/raid1/www/Hosts/bankrupt/TCRAP_Public/241114.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, November 14, 2024, Vol. 27, No. 229
Headlines
A U S T R A L I A
ALAMMC DEVELOPMENTS: Federal Court Appoints BDO as Receivers
BJ&N ENTERPRISES: First Creditors' Meeting Set for Nov. 19
FSLP PTY: First Creditors' Meeting Set for Nov. 19
PENINSULA AGRI: First Creditors' Meeting Set for Nov. 20
PLATINUM DISABILITY: First Creditors' Meeting Set for Nov. 19
SWOOP AERO: Second Creditors' Meeting Set for Nov. 19
THINK TANK 2024-3: S&P Assigns Prelim 'B (sf)' Rating to F Notes
C H I N A
CBAK ENERGY: CEO Holds 33,638 Shares, 30,000 Stock Options
JINGBO TECHNOLOGY: Increases Authorized Common Shares to 50 Billion
I N D I A
AGARWAL PHARMA: CRISIL Keeps B Debt Rating in Not Cooperating
BABANRAOJI SHINDE: CRISIL Keeps D Debt Rating in Not Cooperating
BYJU'S: Ordered to Restore Ownership of Two Education Apps
DHANPATI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
DHARTI COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
HIMAVASINI MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
HOLY TRINITY: CRISIL Keeps D Debt Rating in Not Cooperating
HYPNOTIK CLOTHING: CRISIL Keeps D Debt Rating in Not Cooperating
IB COMMERCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
IMPEX INDIA-DEHRADUN: CRISIL Keeps D Ratings in Not Cooperating
INCOM WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating
M VENKATARAMA: CRISIL Keeps D Debt Ratings in Not Cooperating
MAX INTERNATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating
MINEX INDIA: CRISIL Keeps D Rating in Not Cooperating Category
MOHANA HARSHA: CRISIL Keeps B Debt Ratings in Not Cooperating
NAACHIYARS: CRISIL Keeps B Debt Ratings in Not Cooperating
NARAYAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
NATH MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
NATIONAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
NATURAL FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
NEW AGE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
ROSENTIQUES FINE: CRISIL Keeps B Debt Ratings in Not Cooperating
SATYAM GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
SCORODITE STAINLESS: CRISIL Keeps D Ratings in Not Cooperating
SDS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating
SOHAM COLD: CRISIL Keeps B Debt Ratings in Not Cooperating
SUDAMA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
I N D O N E S I A
SRI REJEKI: Avoids Layoffs Amid Bankruptcy, Furloughs 2,500 Workers
M A L A Y S I A
PHARMANIAGA: Streamlines Rescue Plan; Boustead, LTAT Step In
N E W Z E A L A N D
CANSTAFF RECRUITMENT: Court to Hear Wind-Up Petition on Dec. 12
CANSTAFF RECRUITMENT: Faces Liquidation Bid Over Unpaid Fees
DOUG JARVIS: BDO Tauranga Appointed as Liquidators
R-LITS CONTRACTING: Debts Top NZD8 Million, Liquidator Reveals
ROADSTAR TRANSPORT: Court to Hear Wind-Up Petition on Nov. 25
SANTIAGO ELLISON: Creditors' Proofs of Debt Due on Dec. 20
UNION DECORATORS: Court to Hear Wind-Up Petition on Dec. 13
S I N G A P O R E
BRAZN PTE: Court Enters Wind-Up Order
CHUAN JI: Court Enters Wind-Up Order
DASIN RETAIL: Court to Hear Wind-Up Petition on Nov. 19
GIANTMINER PTE: Creditors' Proofs of Debt Due on Dec. 6
NAPOLIZZ PIZZA: Court Enters Wind-Up Order
YONGNAM HOLDINGS: Faces Delisting Amid Liquidation
[*] SINGAPORE: New Bill Reduces Insolvency Filing Costs
S O U T H K O R E A
PIZZA HUT KOREA: Autonomous Restructuring Support Plan Gets OK
V I E T N A M
VINFAST: To Get $3.4BB More Funding From Founder, Parent Company
- - - - -
=================
A U S T R A L I A
=================
ALAMMC DEVELOPMENTS: Federal Court Appoints BDO as Receivers
------------------------------------------------------------
The Federal Court on November 1, 2024, made orders appointing Helen
Newman and Andrew Fielding of BDO as receivers of the property of
ALAMMC Developments Pty Ltd and 12 related corporate entities.
The receivers are tasked with, among other things, conducting
investigations into the amount of investor funds received by ALAMMC
Developments and the related entities, and to provide a report to
the Court within 28 days.
The appointment of receivers over the 13 ALAMMC Developments
corporate entities follows urgent action taken by ASIC to obtain
asset preservation orders, and the appointment of the same
receivers over the personal property of ALAMMC Developments
director Mr. David McWilliams and his wife Ms. Laura Fullarton.
At the same hearing, Justice O'Sullivan made orders extending the
travel restrictions on Mr. McWilliams, who is prohibited from
leaving Australia or attempting to leave Australia until July 1,
2025.
The entities offered investment opportunities for purpose-built
NDIS compatible property development schemes across Australia.
In a separate report, Mina Martin of AustralianBroker, said the 13
entities currently in receivership had offered investment
opportunities focused on purpose-built properties for
NDIS-compliant developments across Australia.
According to AustralianBroker, ASIC began its investigation into
McWilliams and the companies in September, driven by concerns over
the handling of investor funds and potential violations of
financial services regulations. The investigation was triggered by
evidence linking McWilliams to significant gambling activities.
The asset preservation orders, which initially applied to ALAMMC
Developments, have now been expanded to include multiple entities,
such as SDAMF 2, Harvey Madison Capital, and Coral Coast Mutual
Fund. These orders, first issued on September 11, 2024 have been
extended to safeguard the assets of these companies during the
ongoing investigation, the report states.
About ALAMMC Developments
ALAMMC Developments is a real estate developer that constructs
practical and attractive spaces for modern working Australians and
business owners, from office industrial and retail spaces.
BJ&N ENTERPRISES: First Creditors' Meeting Set for Nov. 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of B J & N
Enterprises Pty Ltd will be held on Nov. 19, 2024 at 10:00 a.m. via
videoconference only.
Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Nov. 7, 2024.
FSLP PTY: First Creditors' Meeting Set for Nov. 19
--------------------------------------------------
A first meeting of the creditors in the proceedings of:
- FSLP Pty Ltd;
- FSM Development Pty Ltd;
- GY Investments Australia Pty Ltd;
- Markham Property Development Pty Ltd; and
- Frank & Sunny Pty Ltd (trading as IIOR & ATF Frank &
Sunny Family Trust)
will be held on Nov. 19, 2024 at 11:00 a.m. via virtual meeting
only.
Catherine Margaret Conneely and Rahul Goyal of Cor Cordis were
appointed as administrators of the company on Nov. 7, 2024.
PENINSULA AGRI: First Creditors' Meeting Set for Nov. 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Peninsula
Agri Services Pty Ltd will be held on Nov. 20, 2024 at 10:00 a.m.
via virtual meeting only.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Nov. 10, 2024.
PLATINUM DISABILITY: First Creditors' Meeting Set for Nov. 19
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Platinum
Disability Support Services Pty Ltd (trading as Platinum All Care)
will be held on Nov. 19, 2024 at 11:00 a.m. via videoconference
only.
Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Nov. 7, 2024.
SWOOP AERO: Second Creditors' Meeting Set for Nov. 19
-----------------------------------------------------
A second meeting of creditors in the proceedings of Swoop Aero Pty
Ltd has been set for Nov. 19, 2024 at 11:00 a.m. via
videoconference facilities only.
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. 18, 2024 at 4:00 p.m.
Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of the company on Oct. 14, 2024.
THINK TANK 2024-3: S&P Assigns Prelim 'B (sf)' Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
eight classes of small-ticket commercial mortgage-backed, floating
rate, pass-through notes to be issued by BNY Trust Co. of Australia
Ltd. as trustee of Think Tank Commercial Series 2024-3 Trust.
Think Tank Commercial Series 2024-3 Trust is a securitization of
loans to commercial borrowers, secured by first-registered
mortgages over Australian commercial or residential properties
originated by Think Tank Group Pty Ltd. (Think Tank).
The preliminary ratings reflect the following factors.
S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, including the fact that this is a closed
portfolio, which means no further loans will be assigned to the
trust after the closing date.
"The credit support is sufficient to withstand the stresses we
apply. This credit support comprises note subordination for each
class of rated note."
The transaction's cash flows can meet timely payment of interest
and ultimate payment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, and the principal draw
function.
An extraordinary expense reserve of A$250,000, funded from day one
by Think Tank, will be available to meet extraordinary expenses.
The reserve will be topped up via excess spread if drawn.
S&P's ratings also reflect the legal structure of the trust, which
has been established as a special-purpose entity and meets its
criteria for insolvency remoteness.
Preliminary Ratings Assigned
Think Tank Commercial Series 2024-3 Trust
Class A1, A$325.00 million: AAA (sf)
Class A2, A$67.50 million: AAA (sf)
Class B, A$39.50 million: AA (sf)
Class C, A$29.00 million: A (sf)
Class D, A$19.00 million: BBB (sf)
Class E, A$10.00 million: BB (sf)
Class F, A$6.50 million: B (sf)
Class G, A$3.50 million: Not rated
=========
C H I N A
=========
CBAK ENERGY: CEO Holds 33,638 Shares, 30,000 Stock Options
----------------------------------------------------------
Zhiguang Hu, Chief Executive Officer of CBAK Energy Technology,
Inc., filed a Form 3 Report with the U.S. Securities and Exchange
Commission, disclosing direct beneficial ownership of 33,638 shares
of common stock and options to purchase 30,000 additional shares of
common stock.
The options were granted under the Company's 2015 Equity Incentive
Plan on April 11, 2023, and vest in four equal installments on June
30 and December 31 of 2024 and 2025. These options will expire 70
months from the grant date.
A full-text copy of Mr. Hu's SEC Report is available at:
https://tinyurl.com/53xkkjnu
About CBAK Energy Technology
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products, and storage, among others.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 15, 2024, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2023. All these factors raise substantial doubt
about its ability to continue as a going concern.
CBAK reported a net loss of $8.54 million for the year ended Dec.
31, 2023, compared to a net loss of $11.33 million for the year
ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $281.16
million in total assets, $167.70 million in total liabilities, and
$113.46 million in total equity.
JINGBO TECHNOLOGY: Increases Authorized Common Shares to 50 Billion
-------------------------------------------------------------------
Jingbo Technology, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company filed
with the Nevada Secretary of State a Certificate of Amendment of
the Articles of Incorporation. The Certificate of Amendment
increased the number of authorized shares of common stock, $0.001
par value per share, from 50,000,000 shares to 50,000,000,000
shares. The Authorized Capital Change took effect on October 17,
2024.
The board of directors of the Company approved the Authorized
Capital Change on September 3, 2024, and the holders of a majority
of the Company's outstanding common stock approved the Authorized
Capital Change on the same date.
About Jingbo
Headquartered in Shoujiang Town, Fuyang District, China, Jingbo
Technology, Inc., initially was in the business platform of
providing application software to a global vendor platform to
connect people to businesses and provide a new shopping experience.
The Company's wholly owned subsidiary, Intellegence Parking Group
Limited, is a multinational technology company, with a smart
parking application software and platform business ecosystem as its
main business venture. Intellegence operates facilities at Xiaoshan
Airport Remote Parking Lot, Tianjin Xinhua International
University, Fuyang People's Hospital, Qilu University Hospital,
Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It
also currently has eight urban parking projects.
Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated July 3, 2024, citing that the Company had incurred
substantial losses during the years and negative working capital,
which raises substantial doubt about its ability to continue as a
going concern.
As of May 31, 2024, Jingbo Technology had $12.63 million in total
assets, $32.41 million in total liabilities, and a total deficit of
$19.78 million.
=========
I N D I A
=========
AGARWAL PHARMA: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Agarwal Pharma
(AP) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AP 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 AP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of AP
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
The firm was incorporated as a proprietorship firm by M Amit
Agarwal in 1999 and is in distribution of medicines and
pharmaceutical drugs in Lucknow (UP).The firm has an owned 4,000
square foot of warehouse and one rented store in main market of
Lucknow.
BABANRAOJI SHINDE: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Babanraoji
Shinde Sugar & Allied Industries Limited (BSSAIL) continues to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 35 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BSSAIL 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 BSSAIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BSSAIL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of BSSAIL continues to be 'CRISIL D Issuer Not
Cooperating'.
Incorporated in 2011, BSSAIL is promoted by Mr. Ranjitsingh B
Shinde and his family. The company has set up a sugar plant
(capacity of 5000 tonnes of cane per day) along with a
co-generation power plant of 25 megawatts in Solapur, Maharashtra.
BYJU'S: Ordered to Restore Ownership of Two Education Apps
----------------------------------------------------------
Livemint.com reports that two money-making education apps that are
part of the troubled Byju's software empire were wrongly
transferred away from US lenders and must be returned to a
court-supervised bankruptcy trustee, a federal judge ruled Nov.
12.
A "rogue officer" manipulated Apple Inc. into changing the
ownership - and the revenue stream - of two apps that bring in
about $1 million a month, according to the trustee, who controls
three of Byju's US units, Livemint.com relays.
According to Livemint.com, the apps are used by parents to download
education materials for their children, Catherine Steege, a lawyer
for the US units said Nov. 12 during a virtual hearing. The
transfer happened shortly after the trustee took control of the
bankrupt units: Epic! Creations, Neuron Fuel, and Tangible Play.
Since the trustee, Claudia Springer, was given control of the three
units by a federal judge, unknown people directed by Byju's, which
is based in India, have been grabbing cash, moving source code away
from cloud systems managed by Apple and Alphabet Inc.'s Google and
changing the names of various online accounts, Ms. Steege said.
"These bad actors began a game of 'catch me if you can'," Ms.
Steege told US Bankruptcy Judge John Dorsey in Wilmington,
Delaware. They are "trying to stay one step ahead of the trustee."
Judge Dorsey ordered Apple to return ownership of the apps to the
US units. A lawyer for an Indian firm that had been wrongly given
ownership of the apps unsuccessfully tried to persuade Dorsey to
delay making any ruling.
The dispute is the latest clash between Byju's and its US lenders.
After Byju's, whose formal name is Think & Learn Private Ltd.,
defaulted on more than $1.2 billion in debt, US lenders took
control of one Byju's shell company and forced three smaller, US
subsidiaries into bankruptcy.
Byju's bought the firms just a few years ago for $820 million
according to court records. Ms. Springer is preparing to hold an
auction for at least two of the unit in order to raise money to
repay Byju's creditors, including the US lenders.
Lenders have been fighting Byju's in state and federal courts in
the US for more than a year. Byju's is facing an insolvency
proceeding in India, where a court-appointed professional has been
tasked with raising money to repay creditors. That professional,
Pankaj Srivastava has asked the US court to take no action related
to the three US units because they are owned by Byju's and could be
used to repay creditors in India.
Judge Dorsey has rejected those requests, saying the units are
US-incorporated entities that are subject to American bankruptcy
courts, Livemint.com adds.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-July 2024, Byju's will face insolvency proceedings for failure
to pay $19 million in dues to the country's cricket board. Reuters
said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than $3 billion. Byju's has
denied any wrongdoing.
According to Reuters, a ruling by India's companies tribunal on
July 16, following a complaint by the Board of Control for Cricket
in India (BCCI), initiated insolvency proceedings. These will
include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as The
company's board of directors is suspended as per law. CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.
The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.
BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024. In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.
Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.
DHANPATI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanpati Agro
Udyog Private Limited (Dhanpati) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.50 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.07 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Dhanpati 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 Dhanpati, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Dhanpati is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Dhanpati continues to be 'CRISIL D Issuer Not
Cooperating'.
Dhanpati was established in 2010 as a private-limited company by
Mr. Brahmanand Jaiswal and his sons, Mr. Saurabh Jaiswal and Mr.
Subhash Jaiswal. The company processes majorly basmati and
non-basmati rice at its plant at Gorakhpur, Uttar Pradesh. Dhanpati
has total milling and sorting capacity of 10 tonne per hour.
DHARTI COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dharti Cotton
Industries (DCI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DCI 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 DCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DCI continues to be 'CRISIL D Issuer Not Cooperating'.
DCI is an Amreli, Gujarat based partnership firm, established in
2007. The company is engaged in cotton ginning and pressing
operations.
HIMAVASINI MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Himavasini
Motors Private Limited (HMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.00 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.16 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.84 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HMPL 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 HMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HMPL continues to be 'CRISIL D Issuer Not Cooperating'.
HMPL was a founded in Krishnagiri (Tamil Nadu) in 2010. The company
is promoted by Mr. Suresh Kumar and his family members, and runs a
commercial vehicle showroom in the district. HMPL is an authorised
dealer for commercial vehicles of Tata Motors Ltd.
HOLY TRINITY: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Holy Trinity
Trust (HTT) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 12 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HTT 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 HTT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HTT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HTT continues to be 'CRISIL D Issuer Not Cooperating'.
HTT was established in 2006 and runs and operates coeducational
schools under its aegis by the name of Holy Trinity Anglo-Indian
International School in Thevalakkara, Kerala. It is an English
medium school that runs classes from Nursery to Class XI under the
affiliation of ICSE. Day-to-day activity is managed by Mr Pramod
R.
HYPNOTIK CLOTHING: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hypnotik
Clothing Private Limited (HCPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 6.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HCPL 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 HCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HCPL continues to be 'CRISIL D Issuer Not Cooperating'.
HCPL was set up in December 2010, by Mr Vijay Golani and Ms Resham
Chellaram. The company exports readymade garments primarily to the
US. Garments are manufactured on a job-work basis from various
players in Karnataka, Maharashtra and Gujarat. HCPL manufactures
about 30% of its total volume and the balance is outsourced.
IB COMMERCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IB Commercial
Private Limited (IBCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 0.16 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 57.84 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with IBCPL 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 IBCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IBCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
IBCPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2007 in Mumbai and promoted by Mr. Zuber Jaka, Mr.
Abdul Karim Jaka, Mr. Sajid Jaka, and Mr.Salim Jaka, IBCPL has
stockyards in Darukhana, Mumbai; Alang, Gujarat; and Kolkata.
IMPEX INDIA-DEHRADUN: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Impex
India-Dehradun (II-D) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 0.87 CRISIL D (Issuer Not
Cooperating)
Term Loan 9.13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with II-D 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 II-D, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on II-D
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
II-D continues to be 'CRISIL D Issuer Not Cooperating'.
II-D was established as a partnership concern between Mr Rajendra
Mimani, Mrs Saroj Mimani, and Mr Ashish Mimani-with equal profit
sharing ratio-in 1973. The firm was involved in a marketing
business, but has now undertaken a solar power project, backed by a
long-term power purchase agreement with UPCL.
INCOM WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Incom Wires
and Cables Limited (IWCL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 3.85 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with IWCL 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 IWCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IWCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IWCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
IWCL, incorporated in 1995, manufactures different types of
electric wires, power cables, control cables, railway signaling
cables, railway quad cables and telephone cables at its unit in
Mayapuri Industrial Estate, Delhi. IWCL is approved by the Research
Design and Standards Organisation as a Part 1 supplier of signaling
and telecommunication cables to Indian Railways. The company is
also an approved vendor for other state government power utilities
such as National Thermal Power Corporation Ltd, state electricity
boards of Punjab, Haryana and Rajasthan and private companies like
L&T Ltd.
M VENKATARAMA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M Venkatarama
Reddy (MVR) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 9 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MVR 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 MVR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MVR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MVR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1989 as a proprietorship firm, MVR is a
Bengaluru-based civil contractor. The firm primarily undertakes
construction of roads projects. The operations are managed by Mr. M
Venkatarama Reddy.
MAX INTERNATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Max
International (MI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MI 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 MI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of MI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in the 1980s, MI is a sole proprietorship firm,
promoted by Ms. Poonam Hans. The firm is a distributor of Samsung
mobile phones and electrical appliances, Titan watches, Fast Track
watches and sunglasses, and R-pure masala. MI is a part of the Hans
group based in Bhubaneswar. The group is headed by Mr. Ram Chandra
Hans.
MINEX INDIA: CRISIL Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Minex India
(Minex) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Minex 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 Minex, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Minex
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Minex continues to be 'CRISIL D Issuer Not Cooperating'.
Minex was established by Mr. Sabyasachi Pattnaik and his brother,
Mr. Subhrakanta Pattnaik, as a partnership firm in 2005. The firm
trades in iron ore fines. Mr. Sabyasachi Pattnaik manages the
firm's day-to-day operations.
MOHANA HARSHA: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mohana Harsha
Logistics (MHL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Loan Against 2.50 CRISIL B/Stable (Issuer Not
Property Cooperating)
Loan Against 4.25 CRISIL B/Stable (Issuer Not
Property Cooperating)
Proposed Long Term 5.25 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MHL 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 MHL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MHL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Promoted by Mr Naga Kanajam and based in Andhra Pradesh, MHL
provides logistics services.
NAACHIYARS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Naachiyars
(NC) 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 6 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with NC 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 NC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of NC
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established as a partnership firm in 2015,NC is engaged in the
retailing of readymade garments for men, women and children with
one retail outlet in Madurai (Tamil Nadu). The firm started
commercial operations in August 2015. The firm is promoted and
managed by Mr. N Balasubramaniam.
NARAYAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Narayan
industries - Chattisgarh (NI) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NI 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 NI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of NI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
The firm was established in 2007 as a proprietorship by Mr Mukesh
Motwani. It is engaged in processing of paddy into non-basmati rice
and sorting of various types of dal. It also trades in non-basmati
rice and undertakes rice milling on job work-basis for Food
Corporation of India (FCI). The firm's manufacturing facility is
located in Baloda Bazar, Chhattisgarh. It sells products to local
traders in the state.
NATH MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nath Motors
Private Limited (NMPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inventory Funding 26.25 CRISIL D (Issuer Not
Facility Cooperating)
Proposed Long Term 33.75 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with NMPL 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 NMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NMPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2002, NMPL is an authorised dealer for passenger
vehicles and spare parts of Honda Cars India Ltd (Honda) since
April 2013. The company operates showrooms in Delhi and Faridabad
under the brand, Delight Honda, equipped with 3S (sales, service
and spares) facilities.
NATIONAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of National Rice
Mill (NRM) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.89 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.62 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with NRM 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 NRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NRM continues to be 'CRISIL D Issuer Not Cooperating'.
Formed in 2006, NRM is engaged in milling and processing of par
boiled rice. It has an installed paddy milling capacity of 84
tonnes per day (increased from 72 tonnes per day). Its rice mill is
located in Hooghly (West Bengal). The day to day operations of the
firm is being managed by managing partners Mr. B .B. Dey. The other
partner, being his wife Mrs. Lekha Dey.
NATURAL FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Natural Foods
and Facials (NFF) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NFF 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 NFF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NFF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NFF continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2009, and still in project stage, Chittoor (Andhra
Pradesh)-based NFF is setting up an agro commodity pulp
manufacturing unit, focusing on mango and tomato pulp. The firm is
a partnership between Mr Kishore Kumar Reddy, Chandrasekhar Reddy,
and their family and friends.
NEW AGE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Age False
Ceiling Private Limited (NAFCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with NAFCPL 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 NAFCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
NAFCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of NAFCPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
NAFCPL, incorporated in 2008, manufactures false ceilings at its
facility in Nagpur, Maharashtra. It started production in 2012;
before that, it traded in false ceiling materials. Mr Manoj Gupta
and family are the promoters.
ROSENTIQUES FINE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rosentiques
Fine Jewellery (RFJ) continue to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Mortgage Loan 4.3 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING)
Proposed Long Term 2.25 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL Ratings has been consistently following up with RFJ 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 RFJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RFJ continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 2006 in Mumbai, RFJ is a partnership between Mr. Aadeesh
Nahar, Mr. Siddharth Nahar, and Mr. Abhay Kumar Nahar. The firm
manufactures and trades in diamond-studded gold jewellery,
including rings, pendants, earrings, bracelets, bangles, and
necklaces.
SATYAM GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Satyam Green
Energy (SGE) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SGE 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 SGE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SGE continues to be 'CRISIL D Issuer Not Cooperating'.
SGE, a proprietorship firm, was promoted by Mr. Sanjay Joshi for
setting up a solar power project of 1.1-megawatt in Solapur,
Maharashtra.
SCORODITE STAINLESS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Scorodite
Stainless India Private Limited (SSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 23 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 9 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSPL 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 SSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2006, SSPL is promoted by the Rajasthan-based
Sanghvi brothers. The activities were earlier being carried out
under Sanghvi Metal Corporation, which was established in 1979.
SSPL manufactures, trades in, and exports stainless steel, and
duplex, super duplex, welded, and seamless carbon steel pipes,
tubes, and 'U' tubes.
SDS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SDS Infratech
Private Limited (SIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 11 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SIPL 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 SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SIPL continues to be 'CRISIL D Issuer Not Cooperating'.
SIPL, formed in 2008 and based in Delhi, undertakes real estate
development. The company is promoted by Mr. Deepak Bansal. It is
developing two residential projects, both under NRI residency, at
Noida and Greater Noida.
SOHAM COLD: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Soham Cold
Storage and Chilling Plants (SCSCP) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.05 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 1.31 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 1.70 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCSCP 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 SCSCP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCSCP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCSCP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SCSCP was set up as a partnership firm in 2016 by Mr Pravesh Gupta
and his wife Mrs Manju Gupta. It operates a cold storage facility
in Agra and also extend loans and advances to the farmers.
SUDAMA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sudama Cotton
Ginning and Processing Factory (SCG) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCG 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 SCG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCG continues to be 'CRISIL D Issuer Not Cooperating'.
SCG was established by Mr Suresh Kumar and Mr Ashwini Kumar in
1987, and is based in Punjab. It manufactures cotton bales, cotton
seed oil, and cotton oil cakes. It sells cotton bales to spinning
mills and local traders in Punjab. It has already started
operations of mustard oil processing in April 2016.
=================
I N D O N E S I A
=================
SRI REJEKI: Avoids Layoffs Amid Bankruptcy, Furloughs 2,500 Workers
-------------------------------------------------------------------
Jakarta Globe reports that Sri Rejeki Isman (Sritex) has
temporarily furloughed 2,500 employees due to a raw material
shortage, but they remain on the payroll despite the company's
bankruptcy status declared by the Semarang District Court.
Speaking at the Manpower Ministry's office in Jakarta on Nov. 13,
Sritex President Director Iwan Kurniawan Lukminto, confirmed that
the company has not implemented any layoffs among its 50,000-strong
workforce.
"Sritex has not laid off employees amid this bankruptcy. Around
2,500 employees have been furloughed due to a lack of raw
materials," the report quotes Iwan as saying.
According to Jakarta Globe, Iwan said that Sritex has sufficient
raw materials to sustain operations for three more weeks. However,
the shortage has been worsened by court-imposed restrictions on
factory goods flow. If unresolved, the situation may force
additional furloughs and could lead to layoffs.
He stressed Sritex's commitment to paying salaries for furloughed
employees and hopes that the business continuity process would be
expedited to minimize further disruptions.
Jakarta Globe adds that Deputy Manpower Minister Immanuel Ebenezer
said that President Prabowo Subianto had instructed a coordinated
100-day rescue plan for Sritex across four ministries. "This
demonstrates the government's commitment to supporting the textile
industry," Immanuel said.
The think tank Celios attributed challenges in Indonesia's textile
industry to an influx of lower-priced Chinese imports, which have
put pressure on local products, Jakarta Globe relays. Iwan
acknowledged that import relaxation policies have adversely
affected the industry, with the Industry Ministry also citing such
policies as contributing to declines in Indonesia's manufacturing
sector.
The Trade Ministry, however, refused to take the blame, saying it
had implemented quotas on imported apparel and imposed duties on
foreign-made textiles. The government extended safeguard tariffs on
textiles, carpets, and other fabric imports by three years to
protect the sector from competition.
Jakarta Globe, meanwhile, reports that several lawmakers are
considering forming a special committee to investigate the recent
bankruptcy ruling against Sritex. Members of the House Commission
VII on Industry and the Creative Economy discussed the plan during
a recent visit to Sritex's factory in Sukoharjo, Central Java.
Sritex, known for supplying camouflage uniforms to NATO countries,
also manufactures clothing for major brands like Zara and Uniqlo.
About Sritex
PT Sri Rejeki Isman Tbk is a textiles and garments producer. The
Company produces yarns, textiles, uniforms, and fashion clothes
through its spinning, weaving, dyeing/printing, and garmenting
processes.
The Semarang City Commercial Court has granted the request of one
of Sritex's creditors to maintain the continuity of debt payment
obligations (PKPU), thus declaring the textile company bankrupt,
according to Indonesia Business Post.
Semarang City Commercial Court Spokesperson, Haruno Patriadi, said
in Semarang, Central Java, on Oct. 23, 2024, said the decision in
the conference led by Chief Justice Muhammad Anshar Majid granted
the request of PT Indo Bharat Rayon as a debtor of PT Sritex.
===============
M A L A Y S I A
===============
PHARMANIAGA: Streamlines Rescue Plan; Boustead, LTAT Step In
------------------------------------------------------------
The Malaysian Reserve reports that Pharmaniaga Bhd is making bold
changes in its MYR654 million fundraising plan, dropping a proposed
issuance of free detachable warrants as it seeks to pull itself out
of Practice Note 17 (PN17) financial distress.
In its revised strategy, Pharmaniaga's major shareholders, Boustead
Holdings Bhd and Lembaga Tabung Angkatan Tentera (LTAT), are
expected to inject up to MYR194 million, underscoring their
commitment to the company's future, according to The Malaysian
Reserve.
The Malaysian Reserve relates that the revised fundraising strategy
pivots around a simplified rights issue and a private placement.
The plan now focuses on a direct equity raise, avoiding the
complexity of warrants and aiming to provide a faster, clearer path
to capital infusion.
Pharmaniaga believes this approach will better support its mission
to achieve financial stability and profitability while preserving
shareholder value, The Malaysian Reserve relays.
Initially, Pharmaniaga planned to issue free warrants alongside its
rights issue, hoping the offer would entice more shareholders to
participate, the report notes. But after careful review, the board
decided that issuing warrants would add unnecessary complexity and
potentially dilute future earnings for investors. Instead,
Pharmaniaga is relying solely on its core rights issue to raise up
to MYR353.5 million, with the private placement expected to
generate an additional MYR300 million. The company highlighted that
it wanted "to mitigate the dilution of potential future earnings"
by avoiding the issuance of additional shares through warrant
conversions in the future.
The Malaysian Reserve relates that Pharmaniaga also expressed
confidence that "the issue price to be fixed for the rights shares
shall suffice to incentivise the entitled shareholders to subscribe
for their respective entitlements to the rights shares." This
streamlined approach allows Pharmaniaga to keep its focus on
raising immediate capital without impacting its earnings per share
too severely.
The support of Boustead and LTAT is a cornerstone of Pharmaniaga's
rescue plan, The Malaysian Reserve says. Boustead currently holds a
47.1% direct stake in Pharmaniaga, while LTAT has direct and
indirect stakes through Boustead, its primary shareholder. With
both parties likely to fully subscribe to their rights, their
collective investment of up to MYR194 million could cover more than
half of the planned rights issue.
For Pharmaniaga, the backing from these prominent stakeholders
sends a strong signal to the market, the report says.
It not only brings in much-needed cash but also affirms that
Boustead and LTAT see long-term value in the company, even amid its
financial recovery, The Malaysian Reserve adds.
About Pharmaniaga
Pharmaniaga Berhad is an investment holding company. The Company is
principally engaged in the research and development, manufacturing
of generic drugs and medical devices, logistics and distribution,
sales, and marketing, as well as community pharmacy.
It was reported on Feb. 28, 2023, that Pharmaniaga had been
classified as an affected listed issuer under PN17. The
pharmaceutical company said it had triggered the PN17 criteria
pursuant to its audited consolidated financial statements for the
period ended Dec. 31, 2022.
=====================
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
CANSTAFF RECRUITMENT: Faces Liquidation Bid Over Unpaid Fees
------------------------------------------------------------
Stuff.co.nz reports that the Highlanders has applied to put a
recruiting company into liquidation, after it failed to pay
sponsorship fees to the club.
Highlanders Rugby Club Limited Partnership filed an application to
put Canstaff Recruitment Ltd into liquidation last month.
The company is listed as one of the rugby club's partners on the
Highlanders' website.
The company, first registered in 2007, is owned by Matthew and
Tracey Jones, of Kirwee, in Canterbury.
Matthew Jones said in a statement to Stuff, "We have had some
disagreements over the arrangements we have with them but we are
working through that".
"We think the advertisement [for application of liquidation] is
premature but nonetheless we are still in discussions . . . a
settlement has been rejected by the Highlanders, however we believe
commonsense will prevail and are confident of a resolution
shortly."
The statement of claim for putting the company into liquidation
showed the company owed NZD120,125, including GST, to the rugby
club, Stuff discloses.
That amount was for sponsorship fees as part of an agreement
between the parties signed in February 2023.
On Sept. 13, 2024, a statutory demand was sent to the company to
pay the amount.
"The defendant company is insolvent and unable to pay its debts,"
the statement of claim said.
Highlanders chief executive Roger Clark told Stuff, "we are
disappointed Canstaff have not fulfilled their commitment to the
sponsorship contract despite the Highlanders investing significant
resources into this partnership".
The application will be heard in the High Court at Christchurch
next month, Stuff adds.
About Canstaff
Canstaff is recruitment and labour hire agency for construction,
civil construction, engineering, manufacturing and logistics
sectors.
DOUG JARVIS: BDO Tauranga Appointed as Liquidators
--------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga Limited
on Nov. 8, 2024, were appointed as liquidators of Doug Jarvis
Butchers Limited.
The liquidators may be reached at:
Paul Thomas Manning
Thomas Lee Rodewald
BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
R-LITS CONTRACTING: Debts Top NZD8 Million, Liquidator Reveals
--------------------------------------------------------------
Stuff.co.nz reports that debts of failed labour hire company R-Lits
Contracting have now topped NZD8 million, and the liquidator says
he has sent repayment demands to members of the family behind it.
The liquidator, Official Assignee Anthony Pullan, on Nov. 12 told
Stuff he had written "demands for repayment" to R-Lits' sole
director and shareholder, Raymond Bishop, for just over NZD250,000.
He had also sent similar demands to Mr. Bishop's sons Roy (for just
over NZD40,000), Spencer (about NZD35,000) and Thomas (NZD27,000)
and the R-Lits Family Trust (just over NZD85,000).
According to Stuff, Mr. Pullan said he was also seeking just over
NZD2 million from the R-Lits Group current account and
approximately NZD890,000 from SFund Ltd, another R-Lits Group
company solely owned by Raymond. He said he expected to send a file
to the Registrar of Companies before the end of November about
potential breaches of company law and believed the Registrar would
"take a keen interest in any offences that have occurred" given the
Bishop family's chequered business history. He said he was also
"seeking advice on action against related entities".
Mr. Pullan confirmed R-Lits Contracting did not have a bank account
in its own name, notes the report. He said the Bishop family was
not co-operating with the liquidation and he had not managed to
contact Roy Bishop.
Roy left the country on October 5, but told Stuff his departure was
nothing to do with R-Lits' demise, rather he'd taken an
oil-drilling job in Dubai, Stuff relates.
Brothers Spencer and Roy, who have both denied playing a managerial
role in R-Lits, were earlier this year given seven-year prohibition
orders from acting as company directors, says the report. Roy has
been convicted of fraud and twice bankrupted, and Spencer, Roy and
Raymond have all been involved in multiple companies which have
liquidated with substantial debts.
Mr. Pullan confirmed he was still investigating if the Bishop
brothers had breached their bans by allegedly taking on managerial
roles, notes Stuff.
Mr. Pullan's first liquidator's report, released this week, put the
R-Lits' total debts at about NZD8.3 million, the report relates. He
previously told Stuff he estimated the Inland Revenue Department's
(IRD) claim at NZD7.3 million.
In his first liquidator's report, released on Nov. 11, IRD is
listed as a secured creditor owed NZD4.161 million, but is also
likely to be the biggest claimant by far among unsecured creditors,
who are owed a total of NZD3.379 million, Stuff notes. Employee
claims stand at NZD759,000 with 81 individuals listed. Many of
those workers are migrants who came to New Zealand after R-Lits was
given Accredited Employer status by Immigration NZ, allowing them
to bring in high volumes of migrant tradesmen.
When Stuff previously put questions to Roy Bishop, he said another
company was arranging to take over their employment and he was
confident all would be paid, the report notes. But Mr. Pullan said
that had not happened: "Not to my knowledge, and definitely not
from the correspondence of some of the employees, who are
definitely quite upset."
According to Stuff, Mr. Pullan said there was the prospect of
taking court action to recover money, and said he would initially
hold that conversation with IRD, once some funds came in to finance
that action. "Something we have to consider is going to creditors,
especially employees and say 'we've got this money and we can pay
it to you' but we could potentially use it to take court action,
and pay lawyers, and fight and maybe get some more, but with court
action comes risk and ultimately, the creditors would need to
decide what their preference is."
Meanwhile, Mr. Pullan said the Official Assignee was seeking to
discontinue involvement in two legal actions, Stuff reports.
One is understood to be a judicial review of the decision by the
Deputy Registrar of Companies to ban Roy Bishop for seven years
from acting as a company director (Spencer Bishop has discontinued
an appeal). Mr. Pullan said: "We are stepping back from that, there
is no need to be involved."
The Inland Revenue Department (IRD) put Auckland-based R-Lits
Contracting into liquidation on October 7 with a reported debt of
NZD7.3 million. The company may also owe money to its 180 employees
and others.
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
Lovegroves Lawyers
11 Polygon Road
St Heliers
Auckland
SANTIAGO ELLISON: Creditors' Proofs of Debt Due on Dec. 20
----------------------------------------------------------
Creditors of Santiago Ellison Limited (trading as Choice Fences and
Decks Limited), Independent Bulk Haulage Limited, The Enterprise
Limited and Perfection Plus Limited are required to file their
proofs of debt by Dec. 20, 2024, to be included in the company's
dividend distribution.
Santiago Ellison and Independent Bulk commenced wind-up proceedings
on Nov. 6, 2024.
The Enterprise Limited and Perfection Plus commenced wind-up
proceedings on Nov. 11, 2024.
The company's liquidator is:
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu
Auckland
UNION DECORATORS: Court to Hear Wind-Up Petition on Dec. 13
-----------------------------------------------------------
A petition to wind up the operations of Union Decorators Limited
will be heard before the High Court at Auckland on Dec. 13, 2024,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 16, 2024.
The Petitioner's solicitor is:
Cloete van der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
BRAZN PTE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Oct. 25, 2024, to
wind up the operations of Brazn Pte Ltd.
Tin Men Fund I, LP filed the petition against the company.
The company's liquidators are:
Cosimo Borrelli
Jason Kardachi
c/o Kroll Pte Limited
One Raffles Place, Tower 2
#10-62, Singapore 048616
CHUAN JI: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Oct. 25, 2024, to
wind up the operations of Chuan Ji Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
DASIN RETAIL: Court to Hear Wind-Up Petition on Nov. 19
-------------------------------------------------------
A petition to wind up the operations of Dasin Retail Trust
Management Pte. Ltd. will be heard before the High Court of
Singapore on Nov. 19, 2024, at 10:00 a.m.
Zhang Zhencheng filed the petition against the company on May 22,
2024.
The Petitioner's solicitors are:
LVM Law Chambers LLC
160 Robinson Road
#13-02 SBF Center
Singapore 068914
GIANTMINER PTE: Creditors' Proofs of Debt Due on Dec. 6
-------------------------------------------------------
Creditors of Giantminer Pte. Ltd. are required to file their proofs
of debt by Dec. 6, 2024, to be included in the company's dividend
distribution.
The company's liquidator is:
Ee Meng Yen Angela
EY Corporate Advisors
c/o One Raffles Quay
North Tower 18th Floor
Singapore 048583
NAPOLIZZ PIZZA: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Oct. 25, 2024, to
wind up the operations of Napolizz Pizza Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
YONGNAM HOLDINGS: Faces Delisting Amid Liquidation
--------------------------------------------------
TipRanks.com reports that Yongnam Holdings Limited, currently in
liquidation, has announced that its liabilities significantly
outweigh its assets, making any shareholder distribution unlikely.
The company's shares, suspended since November 2022, are set to be
delisted from the Singapore Exchange, TipRanks.com relays.
Stakeholders are urged to stay informed and consult professionals
for guidance.
Yongnam Engineering & Construction specializes in structural
engineering, specialist civil engineering and mechanical
engineering, structural steelwork.
The High Court of Singapore entered an order on Aug. 23, 2024, to
wind up the operations of Yongnam Holdings Limited and Yongnam
Engineering & Construction (Private) Limited.
The company's liquidators are:
Toh Ai Ling
Tan Yen Chiaw
Chan Kwong Shing, Adrian
KPMG Services
12 Marina View #15-01
Asia Square Tower 2
Singapore 018961
[*] SINGAPORE: New Bill Reduces Insolvency Filing Costs
-------------------------------------------------------
Singapore Business Review reports that filing for insolvency will
soon be simpler and more cost-effective as Singapore moves to
revamp and make permanent the Simplified Insolvency Programme
(SIP).
SBR relates that the government, through the Insolvency,
Restructuring and Dissolution (Amendment) Bill, has put forward
changes to the Simplified Debt Restructuring Programme (SDRP) and
Simplified Winding Up Programme (SWUP) under the SIP.
Under the new proposal, SDRP and SWUP will each adopt a single
eligibility criterion - companies must have total liabilities not
exceeding $2 million, a reduction from the previous four and five
criteria, according to SBR.
The bill also provides a simple application process for
financial-strained companies.
For the SDRP, only key supporting documents are initially required,
though IPs may request additional documents to verify eligibility.
For the SWUP, companies with incomplete records can submit a
Directors' declaration affirming eligibility, with enforcement
measures in place to prevent false declarations.
SBR relates that the bill also provides that in the new SDRP, only
one class of creditors will vote on the debt repayment plan, down
from up to three, and court involvement is limited to disputed
cases on specified grounds.
The SDRP allows transition to liquidation for unviable companies to
streamline dissolution.
For the SWUP, costs are reduced by eliminating the need for
publication in the Government e-Gazette and newspapers, requiring
notices only on MinLaw's website.
Lodgments will still be made on ACRA's Bizfile for a permanent
record, SBR relays.
If creditors do not fund investigations, the IP is not required to
pursue further investigation and can complete liquidation to
dissolve the company.
Lastly, the bill shortens the initial creditor moratorium in the
SDRP to 30 days from 90 days and imposes a five-year restriction on
reapplication if a company fails to complete the programme.
=====================
S O U T H K O R E A
=====================
PIZZA HUT KOREA: Autonomous Restructuring Support Plan Gets OK
--------------------------------------------------------------
Chang Dong-woo of Yonhap News reports that Pizza Hut Korea Ltd.,
received on Nov. 4 the Seoul Bankruptcy Court's approval to proceed
with an autonomous restructuring support (ARS) plan, putting on
hold court-mandated rehabilitation proceedings after losing a
lawsuit brought by store owners.
An ARS program is a system where a company negotiates debt
repayment plans autonomously with its creditors, Yonhap News
relays. The court has given one month for related negotiations to
take place. If an agreement is reached, a voluntary agreement will
be finalized, allowing the company to avoid court-mandated
rehabilitation procedures.
Last week, Kim Ju-Yeon of Korea JoongAng Daily reported that Pizza
Hut Korea submitted a receivership petition to the Seoul Bankruptcy
Court to delay the payment of a KRW21 billion ($15.2 million) fine
the Seoul High Court imposed on the company in September 2024 for
adding extra margins to materials supplied to 94 franchisees
without their consent. The company appealed this ruling and filed
for receivership to allow them time for negotiations with
franchisees before the High Court's final ruling.
In its statement on November 6, 2024, the Korean franchiser stated
that filing for the corporate rehabilitation proceedings(CRP) and
ARS programs was "inevitable" to address its issues with
franchisees, allowing the company to unfreeze its accounts and
restore cash flow.
"The store owners involved in the lawsuit have sought to seize the
headquarters' bank accounts controlling business assets since
October 4. As some of these store owners have begun proceedings for
provisional execution, we've faced operational challenges,
including paying employee salaries, settling supplier debts, and
delivering ingredients to stores," Pizza Hut explained. "We are not
experiencing any issues with Pizza Hut's core operations, and the
difficulties caused by our frozen accounts are temporary."
The company also confirmed that its approximately 330 stores across
Korea continue to operate as usual, says the report.
About Pizza Hut Korea
Pizza Hut Korea Ltd. provides fast food services. The Company
focuses on sub-franchise of a pizza delivery brand. Pizza Hut Korea
manufactures frozen food specialties such as pizza, poultry, pasta,
and deserts.
In 2017, global fast food company Yum! Brands sold Pizza Hut Korea
to a local investment firm affiliated with KH Investment after
experiencing consecutive financial losses.
Since 2022, the Korean chain has been operating at a loss. Last
2023, it reported operating losses of 452.24 million won, nearly
1.8 times, or 76.6%, higher than the 256.12 million won loss
recorded in 2022.[BN]
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VINFAST: To Get $3.4BB More Funding From Founder, Parent Company
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Reuters reports that VinFast Auto Ltd. said on Nov. 13 it will get
a fresh round of funding worth VND85 trillion ($3.35 billion) from
its founder and its parent firm, Vingroup by 2026, when it expects
to break even.
VinFast began operations in 2019 and has been expanding
aggressively into global markets, but the firm continues to report
increasing losses as it grapples with softer demand and challenges
in the sector.
Approximately VND50 trillion ($1.97 billion) of the new funding is
expected to come from VinFast's founder, tycoon Pham Nhat Vuong,
according to a company statement, the report relays.
Vingroup, one of Vietnam's largest conglomerates, intends to lend
up to $1.38 billion to VinFast by the end of 2026 through its
activities, dividends, and possible divestment, which it said may
be conducted at an acceptable price if necessary, Reuters relates.
Additionally, Vingroup will convert all existing loans to VinFast
Vietnam into preferred shares with dividend entitlements, it said.
Vuong, who owns 97.9% of VinFast shares both directly and
indirectly, gave assurances of his commitment to increase
investment in the automotive unit during a general meeting in
April, Reuters relates.
"VinFast remains committed to raising independent capital to meet
its financial needs. The support from Vingroup and Vuong will be
utilised only if these independent efforts fall short," VinFast
said in the statement, notes the report.
Since its inception in 2017 up until June this year, VinFast has
received capital injections totalling $13.5 billion from Vingroup,
its affiliates, and founder Vuong, Reuters discloses citing a
company filing in late October.
The new commitments would boost total funding to nearly $17
billion.
VinFast, with North America as its primary market, has said it is
facing challenges in marketing and selling its EVs in international
markets outside of Vietnam. The EV maker recorded a net loss of
$773.5 million in the April-June period, a 27% increase from the
first quarter and loss 40% bigger than that of the same period last
year, Reuters discloses. It anticipates further losses in the
upcoming quarters.
In July, VinFast suspended its $2 billion manufacturing complex
project in North Carolina until 2028 due to challenging market
conditions.
Automakers are preparing for potential new U.S. tariffs on vehicles
from other countries and a possible reversal of existing
pro-electric vehicle policies under president-elect Donald Trump,
as reported by Reuters.
About VinFast Auto
VinFast Auto Ltd. (NASDAQ: VFS) -- https://vinfastauto.us/ -- is an
automotive manufacturer, engages in Automobiles and E-scooter
related business in Vietnam and the United States. The company
operates through Automobiles, E-scooter, Spare Parts, and
Aftermarket Services segments. The Automobiles segment offers
design, development, manufacturing, and sale of cars and electric
buses. The E-scooter segment provides design, development,
manufacturing, and sales of e-scooters. The Spare Parts, and
Aftermarket Services segment engages in sale of spare parts and
aftermarket services for automobiles and e-scooters. VinFast Auto
Ltd. is based in Hai Phong City, Vietnam. The company operates as a
subsidiary of Vingroup Joint Stock Company.
VinFast Auto Ltd.'s working capital deficit was VND89.8 million at
Dec. 31, 2023. The deficit was VND21.4 million at Dec. 31, 2022.
At Dec. 31, 2023, the Company had total current assets of VND48.7
million and total current liabilities of VND138.5 million. At Dec.
31, 2022, the Company had total current assets of VND44.8 million
and total current liabilities of VND66.2 million.
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