/raid1/www/Hosts/bankrupt/TCRAP_Public/241205.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, December 5, 2024, Vol. 27, No. 244
Headlines
A U S T R A L I A
BILLSON'S BEVERAGES: Unsecured Creditors to Get Just AUD7.4 Cents
BRIZMASONRY PTY: First Creditors' Meeting Set for Dec. 10
CAIRNLEA PTY: First Creditors' Meeting Set for Dec. 10
EDISONS GLOBAL: ASIC Suspends AFS Licence on Compliance Failures
FIRSTMAC MORTGAGE 2024-5PP: S&P Assigns B (sf) Rating on F Notes
FULL TIME: First Creditors' Meeting Set for Dec. 10
LAND & HOMES: First Creditors' Meeting Set for Dec. 12
LPL ONLINE: Second Creditors' Meeting Set for Dec. 10
PROSPAROUS TRUST 2024-1: Moody's Ups Rating on Cl. E Notes to Ba3
THINK TANK 2024-3: S&P Assigns B(sf) Rating on Class F Notes
C H I N A
CBAK ENERGY: Swings to $685,539 Net Loss in Fiscal Q3
SENSETIME GROUP: Completes Strategic Restructuring
I N D I A
ANISHA ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
BHARAT FOOD: ICRA Keeps D Ratings in Not Cooperating Category
BYJU'S: Content Manager, Biz Partner Face US Court Sanctions
BYJU'S: US Lenders Ask NCLT to Deny BCCI Insolvency Withdrawal Bid
CAIRO INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
DINJOYE TEA: ICRA Lowers Rating on INR6.33cr LT Loan to D
DIVINE ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating
FORTIUS INFRADEVELOPERS: ICRA Cuts Rating on INR33.1cr Loan to B+
FUTURE EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
GVK JAIPUR: ICRA Keeps D Debt Rating in Not Cooperating Category
INDUS INTEGRATED: ICRA Keeps D Debt Ratings in Not Cooperating
KAPSONS ENGINEERS: ICRA Keeps D Debt Rating in Not Cooperating
KHOSLA INTERNATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
KWALITY LTD: ED Seizes Cash, Luxury Cars in Case vs. Ex-Promoters
L.C. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
LEISURE WEAR: ICRA Keeps D Debt Rating in Not Cooperating
MAA GAURI: ICRA Keeps D Debt Ratings in Not Cooperating Category
MP AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
NARULA SOLVEX: ICRA Keeps D Debt Rating in Not Cooperating
OCEAN CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
PIBCO ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating
R.L. AGRO: ICRA Keeps D Debt Rating in Not Cooperating Category
RADHAGOBINDA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
RELIANCE COMMERCIAL: ICRA Withdraws D Rating on INR1,200cr Loan
RELIANCE POWER: ICRA Reaffirms D Rating on INR402cr Term Loans
SAI KRISHNA: ICRA Keeps D Debt Rating in Not Cooperating Category
SAR SENAPATI: ICRA Keeps D Ratings in Not Cooperating Category
STEELFAB ENGINEERING: ICRA Keeps D Debt Rating in Not Cooperating
TUBE TURN: ICRA Keeps D Ratings in Not Cooperating Category
TULSIANI CONSTRUCTIONS: ICRA Keeps D Rating in Not Cooperating
UPL CORP: Moody's Confirms 'Ba2' CFR & Alters Outlook to Negative
WESTERN HILL: ICRA Keeps D Debt Ratings in Not Cooperating
WOOLWAYS (INDIA): ICRA Keeps D Debt Ratings in Not Cooperating
J A P A N
FUNAI ELECTRIC: Sold for 1 Yen Before Filing for Bankruptcy
NISSAN MOTOR: CFO Set to Step Down as Carmaker Faces Challenges
N E W Z E A L A N D
DU VAL GROUP: Founders Get Last Rental Payments from Receivers
EPA LIMITED: Blacklock Rose Appointed as Receivers and Managers
GKT LIMITED: Creditors' Proofs of Debt Due on Dec. 31
IMPACTMARINE (NZ): Court to Hear Wind-Up Petition on Dec. 9
LABOUR CIVIL: Creditors' Proofs of Debt Due on Jan. 17
PALM BEACH: Creditors' Proofs of Debt Due on Jan. 10
S I N G A P O R E
COSMOS GROUP: Net Loss Narrows to $960,182 in Fiscal Q3
JITF SHIPPING: Commences Wind-Up Proceedings
ROLAND RAIN: Commences Wind-Up Proceedings
STRUTS BUILDING: Commences Wind-Up Proceedings
THIS IS INTERIOR: Court to Hear Wind-Up Petition on Dec. 20
URBAN RENEWABLES: Court to Hear Wind-Up Petition on Dec. 11
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A U S T R A L I A
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BILLSON'S BEVERAGES: Unsecured Creditors to Get Just AUD7.4 Cents
-----------------------------------------------------------------
Simon Evans at Australian Financial Review reports that creditors
of collapsed pre-mixed spirits maker Billson's Beverages are likely
to receive as little as 7.4 cents in the dollar after
administrators at McGrathNicol recommended the business be split up
and sold off.
While unsecured creditors of the business, which went into
administration on July 31, will receive between 7.4 cents and 9.6
cents in the dollar, the company's major lender National Australia
Bank will be paid in full for the AUD12 million it is owed,
according to the Financial Review.
Lenders and others owed money by the company will vote this week on
whether to split up the ready-to-drink spirits and cordial maker,
the Financial Review relates.
According to the Financial Review, the ready-to-drink spirits
business is set to be sold separately, while the Cowan family which
owned Billson's since 2017, will recapitalise the soft drinks and
cordials unit which will operate from historic premises at
Beechworth.
The Financial Review says Billson's administrators, McGrathNicol
partners Rob Smith and Matthew Hutton, told creditors in a report
that the company had grown quickly, with sales reaching AUD105
million in the 12 months to the end of June last year. But in
November 2023, sales began to slide as its bigger rivals competed
harder for market share. Slowing sales led to a blowout in
inventories.
Those problems, Mr. Smith and Mr .Hutton said, were exacerbated by
mechanical problems at a packing factory.
"From November (or earlier) sales declined markedly against budget
and prior year, principally due to overstocking of key customers,
intense competition from new entrants and Billson's Beverages'
relative high prices in a market under cost-of-living pressures,"
the report, as cited by the Financial Review, said.
Established in 1865, Billson's was acquired by Nathan Cowan and his
wife, Felicity, in 2017. At the time, it recorded annual revenues
of just AUD400,000. While sales hit AUD105 million last year, the
company had even more aggressive targets for the following year:
AUD150 million. Despite spending heavily on marketing and stock,
Billson's generated just AUD94 million in sales for the financial
year, McGrathNicol said.
Unsecured creditors, including the Australian Taxation Office, are
owed about AUD7.4 million. NAB, which advanced an extra AUD4
million to the troubled group in February, will be paid all the
AUD12.2 million it is owed.
While Billson's was on payment plans with about 80 per cent of its
trade creditors between February and July this year, it had only
reached the point of insolvency the week before administrators were
appointed.
The Financial Review adds that McGrathNicol said it had been in
negotiations since October on the sale of Billson's alcohol
business with an unnamed buyer.
About Billson's Beverages
Australia-based Billson's Beverages sells vodka-based drinks with
flavours such as berry jelly, musk and green apple in
Endeavour-operated chain stores, Dan Murphy's and BWS, and
Coles-owned Liquorland, as well as in independent liquor stores.
Robert Smith and Matthew Hutton of McGrathNicol were appointed as
administrators of the company on July 31, 2024.
BRIZMASONRY PTY: First Creditors' Meeting Set for Dec. 10
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Brizmasonry
Pty Ltd will be held on Dec. 10, 2024 at 9:00 a.m. via virtual
meeting at the offices of GT Advisory & Consulting at Level 3, 140
Bundall Road in Bundall.
Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrators of the company on Nov. 28, 2024.
CAIRNLEA PTY: First Creditors' Meeting Set for Dec. 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Cairnlea Pty
Ltd, Makshaq Pty Ltd, Shaq City Pty Ltd, and 8 Lygon Pty Ltd will
be held on Dec. 10, 2024 at 11:00 a.m. at the offices of virtually
by videoconference.
Sam Kaso and Daniel P Juratowitch of Cor Cordis were appointed as
administrators of the company on Dec. 10, 2024.
EDISONS GLOBAL: ASIC Suspends AFS Licence on Compliance Failures
----------------------------------------------------------------
The Australia Securities & Investment Commission (ASIC) has
suspended the Australian financial services (AFS) licence of fund
manager Edisons Global Pty Ltd (Edisons) for six months, from 31
Oct. 31, 2024 to May 30, 2025.
ASIC suspended the licence after Edisons failed to comply with
certain obligations required of AFS licensees. Since its AFS
licence was granted in 2021, Edisons failed to lodge its industry
funding metrics or its annual financial statement, auditor report
and audit opinion by the due date for the financial years, ending
June 30, 2022 and June 30, 2023.
While the licence is suspended, Edisons may:
* continue to provide financial services reasonably
necessary for, or incidental to, the winding down
of any managed investment scheme it operates for
wholesale clients; and
* appoint a new trustee to any such scheme or the
daily operation of such a scheme.
Edisons must not issue interests in any managed investment scheme
it operates to new members during the period of the suspension.
Edisons has held AFS licence 526694 since July 7, 2021. The
licence authorises Edisons to deal in financial products, provide
financial advice and custodial or depository services to wholesale
clients. Edisons currently operates a managed investment scheme
open to wholesale clients.
FIRSTMAC MORTGAGE 2024-5PP: S&P Assigns B (sf) Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2024-5PP.
The ratings assigned to the prime floating-rate RMBS reflect the
following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. S&P's assessment of credit risk considers Firstmac Ltd.'s
(Firstmac) underwriting standards and approval processes, which are
consistent with industry-wide practices, and the strong servicing
quality of Firstmac, and the support provided by the LMI policies
on 19.6% of the loan portfolio.
The rated notes can meet timely payment of interest -- excluding
the residual interest (if applicable) due on the class B, class C,
class D, class E, and class F notes -- and ultimate repayment of
principal under the rating stresses. Key rating factors are the
level of subordination provided, the LMI cover, the liquidity
reserve, the principal draw function, the interest-rate swap, and
the provision of an extraordinary expense reserve. S&P's analysis
is on the basis that the notes are fully redeemed by their legal
final maturity date, and it does not assume the notes are called at
or beyond the call date.
S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
National Australia Bank Ltd. as interest-rate swap provider. The
transaction documents for the facilities include downgrade language
consistent with our counterparty criteria.
"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Ratings Assigned
Firstmac Mortgage Funding Trust No. 4 Series 2024-5PP
Class A1-G, A$240.00 million: AAA (sf)
Class A1-B, A$1,080.00 million: AAA (sf)
Class A2, A$105.00 million: AAA (sf)
Class B, A$35.00 million: AA (sf)
Class C, A$17.80 million: A (sf)
Class D, A$7.20 million: BBB (sf)
Class E, A$7.00 million: BB (sf)
Class F, A$2.80 million: B (sf)
Class G, A$5.20 million: Not rated
FULL TIME: First Creditors' Meeting Set for Dec. 10
---------------------------------------------------
A first meeting of the creditors in the proceedings of Full Time
Fitness (NSW) Pty Ltd will be held on Dec. 10, 2024 at 3:00 p.m.
via virtual meeting.
Michael Gregory Jones of Jones Partners Insolvency & Restructuring
was appointed as administrator of the company on Nov. 29, 2024.
LAND & HOMES: First Creditors' Meeting Set for Dec. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Land & Homes
Group Limited will be held on Dec. 12, 2024 at 10:00 a.m. at the
offices of Hamilton Murphy Advisory at Level 12, 503 Kent Street in
Sydney.
Geoffrey Trent Hancock of Hamilton Murphy was appointed as
administrators of the company on Dec. 2, 2024.
LPL ONLINE: Second Creditors' Meeting Set for Dec. 10
-----------------------------------------------------
A second meeting of creditors in the proceedings of LPL Online Pty
Ltd has been set for Dec. 10, 2024 at 12:30 p.m. via virtual
meeting.
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 Dec. 9, 2024 at 4:00 p.m.
Michael Gregory Jones of Jones Partners Insolvency & Restructuring
was appointed as administrator of the company on Nov. 4, 2024.
PROSPAROUS TRUST 2024-1: Moody's Ups Rating on Cl. E Notes to Ba3
-----------------------------------------------------------------
Moody's Ratings has affirmed and upgraded ratings on notes issued
by PROSPArous Trust 2024-1.
The affected ratings are as follows:
Issuer: PROSPArous Trust 2024-1
Class A Notes, Affirmed Aa2 (sf); previously on Apr 11, 2024
Definitive Rating Assigned Aa2 (sf)
Class B Notes, Upgraded to Aa2 (sf); previously on Apr 11, 2024
Definitive Rating Assigned A2 (sf)
Class C Notes, Upgraded to A3 (sf); previously on Apr 11, 2024
Definitive Rating Assigned Baa2 (sf)
Class D Notes, Upgraded to Baa3 (sf); previously on Apr 11, 2024
Definitive Rating Assigned Ba2 (sf)
Class E Notes, Upgraded to Ba3 (sf); previously on Apr 11, 2024
Definitive Rating Assigned B2 (sf)
The transaction is a securitisation of Australian small business
loans and line of credit facilities originated by Prospa Advance
Pty Ltd.
RATINGS RATIONALE
The rating upgrades were prompted by significant increase in note
subordination available for the affected notes and collateral
performance to date. The affirmation of Class A Notes and the
upgrade of Class B Notes, both at Aa2 (sf), have considered that
these classes of notes are already at the highest achievable rating
within Moody's rating scale, after taking into consideration the
portfolio credit risks, including a high proportion of line of
credit facilities which have short performance history.
Following the October 2024 payment date, the note subordination
available for the Class A, Class B, Class C, Class D, and Class E
Notes has increased to 56.6%, 48.8%, 30.1%, 21.8% and 13.2%,
respectively, from 37.8%, 32.6%, 20.1%, 14.6% and 8.8% at closing.
Up to October 2024, principal collections were distributed on a
sequential basis starting from the Class A Notes. Current
outstanding notes as a percentage of the total closing balance is
66.8%. The large increase in note subordination over this short
period stems largely from the short-term nature of the underlying
small business loans and the initial sequential pay structure.
As of end-September, 6.2% of the outstanding pool was 30-plus day
delinquent, and 3.3% was 90-plus day delinquent. The portfolio has
incurred 1.2% (as a percentage of the original pool balance) of
gross losses to date, which have been covered by excess spread.
As of end-September, line of credit facilities comprised 52.3% of
the outstanding pool compared to 40% at closing.
Based on the observed performance to date (including high
delinquencies) and loan attributes, Moody's have maintained the
expected gross loss assumption at 8.9% of the original portfolio
balance (equivalent to 11.5% of the current portfolio balance). The
implied Aaa portfolio credit enhancement for the pool is 43.0%.
Moody's analysis has also considered various scenarios involving
higher mean gross loss rates, lower yield and back-loaded losses to
evaluate the resiliency of the note ratings.
The principal methodology used in these ratings was "SME
Asset-backed Securitizations" published in July 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
THINK TANK 2024-3: S&P Assigns B(sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the eight
classes of small-ticket commercial mortgage-backed, floating rate,
pass-through notes 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 ratings reflect the following factors.
S&P has 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 S&P
applies. 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, the yield reserve, 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.
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
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C H I N A
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CBAK ENERGY: Swings to $685,539 Net Loss in Fiscal Q3
-----------------------------------------------------
CBAK Energy Technology, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $685,539 on $44,628,241 of total revenues for the three
months ended September 30, 2024, compared to a net income of
$5,764,148 on $63,441,109 of total revenues for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net income of $14,910,120 on $151,243,718 of total revenues,
compared to a net income of $620,439 on $148,258,680 of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $293,477,354 in total
assets, $163,094,240 in total liabilities, and $130,383,114 in
total equity.
Zhiguang Hu, Chief Executive Officer of the Company, commented, "We
are pleased to report a remarkable 18.4% increase in battery sales
revenue during the first nine months of the year, especially given
the intense competition within the industry. Our battery business
has also delivered an impressive gross margin of 34.6% for the same
period, positioning us well ahead of all competitors in the battery
manufacturing sector, including internationally recognized industry
leaders. Despite broader economic challenges, we have successfully
achieved a net income of $21.6 million from our battery operations
for the first three quarters of the year. We are proud to present
this exceptional performance to our shareholders and investors and
remain highly confident in our continued growth for the following
quarters in this and next years."
Jiewei Li, Chief Financial Officer and Secretary of the Board of
the Company, added, "As Mr. Hu highlighted, our financial
performance for the first three quarters has been exceptionally
strong, setting a new benchmark within the industry. While our
Dalian facility has continued to generate consistent profits, we
are particularly pleased to report that our Nanjing facility--just
operating for less than three years with a new battery model -- has
become profitable as of Q3. The demand and order volumes at the
Nanjing plant have far surpassed its current capacity, leading to
full-day operations across all production lines. In response to
this robust client demand, we have secured procurement agreements
with our equipment suppliers and are set to expand the production
at our Nanjing Phase II project, adding an additional 2.5 to 3 GWh
of capacity by next year."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/5bxvfxbm
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.
In its Quarterly Report for the three months ended September 30,
2024, CBAK reported that it had an accumulated deficit of $118.1
million as of September 30, 2024. The Company had an accumulated
deficit from recurring net losses incurred for the prior years and
significant short-term debt obligations maturing in less than one
year as of September 30, 2024. These factors raise substantial
doubts about the Company's 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.
SENSETIME GROUP: Completes Strategic Restructuring
--------------------------------------------------
Yicai Global reports that SenseTime, a loss-making Chinese
artificial intelligence startup, has completed a strategic
restructuring to shift its main business focus toward generative
AI.
SenseTime will launch a "1 + x" framework where 1 represents the
core business of AI cloud and GenAI models, and x refers to
ecosystem enterprises, including intelligent vehicles, home robots,
smart healthcare, and smart retail, Yicai learned from an internal
letter sent by Chairman and Chief Executive Officer Xu Li to the
staff.
With the restructuring, enterprises along SenseTime's ecosystem
will have their own independent CEOs responsible for developing
their businesses based on specific market demands, Xu noted.
Meanwhile, the company's core business will achieve profitability
and stable cash flow, he added, Yicai relays.
SenseTime began its reorganization in October. In an internal
letter back then, Xu said that during the traditional AI 1.0 era,
the main expense related to models was research and development
personnel. But in the AI 2.0 era characterized by GenAI models,
costs shifted toward computational resources, he added.
The key to promoting the commercial applications of GenAI models is
reducing their creation and use costs, Xu explained.
SenseTime's net loss shrank 21 percent to CNY2.5 billion (USD339.2
million) in the first half of the year from a year earlier, Yicai
discloses citing the Shanghai-based company's latest earnings
report.
First-half revenue rose 21 percent to CNY1.7 billion in the period,
with revenue from the GenAI business up 256 percent to CNY1.1
billion, accounting for 60 percent of the total, Yicai relays.
Revenue from the intelligent vehicle business doubled to CNY168
million (USD230.8 million), while that from the traditional AI
business fell 51 percent to CNY520 million.
Overseas business revenue soared 40 percent to CNY314.5 million in
the six months ended June 30 from the same period last year,
accounting for nearly 19 percent of the total, reports Yicai.
About SenseTime
Headquartered in Shanghai, SenseTime Group Inc. (HKEX:0020) --
https://www.sensetime.com/ -- an investment holding company,
engages in developing and selling artificial intelligence software
platforms in the People's Republic of China, Northeast Asia,
Southeast Asia, and internationally.
SenseTime reported three consecutive annual net losses of CNY12.15
billion, CNY17.17 billion, and CNY6.04 billion for the years ended
Dec. 31, 2020, 2021 and 2022, respectively.
The company posted annual net loss of CNY6.44 billion for the year
ended Dec. 31, 2023.
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I N D I A
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ANISHA ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term rating of Anisha Enterprises (AE) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit the 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with AE, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Founded in 2014, as a partnership firm, Anisha Enterprises (AE) is
engaged in the tobacco trading and processing business. The firm is
promoted by Mr. Damacharla Janardhana Rao and Mrs. Damacharla Naga
Satya Latha, who have more than five decades of experience in the
tobacco trading business.
BHARAT FOOD: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the long-term ratings of Bharat Food & Agro Products
(BFAP) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 14.35 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 12.65 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with BFAP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2008, BFAP is a partnership firm involved in
milling and processing of basmati and non-basmati rice. The firm's
plant at Payal, Ludhiana (Punjab) has a milling capacity of 6
ton/hour. It sells its products under its registered brand names
'Nature Gold', and 'Royal Taste of India'.
BYJU'S: Content Manager, Biz Partner Face US Court Sanctions
------------------------------------------------------------
Steven Church at Bloomberg News reports that the chief content
officer of troubled Indian tech firm Byju's and an ally of the
company's founder face financial sanctions in the US for their
roles in stripping software, cash and other assets from businesses
under court supervision.
A federal judge is considering imposing millions of dollars in
sanctions on Byju's manager Vinay Ravindra and company ally
Rajendran Vellapalath, who founded Dubai-based tech startup Voizzit
Technology, Bloomberg relates.
At a court hearing on December 3, US Bankruptcy Judge John T.
Dorsey said he will issue an "order to show cause" that would force
the two tech executives to justify their actions, or be declared in
contempt of court and be required to pay financial penalties,
according to Bloomberg.
Lenders owed more than $1.2 billion are fighting to liquidate US
education software companies that Byju's purchased a few years ago
for $820 million. Byju's, founded by controversial entrepreneur
Byju Raveendran and his family, is in bankruptcy in India after
defaulting on the debt it owes US lenders.
Last month, a Nebraska businessman testified that he spent months
helping Mr. Raveendran try to regain control of Byju's US software
companies, which are being run by a court-supervised trustee,
Bloomberg recalls. The effort failed and the businessman, William
Hailer, ultimately broke with Mr. Raveendran and accused the
entrepreneur of unethical business tactics.
Bloomberg says lenders want the US judge to punish Mr. Ravindra,
Mr. Vellapalath and his firm Voizzit for taking over the
cloud-based accounts of the US companies - Epic! Creations and
Tangible Play - and draining them of more than $1 million in cash
plus valuable internet platforms used by students and other
assets.
Bloomberg relates tha Mr. Vellapalath appeared in court December 3
by video from Dubai and argued that Voizzit's actions were
legitimate because Voizzit actually owns Epic! and Tangible Play,
not Byju's. Voizzit loaned Byju's more than $100 million in 2023
and therefore had the right to take ownership of the units,
according to Mr. Vellapalath.
Dorsey rejected that argument during the hearing, saying he did not
"find Mr. Vellapalath to be credible," Bloomberg relays.
Mr. Raveendran has been trying to regain control of his capsizing
education technology empire, which is under court supervision in
both India, where the parent is based, and the US, where some of
its valuable units are located, according to a court declaration
filed by Mr. Hailer.
In past responses to lender allegations, Mr. Raveendran has denied
any wrongdoing, saying his actions were a justified response to
overly aggressive tactics used by creditors who specialize in
squeezing money out of distressed companies, adds Bloomberg.
Lenders have been fighting Byju's in both US state and federal
courts for more than a year, Bloomberg notes. Lenders claim Mr.
Raveendran hid $533 million in loan proceeds that should have been
repaid to creditors. Byju's is also facing an insolvency proceeding
in India, where a court-appointed professional has been tasked with
raising money to repay lenders.
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 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.
BYJU'S: US Lenders Ask NCLT to Deny BCCI Insolvency Withdrawal Bid
------------------------------------------------------------------
The Economic Times reports that Glas Trust, which represents a
group of US entities that lent $1.2 billion to Byju's, on Dec. 2
questioned the maintainability of the Indian cricket board's
application to withdraw its insolvency petition against the
cash-strapped edtech firm.
At the National Company Law Tribunal (NCLT), Glas Trust cited
procedural lapses for seeking rejection of the application filed by
the Board of Control for Cricket in India (BCCI), ET relates. The
application, which Byju's resolution professional (RP) claims the
cricket board had filed before the company's committee of creditors
(CoC) was formed, should have been submitted by the interim
resolution professional (IRP), not the RP, it argued.
The RP for a bankrupt company is appointed after the formation of
the CoC, until when the IRP named by the NCLT is in charge of its
day-to-day operations.
"A stage where the CoC is not yet constituted, the IRP continues to
be in operation. Therefore, at that stage, an application must be
made by the IRP," argued senior advocate Srinivasa Raghavan,
representing Glas Trust, ET relays.
On November 18, Byju's RP had requested the NCLT to consider BCCI's
application to withdraw its petition, recalls ET.
ET relates that Glas Trust's counsel further argued that this stage
is no longer relevant since the CoC has already been formed. He
noted that even if the CoC had not been constituted, the
application was never placed before the tribunal.
"The Supreme Court says that first, it should be placed before the
CoC, followed by 90% voting, and only then can it be presented
before the tribunal. Even if the CoC has resolved, the tribunal
will still examine it, as the CoC's decision is not binding on the
tribunal," ET quotes Raghavan as saying.
The RP is now asking the court to virtually reverse the whole
process, "as if the CoC does not exist, go back and act contrary to
the Supreme Court judgement, and ignore the CoC", he argued.
In the last hearing on November 19, the counsel for the RP had
requested the bench to prioritise BCCI's application, saying that
the decision-making body is the NCLT and not the CoC.
"Even though the RP was appointed, the settlement happened before
the constitution of the CoC and hence the tribunal should
prioritise the withdrawal application before it delves into other
issues," the RP's counsel had said earlier.
Regarding the source of funds which was used to settle Byju's
INR158 crore payment arrears to the Indian cricket board, the NCLT
bench hearing the case said it cannot give any findings on this
matter, as the matter falls outside its jurisdiction, according to
ET.
"The main point is that we are not competent to decide the source
of funds . . . Round-tripping is a matter to be investigated by the
Income Tax Department and the ED (Enforcement Directorate). It is
not within our scope," the bench said.
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 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.
CAIRO INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short -Term ratings of Cairo
International in the 'Issuer Not Cooperating' category. The rating
are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 0.61 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 15.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based- remain under 'Issuer Not
Cash Credit Cooperating' Category
Short-term 0.75 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Cairo International, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Cairo International is a partnership firm which was formed in
December 2003 and is engaged in manufacturing of readymade garments
such as shirts, trousers and T-shirts and also in fabric trading.
The readymade garments are retailed in the domestic as well as in
export markets mostly under the in-house brands Dash and Cairo. The
partners, Mr. Lalit Agarwal and his wife
Mrs. Rekha Agarwal have more than two decades of experience in the
readymade garments industry and are actively involved in the
day-to-day operations of the firm. The partners were earlier
engaged in garment manufacturing through another partnership firm
Dwarka Men's Wear; however, after the split with other partners,
Mr. Lalit Agarwal and Mrs. Rekha Agarwal opened a new partnership
firm Cairo International to carry out similar line of business.
DINJOYE TEA: ICRA Lowers Rating on INR6.33cr LT Loan to D
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Dinjoye Tea Estate Pvt. Ltd. (DTEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.33 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating downgraded from
[ICRA]B+(Stable); ISSUER NOT
COOPERATING and continues to
remain under 'Issuer Not
Cooperating' category
Long Term- 3.67 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Rating downgraded from
Cash Credit [ICRA]B+(Stable); ISSUER NOT
COOPERATING and continues to
remain under 'Issuer Not
Cooperating' category
Rationale
Material event
The rating of DTEPL is downgraded as there has been irregularity in
the payment of undisputed statutory and financial dues as per the
feedback received from the auditor of the company.
* Impact of material event: The rating is based on limited
information on the entity's performance since the time it was last
rated on September 2023. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade. As part
of its process and in accordance with its rating agreement with
Dinjoye Tea Estate Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
DTEPL, incorporated in 1943 has two tea gardens located in the
Chabua area of Dibrugarh district in Upper Assam region with a
total cultivable area of around 244.66 hectares. The company has
been promoted by Kolkata based Jalan family, who have a significant
presence in the tea business. About 4-5 years ago, the brothers
Mahadeo Jalan and Mrigendra Jalan had separated their businesses
and thus DTEPL became a part of Mahadeo Jalan group of companies
and the remaining tea companies such as Ethelwold Estate Private
Limited, Limbugiri Tea Estate Private Limited, Arunachal Tea &
Industries Private Limited, Jalannagar Tea Estate Private Limited
were moved to Manoj Jalan group of companies.
DIVINE ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Divine Alloys
& Power Company Limited (DAPCL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 99.74 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 361.34 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 0.91 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with DAPCL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2004, DAPCL is engaged in the manufacturing of mild
steel billet and pig iron. The manufacturing facilities of the
company are located at Kaushalgarh, Jharkhand. The company has
commissioned an integrated steel plant with a capacity of 350,000
metric tonne per annum (MTPA) of mild steel structural items in
June, 2013. However, the company has not started commercial
operations of all the facilities except mild steel billet and pig
iron.
FORTIUS INFRADEVELOPERS: ICRA Cuts Rating on INR33.1cr Loan to B+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Fortius
Infradevelopers LLP (FILLP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 33.17 [ICRA]B+(Stable); ISSUER NOT
Fund Based- COOPERATING; Rating downgraded
Term Loan from [ICRA]BB+(Stable) and
continues to remain under
'Issuer Not Cooperating'
category
Rationale
The rating downgrade is because of lack of adequate information
regarding FILLP performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with FILLP, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Fortius Infradevelopers LLP (FILLP) was founded in May 2013 by Mr.
Gopi Krishnan who has over two decades of experience in real estate
business. The firm is a part of the 'Fortius Infra' group and has
till date completed one project with a saleable area of 0.24
million sq.ft. (mn sqft) named 'Fortius Waterscape' in K.R. Puram,
Bengaluru. The construction for the project started in May 2014 and
completed in September 2016. Out of the total 156 units on offer
for sale, the firm has sold 149 units till March 15, 2021. The firm
has an ongoing project named Sobha Lake Garden for the development
of 0.89 mn sqft on the land parcel, adjoining Waterscape project,
for which it has signed a Joint Development Agreement (JDA) with
Sobha Limited.
FUTURE EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Future
Education and Research Trust (FERT) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 6.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 112.57 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 0.93 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long Term- (37.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short Term- (37.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with FERT, ICRA has been trying to seek information from the entity
so as to monitor its performance. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2001, Future Education and Research Trust (FERT)
had set up its first college in 2002 under the name, Future
Institute of Engineering and Management (FIEM), in Sonarpur, near
Kolkata, catering to undergraduate and postgraduate courses across
streams including engineering and management. In 2005, the trust
had set up a school under the name Future Campus School, affiliated
to the Central Board of Secondary Education (C.B.S.E.). In 2015,
the trust had set up another college in Garia, Kolkata named Future
Institute of Technology (FIT), which offers B. Tech courses across
various streams. Both FIEM and FIT are approved by the AICTE and
are affiliated to the Maulana Abul Kalam Azad University of
Technology, West Bengal, formerly West Bengal University of
Technology (WBUT). In 2019, the trust set up another school in
Garia, Kolkata named Future Think School (FTS). In addition, FERT
is in the process of setting up an oncology hospital in Sonarpur,
near Kolkata.
GVK JAIPUR: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of GVK Jaipur Expressway Private
Limited (GVKTPL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 209.64 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with GVKTPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Despite multiple requests
by ICRA, the entity's management has remained non-cooperative. In
the absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
GVKJEPL is a special purpose vehicle promoted by GVK Transportation
Pvt Ltd (GVKTPL, 100% shareholding) for widening the existing
two-lane section of NH 8 between Jaipur and Kishangarh (from km
273.500 to 363.885) to six lane in Rajasthan through design, build,
finance, operate and transfer (DBFOT - toll) model. The project was
received in 2002 and the concession period is for 20 years
(including a construction period of 2 years), which is ending by
March 2023. The total project cost incurred was INR622.30 crore,
which was funded through INR121.17-crore equity, INR211 crore of
grant from the National Highways Authority of India (NHAI), INR7.8
crore of internal accruals and INR282.33 crore of debt. From May
2016 onwards, the toll collections on GVKJEPL's project stretch
were split into two toll plazas instead of one earlier.
INDUS INTEGRATED: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Indus
Integrated Information Management Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]D /
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Indus Integrated Information Management Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not cooperating" category. The rating is
based on the best available information.
Incorporated in 2003, Indus Integrated Information Management
Limited is based out of Kolkata, West Bengal. The company is
engaged in skilled workforce development and training across
various sectors viz. information technology, beauty and wellness,
security and surveillance, travel and tourism, steel, automobile
and healthcare. These projects are funded primarily by the National
Skill Development Corporation and other government departments.
KAPSONS ENGINEERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Kapsons Engineers Private Limited (KEPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KEPL, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2007, Kapsons Engineers Private Limited (KEPL) is
an authorized dealer for passenger vehicles of Honda Cars India
Limited (HCIL).The company is promoted by the Kapoor family, with
Mr. Jawahar Lal Kapoor and Mr. Atul Kapoor (son of Mr. Jawahar Lal
Kapoor) serving as the directors of the company. KEPL's customers
are majorly based of Gurgaon and Noida.
KHOSLA INTERNATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term rating of Khosla International (KI) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 29.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in the year 2002, KI is a partnership firm engaged in
milling and processing and basmati and non-basmati rice. The firm
is mainly engaged into production and export of parboiled rice. KI
has its plant located in Batala, Punjab with a milling capacity of
6tons/hour.
KWALITY LTD: ED Seizes Cash, Luxury Cars in Case vs. Ex-Promoters
-----------------------------------------------------------------
Press Trust of India reports that the Enforcement Directorate (ED)
on November 29 said it seized INR1.3 crore in cash and "evidence"
related to shell companies after it searched the former promoters
of Kwality Ltd. as part of a INR1,400 crore alleged bank fraud
linked money laundering case.
Luxury cars and demat accounts valued at about INR6.5 crore have
also been frozen under the provisions of the Prevention of Money
Laundering Act (PMLA), it said in a statement.
According to PTI, the federal agency raided 15 locations in
Delhi-NCR on November 27 in the case covering the premises of
promoters and directors of the erstwhile company like Sanjay
Dhingra and Siddhant Gupta apart from some "shell" (paper)
companies related to them.
The case relates to a Central Bureau of Investigation's (CBI) FIR
filed in September 2020 against Kwality Ltd and its then directors
for allegedly cheating a consortium of 10 banks for over INR1,400
crore, PTI says.
The 10-bank consortium, led by the Bank of India (BOI), was
allegedly cheated by bloating financial statements and via
diversion of loan funds.
About Kwality
Kwality Ltd is engaged in the business of milk processing and
manufacturing of dairy products, including ghee, milk powders,
lassi, chaach, flavoured milk etc. It owns two milk processing
units, one in Softa, Haryana, and another in Dibai, Uttar Pradesh.
Kwality went into insolvency process in December 2018 and was
acquired by Sarda Mines through the liquidation process in 2022.
L.C. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of L.C. Foods Limited (LCF) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 14.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with LCF, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
L.C. Foods Private Limited (LCF) was originally incorporated as a
private limited company in 2003 by Mr. Shobhit Kesarwani and his
family members. In 2006, it was reconstituted to public limited
(closely held) and the company's name changed to L.C. Foods
Limited. The current directors of the LCF constitutes of Mr. Sanjay
Kesarwani and Mr. Shobhit Kesarwani who handles the overall
operations of the company. The company is engaged in processing of
wheat and mainly manufactures maida.
The company has installed capacity of 72000 tonnes per annum with
the milling unit located in Allahabad, U.P. The main raw material
of the company is wheat which is procured from traders, wholesalers
and farmers located in nearby region as per the prevailing market
price. The company also procures wheat from Food Corporation of
India (FCI). LCF sells its products to various traders in different
states. Further LCF has reputed customers like Parle and ITC
Limited etc.
LEISURE WEAR: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Leisure Wear Exports Ltd. (LWEL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with LWEL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
LWEL is an integrated player in the garment manufacturing industry
and has in house facilities for knitting, stitching, dyeing and
embellishment work, having manufacturing facility located at
Ludhiana. The product profile of the primarily includes collared
and polo-neck T-shirts for export to the USA. The company has a
unit's manufacturing capacity of 8000 T-Shirts per day and same is
utilized to the extent of 50%. The company buys yarn locally from
mills and undertakes the knitting and dying process in house. The
company is also engaged in the business of trading of fabrics. Both
manufacturing and trading business have almost equal share in the
total sales component. It also enjoys incentives from the
government in the form of duty drawbacks on exports.
MAA GAURI: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and ratings of Maa Gauri Poultry
Private Limited (MGPPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 4.10 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 4.90 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MGPPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Maa Gauri Poultry Private Limited (MGPPL) is a family managed
company engaged in the production of table eggs and trading in
wheat, paddy, rice, animal feed and poultry feed. The company is
based out of Nagpur, Maharashtra and sells the eggs to nearby
distributors and traders. The promoters have been in the poultry
business since 1996.
MP AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of MP
Agro BRK Energy Foods Limited (MPBRK) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 4.00 [ICRA]D; ISSUER NOT COOPERATING
Fund based Rating continues to remain under
Term Loan 'Issuer Not Cooperating' category
Long-term 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating continues to remain under
Cash Credit 'Issuer Not Cooperating' category
As part of its process and in accordance with its rating agreement
with MPBRK, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2007, MPBRK is engaged in the processing of wheat
and other agro products at its manufacturing facility located in
Dewas (Madhya Pradesh) which has an installed production capacity
of 43,200 metric tonnes per annum. The company is managed by Mr.
Rahul Kumawat and his family. The operations of the company were
started in 1991 under proprietorship and the entity was initially
engaged in trading and grading of food grains. The manufacturing
operations were set up in 2002. The company sells its products
under its own brand name - "Malwa Crown" and also supplies to
retail brands like "Pillsbury", and "More".
NARULA SOLVEX: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Narula Solvex Pvt. Ltd.
(NSPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with NSPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 2003, NSPL is a private limited company, which
processes rice bran with a product mix, comprising crude rice bran
oil and de-oiled rice bran from its production unit located at Moga
(Punjab), with an installed capacity of 300 metric tonnes per day
(MTPD). The company extracts solvents and sells the crude oil to
the oil refiners and traders in the nearby
regions. It procures rice bran from millers in the nearby regions
of Haryana and Punjab. NSPL is promoted by the Narula family, with
an experience of around two decades in rice bran oil extraction.
OCEAN CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Ocean Constructions (India)
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 6.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 16.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Ocean Constructions, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Ocean Constructions, a proprietorship firm set up in 2006 and owned
by Mr. Sharfuddin Ali Mulki was taken over by Ocean Constructions
India Private Limited (OCIPL, incorporated in 2008) in April 2013.
OCIPL, promoted by Mr. Sharfuddin Ali and his brothers Mr. lnayath
Ali and Mr. Abid Ali undertakes civil contracts involving
irrigation canals, aqueducts, site grading & levelling and road
works in Karnataka mainly for government clients including
Karnataka Neeravari Nigam Limited (KNNL), Krishna Bhagya Jala Nigam
Ltd (KBJNL), Public Works Department (PWD) Karnataka, National
Highway Authority of India (NHAI), Visvesvaraya Jala Nigam Ltd
(VJNL), National Mineral Development Corporation (NMDC) and
Mangalore City Corporation (MCC). Ocean Constructions previously
undertook subcontracting works for private companies including
Shapoorji Pallonji and company Ltd and AMR India Ltd. Mr. lnayath
Ali was previously the national secretary of National Students'
Union of India (NSUI) and general secretary of Karnataka Pradesh
Youth Congress Committee (KPYCC) and has good relationship with
governmental agencies awarding the contracts.
PIBCO ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating of Pibco Enterprises Pvt. Ltd.
(PEPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with PEPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2003, PEPL is engaged in the business of automobile
dealership for two wheelers of Hero MotoCorp Limited (HML) and
commercial vehicles as well as passenger vehicles of Force Motors
Limited (FML). PEPL operates through one showroom of HML and two
showrooms of FML, and two workshops of HML and FML each in the
state of Assam. PEPL also operates through a network of eight
sub-dealers for two wheelers, spread over the surrounding areas of
Guwahati. Apart from the sale of new vehicles, the company is also
engaged in the sale of spare parts, accessories and servicing of
vehicles.
R.L. AGRO: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the bank facilities of R.L.
Agro Foods Pvt. Ltd. (erstwhile R.L. Foods) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 65.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with R.L. Agro Foods, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
RL Foods (RLF) is engaged in the business of milling of Basmati
Rice. The company has processing unit with capacity of 16 tons per
hour which is in Nissing (Distt. Karnal) - Haryana. The Company
caters to both domestic as well as export markets. Out of total
sales in FY17 ~20% is contributed by Export sales and rest by
domestic market sales
RADHAGOBINDA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Radhagobinda Rice Mills
Private Limited (RRMPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 2.20 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 5.40 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with RRMPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2009, RRMPL is currently engaged in the milling of
non-basmati rice. The manufacturing facility of the company is
located at Jaunlia, in the district of Murshidabad, West Bengal.
Thecompany started its production in July 2012.
RELIANCE COMMERCIAL: ICRA Withdraws D Rating on INR1,200cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the Commercial Paper
programme of Reliance Commercial Finance Limited, at the request of
the company in accordance with ICRA's policy on withdrawal. ICRA
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers and their description, Liquidity Position, Rating
Sensitivities have not been captured as the rated instruments are
being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Commercial paper 1,200 [ICRA]D; ISSUER NOT COOPERATING;
Programme Withdrawn
Reliance Commercial Finance Limited (RCFL) was a part of Reliance
Capital Limited (RCL). The entity started its commercial finance
business in May 2007 and was primarily in the secured lending space
with a focus on equipment-and-property-backed small and medium
enterprise loans, loan against property, short-term infrastructure
loans and loans to microfinance
institutions.
Pursuant to the implementation of RCFL's resolution plan, in terms
of the Reserve Bank of India (Prudential Framework or Resolution or
Stressed Assets) Directions, 2019, RCL disposed of its stake in
RCFL to Authum Investment and Infrastructure Limited (Authum) on
October 14, 2022. RCFL is currently a wholly-owned subsidiary of
Authum.
RELIANCE POWER: ICRA Reaffirms D Rating on INR402cr Term Loans
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Reliance
Power Limited (RPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 250 [ICRA]D; reaffirmed and removed
debenture (NCD) from Issuer Not-Cooperating
category
Long-term 402 [ICRA]D; reaffirmed and removed
Fund based from Issuer Not Cooperating
Term Loans Category and withdrawn
Long-term 42 [ICRA]D; reaffirmed and removed
Fund based from Issuer Not Cooperating
Cash Credit Category and withdrawn
Long-term/ 146 [ICRA]D/[ICRA]D; reaffirmed and
Short Term removed from Issuer Not
Non Fund Based Cooperating category
Letter of Credit
Rationale
The rating action for RPL factors in the delays in interest payment
on the loans raised by Samalkot Power Limited (SMPL), a subsidiary
of RPL, wherein the latter has provided an unconditional and
irrevocable corporate guarantee. SMPL's lender has raised demand
for the payment of the outstanding interest ($15.48 million) to
RPL. However, RPL has defaulted on its payment obligations. While
the company stated that there is adequate liquidity (~Rs. 260 crore
of bank deposits as on March 31, 2024) on the books of SMPL to
clear the outstanding interest dues, the lender has not utilised it
and the funds are earmarked to meet the dismantling and
refurbishment expenses for the remaining two modules on
monetisation.
ICRA notes that RPL has repaid its term loans through a one-time
settlement and working capital facilities from banks at a
standalone level. Further, Rosa Power Supply Company Limited (Rosa
Power), a subsidiary of RPL, has paid all its debt obligations,
including the working capital loan, and is debt free which provides
financial flexibility/support to the group companies.
The rating continues to be constrained by the uncertainty over the
non-operational Samalkot Power project under SMPL. The management
is currently exploring opportunities to monetise the remaining two
modules of SMPL to repay the debt. The rating also factors in the
exposure to the counterparty credit risks associated with
state-owned distribution utilities for the Sasan Ultra Mega Power
coal-based project in Madhya Pradesh and the Rosa Power coal-based
power project in Uttar Pradesh under RPL's subsidiaries. Also, the
debt coverage metrics remain modest for Sasan Power. Further, the
Group remains exposed to funding and execution risks for the timely
completion of capital expenditure required for the installation of
flue gas desulphurisation (FGD) system at its operational thermal
plants.
ICRA has also reaffirmed and removed from the Issuer
Not-Cooperating category and withdrawn the [ICRA]D rating to the
INR402-crore term loan and INR42- crore cash credit limits of RPL
as there is no amount outstanding against the rated instruments.
The rating has been withdrawn in accordance with ICRA's policy on
the withdrawal of credit ratings.
Key rating drivers and their description
Credit strengths
Not Applicable
Credit challenges
* Continuing delays in debt servicing: RPL continues to delay in
interest payment on the loans raised by SMPL, a subsidiary of RPL,
wherein RPL has provided an unconditional and irrevocable corporate
guarantee. The lender of SMPL has raised demand for the payment of
outstanding interest to RPL, but the latter has defaulted on its
payment obligations. While the company stated that there is
adequate liquidity (~INR260 crore of bank deposits as on March 31,
2024) on the books of SMPL to clear the outstanding interest dues,
the lender has not utilised it and the funds are earmarked to meet
the dismantling and refurbishment expenses for the remaining two
modules on monetisation. Further, RPL has repaid its term loans
through a one-time settlement and working capital facilities from
banks at a standalone level. The repayment was funded through free
cash flows from operating companies and the monetisation of assets.
Further, Rosa Power, subsidiary of RPL, has paid all its debt
obligations, including the working capital loan, and is debt-free
which provides financial flexibility/support to the group
companies. Moreover, RPL is raising INR1,525 crore through
preferential allotment, of which INR645 crore has already been
received by the company.
* Uncertainty over non-operational Samalkot power project: The
Samalkot project, under its subsidiary SMPL, continues to face
uncertainty due to its non-operational status. SMPL had signed an
equipment supply contract in March 2020 to sell one module for the
development of Phase-1 of the project in Bangladesh. The export of
the module has been completed and proceeds from the equipment
supply have been used to pare the debt from EXIM Bank of the United
States, reducing the net debt to $155 million as on September 30,
2024, from $347 million. Further, the management is currently
exploring opportunities for the monetisation of the remaining two
modules of SMPL in order to repay its outstanding debt.
* Exposure to counterparty credit risks associated with state-owned
distribution entities and fuel supply risks: The projects under the
different SPVs of RPL remain exposed to the counterparty credit
risks associated with the state-owned distribution utilities to
whom the power is sold. The rating also remains vulnerable to fuel
supply risks, though this is mitigated by the fuel supply
agreements with Coal India Limited for the Rosa power project and
through captive mines for the Sasan project.
* High capital expenditure for installation of FGD system: As per
the revised environmental norms prescribed by the Ministry of
Environment and Forests, Government of India, all thermal power
plants in the country are required to reduce their emissions of
nitrogen oxide, sulphur dioxide and particulate matter. To comply
with these norms, the Group's operational thermal power plants at
Sasan (Madhya Pradesh) and Rosa (Uttar Pradesh) are required to
install FGD systems by December
31, 2026. While the cost incurred is expected to be a pass-through
under the tariff, the Group will remain exposed to funding and
execution risks for the timely completion of this capital
expenditure. As on date, the debt funding tie-up as well as equity
infusion is pending.
Liquidity position: Poor
RPL's liquidity position is poor with the company delaying its debt
servicing obligations owing insufficient cash flow from operations.
At a standalone level, the cash & bank balances of RPL remain low
at INR6 crore as on September 30, 2024. At a consolidated level,
the company had cash and bank balances of ~INR990 crore as on
October 31, 2024, of which ~INR918 crore
is on the books of Rosa Power.
Rating sensitivities
Positive factors – A timely servicing of the debt obligations on
a sustained basis would be a positive rating trigger.
Negative factors – Not applicable.
RPL, a part of the Reliance Group, promoted by Mr. Anil D Ambani,
is the primary vehicle for investments in the power generation
sector. As on date, the company's generation capacity stood at
5,300 MW, including 5,160 MW of thermal capacity and 140 MW of
renewable energy-based capacity. RPL's operational projects include
the Rosa coal-based power project (1,200 MW) in Uttar Pradesh, the
Sasan Ultra Mega Power coal-based power project (3,960 MW) in
Madhya Pradesh, the 40-MW solar photovoltaic (PV) power project at
Dhursar, Rajasthan, and the 100-MW concentrated solar power project
in Jaisalmer, Rajasthan.
SAI KRISHNA: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating of Sai Krishna Developers (SKD)
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SKD, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
SKD was established as a partnership firm in January 2014, to
undertake the development of residential project -'Sai Krishna
Residency' comprising 268 units 3BHK, 4 BHK and 5 BHK bungalows in
Bardoli, Surat. The firm is owned by twelve partners having vast
experience in Surat real estate industry. The project is proposed
to be developed in three phases and spread across
an area of 25,443 sq. metre. The development of phase I
(14226sq.mts of area) comprising of 114 bungalows commenced in
April 2014 and completed was scheduled in April 2016. The units in
phase I are 3BHK and 4 BHK bungalows with a saleable area in the
range of 1890sq.ft to 2410 sq.ft.
SAR SENAPATI: ICRA Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Sar Senapati Santaji Ghorpade
Sugar Factory Limited (SSFL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 97.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 127.02 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SSFL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
SSFL, incorporated in the year 2011, is involved in the sugar
manufacturing with an installed sugar mill capacity of 4,800 tonnes
crush per day (TCD). The company is promoted by Mr. Hasanso Mushrif
who is a Member of Legislative Assembly (MLA) from Kagal
constituency (Kolhapur, Maharashtra) and an Ex -Labour Minister,
Government of Maharashtra. The company's operations are forward
integrated in the form of 30 KLPD distillery unit and 23 MW
co-generation unit. The sugar plant is located in village Belewadi
Kalamma, Kagal in Kolhapur district of Maharashtra. The company
commenced its commercial operations in December 2014.
STEELFAB ENGINEERING: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term rating of Steelfab Engineering
Corporation in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 60.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Steelfab Engineering Corporation, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Promoted by Late Pramod Shah in 1970, Steelfab Engineering
Corporation was originally engaged in designing, engineering,
detailing, manufacturing, erecting, and cladding of pre-engineered
buildings. In 1994, however, the promoters shifted these operations
to other sister concerns and ventured into the real estate sector.
The firm is currently managed by Mr. Jignesh P. Shah, Mr. Chirag P.
Shah and Mrs. Jyoti P. Shah. The firm commenced development of its
first independent real estate project under its division, ANA
Realty, in January 2014. The project is proposed to include six
residential towers and one commercial tower and is proposed to be
developed in phases. Phase I is proposed to comprise 176 flats in
two towers of 22 floors each.
TUBE TURN: ICRA Keeps D Ratings in Not Cooperating Category
-----------------------------------------------------------
ICRA has kept the Long Term and Short-term rating of Tube Turn
India Private Limited (TTIPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with TTIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Set up in 1995 by Mr. Ashit Kadakia, Tube Turn (India) Private
Limited (TTIPL) is engaged in the manufacturing of steel pipe
fittings. These fittings are primarily used in the construction of
new plants in the oil & gas chemicals, power, steel and textiles
industry. The company currently manufactures pipe fittings in
seamless and welded construction (butt weldedand socket welded) and
flanges. The pipe fittings are fabricated from carbon steel, alloy
steel and stainless steel, of which carbon steel is the most
commonly used material.
TULSIANI CONSTRUCTIONS: ICRA Keeps D Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Tulsiani Constructions &
Developers Limited (TCDL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 30.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with TCDL, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Tulsiani Constructions & Developers Limited (TCDL) is a flagship
company of the Tulsiani Group which has several companies
undertaking real estate project in Lucknow, Allahabad and other
regions of Uttar Pradesh. TCDL is promoted by Allahabad based
Tulsiani family and is engaged in the business of construction of
residential and commercial building in Allahabad for last 14 years.
TCDL is currently undertaking three residential projects in Lucknow
and Aallahabad region.
UPL CORP: Moody's Confirms 'Ba2' CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings has confirmed UPL Corporation Limited's (UPL Corp)
Ba2 corporate family rating and senior unsecured debt rating.
Moody's have also confirmed the B1 rating on UPL Corp's $400
million undated perpetual junior subordinated euro bonds.
Concurrently, Moody's have changed the outlook on the ratings to
negative. Previously, the ratings were on review for downgrade.
These rating actions complete the review, which began on August 7.
"The ratings confirmation is driven by some progress that the
company has made on the refinancing for its upcoming debt
maturities, as well as steps taken to deploy creditor-friendly
policies that will restore some of its balance sheet strength and
improve liquidity," says Kaustubh Chaubal, a Moody's Ratings Senior
Vice President.
"The negative outlook reflects execution risks associated with the
company's plans to improve liquidity and restore its balance sheet
strength in a timely manner, amid a challenging operating
environment," adds Chaubal, who is also Moody's lead analyst for
UPL.
RATINGS RATIONALE
UPL Group includes the ultimate holding company UPL Limited and its
various Indian and overseas operating subsidiaries, including UPL
Corp. Despite its subsidiary status, UPL Corp shares significant
operational and financial integration with its parent, including a
common treasury function, making its risk exposure reflective of
the broader UPL Group's credit quality. As such, Moody's ratings
for UPL Corp continue to reflect the credit quality of UPL Group
(UPL) as a whole.
The rating action follows UPL's announcement earlier this week that
its board of directors have approved raising INR33.6 billion ($400
million) by way of a rights issuance in two tranches with $100
million expected to be received by December 2024 and the balance in
2025. UPL's promoters, which own 32.52% of the company, have
committed to subscribing to any unsubscribed portion of the
issuance.
The company also announced that private equity firm Alpha Wave
Ventures II (Alpha) will invest $350 million in UPL's 86.67%-owned
seeds subsidiary, Advanta Enterprise Limited. Moody's expect the
transaction to close by March 2025. Of the total purchase
consideration, $250 million will be paid to UPL for the sale of its
8.93% stake in Advanta. Advanta will issue new shares (3.51%
shareholding) to Alpha for the $100 million investment, which
Moody's expect will be applied toward funding the seeds business
growth.
UPL will apply proceeds from the rights issuance and the stake sale
in Advanta toward gross debt reduction. Pro-forma these two
transactions, Moody's expect the company's balance sheet will
become leaner, with its debt/EBITDA leverage improving to around
5.7x at March 2025, compared to 6.2x without these transactions.
Moody's note that UPL is also in advanced discussions with
relationship banks to refinance its $250 million term loan maturity
in September 2025, which illustrates its continued bank access.
UPL's Ba2 CFR reflects the company's substantial scale, leading
global position in post-patent agrochemicals, and its
geographically diversified, vertically integrated operations, which
produce key raw materials and a product slate that caters to the
entire agricultural food value chain. Despite its diverse
offerings, which include seeds and agrochemicals used in crop
cultivation, protection and preservation, the company remains
exposed to the varying weather patterns that affect agrarian
economies, as well as the long gestation period spanning farm-land
preparation, sowing, cultivation to harvesting, which results in
elongated working capital cycles.
UPL's weaker earnings over the last 12-15 months and the consequent
strain on its credit profile are consistent with its rated
agrochemical peers. Channel inventories at distributors and farmers
across various markets have now somewhat stabilized, but a global
oversupply of agrochemicals will constrain product price increases,
at least over the next two years. In addition, a shift in buying
patterns, with distributors restocking closer to planting seasons,
will keep volume growth moderate for the industry.
Moody's forecasts for UPL for the fiscal year ending March 2025
(FY24-25) and FY25-26 assume its revenue growing 5.5% and 4%,
respectively, and its EBITDA margin gradually improving toward the
higher end of 15%-17%. UPL's strategy of backward integration,
which includes producing key raw materials in house, and its low
operational break-even point will likely enhance its profitability
as the industry rebounds. Meanwhile, the company has continued to
focus on streamlining its working capital through efficiencies as
well as reducing its reliance on relatively expensive short-term
debt for financing. Moody's therefore forecast UPL's credit metrics
will improve steadily, with its debt/EBITDA leverage declining
towards 4.5x-5.0x by March 2026, compared to 10.4x as of March 2024
and an estimated 9.0x at September 2024. Lower debt levels and a
slight reduction in interest rates will help the company's
EBITDA/interest coverage recover to around 2.0x-2.5x by FY25-26
from 1.1x during FY23-24.
OUTLOOK
The negative outlook reflects UPL's weak liquidity especially due
to a refinancing wall building over the next two fiscal years, amid
a still challenging operating environment with oversupply straining
prices.
LIQUIDITY
UPL's balance sheet liquidity is weak. Its cash and cash
equivalents of $467 million as of September 2024, estimated cash
flow from operations totaling $1.3 billion over the 18 months to
March 2026 will be insufficient to cover its financial obligations
(including short-term debt), capital expenditures and shareholder
payments over the same period.
UPL's cash flow is highly susceptible to changing weather patterns
and seasonality, leading to significant intra-year working capital
fluctuations, and its continued reliance on uncommitted, short-term
working capital facilities to manage temporary mismatches.
Timely receipt of funds from the proposed rights issue and stake
sale in Advanta would improve the company's liquidity. UPL's
liquidity is further supported by an executed term sheet for a term
loan to address its $250 million September 2025 term loan
maturity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's would downgrade UPL's ratings if there are delays in
receiving proceeds from the rights issue and/or the stake sale in
Advanta, leading to significant deviations from Moody's expectation
of debt reduction and leverage improvement. Furthermore, adoption
of shareholder-friendly policies such as share repurchases or
higher-than-expected dividends, or any large debt-funded
acquisitions that weaken the company's financial profile and delay
deleveraging would also hurt the ratings.
Downward rating pressure will also build if UPL's EBITDA margin
falls below 12%, its gross debt/EBITDA leverage fails to improve
and remains above 5.0x, or if the company is unable to maintain
EBITDA/interest coverage of at least 2.0x, all on a sustained
basis. Weakening liquidity or the company's adoption of aggressive
financing to fund revenue growth – such that it fails to improve
its liability mix, with its current liabilities continuing to
dominate total liabilities on a sustained basis – would also
pressure the ratings.
Upward rating momentum could develop over time if UPL's
profitability returns to historical levels with its EBITDA margin
remaining at or above 20%, its gross debt/EBITDA leverage stays
well below 4.0x and its EBITDA/interest coverage remains above
3.0x, while the company generates positive free cash flow, all on a
sustained and Moody's-adjusted basis.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemicals
published in October 2023.
CORPORATE PROFILE
UPL Corp is a wholly-owned subsidiary of UPL Limited, a leading
global agrochemical company that operates in the post-patent space.
UPL Limited generated revenues of INR441 billion ($5.3 billion) and
an estimated EBITDA of INR47 billion ($568 million) during the 12
months ended September 2024.
The company is listed on India's National Stock Exchange and the
Bombay Stock Exchange. It was 32.52% owned by its promoter family,
led by chairman and group CEO Jaidev Shroff, as of September 2024.
WESTERN HILL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-Term and short-term ratings of Western Hill
Foods Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 15.81 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 3.19 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Western Hill Foods Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Western Hill Foods Ltd. was established in 2008 by Mr. Bhagwan
Bende along with Mr. Girishkumar Samdadia and Mr. Vivek Walsepatil.
The company's facility is located at Pune, Maharashtra. The closely
held company is engaged in processing and exporting of Individual
Quick Freezer (IQF) Frozen Fruits, Vegetables.
WOOLWAYS (INDIA): ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Woolways
(India) Limited (WIL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 10.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under 'Issuer Not
Cash Credit Cooperating' Category
As part of its process and in accordance with its rating agreement
with WIL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
WIL was incorporated in 1994 as a public limited company. It is
engaged in the manufacturing of readymade garments from its two
manufacturing facilities at Ludhiana, Punjab. The company is
promoted by Mr. Rakesh Nayar and his wife, Mrs. Babita Nayar, who
have over three decades of experience in readymade garment
manufacturing. The company has its own brands for children's wear,
'Unikid'. The company also manufactures knitting garments for other
players. WIL markets its product through its 21 retail outlets
spread across northern and central India. WIL also has tie-ups with
online aggregators for marketing and selling its products online.
The company derives around 15-20% of its revenues from exports to
Middle Eastern markets, such as Saudi Arabia and the United Arab
Emirates (UAE), as well as to China.
=========
J A P A N
=========
FUNAI ELECTRIC: Sold for 1 Yen Before Filing for Bankruptcy
-----------------------------------------------------------
The Asahi Shimbun reports that there's a lot of head scratching
going on over Funai Electric Co., whose bankruptcy proceedings
started after it was sold to an investment fund for 1 yen.
Tomokazu Ueda transferred the controlling interest in the
audiovisual equipment maker based in Daito, Osaka Prefecture, to
EFI Kabushiki Fund immediately before resigning as president on
Sept. 27, it was learned on Dec. 2.
The fund paid 1 yen for all shares in a special-purpose company
that owned Funai and its parent, according to sources and contract
documents obtained by The Asahi Shimbun.
Ueda is president of Shuwa System Co., a publishing house that
acquired Funai for about JPY25 billion (US$166 million) in 2021.
Ueda has not explained the 1-yen sale price to Funai employees, or
the reasons for it.
But in an interview in November, Ueda said Funai was sold for 1 yen
because it was "in the red," The Asahi Shimbun relates.
"It was not for my own personal interest," he told The Asahi
Shimbun.
Ueda said he hopes to get the opportunity to explain the
development.
According to The Asahi Shimbun, the contract said Ueda is not
obliged to repay JPY1.17 billion that he and another company he
owns borrowed from Funai.
It also stipulated that Ueda's responsibility as a Funai director
will not be pursued and that Ueda retains the right to buy back all
the shares for 1 yen, depending on conditions.
The Asahi Shimbun says Funai's bankruptcy proceedings, which were
approved by the Tokyo District Court in October, are now being
challenged by the new management team installed by EFI Kabushiki
Fund.
Funai Chairman Yoshiaki Harada applied for rehabilitation under the
Civil Rehabilitation Law with the same court on Dec. 2, according
to The Asahi Shimbun.
At a news conference, Harada said the bankruptcy proceedings were
filed by an unauthorized director and that the Funai group has
sufficient assets to meet its liabilities, the report relays.
"We are determined to turn the company around as it has a long
tradition and a wealth of experience," The Asahi Shimbun quotes
Harada, a former environment minister, as saying. "We will go all
out and succeed."
On Oct. 24, Ueda, the director affiliated with the founding family,
applied for "quasi-voluntary bankruptcy proceedings," an
exceptional step that can be taken without a vote at a board
meeting. The Tokyo District Court approved the request the same
day.
The director said Funai had a negative net worth to the tune of
JPY11.7 billion.
However, Harada contended the move to file for bankruptcy was
invalid because the director in question was dismissed at a
shareholders' meeting on Oct. 15, The Asahi Shimbun relates.
He said the registration of the new management was delayed due to
"internal discord." Harada conceded that the director was not
informed in a timely manner about having been let go.
Harada also said the Funai group, with its 40 or so subsidiaries,
has a net worth of JPY20 billion, The Asahi Shimbun adds.
About Funai Electric
Funai Electric Co., Ltd., -- https://www2.funai.co.jp/en/ --
manufactures audio-visual equipment such as televisions and
DVD/Blue-ray recorder. The Company also produces office equipment
such as printers and computer related equipment. The company
produces products as OEM (Original Equipment Manufacturer) as well
as sells at own brand worldwide.
As reported in the Troubled Company Reporter-Asia Pacific in late
October 2024, Funai Electric received court approval for its
bankruptcy plan on Oct. 24, credit research firm Teikoku Databank
said. The Japan Times, citing Teikoku Databank, related that Funai
Electric, based in Daito, Osaka Prefecture, had some JPY46.1
billion ($303.6 million) in liabilities.
NISSAN MOTOR: CFO Set to Step Down as Carmaker Faces Challenges
---------------------------------------------------------------
Masatsugu Horie and Reed Stevenson at Bloomberg News report that
Nissan Motor Co. Chief Financial Officer Stephen Ma is set to step
down from his position, people with knowledge of the matter said,
marking yet another executive change at a challenging time for the
Japanese carmaker.
It's not clear whether Ma may be demoted or leave the company, said
one person, asking not to be identified because the move hasn't
been announced, according to Bloomberg. The change, which comes 17
months after Ashwani Gupta left as Nissan's chief operating
officer, follows an announcement earlier this month that it will
eliminate 9,000 jobs and cut a fifth of its manufacturing
capacity.
As a result, chief executive officer Makoto Uchida will be left as
the sole top-level C-suite executive at a time when Nissan has
drawn the attention of one of the most influential activist
investors in Japan, Effissimo Capital Management, Bloomberg says.
Although five years have passed since the dramatic arrest and
ouster of former chairman Carlos Ghosn, the carmaker remains mired
in management upheaval.
An outdated lineup, elevated spending on sales incentives and a
lack of hybrids in North America have led the Japanese carmaker to
slash jobs and production, Bloomberg notes. Nissan now sees its
operating income at JPY150 billion for the fiscal year ending in
March, down 70 per cent from its prior forecast.
Ma joined Nissan in 1996 in North America and worked in financial
roles in China and Japan before being promoted to CFO in December
of 2019, alongside Uchida and Gupta. Jun Seki, who was also made
co-COO at the time, departed quickly thereafter.
Nissan's market capitalisation, which stands at about JPY1.5
trillion, has been shrinking since peaking at almost six trillion
yen in 2015. It's now Japan's fifth-largest carmaker as measured by
market value after Toyota Motor, Honda Motor, Suzuki Motor and
Subaru.
Nissan announced last month that Guillaume Cartier would be
promoted to chief performance officer as of Dec. 1, Bloomberg
adds.
About Nissan Motor
Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
Worldwide.
As reported in the Troubled Company Reporter-Asia Pacific on March
4, 2024, S&P Global Ratings affirmed its 'BB+' long-term and 'B'
short-term issuer credit ratings on Nissan Motor Co. Ltd. and its
overseas subsidiaries. The outlook on the long-term rating is
stable. S&P affirmed all issue ratings on the companies.
=====================
N E W Z E A L A N D
=====================
DU VAL GROUP: Founders Get Last Rental Payments from Receivers
--------------------------------------------------------------
The New Zealand Herald reports that on November 27, 2024, receivers
made the final rental payment for Du Val founders Charlotte and
Kenyon Clarke's Remuera residence, the High Court was told.
The Clarkes entered personal receivership following the $240
million collapse of the Auckland-based property development group
in August 2024. Additionally, 70 Du Val entities have been placed
under statutory management. PwC, acting as receivers and statutory
managers, has requested the court to release them from liability
for the Clarkes' rent, a common procedure in receivership cases,
the report states.
Representing herself in court, Charlotte Clarke became visibly
emotional, arguing that stopping rent payments for their Victoria
Avenue home would further destabilize her family. She also
criticized the intense media scrutiny they have faced, calling it
"disgusting," according to the report.
About Du Val Group
Du Val Group -- https://duval.co.nz/ -- is a developer of
large-scale residential projects in New Zealand, renowned for their
innovative design.
As reported in the Troubled Company Reporter-Asia Pacific, the
Financial Markets Authority on Aug. 21, 2024, confirmed that the
Governor-General, on the advice of the Minister of Commerce and
Consumer Affairs given in accordance with a recommendation from the
FMA, declared a number of entities within the Du Val group be
placed in statutory management under the terms of the Corporations
(Investigation and Management) Act 1989 (the Corporations Act).
Statutory management for these entities was announced by the
Minister on Aug. 21, 2024 effective immediately. John Fisk, Stephen
White and Lara Bennett of PwC New Zealand, who were appointed as
interim receivers on Aug. 2, 2024, have been appointed as the
Statutory Managers.
EPA LIMITED: Blacklock Rose Appointed as Receivers and Managers
---------------------------------------------------------------
Benjamin Francis and Garry Whimp of Blacklock Rose on Nov. 22,
2024, were appointed as receivers and managers of Epa Limited.
The receivers and managers may be reached at:
Blacklock Rose Limited
PO Box 6709
Auckland 1142
GKT LIMITED: Creditors' Proofs of Debt Due on Dec. 31
-----------------------------------------------------
Creditors of GKT Limited are required to file their proofs of debt
by Dec. 31, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 25, 2024.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
IMPACTMARINE (NZ): Court to Hear Wind-Up Petition on Dec. 9
-----------------------------------------------------------
A petition to wind up the operations of Impactmarine (NZ) Limited
will be heard before the High Court at Tauranga on Dec. 9, 2024, at
10:00 a.m.
TPT Group Limited filed the petition against the company on Oct.
16, 2024.
The Petitioner's solicitor is:
Brendon Madden-Smith
Bruce Pamatatau, Barrister
Level 6, 5 Short Street
Newmarket
Auckland
LABOUR CIVIL: Creditors' Proofs of Debt Due on Jan. 17
------------------------------------------------------
Creditors of Labour Civil Limited are required to file their proofs
of debt by Jan. 17, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 25, 2024.
The company's liquidators are:
Derek Ah Sam
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu
Peninsula
Auckland
PALM BEACH: Creditors' Proofs of Debt Due on Jan. 10
----------------------------------------------------
Creditors of Palm Beach Developments Limited are required to file
their proofs of debt by Jan. 10, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 29, 2024.
The company's liquidator is:
Craig Young
PO Box 87340
Auckland
=================
S I N G A P O R E
=================
COSMOS GROUP: Net Loss Narrows to $960,182 in Fiscal Q3
-------------------------------------------------------
Cosmos Group Holdings Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $960,182 on $19,218 of net revenue for the three months
ended September 30, 2024, compared to a net loss of $49,773,865
with no reported revenue for the three months ended September 30,
2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $4,821,794 on $38,403 of net revenue, compared to a
net loss of $64,542,901 on $597,351 of net revenue for the same
period in 2023.
As of September 30, 2024, the Company had $33,320,410 in total
assets, $84,109,621 in total liabilities, and $50,789,211 in total
stockholders' deficit.
Cosmos Group had an accumulated deficit of $210,258,497 at
September 30, 2024. The continuation of the Company as a going
concern in the next 12 months is dependent upon the continued
financial support from its stockholders. Management believes the
Company is currently pursuing additional financing for its
operations. However, there is no assurance that the Company will be
successful in securing sufficient funds to sustain the operations.
These and other factors raise substantial doubt about the Company's
ability to continue as a going concern.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mxdv48z
About Cosmos Group
Cosmos Group Holdings Inc. is a Nevada holding company with
operations conducted through its subsidiaries based in Singapore
and Hong Kong. The Company, through its subsidiaries, is engaged in
two business segments: (i) the physical arts and collectibles
business, and (ii) the financing/money lending business.
For the 12 months ending December 31, 2022, the Company reported a
net loss of $104,126,076 compared to a net loss of $25,149,399 for
the same period in 2021.
JITF SHIPPING: Commences Wind-Up Proceedings
--------------------------------------------
Members of JITF Shipping & Logistics (Singapore) Pte. Ltd. on Nov.
25, 2024, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Ms. Chan Li Shan
c/o Agile 8 Solutions
133 Cecil Street
#14-01 Keck Seng Tower
Singapore 069535
ROLAND RAIN: Commences Wind-Up Proceedings
------------------------------------------
Members of Roland Rain Pte. Ltd. and Mee Moe Trading Pte. Ltd. on
Nov. 26, 2024, passed a resolution to voluntarily wind up the
company's operations.
The company's liquidators are:
Abuthahir Abdul Gafoor
Yessica Budiman
AAG Corporate Advisory
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
STRUTS BUILDING: Commences Wind-Up Proceedings
----------------------------------------------
Members of Struts Building Technology Pte. Ltd. on Nov. 26, 2024,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Abuthahir Abdul Gafoor
Yessica Budiman
AAG Corporate Advisory
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
THIS IS INTERIOR: Court to Hear Wind-Up Petition on Dec. 20
-----------------------------------------------------------
A petition to wind up the operations of This Is Interior Design
Pte. Ltd. will be heard before the High Court of Singapore on Dec.
20, 2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Nov. 28, 2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
URBAN RENEWABLES: Court to Hear Wind-Up Petition on Dec. 11
-----------------------------------------------------------
A petition to wind up the operations of Urban Renewables Pte. Ltd.
will be heard before the High Court of Singapore on Dec. 11, 2024,
at 10:00 a.m.
Tomson Pte. Ltd. filed the petition against the company on Oct. 21,
2024.
The Petitioner's solicitors are:
TSMP Law Corporation
6 Battery Road
Level 5
Singapore 049909
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
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