufacturing unit is in Bhilai, Chhattisgarh. Operations are
primarily managed by Mr Ashish Gupta.
GEM GRANITES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gem
Granites (GG) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 58.02 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 19.33 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 77.16 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 8,
2023, placed the rating(s) of GG under the 'issuer non-cooperating'
category as GG had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 24, 2024 and August 3, 2024
and August 13, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
GG is a partnership firm established in the year 1972 by Mr
Veeramani to carry on the business of mining/quarrying and
processing of various varieties of granites. The firm has two
quarrying units one in Ilkal, Karnataka and other in Dharmapuri
district. It also has a granite processing unit in Injambakkam,
Chennai.
GURUDEVA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Gurudeva Trust
(GT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 3.0 CRISIL D (Issuer Not
Cooperating)
Term Loan 8.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GT for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GT
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
GT was established in January 2001 by Mr K R Kusuman along with
other partners. Based in Ernakulam, the trust runs the Sree
Narayana Guru Institute of Science & Technology, which offer
post-graduate courses in business and computer management and
engineering degree courses under the Mahatma Gandhi University.
GVR RMN HUBLI: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings the rating on bank facilities of GVR RMN Hubli
Lakshmeshwar Road Project Private Limited (GVR-RMN-HL) continues to
be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 160 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GVR-RMN-HL
for obtaining information through letter and email dated September
9, 2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GVR-RMN-HL, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on GVR-RMN-HL is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of GVR-RMN-HL continues to be 'CRISIL D Issuer Not
Cooperating'.
Set up in 2009, GVR-RMN-HL is a special purpose vehicle (SPV) set
up by the joint venture (JV) between GVR Infra Projects Ltd. and
RMN Infra Structures Ltd (51:49). The SPV was set up to carry out
improvements and widening of the two lane Hubli'Lakshmeshwar state
highway (SH-73) between Dharwad and Gadag districts of Karnataka.
The project is being carried out on a BOT- annuity basis.
GYAN SHAKTI: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gyan Shakti
Education Welfare Trust (GSEWT) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GSEWT for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GSEWT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSEWT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSEWT continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in December 2013, with the registered office in New
Delhi, GSEWT has set up a public school'affiliated to the Central
Board of Secondary Education'at Crossings Republik, Ghaziabad,
Uttar Pradesh.
H. K. TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of H. K. Timbers
Private Limited (HKTPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.00 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 8.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HKTPL for
obtaining information through letter and email dated September 09,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HKTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HKTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HKTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
HKTPL, set up in December 2012, is promoted by the Rudani family.
It has taken over the business of its group entity, HKT, engaged in
processing and sale of timber. HKTPL has a timber processing
facility in Gandhidham, Gujarat.
HI TECH FERROUS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Hi Tech Ferrous & Non-Ferrous India Private Limited
106, Chander Puri, Ghaziabad - 201001
Uttar Pradesh
Insolvency Commencement Date: October 10, 2024
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: April 8, 2025
Insolvency professional: Rakesh Kumar Jindal
Interim Resolution
Professional: Rakesh Kumar Jindal
3656/6, Gali No. 6, Narang Colony, Tri Nagar,
Near Rose Garden, North West,
National Capital Territory of Delhi 110035
Email: cirp-hitech@efficaxindia.com
-- and --
70D, 3rd Floor, Pocket-A,
Krishna Park Ext.,
Tilak Nagar, Delhi 110018
Last date for
submission of claims: October 29, 2024
HOTEL IDA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hotel IDA
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Hotel IDA
for obtaining information through letter and email dated September
9, 2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Hotel IDA, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Hotel IDA is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Hotel IDA continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Set up as a partnership firm by Mr Rabinder Aurora, Mr Ratik
Aurora, and Mr Maneet Aurora, Hotel IDA runs a hotel in Dehradun.
HOTEL RATHI: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hotel Rathi
Residency (HRR) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HRR for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HRR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HRR continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2010 as a partnership firm by Mr. Vijay Sheena Shetty and
Mr. Anil Savale, HRR runs a hotel in Chikhali, Pune, which offers
lodging services, multi-cuisine restaurant, and bar. The operations
of the hotel started in fiscal 2016.
HOWRAH MILLS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Howrah Mills
Co. Limited (HMCL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6.22 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 1.78 CRISIL D (Issuer Not
Cooperating)
Cash Credit 17.6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 34.8 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 14 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.02 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 15.00 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.58 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HMCL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HMCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HMCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HMCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
HMCL, set up in 1890, manufactures jute products with a capacity of
44,000 tonnes per annum. The company manufactures a wide range of
products, including hessian, jute yarn, jute cloth, and decorative
bags. It has leased out warehouses built on part of its land-bank,
and receives an annual rental income of around INR45 million.
INTEGRATED CAPS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Integrated
Caps Private Limited (ICPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 15 CRISIL D (Issuer Not
Cooperating)
Proposed Term Loan 8 CRISIL D (Issuer Not
Cooperating)
Term Loan 17 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ICPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ICPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ICPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ICPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ICPL, incorporated in 1990 by Mr. Biren Sabharwal, manufactures
crown caps and polyethylene terephthalate (PET) preforms. Its
manufacturing facility is in Noida.
INTENSIV-FILTER: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IFHPL; part
of the Intensiv-Filter Himenviro Private Limited (IFHPL; part of
the Intensive Filter group) group continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Inland/Import 6 CRISIL D (Issuer Not
Letter of Credit Cooperating)
CRISIL Ratings has been consistently following up with IFHPL part
of the Intensive Filter group) for obtaining information through
letter and email dated September 09, 2024 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IFHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IFHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
IFHPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of IFHPL and Himenviro
Environmental Engineering Company Pvt Ltd (HEECPL). That's because,
the two companies, collectively referred to as the Intensive Filter
group, are in the same business, and have common management and
operational synergies. IFHPL holds 41.8% share in HEECPL.
Incorporated in 2007 as Himenviro Environmental Technologies Pvt
Ltd (HETPL), IFHPL is promoted by Mr Manoj Garg, based in Noida,
Uttar Pradesh. The company is engaged in the designing, engineering
and installation of air pollution control equipment, and de-dusting
and filtration equipment. In 2012, HETPL acquired the German
company, Intensive Filter GmbH, and the name was changed to IFHPL.
HEECPL, incorporated in 1993, is promoted by Mr Manoj Garg. The
company is engaged in the designing, engineering and manufacturing
of pollution control equipment (mainly air pollution). Its
manufacturing facilities are at Shamli and Noida (both in Uttar
Pradesh).
LIFE INSURANCE: Receives GST Demand Notice of INR65 crore
---------------------------------------------------------
Business Standard reports that Life Insurance Corporation of India
(LIC) on Oct. 30 said tax authorities have slapped a demand notice
of about INR65 crore on it for short payment of Goods and Services
Tax (GST) for 2017-18.
Besides, there is a penalty of INR6.5 crore and interest as
applicable, the report relates.
According to Business Standard, the insurer has received
communication/demand order for Goods & Service Tax, Interest and
penalty for Jharkhand on October 30, LIC said in a regulatory
filing.
There is no material impact on financials, operations or other
activities of the corporation, it added.
Life Insurance Corporation of India (LIC) is a life insurance and
investment corporation.
MADAN GOPAL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Madan
Gopal Bhikam Chand Marketing Private Limited (SMGBCMPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 10.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 12,
2023, placed the rating(s) of SMGBCMPL under the 'issuer
non-cooperating' category as SMGBCMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMGBCMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated August 27, 2024, September 6, 2024 and September 16, 2024
among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaipur (Rajasthan) based, Sri Madan Gopal Bhikam Chand Marketing
Private Limited (SMGBCMPL) was established in 2006 as a private
limited company by Mall Family. SMGBCMPL is engaged in trading and
exports of agricultural products, such as spices, animal feeds, and
herbs. It also trades in lac, used in bangles and paints, in the
domestic market.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SMGBCMPL into Issuer
Not Cooperating category vide press release dated January 23, 2024
on account of its inability to carry out a review in the absence of
requisite information.
MAKRO CAST: Liquidation Process Case Summary
--------------------------------------------
Debtor: M/s. Makro Cast Private Limited
S-F6, Geetanjali Apartments,
Tikkle Road Mogalrajapuram
Vijayawada, Krishna District,
Andhra Pradesh 520010
Liquidation Commencement Date: October 16, 2024
Court: National Company Law Tribunal, Amaravati Bench
Liquidator: Kantipudi Venkata Raju
D No. 4-198, Manikya Nagar,
Valasapakala, Kakinada 533005
East Godavari District, Andhra Pradesh
Email: kantipudiven@gmail.com
Last date for
submission of claims: November 15, 2024
MERCURY WEALTH: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Mercury Wealth Management Private Limited
8/63, Anand Nagar Sahyog Chs Ltd. Service
Service Road, Santacruz (East), Mumbai
Maharashtra, India 400055
Liquidation Commencement Date: September 27, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Vakati Balasubramanyam Reddy
C-1205, Galaxy Apartments,
Quoreshi Nagar,
Kurla East, Mumbai 400070
Tel: +91 83691 70484
Email: vbsreddy7@gmail.com
Last date for
submission of claims: October 27, 2024
ORANGE TREE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Orange Tree Technologies Private Limited
D-111 Sushant Lok-II
Gurgaon, Gurgaon
Haryana, India 122009
Liquidation Commencement Date: October 24, 2024
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Kashi Viswanathan Sivaraman
Flat No. 204, Block-Menka
V3S Indralok, Plot No. GH-1,
Nyay Khand-1, Indirapuram,
Ghaziabad, Uttar Pradesh 201014
Email: otplvolliq@yahoo.com
sivarita68@yahoo.com
-- and --
First Floor, 64, Okhla Estate,
Phase III (Near Modi Mills)
New Delhi 110020
Tel: 011-46664623
Last date for
submission of claims: November 23, 2024
ORCHARD FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Orchard Foods
Private Limited (Orchard) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.0 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Orchard for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Orchard, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Orchard is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Orchard continues to be 'CRISIL D Issuer Not
Cooperating'.
Set up in 2013 in Thiruvarur (Tamil Nadu) by late Mr A S Sharath
Chandran, his son Mr Shiyaam and Ms.R S Sumathi, Orchard trades in
pulses like toor dal, moong dal, chick peas and green peas.
P. KALIKURICHI: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P.
Kalikurichi (PK) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PK for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PK is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PK
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
PK is engaged in diversified civil construction work, mainly
buildings for PWD. PK is owned & managed by Mr. Perumal Kalikurichi
and is based in Dindigul.
P. PRAFUL: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of P. Praful and
Company Agency (India) Private Limited (PPCA) continues to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PPCA for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PPCA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PPCA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PPCA continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2010, PPCA is promoted by the Ahmedabad
(Gujarat)-based Bhalakia family. The company trades in specialty
chemicals, which it supplies to industries such as textile,
pharmaceutical, and food products. It has its warehouses in
Hyderabad, Jodhpur, Mumbai, and Bengaluru.
PREM NARAYAN: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prem
Narayan Rameshwar Dayal (PNRD) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.90 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 7,
2023, placed the rating(s) of PNRD under the 'issuer
non-cooperating' category as PNRD had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PNRD continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 23, 2024,
August 2, 2024 and August 12, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gwalior (Madhya Pradesh) based PNRD was formed by Mr Prem Narayan
Gupta and currently it is being run by Mr. Santosh Kumar Gupta. The
firm is engaged in the business of trading of agro-commodities viz.
paddy, wheat, gram, masoor dal, moong dal etc.
RAIPUR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raipur
Polymers Private Limited (RPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.50 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7.50 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RPPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2012 and promoted by Raipur-based Mr. Praveen
Bhowray, Mr. Mohan Budhwani, and Mr. Ravishankar Choudhary, RPPL
manufactures polypropylene and high-density polyethylene woven bags
that are used for packaging in industries such as cement,
fertiliser, and food packaging.
REENA TINAAZ: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Reena Tinaaz
Private Limited (RTPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 35 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RTPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RTPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2014, RTPL is a Mumbai based company promoted by
Mr. Uday Kantilal Desai. The company is engaged the trading of
Cigarettes (various brands) and FMCG products such as soaps,
shampoos, biscuits, and mosquito coils etc. Mr. Desai was earlier
undertaking the business under his proprietorship firm Reena
Agency. In Jan 2015, the entire business was transferred to RTPL.
SPARK GREEN: BEST's Bid to be Classified as Sec. Creditor Rejected
------------------------------------------------------------------
The Economic Times reports that the bankruptcy court has rejected
Brihanmumbai Electric Supply and Transport (BEST) Undertaking's
application to direct the liquidator of Spark Green Energy (Satara)
Ltd to categorise it as a secured financial creditor and also admit
its claim of INR156 crore.
ET relates that the city-based public utility undertaking had
approached the Mumbai bench of the National Company Law Tribunal
(NCLT) after the liquidator of Spark Green Energy (Satara) rejected
the company's claim to admit the amount.
Spark Green Energy (Satara) Ltd produced, collected, and
distributed electricity.
The company was placed into liquidation on July 28, 2023.
SUNLIT ELEMENTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sunlit
Elements Private Limited (SEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 24,
2023, placed the rating(s) of SEPL under the 'issuer
non-cooperating' category as SEPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SEPL continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 9, 2024, July
19, 2024, July 29, 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).
Sunlit Elements Private Limited (SEPL) was incorporated in the year
2016, by Mr. Mohsin Khan, Mrs. Shazia Parveen Khan, Mr. Machiraju
Madhava Vasu and Mrs. V. Pranitha. The company is engaged in
manufacturing of High-density polyethylene (HDPE) drums. The
manufacturing unit is located at Ranga Reddy district, Telangana.
TRANS GLOBAL: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Trans Global Holdings Private Limited
812 Eight Floor, Ashoka Estate
24 Barakhambha Road,
New Delhi-110001
Liquidation Commencement Date: October 20, 2024
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Rakesh Kumar Jain
E-205, LGF, Greater Kailash-II,
New Delhi-110048
Email: transglobal.liq@gmail.com
Phone:011-41610287
Last date for
submission of claims: November 20, 2024
VARMORA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Varmora Foods
Private Limited (VFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.75 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.40 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.10 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 3.50 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VFPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VFPL continues to be 'CRISIL D Issuer Not Cooperating'.
VFPL, incorporated in August 2013, has a processing unit to
manufacture spray dried fruit powder, spray dried vegetable powder
and caramel colour. Its operations commenced from April 2014.
VIJETHA SUPER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijetha Super
Market (VSM) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 3.5 CRISIL D (Issuer Not
Overdraft Cooperating)
Facility
Overdraft 2.5 CRISIL D (Issuer Not
Facility Cooperating)
Proposed Long Term 3.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VSM for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VSM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VSM continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in December, 2003 as a partnership firm, VSM owns and
operates a three star hotel in Srikakulam, in addition to a bar and
restaurant. The firm also operates a super market in the same
property.
VIMAL CHHAGANLAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vimal
Chhaganlal Jewellers Private Limited (VCJPL) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with VCJPL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VCJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VCJPL continues to be 'CRISIL D Issuer Not Cooperating'.
VCJPL, promoted by Mr. Vimal Seth and his family in 2010-11 (refers
to financial year, April 1 to March 31), trades in gold ornaments.
VIRAJ SPINNERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viraj
Spinners Limited (VSL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.01 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 31.99 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VSL for
obtaining information through letter and email dated September 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VSL continues to be 'CRISIL D Issuer Not Cooperating'.
VSL was incorporated in 2010 and is promoted by Mr Sadashiv Patil.
The commercial operations of its manufacturing facility in Vita
(Maharashtra) commenced in January 2015. It has an installed
capacity of 18,720 spindles.
===============
M A L A Y S I A
===============
AGESON BHD: Independent Auditor Issues Disclaimer of Opinion
------------------------------------------------------------
theedgemalaysia.com reports that Practice Note 17 (PN17) company
Ageson Bhd said its current external auditor Messrs LTTH PLT has
expressed a disclaimer of opinion on the company's audited
financial statements for the 18-month financial period ended June
30, 2024 (FPE2024).
In a filing with Bursa Malaysia on Oct. 30, Ageson, a construction
and property development company, said it expects to resolve the
issue relating to the disclaimer of opinion within the next
financial year, theedgemalaysia.com relates.
"The company will work closely with the auditor to address the
audit issues raised on the disclaimer of opinion for the audited
financial statements for FPE2024. The company will also engage a
principal adviser to advise on the formulation of regularisation
plan," it added.
On Oct. 23, it had proposed to change the company's name to TXCD
Bhd, which is subject to the approval from its shareholders at the
upcoming annual general meeting on Nov. 29, theedgemalaysia.com
notes.
Ageson slipped into PN17 status on Nov. 1, 2023, following the
disclaimer of opinion by its then external auditor Messrs Jamal,
Amin & Partners on the company's audited financial statements for
the 18-month financial period ended Dec. 31, 2022. The concerns
were related to certain audit issues that encompass transactions
within the company and three other subsidiaries, namely Ageson
SMSGMBH Sdn Bhd, Ageson Power Sdn Bhd and Ageson Industrial Sdn
Bhd.
In May, Ageson said its consultant Virdos Lima Consultancy (M) Sdn
Bhd did not find any "material adverse findings from its
independent assessment," theedgemalaysia.com adds.
Ageson Bhd operates as an investment holding company. Its principal
activities are mainly construction and property development. The
company's segments include Construction, which is engaged in
construction works and trading; Property Development, which is
engaged in the development of residential and commercial
properties; and Others, which is into investment holding. It
generates maximum revenue from the Construction segment.
MAXLAND BHD: External Auditor Raises Going Concern Doubts
---------------------------------------------------------
Izzul Ikram at theedgemalaysia.com reports that Maxland Bhd,
formerly known as Priceworth International Bhd, has had a material
uncertainty flagged by its external auditor that cast doubt over
the integrated timber operator's availability to continue as a
going concern.
According to theedgemalaysia.com, Messrs. PKF highlighted Maxland's
net loss of MYR61.18 million for the eighteen-month period ended
June 30, 2024 (FY2024) and its current liabilities exceeding assets
by MYR69.82 million.
"These events or conditions, alongside with other matters, indicate
that a material uncertainty exists that may cast significant doubt
on the group's ability to continue as a going concern," it said in
a bourse filing on Oct. 30.
The "other matters" the auditor referred to relates to Maxland's
material obligation of MYR59.63 million payable to a third-party
creditor included in its current liabilities, which stands at
MYR117.44 million, theedgemalaysia.com relays.
It noted the group has not complied with the repayment terms of the
material obligation's settlement agreement and does not have the
ability to settle the amount.
theedgemalaysia.com relates that towards mitigating the existence
of the material uncertainty and its obligation within the next 12
months, the auditor noted that Maxland has undertaken a bonus issue
of warrants.
The exercise consisted of the issuance of 801.81 million free
warrants, on a basis of one for every two shares in Maxland, at an
exercise price of 11 sen per warrant or potential proceeds of
MYR88.2 million, assuming all warrants are exercised.
The auditor also noted that Maxland intends to return to
profitability within the next 12 months, theedgemalaysia.com adds.
Headquartered in Sandakan, Malaysia, Maxland Bhd --
https://www.maxlandbhd.com/ -- produces and distributes wood
products. The Company offers plywood, timbers, core boards,
fingerjoints, wooden doors, window frames, fire doors, and round
logs.
=====================
N E W Z E A L A N D
=====================
BIG DADDYS: Court to Hear Wind-Up Petition on Nov. 6
----------------------------------------------------
A petition to wind up the operations of Big Daddys Limited will be
heard before the High Court at Christchurch on Nov. 6, 2024, at
10:00 a.m.
Bush Inn Shopping Centre Limited filed the petition against the
company on July 4, 2024.
The Petitioner's solicitor is:
Tracey Preston
Level 7
18 Shortland Street
Auckland
GRACE LIMITED: Court to Hear Wind-Up Petition on Nov. 12
--------------------------------------------------------
A petition to wind up the operations of Grace Limited will be heard
before the High Court at Wellington on Nov. 12, 2024, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 24, 2024.
The Petitioner's solicitor is:
Claudia Elizabeth Mazuecos
Legal Services
5th Floor, Asteron Centre
55 Featherston Street
PO Box 895
Wellington
LABOUR 4 YOU: Creditors' Proofs of Debt Due on Nov. 30
------------------------------------------------------
Creditors of Labour 4 You Auckland Limited are required to file
their proofs of debt by Nov. 30, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 25, 2024.
The company's liquidator is:
Larissa Helen Logan
Suite 14456
17B Farnham Street
Parnell
Auckland 1052
RAYNMAC LIMITED: Creditors' Proofs of Debt Due on Nov. 29
---------------------------------------------------------
Creditors of Raynmac Limited are required to file their proofs of
debt by Nov. 29, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 29, 2024.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
SAGE LIFESTYLE: Reynolds & Associates Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Oct. 25, 2024, was
appointed as liquidator of Sage Lifestyle Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
=================
S I N G A P O R E
=================
MR. DONER: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of Mr. Doner Kebab 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
PAREL HOLDINGS: Creditors' Proofs of Debt Due on Nov. 30
--------------------------------------------------------
Creditors of Parel Holdings Pte. Ltd. are required to file their
proofs of debt by Nov. 30, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 28, 2024.
The company's liquidator is:
Liew Khee Soon
60 Paya Lebar Road
#04-51, Paya Lebar Square
Singapore 409051
RIGHT CHOICE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Oct. 16, 2024, to
wind up the operations of Right Choice Payments Pte. Ltd.
Ripple Markets APAC filed the petition against the company.
The company's liquidators are:
Cameron Lindsay Duncan
David Dong-Won Kim
c/o KordaMentha
16 Collyer Quay
#30-01, Collyer Quay Centre
Singapore 049318
VENTURER PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of Venturer Pte. Ltd.
Yong Kon Yoon filed the petition against the company.
The company's liquidators are:
Joshua James Taylor
Chew Ee Ling
c/o 10 Collyer Quay
Ocean Financial Centre #17-01
Singapore 049315
YIFENG GLOBAL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of Yifeng Global Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
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