/raid1/www/Hosts/bankrupt/TCRAP_Public/241113.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, November 13, 2024, Vol. 27, No. 228
Headlines
A U S T R A L I A
ASHBY MINING: NMR Signs Deal for Near-Production Gold Projects
HASTINGS TECHNOLOGY: Has Yet to Draw on Taxpayer-Funded Loan
KTM BUS: First Creditors' Meeting Set for Nov. 20
OPTIX AUSTRALASIA: Pays Penalty for Failing to Lodge Fin'l. Reports
REDFLOW INTERNATIONAL: Second Creditors' Meeting Set for Nov. 15
REX AIRLINES: Domestic Airfares Surge Since Airline's Collapse
REX AIRLINES: Government Gives Airline AUD80 Million Lifeline
STAERK PTY: Second Creditors' Meeting Set for Nov. 18
TANK BUILDERS: First Creditors' Meeting Set for Nov. 15
URBAN WINERY: First Creditors' Meeting Set for Nov. 15
C H I N A
CHINA EVERGRANDE: Insurance Unit Execs Go Missing Amid Probes
FOSUN INTERNATIONAL: S&P Rates New USD Senior Unsecured Notes 'BB-'
GERMAN AUTOMOBILE: May Close All BMW 4S Stores in China
XINYUAN REAL: Posts US$47.9 Million Net Loss in 1H 2024
I N D I A
AITA FILLING: CRISIL Keeps B+ Debt Rating in Not Cooperating
AMIRTHAA GREEN: CRISIL Lowers Rating on INR13.5cr LT Loan to B
ARANAYAK FOOD: CRISIL Moves B Debt Ratings From Not Cooperating
BOKARO STUDENTS: CARE Lowers Rating on INR9cr LT Loan to B-
CALL EXPRESS: Liquidation Process Case Summary
CARD PRO: CARE Keeps D Debt Ratings in Not Cooperating Category
CARGOWINGS LOGISTICS: Liquidation Process Case Summary
CHAMPION GROUP: CRISIL Keeps B Debt Rating in Not Cooperating
CREATIVE YARN: CRISIL Keeps B- Debt Ratings in Not Cooperating
CUPID ESTATECON: Liquidation Process Case Summary
DECCAN TRADCOM: Liquidation Process Case Summary
EMINENT TRADE: CRISIL Keeps B Debt Ratings in Not Cooperating
GOKUL'S TILES: CRISIL Keeps B Debt Ratings in Not Cooperating
GRAND AUTO: Liquidation Process Case Summary
J P SINGHAL: CARE Keeps D Debt Ratings in Not Cooperating
JAAHNAVEE LIFE: CRISIL Keeps B Debt Rating in Not Cooperating
JESUS LOVES: CRISIL Keeps B Debt Rating in Not Cooperating
KRISHNANAND INFRA: CARE Keeps D Debt Ratings in Not Cooperating
MANAS VYAPAR: Insolvency Resolution Process Case Summary
MONSOON BOUNTY: Ind-Ra Affirms BB- Bank Loan Rating
MRC HEALTH CARE: Voluntary Liquidation Process Case Summary
NARESH MARKETING: CRISIL Keeps B+ Debt Rating in Not Cooperating
NARRA SAKAAR: CRISIL Keeps B Debt Ratings in Not Cooperating
NECX PRIVATE: CRISIL Keeps B- Debt Ratings in Not Cooperating
PARVEEN TRAVELS: CRISIL Lowers Rating on INR24.6cr Loan to D
R.V.R. TECHNOLOGIES: CRISIL Keeps B Rating in Not Cooperating
RADIANT ROCKS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAGHAVA PROJECT: CARE Keeps D Debt Rating in Not Cooperating
SACRED HEART: CRISIL Keeps B Debt Rating in Not Cooperating
SANKHESWARAA GOLD: CARE Keeps D Debt Rating in Not Cooperating
SINNAR THERMAL: CARE Keeps D Debt Rating in Not Cooperating
SRINIVASA TEXTILES: CRISIL Keeps B+ Ratings in Not Cooperating
SRIYA FARMS: Insolvency Resolution Process Case Summary
UNITED COTTON: CARE Keeps D Debt Rating in Not Cooperating
VIHAAN EXIMS: Insolvency Resolution Process Case Summary
WALCHANDNAGAR INDUSTRIES: Ind-Ra withdraws B+ Bank Loan Rating
YASHODAKRISHNA AUTO: CARE Keeps D Debt Rating in Not Cooperating
ZENFER MARKETING: Voluntary Liquidation Process Case Summary
N E W Z E A L A N D
CANSTAFF RECRUITMENT: Court to Hear Wind-Up Petition on Dec. 12
CHOICES FLOORING: Creditors' Proofs of Debt Due on Dec. 11
GW TRANSPORT: BDO Tauranga Appointed as Liquidators
ROADSTAR TRANSPORT: Court to Hear Wind-Up Petition on Nov. 25
ZOOMIES ENTERTAINMENT: Creditors' Proofs of Debt Due on Dec. 20
S I N G A P O R E
CAPITALAND COMMERCIAL: Creditors' Proofs of Debt Due on Dec. 9
FINEST CREATIVE: Court to Hear Wind-Up Petition on Nov. 22
FT GLOBAL: Court Enters Wind-Up Order
PAPA BAKERZ: Court to Hear Wind-Up Petition on Nov. 22
QOO10 GROUP: Singapore High Court Orders Company's Winding-Up
QOOCO ASIA: Court to Hear Wind-Up Petition on Nov. 22
S R I L A N K A
CEYLON ELECTRICITY: Fitch Affirms 'BB+(lka)' Nat'l. LT Rating
- - - - -
=================
A U S T R A L I A
=================
ASHBY MINING: NMR Signs Deal for Near-Production Gold Projects
--------------------------------------------------------------
Mining Technology reports that Native Mineral Resources (NMR) has
entered into a binding agreement with Collins St Convertible Notes
(Collins St) for the acquisition of two near-mine gold assets,
owned by Ashby Mining, including the Far Fanning and Black Jack
Gold Projects in Queensland, Australia.
According to the report, the deal includes a payment of AUD18.9
million over 33 months. The first payment of $1 million is due on
Dec. 20, 2024. The acquisition in the mineral-rich
Ravenswood-Charters Towers region offers gold production potential
and resource growth.
Mining Technology notes that the Far Fanning project, consisting of
five mining leases covering 2.6 sq. km., was last operated in 2005
and has an updated inferred resource of 2.3 million tonnes at 1.84
grams per tonne (g/t) of gold (Au). NMR's due diligence work
programme has already yielded better gold assays, reinforcing the
site's mineralisation potential.
Mining Technology says the Black Jack prospect includes 12 granted
mineral leases and a processing plant currently in care and
maintenance. The plant has a permitted capacity of 340,000 tonnes
per annum and features a comprehensive processing system.
This move comes as part of Collins St's deed of company arrangement
(DOCA) proposal for Blackjack Milling and Fortified Gold,
collectively referred to as the DOCA Companies. The DOCA was
sanctioned by creditors on Nov. 6, 2024, according to Mining
Technology.
Under the terms of the agreement, Collins St will nominate NMR as
the transferee of the assets, which are part of the DOCA and an
asset sale agreement with the liquidators of Ashby Mining, Mining
Technology relays.
The DOCA is expected to be executed within 15 business days from
the creditor meeting, with NMR set to become the owner of the DOCA
Companies' shares and the assets acquired from Ashby shortly
thereafter.
NMR is exploring various fundraising avenues including a placement
and an entitlement offer to fulfil its financial commitments under
the agreement. The company plans to announce further details on the
proposed capital raise next week, aiming to raise up to AUD14
million before costs.
The entitlement offer terms will be disclosed by Nov. 13, 2024,
with a four-week offer period expected.
Mining Technology adds that the funds raised will be allocated
towards an initial AUD3 million payment to Collins St, up to AUD2
million in exploration costs for the acquired projects; up to AUD3
million for NMR's existing projects; repayment of approximately
AUD400,000 to managing director Blake Cannavo for due diligence
expenses; and a AUD385,000 fee to Cannavo for providing security
for the projects.
Any excess funds raised beyond the expected AUD14 million may be
used to repay the remaining debt to Collins St earlier than
scheduled.
About Ashby Mining
Ashby Mining Limited provides precious metals mining services. The
Company acquires, explores, and develops gold and silver resources.
Ashby Mining served customers in Australia.
On Aug. 23, 2024, Collins Street Convertible Notes Pty Ltd, as
trustee for the Collins Street Convertible Notes Fund, appointed
Richard Tucker and Tony Miskiewicz, of KordaMentha jointly and
severally as receivers and managers over all of the assets of Ashby
Mining Limited, AMDR Operations Pty Ltd, Blackjack Milling Pty Ltd,
and Fortified Gold Pty Ltd.
On Aug. 24, 2024 Collins Street Convertible Notes appointed Cameron
Shaw and Richard Albarran of Hall Chadwick as joint and several
administrators of each of the group companies.
Collins Street Convertible Notes is the primary secured creditor of
the group companies. The secured debt is in the order of AUD18
million. Collins Street Convertible Notes claims arise from a
convertible notes agreement it holds and an all assets security
over the whole or substantially the whole, of the undertaking of
the group companies.
On Nov. 6, 2024, Ashby Mining resolved to voluntarily wound up the
company and appointed Cameron Shaw and Richard Albarran of Hall
Chadwick as liquidators.
HASTINGS TECHNOLOGY: Has Yet to Draw on Taxpayer-Funded Loan
------------------------------------------------------------
Peter Ker at The Australian Financial Review reports that
cash-strapped rare earths developer Hastings Technology Metals has
not been allowed to draw down the AUD220 million of taxpayers'
funds pledged towards its Yangibana project more than 33 months
after the first tranche of the proposed loan was announced.
According to the Financial Review, the federal government's
Northern Australia Infrastructure Fund confirmed that Hastings had
still not met the conditions required to access the money, and the
agency would need to review Hastings' strategic pivot towards China
before deciding whether to proceed with the loan.
The comments from NAIF add to the uncertainty over pre-revenue
Hastings' ability to fund the completion of the Yangibana mine at a
time when billionaire businessman Andrew Forrest's company, Wyloo
Metals, is mulling whether to call in a AUD150 million loan over a
debt dispute, the report says.
Hastings had just AUD9.9 million of cash on hand on September 30
and needs to raise close to AUD300 million to complete the
construction of Yangibana, near Carnarvon in Western Australia.
The Financial Review says the AUD220 million pledge from NAIF and a
further AUD100 million pledged by the federal government's Export
Finance Australia agency were supposed to provide a large portion
of the money needed for the construction of Yangibana.
According to the report, the government agencies loaned the money
on the condition that Hastings would build a rare earths separation
plant for Yangibana.
That plan appealed to government agencies in an era when they were
trying to break China's stranglehold on the processing of the rare
earth elements needed for defence applications and clean energy
infrastructure.
But Hastings pivoted towards a cheaper strategy in May last year,
with plans to produce an intermediate rare earths product, the
report states. The company has since struck agreements to have that
intermediate product processed in China and recently welcomed a
Chinese investor to buy 9.8 per cent of its shares.
Asked whether the strategic pivot towards China had soured NAIF's
willingness to pump taxpayer funds into Yangibana, a spokesman said
all ownership changes were monitored by NAIF, the Financial Review
relays.
"Any material changes to the product sales strategy would require
detailed review by NAIF prior to funds being available," said the
spokesman, notes the report. "NAIF's facility has not reached
contractual close."
A company linked to Hastings chairman, Charles Lew, loaned AUD5
million to Hastings last week, a move that has angered Wyloo, which
believes it was a breach of the conditions attached to the AUD150
million loan it made in 2022, according to the Financial Review.
If Hastings was deemed to be in default of the conditions attached
to Wyloo's loan, the lender would be able to demand repayment.
But Hastings tried to assure investors on Nov. 11 that Mr Lew's
loan did not amount to default on the Wyloo loan, the report
relays.
"Both facilities were established for separate purposes and are not
in contravention of each other," said Hastings in an ASX
statement.
About Hastings Technology
Hastings Technology Metals Limited (ASX:HAS) --
https://hastingstechmetals.com/ -- together with its subsidiaries,
engages in the exploration and development of rare earth deposits
in Australia. The company explores for neodymium, praseodymium, and
niobium minerals. Its flagship property is the100% owned Yangibana
project that consists of 22 tenements/exploration licenses and 13
mining leases covering an area of approximately 590 square
kilometers located northeast of Carnarvon in Western Australia's
Upper Gascoyne region.
KTM BUS: First Creditors' Meeting Set for Nov. 20
-------------------------------------------------
A first meeting of the creditors in the proceedings of KTM Bus Pty
Ltd will be held on Nov. 20, 2024 at 10:30 a.m. at Level 4, 673
Murray Street in West Perth.
Shaun William Boyle and Giovanni Maurizio Carrello of BRI Ferrier
were appointed as administrators of the company on Nov. 8, 2024.
OPTIX AUSTRALASIA: Pays Penalty for Failing to Lodge Fin'l. Reports
-------------------------------------------------------------------
Optix Australasia Pty Ltd, has paid AUD187,800 to comply with an
infringement notice issued by ASIC.
The infringement notice was issued because ASIC has reasonable
grounds to believe that Optix, a small proprietary company and
ultimately controlled by South African listed company, KAP Limited,
failed to lodge its financial reports with ASIC for the year end
June 30, 2023 (FY23), within the period specified under the
Corporations Act 2001.
Optix paid the infringement notice on Nov. 8, 2024. Payment of an
infringement notice is not an admission of guilt or liability.
Optix reported the alleged breach for FY23 and earlier years to
ASIC. ASIC understands the historical non-compliance issues were
identified after KAP took control of Optix. Accordingly, ASIC has
had regard to these circumstances in its approach to taking
enforcement action to address the alleged breaches.
The specific reasons for ASIC's concerns are set out in the
infringement notices which have been published on the
 Infringement notices register.
REDFLOW INTERNATIONAL: Second Creditors' Meeting Set for Nov. 15
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Redflow
International Pty. Ltd, Redflow Limited, Redflow R&D Pty Ltd, and
ZCell Australia Pty Ltd has been set for Nov. 15, 2024 at 10:30
a.m. virtually via MS Teams at the offices of Deloitte at Level 23,
123 Eagle Street in Brisbane.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 14, 2024 at 5:00 p.m.
David Orr and Richard Hughes of Deloitte SRT Pty Ltd were appointed
as administrators of the company on Aug. 23, 2024.
REX AIRLINES: Domestic Airfares Surge Since Airline's Collapse
--------------------------------------------------------------
Peter Vercoe at Bloomberg News reports that airfares between
Australia's major cities have surged following the collapse of
regional carrier Rex, with prices on one route almost doubling, the
nation's competition regulator said.
Rex entered voluntary administration on July 30 after a failed
attempt to muscle in on capital city routes, which are dominated by
Qantas Airways Ltd., its budget unit Jetstar, and Virgin Australia
Airlines Pty. Those two companies now carry 98% of domestic
passengers, and there's no domestic route serviced by more than the
two major airline groups, the Australian Competition & Consumer
Commission said in a report on Nov. 12.
"The exit of Rex as a third competing airline group on services
between metropolitan cities may have significant longer-term
impacts on the domestic aviation sector," Bloomberg quotes ACCC
Commissioner Anna Brakey as saying in the report.
"The domestic airline industry has become even further
concentrated, and it may be some time before a new airline emerges
to compete on popular services between metropolitan cities, with
normal barriers to entry and growth exacerbated by aircraft fleet
supply chain issues and pilot and engineer shortages," she said.
"With less competition, there is less choice for consumers and less
incentive for airlines to offer cheaper airfares and more reliable
services."
Average airfares between major cities jumped 13% following Rex's
collapsed, but there were even more pronounced spikes on some
routes, Bloomberg discloses. For instance, "best discount economy"
tickets between Adelaide and Melbourne soared 95% to AUD296 ($195),
while fares from Melbourne to the popular Gold Coast holiday region
climbed 70% to AUD432.
According to Bloomberg, Qantas said the ACCC's data doesn't reflect
average fares customers are actually paying, and rather is only a
snapshot of the lowest fares available for purchase on a particular
day three weeks prior to travel.
On the day selected in the latest report, rock band Coldplay was
performing in Melbourne, "which means lower fares were snapped up
early and the fares left available to purchase three weeks out were
higher than usual," Qantas Domestic Chief Executive Officer Markus
Svensson said in a statement.
About Rex Airlines
Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales. It operates scheduled
regional and domestic services. It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia. It is the primary subsidiary of Regional
Express Holdings.
On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:
* Regional Express Holdings Limited;
* Regional Express Pty Limited;
* Rex Airlines Pty Ltd;
* Rex Investment Holdings Pty Limited; and
* Air Partners Pty Ltd.
REX AIRLINES: Government Gives Airline AUD80 Million Lifeline
-------------------------------------------------------------
SBS News reports that embattled regional airline Rex has been
thrown an operations lifeline after the federal government
earmarked up to AUD80 million to keep its regional routes running.
Rex went into voluntary administration in July after its fleet of
Boeing 737s operating between major metropolitan centres was
grounded. Its management was handed to administrators EY Australia,
while Rex's regional services continued as a buyer or financial
lifeline was sought for the airline.
According to SBS News, Transport Minister Catherine King and
Workplace Minister Murray Watt announced on Nov. 12 the government
would provide up to AUD80 million and grant early access to
entitlements for Rex's former employees. The money will support the
continuation of critical services for regional communities, they
said in a joint statement.
SBS News relates that Rex's administrators plan to apply to the
Federal Court to extend the voluntary administration to June 30,
2025. If the application is granted, the government will continue
to guarantee ticket sales made throughout the administration period
to that date.
"The guarantee has been effective so far, and has yet to be used
with flight bookings holding up well," the ministers said, notes
the report.
More than 600 workers were made redundant as it was revealed Rex
was struggling under the weight of a AUD500 million debt, SBS News
says.
In August, the federal government stepped in to guarantee bookings
on regional flights, but resisted calls for a bailout, the report
recalls.
About Rex Airlines
Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales. It operates scheduled
regional and domestic services. It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia. It is the primary subsidiary of Regional
Express Holdings.
On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:
* Regional Express Holdings Limited;
* Regional Express Pty Limited;
* Rex Airlines Pty Ltd;
* Rex Investment Holdings Pty Limited; and
* Air Partners Pty Ltd.
STAERK PTY: Second Creditors' Meeting Set for Nov. 18
-----------------------------------------------------
A second meeting of creditors in the proceedings of Staerk Pty Ltd
has been set for Nov. 18, 2024 at 10:00 a.m. at the offices of SV
Partners Brisbane, 22 Market Street in Brisbane.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 15, 2024 at 4:00 p.m.
Anne Meagher and Adam Peter Kersey of SV Partners were appointed as
administrators of the company on Oct. 14, 2024.
TANK BUILDERS: First Creditors' Meeting Set for Nov. 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Tank
Builders Pty Ltd will be held on Nov. 15, 2024 at 10:00 a.m. at the
offices of Vincents at Level 34, 32 Turbot Street in Brisbane.
Nick Combis of Vincents Chartered Accountants was appointed as
administrators of the company on Nov. 5, 2024.
URBAN WINERY: First Creditors' Meeting Set for Nov. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Urban Winery
Pty Ltd will be held on Nov. 15, 2024 at 11:00 a.m. via virtual
meeting only.
Rahul Goyal and Catherine Margaret Conneely of Cor Cordis were
appointed as administrators of the company on Nov. 6, 2024.
=========
C H I N A
=========
CHINA EVERGRANDE: Insurance Unit Execs Go Missing Amid Probes
-------------------------------------------------------------
Caixin Global reports that Evergrande Life Assurance Co. Ltd., the
insurance arm of the beleaguered developer China Evergrande Group,
is at the center of a new storm as a number of former senior
executives have reportedly lost contact during mounting
investigations into its financial mismanagement and ties to the
collapse of its parent company's property empire.
Liang Dong, its former chairman, Zeng Songbai, the former general
manager, and chief actuary Liu Zhanzhong could not be reached.
Caixin learned from sources that several other former executives
have been taken away by the authorities.
About China Evergrande
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.
FOSUN INTERNATIONAL: S&P Rates New USD Senior Unsecured Notes 'BB-'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes that Fosun
International Ltd. will unconditionally and irrevocably guarantee.
Fortune Star (BVI) Ltd., a special-purpose entity, will issue the
notes. The issue rating is subject to its review of the final
issuance documentation.
The rating on the notes is the same as the issuer credit rating on
Fosun (BB-/Stable/--) because of credit substitution under the
guarantee. As an investment holding company, Fosun's secured debt
at the parent level is less than 50% of the total debt. Therefore,
S&P does not notch down the issue rating for structural
subordination risk.
Fosun will use the proceeds from the notes to refinance offshore
debt, including any payment in connection with the concurrent
tender offer, and for working capital and general corporate
purposes.
The stable rating outlook on Fosun reflects S&P's view of the
company's improving refinancing capabilities. It expects Fosun to
continue recycling assets over the next 12-18 months to reduce debt
at the holding company level and increase its financial buffer.
GERMAN AUTOMOBILE: May Close All BMW 4S Stores in China
-------------------------------------------------------
Yicai Global reports that Singapore's German Automobile
International could have to shut all nine of its BMW dealerships in
China, following the closure of a BMW 5S store last month, due to a
severe liquidity crisis, a former staff member told Yicai.
Yicai relates that GA's BMW dealerships in the country have not
paid staff salaries for two to three months and are being forced to
delay new car deliveries, a person who used to work at the dealer's
BMW 4S store in southeastern Fujian province said. "In our shop,
all employees including the general manager have quit."
GA is adjusting its Chinese business, another former staff member
told Yicai. The car dealer, which is incorporated in the Cayman
Islands, has sold its two Porsche 4S stores and the nine BMW
outlets are likely to be shuttered, he added.
GA used to be one of BMW's top five dealers in China. But in
September, Munich-based BMW terminated its agreement with the
company, citing poor management decisions that led to the
insolvency, Yicai notes. This resulted in the closure of BMW's
first 5S store, which offers second-hand car sales on top of the
normal 4S dealer services, in Beijing last month.
GA has yet to make a public statement regarding the shuttering of
its BMW dealerships, Yicai adds.
German Automobiles International engages in the sales of luxurious
motor vehicles and provision of car-related technical services,
servicing of motor vehicles and sales of auto parts.
XINYUAN REAL: Posts US$47.9 Million Net Loss in 1H 2024
-------------------------------------------------------
Xinyuan Real Estate Co., Ltd. announced its unaudited financial
results for the six months ended June 30, 2024.
Financial Results
for the First Half of 2024
* Revenue
For the first half of 2024, the Company's total revenue decreased
by 59.9% to US$155.6 million, compared to US$388.2 million for the
first half of 2023, and the Company's average selling price per
square meter for real estate properties sold in China decreased by
41.1% to RMB8,951 (US$1,260), compared to RMB15,413 (US$2,226) for
the first half of 2023. The decrease in revenue was mainly due to a
significant decline in signings, which were affected by the overall
downturn in the real estate industry. The decrease in average
selling price is primarily attributable to the change in the
proportion of real estate sales in different types of real estate
property products.
* Gross Profit
Gross profit decreased by US$36.8 million to US$39.8 million, or
25.6% of total revenue for the first half of 2024 from US$76.6
million, or 19.7% of total revenue for the first half of 2023. The
increase of gross profit rate was mainly due to optimization of
project costs.
* SG&A Expenses
SG&A expenses increased by 4.3% to US$22.9 million for the first
half of 2024 from US$21.9 million for the first half of 2023. As a
percentage of total revenue, SG&A expenses were 14.7% and 5.6% for
the first half of 2024 and 2023, respectively. The main reason for
the significant increase in the percentage of SG&A is the
substantial decline in total revenue.
* Net Loss
Net loss increased by US$1.2 million to US$47.9 million for the
first half of 2024 from US$46.7 million for the first half of
2023.
* Balance Sheets
As of June 30, 2024, the Company's cash and restricted cash
decreased to US$169.3 million from US$230.8 million as of December
31, 2023.
Total debt outstanding was US$1,960.4 million as of June 30, 2024,
an increase of 0.2% from US$1,957.2 million as of December 31,
2023.
The balance of the Company's real estate properties completed and
under development at the end of the second quarter of 2024 was
US$3,309.6 million compared to US$3,308.0 million as of December
31, 2023.
A full-text copy of the Company's report filed on Form 8-K with the
Securities and Exchange Commission is available at:
https://tinyurl.com/3bdunz2x
About Xinyuan Real Estate
Xinyuan Real Estate Co., Ltd. is a Chinese real estate company.
Xinyuan has traditionally engaged principally in residential real
estate development and the provision of property management
services, focusing on Tier II cities in China.
Singapore-based Assentsure PAC, the Company's auditor since 2022,
issued a "going concern" qualification in its report dated May 15,
2024, citing that the Company's ability to generate funds to meet
short term operating cash requirements and loan repayments is
reliant on the Company's ability to sell the real estate properties
it holds, or to obtain alternative financing. The timing of these
sales is uncertain and as a result the Company is currently reliant
on long term investor loans being renewed when they come up for
repayment. These conditions raise substantial doubt about its
ability to continue as a going concern.
As of December 31, 2023, the Company had $5,333,393,231 in total
assets, $5,225,980,849 in total liabilities, and $107,412,382 in
total equity.
=========
I N D I A
=========
AITA FILLING: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aita Filling
Station (AFS) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.8 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AFS for
obtaining information through letter and email dated October 10,
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 AFS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AFS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AFS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AFS was set in 2013, it operates fuel pump in Uttarakhand. It is an
Indian oil petrol pump. AFS is owned & managed by Sandeep Singh
Negi. It has a single petrol pump unit in Pauri, Uttrakhand.
AMIRTHAA GREEN: CRISIL Lowers Rating on INR13.5cr LT Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of
Amirthaa Green Infra Private Limited (AGIPL) to' CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 13.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with AGIPL for
obtaining information through letter and email dated October 10,
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 AGIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AGIPL revised to' CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.
AGIPL was incorporated in 2012. AGIPL operates a solar and wind
power plant in Tamil Nadu. AGIPL is owned & managed by Velusamy
Karuppanna Gounder Thangavel and Thangavel Balachandran.
ARANAYAK FOOD: CRISIL Moves B Debt Ratings From Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Aranayak Food Products
Private Limited (AFPPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating the rating on bank facilities of AFPPL to 'CRISIL
B/Stable' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 0.76 CRISIL B/Stable (Migrated from
Bank Loan Facility 'CRISIL B/Stable ISSUER NOT
COOPERATING')
Term Loan 2.0 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Term Loan 1.68 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Working Capital 1.06 CRISIL B/Stable (Migrated from
Term Loan 'CRISIL B/Stable ISSUER NOT
COOPERATING')
The ratings reflect modest scale of operations and leveraged
capital structure. These weaknesses are partially offset by the
extensive industry experience of the promoters and moderate debt
protection metrices.
Analytical Approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of AFPPL.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operation: AFPPLs business profile is constrained
by its scale of operations in the intensely competitive rice
milling industry. As such, revenues are estimated to be around
INR27 crore against operating margins of around 6.6% for fiscal
2024. Improvement in capacity utilization leading to higher
revenues and operating flexibility is a key rating sensitivity
factor.
* Leveraged capital structure: Modest networth, of around INR2
crore as on March 31, 2024 yield gearing and total outside
liabilities to total networth ratios of 4.89 times and 4.95 times
respectively for fiscal 2024. In the absence of large, debt funded
capital expenditure (capex), prudent working capital management
coupled with healthy accretion to reserves is expected to improve
capital structure over the medium term.
Strengths:
* Extensive industry experience of the promoters: With a deep
understanding of the agriculture industry, the promoters bring a
wealth of experience to the table. This expertise has allowed them
to foster strong relationships with suppliers and customers,
providing a solid foundation for the business. As a result, they
are well-positioned to drive rapid scaling of operations over the
medium term, leveraging their industry knowledge to fuel growth and
expansion.
* Moderate debt protection metrices: Notwithstanding its leveraged
position, AFPPL's debt protection measures have remained moderate,
buoyed by its steady operating profitability. For fiscal 2024, the
company's interest coverage ratio is expected to hover around 2
times, while its net cash accrual to total debt (NCATD) ratio is
anticipated to be approximately 0.08 times. Looking ahead, AFPPL's
debt protection metrics are likely to remain stable over the medium
term, supported by its consistent earnings generation.
Liquidity: Stretched
Bank limit utilization is high at around 90 percent for the past
twelve month ended September 24. Cash accruals are expected to be
around INR1 crore which are sufficient against term debt obligation
of less than INR40 lakhs over the medium term. In addition, it will
act as a cushion to the liquidity of the company. Current ratios
are healthy at 1.55 times on March31, 2024. The promoters are
likely to extend support in the form of unsecured loans to meet its
working capital requirements and repayment obligations.
Outlook: Stable
CRISIL Ratings believe AFPPL will continue to benefit from the
extensive experience of its promoters.
Rating sensitivity factors
Upward factors
* Sustained improvement in scale of operations, with stable margins
leading to higher than expected cash accruals
* Improvement in capital structure marked by gearing of less than 4
times along with moderate working capital management
Downward factors
* Decline in scale of operations leading to accruals of less than
INR50 lakhs
* Large debt funded capex plans resulting in the weakening of the
capital structure and stretch in working capital requirement
AFPPL was incorporated in 2017. AFPPL is owned & managed by
Arunendu Samanta, Sukanta Chakraborty and Ramapada Ghosh. AFPPL is
engaged in milling parboiled rice. AFPPL manufacturing facility is
located in West Bengal, and it commenced commercial operations in
fiscal 2021.
BOKARO STUDENTS: CARE Lowers Rating on INR9cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bokaro Students Friend Private Limited (BSFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 14,
2023, placed the rating(s) of BSFPL under the 'issuer
non-cooperating' category as BSFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BSFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
30, 2024, August 9, 2024, August 19, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of BSFPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Bokaro Students Friend Private Limited (BSFPL) was initially
established as a partnership firm 'Students Friend' in 1992.
Subsequently it was converted into private limited company and the
name of the company changed to the current one i.e. BSFPL with
effect from August 13, 2007. Since its inception, the company has
been engaged in trading of all kinds of educational books
like competitive exam books, CBSE board books, ICSE board books,
professional courses books, technical courses books etc. The
company purchases books directly from publishers like Arihant
Prakashan, Dhanpat Rai Publications, S. Chand Group etc. and sells
it to the distributors. The registered office of the company is
situated at Bokaro, Jharkhand and also the company is having
six branches and four of them are in Jharkhand and one each in
Bihar and Uttar Pradesh.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of BSFPL into
ISSUER NOT COOPERATING category vide press release dated August 21,
2024 on account of its inability to carry out a review in the
absence of requisite information from company.
CALL EXPRESS: Liquidation Process Case Summary
----------------------------------------------
Debtor: Call Express Construction (India) Private Limited
No 20, Poes Road 1st Street,
Teynampet, Chennai,
Tamil Nadu, India - 600018
Liquidation Commencement Date: October 18, 2024
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Dr. Govindarajula Venkata Narasimha Rao
B/1201, Lansum Etania, Puppalaguda,
Near MyHome Avatar,
Ranga Reddy, Telangana - 500075
Email: raogvn1@gmail.com
Email: liquidator.cecipl@gmail.com
Last date for
submission of claims: November 21, 2024
CARD PRO: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Card Pro
Solutions Private Limited (CPSPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.84 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.30 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 18,
2023, placed the rating(s) of CPSPL under the 'issuer
non-cooperating' category as CPSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. CPSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 2, 2024, September 12, 2024 and September 22, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Card Pro Solutions Private Limited (CSPL) incorporated in 1989 as
Kamal Offset Private Limited by Mr. Vikas Choudhary and Mr. Kishin
Gidwani and got its current name in 2010. CSPL is engaged in
business of the manufacturing of pre-paid cards and chip & non-chip
based smart cards. CSPL has its manufacturing facility located at
Navi Mumbai. Further it has head office in Mumbai
(Maharashtra) and also has two more branches in Delhi and Kolkata
for conducting its marketing activities.
CARGOWINGS LOGISTICS: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Cargowings Logistics Limited
D. No. 37, (No. 18) Lokesh Towers,
First Floor, Kodambakkam High Road,
Nungambakkam, Chennai, 600034
Liquidation Commencement Date: October 23, 2024
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Dr. Madurai Sundaram Sankar
A 1206 S&S Sarvam,
200 Feet Pallavaram Thuraipakkam Radial Road,
Pallikranai, Chennai 600100
Email: m.s.sankar@outlook.com
Email: cargowing.liquid@yahoo.com
Last date for
submission of claims: November 21, 2024
CHAMPION GROUP: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Champion Group
of Company (CGC) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CGC for
obtaining information through letter and email dated October 10,
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 CGC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CGC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CGC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 1994 in Patna as a proprietorship firm by Mr. Amit Singh,
CGC trades in rice and sand.
CREATIVE YARN: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Creative Yarn
Private Limited (CYPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.00 CRISIL B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.89 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.49 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 0.62 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CYPL for
obtaining information through letter and email dated October 10,
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 CYPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CYPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CYPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
CYPL, incorporated in 2002, is a Ludhiana-based company that
primarily trades in hosiery and RMG. It also manufactures yarn.
Operations are managed by Mr. Anil Kapoor.
CUPID ESTATECON: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Cupid Estatecon Pvt. Ltd.
Kamleshbhai ki Chawl, Block B, Room No. 1
Samarani, Silvassa, Dadra & Nagar Haveli,
India 396230
Liquidation Commencement Date: October 3, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Paresh Chandulal Mehta
13B, Nirmal Society, Pandurang Wadi,
Dombivali East 421201
Email: pareshmehta5959@gmail.com
Mobile: 7021008921
Last date for
submission of claims: November 2, 2024
DECCAN TRADCOM: Liquidation Process Case Summary
------------------------------------------------
Debtor: Deccan Tradcom Private Limited
P-245 C.I.T. Road Scheme-VIM
Kolkata WB 700054 IN
Liquidation Commencement Date: October 16, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Sarika Jain
A5/2, Kalindi Housing Estate, Ground Floor
Near Kalindi Taxi Stand
North Twenty Four Parganas
West Bengal 700089
Email: jsarika2750@gmail.com
-- and --
AAA Insolvency Professionals LLP
15B, Ballygunge Circular Road
Mousumi Apartments, Ground Floor
Kolkata 700019
Email: deccantradcom.ibc@gmail.com
Last date for
submission of claims: November 15, 2024
EMINENT TRADE: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eminent Trade
& Export Private Limited (ETEPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 0.97 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 1 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 3.03 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ETEPL for
obtaining information through letter and email dated October 10,
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 ETEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ETEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ETEPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
ETEPL, established in September 2013 at Bhubaneswar, trades in
bitumen, and manufactures and sells aluminium foils and containers.
Mr Ashish Kumar Agarwal, Mr Karun Agarwal, and Mr Dhiraj Goyal are
the promoters.
GOKUL'S TILES: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Gokul's
Tiles Mart (SGTM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.25 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 3.45 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SGTM for
obtaining information through letter and email dated October 10,
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 SGTM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGTM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SGTM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SGTM was set up in Salem, Tamil Nadu, in 1995 by Mr. Narendran. The
firm trades in tiles, tap fittings, and sanitary ware.
GRAND AUTO: Liquidation Process Case Summary
--------------------------------------------
Debtor: Grand Auto Udyog Private Limited
Link Road, PO: Arunodaya Market,
Cuttack-753012 Odisha
Liquidation Commencement Date: October 18, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Gaurang C. Shah
Waterfall Insolvency Professionals Private Limited
1204, Maker, Chambers V,
Nariman Point, Mumbai-400021
Email: waterfall0421@gmail.com
1221, Maker Chamber V,
Nariman Point Mumbai-400021
Email: ip.gaupl@gmail.com
Last date for
submission of claims: November 17, 2024
J P SINGHAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of J P
Singhal & Company (JPSC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 15.00 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 30,
2023, placed the rating(s) of JPSC under the 'issuer
non-cooperating' category as JPSC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JPSC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 14, 2024,
September 24, 2024 and October 4, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
JPSC was established in December, 1982 as proprietorship firm by
Mrs. Kamaladevi Singhal which was later on reconstituted as
partnership firm in November 2013. Presently, JPS is managed by
four partners namely Mr. Jai Prakash Singhal, Mr. Narendra Kumar
Singhal, Mr. Dinesh Kumar Singhal and Mr. Madanlal Singhal. JPS is
engaged into providing services such as conducting seismic surveys,
bunk accommodation, catering, equipment supply, manpower supply and
housekeeping service. JPSC is also engaged into trading of
stationery, hardware products, electronic products, gaming
equipment, sports and gym items etc.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of JPSC into
Issuer Not Cooperating category vide press release dated April 04,
2024 on account of its inability to carry out a review in the
absence of requisite information.
JAAHNAVEE LIFE: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jaahnavee Life
Sciences Private Limited (JLPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 6.50 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with JLPL for
obtaining information through letter and email dated October 10,
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 JLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JLPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2013, JLPL is setting up a bulk drug manufacturing
unit in Vishakhapatnam. Based out of Hyderabad, the company is
promoted by Mr. Shaik Ali, Mr. Shaik Babjee and Mr. Leela Koteswara
Rao.
JESUS LOVES: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jesus Loves
(JL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 12 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JL for
obtaining information through letter and email dated October 10,
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 JL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of JL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 1994, Virudhunagar (Tamil Nadu)-based JL provides
Christian fellowship services. The trust is headed by Bishop Allen
Paul.
KRISHNANAND INFRA: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Krishnanand Infrastructure and Developers Private Limited (SKIDPL)
continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 08,
2023, placed the rating(s) of SKIDPL under the 'issuer
non-cooperating' category as SKIDPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SKIDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
24, 2024, August 3, 2024, 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).
Analytical approach: Standalone
Vapi-based (Gujarat) SKIDPL was incorporated in 2011, by Mr Anand
Tripathi and Mr Kapil Tiwari. SKIDPL belongs to Shree Krishnanand
Group which comprises of various other entities. SKIDPL is engaged
into the business of undertaking turnkey projects involving civil
works, erection, commissioning and electrical works of industrial
buildings. SKIDPL also undertake projects from Government of
Gujarat. SKIDPL is executing the contract works for public and
private companies.
MANAS VYAPAR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Manas Vyapar Private Limited
Registered Address:
301, Sunflower Tower parvati Bhuvan,
Kharkar Ali, Thane,
Maharashtra, India, 400601
Insolvency Commencement Date: October 29, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: April 27, 2025
Insolvency professional: Kailash Thanmal Shah
Interim Resolution
Professional: Kailash Thanmal Shah
505, 21st Century Business Centre,
Nr. World Trade Centre, Ring Road,
Surat-395002, Gujarat
E-mail: ipktshah@gmail.com
E-mail: cirp.manasvyapar@gmail.com
Last date for
submission of claims: November 12, 2024
MONSOON BOUNTY: Ind-Ra Affirms BB- Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Monsoon Bounty Foods Manufacturing Private Limited's
(MBFMPL) bank facilities:
-- INR368 mil. Fund-based working capital limit affirmed with IND
BB-/Stable/IND A4+ rating;
-- INR20 mil. Fund-based working capital limit assigned with IND
BB-/Stable/IND A4+ rating;
-- INR32 mil. Term loans due on March 31, 2028 affirmed with IND
BB-/Stable rating;
-- INR4.4 mil. Term loans due on March 31, 2028 assigned with IND
BB-/Stable rating; and
-- INR75.6 mil. Proposed fund-based working capital limit
assigned with IND BB-/Stable/IND A4+ rating.
Detailed Description of Key Rating Drivers
Small Scale of Operations: MBFMPL's revenue increased to INR734.87
million in FY24 (FY23: INR431.47 million; FY22: INR400.93 million),
led by an increase in its revenue from Japan (INR579.5 million;
INR98.9 million) following higher orders from the country. The
scale of operations remained small. Ind-Ra expects the revenue to
improve in FY25, supported by an increase in orders from Japan.
Modest EBITDA Margins: MBFMPL's EBITDA margins remained modest and
reduced to 4.1% in FY24 (FY23: 5.36%; FY22: 5.7%), due to increased
raw material prices. The availability of seafood varies, depending
on climatic and aquatic changes, leading to fluctuations in prices.
The company purchases raw material daily based on availability. The
margins remained at 4%-5% during FY22-FY24. The return on capital
employed was around 6.5% in FY24 (FY23: 5.8%). In the medium term,
Ind-Ra expects the margins to improve due to a reduction in
dealership margin from suppliers to some extent.
Modest Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.96x in FY24 (FY23:
2.56x; FY22: 1.97x), due to an increase in interest expenses. The
net leverage (adjusted net debt/operating EBITDA) reduced to 9.44x
in FY24 (FY23: 10.78x; FY22: 7.15x), owing to an increase in the
absolute EBITDA to INR30.1 million (INR23.12 million; INR22.9
million). Ind-Ra expects the credit metrics to improve from FY25
due to a likely increase in the absolute EBITDA.
Poor Liquidity: The net working capital cycle remained stretched
and reduced to 114 days in FY24 (FY23: 186 days; FY22: 115 days)
due to reduced inventory days to 145 days (203 days), due to an
increase in sales. working capital cycle expected to remain at
similar levels over short term. It has repayment obligations of
INR23.5 million and INR11.4 million for FY25 and FY26,
respectively. The debt service coverage ratio (DSCR) stood at 0.7x
in FY24 and Ind-Ra expects the DSCR to improve from FY25. MBFMPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.
Experienced Promoters: The promoters have over a decade of
experience in the frozen seafood industry, leading to established
relationships with suppliers and customers. The firm derives its
revenue from exports, primarily to Japan, Taiwan, South Korea, and
other middle east countries.
Liquidity
Poor: The average month-end utilization of the company's fund-based
limit was 84.28% for 12 months ended August 2024. The company had a
cash balance of INR0.07 million at FYE24 (FYE23: INR0.03 million).
The cash flow from operations stood at INR170 million in FY24
(FY23: negative INR75.6 million) due to working capital changes.
Furthermore, the free cash flow stood at INR166.8 million in FY24
(FY23: negative INR76.8 million) due to the absence of any capex.
Rating Sensitivities
Negative: Deterioration in the scale of operations or the credit
metrics, or liquidity on a sustained basis, will be negative for
the rating.
Positive: An improvement in the scale of operations, credit metrics
with the interest coverage rising above 2x and an improvement in
liquidity, on a sustained basis, will be positive for the rating.
About the Company
Incorporated in 2020, Tamil Nadu-based MBFMPL commenced its
operations in FY21. The company processes and exports Vannamei
shrimp and fish. It has two processing units at Gummidipoondi and
Royapuram (leased facility). MBFMPL has an installed capacity of
6,000 metric tons along with a cold storage facility.
MRC HEALTH CARE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: MRC Health Care Private Limited
509 Laxmi Deep Building,
Laxmi Nagar District Center
East Delhi, New Delhi,
Delhi, India 110092
Liquidation Commencement Date: October 7, 2024
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Gautam Maurya
81 Hemkunt, Level-1
Opp. Nehru Place, New Delhi
National Capital Territory of Delhi 110048
Email: liquidation.mrc@gmail.com
Last date for
submission of claims: November 5, 2024
NARESH MARKETING: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Naresh
Marketing (NM) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.4 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NM for
obtaining information through letter and email dated October 10,
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 NM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of NM
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 1997 in Raipur, NM is a proprietorship concern of Mr
Naresh Meghani. The company sells air-conditioners through its
retail outlet in Raipur.
NARRA SAKAAR: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Narra Sakaar
(Narra) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Lease Rental 6.11 CRISIL B/Stable (Issuer Not
Discounting Loan Cooperating)
Proposed Long Term 3.89 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Narra for
obtaining information through letter and email dated October 10,
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 Narra, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Narra
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Narra continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Narra, owns a commercial property at Gangur in Vijayawada, Andhra
Pradesh, which it has leased to Sri Chaitanya college. Mr Narra
Sakaar has availed a lease rental discounting loan against the
future lease rentals to be received from the property.
NECX PRIVATE: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NEcX Private
Limited (NPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B-/Stable (Issuer Not
Cooperating)
Funded Interest 0.84 CRISIL B-/Stable (Issuer Not
Term Loan Cooperating)
Proposed Long Term 1.13 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 4.03 CRISIL B-/Stable (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with NPL for
obtaining information through letter and email dated October 10,
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 NPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
NPL, incorporated in 2005, by Mr. Y Srinivas Rao, is a systems
integrators in IT solutions and education services business.
PARVEEN TRAVELS: CRISIL Lowers Rating on INR24.6cr Loan to D
------------------------------------------------------------
CRISIL Ratings has revised the ratings on the bank facilities of
Parveen Travels Private Limited (PTPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 24.6 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Term Loan 7.4 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with PTPL for
obtaining information through letter and email dated May 16, 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 PTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PTPL
is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on the bank
facilities of PTPL have been downgraded to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' due to
overdrawings in the cash credit limit for more than 30 days based
on the publicly available information and banker feedback.
Incorporated in 2000, PTPL is part of AB Business Enterprises
(ABBE). The company is engaged in providing transportation services
such as employee commutation, intercity passenger transportation
and tours and travels. PTPL is also an authorized dealer of Indian
Oil Corporation. The company operates in Chennai (Tamil Nadu) and
is owned and managed by Mr. Mohammed A. Afzal, Mr. Mohammed A.
Aslam, Mr. Mohammed A. Aarif and Mr. Mohammed A. Sadiq.
R.V.R. TECHNOLOGIES: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.V.R.
Technologies Limited (RVR) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RVR for
obtaining information through letter and email dated October 10,
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 RVR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RVR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RVR continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2002, RVR is in the business manufacturing rubber
tubes and tyres for bicycles. The day to day operations of the
company are managed by Akshay Pahwa.
RADIANT ROCKS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radiant Rocks
Private Limited (RRPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.25 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Working 1.35 CRISIL B+/Stable (Issuer Not
Capital Facility Cooperating)
Rupee Term Loan 6.40 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RRPL for
obtaining information through letter and email dated October 10,
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 RRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RRPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
The company was incorporated in September 2017 and will commence
its operation in December 2018. The company will engage in
processing of granites and marbles.
RAGHAVA PROJECT: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Raghava
Project Constructions Private Limited (RPCPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 4.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 14,
2023, placed the rating(s) of RPCPL under the 'issuer
non-cooperating' category as RPCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RPCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
30, 2024, August 9, 2024, August 19, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Andhra Pradesh based, Raghava Project Constructions Private Limited
(RPCPL) was incorporated and started commercial operations in the
year 2012. The company was promoted by Mr. B. Raghava Rao and Ms.
B. Sudha Rani who are directors of the company. Mr. B. Raghava Rao,
the Managing Director of the company, also established Raghava &
Co., a partnership concern in 2004 along with Ms.B. Sudha Rani
which was engaged in construction business. The company has its
registered office located at Vijayawada, Andhra Pradesh. RPCPL is
engaged in road works construction. The company majorly gets the
contracts from government organizations through tenders. The
company has its projects in the states of Andhra Pradesh and
Orissa.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of RPCPL to the 'issuer
not-cooperating' category vide press release dated October 13, 2023
on account of its inability to carryout review in the absence of
requisite information from the company.
SACRED HEART: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sacred Heart
Convent School (SHCS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SHCS for
obtaining information through letter and email dated October 10,
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 SHCS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SHCS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SHCS was set up in 1992 under the management of the Fathers of the
Little Flowers congregation. It is an English medium school in
Malout and runs Class Nursery to Class X under the affiliation of
Indian Certificate of Secondary Education board.
SANKHESWARAA GOLD: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Sankheswaraa Gold Exports Private Limited (SGEPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.50 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 October 18,
2023, placed the rating(s) of SGEPL under the 'issuer
non-cooperating' category as SGEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SGEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 2, 2024, September 12, 2024 and September 22, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Sankheswaraa Gold Exports Private Limited (SGEPL) was incorporated
on June, 25, 2012 by Mr Ketan Nirmal Jain & family. In March, 2016,
the company was taken over by Mr Rakesh Champalal Parekh and Mr
Nikunj Pravin Parekh. SGEPL commenced its operations from May 19,
2016 by setting up a plant & machinery for manufacturing of gold
chains and bracelets with high quality art and finishing.
SINNAR THERMAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sinnar
Thermal Power Limited (STPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4,134.02 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated August 25,
2023, placed the rating(s) of STPL under the 'issuer
non-cooperating' category as STPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
STPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 10, 2024, July
20, 2024 and July 30, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Incorporated in January 2007 as a Special Purpose Vehicle (SPV),
RattanIndia Nasik Power Limited (RNPL) formerly known as Indiabulls
Realtech Limited (IRL); is a wholly-owned subsidiary of RattanIndia
Power Limited to develop two thermal power plants (TPPs) each with
capacity of 1,350 MW (5 units of 270MW) in Nashik district,
Maharashtra named as Nashik Power Project-I (NPP-I) and Nashik
Power Project-II (NPP-II). The name of RNPL was changed to Sinnar
Thermal Power Limited (STPL) on February 5, 2019. The company was
admitted for Corporate Insolvency Resolution Process (CIRP) vide
NCLT order dated September 19, 2022 based on the application made
by an operational creditor - M/s. Shapoorji Pallonji & Co.
SRINIVASA TEXTILES: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Srinivasa
Textiles - Kakinada (SST) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SST for
obtaining information through letter and email dated October 10,
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 SST, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SST
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SST continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2015, SST is engaged in the retail trading of saree
and readymade garments for kids, men and women. The firm is located
in Kakinada, Andhra Pradesh.
SRIYA FARMS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sriya Farms And Feeds Private Limited
No.208/B, 1st Stage, HBR Layout,
2nd Block 80 Feet Main Road,
Bangalore, Karnataka,
India - 560043
Insolvency Commencement Date: October 22, 2024
Estimated date of closure of
insolvency resolution process: April 20, 2025
Court: National Company Law Tribunal, Bangalore Bench
Insolvency
Professional: M V Sudarshan
No.984/13, 8th Main,
Girinagar II Phase,
Bangalore - 560085 KA IN
Email: sudarshan.mv@outlook.com
Email: sriyacirp@outlook.com
Last date for
submission of claims: November 7, 2024
UNITED COTTON: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of United
Cotton Extract Private Limited (UCEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.49 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 16,
2023, placed the rating(s) of UCEPL under the 'issuer
non-cooperating' category as UCEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. UCEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
31, 2024, September 10, 2024 and September 20, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
United Cotton Extract Private Limited (UCEPL) was incorporated in
2007 by Mr. Ghansham M. Bafna, Mr. Naseem M. Yaqub and Mr. Upendra
V. Mehta and is engaged in cotton ginning & pressing (since 2008)
and processing of cotton seeds to produce cotton seed oil and oil
cake since (since 2011). Its plant is located at Malegaon, Nasik.
VIHAAN EXIMS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: VIHAAN EXIMS COMPANY PRIVATE LIMITED
115-116, D Mall, A-I,
Wazirpur District Centre,
Netaji Subhash Place, New Delhi 110034
Insolvency Commencement Date: October 23, 2024
Estimated date of closure of
insolvency resolution process: April 21, 2025 (180 Days)
Court: National Company Law Tribunal, Chandigarh Bench-II
Insolvency
Professional: Umesh Gupta
Ground Floor, 221-A/19, Onkar Nagar B,
Tri Nagar, Northwest,
National Capital Territory of Delhi 110035
Email: umesh@vamindia.in
Immaculate Resolution Professionals Private Limited
Unit No. 112, First Floor, Tower-A,
Spazedge Commercial Complex,
Sector-47, Sohna Road, Gurgaon-122018
Email Id: ibc.vihaanexims@gmail.com
Last date for
submission of claims: November 11, 2024
WALCHANDNAGAR INDUSTRIES: Ind-Ra withdraws B+ Bank Loan Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Walchandnagar Industries Limited's (WIL) bank
facilities' ratings:
-- INR1,964.10 bil. Fund-based working capital limit* affirmed
and withdrawn; and
-- INR4,445.60 bil. Non-fund-based working capital limit**
affirmed and withdrawn.
* Affirmed at 'IND B+'/Stable/'IND A4' before being withdrawn
** Affirmed at 'IND A4' before being withdrawn
Detailed Rationale of the Rating Action
The affirmation reflects WIL's continued small scale of operations,
modest EBITDA margins, and weak credit metrics in FY24. However,
the ratings are supported by sustained liquidity support available
to WIL from the sale of non-current assets and equity infusions. A
proposed equity infusion by FY26 will further aid the liquidity of
the company. Furthermore, Ind-Ra expects an improvement in WIL's
profitability and liquidity in the medium term, on account of a
likely improvement in the scale of operations.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.
Detailed Description of Key Rating Drivers
Small Scale of Operations; Decline in Revenue in FY24 due to
Disruptions in Operations: WIL's revenue declined to INR3,023.5
million in FY24 (FY23: INR3,220.90 million FY22: INR2,991.90
million) as the operations at its Mumbai-based Walchandnagar plant
were partially impacted by a 43-day labor strike (from 22 November
2023 to 3 January 2024) . However, the operations were normalized
thereafter. Also, the contractual workers at the Walchandnagar
plant were working to their capacity and the Satara and Dharwad
plants were running at full capacity. During 1QFY25, WIL reported
revenue of INR791.67 million. Ind-Ra expects the revenue to improve
gradually in the near-to-medium term on the back of the timely
execution of high-value orders from the heavy engineering division
(HED) and growth in the plant's capacity, led by purchase of
machinery.
Modest EBITDA Margins; Profitability Improved in FY24: WIL's EBITDA
turned positive at INR13.20 million in FY24, with a margin of 0.44%
(FY23: EBITDA loss of INR346 million, FY22: INR221.10 million,
EBITDA margin of 7.39%), because of a decline in the cost of goods
sold. The ROCE remained negative in FY24 (FY23: negative ROCE,
FY22: negative ROCE). Ind-Ra expects the profitability to remain
weak in the near term and gradually improve in the medium term
owing to a likely improvement in the scale of operations.
Weak Credit Metrics: WIL's gross interest coverage (operating
adjusted EBITDA/gross interest expense) weakened to 0.03x in FY24
(FY23: 0.17, FY22: 0.31x) due to an increase in interest cost. The
net leverage (total adjusted net debt/operating adjusted EBITDA)
deteriorated to 40x in FY24 (FY23: 31.7x, FY22: 22.17x) owing to an
increase in debt levels. Ind-Ra expects the credit metrics to
remain weak in the near-to-medium term.
Elongated Working Capital Cycle: WIL's net cash conversion cycle
remained elongated in FY24 and deteriorated to 496 days (FY23: 469
days, FY22: 692 days), mainly due to an increase in the inventory
days to 494 (407, 581).The projects in pipeline were delayed,
leading to higher inventory and debtor period, resulting in a cash
flow crisis. However, the company has started receiving pending
dues from the Tamil Nadu Electricity Board. Ind-Ra expects the
working capital cycle to remain elongated in the near-to-medium
term on account of execution of long lead projects in the nuclear
and aerospace divisions.
Issuance of Share Warrants and Capex Plans to Mitigate Delay in
Sale of Non-Core Assets: Out of the total projected sale of
non-core assets to the tune INR1,101.40 million by FYE24, WIL could
sell assets worth INR534.69 million only. The company expects to
sell the remaining assets by FYE25. However, WIL issued 2,17,18,203
share warrants at INR114 per unit amounting to INR2,475.85 million
in November 2023; of the total amount, INR315.85 million will be
adjusted towards promoters' loan. The anticipated net cash flow is
INR2,160 million; of this, the company plans to utilize INR1,050
million towards capex; INR410 million towards repayments of term
loan and working capital facility; INR500 million towards working
capital requirement and balance INR200 million towards general
corporate purposes. Timely exercise of the remaining share warrants
is a key monitorable.
WIL has planned capex of INR1,050 million for FY25-FY26, mostly for
its aerospace, nuclear and gear divisions; the remaining capex will
be utilized for the upgradation of machinery.
Successful Execution of Standstill Conditions: WIL had delayed the
servicing of KKR India Financial Services Private Limited's (KKR)
term loan and the non-convertible debentures issued to KKR India
Debt Opportunities Fund II in FY21. On March 31, 2022, KKR assigned
the entire debt of INR2,073 million to Assets Care and
Reconstruction Enterprise Limited (ACRE) for a settlement value of
INR720 million, of which INR620 million was funded by ACRE and the
remaining INR100 million was funded by WIL, via inter-corporate
deposits. As per the standstill agreement between WIL and ACRE,
which was signed on 19 July 2022, all the existing event of default
would be waived during the standstill period of April 12, 2022 to
April 12, 2023. WIL would have to pay monthly interest of INR8.27
million during the standstill period, and an aggregate payment of
INR250 million at the end of the standstill period. Furthermore,
WIL needed to issue 7% of the total issued and paid-up share
capital in favor of ACRE.
WIL has complied with the conditions imposed by the latter. WIL has
to repay the remaining INR370 million along with payment-in-kind
loan of INR39.2 million by March 31, 2025. The company has to repay
the same through the sale of non-core assets. In case of any
shortfall, it expects to use equity infusion resources.
Liquidity
Poor: WIL's average maximum utilization of the fund-based limits
was 94.91% for the 12 months ended July 2024 and the utilization is
likely to have remained at similar levels until October 2024. Its
cash and cash equivalent stood at INR55.74 million at FYE24 (FY23:
INR17.8 million, FYE22: INR29.40 million; FYE21: INR29.20 million).
In FY24, the cash flow from operations turned negative at INR340.
million (FY23: INR267.2 million, FY22: negative INR423.10 million)
and free cash flow turned negative at INR358 million (INR251.5
million, negative INR454 million), due to unfavorable changes in
the working capital. The cash flow from operations remains a key
monitorable, considering the FY24 performance. WIL has repayment
obligations of INR300 million in FY25, which are likely to be
funded through equity infusions and the sale of non-core assets.
About the Company
Established in 1908, WIL provides engineering, procurement and
construction solutions and supply's machinery and equipment to the
aerospace and missile, defense, nuclear, gears, centrifugal, and
sugar sectors. WIL has the heavy engineering division, foundry
division and instrumentation division.
YASHODAKRISHNA AUTO: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Yashodakrishna Automobiles Private Limited (YAPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 34.54 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 26,
2023, placed the rating(s) of YAPL under the 'issuer
non-cooperating' category as YAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
YAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 11, 2024,
August 21, 2024 and August 31, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Yashoda Krishna Automobiles Private Limited (YAPL) belongs to Radha
Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a
trading organization. Radha Group Toyota is engaged in the business
of sales and service of passenger vehicles of Toyota Kirloskar
Motors Pvt Limited (TKML) and it is an authorized dealer of TKML.
The group was promoted by Mr. M Subrahmanyam (Chairman), who has
more than five decades of experience in trading and more than two
decades of experience in automobile industry. Mr. M Srinivas
(Managing Director) has more than two decades of experience in
automobile industry. The group comprises of four automobile
companies namely Radha Krishna Automobiles Private Limited, Radha
Madhav Automobiles Private Limited, Leela Krishna Automobiles
Private Limited and Yashoda Krishna Automobiles Private Limited
located in Andhra Pradesh and Telangana. These four companies are
in to similar line of business catering to different regions in
both states. RMAPL and LKAPL are operating in the state of Andhra
Pradesh, whereas RKAPL and YKAPL are operating in the state of
Telangana with a total of 15 showrooms in both the states.
Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of YAPL to
the 'issuer not-cooperating' category vide press release dated
October 11, 2024 on account of its inability to carryout review in
the absence of requisite information from the company.
ZENFER MARKETING: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Zenfer Marketing Pvt. Ltd
GD-179, Salt Lake Sector-III,
Kolkata-700091, West, Bengal
Liquidation Commencement Date: October 30, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Sudipta Ghosh
8, N.N. Mukherjee 3rd, Lane,
Uttarpara, Hooghly-712258
Email: sudipta_ghosh08@yahoo.com
Phone: +91-9230823033, 7003384289
Last date for
submission of claims: November 29, 2024
=====================
N E W Z E A L A N D
=====================
CANSTAFF RECRUITMENT: Court to Hear Wind-Up Petition on Dec. 12
---------------------------------------------------------------
A petition to wind up the operations of Canstaff Recruitment
Limited will be heard before the High Court at Christchurch on Dec.
12, 2024, at 11:00 a.m.
Highlanders Rugby Club Limited Partnership filed the petition
against the company on Oct. 18, 2024.
The Petitioner's solicitor is:
Frazer Barton
Anderson Lloyd
Level 12, Otago House
477 Moray Place
Dunedin 9016
CHOICES FLOORING: Creditors' Proofs of Debt Due on Dec. 11
----------------------------------------------------------
Creditors of Choices Flooring Nelson Limited are required to file
their proofs of debt by Dec. 11, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 8, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
GW TRANSPORT: BDO Tauranga Appointed as Liquidators
---------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Nov.
8, 2024, were appointed as liquidators of GW Transport Limited.
The liquidators may be reached at:
C/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
ROADSTAR TRANSPORT: Court to Hear Wind-Up Petition on Nov. 25
-------------------------------------------------------------
A petition to wind up the operations of Roadstar Transport Limited
will be heard before the High Court at Hamilton on Nov. 25, 2024,
at 10:45 a.m.
Truck City Limited filed the petition against the company on Sept.
9, 2024.
The Petitioner's solicitor is:
Audrey Billington
11 Polygon Road
St Heliers
Auckland
ZOOMIES ENTERTAINMENT: Creditors' Proofs of Debt Due on Dec. 20
---------------------------------------------------------------
Creditors of Zoomies Entertainment Limited are required to file
their proofs of debt by Dec. 20, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 7, 2024.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington, Business Restructuring
Level 1, 50 Customhouse Quay
Wellington 6011
=================
S I N G A P O R E
=================
CAPITALAND COMMERCIAL: Creditors' Proofs of Debt Due on Dec. 9
--------------------------------------------------------------
Creditors of Capitaland Commercial Trust Management Limited are
required to file their proofs of debt by Dec. 9, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 30, 2024.
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
FINEST CREATIVE: Court to Hear Wind-Up Petition on Nov. 22
----------------------------------------------------------
A petition to wind up the operations of Finest Creative Pte. Ltd.
will be heard before the High Court of Singapore on Nov. 22, 2024,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Oct. 29, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
FT GLOBAL: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Oct. 25, 2024, to
wind up the operations of FT Global Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Mr. Gary Loh Weng Fatt
Mr. Leow Quek Shiong
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
PAPA BAKERZ: Court to Hear Wind-Up Petition on Nov. 22
------------------------------------------------------
A petition to wind up the operations of Papa Bakerz Pte. Ltd. will
be heard before the High Court of Singapore on Nov. 22, 2024, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Oct. 30, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
QOO10 GROUP: Singapore High Court Orders Company's Winding-Up
-------------------------------------------------------------
The Straits Times reports that the Singapore High Court on Nov. 11
ordered beleaguered online marketplace Qoo10 to be wound up and for
liquidators from AAG Corporate Advisory to take over management of
the insolvent company.
This comes after Korea Culture Promotion (KCP), which operates
culture portal sites and issues culture gift certificates in South
Korea, sought to wind up Qoo10 over nearly KRW76 billion in unpaid
debt.
Describing itself as one of Qoo10's "many merchants left high and
dry", KCP alleged that Qoo10 had defaulted on KRW5.8 billion in
payments for gift certificates, according to court papers seen by
The Straits Times.
KCP also claims Qoo10 refused to honour its guarantees to secure
more than KRW70 billion in debt from its two e-commerce platform
units, Tmon and WeMakePrice.
Both Qoo10 subsidiaries have filed for corporate rehabilitation in
the Seoul Bankruptcy Court, after failing to make payments to
merchants using their platforms since early July 2024.
In addition, six other creditors, including SCI Ecommerce, 21st
Century Healthcare, Mister Mobile Trading and Shenzhen Lanmey
Industries - which are together owed sums of $3.26 million and more
than US$381,000 - notified the court that they supported KCP's
winding-up application, according to The Straits Times.
Qoo10's lawyer Luke Netto disputed KCP's claims but took no issue
with the claims made by the other creditors.
The Straits Times says the court allowed 21st Century Healthcare,
which said it is owed SGD954,115, to replace KCP as the claimant.
Two other entities - Qoo10 creditor Monalisa IV SCSP, allegedly
owed one billion won; and corporate receiver Kroll, which allegedly
holds more than 21.4 million Qoo10 shares as security - had also
asked the court to adjourn the winding-up application hearing.
The Straits Times relates that Monalisa wanted more time to review
the winding-up papers, while Kroll wanted to assess the
implications of the proceedings on the receivership.
In objecting to the adjournment, KCP's lawyer Chua Beng Chye, who
is Rajah & Tann's deputy head of restructuring and insolvency, said
there is an "urgent need to empower a liquidator" to investigate
Qoo10's affairs.
He cited "strong indications of wrongdoing by Qoo10's management
which had resulted in its financial woes".
Mr Chua said there was a need to protect the public, pointing out
that the firm was "clearly drowning in debt without any ability to
repay".
"It is absolutely audacious it is still operating its online
e-commerce platform. On the website, it is still promoting and
selling products on sale, hoping to lure unwary vendors and
customers. Nothing on its website says MAS (Monetary Authority of
Singapore) has suspended its payment services," he said.
Justice Aidan Xu denied the adjournment request.
He found that Qoo10 was insolvent and allowed Mr Abuthahir Abdul
Gafoor and Ms Yessica Budiman of AAG Corporate Advisory to be
appointed liquidators, The Straits Times adds.
About Qoo10
Singapore-based Qoo10 Group retails e-commerce products. The
Company offers personal care, sports apparel, consumer electronics,
home furnishing, food, toys, and other consumer products. Qoo10
serves customers worldwide. Qoo10 owns Korean online shopping
platforms TMON and WeMakePrice.
As reported the Troubled Company Reporter-Asia Pacific on Sept. 11,
2024, the Seoul Bankruptcy Court on Sept. 10 granted a
rehabilitation process for liquidity crisis-hit e-commerce
platforms TMON and WeMakePrice, allowing them to restructure their
debts to creditors under the supervision of court-appointed
custodians.
According to Yonhap News Agency, the decision came more than a
month after TMON and WeMakePrice filed for court-supervised
rehabilitation, following overdue payments to vendors operating on
their platforms that reached nearly KRW1 trillion (US$744 million).
QOOCO ASIA: Court to Hear Wind-Up Petition on Nov. 22
-----------------------------------------------------
A petition to wind up the operations of Qooco Asia Pte. Ltd. will
be heard before the High Court of Singapore on Nov. 22, 2024, at
10:00 a.m.
Happy CP Company Limited (trading as Choco Up) filed the petition
against the company on Oct. 30, 2024.
The Petitioner's solicitors are:
Havelock Law Corporation
60 Tras Street
#03-01
Singapore 078999
=================
S R I L A N K A
=================
CEYLON ELECTRICITY: Fitch Affirms 'BB+(lka)' Nat'l. LT Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Ceylon Electricity Board's (CEB)
National Long-Term Rating at 'BB+(lka)'. The Outlook is Stable.
Fitch also affirmed the National Long-Term Rating of CEB's
outstanding senior unsecured debentures at 'BB+(lka)'.
CEB's ratings are equalised with the Sri Lankan sovereign rating
(Long-Term Local-Currency Issuer Default Rating CCC-) under Fitch's
Government-Related Entities (GRE) Rating Criteria. This is based on
our assessment that there is a very high likelihood that CEB, the
country's monopoly electricity transmitter and distributor, would
continue to receive government support.
Key Rating Drivers
'Very Strong' Incentive to Support: Fitch believes that a default
by CEB would lead to severe service disruption, with CEB accounting
for about 73% of generation capacity at end-2023. A default would
also make it difficult for CEB to source feedstock used for power
generation, such as heavy oil and coal, which are imported.
Independent power producer (IPP) agreements - about 27% of
generation capacity - will also be affected. These are external
arrangements with no clear alternatives and most of them use
imported oil in their operations.
A non-payment by CEB would dampen the state and its related
entities' ability to raise debt, as CEB's project loans are also
the state's obligations. Some of these loans are provided by
bilateral and multilateral agencies and channeled through the
government to develop the country's power infrastructure. Thus, a
default on these project loans could be tantamount to a government
default. Fitch expects support to continue, despite the state's
weak financials, as CEB fulfils an essential public service.
'Very Strong' Responsibility to Support: Fitch expects state
support to continue, as the government would want to ensure an
uninterrupted power supply. The government fully owns CEB, appoints
the board and decides investment strategy. Tariffs are set using a
cost-reflective pricing method requiring regulatory approval.
Previously, the utility set tariffs based on social objectives
rather than commercial ones.
Various Types of Support: Government support to CEB has included
direct grants, two-step loans from multinational agencies (about
19% of CEB's outstanding debt), equity injections and guarantees on
bank loans for some of the investment projects and working-capital
requirements. The government converted CEB's outstanding payables
to the IPPs and national oil supplier Ceylon Petroleum Corporation
(CPC) into equity at end-2023.
Lower Costs: Generation costs fell in tandem with the rise in
hydropower to 31% of the generation mix in 1H24 (1H23: 23%), while
thermal coal prices dropped by 32% yoy. Thermal coal fuels over 36%
of the country's generation mix, and Fitch expects prices to fall
by 20% in 2024 and 10% in 2025. CEB's financing costs will also
fall amid lower interest rates. CEB has also reduced tariffs twice
in 2024 by a cumulative 44.5%.
Improved Profitability on Tariff Framework: CEB has operated on a
cost-reflective tariff mechanism since June 2023, which is revised
quarterly to ensure operating costs are covered. Its base case
forecast assumes the tariff framework will remain in place, as any
deviation is a key risk to CEB's balance sheet. The quarterly
tariff revision due in September 2024 has yet to be finalised,
pending regulatory approval. Tariff revisions in the preceding four
quarters were implemented within one-month of the quarter-end.
Fitch estimates CEB's EBITDA to have improved to LKR180 billion in
2023, from a negative EBITDA of LKR65 billion in 2022, following
the revised tariff framework. Fitch forecasts EBITDA will remain
around LKR160 billion in the next two years under the tariff
framework. Fitch estimates cash flow from operations to have jumped
to LKR30 billion in 2023, from negative LKR58 billion in 2022.
However, Fitch expects capex will require external debt funding,
although leverage should remain around 2x in the next few years.
CEB Restructuring Subject to Execution Risk: The new Electricity
Act includes provisions to unbundle CEB's generation, transmission
and distribution into separate entities. Fitch believes the
unbundling will improve CEB's efficiency and competitiveness. The
utility is already preparing separate financials, maintains
separate bank accounts and is in the process of allocating assets
and liabilities for the three units. However, Fitch believes the
restructuring faces execution risk and may be contingent on the
outcome of Sri Lanka's general election on 14 November.
Indeterminate Standalone Credit Profile: Fitch believes that CEB's
Standalone Credit Profile (SCP) cannot be meaningfully determined
in the near term, despite an improving financial profile. CEB is
highly dependent on the government for funding access, with less
than 3% of its debt stemming from domestic private-sector banks at
June 2024. CEB's ability to meaningfully diversify funding away
from state institutions, and achieve a degree of financial
independence, rests on the current tariff framework.
Derivation Summary
CEB has a monopoly in electricity transmission and distribution in
Sri Lanka. It owns and operates the majority of installed
power-generation capacity. CEB's rating is equalised with that of
the sovereign, in line with its GRE criteria, as Fitch assesses
linkages and support incentives as 'Very Strong' under each
sub-factor score.
Key Assumptions
Fitch's Key Assumptions Within the Rating Case for the Issuer:
- Annual electricity demand growth to average around 6% over
2024-2027;
- Generation mix to change to 45% thermal, 25% hydro and 30% other
over 2024-2027;
- Tariff to be adjusted every three-months to cover CEB's operating
costs;
- Capex to range between LKR105 billion and LKR125 billion annually
from 2024 to 2027;
- No dividend payments anticipated from 2024 to 2027.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A downgrade of the Sri Lankan sovereign's Long-Term
Local-Currency IDR could result in corresponding action on CEB's
National Long-Term Rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- An upgrade of the Sri Lankan sovereign's Long-Term Local-Currency
IDR could result in corresponding action on CEB's National
Long-Term Rating.
For the sovereign rating of Sri Lanka, the following sensitivities
were outlined by Fitch in the agency's Rating Action Commentary on
25 September 2024:
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- External Finances: Completion of the foreign-currency commercial
debt restructuring that Fitch judges to have normalised the
relationship with private-sector creditors would result in an
upgrade of the Long-Term Foreign-Currency IDR.
Public Finances: A sustained decline in the general government
debt/GDP ratio that is underpinned by the implementation of a
medium-term fiscal consolidation strategy and faster economic
growth.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- The Local-Currency IDR would be downgraded if further
restructuring or a default on local-currency debt becomes probable
due to an unsustainable debt burden or inability to raise revenue.
Liquidity and Debt Structure
Improved Liquidity on Government Support: CEB had LKR83 billion in
unrestricted cash at end-June 2024, against LKR90 billion in debt
due in the next 12 months. More than 90% of the outstanding debt is
for working capital, which Fitch believes will be rolled over in
the normal course of business.
CEB received LKR126 billion in equity-funding in 2023 from the
Ministry of Finance to settle its dues to the IPPs and CPC. Further
liquidity support is not factored into the rating case, given its
assumption of a continuation of the cost reflective tariff
framework and resultant healthy operating cash flow. However, Fitch
believes the government would step in with support, if required,
given CEB provides essential services.
Issuer Profile
State-owned CEB is the sole electricity transmitter and distributor
in Sri Lanka and accounts for 73% of domestic electricity
generation capacity through its network of hydro and thermal power
plants.
Public Ratings with Credit Linkage to other ratings
CEB's ratings are equalised with that of its parent, the Sri Lankan
sovereign, in line with Fitch's GRE criteria.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in our
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Entity/Debt Rating Prior
----------- ------ -----
Ceylon Electricity Board Natl LT BB+(lka) Affirmed BB+(lka)
senior unsecured Natl LT BB+(lka) Affirmed BB+(lka)
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***