/raid1/www/Hosts/bankrupt/TCRAP_Public/241213.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, December 13, 2024, Vol. 27, No. 250
Headlines
A U S T R A L I A
BIT TRADE: To Pay AUD8 Million Following ASIC Enforcement Action
BULLETPROOF CUSTOMS: First Creditors' Meeting Set for Dec. 18
DE BERNALES: First Creditors' Meeting Set for Dec. 19
FEATURE LANDSCAPES: First Creditors' Meeting Set for Dec. 16
GOLD VALLEY: First Creditors' Meeting Set for Dec. 18
HYPER LIFE: First Creditors' Meeting Set for Dec. 19
SCOTPAC GEARS 2024-1: Moody's Ups Rating on Class E Notes to Ba1
C H I N A
CBAK ENERGY: Shareholders Elect Yunfei Li, 4 Others as Directors
CHINA EVERGRANDE: Founder's Private Jet Put Up for Sale
SHINECO INC: A. Quraishi Steps Down as Independent Director
I N D I A
AMW COMMERCIAL: Liquidation Process Case Summary
BALAJI AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
BHAGYAODAYA INFRASTRUCTURE: Insolvency Process Case Summary
CELSTREAM SYSTEMS: Voluntary Liquidation Process Case Summary
DANCY BUILDERS: Insolvency Resolution Process Case Summary
EGITA NETWORK: Insolvency Resolution Process Case Summary
ENERTECH ENGINEERING: ICRA Keeps B+ Ratings in Not Cooperating
FOUR FLAVOURS: Insolvency Resolution Process Case Summary
GRANITE PRODUCTS: CARE Keeps C Debt Rating in Not Cooperating
HARITHA FERTILISERS: ICRA Keeps D Debt Ratings in Not Cooperating
IMAX ELECTROTEK: Insolvency Resolution Process Case Summary
IQ CITY: CARE Keeps B Debt Rating in Not Cooperating Category
ISHWAR OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
JAI MATA: CARE Keeps B- Debt Rating in Not Cooperating Category
JET AIRWAYS (INDIA): Liquidation Process Case Summary
KANISHK METALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating
KANTHARAJ H M: CARE Assign B+ Rating to INR9cr LT Loan
KARVY STOCK: ICRA Keeps D Ratings in Not Cooperating Category
KORDASH HANDLERS: Insolvency Resolution Process Case Summary
LAKSHMI JANARDHAN: ICRA Keeps B+ Debt Ratings in Not Cooperating
LANARSY INFRA: ICRA Lowers Rating on INR10cr LT Loan to B+
LINKPOINT ADVISORY: Insolvency Resolution Process Case Summary
MAA PEETAMBRA: CARE Keeps D Rating in Not Cooperating Category
MACKINTOSH BURN: ICRA Keeps B+ Debt Ratings in Not Cooperating
MANDEEP INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
METROWORLD TILES: CARE Keeps C Debt Rating in Not Cooperating
MICROTEX FASHION: CARE Keeps D Debt Rating in Not Cooperating
NAYAAB JEWELS: CARE Keeps D Debt Ratings in Not Cooperating
OM SHARDA: CARE Lowers Rating on INR8.0cr LT Loan to B
P. M. COT: CARE Keeps D Debt Rating in Not Cooperating Category
RADHAKRISHNA OIL: CARE Keeps B- Debt Rating in Not Cooperating
RK PATIL: Insolvency Resolution Process Case Summary
RPL SOLAR: Insolvency Resolution Process Case Summary
SATYAM COTTEX: CARE Keeps B- Debt Rating in Not Cooperating
SEASONS HEALTHCARE: ICRA Keeps B+ Debt Ratings in Not Cooperating
SEKAR CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
SHANKHA DEEP: CARE Lowers Rating on INR20cr LT Loan to B
SHIVALIK INFRA: CARE Keeps D Debt Rating in Not Cooperating
STALWART INTERNATIONAL: Liquidation Process Case Summary
TRIG GUARDFORCE: Insolvency Resolution Process Case Summary
I N D O N E S I A
BUKIT MAKMUR: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
J A P A N
ALETHEIA CLINIC: Files for Bankruptcy Protection
N E W Z E A L A N D
FESTCO NZ: Festival Operator Goes Into Liquidation
FIRST CREDIT: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
GREENHAVEN FARMS: Court to Hear Wind-Up Petition on Feb. 10
H&H TRANSPORT: Court to Hear Wind-Up Petition on Feb. 5
NELSON BUILDING: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable
PILKINGTON LANDSCAPING: Khov Jones Appointed as Receivers
Q PROPERTY: Creditors' Proofs of Debt Due on Jan. 24
ROTORUA DENTAL: Grant Bruce Reynolds Appointed as Liquidator
SOLARZERO: Cecilia Tarrant Steps Down as Chairwoman of NZGIF
YOUTH HOSTEL: Goes Into Liquidation After Closure of 11 Hostels
P A K I S T A N
PAKISTAN: ADB OKs $330MM Funds for Social Protection Programs
PAKISTAN: ADB to Help Modernize
Power Distribution
S I N G A P O R E
BUILDING CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 20
NAUTICAWT LIMITED: Court to Hear Wind-Up Petition on Dec. 20
NPH ENGINEERING: Court to Hear Wind-Up Petition on Dec. 27
PEM IMPEX: Creditors' Meetings Set for Dec. 27
WORLD CLASS: Creditors' Proofs of Debt Due on Jan. 6
- - - - -
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A U S T R A L I A
=================
BIT TRADE: To Pay AUD8 Million Following ASIC Enforcement Action
----------------------------------------------------------------
Legal proceedings launched by the Australian Securities &
Investments Commission (ASIC) have seen the Australian operator of
the Kraken crypto exchange ordered to pay AUD8 million for
unlawfully issuing a credit facility to more than 1,100 Australian
customers.
From October 2021, Bit Trade Pty Ltd, which operated the Kraken
exchange, had offered its customers a 'margin extension' product
without a target market determination (TMD). The product provided
for margin extensions to be made and repaid in either digital
assets like bitcoin or national currencies such as US dollars.
In August this year, the Federal Court found that Bit Trade's
product was a credit facility and required a TMD as the product
offered margin extensions in national currencies. As a result, the
company breached its design and distribution obligations (DDO) each
time it offered the margin extension product to a customer without
the required TMD.
ASIC Chair Joe Longo said, 'Target market determinations are
fundamental in ensuring that investors are not inappropriately
marketed products that could harm them.
'Bit Trade issued its margin extension product to over 1100
Australians who were charged fees and interest of more than US$7
million without considering if the product was appropriate for
them.
'Those customers Bit Trade targeted suffered trading losses of more
than US$5 million, including one investor who lost almost US$4
million.
'This is a significant outcome. It is ASIC's first penalty against
an entity for failing to have a TMD and a reminder for digital
assets firms to consider their regulatory compliance obligations.
'ASIC believes many products offered by digital assets firms are
captured by the current law, which means those products need to be
properly designed and marketed to the right consumers to ensure
Australians receive appropriate protections.'
In handing down his penalty decision on Dec. 12, Justice Nicholas
noted that Bit Trade 'did not turn its mind to the requirement of
the DDO regime until these were first drawn to its attention by
ASIC' and that 'the failure to consider that matter points to a
seriously deficient compliance system.'
His Honour observed that the product was made available to
customers without any consideration of the impact of the DDO regime
until after ASIC intervention and that Bit Trade continued to offer
the product when it knew or ought to have known it was likely in
breach of the law. 'I am satisfied that Bit Trade's contraventions
were serious and motivated by a desire to maximise revenue,' His
Honour said.
The penalty comes shortly after ASIC commenced industry
consultation with the digital-assets sector. ASIC is seeking
feedback from digital assets providers and exchanges on draft
updates to our guidance on when products offered by digital asset
firms may be considered regulated products under the current law.
Bit Trade was also ordered to pay ASIC's costs for the
proceedings.
ASIC commenced proceedings against Bit Trade on Sept. 20, 2023.
The Federal Court found that Bit Trade failed to comply with its
design and distribution obligations on Aug. 23, 2024. The Federal
Court found that Bit Trade's product was a credit facility on the
basis that the product involved an extension of margin in a
national currency which created a deferred debt. The Court found
that the obligation to repay a digital asset was not an obligation
to repay money and therefore not a deferred debt.
Bit Trade is registered with AUSTRAC. It is a subsidiary of Payward
Incorporated. Bit Trade is the local operator of the Kraken
cryptocurrency exchange.
ASIC Information Sheet 225 Crypto-assets (INFO 225) provides
guidance on the circumstances in which a digital asset related
offering may be a financial product. ASIC released draft updates to
INFO 225 on December 4. Industry participants have until Feb. 28,
2025 to provide feedback on ASIC's proposed updates.
ASIC will continue to use its full range of regulatory and
enforcement tools, such as guidance, licensing, compliance and
enforcement action, to protect consumers and uphold market
integrity in the digital asset sector.
The design and distribution obligations (DDO) require firms to
design financial products that meet the needs of consumers, and to
distribute those products in a targeted manner. A target market
determination is an important requirement under DDO. It is a
mandatory public document that sets out the class of consumers a
financial product is likely to be appropriate for (the target
market) and matters relevant to the product's distribution and
review.
ASIC's Moneysmart website has information for consumers about the
risks of investing in digital assets.
BULLETPROOF CUSTOMS: First Creditors' Meeting Set for Dec. 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bulletproof
Customs Pty Ltd will be held on Dec. 18, 2024 at 10:00 a.m. via
Microsoft Teams virtual technology.
Declan Lane and Andrew Blundell of Cathro & Partners were appointed
as administrators of the company on Dec. 9, 2024.
DE BERNALES: First Creditors' Meeting Set for Dec. 19
-----------------------------------------------------
A first meeting of the creditors in the proceedings of De Bernales
Pty Ltd will be held on Dec. 19, 2024 at 11:00 a.m. at the offices
of SV Partners Perth Office at Level 8, 68 St Georges Terrace in
Perth.
Malcolm Field of SV Partners was appointed as administrator of the
company on Dec. 9, 2024.
FEATURE LANDSCAPES: First Creditors' Meeting Set for Dec. 16
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Feature
Landscapes & Constructions Pty. Ltd. and Formation Group Pty Ltd
will be held on Dec. 16, 2024 at 11:00 a.m. and 11:30 a.m., at the
offices of SV Partners at Level 17, 200 Queen Street in Melbourne
and by way of teleconference facilities.
Michael Carrafa and Fabian Kane Micheletto of SV Partners were
appointed as administrators of the company on Dec. 4, 2024.
GOLD VALLEY: First Creditors' Meeting Set for Dec. 18
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Gold Valley
Holdings Pty Ltd, Territory Resources Pty Ltd, and Warrego
Operations Pty Ltd will be held on Dec. 18, 2024 at 9:00 a.m. by
virtual meeting via Zoom.
Richard Tucker and John Allan Bumbak of KordaMentha were appointed
as administrators of the company on Dec. 18, 2024.
HYPER LIFE: First Creditors' Meeting Set for Dec. 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of Hyper Life
Pty Ltd will be held on Dec. 19, 2024 at 10:00 a.m. by virtual
facilities only.
Graeme Beattie of Worrells was appointed as administrator of the
company on Dec. 9, 2024.
SCOTPAC GEARS 2024-1: Moody's Ups Rating on Class E Notes to Ba1
----------------------------------------------------------------
Moody's Ratings has upgraded ratings on four classes of notes
issued by ScotPac Gears ABS Trust 2024-1.
The affected ratings are as follows:
Issuer: ScotPac Gears ABS Trust 2024-1
Class B Notes, Upgraded to Aa1 (sf); previously on Feb 22, 2024
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to Aa3 (sf); previously on Feb 22, 2024
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to Baa1 (sf); previously on Feb 22, 2024
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Ba1 (sf); previously on Feb 22, 2024
Definitive Rating Assigned Ba2 (sf)
A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the collateral performance to
date.
No action was taken on the remaining rated classes in the deal as
credit enhancement for these classes remains commensurate with the
current ratings.
Following the November 2024 payment date, the credit enhancement
available for the Class B, Class C, Class D, and Class E Notes has
increased to 21.6%, 14.6%, 10.4% and 4.5%, respectively, from
15.8%, 10.7%, 7.6%, and 3.3% at closing. Principal collections have
been distributed on a sequential basis starting from the most
senior notes. Current total outstanding notes as a percentage of
the total closing balance is 73.2%.
As of end-October 2024, 2.6% of the outstanding pool was 30-plus
days delinquent, and 1.0% was 90-plus days delinquent. The deal has
incurred 0.7% of gross losses to date, which have been covered by
excess spread.
Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected loss assumption at 4.8% of
the closing pool balance. Moody's have also maintained the Aaa
portfolio credit enhancement of 27%.
Moody's have considered sensitivity scenarios with higher default
probability rates, lower recovery rates and different default
timing to evaluate the resiliency of the note ratings.
The transaction is a securitisation of a portfolio of commercial
equipment loans and leases originated by Scottish Pacific Business
Finance Pty. Limited.
The principal methodology used in these ratings was "Equipment
Lease and Loan 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.
=========
C H I N A
=========
CBAK ENERGY: Shareholders Elect Yunfei Li, 4 Others as Directors
----------------------------------------------------------------
Cbak Energy Technology, Inc., disclosed in a Form 8-K filing with
the U.S. Securities and Exchange Commission that on December 6,
2024, the Company held the 2024 annual meeting of stockholders of
the Company at the Company's headquarters in Dalian, China.
Holders of the Company's common stock at the close of business on
October 8, 2024 (the "Record Date") were entitled to vote at the
Annual Meeting. As of the Record Date, there were 89,939,190 shares
of common stock outstanding and entitled to vote. A total of
47,920,922 shares of common stock (53.28%), constituting a quorum,
were represented in person or by valid proxies at the Annual
Meeting.
The stockholders voted on two proposals at the Annual Meeting.
Proposal 1: The Company's stockholders elected five directors to
the Board of Directors of the Company to serve until the 2025
annual meeting of stockholders.
-- Yunfei Li
-- J. Simon Xue
-- Martha C. Agee
-- Jianjun He
-- Xiangyu Pei
Proposal 2: The Company's stockholders ratified the appointment of
ARK Pro CPA & Co as the Company's independent registered public
accounting firm for the fiscal year ending December 31, 2024.
A full-text copy of the Form 8-K is available at
https://urlcurt.com/u?l=Khautz
About CBAK Energy Technology
Liaoning Province, People's Republic of China-based CBAK Energy --
https://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 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.
CHINA EVERGRANDE: Founder's Private Jet Put Up for Sale
-------------------------------------------------------
The Financial Times reports that China Evergrande's liquidators are
trying to sell an Airbus private jet that belonged to the collapsed
property developer's founder, as they attempt to salvage some
returns for the overseas investors that bought billions of dollars
of the company's bonds.
Alvarez & Marsal specialists Edward Middleton and Tiffany Wong, who
were appointed to liquidate Evergrande's Hong Kong-listed holding
company in January, have taken control of the offshore entity that
bought Hui Ka Yan's jet and have put the jet up for sale, three
people with knowledge of the matter said, the FT relates.
The plane, a business jet variant of the Airbus A319 which is the
size of a commercial passenger jet, is in Guangzhou in southern
China, according to flight records and two people with knowledge of
the matter.
The FT says the plane was one of several markers of wealth that Hui
amassed as he became one of the richest men in China during the
company's boom years, embodying a new breed of splashy Chinese
tycoons.
The liquidators' move sets up a test of their ability to enforce
their ownership of assets in mainland China, whose legal system
differs from the Hong Kong regime under which they were appointed.
According to the FT, any successful sale would mark an early sign
of progress by liquidators trying to return cash to investors
exposed to the more than $20 billion in offshore debt that
Evergrande had when it defaulted in 2021, debt that is now almost
worthless at current prices. Once China's biggest property
developer, Evergrande had more than $300 billion in total
liabilities when it defaulted, precipitating a broader cash crunch
in the country's property sector.
Hui bought mansions in London, Sydney and Hong Kong as well as a
60-metre megayacht and a football team, Guangzhou Evergrande. In
2017 he topped the Forbes China rich list with a total net worth of
nearly $43 billion.
A Hong Kong judge ordered the winding up of Evergrande's holding
company in the territory, where it listed in 2009, in January.
Evergrande said last year that Hui had been placed under "mandatory
measures" on suspicion of involvement in "illegal crimes".
The private jet, which is now 14 years old and in need of some
repair and maintenance work, was "bigger [and] more expensive to
operate" than many other private jets, said Jason Liao, chair and
chief executive of China Business Aviation Group, the FT relays. He
estimated it would be worth about $25 million to $30 million,
compared with about $90 million when new.
Funds managed by BlackRock and HSBC were among those exposed to
Evergrande bonds when it defaulted in 2021, the report notes.
The FT says the liquidators are also trying to recoup funds by
bringing lawsuits against Evergrande's executives and the global
professional services firms that helped enable its rapid growth by
accessing foreign funding.
They have launched court proceedings against Big Four audit firm
PwC, commercial real estate services company CBRE and advisory
group Avista Valuation Advisory, according to the FT.
They are trying to recover $6 billion from Hui and other top
company executives in a separate suit. In March, the China
Securities Regulatory Commission accused Hui and Evergrande's
mainland business of inflating revenues by $78 billion over 2019
and 2020.
The FT adds the plane is one of three private jets listed among
Hui's assets in court filings from March this year. The filings
said he also owned an Airbus A330 and a Gulfstream G450 jet as well
as two yachts and two Rolls-Royce Phantoms.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
SHINECO INC: A. Quraishi Steps Down as Independent Director
-----------------------------------------------------------
Shineco, Inc., disclosed in a Form 8-K filing with the U.S.
Securities and Exchange Commission that Mr. Aamir Ali Quraishi
resigned as an independent director of the Company, effective
December 17, 2024. He will be replaced by Mr. Jun Fu, who was
appointed to the Board of Directors of the Company on December 3,
2024.
Mr. Quraishi's retirement was not as a result of any disagreement
with the Company on any matter relating to the Company's
operations, policies or practices.
Mr. Jun Fu will serve as an independent director in accordance with
the rules of the Nasdaq Capital Market and the Company's corporate
governance policies. Mr. Jun Fu has extensive expertise and
business experience in financial services and corporate
governance.
The election of Mr. Jun Fu as a director was not made pursuant to
any arrangement or understanding between Mr. Fu and any other
person. Mr. Fu will serve on the Audit Committee, the Compensation
Committee, and as the Chairman of the Nominating Committee of the
Board of Directors. There are no current or proposed transactions
in which Mr. Fu or any member of his immediate family has, or will
have, a direct or indirect material interest that would require
disclosure under Item 404(a) of Regulation S-K.
Mr. Jun Fu will receive compensation for his service as a director
consistent with our standard arrangements for non-employee
directors.
The Company thanks Mr. Aamir Ali Quraishi for his contributions to
the Company and wishes him well in his future endeavors.
About Shineco
Headquartered in Beijing, People's Republic of China, Shineco, Inc.
aims to 'care for a healthy life and improve the quality of life'
by providing health and medical products and services to society.
Shineco, operating through subsidiaries, has researched and
developed 33 vitro diagnostic reagents and related medical devices
to date, and the Company also produces and sells healthy and
nutritious foods.
Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
30, 2024, citing that the Company had net losses of approximately
US$$24.3 million and US$14.0 million, and cash outflow of US$3.9
million and US$5.4 million from operating activities for the years
ended June 30, 2024 and 2023, respectively. As of June 30, 2024
and 2023, the Company had accumulated deficit of US$54.3 million
and US$31.7 million, respectively, and as of June 30, 2024 and
2023, the Company had negative working capital of US$6.7 million
and US28.9 million, respectively. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
As of June 30, 2024, Shineco had $84.18 million in total assets,
$47.60 million in total liabilities, and $36.58 million in total
equity.
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I N D I A
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AMW COMMERCIAL: Liquidation Process Case Summary
------------------------------------------------
Debtor: M/S AMW Commercial Vehicle Applications Limited
Office No. 7, 2nd Floor,
Readymoney Terrace,
167, Dr. A.B. Road,
Worli, Mumbai - 400018
Liquidation Commencement Date: November 22, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Avinash Ambikaprasad Shukla
Level 3, Padma Palace
Plot No.79, Sector 28,
Vashi, Navi Mumbai,
Maharashtra, 400703
Email: avinashshukla1708@gmail.com
-- and --
Waterfall Insolvency Professionals Private Limited
1221, Maker Chambers V,
Nariman Point, Mumbai 400021
Email id: ip.amwvehicle@gmail.com
Last date for
submission of claims: December 22, 2024
BALAJI AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Balaji
Agro (SBA) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.47 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 6,
2023, placed the rating(s) of SBA under the 'issuer
non-cooperating' category as SBA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SBA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 21, 2024,
October 1, 2024, October 11, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Sri Balaji Agro (SBA) was established in the year 2016 as a
proprietorship concern by Mrs Chudi Lavanya. SBA is planning to set
up cleaning and processing unit for pulses like Toor dal, Gram Dal,
Moong Dal, Urid Dal and Masoor Dal. The expected date of start of
commercial operation of the unit is July 2017. The total proposed
cost for setting up the unit is INR3.80 crore which is
proposed to be funded by promoter's capital of INR1.85 crore and
remaining through long-term loan of INR1.95 crore.
BHAGYAODAYA INFRASTRUCTURE: Insolvency Process Case Summary
-----------------------------------------------------------
Debtor: Bhagyaodaya Infrastructure Development Limited
3rd Floor, Orbit Terraces,
64, N.M. Joshi Marg (Junction of S.B.Marg)
Lower Parel (West), Mumbai,
Maharashtra, India - 400013
Insolvency Commencement Date: November 27, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 28, 2025
Insolvency professional: Vimal Kumar Agrawal
Interim Resolution
Professional: Vimal Kumar Agrawal
Office No. 4, Ground Floor C Wing,
Shanti Jyot Building, Balaji Nagar,
Near Railway Station,
Bhayander West
Thane Pin 401101
Email: vimal@vpagrawal.in
Email: cirpbhagyaodaya@gmail.com
Last date for
submission of claims: December 13, 2024
CELSTREAM SYSTEMS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Celstream Systems Private Limited
29/A, 2nd Cross, Electronic City
Phase 1 Bangalore 560100
Liquidation Commencement Date: November 18, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Venkataraman Jayagopal
E-003, Victoria Haven,
Patel Ram Reddy Road
Domlur 1st stage, Bangalore - 560071
Email: celstream.vl@gmail.com
Email: gopal_venus@hotmail.com
Phone No.: 9341240595
Last date for
submission of claims: December 18, 2024
DANCY BUILDERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Dancy Builders Private Limited
H. No. 804, G.F. Seqno GTV-1932
Flat B-1
Ghitorni Gadaipur,
South West Delhi 11030
Insolvency Commencement Date: November 27, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: May 26, 2025
Insolvency professional: Ashok Kumar Gupta
Interim Resolution
Professional: Ashok Kumar Gupta
LD 49, Pitampura, Delhi 110034
Email: cmaashokgupta@gmail.com
-- and --
304, DB Gupta Road
Karol Bagh, New Delhi 110005
Email: cirp.dancybuilders@gmail.com
Last date for
submission of claims: December 12, 2024
EGITA NETWORK: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Egita Network and Media Private Limited
129/18, 4th Floor, 1st Main Road
Opposite Ayyappa Temple,
Wilson Garden, Bangalore
Karnataka, India, PIN-560027
Email: Ganapathi.josh@niteshgroup.com
Insolvency Commencement Date: October 17, 2024
Estimated date of closure of
insolvency resolution process: April 15, 2025
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Sushanta Kumar Choudhury
64, Hem Chandra Naskar Road
Beleghata, Kolkata - 700010
Email: sk.choudhury123@gmail.com
Email: cirp.egita@gmail.com
Last date for
submission of claims: December 31, 2024
ENERTECH ENGINEERING: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Enertech
Engineering Private Limited (EEPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 40.93 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 0.05 [ICRA]B+ (Stable); ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 0.08 [ICRA]B+ (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with EEPL, 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.
Enertech Engineering Private Limited (EEPL) was set up by Mr. Vijay
Chadha in 1989. The company has been operating in the area of
developing and selling customized integrated turnkey prefabricated
modules since 1991. The modules developed by the company are used
for residential purpose by defense forces and as mobile satellite
guidance and launching pads. The company has developed technology
to make the modules nuclear, bioweapon and chemical weapon proof,
at the same time, maintaining the easy transportability. The
founder and managing director Mr. Vijay Chadha passed B.E.
(Mechanical Engineering) from REC Kurukshetra in 1976 and has done
MBA from Osmania University in 1983 and he is the First-Generation
Entrepreneur who started Small Scale Industry in 1993 with only 5
workers. Presently, his two sons are also partners and hold
positions in the company supporting the MD. All the directors are
engineers and technically well-qualified.
FOUR FLAVOURS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Four Flavours LLP
No. 133/2, 4th Floor,
Janardhan Towers Residency Road
Bengaluru 560025
Insolvency Commencement Date: November 20, 2024
Court: National Company Law Tribunal, Bangalore, Principal Bench
Estimated date of closure of
insolvency resolution process: May 19, 2025
Insolvency professional: Hari T Devadiga
Interim Resolution
Professional: Hari T Devadiga
No. 3, Devi Krupa, 7th Main 3rd Phase
Ayappa Nagar, KR Puram Post
Bangalore 560036
Email: devadiga_hari@hotmail.com
Email: hariirpfourflavours@gmail.com
Last date for
submission of claims: December 4, 2024
GRANITE PRODUCTS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Granite
Products Corporation (GPC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.38 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 7.62 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 23,
2023, placed the rating(s) of GPC under the 'issuer
non-cooperating' category as GPC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GPC continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 7, 2024,
September 17, 2024, September 27, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Salem based, Granite Products Corporation (GPC), was established in
the year 2003 as a proprietorship concern by Mr. Vadivelu Veerendra
Prabhu. The firm is engaged in cutting, polishing and trading of
granite monuments and GPC is 100% Export Oriented Unit (EOU). The
firm imports purchase granite blocks from South Africa, Finland and
Norway and indigenously from Andhra
Pradesh, Karnataka, Tamil Nadu, Kerala and Odhisa. The firm has its
customer base located at Europe and USA. The entity imports the
granite blocks process them and exports as granite monuments to USA
and Europe. The entity took an insurance policy from Export Credit
Guarantee Corporation of India (ECGC) which provides a range of
credit risk insurance covers to exporters against loss in export of
goods and services and is regular in paying the insurance premium.
HARITHA FERTILISERS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Haritha
Fertilisers Limited 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/ 4.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Long-term 31.00 [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 Haritha Fertilisers 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 1996, Haritha Fertilisers Limited is into
manufacturing of Absorbent Cotton Wool, Gauze, Bandages, Sterile
Surgical Dressings, Infusion Sets, etc. The manufacturing unit is
located in Hayatnagar Mandal, Hyderabad. The company is also into
trading of Surgical Disposbales & Consumables, Medical Equipment,
Hospital Furniture, Medical Devices and Drugs & Medicines. The
major customers of the company are government departments and
institutions in Andhra Pradesh and Telangana.
IMAX ELECTROTEK: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Imax Electrotek Private Limited
FL No A-503, S no 9/8/3 Sun Planet Sun City Rd
411041, Pune
Maharashtra, India, 411041
Insolvency Commencement Date: October 28, 2024
Estimated date of closure of
insolvency resolution process: April 28, 2025
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Sapna Pankaj Chourasia
Jai Siyaram, Flat No.1, Plot No. 131,
Blue Heaven Society, Sector-12,
Vashi, Navi Mumbai - 400703
Email: sapna.chourasia@gmail.com
Email: imax.cirp@gmail.com
Last date for
submission of claims: November 13, 2024
IQ CITY: CARE Keeps B Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of IQ City
Foundation (ICF) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 208.95 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 3,
2023, placed the rating(s) of ICF under the 'issuer
non-cooperating' category as ICF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ICF continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 18, 2024,
September 28, 2024, October 8, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
About the society
IQ City Foundation (ICF), set up in February 2006 and erstwhile
known as SPS Synergy Foundation was initially jointly promoted by
the SPS, Mani and Synergy group of Kolkata. However, with the exit
of the SPS group from the promoter's consortium, the society was
subsequently renamed in April 2014. ICF is a registered society
under the West Bengal Societies Registration Act, 1961 and has been
formed for the purpose of establishing and operating hospital and
educational institutions. ICF, a part of Mani Group, has set up a
Medical College and a Teaching cum multi-speciality Hospital (under
the name IQ City Foundation) at Mouza Sovapur in Durgapur, West
Bengal on a 100 acres parcel of land allotted to it by Govt. of
West Bengal.
Status of non-cooperation with previous CRA: Infomerics has moved
the rating assigned to the bank facilities of ICF into ISSUER NOT
COOPERATING category vide press release dated November 22, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the society.
ISHWAR OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Ishwar Oil Mill (IOM) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 13.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 0.51 [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 IOM, 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.
Ishwar Oil Mill (IOM) was incorporated in 2012 by Mr. Ashok Gamdha
and Mr. Ramesh Gamdha as a partnership firm and is engaged in
manufacturing of edible cottonseed oil and cottonseed oil cake as
well as trading of cotton bales. The firm markets crude cottonseed
oil in loose form to bulk dealers and cottonseed oil cake as cattle
feed to dairies. IOM operates from its plant located in Rajkot,
Gujarat with a total installed capacity of crushing ~113 MT of
cottonseeds per day.
JAI MATA: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jai Mata
Di Ginning and Pressing Factory (JMDGPF) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term Bank 5.61 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 5,
2023, placed the rating(s) of JMDGPF under the 'issuer
non-cooperating' category as JMDGPF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JMDGPF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 20, 2024, October 30, 2024 and November 9, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
JMDGPF is a Jalgaon based, proprietorship firm, established by Mr.
Gopal Baburao Gangtire in 2004. The entity is engaged in the
business of cotton ginning and pressing at its manufacturing
facility located at Jalgaon Maharashtra.
JET AIRWAYS (INDIA): Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Jet Airways (India) Limited
Commercial Building, 2nd Floor Plot No. C-68,
G-Block, Bandra Kurla Complex (East)
Bandra (East), Mumbai,
Maharashtra, India 400051
Liquidation Commencement Date: November 26, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Satish Kumar Gupta
Flat No. 17012, Building No. 17,
Phase 2, Kohinoor City,
Near Kohinoor Hospital,
Off LBS Road, Kurla,
Mumbai, Maharashtra - 400070
Email: satishg19@outlook.com
-- and --
Jet Airways (India) Limited
Unit No. 401 to 407, 4th Floor,
Sterling Centre, Andheri Kurla Road,
Andheri East, Mumbai - Suburban,
Maharashtra 400069
Email: liquidation.jet@gmail.com
Email for submission of claims:
jetairways.claims@gmail.com
Last date for
submission of claims: December 26, 20224
KANISHK METALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term rating of Kanishk Metalloys in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.50 [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 Kanishk Metalloys, 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.
Kanishk Metalloys is a sole proprietorship firm incorporated in
2008 by Mr. Nand Nandan Agrawal to carry out trading of non-ferrous
metals. The firm has its operating office in Mathura, Uttar
Pradesh. The firm Purchases the nonferrous metals domestically as
well as it imports the same from countries like Hong Kong, UAE,
Korea etc. The firm sells the non-ferrous metals to the domestic
clients. The firm imports in volumes, non-ferrous metals from
countries like UAE, USA, Sweden, Hong Kong etc. The same upon
reaching the warehouse of the firm is sorted, segregated and
dispatched in lots to the customers as per the delivery schedule.
KANTHARAJ H M: CARE Assign B+ Rating to INR9cr LT Loan
------------------------------------------------------
CARE Ratings has assigned the ratings on certain bank facilities of
Kantharaj H M (KHM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B+; Stable Assigned
Facilities
Long Term Bank 18.00 CARE B+; Stable Rating removed
Facilities from ISSUER NOT COOPERATING
category and Upgraded from
CARE B-; Stable
Long Term/ 2.00 CARE B+; Stable/CARE A4
Short Term Assigned
Bank Facilities
Rationale and key rating drivers
Ratings of KHM were earlier placed under the 'Issuer not
cooperating (INC)' category as the company had not provided
information for carrying out the surveillance exercise. KHM has now
shared the requisite information with CARE Ratings Limited (CARE
Ratings), and accordingly, the rating has been removed from 'INC'.
The revision in ratings assigned to the bank facilities of KHM
factors in modest scale of operations, with decline in revenue of
the company in FY24; albeit recovery witnessed in H1FY25. The
ratings continue to remain constrained by Constitution of entity as
a proprietorship concern, modest net worth along with working
capital-intensive nature of operations with high operating cycle
marked by high gross current assets. PWD contractor and executing
contracts in Karnataka state, exposes the company to high customer
and geographical concentration risk. Due to tender based nature of
operations, the revenues of the company are dependent on the
company's ability to bid successfully for these tenders. The
ratings, however, continue to derive strength from its promoters
who have two-decade long experience in the business and stable
profit margins in last three years.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in scale of operations above INR80 Cr, net worth of
more than INR20 crores, while maintaining ROCE above 18% and
TOL/TNW less than 1x.
Negative factors
* Significant decline in the scale of operation with decline in
PBILDT margins below 10%
Analytical approach: Standalone
Outlook: Stable
The stable outlook reflects CARE Ratings Limited's (CARE Ratings')
expectation that the firm would benefit from promoter's long track
record of getting steady flow of orders from government tenders and
Execution of pending orders.
Detailed description of key rating drivers:
Key weaknesses
* Tender based nature of operations in highly fragmented industry:
KHM receives 100% work orders from government departments. All
these are tender-based and the revenues are dependent on the
partner's ability to bid successfully for these tenders.
Profitability margins come under pressure because of competitive
nature of the industry. However, the promoter's satisfactory
industry experience of two decades mitigates this risk to some
extent. Nevertheless, there are numerous fragmented & unorganized
players operating in the segment which makes the civil construction
space highly competitive.
* Working capital intensive nature of operations: KHM operates in a
working capital-intensive industry, as reflected by Gross Current
Asset (GCA) days and working capital cycle of 210 days (PY: 188
days) and 121 days respectively during FY24 (PY: 77 days). The
counterparty is mainly government backed entities wherein the
payments are assured but stretched, firm generally receives the
funds within 6 months after bill is raised. Consequently, similar
terms are negotiated with the creditors. Firm does not get any
mobilisation advance for the orders.
* Constitution of entity as a proprietorship concern with inherent
risk of withdrawal of capital: Being a Proprietorship firm, KHM is
exposed to inherent risk of Proprietors' capital being withdrawn at
a time of personal contingency. Moreover, proprietorship business
has restricted avenues to raise capital which could prove
hindrance to its growth.
Key strengths
* Experienced promoter with a long track record of operations: The
proprietor, Mr. Kantharaj H M, has been in the business of
undertaking construction contracts for over two decades. The firm
was established in year 1997 and since its inception, KHM has
undertaken a number of construction contracts of roads, buildings,
bridges. Due to its long-term presence in the market, the firm has
established good relationship with government organizations and
suppliers. The orderbook position as on October 31, 2024 was at
INR150 crore indicating a orderbook to sales of 3.75x, however, the
execution of orders generally take 1.5 to 2 years, thus indicating
short term revenue visibility in the near term.
* Stable PBILDT margins: KHM's operating profitability exhibited a
stable trend with a profit before interest, lease rentals,
depreciation, and taxation (PBILDT) margin remained healthy within
the range of 13-15% during last 5 years ended FY24, except
exceptional increase in margins to 29.08% in FY22. It stood
moderate at 14.72% during FY24. Profit after Tax (PAT) margin stood
comfortable on account of low interest and depreciation costs.
Return on capital employed (ROCE) stood comfortable at 15.40%
during FY24 (PY: 25.58%).
Liquidity: Stretched
KHM's liquidity is constrained by its relatively small scale of
operations which restricts its financial flexibility marked by
highly utilized bank limits (90-95%) and modest cash balance of
INR1.40 crore as on March 31, 2024. However, the firm reported
lower accruals as against its repayment obligations with below
unity current ratio of 0.87 times as on March 31, 2024.
Kantharaj H M (KHM) is a proprietorship firm established in 1997 by
Mr. Kantharaj H M in Hassan, Karnataka. The firm is a class I
contractor for Public Works Department (PWD), Karnataka for
undertaking civil constructions of buildings, roads, bridges etc.
Over the last few years, KHM has undertaken various contracts for
construction of roads, buildings in Hassan, Shimoga, Mysore, Mandya
and Bengaluru regions of Karnataka for the Public Works Department.
Currently, the firm is executing contracts for Cauvery Neervari
Nigama Limited (CNL) and Karnataka Public Works Department in South
Karnataka.
KARVY STOCK: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Karvy Stock
Broking Limited 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- 250.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Commercial 300.00 [ICRA]D; ISSUER NOT COOPERATING;
Paper Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Karvy Stock Broking 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.
The Karvy Group is a business group that spans the entire financial
services spectrum as well as data processing and managing segments.
It caters to over 70 million individual investors in various
capacities and provides investor services to over 600 corporate
houses, comprising the best of Corporate India.
KORDASH HANDLERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kordash Handlers and Logistics Private Limited
(fka WLM Logistics Parks Private Limited)
No. 129/18, 4th Floor, 1st Main
Opposite Ayyappa Temple
Sf Road, Wilson Garden
Bangalore, Karnataka, 560027
Insolvency Commencement Date: November 11, 2024
Estimated date of closure of
insolvency resolution process: May 5, 2025
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Nitin Daga
P-68, Sector-A, Metropolitan Co-Operative Housing
Society Limited
Police Station - Pragati Maidan
Canal South Road
Kolkata, West Bengal 700105
Email: daga.nitin.cs@gmail.com
Last date for
submission of claims: November 20, 2024
LAKSHMI JANARDHAN: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sri Lakshmi
Janardhan Rice Industries (SLJRI) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 9.50 [ICRA] B+ (Stable); ISSUER NOT
Fund based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.50 [ICRA] B+ (Stable)/[ICRA] A4
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
under 'Issuer Not Cooperating'
category
As part of its process and in accordance with its rating agreement
with SLJRI, 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.
Sri Lakshmi Janardhana Rice Industries (SLJRI) was established in
the year 1991 by Mr. Boyapati Janardhan and three others and it was
registered as "Sri Lakshmi Ganapathi Raw & Boiled Rice Mill".
However, there were changes made to partnership deed over the years
and consequently in 2007 Mr. Boyapati Janardhan and his wife, Mrs.
Boyapati Sireesha had taken over all the assets and liabilities of
Sri Lakshmi Ganapathi Raw & Boiled Rice Mill and registered under
the name "Sri Lakshmi Janardhan Rice Industries". The firm is
engaged in milling of paddy to produce raw and boiled rice and the
plant located in Nellore District of Andhra Pradesh. The milling
capacity of the plant is 4 tonnes per hour.
LANARSY INFRA: ICRA Lowers Rating on INR10cr LT Loan to B+
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Lanarsy Infra Limited (LIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Long Term
Cash Credit rating downgraded from
[ICRA]BB-(Stable) and moved to
"ISSUER NOT COOPERATING"
category
Long term/ 18.00 [ICRA]B+(Stable)/[ICRA]A4
Short Term– ISSUER NOT COOPERATING;
Non-Fund Based– Long term rating downgraded
Bank Guarantee from [ICRA]BB-(Stable) and
rating moved to "ISSUER NOT
COOPERATING" category
Long term/ 22.00 [ICRA]B+(Stable)/[ICRA]A4
Short Term– ISSUER NOT COOPERATING;
Unallocated Long term rating downgraded
from [ICRA]BB-(Stable) and
rating moved to "ISSUER NOT
COOPERATING" category
Rationale
The rating downgrade is because of lack of adequate information
regarding LIL's 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 Lanarsy Infra 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.
Lanarsy Infra Limited (LIL) was incorporated in 2011 as a closely
held public limited company, in Hyderabad. The company started its
commercial operations in FY2013 by executing contracts related to
transmission and distribution in the power sector. The company
specializes in works such as laying of transmission lines, setting
up of substations, etc. The operations of the company are managed
by its directors, Mr. Venugopal Rao and Padmaja. Their top clients
include Karnataka Power
Transmission Corporation (KPTCL), Chhattisgarh State Power
Distribution Company Limited (CSPDCL), Bharat Sanchar Nigam Limited
(BSNL), Purvanchal Vidyut Vitaran Nigam Limited (PUVVNL), Jharkhand
Bijli Vitran Nigam Limited (JVBNL). It largely acts as
subcontractor to Pace Digitek Infra Pvt Ltd (earlier known as Pace
Power Systems Private Limited).
LINKPOINT ADVISORY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Linkpoint Advisory Private Limited
Room No. 803b, Shalla Tower,
8th Floor, J1/16 , Ep. Block,
Salt Lake, Sector V,
Kolkata, West Bengal,
India 700091
Insolvency Commencement Date: November 11, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: May 26, 2024
Insolvency professional: Vishnu Kumar Tulsyan
Interim Resolution
Professional: Vishnu Kumar Tulsyan
A-404, Vip Enclave,
Baguiati, Kolkata 700059
Email: tulsyanvk@gmail.com
-- and --
Aradhana Building
2nd Floor Unit 210,
P-2 New Cit Road
Kolkata 700073
Email: linkpointadvisorycirp@gmail.com
Last date for
submission of claims: December 12, 2024
MAA PEETAMBRA: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa
Peetambra Sugar and Power Limited (MPSPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.67 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 10,
2023, placed the rating(s) of MPSPL under the 'issuer
non-cooperating' category as MPSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MPSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
25, 2024, September 4, 2024, September 14, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Dabra (Madhya Pradesh) based Maa Peetambra Sugar and Power Limited
(MPSPL, CIN: U15420MP2013PLC030055) was incorporated in 2013 by Mr.
Rajendra Kandele is mainly engaged in the manufacturing of White
Sugar.
MACKINTOSH BURN: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Mackintosh
Burn Limited (MBL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 40.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 24.45 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
Limits under 'Issuer Not Cooperating'
category
Short Term- 100.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with MBL, 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.
Originally set up as a partnership firm in Kolkata in 1834,
Mackintosh Burn Limited (MBL) is one of the oldest construction
companies in the country and has been involved in the construction
business, primarily of buildings, roads and bridges for 185 years.
It has constructed some landmark buildings in Kolkata, including
the St. Paul's Cathedral, Nakhoda Masjid, Dakshineswar Temple,
National Library, Scottish Church College, Metro Cinema, Statesman
House and the Reserve Bank of India building.
MBL was converted to a private limited company in 1913 and
subsequently to a deemed public limited company in 1956. It was
converted into a public limited company in 2002 and as on date, the
Government of West Bengal (GoWB) holds a 51% stake in the company.
Most of its directors are representatives of GoWB. The remaining
non-controlling stake is held by Sarkar & Chowdhury Enterprises Pvt
Ltd (40%), which is part of the Kolkata based MKJ Group (Keventer
Group), while the balance is held by employee's cooperative;
though, their involvement in day-to-day management is negligible.
In the second half of the twentieth century, the company underwent
reconstruction. In 1968 a voluntary winding up petition was filed
in the High Court of Kolkata, and employment of about 500 employees
was at stake. With the intervention of, and assistance from, the
GoWB, a stay of the winding up order was obtained. A reconstruction
scheme was taken up in 1971 for revival of the company with
financial assistance from the GoWB, Industrial Reconstruction
Corporation of India (IRCI), now known as Industrial Investment
Bank of India (IIBI) and Allahabad Bank. A reconstruction loan of
INR0.28 crore was provided by IRCI, Allahabad bank agreeing to
provide need based working capital. Gillander Arbuthnot & Co Ltd,
the owner of the company relinquished their holdings in favour of
the GoWB to the extent of 25 % and the balance to the then
directors of the company, who pledged a part of their holdings to
IRCI to secure the reconstruction loan from them. The company was
declared a 'Relief Undertaking' by the Government. A team of senior
engineers were deputed from the Public Works Department, GoWB, to
the company to look after the day-to-day management. The GoWB
provided loans from time to time to the tune of INR1.87 crore to
finance the working capital requirement due to operating losses.
The GoWB also patronised the company by entrusting to it the
construction of Bridges, Roads, and Buildings. In 1996, the GoWB
increased its shareholdings in the company up to 49% by way of
conversion of INR0.10 core out of its outstanding loans into
equity. Since 1999, the company has a positive net-worth and has
been generating profits.
MANDEEP INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mandeep
Industries (MI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 44.09 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 27,
2023, placed the rating(s) of MI under the 'issuer non-cooperating'
category as MI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 11, 2024, September 21,
2024, October 1, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Upleta (Dist. Rajkot), Gujarat based M/s. Mandeep Industries (MI)
was setup as a partnership firm in 1973 by members of the Talaviya
family. MI is mainly engaged in groundnut processing which includes
crushing of groundnuts to produce raw oil and oiled cake, solvent
extraction of groundnut oiled cake to produce groundnut oil &
de-oiled cake and refining of groundnut oil. Furthermore, MI is
also engaged in opportunity-based trading of agro-commodity
products including de-oiled rice bran (DORB) poultry feeds.
Status of non-cooperation with previous CRA: ICRA has continued the
ratings assigned to the bank facilities of MI to 'Issuer Not
Cooperating' category vide press release dated July 12, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.
METROWORLD TILES: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Metroworld
Tiles Private Limited (MTPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.54 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 19,
2023, placed the rating(s) of MTPL under the 'issuer
non-cooperating' category as MTPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MTPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 3, 2024,
September 13, 2024 and September 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Morbi (Gujarat) based Metroworld Tiles Private Limited (MTPL), a
closely held private limited company, was incorporated in 2009 by
Mr. Dilip R. Patel and his family members. MTPL is a part of "Metro
Group" (MG), having presence in various segments of the ceramic
tiles industry. MTPL operates from its manufacturing facility
located in ceramic cluster of Morbi, Gujarat.
MICROTEX FASHION: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Microtex
Fashion Industries (MFI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.23 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 27,
2023, placed the rating(s) of MFI under the 'issuer
non-cooperating' category as MFI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MFI continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 11, 2024,
September 21, 2024, October 1, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Valsad-based (Gujarat) MFI was established in the year 2015 by the
proprietor Ms Beena Jayesh Gor, with an objective of manufacturing
and trading of linen fabric from flax yarn, which finds application
in the textile industry. MFI commenced trading operations in linen
fabric from April 2015 while the manufacturing operations commenced
from September 2015 from its sole manufacturing facility located in
Valsad (Gujarat) with 48 rapier looms having an installed capacity
of about 1.75 lakh metres of linen fabric per month. MFI procures
flax yarn domestically and sells the finished product to retailers
and wholesalers located in various cities of India like Ludhiana,
Hyderabad, Kanpur etc.
NAYAAB JEWELS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nayaab
Jewels (NJ) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.27 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 6,
2023, placed the rating(s) of NJ under the 'issuer non-cooperating'
category as NJ had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. NJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 21, 2024, October 31,
2024 and November 10, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Established in the year, 2003, Nayaab Jewels (NJ) is engaged in the
manufacturing and designing of gems, diamonds, precious and
semi-precious stone studded jewellery in gold, silver and platinum.
The firm is promoted by Mr. Upendra Bothra and Mrs. Manali Bothra.
OM SHARDA: CARE Lowers Rating on INR8.0cr LT Loan to B
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Om Sharda Logistics Solutions Private Limited (OSLSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
downgraded from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 23,
2023, placed the rating(s) of OSLSPL under the 'issuer
non-cooperating' category as OSLSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. OSLSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 7, 2024, September 17, 2024 and September 27, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of OSLSPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Incorporated in March 2011, Om Sharda Logistics Solutions Private
Limited (OSLSPL) was promoted by the Kabra family of Jamshedpur
(Jharkhand). It has commenced operations from January 2016. The
company has been engaged in goods transportation services.
P. M. COT: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P. M. Cot
Fibers (PMCF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.11 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 13,
2023, placed the rating(s) of PMCF under the 'issuer
non-cooperating' category as PMCF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PMCF continues to be non-cooperative despite repeated requests for
submission of information through emails dated August 28, 2024,
September 7, 2024 and September 17, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Barwani (Madhya Pradesh) based PMCF was formed in April 2014 as a
partnership firm by three partners with unequal profit and loss
sharing agreement between them to undertake green field project in
the field cotton ginning & pressing of cotton bales and cotton
seeds. PMCF operates from its sole manufacturing facility located
in Barwani (Madhya Pradesh) with proposed installed capacity of
25,000 MTPA for cotton bales.
RADHAKRISHNA OIL: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Radhakrishna Oil Industries (ROI) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 30,
2023, placed the rating(s) of ROI under the 'issuer
non-cooperating' category as ROI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ROI continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 14, 2024,
September 24, 2024, October 4, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Bhikangaon, Khargone (Madhya Pradesh) situated ROI was established
as a partnership firm in 1999. Its operations are been managed by
Jaiswal family comprising of Mr. Subhash Jaiswal, Mr. Mahesh Kumar
Jaiswal and Mr. Dinesh Jaiswal having equal profit-sharing ratio
and having wide experience in cotton ginning and farming in
Bhikangaon, Khargone, Madhya Pradesh. ROI gins cotton and extracts
oil and has installed capacity of 300 bales/day. It is engaged in
the manufacturing of Rui from Kapas. The by-products manufactured
include Seed Cake and oil respectively.
Status of non-cooperation with previous CRA: CRISIL has continued
ratings assigned to the bank facilities of ROI in 'Issuer Not
Cooperating' category vide press release dated March 15, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.
RK PATIL: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: RK Patil Infraprojects Private Limited
RMC Plant, R.K. House
Near Gavhan Phata
Panvel-Uran Road
Vahal, Panvel 410206
Maharashtra, India
Insolvency Commencement Date: November 26, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 24, 2025
Insolvency professional: Rajesh Shah
Interim Resolution
Professional: Rajesh Shah
701, Laxmikunj Apartment
Opposite Premanand Society
Near Rajendranagar
Navi Peth, Pune 411 030
Email: rsshah27@hotmail.com
Email: cirprkpatilinfraprojects@hotmail.com
Last date for
submission of claims: December 10, 2024
RPL SOLAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: RPL Solar Power Private Limited
Raheja Point Wing B, 7th Floor,
Nehru Road
Near Shamrao Vithal Bank
Vakola, Santacruz (East)
Mumbai City, Mumbai,
Maharashtra, India 400055
Insolvency Commencement Date: November 26, 2024
Court: National Company Law Tribunal, Mumbai Bench - V
Estimated date of closure of
insolvency resolution process: May 25, 2025
Insolvency professional: Mohit Bipinchandra Adatiya
Interim Resolution
Professional: Mohit Bipinchandra Adatiya
H-35, 1st Floor Jangpura Extension,
Jungpura, South Delhi,
New Delhi - 110014
Email: ipe@npvca.in
-- and --
10th Floor, 1003, Zion Z1,
Near Avalon Hotel,
Sindhu Bhavan Road
Thaltej, Ahmedabad - 380054
Process Email: rplsolarpower.ibc@gmail.com
Last date for
submission of claims: December 13, 2024
SATYAM COTTEX: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satyam
Cottex (SC) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.81 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 2,
2023, placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 17, 2024, September 27,
2024, October 7, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Satyam Cottex (SC) was setup as a partnership firm in April 2013 by
Mr. Mehul R. Sanghani, Mr. Ashok K. Bhagiya, Mr. Mansukhbhai V.
Sanghani and Shri Bhaveshbhal G.Chandat, along with five other
non-executive partners, based out of Rajkot, Gujarat. The firm is
engaged in the business of cotton ginning and pressing to produce
cotton bales and cotton seeds. The products are mainly used in the
manufacturing of cotton yarn in the textile industry and oil
extraction companies. The manufacturing unit of the firm is located
at Tankara, Gujarat. The unit commenced commercial production from
November 2013.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of SC into
ISSUER NOT COOPERATING category vide press release dated October
29, 2024 on account of its inability to carry out a review in the
absence of requisite information from the firm.
SEASONS HEALTHCARE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Seasons
Healthcare Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 5.08 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.32 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Long Term- 0.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [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 Seasons Healthcare 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 1996, Seasons Healthcare Limited is into
manufacturing of Absorbent Cotton Wool, Gauze, Bandages, Sterile
Surgical Dressings, Infusion Sets, etc. The manufacturing unit is
located in Hayatnagar Mandal, Hyderabad. The company is also into
trading of Surgical Disposbales & Consumables, Medical Equipment,
Hospital Furniture, Medical Devices and Drugs & Medicines. The
major customers of the company are government departments and
institutions in Andhra Pradesh and Telangana.
SEKAR CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sekar
Constructions (SC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.78 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 23,
2023, placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 7, 2024, September 17,
2024, September 27, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Sekar Constructions (SC) is a partnership firm established in the
year 1994 by Mr. E. Sekar along with his wife, Mrs. S. Sasikala.
The profit-sharing ratio is 60% and 40% respectively. The firm is
the "AA" class category of civil contractor engaged in building
constructions including civil, electrical and mechanical works for
Tamil Nadu State Government, Government of India, State
Government/Central Government Undertakings, Educational
Institutions, and other private contracts. Further, SC also
manufactures concrete blocks required for building construction
which are captively consumed. The firm employs around 400 staff
including 150 labourers and balance being skilled and semi-skilled
employees which includes engineers. The projects and the contracts
for Government projects are awarded through tendering & bidding
while for the private parties, the firm enters into contracts. The
registered office of the firm is located in Kanchipuram, Tamil
Nadu.
SHANKHA DEEP: CARE Lowers Rating on INR20cr LT Loan to B
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shankha Deep Exports Private Limited (SDEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 10,
2023, placed the rating(s) of SDEPL under the 'issuer
non-cooperating' category as SDEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SDEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
25, 2024, September 4, 2024, September 14, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SDEPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Shankha Deep Exports Private Limited (SDEPL) was incorporated on
January 25, 2008 by Jana family of Kolkata, West Bengal. The
company is engaged in processing and export of sea food, primarily
Vannami and black tiger prawns. SDEPL has its processing facilities
on lease rental basis at Kolkata, West Bengal (owned by Bengal
Marine Private Limited). The facility has an aggregate
processing capacity of 1500 metric ton per annum of seafood. The
company exports its products mainly to Japan and Vietnam. Mr.
Kamdev Jana (Managing Director) is having about 8 years of
experience in sea food industry, looks after the overall management
of the company. He is further assisted by other three directors who
are also having about 8 years of experience in this business.
Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of SDEPL into Issuer Not
Cooperating category vide press release dated November 15, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the company.
ICRA has moved the rating assigned to the bank facilities of SDEPL
into Issuer Not Cooperating category vide press release dated July
15, 2024 on account of its inability to carry out a review in the
absence of the requisite information from the company.
SHIVALIK INFRA: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivalik
Infrastructure (SI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 5.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 9,
2023, placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 24, 2024, October 4,
2024, October 14, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Rajkot-based (Gujarat) Shivalik Infrastructure (SI) was established
in April, 2016 as a partnership firm by Mr. Amish Ramani and Mr.
Madhav Dave. Key promoters of SI are having an experience of around
two decades in various industries. SI mainly executes projects for
various civil construction projects like different types of
buildings, roads, pipeline, earthwork etc. on a subcontracting
basis, largely for the Government of Gujarat.
STALWART INTERNATIONAL: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Stalwart International Trading Private Limited
Citi Towe, No 117, Basement Sri Thiyagaraya Road
T Nagar, Chennai - 600017
Tamil Nadu,India
Liquidation Commencement Date: October 25, 2024
Court: National Company Law Tribunal Chennai Bench
Liquidator: Sankar Varadharajan
No. 6/12, Appvaoo Gramani 1st Street
Mandaveli, Chennai - 600028
Mobile: 9791169369
Email: advsankarirp@gmail.com
Last date for
submission of claims: November 25, 2024
TRIG GUARDFORCE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Trig Guardforce Limited
Office No. 3, 4, 5, 6,
Shitladevi Co-Operative
Housing Society Limited,
Opposite Indian Oil Nagar,
DN Nagar
Andheri West, Mumbai 400053
Insolvency Commencement Date: November 28, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 27, 2025
Insolvency professional: Rajkumar Jaiswal
Interim Resolution
Professional: Rajkumar Jaiswal
Renascence Insolvency Resolution
Professionals Private Limited
101, Kanakia Atrium 2,
Cross Road A,
Chakala MIDC,
Andheri East, Mumbai - 400093
Email: caamith.gupta@gmail.com
Email: cirp.tgfl@gmail.com
Last date for
submission of claims: December 12, 2024
=================
I N D O N E S I A
=================
BUKIT MAKMUR: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Ratings has affirmed Bukit Makmur Mandiri Utama (P.T.)'s
(BUMA) Ba3 corporate family rating, and the B1 rating on its US
dollar senior secured notes due February 2026.
The outlook remains stable.
"The affirmation and stable outlook reflect Moody's expectation
that BUMA's planned Australian metallurgical coal mine acquisition
will help increase its scale and diversify its operations, without
significantly weakening its credit metrics," says Maisam Hasnain, a
Moody's Ratings Vice President and Senior Credit Officer.
"Moody's also expect BUMA to maintain adequate liquidity despite
large potential cash uses over the next 12-15 months, including
acquisition funding and debt maturities," adds Hasnain, who is also
Moody's Ratings lead analyst for BUMA.
RATINGS RATIONALE
On November 25, BUMA announced that it had entered into a binding
agreement with Peabody Energy Corporation (B1 stable) to acquire a
51% stake in the Dawson Complex, one of the largest producing
metallurgical coal mines in Queensland, Australia.
Dawson is part of Anglo American plc's (Baa2 stable) coal assets
which are being sold to Peabody under a separate sale agreement,
and will then be sold onto BUMA in a follow-on back-to-back
transaction.
The acquisition will cost BUMA $355 million in cash at closing,
plus $100 million in deferred payments over four years. Peabody
expects the deal to close by mid-2025, subject to conditions which
include regulatory approvals and the clearance of preemptive rights
by minority shareholders in the coal assets being sold.
Moody's expect BUMA to primarily fund the upfront cash payment
using the $190 million undrawn portion of its $750 million
syndicated loan as of June 30, 2024, and an additional $250 million
through the exercise of an accordion option on the syndicated loan.
Moody's expect the new loan under the accordion option to be signed
in the next few weeks.
Despite Moody's expectation for the Dawson acquisition to be
primarily debt-funded, Moody's expect BUMA to maintain credit
metrics commensurate with its Ba3 CFR.
Assuming BUMA generates an additional $180 million in annualized
EBITDA from Dawson based on its 51% stake, Moody's expect BUMA's
adjusted debt/EBITDA to remain at around 2.7x pro forma for the
acquisition, and below its 3.5x downgrade trigger. Meanwhile, pro
forma adjusted EBITDA/interest will improve to around 4.7x,
compared to 4.0x for the 12 months ended June 2024.
BUMA will be exposed to some execution risk as Dawson is its first
major mine ownership, following a smaller anthracite coal mine
purchase in the US earlier this year. However, BUMA will benefit
from transitional services from Peabody following the transaction
completion, which will help reduce this risk. Additionally, BUMA
has contract mining experience at large Queensland metallurgical
coal mines, including Blackwater and Goonyella since 2021.
Dawson has a long operating track record, having conducted open cut
mining operations for over 60 years. Dawson has sold around 7
million metric tons of metallurgical and thermal coal products
annually in recent years, generating AUD2.5 billion in EBITDA
between 2021 and 2023, and AUD1. 5 billion in EBITDA between 2016
and 2019. The mining complex also has a long reserve life of over
20 years according to BUMA.
Moody's estimate BUMA will maintain adequate liquidity over the
next 12-18 months. The company's cash sources will be sufficient to
cover its capital spending, dividends and scheduled debt maturities
including $212 million in US dollar notes that mature in February
2026.
Nonetheless, repaying its notes in cash will substantially diminish
the company's liquidity buffer. Consequently, Moody's expect BUMA
to raise new debt over the next few months to boost its cash
reserves.
BUMA's US dollar notes are rated one notch below the CFR because
the notes made up only around 24% of its total debt (excluding
leases) as of June 30, 2024. Noteholders have to contend with
secured bank debt, which has a priority claim and ranks ahead of
the notes.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if BUMA (1) continues to grow its
scale and increase commodity diversification without weakening
credit metrics or materially increasing execution risk; (2) does
not pursue more aggressive financial policies regarding growth and
shareholder returns; and (3) maintains good liquidity while
continuing to proactively refinance or repay its large debt
maturities well ahead of the scheduled maturity.
Specific indicators that Moody's would consider for an upgrade
include adjusted debt/EBITDA staying below 2.5x, and
EBITDA/interest rising above 5.0x, both on a sustained basis.
Moody's could downgrade the ratings if BUMA's (1) liquidity weakens
such that its cash sources are insufficient to meet its cash needs
over the next 12-18 months; (2) earnings or profitability declines
significantly; or (3) underlying financial policies change
materially.
Credit metrics indicative of a downgrade include adjusted
debt/EBITDA staying above 3.5x or EBITDA/interest expense staying
below 4.0x, both on a sustained basis.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Established in 1998, Bukit Makmur Mandiri Utama (P.T.) (BUMA) is a
mining services contractor in Indonesia and Australia that provides
open-cut mining services to thermal and metallurgical coal
producers. BUMA is 100% owned (less one share) by PT Delta Dunia
Makmur Tbk, an investment holding company listed on the Indonesia
Stock Exchange.
=========
J A P A N
=========
ALETHEIA CLINIC: Files for Bankruptcy Protection
------------------------------------------------
The Japan Times reports that Aletheia Clinic, a prominent medical
hair removal chain, filed for bankruptcy on Dec. 10, plunging tens
of thousands of customers into financial limbo in what is the
largest collapse ever recorded in Japan's beauty industry.
Joint operators Mijitsukai and Yazakurakai submitted their
bankruptcy applications to the Tokyo District Court on Dec. 10,
which approved the filings the same day, according to a statement
posted on the clinic's official site, The Japan Times relays. All
locations immediately ceased operations.
Mijitsukai owes JPY7.29 billion (US$48.09 million) to 57,498
creditors, while Yazakurakai has liabilities of JPY5.17 billion
owed to 34,320 creditors - a combined total of nearly JPY12.4
billion, The Japan Times discloses. Approximately 92,000 customers
will be impacted by the sudden closure, according to a report Tokyo
Shoko Research released.
According to The Japan Times, Aletheia Clinic was a major player in
the hair removal sector, gaining widespread recognition through
advertising campaigns featuring well-known actors. The chain had
experienced rapid growth, peaking in the fiscal year ended April
2021 with an annual revenue of JPY16.3 billion.
However, pandemic-related challenges and mounting industry
competition led to fewer customers. By fiscal 2023, sales had
dropped to JPY13.4 billion, with advertising expenses contributing
to a net loss of JPY75.3 million, The Japan Times discloses.
Hair removal clinics' business models heavily rely on prepaid
package deals, offering significant discounts for customers who
book multiple sessions in advance. Some packages can cost upwards
of hundreds of thousands of yen.
However, according to the clinic's trustee, refunds for customers
who paid for future bookings in advance are "extremely unlikely,"
leaving tens of thousands in the lurch, The Japan Times adds.
=====================
N E W Z E A L A N D
=====================
FESTCO NZ: Festival Operator Goes Into Liquidation
--------------------------------------------------
Brianna McIlraith at Stuff.co.nz reports that a company that ran a
festival that made headlines for all the wrong reasons has gone
into liquidation thanks to not making enough ticket sales.
Eden Fest was held in Auckland in October and came under fire from
festival-goers as headline act, singer Miguel and rapper Busta
Rhymes, pulled out.
British rapper Yung Filly was also pulled from the gig after he was
charged with an alleged rape and choking a woman while touring
Australia.
According to Stuff, the festival was run by Festco NZ, which was
owned by Australian-based director Bernard Benjamin Kumar and
shareholder Stealth Music Group Pty Limited.
Steven Khov and Kieran Jones of Khov Jones were appointed
liquidators and in the first report released this week it said "a
lack of ticket sales from the event run in October could not meet
the costs of the event," Stuff relays.
It owed unsecured creditors NZD327,097 and creditors included a
fencing, waste, portaloo, generator, sound and medical companies,
Stuff discloses.
"The liquidators are currently determining if there are any unpaid
wages, holiday pay and/or redundancy pay to former employees and
have yet to receive a claim from Inland Revenue," the report said.
FIRST CREDIT: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed New Zealand-based First Credit Union's
(FCU) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) at 'BB'. The Outlook is Stable. Fitch has also affirmed the
Short-Term IDRs at 'B', Viability Rating (VR) at 'bb' and
Government Support Rating (GSR) at 'ns'.
Key Rating Drivers
IDRs Driven by VR: FCU's Long-Term IDRs are driven by its VR, which
is assigned in line with the implied VR. The VR captures FCU's
greater risk appetite relative to New Zealand banks and building
societies, reflected in its higher exposure to personal loans than
sector peers. This could make FCU's financial profile more volatile
through the cycle. The ratings also capture FCU's small size
compared with total system assets and geographical concentration in
parts of New Zealand.
Reduced Household Sector Risk: Fitch has revised the operating
environment score for New Zealand non-bank deposit takers (NBDTs)
to 'a'/stable, from 'a-'/stable. The change reflects a sustained
reduction in risks from the household sector over the past decade,
due partly to a strengthened regulatory environment in the banking
sector, which has also benefited the NBDTs. However, household debt
remains high relative to many other jurisdictions, so Fitch
maintains the score below the implied 'aa' category score to
reflect this.
Fitch also incorporates the less stringent regulatory oversight of
NBDTs relative to registered banks in the operating environment
assessment, resulting in a score one notch below that of New
Zealand banks. New Zealand is aligning regulation of all deposit
takers under one framework, and Fitch may consider aligning the
NBDT operating environment score with that of banks when the
framework is in place.
Concentrated, Consistent Business Model: FCU's simple and
consistent business model partly offsets the credit union's small
market position. This contributes to Fitch assigning a business
profile factor score of 'bb', above the 'b' category implied score.
FCU accounts for less than 0.1% of combined bank and NBDT system
assets, which limits its pricing power.
Exposure to Non-Mortgage Loans: FCU's greater exposure to consumer
loans than most New Zealand bank and building-society peers is an
indication of an above-average risk appetite, in Fitch's view. The
proportion of non-mortgage consumer loans in FCU's loan book has
dropped in recent years, but remains high relative to that of
broader-sector peers.
Modest Asset-Quality Weakening: Fitch expects FCU's impaired-loan
ratio to weaken modestly and peak in 2025. Low unemployment and
FCU's increase in residential mortgage lending over recent years
are likely to mean the deterioration will be manageable. Rapid
interest cuts by the Reserve Bank of New Zealand are likely to
support improved asset quality in 2026. The factor score of 'bb' is
lower than the implied 'bbb' category score due to FCU's product
and geographical concentration.
Profitability Below Peers: Fitch expects FCU's profitability
metrics to remain modest over the financial year ending June 2025
(FY25), driven by higher operating expenses from the merger with a
smaller, weak performing credit union in FY24. Fitch believes
profitability will improve over the long term, when the integration
is completed and cost synergies are achieved.
Strong Capital Buffers: Fitch expects the Fitch Core Capital and
total regulatory capital ratios to remain broadly stable in FY25
and for FCU to maintain strong buffers over regulatory minimums.
Merger activity in 2024 led to a moderate decline in FCU's
capitalisation, which nonetheless remains commensurate with the
assigned score. Its forecast for modest loan growth means
capitalisation is unlikely to be under pressure over the next two
years.
However, retained earnings generation is also likely to be weaker
until cost synergies from the merger are realised. The assigned
'bb+' score is below the implied 'a' category score due to the
small absolute size of the capital base of only NZD70 million at
FYE24.
Fully Deposit-Funded: Fitch expects FCU's funding profile to be
broadly stable over the next two years and for FCU to remain wholly
deposit-funded. Fitch has applied a negative adjustment on FCU's
funding score of 'bbb-', from the 'a' category implied score, to
reflect the lack of access to the central bank's liquidity
facilities and modest deposit franchises.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Long-Term IDRs and VR
FCU's Long-Term IDRs and VR may be downgraded if there is a
weakening in the business profile, potentially reflected in
persistent below-system growth in deposits and loans, above-system
net interest margin attrition due to the need to price more sharply
to compete or a prolonged deterioration in the loan/customer
deposit ratio.
Growing regulatory and investment burdens in an increasingly
digitalised market may reduce FCU's competitive standing and also
put pressure on the business profile assessment. This may prompt
FCU to increase its appetite for riskier exposures, resulting in
greater earnings volatility and pressure on capitalisation through
the cycle.
The above scenario may be reflected in a combination of the
following:
- the four-year average of stage 3/gross loans increasing above 4%
for a sustained period (FY21-FY24 average: 2.0%);
- the four-year average of operating profit/risk-weighted assets
falling to below 0.25% for a sustained period (FY21-FY24 average:
0.6%);
- the Fitch Core Capital ratio declining to below 9.5% without a
credible plan to replenish regulatory capital buffers (FY24:
16.2%);
- the four-year average of the loan/customer deposit ratio
sustained significantly above 100% (FY21-FY24 average of 83.1%).
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Long-Term IDRs and VR
An upgrade of the VR and Long-Term IDRs is unlikely in the short
term, as it would require a significant improvement in the risk
profile that results in more stable asset quality and earnings
through the cycle.
An increased propensity for New Zealand's authorities to provide
support would be required for an upgrade of the Government Support
Rating (GSR), but this appears unlikely in light of the resolution
framework in place and FCU's small size relative to the country's
overall financial system.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Short-Term IDRs: The Short-Term IDRs map to the Long-Term IDRs.
GSR: The GSR of 'ns' assigned to FCU reflects its expectation that
there is no reasonable assumption of support being forthcoming
because of New Zealand's open bank resolution scheme (OBR). FCU is
not part of the OBR, which allows for the imposition of losses on
depositors and senior debt holders to recapitalise failed
institutions. However, the existence of the scheme, in conjunction
with FCU's low systemic importance, makes sovereign support
doubtful.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Short-Term IDRs
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
A downgrade of the Short-Term IDRs appears unlikely, as this would
require a downgrade of the Long-Term IDRs to 'CCC+' or below.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
An upgrade of the Short-Term IDRs would require an upgrade of the
Long-Term IDRs to at least 'BBB-'.
GSR
The GSR is already at the lowest level on Fitch's rating scale and
cannot be downgraded.
An increased propensity for the New Zealand authorities to provide
support would be required for an upgrade of the GSR, but appears
unlikely in light of the resolution framework in place and FCU's
small size relative to the country's overall financial system.
VR ADJUSTMENTS
The operating environment score of 'a' has been assigned below the
'aa' category implied score for the following adjustment reasons:
level and growth of credit (negative), regulatory and legal
framework (negative).
The business profile score of 'bb' has been assigned above the 'b'
category implied score for the following adjustment reason:
business model (positive).
The asset-quality score of 'bb' has been assigned below the 'bbb'
category implied score for the following adjustment reason:
concentration (negative)
The capitalisation and leverage score of 'bb+' has been assigned
below the 'a' category implied score for the following adjustment
reason: size of capital base (negative).
The funding and liquidity score of 'bbb-' has been assigned below
the 'a' category implied score for the following adjustment reason:
liquidity access and ordinary support (negative).
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
First Credit Union LT IDR BB Affirmed BB
ST IDR B Affirmed B
LC LT IDR BB Affirmed BB
LC ST IDR B Affirmed B
Viability bb Affirmed bb
Government Support ns Affirmed ns
GREENHAVEN FARMS: Court to Hear Wind-Up Petition on Feb. 10
-----------------------------------------------------------
A petition to wind up the operations of Greenhaven Farms Limited
will be heard before the High Court at Hamilton on Feb. 10, 2025,
at 10:45 a.m.
Leanne Mary Wheeler filed the petition against the company on Nov.
4, 2024.
The Petitioner's solicitor is:
David Nielsen
Nielsen Law
6 Claudelands Road
PO Box 1108
Hamilton
H&H TRANSPORT: Court to Hear Wind-Up Petition on Feb. 5
-------------------------------------------------------
A petition to wind up the operations of H&H Transport Limited will
be heard before the High Court at New Plymouth on Feb. 5, 2025, at
2:15 p.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 11, 2024.
The Petitioner's solicitor is:
Charles David Walmsley
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
NELSON BUILDING: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Nelson Building Society's (NBS)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'BB+'. The Outlook is Stable. Fitch has also affirmed the
Short-Term IDRs at 'B', Viability Rating (VR) at 'bb+' and
Government Support Rating (GSR) at 'ns'.
Key Rating Drivers
Ratings Reflect Standalone Strength: NBS's Long-Term IDRs are
driven by its standalone credit profile, as indicated by its VR.
The rating takes into consideration the building society's
consistent underwriting standards and asset quality, balanced
against its modest domestic franchise.
Reduced Household Sector Risk: Fitch has revised the operating
environment score for New Zealand non-bank deposit takers (NBDTs)
to 'a'/stable, from 'a-'/stable. The change reflects a sustained
reduction in risks from the household sector over the past decade,
due partly to a strengthened regulatory environment in the banking
sector, which has also benefited the NBDTs. However, household debt
remains high relative to many other jurisdictions, so Fitch
maintains the score below the implied 'aa' category score to
reflect this.
Fitch also incorporates the less stringent regulatory oversight of
NBDTs relative to registered banks in the operating environment
assessment, resulting in a score one notch below that of New
Zealand banks. New Zealand is aligning regulation of all deposit
takers under one framework, and Fitch may consider aligning the
NBDT operating environment score with that of banks when the
framework is in place.
Simple, Steady Business Model: NBS's business profile factor score
of 'bb+' is above the 'b' category implied score. This reflects the
building society's simple and steady business model, which is
focused on lower-risk residential mortgages and secured loans to
small businesses. This is offset by its small franchise in New
Zealand, with a market share of less than 0.2% of total banking and
NBDT system assets as of end-September 2024.
Conservative Risk Profile: Fitch views NBS's underwriting standards
as conservative, evident from the exposure splits and weighting
towards lower loan-to-value ratio mortgages. NBS's risk profile is
commensurate with its business model. Loans are largely restricted
to residential mortgage lending, although the building society is
also exposed to commercial lending.
Manageable Asset-Quality Deterioration: Fitch expects NBS's stage 3
loan/gross loan ratio to reach 1% by the end of financial year on
31 March 2025 (FYE25). However, its forecast for unemployment to
peak at around 5.5% and conservative underwriting standards should
limit losses. NBS's asset-quality factor score of 'bbb' is lower
than the implied 'a' category to reflect product and geographical
concentration in the loan portfolio.
Limited Earnings Prospects: Fitch expects NBS's net interest margin
to contract as robust competition for loans and rate cuts put
pressure on margins. Operating expenses are likely to remain high,
as the building society continues to invest in technology and
regulatory spend. Fitch forecasts the operating
profit/risk-weighted asset ratio to remain around 0.3% through to
FYE26, which is well below historical earnings metrics. This led
Fitch to lower the factor score to 'bb+', from 'bbb', and revise
the outlook to negative.
Capitalisation Lags Peers: Fitch expects NBS's Fitch Core Capital
(FCC) ratio to improve only marginally, reaching 6.3% by FYE26. The
core metric is likely to be maintained at a lower level and improve
at a slower pace compared to its previous forecasts. This led Fitch
to revise the factor outlook on the 'bb' score to stable from
positive.
The capitalisation score of 'bb' is above the 'b' category implied
score, supported by a total capital ratio of 12.1% as of
end-September 2024, well above the 8% regulatory minimum. This is
NBS's only regulatory capital requirement.
Deposit-Focused Funding Base: Fitch expects NBS to remain largely
funded by retail deposits over the next two years, with deposit
growth to lag slightly behind loan growth. The funding and
liquidity score of 'bbb-' is below the 'a' category implied score,
reflecting that deposit costs are likely to be significantly higher
for NBS relative to larger peers in a stressed environment due to
its modest franchise.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Long-Term IDRs and VR
NBS's Long-Term IDRs and VR may be downgraded if there is a
weakening in the business profile, potentially reflected in growth
in deposits and loans that is persistently below the pace of the
system, above-system net interest margin attrition due to the need
to price more sharply to compete, or a prolonged deterioration in
the loan/customer deposit ratio.
Growing regulatory and investment burdens in an increasingly
digitised market may reduce NBS's competitive standing and put
pressure on the business profile assessment. This may prompt NBS to
increase its appetite for riskier exposures, resulting in greater
earnings volatility and pressure on capitalisation through the
cycle.
The above scenario may be reflected in a combination of the
following:
- stage 3 loans/gross loans increasing above 3% for a sustained
period (FY21-FY24 average: 0.6%);
- operating profit/risk-weighted assets falling below 0.5% for a
sustained period (FY21-FY24 average: 1.2%);
- the regulatory total capital ratio declining below 9.5%
(end-1HFY25: 12.1%) without a credible plan to replenish regulatory
capital buffers;
- the four-year average of the loan/customer deposit ratio
sustained significantly above 100% (FY21-FY24 average of 85.5%).
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Long-Term IDRs and VR
The ratings may be upgraded if the society can increase its
regulatory capital ratio to above 15% or its FCC ratio to around
14% and sustain it at this level, while improving its business
profile without weakening other aspects of its credit profile.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Short-Term IDRs: The Short-Term IDRs map to the Long-Term IDRs.
GSR: The GSR of 'ns' assigned to NBS reflects its expectation that
there is no reasonable assumption of support being forthcoming
because of New Zealand's open bank resolution scheme (OBR). NBS is
not part of the OBR, which allows for the imposition of losses on
depositors and senior debt holders to recapitalise failed
institutions. However, the existence of the scheme, in conjunction
with NBS's low systemic importance, makes sovereign support
doubtful.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
Short-Term IDRs
A downgrade of the Short-Term IDRs appears unlikely, as this would
require a downgrade of the Long-Term IDRs to 'CCC+' or below.
GSR
The GSR is already at the lowest level on Fitch's rating scale and
cannot be downgraded.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
Short-Term IDRs
An upgrade of the Short-Term IDRs would require an upgrade of the
Long-Term IDRs to at least 'BBB-'.
GSR
An increased propensity for the New Zealand authorities to provide
support would be required for an upgrade of the GSR, but this
appears unlikely in light of the resolution framework in place and
NBS's small size relative to the country's overall financial
system.
VR ADJUSTMENTS
The operating environment score of 'a' has been assigned below the
'aa' category implied score for the following adjustment reasons:
level and growth of credit (negative), regulatory and legal
framework (negative).
The business profile score of 'bb+' has been assigned above the 'b'
category implied score for the following adjustment reason:
business model (positive).
The asset-quality score of 'bbb' has been assigned below the 'a'
category implied score for the following adjustment reason:
concentrations (negative).
The earnings and profitability score of 'bb+' has been assigned
below the 'bbb' category implied score for the following adjustment
reason: historical and future metrics (negative).
The capitalisation and leverage score of 'bb' has been assigned
above the 'b' category implied score for the following adjustment
reason: regulatory capital (positive).
The funding and liquidity score of 'bbb-' has been assigned below
the 'a' category implied score for the following adjustment reason:
liquidity access and ordinary support (negative).
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Nelson Building
Society LT IDR BB+ Affirmed BB+
ST IDR B Affirmed B
LC LT IDR BB+ Affirmed BB+
LC ST IDR B Affirmed B
Viability bb+ Affirmed bb+
Government Support ns Affirmed ns
PILKINGTON LANDSCAPING: Khov Jones Appointed as Receivers
---------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Dec. 11, 2024, were
appointed as receivers and managers of Pilkington Landscaping
Limited, Pilkington Group Limited, Pilkington Homes Limited and
Homestead Consulting Limited.
The receivers and managers may be reached at:
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
Q PROPERTY: Creditors' Proofs of Debt Due on Jan. 24
----------------------------------------------------
Creditors of Q Property Rentals Limited are required to file their
proofs of debt by Jan. 24, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 6, 2024.
The company's liquidators are:
Rachel Mason-Thomas
Jeffrey Philip Meltzer
Meltzer Mason, Chartered Accountants
PO Box 6302
Victoria Street West
Auckland 1141
ROTORUA DENTAL: Grant Bruce Reynolds Appointed as Liquidator
------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Dec. 5, 2024, was
appointed as liquidator of Rotorua Dental Centre Limited and West
Auckland Dentists Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
SOLARZERO: Cecilia Tarrant Steps Down as Chairwoman of NZGIF
------------------------------------------------------------
NZ Herald reports that Cecilia Tarrant will step down as chairwoman
of New Zealand Green Investment Finance (NZGIF) on December 20 amid
mounting pressure following the collapse of SolarZero.
SolarZero, the Kiwi-founded firm that was bought by US private
equity giant BlackRock in mid-2022, went into liquidation last
month owing more than NZD40 million to creditors.
In August, the NZGIF, set up by the previous Government, said it
had extended the debt facility it provided to SolarZero to NZD145
million as part of wider credit arrangements involving
international lenders that totalled NZD365 million.
NZ Herald relates that NZGIF said SolarZero had drawn down NZD110
million by the time of its liquidation.
On Dec. 5, Ms. Tarrant met with Finance Minister Nicola Willis and
Climate Change Minister Simon Watts.
Shortly after the meeting, Ms. Willis' office sent a statement
saying, "Nicola Willis conveyed her expectation that NZGIF will be
publicly accountable for the investment it has made."
Ms. Willis sought assurances about NZGIF's other investments.
According to NZ Herald, Ms. Tarrant's decision brings to an end her
six-year tenure at the Crown-owned green investment bank.
"I am immensely proud of the progress achieved in more than 30
transactions, showcasing the market potential of low-emissions
investments across diverse sectors," NZ Herald quotes Ms. Tarrant
as saying.
"I leave the role with confidence in the foundation we've built and
wish the organisation every success in driving New Zealand's
critical journey toward decarbonisation."
NZ Herald relates that Ms. Tarrant had initially refused to comment
following Dec. 5 meeting, but then told Newstalk ZB's Jason Walls:
"We do feel very bad, as we all do, about the people who have lost
their jobs, but we did not lend to SolarZero the company and we are
not responsible for what the company has done."
Ms. Tarrant said: "Let's step back a minute and understand that we
did not lend to SolarZero itself. We lent on the receivables; the
panels and batteries that were installed on people's houses and
those contracts. Those customers are fine. They are now being
serviced by Verofi as the standby servicer who has stepped in to
take over from SolarZero."
The NZGIF debt was securitised and held by two special-purpose
vehicles, both of which were taken over by the Public Trust shortly
before the liquidation, the report notes.
The special purpose vehicles are not in liquidation. The first
liquidators report said: "The liquidators understand that SZL
[SolarZero Limited] had underwritten certain aspects of the
securitisation, resulting in unsustainable regular payments to the
SPVs."
The liquidators said payments to the SPVs were not sustainable.
They and their lawyers are examining the securitization, NZ Herald
adds.
About SolarZero
SolarZero offers customers solar power systems. SolarZero is owned
by US private equity firm BlackRock and has 160 employees across
offices in Auckland, Christchurch, and Wanaka.
Solarzero Limited, Solarzero Energy Services Limited, Solarzero
Developments Limited, Solarzero Commercial Ppas Limited, and
Solarzero Public Sector Ppas Limited commenced wind-up proceedings
on Nov. 26, 2024.
Grp III NZ Bidco Limited commenced wind-up proceedings on Nov. 27,
2024.
The company's liquidators are:
Stephen Speers Keen
Malcolm Russell Moore
Grant Thornton New Zealand
PO Box 1961, Auckland
YOUTH HOSTEL: Goes Into Liquidation After Closure of 11 Hostels
---------------------------------------------------------------
Esther Taunton at Stuff.co.nz reports that the Youth Hostel
Association of New Zealand (YHA New Zealand) has gone into
liquidation, three years after the Covid-19 pandemic forced the
closure of 11 hostels.
According to Stuff, the first report from liquidators David Webb
and Robert Campbell of Deloitte shows the not-for-profit
incorporated society was significantly impacted by Covid-19 travel
restrictions, leading to the sale of most of its property portfolio
over the last few years.
While the association's board and management team had hoped to
restructure its operations, all reasonable options had been
exhausted, the report said.
"Liquidating the society and distributing funds was in the best
interests of its stakeholders and charitable purpose. Following a
recommendation from the board, the members of the society resolved
to appoint liquidators."
The association was solvent at the time of liquidation, meaning
funds were available to repay all creditors, the report said. The
liquidation process was expected to be completed within 12 months,
Stuff notes.
Established in Canterbury in 1932, YHA New Zealand operated hostels
around New Zealand for almost a century.
However, border restrictions and lockdowns during the Covid
pandemic had created an "unsustainable financial position",
then-YHA New Zealand general manager Simon Cartwright said in late
2021.
Stuff relates that the association had restructured in 2020 in
order to take the organisation through to an expected recovery
period over the 2021 summer period, while at the same time
continuing to maximise its domestic revenue.
Although it had doubled its domestic guest nights during 2021, that
growth was not enough to offset the loss in international guest
revenue, he said.
As a result, 11 YHA New Zealand hostels closed in December 2021,
while 23 individually owned and operated associate properties
continued to operate as normal, Stuff discloses.
This week, 17 hostels remained in operation under franchise and
associate partnerships with YHA New Zealand, using the
association's website and booking systems.
===============
P A K I S T A N
===============
PAKISTAN: ADB OKs $330MM Funds for Social Protection Programs
-------------------------------------------------------------
The Asian Development Bank (ADB) has approved $330 million in
additional financing to strengthen Pakistan's federally
administered social protection programs and services.
The result-based loan for the ongoing Integrated Social Protection
Development Program (ISPDP) will help expand the grassroots-level
social protection to alleviate poverty among poor women and their
families.
The program will enhance the institutional capacity of the Benazir
Income Support Programme (BISP), Pakistan's flagship social
protection agency, to transition to adaptive and climate-resilient
social protection. This will include enhancing access to education
pathways for children and youth from poor families and increasing
access to health services and nutrition supplies for beneficiaries
who are in disaster-prone areas.
"This program strengthens Pakistan's effort to improve human
capital development and reduce intergenerational poverty,
especially for women who are disproportionately affected during
difficult economic situations," said ADB Director General for
Central and West Asia Yevgeniy Zhukov. "ADB's additional financing
will help boost the government's ability to reach more of the
poorest and most vulnerable in Pakistan."
Approved in December 2021, the ISPDP includes a $600 million loan
from ADB's ordinary capital resources, a $3 million grant from the
Asian Development Fund, and a $24.48 million cofinancing grant from
the Education Above All Foundation. The $627 million program, in
implementation since 2022, has achieved significant results.
"The program is performing well. It has helped increase access to
primary and secondary education for children and adolescents from
poor families as well as improved access to health services and
nutrition supplies for women and adolescent girls," said ADB
Country Director for Pakistan Emma Fan. "Steady progress has been
also made to improve the financial management, procurement
practices, internal controls, and information management system for
BISP, which is responsible for implementing cash transfer
programs."
Pakistan was a founding member of ADB. Since 1966, ADB has
committed over $52 billion in public and private sector loans,
grants, and other forms of financing to promote inclusive economic
growth in Pakistan and improve the country's infrastructure, energy
and food security, transport networks, and social services.
ADB is committed to achieving a prosperous, inclusive, resilient,
and sustainable Asia and the Pacific, while sustaining its efforts
to eradicate extreme poverty. Established in 1966, it is owned by
69 members-49 from the region.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2024, Moody's Ratings has upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3. Moody's have also upgraded the
rating for the senior unsecured MTN programme to (P)Caa2 from
(P)Caa3. Concurrently, the outlook for Government of Pakistan is
changed to positive from stable.
The TCR-AP reported that S&P Global Ratings, on July 30, 2024,
affirmed its 'CCC+' long-term sovereign credit rating and 'C'
short-term rating on Pakistan. The outlook on the long-term rating
is stable. S&P's transfer & convertibility assessment remains at
'CCC+'.
The TCR-AP also reported in early August that Fitch Ratings has
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'. Fitch typically does not assign
Outlooks to sovereigns with a rating of 'CCC+' or below.
PAKISTAN: ADB to Help Modernize
Power Distribution
----------------------------------------------------
The Asian Development Bank (ADB) has approved a $200 million loan
to modernize power distribution infrastructure in Pakistan and
improve distribution companies' ability to deliver reliable
electricity.
ADB's Power Distribution Strengthening Project aims to upgrade and
modernize distribution systems to meet the country's rapidly
growing electricity demand. The project will focus on reducing
significant energy losses during transit and enhancing the
resilience of infrastructure against climate change and
disaster-related risks. In its initial phase, the project will
support three major distribution companies: Lahore Electric Supply
Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur
Electric Power Company (SEPCO), paving the way for more efficient
and sustainable energy delivery across these regions.
"This project is part of ADB's ongoing efforts to address
challenges in Pakistan's power sector," said ADB Director General
for Central and West Asia Yevgeniy Zhukov. "Reliable grid-connected
electricity improves the quality of life. The loss reduction and
revenue protection measures supported by this project will also
help reduce the power sector's financial losses – alleviating at
least one source of strain on the country's economy."
The project will fund the installation of at least 332,000 advanced
metering infrastructure, along with data management and
communication systems, and at least 15,800 online transformer
performance monitoring systems in LESCO, MEPCO, and SEPCO.
Furthermore, the voltage of four grid stations in SEPCO will also
be upgraded from 66 kilovolt (kV) to 132 kV, a critical enhancement
that will mitigate losses across the transmission system and
address growing electricity demand. In LESCO, at least 25 grid
stations will be constructed and modernized with provision of
critical equipment. High-loss 11 kV feeder lines will be replaced
with aerial bundled conductor cables, and feeder line configuration
will be improved.
"These upgrades will reduce losses, enhance revenue collection, and
provide distribution companies with real-time data on electricity
consumption and grid performance," said ADB Principal Energy
Specialist Seung Duck Kim. "In the event of extreme weather, they
can help identify and isolate faults quickly, reducing the time
required for recovery and minimizing outages."
The project will also study reform actions and policy
recommendations that would improve the operational efficiency and
overall performance of these three distribution companies.
Pakistan was a founding member of ADB. Since 1966, ADB has
committed over $52 billion in public and private sector loans,
grants, and other forms of financing to promote inclusive economic
growth in Pakistan and improve the country's infrastructure, energy
and food security, transport networks, and social services.
ADB is committed to achieving a prosperous, inclusive, resilient,
and sustainable Asia and the Pacific, while sustaining its efforts
to eradicate extreme poverty. Established in 1966, it is owned by
69 members-49 from the region.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2024, Moody's Ratings has upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3. Moody's have also upgraded the
rating for the senior unsecured MTN programme to (P)Caa2 from
(P)Caa3. Concurrently, the outlook for Government of Pakistan is
changed to positive from stable.
The TCR-AP reported that S&P Global Ratings, on July 30, 2024,
affirmed its 'CCC+' long-term sovereign credit rating and 'C'
short-term rating on Pakistan. The outlook on the long-term rating
is stable. S&P's transfer & convertibility assessment remains at
'CCC+'.
The TCR-AP also reported in early August that Fitch Ratings has
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'. Fitch typically does not assign
Outlooks to sovereigns with a rating of 'CCC+' or below.
=================
S I N G A P O R E
=================
BUILDING CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 20
----------------------------------------------------------------
A petition to wind up the operations of Building Construction Co.
(Private) Limited will be heard before the High Court of Singapore
on Dec. 20, 2024, at 10:00 a.m.
KH Engineering & Constructor Pte. Ltd filed the petition against
the company on Nov. 28, 2024.
The Petitioner's solicitors are:
M/s David Ong & Co
Advocates & Solicitors
151 Chin Swee Road
#08-14 Manhattan House
Singapore 169876
NAUTICAWT LIMITED: Court to Hear Wind-Up Petition on Dec. 20
------------------------------------------------------------
A petition to wind up the operations of Nauticawt Limited will be
heard before the High Court of Singapore on Dec. 20, 2024, at 10:00
a.m.
Dr. Chirasak Chiyachantana filed the petition against the company
on Nov. 11, 2024.
The Petitioner's solicitors are:
Focus Law Asia LLC
16 Raffles Quay
#21-01 Hong Leong Building
Singapore 048581
NPH ENGINEERING: Court to Hear Wind-Up Petition on Dec. 27
----------------------------------------------------------
A petition to wind up the operations of NPH Engineering Pte. Ltd.
will be heard before the High Court of Singapore on Dec. 27, 2024,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Dec. 6, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
PEM IMPEX: Creditors' Meetings Set for Dec. 27
----------------------------------------------
Pem Impex Pte. Ltd. will hold a meeting for its creditors on Dec.
27, 2024, at 4:00 p.m., at 3 Shenton Way #03-06C Shenton House
Singapore.
Agenda of the meeting includes:
a. to nominate liquidator(s) or to confirm members' nomination
of liquidator(s);
b. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;
c. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. to consider any other matters which may be brought before
the meeting.
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
provisional liquidator of the company on Dec. 2, 2024.
WORLD CLASS: Creditors' Proofs of Debt Due on Jan. 6
----------------------------------------------------
Creditors of World Class Developments (Central) Pte. Ltd. are
required to file their proofs of debt by Jan. 6, 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:
Seah Chee Wei
c/o 8 Burn Road
Trivex #16-12
Singapore 369977
*********
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,
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Information contained herein is obtained from sources believed
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*** End of Transmission ***