/raid1/www/Hosts/bankrupt/TCRAP_Public/241223.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
Monday, December 23, 2024, Vol. 27, No. 256
Headlines
A U S T R A L I A
ADCON MANAGEMENT: First Creditors' Meeting Set for Dec. 31
AEON METALS: Executes Deed of Company Arrangement
COSMETIC AVENUE: First Creditors' Meeting Set for Dec. 31
ELLIOTT'S GUNBOWER: First Creditors' Meeting Set for Jan. 3
EQUTISE PTY: AFS Licence Suspended Due to Voluntary Administration
KIDS AVALANCHE: Second Creditors' Meeting Set for Jan. 3
METRO FINANCE 2023-1: Moody's Hikes Rating on Class F Notes to B1
MORTGAGE HOUSE 2024-2: S&P Assigns B(sf) Rating on Class F Notes
PANORAMIC RESOURCES: Supreme Court Approves Share Transfer to Zeta
RYANS FAMILY: Second Creditors' Meeting Set for Dec. 31
C H I N A
JINGBO TECHNOLOGY: Completes Acquisition of Xinghe Shares
ZHONGBAI HOLDINGS: Yonghui Sells Stake in Group at USD6.3MM Loss
I N D I A
ADJOIN BUILT: Liquidation Process Case Summary
APEX COCO: Ind-Ra Moves B Rating to NonCooperating
AQUARIUS H2O: Insolvency Resolution Process Case Summary
B.V.S. DISTILLERIES: CRISIL Keeps D Ratings in Not Cooperating
C. P. INDUSTRIES: CRISIL Keeps C Debt Rating in Not Cooperating
CAREER COACHING: CRISIL Keeps D Debt Ratings in Not Cooperating
CHEM STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category
CHINIWALAS PRIVATE: CRISIL Keeps D Ratings in Not Cooperating
CMYK PRINTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
CUBATIC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
FANCY FITTINGS: CRISIL Lowers Long/Short Term Debt Ratings to D
G SECURITY: Insolvency Resolution Process Case Summary
G.P. REALTORS: Insolvency Resolution Process Case Summary
HARSH MACRO: Insolvency Resolution Process Case Summary
INDORE FIRE: Voluntary Liquidation Process Case Summary
JHARKHAND ROAD: CRISIL Reaffirms D Rating on INR410.74cr NCDs
KALPATARUVU SPINNING: Ind-Ra Cuts Loan Rating to D
KARVY FORDE: CRISIL Keeps C Debt Rating in Not Cooperating
KEYA REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
KRUSHNA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
M/S GMA: Ind-Ra Cuts Loan Rating to B, Outlook Stable
MOBONAIR WIRELESS: Insolvency Resolution Process Case Summary
MOMENTUM STRATEGY: Voluntary Liquidation Process Case Summary
NAGAR NIGAM: Ind-Ra Withdraws BB+ LongTerm Issuer Rating
NARAYAN BUILDERS: Ind-Ra Affirms BB- Bank Loan Rating
NIGAM HARIDWAR: Ind-Ra Withdraws BB LongTerm Issuer Rating
NIGAM KANAVNAGRI: Ind-Ra Withdraws B+ LongTerm Issuer Rating
NIGAM KASHIPUR: Ind-Ra Withdraws BB LongTerm Issuer Rating
NIGAM RISHIKESH: Ind-Ra Withdraws BB- LongTerm Issuer Rating
NIGAM ROORKEE: Ind-Ra Withdraws BB LongTerm Issuer Rating
NIGAM RUDRAPUR: Ind-Ra Withdraws BB+ LongTerm Issuer Rating
PRAKASH OFFSET: CRISIL Moves D Debt Ratings to Not Cooperating
RAKSHA UNIVERSAL: Voluntary Liquidation Process Case Summary
RELIANCE INFRATEL: Supreme Court Restores Claims of 4 Lenders
RHYTHM INFRA: Insolvency Resolution Process Case Summary
RY MIDAS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
SABITRI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
SAINI EARTHMOVER: CRISIL Reaffirms B+ Rating on INR6.5cr Loan
SAMBASHIVA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating
SAPTHAVARNA BUILDERS: CRISIL Keeps D Ratings in Not Cooperating
SHIVANG CARPETS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHRUTI TRAVELS: CRISIL Keeps D Debt Rating in Not Cooperating
SIRI FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating
SMT. VISHNU: CRISIL Keeps D Debt Rating in Not Cooperating
SPECTRUM ELECTRICAL: Ind-Ra Keeps BB+ Rating in NonCooperating
SRV KNIT: CRISIL Moves B+ Debt Ratings from Not Cooperating
SUPER CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
SYNERGY PETRO: Insolvency Resolution Process Case Summary
TERRA REALCON: CRISIL Keeps D Debt Rating in Not Cooperating
TRANZLEASE HOLDINGS: Insolvency Resolution Process Case Summary
UNITED COKE: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
V.G.I. PHARMA: Insolvency Resolution Process Case Summary
VENUS DENIM: Ind-Ra Moves B- Term Loan Rating to NonCooperating
I N D O N E S I A
REJEKI ISMAN: Indonesian Supreme Court Upholds Bankruptcy Ruling
M A L A Y S I A
SMILE-LINK HEALTHCARE: Auditor Says Removal Notice Retracted
N E W Z E A L A N D
CENTRE POINT: Creditors' Proofs of Debt Due on Feb. 14
DATELINE PAINTERS: Court to Hear Wind-Up Petition on Feb. 21
PLAN K: Court to Hear Wind-Up Petition on Feb. 21
STARJAM CHARITABLE: BDO Auckland Appointed as Liquidators
UNION TRUST: Creditors' Proofs of Debt Due on Feb. 13
S I N G A P O R E
BANK PICTET: Creditors' Proofs of Debt Due on Jan. 18
MCDERMOTT WILL: Creditors' Proofs of Debt Due on Jan. 18
PROVIDENCE AUTOMOBILE: Court Enters Wind-Up Order
URBAN RENEWABLES: Court Enters Judicial Management Order
VOODOO COMMUNICATIONS: Court Enters Wind-Up Order
- - - - -
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A U S T R A L I A
=================
ADCON MANAGEMENT: First Creditors' Meeting Set for Dec. 31
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Adcon
Management Pty Ltd will be held on Dec. 31, 2024 at 3:00 p.m. at 22
Market Street in Brisbane.
David Michael Stimpson of SV Partners was appointed as
administrators of the company on Dec. 17, 2024.
AEON METALS: Executes Deed of Company Arrangement
-------------------------------------------------
FTI Consulting, the administrators of Aeon Metals Ltd., said that
at the second meeting of creditors on Nov. 29, 2024, the company's
creditors resolved:
* the Company execute the Deed of Company Arrangement (DOCA)
proposed by OL Master Limited, and
* Benjamin Campbell, Vaughan Strawbridge and Kathryn Evans
of FTI Consulting be appointed as Deed Administrators.
The DOCA was executed on Dec. 19, 2024.
The Deed Administrators aim to transfer all shares to the DOCA
proponent, pending a court order.
The terms of the DOCA are provided in the Report to Creditors which
can be found at:
https://www.fticonsulting-asia.com/creditors/aeon-metals-group
Aeon Metals Limited (ASX:AML) -- https://aeonmetals.com.au/ --
together with its subsidiaries, engages in the exploration for and
evaluation of mineral properties in Australia. The company explores
for copper, cobalt, gold, lead, zinc, molybdenum, silver, nickel,
and base metal deposits. Its flagship project is the Walford Creek
Copper-Cobalt project located northwest of Mount Isa in Northwest
Queensland.
On July 26, 2024, Vaughan Strawbridge, Kathryn Evans and Ben
Campbell of FTI Consulting were appointed as administrators of:
- Aeon Metals Limited;
- Aussie NQ Resources Pty Ltd;
- Aeon Walford Creek Ltd;
- Aeon Isa Exploration Pty Ltd;
- Aeon Monto Exploration Pty Ltd; and
- Aeon Walford Exploration Pty Ltd.
COSMETIC AVENUE: First Creditors' Meeting Set for Dec. 31
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Cosmetic
Avenue 03 Pty Ltd will be held on Dec. 31, 2024 at 10:00 a.m. via
videoconference only.
Roberto Crispino and Nicholas Wollinski of Hall Chadwick were
appointed as administrators of the company on Dec. 17, 2024.
ELLIOTT'S GUNBOWER: First Creditors' Meeting Set for Jan. 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Elliott's
Gunbower Pty. Ltd. will be held on Jan. 3, 2025 at 11:00 a.m.
virtually by Zoom.
Nathan Deppeler and Matthew Jess of Worrells were appointed as
administrators of the company on Dec. 19, 2024.
EQUTISE PTY: AFS Licence Suspended Due to Voluntary Administration
------------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of
Equtise Pty Ltd (Equitise) until Feb. 10, 2025.
The AFS licence was suspended because Equitise is under external
administration.
On Oct. 31, 2024, Equitise was placed into voluntary
administration. Mohammad Mirzan Bin Mansoor and Damien Mark
Hodgkinson of Olvera Advisors Pty Ltd were appointed as joint and
several administrators.
For further information about the administration, please contact
the administrators.
Equitise may apply to the Administrative Appeals Tribunal for a
review of ASIC's decision.
Equitise held AFS licence since Jan. 11, 2018. The licence
authorises Equitise to provide crowd-funding services to retail and
wholesale clients via an offer platform.
ASIC has the power to suspend or cancel an AFS licence held by a
Chapter 5 body corporate. A Chapter 5 body corporate includes a
body corporate that is under administration.
KIDS AVALANCHE: Second Creditors' Meeting Set for Jan. 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of Kids Avalanche
Pty Ltd has been set for Jan. 3, 2025 at 11:00 a.m. at 22 Drummond
Street, Carlton in Victoria and via Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 2, 2025 at 4:00 p.m.
Andrew Juzva of G S Andrews Advisory was appointed as administrator
of the company on Nov. 27, 2024.
METRO FINANCE 2023-1: Moody's Hikes Rating on Class F Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on three classes of notes
issued by Metro Finance 2023-1 Trust.
The affected ratings are as follows:
Issuer: Metro Finance 2023-1 Trust
Class B Notes, Upgraded to Aa1 (sf); previously on Apr 28, 2023
Definitive Rating Assigned Aa2 (sf)
Class E Notes, Upgraded to Ba1 (sf); previously on Apr 28, 2023
Definitive Rating Assigned Ba2 (sf)
Class F Notes, Upgraded to B1 (sf); previously on Apr 28, 2023
Definitive Rating Assigned B2 (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 to the affected notes and good performance of the
collateral pool to date.
No action was taken on the remaining rated classes in the deal as
credit enhancements remain commensurate with the current ratings
for the respective notes.
Following the November 2024 payment date, credit enhancement
available for the Class B, Class E, and Class F Notes has increased
to 12.5%, 3.3%, and 2.6% respectively, from 8.7%, 2.3% and 1.8% at
deal close.
As of end-October 2024, 0.9% of the outstanding pool was 30-plus
day delinquent and 0.1% was 90-plus day delinquent. The portfolio
has incurred net losses of 0.2% (as a percentage of the original
pool balance) to date, all of which have been covered by excess
spread.
Based on the observed performance to date and loan attributes,
Moody's have lowered Moody's expected default assumption to 2.2% of
the current balance (equivalent to 1.5% of the original balance)
from 2.3% of the current balance (equivalent to 1.8% of the
original balance) at the time of the last rating action in February
2024. Moody's have also lowered the Aaa portfolio credit
enhancement assumption to 14.0% from 15.0%.
The transaction is a cash securitisation of auto loans and leases
originated by Metro Finance Pty Limited and extended to prime
commercial obligors located in Australia.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 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.
MORTGAGE HOUSE 2024-2: S&P Assigns B(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) to be issued by
Perpetual Trustee Co. Ltd. as trustee for Mortgage House Capital
Trust No.1 - Mortgage House RMBS Prime Series 2024-2. Mortgage
House RMBS Prime Series 2024-2 is a securitization of residential
mortgages originated by Mortgage House of Australia Pty Ltd.
The ratings reflect the following factors.
S&P has assessed the credit risk of the underlying collateral
portfolio and it believes the credit support provided to each class
of notes is commensurate with the ratings assigned. Credit support
for the rated notes comprises note subordination, lenders' mortgage
insurance on 1.71% of the loans in the portfolio, and excess
spread.
S&P has taken into account the servicing, underwriting standards
and centralized approval process of the seller, Mortgage House of
Australia.
The various mechanisms to support liquidity within the transaction,
including a liquidity facility equal to 1.5% of the outstanding
balance of the notes and principal draws are sufficient under S&P's
stress assumptions.
The transaction benefits from a fixed- to floating-rate
interest-rate swap provided by National Australia Bank Ltd. to
hedge the mismatch between receipts from any fixed-rate mortgage
loans and the variable-rate RMBS.
S&P has also factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.
Ratings Assigned
Mortgage House Capital Trust No.1 –
Mortgage House RMBS Prime Series 2024-2
Class A1-S, A$172.50 million: AAA (sf)
Class A1-L, A$502.50 million: AAA (sf)
Class A2, A$35.25 million: AAA (sf)
Class B, A$14.02 million: AA (sf)
Class C, A$13.27 million: A (sf)
Class D, A$4.58 million: BBB (sf)
Class E, A$3.6 million: BB (sf)
Class F, A$1.43 million: B (sf)
Class G1, A$1.42 million: Not rated
Class G2, A$1.43 million: Not rated
PANORAMIC RESOURCES: Supreme Court Approves Share Transfer to Zeta
------------------------------------------------------------------
Adam Orlando at Mining.com.au reports that the Supreme Court of
Western Australia has approved the transfer of Panoramic Resources'
shares to Zeta Resources.
On October 25, the administrators applied to the Supreme Court for
leave to transfer the shares in Panoramic to Zeta (or its nominee)
under a deed of company arrangement (DOCA) previously approved by
creditors.
On December 19, Justice Jenni Hill granted leave for the share
transfer to occur, which was unopposed, the report says.
As a result, all Panoramic shares will be transferred to Zeta for
nil consideration. This was supported by an independent expert
report, which found that the shares in Panoramic had no residual
value as Panoramic's liabilities exceeded its assets by about
$27.16 million, according to Mining.com.au.
In delivering the judgement, the Supreme Court was satisfied the
shares had no residual value; there was no prospect of the shares
attaining value within a reasonable period; and in those
circumstances, the transfer of shares would not unfairly prejudice
the interests of the members of Panoramic.
With this condition precedent of the DOCA satisfied, the
administrators will seek relief from the Australian Securities &
Investments Commission (ASIC), Mining.com.au relates. If granted,
this is expected to satisfy the final condition precedent to enable
the implementation of the DOCA and the transfer of Panoramic's
shares.
ASIC has provided an in-principle decision to grant that relief,
subject to the administrators obtaining section 444GA orders, which
hurdle was cleared with today's decision.
According to Mining.com.au, FTI Consulting Senior Managing Director
Daniel Woodhouse said the sale of Panoramic to Zeta is the best
possible outcome for creditors, given the current Australian nickel
market.
"Seeking a declaration for a transfer of Panoramic's shares is not
a decision the Administrators took lightly," Mining.com.au quotes
Mr. Woodhouse as saying.
"However, we have run a transparent, well publicised and thorough
sales process, concluding with a binding proposal from Zeta
Resources.
"Given the currently depressed nickel market, selling a nickel
company at the moment is no easy feat. The DOCA with Zeta provides
the best possible outcome for everyone interested in the Company
and we are pleased to provide a return for creditors, which is a
far superior outcome to the alternative, which is a liquidation."
In January, the administrators in charge of Panoramic called a halt
to mining as the nickel price continued to plummet, Mining.com.au
recalls.
About 350 workers and contractors lost their jobs when the
company's Savannah mine in Western Australia closed.
About Panoramic Resources
Panoramic Resources Limited -- https://panoramicresources.com/ --
is a mining company that explores for and mines copper, nickel, and
cobalt in the Kimberley region of Western Australia.
On Dec. 14, 2023, Daniel Woodhouse, Hayden White and Kate Warwick
of FTI Consulting were appointed as Joint and Several
Administrators of Panoramic Resources Limited and its subsidiaries,
Savannah Nickel Mines Pty Ltd and PAN Transport Pty Ltd.
The Administrators were subsequently appointed as Joint and Several
Administrators to Pindan Exploration Company Pty Ltd, a wholly
owned subsidiary of Panoramic, by a resolution of its Directors on
Jan. 15, 2024.
In August 2024, Panoramic was removed from Australian Securities
Exchange (ASX) official list, due to non-payment of listing fees
RYANS FAMILY: Second Creditors' Meeting Set for Dec. 31
-------------------------------------------------------
A second meeting of creditors in the proceedings of Ryans family
Hotel Pty Ltd has been set for Dec. 31, 2024 at 9:00 a.m. via
Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 27, 2024 at 4:00 p.m.
Richard Lawrence and Mitchell Ball of Mackay Goodwin were appointed
as administrators of the company on Sept. 13, 2024.
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C H I N A
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JINGBO TECHNOLOGY: Completes Acquisition of Xinghe Shares
---------------------------------------------------------
Jingbo Technology, Inc., disclosed in a Form 8-K with the U.S.
Securities and Exchange Commission that on November 18, 2024,
Jingbo Technology, Inc. (the "Company") entered into a Shares
Exchange Agreement, Xinghe Technology Limited, a British Virgin
Islands company, and Hangdu Technology Limited, a British Virgin
Islands company and the sole shareholder of Xinghe. Pursuant to the
Share Exchange Agreement, the Company will issue 550,000,000 shares
of common stock, par value $0.001 per share of the Company to
Hangdu, in consideration for the acquisition of all the issued and
outstanding shares in Xinghe. Hangdu will transfer all the issued
and outstanding shares of Xinghe at the closing of the Share
Exchange Agreement.
On December 9, 2024, the Acquisition was completed pursuant to the
terms of the Shares Exchange Agreement dated November 18, 2024. As
consideration for the Acquisition, the Company issued 550,000,000
shares of Common Stock to Hangdu in exchange for the 50,000
ordinary shares, representing all the issued and outstanding shares
of Xinghe, owned by Hangdu. After the Acquisition, Hangdu became
the largest shareholder of Jingbo and held approximately 99.0%
issued and outstanding shares of Jingbo. Xiujuan Chen, a citizen of
People's Republic of China, is the sole shareholder of Hangdu.
Xinghe is the sole shareholder of Keqiao Limited, which is
incorporated in Hong Kong and holds 100% of Guangzhou Keqiao
Enterprise Management Consulting Co., Ltd. ("Keqiao WFOE"), which
is incorporated in Guangzhou, China. Keqiao WFOE entered into a
series of contractual arrangements, including equity pledge
agreements, shareholders' voting rights proxy agreement, exclusive
business cooperation agreements, and exclusive call option
agreements, with Guangzhou Keqiao Technology Co., Ltd. ("Guangzhou
Keqiao"), giving Keqiao WFOE's right to control and operate the
business of Guangzhou Keqiao. Guangzhou Keqiao is the sole
shareholder of Shaoxing Keqiao Zhuyi Technology Co., Ltd.
("Shaoxing Keqiao"), an innovative technology company incorporated
in China specializing in intelligent parking projects. After the
Acquisition, Jingbo will continue its smart parking business in
Zhejiang, China. Shaoxing Keqiao is an innovative technology
company specializing in intelligent parking projects in Zhejiang,
China. The platform owned by Shaoxing Keqiao supports online
payment of parking fees, enabling seamless access to parking
spaces, which greatly improves the user's parking experience.
Shaoxing Keqiao utilizes modern information technologies such as
the Internet of Things, big data, cloud computing, and mobile
payment to provide solutions for the intelligent management and
service of urban parking resources. Prior to the Acquisition, the
Company's ability to continue as a going concern was dependent on
long-term loan in the amount of $22,032,891 (the "Debt") owed to
Shaoxing Keqiao. Following the Acquisition, the Company no longer
owes the Debt to Shaoxing Keqiao or to the controlling person of
Shaoxing Keqiao.
A full-text copy of the Form 8-K is available at
https://urlcurt.com/u?l=Enw0GW
About Jingbo
Headquartered in Shoujiang Town, Fuyang District, China, Jingbo
Technology, Inc., initially was in the business platform of
providing application software to a global vendor platform to
connect people to businesses and provide a new shopping
experience.
The Company's wholly owned subsidiary, Intellegence Parking Group
Limited, is a multinational technology company, with a smart
parking application software and platform business ecosystem as
its
main business venture. Intellegence operates facilities at
Xiaoshan
Airport Remote Parking Lot, Tianjin Xinhua International
University, Fuyang People's Hospital, Qilu University Hospital,
Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It
also currently has eight urban parking projects.
Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated July 3, 2024, citing that the Company had incurred
substantial losses during the years and negative working capital,
which raises substantial doubt about its ability to continue as a
going concern.
As of May 31, 2024, Jingbo Technology had $12.63 million in total
assets, $32.41 million in total liabilities, and a total deficit
of
$19.78 million.
ZHONGBAI HOLDINGS: Yonghui Sells Stake in Group at USD6.3MM Loss
----------------------------------------------------------------
Yicai Global reports that Yonghui Superstores said the Chinese
supermarket giant sold all of its shares in heavily indebted
retailer Zhongbai Holdings Group for a CNY46 million (USD6.3
million) loss.
Yonghui sold its 9.9 percent stake in Zhongbai held through
Chongqing Yonghui Superstores for CNY440 million (USD60.3 million),
the Fuzhou-based company announced on Dec. 18, Yicai relays. It had
held the equity for more than 11 years.
According to Yicai, both Yonghui and Zhongbai have had operational
and financial difficulties in recent years as a result of the hit
to brick-and-mortar retailing from the Covid-19 pandemic,
escalating competition, and the rapid expansion of e-commerce.
Since 2021, Yonghui has reported losses in excess of CNY8 billion
(USD1.1 billion), while Zhongbai has lost more than CNY1 billion
(USD137 million).
Yonghui has sold several assets in the past year, including stakes
in Zhuhai Wanda Commercial Management Group, Hongqi Chain, and YH
Financial Service, from which the company will have recovered a
total of over CNY6 billion, Yicai says.
In September, budget retailer Miniso revealed plans to become
Yonghui's largest shareholder by buying a 29.4 percent stake in the
company for CNY6.3 billion, Yicai recalls. In another statement on
Dec. 19, Yonghui said Miniso would not have control of the firm,
which will remain without an actual controller and controlling
shareholder, Yicai reports.
About Zhongbai Holdings
Zhongbai Holdings Group Co Ltd -- https://www.whzb.com/ -- is a
China-based company principally engaged in commercial retail
business. The Company has a variety of business formats such as
comprehensive supermarkets, community supermarkets, 24H convenience
stores, shopping centers, electrical appliance monopolies, smart
logistics, food factories, retail technology, and plastic products
production. The Company focuses on commercial retail, with digital
intelligence technology, logistics and distribution, food
processing, and environmentally friendly packaging as the back-end
guarantee of a modern business ecosystem. The Company mainly
operates its businesses in China, with Hubei as its main market.
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I N D I A
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ADJOIN BUILT: Liquidation Process Case Summary
----------------------------------------------
Debtor: Adjoin Built and Developers Private Limited
Unit No. 302, Third Floor
D-Mall, Plot No. A-1
Netaji Subhash Place
Pitampura New Delhi
North East DL 110034
Liquidation Commencement Date: November 13, 2024
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Neeraj Kumar Jain
RP 114, Maurya Enclaves
Near TV Tower,
Pitam Pura, New Delhi 110 034
Email: neerajjainus@gmail.com
-- and --
158/1 Gwalior Road
Opposite Baikunthi Devi Girls College
Baluganj, Agra-282 003
Email: adjoinliquidation@gmail.com
Last date for
submission of claims: December 13, 2024
APEX COCO: Ind-Ra Moves B Rating to NonCooperating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Apex Coco and
Solar Energy Limited's (ACSEL) bank facility ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Thus, the ratings are based
on the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND B/Stable (ISSUER NOT
COOPERATING)'.
The detailed rating actions are:
-- INR220 mil. Fund-based working capital limit migrated to non-
cooperating category with IND B/Stable (ISSUER NOT
COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and
-- INR1.430 bil. Term loan due on December 31, 2027 migrated to
non-cooperating category with IND B/Stable (ISSUER NOT
COOPERATING) rating.
Detailed Rationale of the Rating Action
The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of 'Guidelines on what Constitutes
Non-Cooperation'.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with ACSEL while reviewing the
ratings. Ind-Ra had consistently followed up with ACSEL over emails
starting from August 6, 2023, apart from phone calls. Although, the
issuer has been submitting their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of ACSEL on the basis of
best available information and is unable to provide a
forward-looking credit view. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
ACSEL was incorporated in 2012 and is engaged in solar power
generation with a total capacity of 30MW and coconut processing in
Tirupur, Tamil Nadu. The installed capacity of the coconut
processing unit is of 0.4 million coconuts per day.
AQUARIUS H2O: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Aquarius H20 Dynamics Private Limited
803-A/3 - NR. Patel Air Temp Ind Village
Ranakpur, Taluka
Kalol, Gandhinagar,
Gujarat, India 382721
Insolvency Commencement Date: December 2, 2024
Estimated date of closure of
insolvency resolution process: May 31, 2025
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Bhupendra Singh Narayan Singh Rajput
A-309, Atma House
Opposite Old RBI
Ashram Road Ahmedabad - 380 009
Mobile No. 9426014155
Email: cabsrajput309@gmail.com
Email: ip.aquarius2018@gmail.com
Last date for
submission of claims: December 16, 2024
B.V.S. DISTILLERIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B.V.S.
Distilleries Private Limited (BVS) continue to be 'CRISIL D Issuer
not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 29 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BDPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BDPL continues to be 'CRISIL D Issuer not cooperating'.
Incorporated in 2011 and promoted by Mr. Bommadevara Venkata Subba
Rao, BDPL manufactures IMFL at its unit in Kankipadu, Andhra
Pradesh.
C. P. INDUSTRIES: CRISIL Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of C. P.
Industries (CPI) continues to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CPI for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPI continues to be 'CRISIL C Issuer not cooperating'.
CPI, established in 1992 by Mr. Chironjilal Shivhare, manufactures
and trades in mustard seeds, mustard oil, and mustard oil cake. The
firm is based in Gwalior, Madhya Pradesh.
CAREER COACHING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Career
Coaching (Alld) Private Limited (CCPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 3.77 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.23 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CCPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CCPL continues to be 'CRISIL D Issuer not cooperating'.
CCPL, established in 2004 by Mr. Zafar Bakht and Mr. Saeed Fatima,
provides coaching services for various entrance examinations at its
coaching institutes located in Allahabad (Uttar Pradesh).
CHEM STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Chem Star
International Private Limited (CIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CIPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CIPL continues to be 'CRISIL D Issuer not cooperating'.
CIPL, set up in 2011, trades in shrimp. The Nellore (Andhra
Pradesh)-based company has been promoted by Mr. Shaik Mahaboob and
his family members.
CHINIWALAS PRIVATE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chiniwalas
Private Limited (CPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 11.65 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 2.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
CPL was set up in 1990, at Pune, by the promoter, Mr. Taher
Chiniwala and his family. The company engineers and installs
aluminium and glass doors and windows, claddings and facades, and
sets up clean rooms.
CMYK PRINTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of CMYK Printech
Limited (CMYK) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Cash 4 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with CMYK for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CMYK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CMYK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CMYK continues to be 'CRISIL B+/Stable Issuer not cooperating'.
CMYK, Incorporated in 1986, operates as a publishing company. It
publishes an English daily (The Pioneer), Hindi Daily (Pioneer
Hindi), Magazine (The Dialogue) that is circulated on Delhi
Airport, and a life style magazine (Exotica) that is distributed in
hotel chains across India. The company is promoted by Mr. Chandan
Mitra and is based in New Delhi, India.
CUBATIC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cubatic Infra
and Power Private Limited (CIPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 2.5 CRISIL D (Issuer Not
Cooperating)
Proposed Bank 8 CRISIL D (Issuer Not
Guarantee Cooperating)
Proposed Long Term 12.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with CIPPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CIPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CIPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CIPPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
CIPPL was set up in 2012 to pursue opportunities in the Real
Estate, Infrastructure & Power sectors is based out of Hyderabad
and is focused on executing large civil & urban projects such as
roads, highways, ports, railway lines etc. The company is promoted
by T S Babu, KRS Prasad and T Subba Lakshmi.
FANCY FITTINGS: CRISIL Lowers Long/Short Term Debt Ratings to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Fancy Fittings Ltd (FFL) to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'. The rating downgrade reflects instances of
delays by FFL in servicing its term loan because of weak
liquidity.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
'CRISIL B-/Stable')
Short Term Rating - CRISIL D (Downgraded from
'CRISIL A4')
The rating continues to reflect modest scale of operations,
below-average financial risk profile, large working capital
requirement and poor liquidity. These weaknesses are partially
offset by the extensive experience of the promoter in the plastic
products industry.
Analytical Approach
CRISIL Ratings has considered the standalone business risk profile
of FFL.
Unsecured loans of INR5.57 crores as on March 31, 2024, has been
treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delay in debt servicing: FFL has made delays in servicing the EMI
payments towards the term loan. The EMIs were paid with a lag of
around 4-5 days for the month of November 2024 due to poor
liquidity.
* Aggressive capital structure and below-average debt protection
metrics: Capital structure is aggressive due to high reliance on
external debt and creditors to support working capital requirement.
The company has incurred losses in the past 2 years which has
eroded the networth of the company and led to aggressive capital
structure. The gearing and TOLANW is at 21 times and 28 times
respectively for FY2024 (14 times and 17 times respectively in
previous year). Debt protection metrics were impacted due to low
profitability, with interest coverage and net cash accrual to
adjusted debt ratios of 1.43 times and 0.04 time, respectively, for
fiscal 2024. It is expected to remain at similar levels.
* Modest scale of operations: The plastic products industry is
highly fragmented, and the consequent intense competition may
continue to constrain scalability, pricing power and profitability.
Further, the Covid-19 pandemic-led disruptions and substantial
slowdown in demand restricted the business significantly. Revenue
has declined to INR21.45 crore in fiscal 2024 from INR37.67 crore
in fiscal 2023. With no major capital expenditure expected to be
incurred over the medium term, scale of operations are expected to
remain modest over the medium term.
* Large working capital requirement: The working capital cycle is
likely to remain stretched, with no major changes expected in
operating policies over the medium term. Gross current assets were
228 days as on March 31, 2024, driven by huge inventory of over 101
days. The company provides a credit period of 80-100 days to
customers. The working capital is partially supported by a credit
of around 154 days extended by the suppliers.
Strength:
* Extensive experience of the promoter and established
relationships with clients: The promoter has more than two decades
of experience in the plastic products industry; his strong
understanding of market dynamics and healthy relations with
customers and suppliers should continue to support the business.
Clientele comprises reputed players such as VIP, Samsonite, Safari,
Wildcraft and some other players in the MSME segment.
Liquidity: Poor
Bank limit utilisation is high at around 100% for the past fourteen
months ended November 2024, with regular cases of overdraws. Cash
accruals are expected to be over INR7-30 lakhs which are
insufficient against term debt obligation of INR1.8-2.1 crores in
fiscal 2025-2027. Current ratio is moderate at 0.49 times on March
31, 2024. Cash balance is low at INR~13.67 lakhs as on March 31,
2024. The promoters are likely to extend support in the form of
equity and unsecured loans to meet its working capital requirements
and repayment obligations.
Rating sensitivity factors
Upward factors
* Timely debt servicing continuously for at least 90 days.
* Substantial and sustainable increase in revenue and operating
margin, leading to higher cash accrual
Incorporated in 1993 and promoted by Mr. Jayant Parekh, FFL
manufactures moulded plastic goods for luggage, furniture, toys,
electronics, automotive, consumer goods, and packaging. It set up a
capacity to make solar junction boxes in fiscal 2018. The company
has manufacturing units in Daman. It is listed on the Metropolitan
Stock Exchange.
G SECURITY: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: G Security (India) Private Limited
Office No. 711, B-Wing, NSIL Lodha Supremus II,
Road No. 22, Waghale Estate,
Thane, Maharashtra, India 400604
Insolvency Commencement Date: December 10, 2024
Estimated date of closure of
insolvency resolution process: May 27, 2025
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Shekhar Kumar Agrawal
Flat 606 D Wing
RNA Continental CHSL,
Subhash Nagar, Chembur (East),
Hanuman Temple,
Mumbai City, Maharashtra, 400071
Email: shekhar2308@gmail.com
Email: grpppirp@gmail.com
Last date for
submission of claims: December 17, 2024
G.P. REALTORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: G. P. Realtors Private Limited
IREO Campus, Sector 59
Near Berhampur
Gurgaon-122101, Haryana
Insolvency Commencement Date: November 28, 2024
Estimated date of closure of
insolvency resolution process: May 27, 2025
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Sh. Ayyagari Viswanadha Sarma
Building 03, Flat 301, My Home Vihanga,
Gopanpally Village,
Serlingampally Mandal,
Other, Telangana ,500107
Email: ayya.vish@gmail.com
Deloitte India Insolvency Professionals LLP
DLF Cyber City Complex
7th Floor, Building 10
Gurgaon (New Delhi), Haryana - 122002
E-mail: cirp@gprealtors1.com
Last date for
submission of claims: December 12, 2024
HARSH MACRO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Harsh Macro Buildhome Private Limited
Registered Address:
Hall No. 7, BB-1, 7, 8, 9, 10, Suvaas Vijay Bagh,
Madhuban North, Tonk Phatak, Barkat Nagar,
Jaipur, Rajasthan, India, 302015
Project Location:
Khasra No./ Plot No. C-1,
Village-Budhsinghpura,
Jaipur, Jaipur 302011 (Rajasthan)
Insolvency Commencement Date: December 11, 2024
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: June 9, 2025
Insolvency professional: Shreyansh Jain
Interim Resolution
Professional: Shreyansh Jain
A-7 First Floor, Jodhpur Tower,
Dharmnarayan Ji Ka Hatta, Paota,
Opposite Hotel Mapple Abhay,
Jodhpur, Rajasthan 342008
Email: shreyansh.jain@mail.ca.in
-- and --
Finvin Turnaround and Restructuring Private Limited
605, 6th Floor, Sunteck Crest,
Mukund Nagar Road, Andheri (East),
Mumbai, MH 400059
Email: cirp.harshmacro@gmail.com
Last date for
submission of claims: December 25, 2024
INDORE FIRE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Indore Fire Bricks Pvt Ltd
D-4 Sec-C Sanwar Road
Indore, Madhya Pradesh
India - 452001
Liquidation Commencement Date: December 12, 2024
Court: National Company Law Tribunal Indore Bench
Liquidator: Navin Khandelwal
206, Navneet Plaza
5/2, Old Palasia
Indore Madhya Pradesh, 452018
Email: liquidator.firebricks@gmail.com
Email: website.navink25@yhaoo.com
Last date for
submission of claims: January 6, 2025
JHARKHAND ROAD: CRISIL Reaffirms D Rating on INR410.74cr NCDs
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the
non-convertible debentures (NCDs) of Jharkhand Road Projects
Implementation Company Limited (JRPICL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 410.74 CRISIL D (Reaffirmed)
Debentures
The rating reflects non-payment of interest and principal
obligations on NCDs rated by CRISIL Ratings, which were due in
fiscals 2024 and 2025, as confirmed by the trustee (IDBI
Trusteeships Ltd) and investors. This is on account of delay in
receipt of annuities from the government of Jharkhand (GoJ).
In March 2023, GoJ released a lumpsum payout of annuities worth
INR358 crore, which brought down outstanding receivables to INR539
core as of December 2023. However, no further payments have been
made by project authority till date, due to which total outstanding
annuity balance has risen to INR931 crore as of September 2024.
Liquidity remains stretched as cash and cash equivalents of around
INR4.5 crore will not suffice to cover the payment of interest and
principal obligations. Additionally, the debt service reserve
account (DSRA) and major maintenance reserve account (MMRA) remain
constrained due to non-receipt of annuities. This has delayed major
maintenance works on two out of five road stretches. Regular
operation and maintenance (O&M) expenses were being managed via
internal liquidity available with the company, which has also
gradually exhausted over the years, exposing the projects to
maintenance related risks.
The rating continues to reflect JRPICL's weak financial risk
profile and exposure to risks related to O&M and major maintenance
and legal risks. A stable revenue profile, given the annuity-based
model, partially mitigates these weaknesses.
Analytical Approach
CRISIL Ratings has analysed the business and financial risk
profiles of the company on a standalone basis.
Key Rating Drivers & Detailed Description
Weakness:
* Weak financial risk profile: Financial risk profile had
marginally improved with disbursement of lumpsum annuities worth
INR358 crore in March 2023. The amount was utilised to make
interest payments and redeem NCDs. However, with non-receipt of
annuities, debt obligations for fiscals 2024 and 2025 (till date)
remained unpaid. Average debt service coverage ratio (DSCR) is
expected to remain below one time.
* Exposure to O&M risk: If JRPICL does not meet the prescribed O&M
standards, it faces the risk of reduction in annuity payments from
GoJ. Frequent material breaches in O&M may also lead to termination
of the contract by the state government. Both the O&M and major
maintenance are being carried out by IL&FS Transportation Networks
India Ltd (ITNL), which is part of the IL&FS group and is
undergoing a resolution under National Company Law Appellate
Tribunal (NCLAT). Therefore, ITNL's ability to adequately perform
its obligations under the fixed price contract is a key risk.
Presently, major maintenance work has been completed for three out
of five road stretches and is delayed for the remaining two
projects due to shortage of funds. Timely completion of the major
maintenance work is a key monitorable.
* Continued susceptibility to legal risk: In a letter to the
trustee, JRPICL stated that the NCLAT stay order on the IL&FS group
also includes normal debt servicing. Thus, despite having adequate
funds, the company has defaulted on payments to senior secured NCD
holders. Though debt has been restructured and the NCLAT has
reclassified JRPICL under the 'green' category, legal risk
persists, given the ongoing resolution at the IL&FS group.
Strengths:
* Stable revenue profile, backed by the annuity-based model: JRPICL
benefits from the annuity nature of its ongoing
build-operate-transfer project. GoJ had released lumpsum annuity
payments worth INR358 crore in March 2023. However, JRPICL has not
received any further annuities since then.
Liquidity: Poor
The company has not received any further annuity receipts from the
authority since the last payment made in March 2023. It has been
using its existing cash balance to carry out routine maintenance
and other expenses towards the project. This has led to gradual
depletion of the cash balance, which stood at around INR4.5 crore
as of November 2024. With no further visibility of annuities, the
liquidity position could deteriorate further.
Rating Sensitivity Factors
Upward Factors
* Timely receipt of over dues and future annuities, leading to
improvement in DSCR to above one time
* Creation of DSRA and MMRA in line with financing agreement
JRPICL is a special-purpose vehicle, set up to develop five road
stretches under the Jharkhand Accelerated Road Development
Programme (JARDP). These are the Ranchi Patratu-Dam Road, the
Patratu Dam-Ramgarh Road, the Ranchi ring road, the Chaibasa
Kandra-Chowka Road, and the Adityapur Kandra Road. All projects
have begun commercial operations and are receiving annuity
payments. ITNL and IL&FS hold 93.43% and 6.57%, respectively, in
JRPICL
About the ITNL
ITNL was incorporated by IL&FS in 2000, to consolidate its road
infrastructure projects and pursue new ones in surface
transportation infrastructure, via public-private partnerships.
ITNL undertakes development, operation and maintenance of national
and state highways. It has diversified into segments such as mass
rapid transport system, urban transportation infra system, car
parking and border check-post.
About IL&FS
IL&FS is one of India's leading infrastructure development and
finance companies. It was promoted by the Central Bank of India
('CRISIL A+/CRISIL A/Stable'), Housing Development Finance
Corporation Ltd ('CRISIL AAA/ FAAA/Stable/CRISIL A1+') and Unit
Trust of India. Over the years, IL&FS has broad-based its
shareholding and inducted institutional shareholders, including
State Bank of India ('CRISIL AAA/CRISIL AA+/FAAA/Stable/CRISIL
A1+'), Life Insurance Corporation of India, ORIX Corporation –
Japan, and Abu Dhabi Investment Authority.
IL&FS and its group companies (including ITNL) are going through
severe financial stress and have defaulted on a portion of their
debt since August 2018. The government of India had, on October 1,
2018, replaced the board of directors at IL&FS to turnaround the
group and restore confidence of financial markets, following the
default.
KALPATARUVU SPINNING: Ind-Ra Cuts Loan Rating to D
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kalpataruvu
Spinning Mills Limited's (KSML) bank facilities to 'IND D (ISSUER
NOT COOPERATING)' from 'IND BB-/Negative (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating review despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.
The detailed rating actions are:
-- INR275.20 mil. Term loan (Long-term) due on December 31, 2024
downgraded with IND D (ISSUER NOT COOPERATING) rating; and
-- INR300 mil. Fund-based limits (Long-term/Short-term downgraded
with IND D (ISSUER NOT COOPERATING) rating.
Detailed Rationale of the Rating Action
The downgrade reflects KSML's delays in debt servicing based on the
information available in the public domain. However, Ind-Ra has not
been able to ascertain the reason for the delays, as the company
has been non-cooperative. The ratings continue to be maintained in
non-cooperating category in accordance with Ind-Ra's 'Guidelines on
What Constitutes Non-Cooperation'.
The ratings continue to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with KSML while reviewing the
ratings. Ind-Ra had consistently followed up with KSML over emails
starting from November 2018, apart from phone calls. KSML has also
not been submitting its monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit ratings of KSML, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. KSML has been
non-cooperative with the agency since November 2018.
About the Company
Formed in March 2006, KSML is a Guntur-based company promoted by
Raghu Rami Reddy. It manufactures cotton yarn and has an installed
capacity of 30,048 spindles.
KARVY FORDE: CRISIL Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Karvy Forde
Search Private Limited (KFSPL; part of the Karvy Data Management
Services Ltd [KDMSL] group) continues to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KFSPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KFSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KFSPL continues to be 'CRISIL C Issuer not cooperating'.
KFSPL, based in Hyderabad, provides recruitment and staffing
solutions.
KEYA REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keya Realty
(Keya) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 9.26 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.74 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Keya for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Keya, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Keya
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Keya continues to be 'CRISIL D Issuer not cooperating'.
Set up as a proprietorship concern in 2002, by Mr. Manish
Mahendhrabhai Patel, Keya is engaged in construction of residential
and commercial real estate projects in Vadod
KRUSHNA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Krushna
Enterprises (SKE; part of Maa Kalika group) continues to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SKE for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKE continues to be 'CRISIL D Issuer not cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SKE, Kohenoor Industries
(KI), Maa Kalika Bhandar (MKB), and Dwarikamayee Bhandar (DB). The
firms, together referred to as the Maa Kalika group, are under a
common management with common customer and supplier base. Moreover,
the promoters treat the four entities as one single group for
funding and support.
The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr. Pawan Kumar Jajodia and his son, Mr. Jay Jajodia.
M/S GMA: Ind-Ra Cuts Loan Rating to B, Outlook Stable
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken following rating
actions on M/s GMA Pinnacle Automotives Private Limited's (GMA)
bank facilities:
-- INR26.73 mil. Proposed bank loan assigned with IND B/Stable/
IND A4 rating;
-- INR23.27 mil. Term loan due on March 31, 2029 assigned with
IND B/Stable rating; and
-- INR100 mil. Fund-based working capital limits Long-term rating
downgraded; short-term rating affirmed with IND B/Stable/IND
A4 rating.
Detailed Rationale of the Rating Action
The downgrade reflects deterioration in GMA's operating performance
which led to a fall in its credit metrics and liquidity in FY24.
STMPL's ratings are constrained by its small scale of operations,
modest EBITDA margins and credit metrics. However, Ind-Ra expects
an improvement in the scale of operations and credit metrics in
FY25, on account of better sales realization. The ratings remain
supported by GMA's experienced promoters.
Detailed Description of Key Rating Drivers
Small Scale of Operations; Improvement Likely in FY25: GMA's
revenue declined to INR456.15 million in FY24 (FY23: INR878.96
million), mainly because the company has stopped manufacturing
petrol vehicles which contributed around 40% to the FY23 total
revenue. During 8MFY24, GMA booked a revenue of around INR350
million. Ind-Ra expects the revenue to increase in FY25 on account
of vehicle dealership sales due to an improvement in the used car
sales and the launch of a new product.
Modest EBITDAR Margin: The ratings also reflect GMA's modest
EBITDAR margin owing to the dealership nature of the business. The
margin turned negative to 2.97% in FY24 (FY23: nil) due to the fall
in the revenue which led to lower absorption the fixed cost
expense. The return on capital employed (RoCE) stood at negative
15.4% in FY24 (FY22: negative 6.7%). Ind-Ra expects the EBITDA
margin to improve from FY25 on account of a likely improvement in
the sales.
Modest Credit Metrics: GMA's credit metrics deteriorated in FY24
owing to a fall in the EBITDA to negative INR13.54 million (FY23:
negative INR0.03 million). The interest coverage (operating
EBITDAR/gross interest expense + rent) turned negative 1.14x in
FY24 (FY23: 0.0x) and the net leverage (adjusted net debt/operating
EBITDAR) was negative 13.45x (negative 5.224.5x). Ind-Ra expects
the credit metrics to improve in the near term because of the
scheduled repayment of a long-term debt and an improvement in the
EBITDA margins.
Poor Liquidity: The average maximum utilization of the fund-based
limits for the 12 months ended October 2024 was 92.51%. GMA does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The cash
flow from operations turned negative INR39.74 million in FY24
(FY23: INR5.48 million), mainly due to a decline in the booking
advances from customers. The free cash flow also remained in
negative at INR54.35 million in FY24 (FY23: negative INR13.67
million). The working capital cycle stretched to 67 days in FY24
(FY23: 22 days), due to an increase in the inventory days to 64
(32). GMA had cash and cash equivalents of INR0.47 million at FYE23
(FYE22: INR2.44 million), against scheduled repayments of INR13.3
million in FY25 and INR5 million for FY26.
Experienced Promoters: The ratings remain supported by the
promoter's experience of almost a decade in the automobile
industry.
Rating Sensitivities
Negative: A significant decline in the revenue and profitability
margins, leading to deterioration in the liquidity profile and
credit metrics, all on a sustained basis, will be negative for the
ratings.
Positive: A significant improvement in the revenue and
profitability margins, along with an improvement in the liquidity
position and credit metrics, with the net leverage falling below
8x, all on a sustained basis, will be positive for the ratings.
About the Company
Incorporated in 2016, GMA is an authorized dealer of Jeep vehicles.
The company is engaged in the selling of imported and domestic
cars, spare parts-accessories and servicing.
MOBONAIR WIRELESS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Mobonair Wireless Private Limited
Flat S-3, C-240, Pandav Nagar,
East Delhi, Delhi, India 110092
Insolvency Commencement Date: October 15, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 7, 2025
Insolvency professional: Brijesh Kumar Tamber
Interim Resolution
Professional: Brijesh Kumar Tamber
J-28, Ground Floor,
Jangpura Extension,
New Delhi 110014
Email: officeofbrijeshktamber@gmail.com
Email: cirp.mwpl@gmail.com
Last date for
submission of claims: December 23, 2024
MOMENTUM STRATEGY: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Momentum Strategy Consultants Private Limited
Malkauns 10 Trans Tata Gund Post
Off Kanakapura Road
Bengaluru, Karnataka 560062
Liquidation Commencement Date: December 11, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Kondisetty Kumar Dushyantha
No. 1, Ashoka Pillar, 5th Floor,
3rd Cross Jayanagar, I Block,
Bangalore 560011
Email: dushyanthak@gmail.com
Tel No: 080 26560400
Last date for
submission of claims: January 11, 2025
NAGAR NIGAM: Ind-Ra Withdraws BB+ LongTerm Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nagar Nigam
Haldwani-Kathgodam's (NN-HK) Long-Term Issuer Rating of 'IND BB+'.
The Outlook was Stable.
-- The IND BB+/ Stable rating on the Long-Term Issuer Rating is
withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a withdrawal request from the issuer. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
About the Company
The Haldwani-Kathgodam Municipal Council was established on
September 21, 1942, and was upgraded to a municipal corporation on
May 21, 2011. It is the third largest municipal corporation in
Uttarakhand after Dehradun and Haridwar. The ULB has a jurisdiction
over an area of 42.59 sq.km with a population of 3,81,123 with a
total number of 65,353 households. The municipal corporation
consists of democratically elected members, which is headed by a
mayor, and administers the city's infrastructure and public
services.
NARAYAN BUILDERS: Ind-Ra Affirms BB- Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sree Narayan
Builders (SNB) bank facilities' rating as follows:
-- INR300 mil. Fund-based working capital limit affirmed with IND
BB-/Stable rating;
-- INR40 mil. Fund-based working capital limit assigned with IND
BB-/Stable rating; and
-- INR10 mil. Proposed fund-based working capital limit assigned
with IND BB-/Stable rating.
Detailed Rationale of the Rating Action
The affirmation reflect SNB's continued small scale of operations,
modest EBITDA margin and modest credit metrics in FY24. However,
Ind-Ra expects scale of operations, EBITDA margins and credit
metrics to improve in FY25 on the back of association with a new
channel partner.
The rating is, however, supported by the promoter's three decades
of experience in the steel trading business.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: SNB's scale of operations
remained small as indicated by revenue of INR969.51 million in FY24
(FY23: INR795.30) and EBITDA of INR32.97 million (INR43.26
million). In FY24, the revenue grew due to the company's
association with a new channel partner, leading to product
diversification. Until October 31, 2024, SNB generated revenue of
INR910.94 million. In FY25, Ind-Ra expects the revenue to increase
due to growth in demand for steel products.
Sustained Modest EBITDA Margin: The EBITDA margin remained modest
at 3.4% in FY24 (FY23: 5.4%) with a return on capital employed of
8% (9.6%). In FY24, the EBITDA margin declined as it sold products
at a lower price to its customers, thereby passing the benefits of
a decline in inventory prices. In FY25, Ind-Ra expects the EBITDA
margin to remain at similar levels due to trading and distribution
nature of business.
Credit Metrics to Remain Modest: The interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 0.90x in FY24
(FY23: 1.28x) and net leverage (total adjusted net debt/operating
EBITDAR) to 7.06x (5.77x). In FY24, the interest coverage declined
due to an increase in the gross interest expense to INR36.71
million (INR33.76 million) due to increased utilization of
fund-based facilities, while the net leverage increased on account
of a decline in the EBITDA to INR32.97 million (INR43.26 million).
However, in FY25, Ind-Ra expects the credit metrics to improve
owing to a likely improvement in the EBITDA and lack of a debt-led
capex plan.
Experienced Promoters: The promoters have nearly three decades of
experience in steel trading industry. This has facilitated the
company to establish strong relationships with customers as well as
suppliers.
Liquidity
Stretched: The net working capital improved to 88 days in FY24
(FY23: 138 days) mainly on account of a decrease in the receivable
period to 56 days (68 days) and inventory holding period to 39 days
(79 days). SNB's average maximum month-end utilization of the
fund-based limit was 89.20% during the 12 months ended October
2024. Furthermore, SNB does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. The cash flow from operations turned positive to
INR31.57 million in FY24 (FY23: negative INR307.20 million) on the
back of favorable changes in working capital. Consequently, the
free cash flow turned positive to INR29.08 million (FY23: negative
INR310.13 million) amid the absence of capex. SNB has debt
repayment obligations of INR0.5 million and INR1.0 million in FY25
and FY26, respectively. The cash and cash equivalent stood at
INR85.43 million at FYE24 (FYE23: INR98.33 million).
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or a further weakening of
the liquidity profile will be negative for the ratings.
Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics and liquidity, with the interest
coverage exceeding 1.8x, on a sustained basis, will be positive for
the ratings.
About the Company
SNB is a distributor of thermo-mechanically treated rods, steel and
roof sheets in South Bengal with a presence of over 30 years. It
procures materials from suppliers such as JSW Steel and SPS Steel
Rolling Mills Ltd, and distributes the same through its network of
dealers.
NIGAM HARIDWAR: Ind-Ra Withdraws BB LongTerm Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nagar Nigam
Haridwar's(NNH) Long-Term Issuer Rating of 'IND BB. The Outlook was
Stable.
-- The 'IND BB/Stable' rating on the Issuer rating is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the rating, as the agency
has received a withdrawal request from the issuer. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
About the Company
The district of Haridwar is situated in the south-west part of the
state of Uttarakhand. For administrative purposes, the district is
divided into three tehsils – Roorkee, Haridwar and Laksar. The
NNH is the civic body that governs the city of Haridwar in
Uttarakhand. The city is located around 41km from Dehradun, the
capital of Uttarakhand. The city serves as a gateway to several
prominent places of worship: the Char Dham (the four main centers
of pilgrimage in Uttarakhand viz, Badrinath, Kedarnath, Gangotri,
and Yamunotri).
Hardwar Municipal Board was created in the year 1873. The city was
upgraded to a Nagar Nigam or Municipal Corporation on July 21,
2011. The corporation has jurisdiction over an area of 25 square
kilometers with a current population of 2,51,197. The municipal
corporation, which consists of democratically elected members, is
headed by a mayor and administers the city's infrastructure and
public services.
NIGAM KANAVNAGRI: Ind-Ra Withdraws B+ LongTerm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nagar Nigam
Kanavnagri Kotdwar's(NNKK) Long-Term Issuer Rating of 'IND B+'. The
Outlook was Stable.
-- The 'IND B+/Stable' rating on the Long-Term Issuer Rating is
withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a withdrawal request from the issuer. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
About the Company
Kotdwar is a tehsil in Pauri Garhwal district in the state of
Uttarakhand. The tehsil is located on the bank of river Khoh and is
situated in the south-western part of the state. The Nagar Nigam
Kanavnagri Kotdwar is the civic body that governs the city of
Kotdwar. The Nagar Palika Parishad of Kotdwar was established in
1949. It was upgraded to a nagar nigam or municipal corporation on
6 April 2018. The corporation has jurisdiction over an area of
54.59 square km with a current population of 1,35,934. The
municipal corporation consists of democratically elected members,
is headed by a mayor, and administers the city's infrastructure and
public services.
NIGAM KASHIPUR: Ind-Ra Withdraws BB LongTerm Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nagar Nigam
Kashipur's (NNK) Long-Term Issuer Rating of 'IND BB' with a Stable
Outlook as follows:
-- The 'IND BB/ Stable' rating on the Issuer rating is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a withdrawal request from the issuer. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
About the Company
Kashipur is a city of Udham Singh Nagar district of Uttarakhand,
and one of its seven subdivisions. Located in the western part of
the district, it is Kuamon's third most populous city and the sixth
most populous city in the state. NNK was formed in 2013 after the
upgradation from Kashipur municipal council. Kashipur is divided
into 40 wards. The municipal corporation consists of democratically
elected members, is headed by a mayor and administers the city's
infrastructure and public services.
NIGAM RISHIKESH: Ind-Ra Withdraws BB- LongTerm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nagar Nigam
Rishikesh's (NNR) Long-Term Issuer Rating of 'IND BB-'. The Outlook
was Stable.
The detailed rating action is:
-- The 'IND BB-/Stable' rating on the Issuer rating is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the rating, as the agency
has received a withdrawal request from the issuer. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
About the Company
NNR is the local governing body of Rishikesh in Uttarakhand. In
2017, as part of expanding the limits of the municipality, it
included the Gram Sabha of Rishikesh and Virpur Khurd. Rishikesh
Municipality was upgraded to municipal corporation at end-2017. The
ULB has a jurisdiction of over 26sq.km with a population of
1,06,320 (Census 2011) with a total of 16,200 households. The
municipal corporation, consists of democratically elected members,
is headed by a mayor and administers the city's infrastructure and
public services.
NIGAM ROORKEE: Ind-Ra Withdraws BB LongTerm Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nagar Nigam
Roorkee's Long-Term Issuer Rating of 'IND BB'. The Outlook was
Stable.
-- The 'IND BB/Stable' rating on the Long-Term Issuer Rating is
withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a withdrawal request from the issuer. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
About the Company
Nagar Nigam Roorkee is the civic body that governs the city of
Roorkee in Uttarakhand. The municipality/nagar palika of Roorkee
was established in 1949. The city was upgraded to a nagar nigam or
municipal corporation on February 27, 2013. The corporation has
jurisdiction over an area of 23.01sq.km with a population of
1,81,228. The municipal corporation consists of democratically
elected members, is headed by a mayor and administers the city's
infrastructure and public services.
NIGAM RUDRAPUR: Ind-Ra Withdraws BB+ LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nagar Nigam
Rudrapur's (NNR) Long-Term Issuer Rating of 'IND BB+'. The Outlook
was Stable.
-- The 'IND BB+/Stable' rating on the Issuer rating is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a withdrawal request from the issuer. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
About the Company
Rudrapur serves as the headquarters of the Udham Singh Nagar
district. Rudrapur city is governed by the civic body of Rudrapur
municipal corporation and known as NNR. It is one of the eight
nagar palika parishads in the Udham Singh Nagar district with an
area of 27.65 square km. To expand its municipal councils, the
Uttarakhand government upgraded the Rudrapur city administration
from municipality to municipal corporation on 28 February 2013. The
NNR is divided into 20 wards which is governed by 20 elected
municipal councilors and a mayor. The municipal corporation
consists of democratically elected members, is headed by a mayor
and administers the city’s infrastructure and public services.
PRAKASH OFFSET: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Prakash Offset Printers (POP) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Term Loan 14.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund- 2 CRISIL D (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with POP for
obtaining information through letter and email dated November 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of POP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on POP
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of POP to 'CRISIL D Issuer not cooperating'.
POP was established in 1982 as partnership firm. It is engaged in
providing printing services including offset printing (commercial
printing). Its printing facility located in Mangalore, Karnataka
and owned by Mr. P. Raghuveer Nayak, Mrs Pallavi R Nayak, Mr. Anand
S Prabhu, Mrs Vasanthi Prabhu and Mrs. Savithri R Prabhu.
RAKSHA UNIVERSAL: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Raksha Universal Private Limited
155, Upper Ground Floor,
Okhla Industrial Estate Phase-3,
Okhla Industrial Estate,
South Delhi, New Delhi,
Delhi 110020, India
Liquidation Commencement Date: December 7, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Liquidator: Gyaneshwar Sahai
OS-2, 2nd Floor, The Next Door, Sector 76,
Faridabad, Haryana - 121004
Email: gyaneshwar.sahai@gmail.com
Mobile No: 9953541408
Last date for
submission of claims: January 6, 2025
RELIANCE INFRATEL: Supreme Court Restores Claims of 4 Lenders
-------------------------------------------------------------
Business Standard reports that the Supreme Court on Dec. 20
restored claims of four lenders of the insolvent Reliance Infratel
Ltd, striking down an order of the National Company Law Appellate
Tribunal (NCLAT) that derecognised them as lenders of the firm.
The four entities are Assets Care & Reconstruction Enterprise Ltd,
Shubh Holdings Pte Ltd, China Development Bank, and Export-Import
Bank of China, with their claims amounting to more than INR10,952
crore out of the total INR41,055 crore, Business Standard
discloses.
According to the report, the issue involved in the appeals was
whether the lenders could be classified as 'financial creditors'
within the meaning of sub-section (7) of Section 5 of the
Insolvency and Bankruptcy Code, 2016 (IBC).
Another issue that arose, in the event the appellants were not
considered 'financial creditors,' was whether they could be
classified as 'secured creditors' and be paid commensurate to their
security interest, the report says.
During the insolvency process, the resolution professional had
admitted the claims of these four entities as lenders.
Doha Bank opposed this before the NCLAT, arguing that these
entities were not direct lenders of Reliance Infratel and that it
was impermissible to admit them as lenders based on various terms
of the deeds of hypothecation (DoH), Business Standard relates.
Business Standard says the NCLAT held that the DoH was not a deed
of guarantee. It stated that the only parties to the DoH were the
chargors and the security trustee. "The only object of the DoH was
to create a charge on the property of the chargors. Therefore, the
chargors cannot be treated as guarantors," the tribunal held.
The NCLAT then set aside the order passed by the National Company
Law Tribunal (NCLT) and remanded the case to the NCLT for taking
consequential actions resulting from derecognising the first four
appellants as lenders.
When the matter reached the apex court, it ruled based on the
definition of 'claim' under the IBC, Business Standard notes. "If
the right to payment exists or if a breach of contract gives rise
to a right to payment, the definition of 'claim' is attracted. Even
if that right cannot be enforced by reason of the applicability of
the moratorium, the claim will still exist. Therefore, whether the
cause of action for invoking the guarantee has arisen or not is not
relevant for considering the definition of 'claim'," the court
held.
Business Standard adds that the Supreme Court has now overturned
the NCLAT order and restored the NCLT order. "The order of the
NCLAT is quashed and set aside, and the order dated March 2, 2021,
passed by the NCLT, Mumbai Bench (adjudicating authority), is
restored," the Supreme Court held.
About Reliance Infratel
Reliance Infratel Limited (RITL) builds, owns, and operates
telecommunication towers, optic fiber cable assets, and related
assets. Its customers use the space on its telecommunication towers
to install active communication related equipment and operate their
wireless communications networks. The company serves wireless and
other communications service providers and non-communications
customers under long-term contracts.
RITL, formerly Reliance Telecom Infrastructure Limited, is a part
of the RCom group. RCom (holding company for group telecom
operations) has ~95% stake in RITL through its wholly-owned
subsidiary - Reliance Communications Infrastructure Limited and
other trusts and holding companies.
RITL commenced insolvency resolution process on May 15, 2019. Mr.
Manish Dhirajlal Kaneria of RBSA Advisors was appointed as interim
resolution profession of the company.
RHYTHM INFRA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Rhythm Infra Properties Private Limited
52, Strand Road, Kolkata,
West Bengal India - 700007
Insolvency Commencement Date: December 3, 2024
Estimated date of closure of
insolvency resolution process: June 1, 2025
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Kanakabha Ray
2nd Floor , YMCA Building
25, Jawaharlal Nehru Road
Kolkata - 700087
Email: insolvency.rythminfra@gmail.com
Last date for
submission of claims: December 17, 2024
RY MIDAS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RY Midas
Alluminiums Private Limited (RY) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 19 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1 CRISIL D (Issuer Not
Cooperating)
Working Capital
Demand Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RY for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RY, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RY is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of RY
continues to be 'CRISIL D Issuer not cooperating'.
RY was incorporated in 2006, promoted by Mr. Jagdishchandra
Baluramji Shah and Ms Ashaben Jagdishchandra Shah. The company
trades in metals and alloys. In fiscal 2016, it commenced
manufacturing aluminium ingots using aluminium/copper alloy waste
or scrap at its facility in Ahmedabad, Gujarat.
SABITRI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sabitri
Industries Private Limited (SIPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 28.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 42.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SIPL continues to be 'CRISIL D Issuer not cooperating'.
SIPL, incorporated in November 2009 and promoted by Mr. Dillip
Kumar Agarwalla, commissioned a 37-tonne-perhour raw and par-boiled
rice processing unit in Jajpur, Odisha, in June 2014. Commercial
operations commenced in October 2014.
SAINI EARTHMOVER: CRISIL Reaffirms B+ Rating on INR6.5cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Saini Earthmover Pvt Ltd (SEPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Reaffirmed)
Electronic Dealer
Financing Scheme
(e-DFS) 4.75 CRISIL B+/Stable (Reaffirmed)
Proposed Working
Capital Facility 6.5 CRISIL B+/Stable (Reaffirmed)
Working Capital
Term Loan 1.5 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect susceptibility to cyclicality in
end-user industries and modest financial risk profile. These
weaknesses are partially offset by the extensive experience of the
promoters in the automotive dealership business.
Analytical Approach
CRISIL Ratings has considered the standalone business and financial
risk profiles of SEPL
Key Rating Drivers & Detailed Description
Weaknesses:
* Susceptibility to cyclicality in end-user industries: The company
caters to the real estate, construction and infrastructure
industries, which are cyclical and strongly correlated to economic
cycles. For instance, during economic recession, the construction
sector faces a slowdown with several projects getting delayed or
cancelled, thereby affecting the revenue and profitability of
SEPL.
* Modest financial risk profile: The financial risk profile was
constrained by networth and gearing of INR12.19 crore and 2.45
times, respectively, as on March 31, 2024. Interest coverage and
net cash accrual to adjusted debt ratios were subdued at 1.62 times
and 0.04 time, respectively, in fiscal 2024. The financial risk
profile will likely improve over the medium term with increase in
networth and stable repayment of term debt.
Strength:
* Extensive experience of the promoters: The promoters' experience
of three decades in the automotive dealership business, strong
understanding of local market dynamics and healthy relationships
with suppliers and customers will continue to support the
business.
Liquidity: Stretched
Bank limit utilisation was high at 88% on average for the 12 months
through October 2024. Cash accrual, expected ~Rs 1.2 crore per
annum, will be insufficient to cover yearly term debt obligation of
INR2.25 crore over the medium term. The shortfall is expected to be
funded by repayment of loans and advances by group companies, which
reduced significantly to INR7 crore as on March 31, 2024, from
INR12 crore as on March 31,2023.
Current ratio was healthy at 1.44 times and cash and bank balance
was moderate around INR4 crore as on March 31, 2024.
Outlook: Stable
SEPL will continue to benefit from its longstanding relationships
with its principal supplier and the extensive experience of its
management to mitigate inherent risks in the trading business.
Rating sensitivity factors
Upward factors:
* Steady revenue growth and profitability resulting in cash
accruals over INR2 Crore.
* Reduction in exposure to group companies
* Improvement in the working capital cycle resulting in lower
working capital limit utilization
Downward factors:
* Signifiacnt decline in scale of operations and profitability
leading to lower than expected net cash accruals
* Sizeable stretch in working capital cycle or inventory resulting
in higher dependence on working capital limits leading to gearing
over 3 times
Incorporated in 2006 by Mr Amrik Singh Saini and Ms Navdeep Kaur,
SEPL is an authorised dealer of earth-moving equipment, spare parts
and lubricants of JCB India Ltd. The company has seven branches,
showrooms and service centres across West Bengal, covering major
markets such as Kharagpur, Haldia, Rajarhat, Arambag, Diamond
Harbour, Princep Street and Krishnanagar.
SAMBASHIVA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sambashiva
Cotton Industries (SCI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 2.8 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.7 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SCI for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCI continues to be 'CRISIL B+/Stable Issuer not cooperating'.
Established in October, 2015 as a partnership firm, SCI is engaged
in the business of cotton ginning and cotton seed oil extraction.
Based in Karimnagar (Telangana), the firm is promoted and managed
by Mr. D Malla Reddy, Mr.M Srinivas and Mr. B Manohar.
SAPTHAVARNA BUILDERS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sapthavarna
Builders Private Limited (SBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 1.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Short Term 1.4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 0.6 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with SBPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
SBPL, incorporated in 2008, undertakes residential real estate
development. The company is based in Thrissur, Kerala.
SHIVANG CARPETS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivang
Carpets Private Limited (SCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Corporate Loan 3.5 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 5.5 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 7 CRISIL D (Issuer Not
Purchase Cooperating)
Packing Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Standby Line 0.9 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
SCPL was originally established in 2001 as a proprietorship firm by
Mr. Ranjeet Singh, and was reconstituted as a private limited
company in 2005, with Mr. Abhishek Singh, the founder's nephew,
joining as director. SCPL manufactures and exports floor coverings,
mainly hand-made woollen rugs and carpets, at its facilities in
Bhadohi, Uttar Pradesh. In 2007-08 (refers to financial year, April
1 to March 31), it started manufacturing polyester carpets, which
now account for 60 percent of its revenue.
SHRUTI TRAVELS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shruti Travels
(ST) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Working 2.7 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with ST for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ST, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ST is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of ST
continues to be 'CRISIL D Issuer not cooperating'.
ST was set up in 2000, in Indore, Madhya Pradesh, by Mr. Rajesh
Shrivastava. The firm is engaged in car rental business to
corporates.
SIRI FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Siri
Foundations (SF) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 9.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SF for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SF
continues to be 'CRISIL D Issuer not cooperating'.
SF was set up as a partnership firm in 2018 by Ms P Komalatha, Mr.
P Umapathy and Mr. P Vidya Sagar. The firm derives its revenue from
leasing out commercial property located at Venugopal Nagar in
Anantpur, Andhra Pradesh.
SMT. VISHNU: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Smt. Vishnu
Devi Educational Trust (SVDET) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVDET for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVDET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVDET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SVDET continues to be 'CRISIL D Issuer not cooperating'.
SVDET was formed in 2011, by Mr. Anil Kumar Agrawal and family. The
trust has been set up to run educational institutions. Presently,
the trust is running a school under the name of K N International
School near Mathura (Uttar Pradesh), which was established in
2011.
SPECTRUM ELECTRICAL: Ind-Ra Keeps BB+ Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Spectrum
Electrical Industries Limited's bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR10 mil. Non-fund-based working capital limit** maintained
in non-cooperating category and withdrawn;
-- INR440 mil. Term loan* due on April 30, 2027 maintained in
non-cooperating category and withdrawn; and
-- INR350 mil. Fund-based working capital limit*** maintained in
non-cooperating category and withdrawn.
Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information
*Maintained at 'IND BB+/stable (ISSUER NOT COOPERATING)' before
being withdrawn
**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
***Maintained at 'IND BB+/stable (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
Detailed Rationale of the Rating Action
The ratings have been maintained in the non-cooperating category
before being withdrawn as the issuer did not participate in the
rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statements, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, information on corporate governance, and management
certificate. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders and a
withdrawal request from the company. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer
provide analytical and rating coverage for the company.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Spectrum Electricals
Industries while reviewing the ratings. Ind-Ra had consistently
followed up with Spectrum Electricals Industries over emails apart
from phone calls.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of Spectrum Electricals Industries, as the agency
does not have adequate information to review the rating. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
Spectrum Electricals Industries has been non-cooperative with the
agency since February 2024.
About the Company
Incorporated in 1995, Jalgaon, Maharashtra-based Spectrum
Electrical manufactures electrical press components, electrical
wire accessories, tools, molds and dies, sheet metal fabrication,
and irrigation equipment among others. The company has operational
manufacturing facilities in Jalgaon, Nashik and Hyderabad, and
plans a facility in Bangalore. The company is listed on the
National Stock Exchange of India Limited.
SRV KNIT: CRISIL Moves B+ Debt Ratings from Not Cooperating
-----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated the
rating of SRV Knit Tech Pvt Ltd (SRV) to 'CRISIL B+/Stable Issuer
Not Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out a
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating the rating on the long-term bank facilities of SRV to
'CRISIL B+/Stable' from 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 0.5 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable ISSUER
NOT COOPERATING')
Working Capital 7.0 CRISIL B+/Stable (Migrated
Facility from 'CRISIL B+/Stable ISSUER
NOT COOPERATING')
The rating continues to reflect the modest scale of-and working
capital-intensive operations and weak financial risk profile. These
weaknesses are partially offset by the extensive experience of the
promoter in the ready-made garments industry and established
relationships with customers.
Analytical Approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of SRV.
Unsecured loan of INR3.5 crore as on March 31, 2024, from the
promoter has been considered as neither debt nor equity based on
management stance.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Subdued scale is reflected in revenue
of INR27.58 crore in fiscal 2024. The readymade garments industry
is highly fragmented with a few organised players and several
unorganised players. Despite having a diverse product portfolio,
including cotton garments, a significant portion of the revenue
accrues from woolen clothing, leading to seasonality in the revenue
profile.
* Large working capital requirement: Gross current assets (GCAs)
were sizeable at 234 days as on March 31, 2024 driven by
significant inventory of 121 days. Operations are expected to
remain working capital intensive.
* Leveraged financial risk profile: The capital structure is
moderately leveraged as reflected in gearing of 2.53 times and
modest networth of INR4.52 crore as on March 31, 2024. Debt
protection metrics are also weak, as reflected in interest coverage
and net accrual to total debt ratios of 1.28 times and 0.09 time,
respectively, for fiscal 2024. With the increase in accruals and
absence of debt funded capital expenditure (capex), financial risk
profile should improve over the medium term.
Strength:
* Extensive experience of the promoter in the readymade garments
industry: The promoter's decade-long experience in the garment
manufacturing business; sound understanding of industry dynamics
and healthy relationship with customers and suppliers should
continue to support the business.
Liquidity: Stretched
Bank limit utilisation averaged a moderate 75.02% for the 12 months
ended September 2024. Net cash accrual to repayment obligation
(NCA/RO) ratio is expected to be less than 1 due to increased
borrowings.
The promoter is likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations. Current ratio is healthy at 1.41 times as on
March 31, 2024. Extensive exposure to group companies: INR1.58
crore invested in group companies in the form of equity, loans and
advances as on March 31, 2024, which accounts for 35% of current
networth. CRISIL Ratings believes that any further exposure in the
group companies, impinging its own cash accrual may impact
liquidity and will remain a rating sensitivity factor.
Outlook: Stable
CRISIL Ratings believes SRV will continue to benefit from the
extensive experience of its promoter in the readymade garments
industry.
Rating sensitivity factors
Upward factors
* Stable revenue growth and operating margin leading to improvement
in cash accrual
* Better financial risk profile and improvement in the liquidity
profile, especially NCA/RO above 1.5 times
Downward factors
* Stretch in the working capital cycle, as indicated by GCAs of
over 300 days
* Further decline in revenue and operating margin leading to
reduction in cash accrual
* Stretch in the liquidity profile
Incorporated in 2001, SRV manufactures ready-made cotton and woolen
garments for several leading brands. The company is promoted by Mr.
Akhil Khanna, a Delhi-based entrepreneur. Its facility is in
Bengaluru.
SUPER CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Super
Construction Co. - Mumbai (SCC) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 5.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 8.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SCC for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCC continues to be 'CRISIL D Issuer not cooperating'.
SCC, set up in 1981, undertakes real estate development in and
around Mumbai. The firm is owned and managed by Mr. Haribansh Singh
and his family. The firm's office is in Navi Mumbai. Currently, SCC
is developing a residential real estate project in Kharghar, and
two slum rehabilitation projects (one each in Bandra and Wadala in
Mumbai). In addition, the firm is also setting up a hotel in
Panvel.
SYNERGY PETRO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Synergy Petro Products Private Limited
Registered Address:
78, Ground Floor National Park,
Lajpat Nagar 4, South Delhi,
New Delhi, Delhi, India 110024
Other Address:
Plot No 481, Industrial Area,
Bhiwadi, Rajasthan
Insolvency Commencement Date: December 3, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 1, 2025
Insolvency professional: Sanjeet Kumar Sharma
Interim Resolution
Professional: Sanjeet Kumar Sharma
BE 149, Street No. 5
Hari Nagar, Delhi-110064
Email: sansharma1975@gmail.com
Email: cirp.synergypetro@gmail.com
Last date for
submission of claims: December 18, 2024
TERRA REALCON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Terra Realcon
Private Limited (TRPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TRPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TRPL continues to be 'CRISIL D Issuer not cooperating'.
Incorporated in 2007 and promoted by Mr. Mahender Arora and Mr.
Sunil Chutani, TRPL develops real estate and is currently
constructing a residential project, Terra Castle, in Bhiwadi,
Rajasthan.
TRANZLEASE HOLDINGS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Tranzlease Holdings (India) Private Limited
House No. 695, Trupati APT,
Patalor Plot, Kalambhe,
Shahapur Kalamgaon,
Thane, Shahapur,
Maharashtra, India 421601
Insolvency Commencement Date: December 4, 2024
Estimated date of closure of
insolvency resolution process: June 2, 2025
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Atul Tandom
House No. 66, SreshtlaVihar,
National Capital Territory of Delhi - 110 092
Email: ipe@npwca.in
Email: cirp.tranzlease@gmail.com
Last date for
submission of claims: December 18, 2024
UNITED COKE: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the ratings of
United Coke Private Limited's (UCPL) bank facilities as follows:
-- INR500 mil. Non-fund-based working capital limit affirmed with
IND A4+ rating; and
-- INR50 mil. Term loan due on March 31, 2026 affirmed with IND
BB/Stable rating.
Detailed Rationale of the Rating Action
The affirmation reflects UCPL's continued small scale of
operations, stretched liquidity, modest EBITDA margins and moderate
credit metrics in FY24. However, the ratings are supported by the
promoters' experience of nearly 24 years in the low ash
metallurgical coke business. Ind-Ra expects the revenue to remain
stable in FY25. Over the medium term, the margins are likely to be
stable and the credit metrics to improve but remain moderate.
Detailed Description of Key Rating Drivers
Continued Small Scale of Operations: UCPL's revenue grew to
INR1,300.96 million in FY24 (FY23: INR1,049.99 million) and EBITDA
rose to INR32.23 million (INR17.86 million), led by an increase in
demand for coke and a decrease in raw material costs. UCPL booked
revenue of INR635 million during 1HFY25, and it had an order book
of INR70 million as of November 2024, to be executed by March 2025.
In FY25, Ind-Ra expects the revenue to remain largely at FY24
levels.
Modest EBIDTA Margin: UCPL's EBITDA margin rose slightly to 2.47%
in FY24 (FY23:1.70%) because of lower raw material prices. The ROCE
was 10.5% in FY24 (FY23: 4.4%). In FY25, Ind-Ra expects the EBITDA
margin to remain at similar levels.
Moderate Credit Metrics: In FY24, the credit metrics improved due
to the increase in EBITDA. The interest coverage (operating
EBITDA/gross interest expenses) was 1.88x in FY24 (FY23: 1.61x) and
the net leverage (total adjusted net debt/operating EBITDAR) was
0.68 (4.36x). Ind-Ra expects the credit metrics to improve further
in FY25 due to repayment of debt and the absence of any debt-led
capex plans.
Experienced Promoters: The ratings are also supported by the
promoters' experience of nearly 24 years in the low ash
metallurgical coke segment, which has led to established
relationships with customers and suppliers.
Liquidity
Stretched: UCPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. In FY24, the cash flow from operations turned
positive at INR76.81 million (FY23: negative INR41.37 million) due
to favorable changes in working capital. The free cash flow turned
positive at INR56.13 million in FY24 (FY23: negative INR87.41
million). The net working capital cycle of the company improved to
13 days in FY24 (FY23: 45 days) because of a decrease in debtor
days to 37 days (61 days). The cash and cash equivalents stood at
INR62.62 million at FYE24 (FYE23: INR10.41 million). UCPL has
scheduled debt obligations of INR11.1 million in FY25 and INR11.1
million in FY26.
Rating Sensitivities
Negative: Any deterioration in the scale of operations or weakening
of the credit metrics or liquidity position, will be negative for
the ratings.
Positive: A significant improvement in the scale of operations,
leading to an improvement in the credit metrics, with the net
leverage remaining below 4.0x, and an improvement in the liquidity
position, will be positive for the ratings.
About the Company
Incorporated in 2004, UCPL manufactures low ash metallurgical coke
and is also engaged in the trading of coking coal. UCPL has an
installed capacity of 36,000MTPA in Kutch (Gujarat).
V.G.I. PHARMA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: V.G.I. Pharma Private Limited
Plot No. J-8, Phase 3,
MIDC Akola, Maharashtra 444104
Insolvency Commencement Date: December 3, 2024
Court: National Company Law Tribunal, Mumbai Bench VI
Estimated date of closure of
insolvency resolution process: June 1, 2025
Insolvency professional: Kshitiz Gupta
Interim Resolution
Professional: Kshitiz Gupta
F-52, First Floor, Centrium Mall,
Lokhandwala Township,
Kandivali East, Mumbai - 400101
Email: kshitiz.ca@gmail.com
Email: vgipharma.ibc@gmail.com
Last date for
submission of claims: December 23, 2024
VENUS DENIM: Ind-Ra Moves B- Term Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Venus Denim's (VD)
bank facilities' rating to the non-cooperating category and has
simultaneously withdrawn the same.
The detailed rating actions are:
-- INR350 mil. Fund-based working capital limit# migrated to non-
co-operating category and withdrawn;
-- INR29.96 mil. Non-fund-based working capital limit@ migrated
to non-co-operating category and withdrawn;
-- INR557.10 mil. Term loan* due on April 1, 2028 migrated to
non-co-operating category and withdrawn; and
-- INR21.84 mil. Proposed term loan* migrated to non-co-operating
category and withdrawn.
#Migrated to 'IND B-/Stable (ISSUER NOT COOPERATING)'/'IND
A4(ISSUER NOT COOPERATING)' before being withdrawn
@Migrated to 'IND A4 (ISSUER NOT COOPERATING)' before being
withdrawn
*Migrated to 'IND B-/Stable (ISSUER NOT COOPERATING)' before being
withdrawn
Detailed Rationale of the Rating Action
The rating has been migrated to the non-cooperating category before
being withdrawn as the issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls, and has not provided
information about latest audited financial statement, sanctioned
bank facilities, business plans and projections for the next three
years. This is in accordance with Ind-Ra's policy of 'Guidelines on
What Constitutes Non-cooperation'.
Ind-Ra is no longer required to maintain the rating, as the agency
has received no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with VD while reviewing the
rating. Ind-Ra had consistently followed up with VD over emails,
apart from phone calls. However, the issuer has been submitting its
monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of VD, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.
About the Company
Incorporated in March 2015, VD is promoted by Balvantrai Agarwal
and his family members. VD manufactures denim fabrics with a
capacity of 30 million meters per annum, including 312 weaving
looms. It also has two dyeing units with a total capacity of 45
million meters per annum. The company is a part of the Kumar group,
which has direct presence in weaving, dyeing and manufacturing of
yarn in the textile value chain.
=================
I N D O N E S I A
=================
REJEKI ISMAN: Indonesian Supreme Court Upholds Bankruptcy Ruling
----------------------------------------------------------------
Bloomberg News reports that Indonesia's Supreme Court has upheld
the bankruptcy ruling on distressed textile company PT Sri Rejeki
Isman, according to people familiar with the decision, risking
layoffs for tens of thousands of its employees.
Bloomberg relates that the court on Dec. 18 rejected the appeal
from Sritex - as the company is more commonly known - to overturn a
lower court ruling in October that declared the company bankrupt,
said the people, who asked not to be identified as the decision was
not yet public.
According to Bloomberg, the ruling will raise uncertainties for the
company's roughly 50,000 employees. Indonesian President Prabowo
Subianto had previously ordered his ministers to come up with
rescue options for the company, once the country's largest
clothesmaker.
The textile industry is one of the biggest employers in Indonesia
and any widespread job losses would be an early setback for
Prabowo's new government, which aims to turbo-change economic
growth to 8% from the current 5% pace, the report notes.
A court in the island of Java, where Sritex is based, granted the
bankruptcy petition against Sritex in October after the company and
its subsidiaries failed to meet the payment obligation set out in a
debt restructuring agreement from 2022.
The clothing giant, which has sewn clothes for global brands
including H&M, Uniqlo and Zara, fell into distress during the
pandemic after orders slumped. It reached an agreement with
creditors in early 2022 to restructure IDR20 trillion ($1.2
billion) of debt but has since struggled to recover from the
pandemic's impact.
Sritex's chairman and chief executive officer declined to comment
when stopped for interview by Bloomberg on Dec. 19. Calls to the
company's chief financial officer went unanswered.
About Sritex
PT Sri Rejeki Isman Tbk is a textiles and garments producer. The
Company produces yarns, textiles, uniforms, and fashion clothes
through its spinning, weaving, dyeing/printing, and garmenting
processes.
The Semarang City Commercial Court has granted the request of one
of Sritex's creditors to maintain the continuity of debt payment
obligations (PKPU), thus declaring the textile company bankrupt,
according to Indonesia Business Post.
Semarang City Commercial Court Spokesperson, Haruno Patriadi, said
in Semarang, Central Java, on Oct. 23, 2024, the decision in the
conference led by Chief Justice Muhammad Anshar Majid granted the
request of PT Indo Bharat Rayon as a debtor of PT Sritex.
===============
M A L A Y S I A
===============
SMILE-LINK HEALTHCARE: Auditor Says Removal Notice Retracted
------------------------------------------------------------
Emir Zainul at The Edge Malaysia reports that auditing firm HLB Ler
Lum Chew said on Dec. 20 that a special notice for a resolution to
remove the firm as the external auditor of Smile-Link Healthcare
Global Bhd had been immediately retracted, and that is the reason
why the firm had not made any written representation on the
matter.
The Edge relates that HLB Ler Lum Chew was responding to an
announcement by Smile-Link on Dec. 19 that its major shareholder
Smile Link Resources (M) Sdn Bhd, holding 46.36% in the company,
had proposed to remove the auditing firm, following significant
delays in the company's financial reporting, which have led to
trading suspensions and regulatory scrutiny.
Smile-Link went on to claim, in its filing with Bursa Malaysia,
that HLB Ler Lum Chew did not make any representation regarding the
proposed removal.
In a letter to Smile-Link on Dec. 20 sighted by The Edge, HLB Ler
Lum Chew said it had received the special notice on Dec. 12, but
this was immediately retracted following another email from the
company secretary on the same day.
"As at to-date, we have not received from the company and/or the
board of directors and/or the company secretary any special notice
for the resolution to remove us as the auditor," the letter read.
"As there was no subsisting notice for the resolution to remove us
as the auditor under Section 277(2) of the [Companies] Act at all
material times, therefore no written representation was made by us
under Section 277(3) of the Act," it added.
Smile-Link, in its filing, also claimed that HLB Ler Lum Chew had
withheld the release of its financial results due to an outstanding
audit fee of MYR180,000, which Smile-Link was unable to settle, The
Edge says.
Responding to this claim, HLB Ler Lum Chew said in the letter on
Dec. 20 that it will issue a legal notice in relation to the
"untrue" statement, The Edge reports.
"We therefore demand that you immediately make the necessary
retraction and correction," the letter read. "We have appointed
solicitors to take the appropriate legal action against you for the
impugned statement."
The Edge notes that Smile-Link had failed to submit its annual
audited financial statements for the period ended June 30, 2024, by
the Oct. 30 deadline.
The company attributed the delay to an outstanding audit fee of
MYR180,000, which it was unable to settle, resulting in the auditor
withholding the release of the financial results.
The company, however, did not elaborate on the reason for not being
able to settle the outstanding audit fee.
Consequently, Bursa Malaysia suspended the trading of Smile-Link's
shares on Nov. 8, due to the company's non-compliance with
financial reporting requirements, The Edge relates.
The suspension will remain in effect until the necessary statements
are submitted, with the exchange warning of potential delisting if
compliance is not achieved within six months.
Prior to the suspension, Smile-Link last traded at 13 sen, giving
it a market capitalisation of MYR32.8 million, The Edge notes.
About Smile-Link Healthcare
Smile-Link Healthcare Global Berhad, an investment holding company,
provides dental services in Malaysia. The company operates through
Dental Services, Trading and Distribution, and Others segments. It
also involved in the trading and distribution of dental and
pharmaceutical products; provision of dental lab services;
manufacture of dental instruments; and research, development, and
manufacture of dental technology. In addition, the company engages
in general trading business.
=====================
N E W Z E A L A N D
=====================
CENTRE POINT: Creditors' Proofs of Debt Due on Feb. 14
------------------------------------------------------
Creditors of Centre Point Engineering Limited are required to file
their proofs of debt by Feb. 14, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 12, 2024.
The company's liquidator is:
Andrew Marchel Oorschot
Ashton Wheelans Chartered Accountants
PO Box 13042
Christchurch
DATELINE PAINTERS: Court to Hear Wind-Up Petition on Feb. 21
------------------------------------------------------------
A petition to wind up the operations of Dateline Painters &
Decorators Limited will be heard before the High Court at Auckland
on Feb. 21, 2025 at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 13, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
PLAN K: Court to Hear Wind-Up Petition on Feb. 21
-------------------------------------------------
A petition to wind up the operations of Plan K Limited will be
heard before the High Court at Auckland on Feb. 21, 2025, at 10:00
a.m.
The Commissioner of Inland Revenue, filed the petition against the
company on Nov. 13, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
STARJAM CHARITABLE: BDO Auckland Appointed as Liquidators
---------------------------------------------------------
George Bannerman and Andrew McKay of BDO Auckland on Dec. 11, 2024,
were appointed as liquidators of The Starjam Charitable Trust.
The liquidators may be reached at:
BDO Auckland
Level 4, BDO Centre
4 Graham Street
Auckland 1010
UNION TRUST: Creditors' Proofs of Debt Due on Feb. 13
-----------------------------------------------------
Creditors of Union Trust Limited, HMC Kapiti Limited and Wright
Management Consultants Limited are required to file their proofs of
debt by Feb. 13, 2025, to be included in the company's dividend
distribution.
Union Trust Limited commenced wind-up proceedings on Dec. 11,
2024.
HMC Kapiti Limited and Wright Management Consultants Limited
commenced wind-up proceedings on Dec. 17, 2024.
The company's liquidators are:
BDO Wellington
Business Restructuring
Level 1, 50 Customhouse Quay
Wellington 6011
=================
S I N G A P O R E
=================
BANK PICTET: Creditors' Proofs of Debt Due on Jan. 18
-----------------------------------------------------
Creditors of Bank Pictet & CIE (Asia) Ltd. are required to file
their proofs of debt by Jan. 18, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 13, 2024.
The company's liquidators are:
Abuthahir Abdul Gafoor
c/o 144 Robinson Road
#14-02 Robinson square
Singapore 068908
MCDERMOTT WILL: Creditors' Proofs of Debt Due on Jan. 18
--------------------------------------------------------
Creditors of Mcdermott Will & Emery Singapore LLP are required to
file their proofs of debt by Jan. 18, 2025, to be included in the
company's dividend distribution.
The company's liquidators are:
Sam Kok Weng
Lie Kok Keong
c/o 7 Straits View
Marina One, East Tower
Level 12
Singapore 018936
PROVIDENCE AUTOMOBILE: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Dec. 13, 2024, to
wind up the operations of Providence Automobile Pte. Ltd.
CIMB Bank Berhad, Singapore Branch filed the petition against the
company on Nov. 22, 2024.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
URBAN RENEWABLES: Court Enters Judicial Management Order
--------------------------------------------------------
The High Court of Singapore entered an order on Dec. 11, 2024, to
place Urban Renewables (Singapore) Pte. Ltd. under Judicial
Management.
The company's Judicial Managers are Tan Kim Han and Luke Anthony
Furler.
VOODOO COMMUNICATIONS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Dec. 11, 2024, to
wind up the operations of Voodoo Communications Pte. Ltd.
Digital Blowfish Pte. Ltd. filed the petition against the company
on Aug. 12, 2024.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
*********
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.
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