/raid1/www/Hosts/bankrupt/TCRAP_Public/241225.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, December 25, 2024, Vol. 27, No. 258
Headlines
A U S T R A L I A
ANGLE ASSET 2024-2: Moody's Assigns B3 Rating to AUD9.10MM F Notes
DEAN TRAILERS: Second Creditors' Meeting Set for Jan. 3
JR BUSINESS: First Creditors' Meeting Set for Jan. 6
MOOCHIES HOLDINGS: Smart Watches Still on Sale Amid Complaints
PANOHO INVESTMENTS: First Creditors' Meeting Set for Jan. 6
PANORAMA AUTO 2024-4P: Fitch Assigns 'Bsf' Final Rating on F Notes
C H I N A
'ZW DATA: Stockholders Elect 7 Directors at Annual Meeting
I N D I A
A.K. SONI: CARE Keeps D Debt Ratings in Not Cooperating Category
ANANDALOK HOSPITAL: ICRA Keeps D Debt Ratings in Not Cooperating
BALAJI GINNING: CARE Keeps C Debt Rating in Not Cooperating
BALAJI POLYCOT: CARE Keeps B- Debt Rating in Not Cooperating
CHANDER BHAN: CARE Keeps C Debt Rating in Not Cooperating Category
FEDORA SEA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
GARG & COMPANY: CARE Keeps D Debt Rating in Not Cooperating
GINGER ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
GOVINDAM PRIME: ICRA Keeps B+ Debt Rating in Not Cooperating
JASSMINE ENTERPRISES: ICRA Keeps D Ratings in Not Cooperating
LOK ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
MACRO INFRA: Liquidation Process Case Summary
MAHAVIR BRIGHT: CARE Keeps C Debt Rating in Not Cooperating
PANAMA AGRICULTURE: CARE Keeps D Debt Rating in Not Cooperating
PRINCE MARINE: CARE Keeps D Debt Ratings in Not Cooperating
SHYAM TEA: CARE Keeps C Debt Rating in Not Cooperating Category
SOLAPUR TOLLWAYS: NCLT Admits Insolvency Plea Against Company
N E W Z E A L A N D
ALL STAR: Court to Hear Wind-Up Petition on Feb. 10
AZTEC PACKAGING: Court to Hear Wind-Up Petition on Feb. 21
BALMORAL DEVELOPMENTS: Creditors' Proofs of Debt Due on Jan. 28
S I N G A P O R E
BLUM & CO: Commences Wind-Up Proceedings
GC OIL: Commences Wind-Up Proceedings
J. SAFRA: Creditors' Proofs of Debt Due on Jan. 19
NESAIR (S) PTE: Creditors' Proofs of Debt Due on Jan. 20
S R I L A N K A
SRI LANKA: Inflation Rate Drops to Minus 1.7% in November
- - - - -
=================
A U S T R A L I A
=================
ANGLE ASSET 2024-2: Moody's Assigns B3 Rating to AUD9.10MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
ABS notes issued by Perpetual Corporate Trust Limited as trustee of
Angle Asset Finance - Radian Trust 2024-2.
Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset
Finance - Radian Trust 2024-2
AUD256.55 million Class A Notes, Assigned Aaa (sf)
AUD30.80 million Class B Notes, Assigned Aa2 (sf)
AUD16.45 million Class C Notes, Assigned A2 (sf)
AUD8.75 million Class D Notes, Assigned Baa2 (sf)
AUD16.80 million Class E Notes, Assigned Ba2 (sf)
AUD9.10 million Class F Notes, Assigned B3 (sf)
The AUD5.77 million Class G1 Notes and AUD5.78 million Class G2
Notes (together, the Class G Notes) are not rated by us.
Angle Asset Finance - Radian Trust 2024-2 is a securitisation of
auto and equipment loans and operating leases originated by A.C.N
603 303 126 Pty Ltd trading as Angle Asset Finance (unrated, Angle
Asset Finance). The obligors in the pool are mainly
small-to-medium-sized enterprises (SME), and also include
corporates and government entities, all domiciled in Australia. The
underlying assets relating to the receivables include, among
others, cars (up to 4.5t) (53.4%), other wheeled assets (25.7%),
trucks (15.7%) and photocopier and printers (4.4%).
Angle Asset Finance originated about 99.7% of the receivables in
this portfolio, with around 91.8% and 7.8% originated via broker
and vendor channels, respectively. Capital Finance Australia
Limited (CFAL, unrated), a wholly owned subsidiary of Westpac
Banking Corporation (Westpac, Aa2/P-1/Aa1(cr)/P-1(cr)), originated
the residual 0.3% of the receivables in this portfolio through its
then vendor finance business. All receivables are serviced by
Garrison Lending Operations Pty Limited (unrated), a wholly owned
subsidiary of Angle Asset Finance.
Angle Asset Finance is a non-bank lender providing asset financing
to SMEs, corporates and government entities via brokers and vendor
relationships. Angle Asset Finance has been in operation since
October 2019, and started originating auto and equipment loans to
SMEs via brokers in significant volumes from October 2020. As of
October 31, 2024, its assets under management totaled around
AUD1.76 billion. Angle Asset Finance is privately owned by an
affiliate company of Cerberus Capital Management, L.P. as a
majority shareholder and Deutsche Bank AG, Sydney Branch.
RATINGS RATIONALE
The ratings take into account, among other factors, (1) Moody's
evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity facility in
the amount of 1.5% of all notes other than the Class G Notes; (5)
the legal structure; (6) experience of Garrison Lending Operations
Pty Limited as servicer; and (7) the presence of Perpetual
Corporate Trust Limited as the back-up servicer.
According to Moody's analysis, the transaction benefits from a high
level of excess spread. The portfolio yield of 10.2% - relative to
the transaction expenses - results in a high level of excess spread
available to cover losses arising from the portfolio.
The key weaknesses in the transaction are the limited availability
of historical data and higher-than-expected variability in
performance to date. Firstly, Angle Asset Finance started its
originations via brokers in January 2020, with significant volumes
only beginning in October 2020. Its originations via vendors
started in August 2021. Secondly, receivables originated between Q3
2022 to Q3 2023 are showing higher early cumulative defaults than
prior origination vintages. As such, the performance of the
portfolio could be subject to greater variability in the future
than the observed performance to date indicates. Moody's have taken
this into account in Moody's asset analysis.
TRANSACTION STRUCTURE AND POOL CHARACTERISTICS
Key transactional features are as follows:
-- The notes will be repaid on a sequential basis initially. On
and after the payment date occurring twelve months after the deal
closing date, all notes, other than the Class G Notes, will receive
their pro-rata share of principal, provided step-down conditions
are satisfied. These include, among others, no unreimbursed
charge-offs and the payment date occurring prior to the call option
date. If step-down conditions are no longer met, the repayment of
principal will revert to sequential. The call option date will
occur on the earlier of the payment date in December 2027 and the
invested amount of the notes falling below 10% of the initial
invested amount of the notes.
-- National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)) and
Westpac (Aa2/P-1/Aa1(cr)/P-1(cr)) will provide fixed rate swaps for
around 66.6% and 33.4% of the total swap notional respectively as
of the closing date. The swaps will hedge the interest rate
mismatch between the assets bearing a fixed rate of interest, and
floating rate liabilities. As at closing, the total swap notional
will correspond to all notes, other than the Class G2 Notes. The
total swap notional will follow a schedule based on the
amortisation of the assets assuming a certain prepayment rate.
--Key pool features are as follows:
-- The pool has a weighted average seasoning of 10.0 months.
-- The proportion of loans with a balloon payment is 34.6%.
-- Interest rates in the portfolio range from 4.0% to 24.0%, with
a weighted average interest rate of 10.2%.
-- Loans underwritten on the basis of 'no financials' verification
represent around 92.5% of the pool.
MAIN MODEL ASSUMPTIONS
Moody's portfolio credit enhancement ("PCE") is 29%. Moody's
expected default rate for this transaction is 6.4% and expected
recovery is 20%, resulting in an expected loss of around 5.1%.
The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the portfolio to suffer in the event of a
severe recession scenario. The expected default rate, recovery and
PCE are parameters used by us to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model.
Moody's have estimated an expected default rate and PCE for this
deal on the basis of:
-- Cumulative default rates observed to date, and in particular
receivables originated between Q3 2022 to Q32023 are showing higher
early cumulative defaults than prior origination vintages.
-- Benchmarking with other SME auto and equipment receivable
portfolios in the market, in view of the short performance history
of receivables originated by Angle Asset Finance.
Moody's asset assumptions also reflect qualitative analysis
including portfolio characteristics, the limited operational track
record of Angle Asset Finance as an originator and servicer and the
current economic environment in Australia.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations" published in July 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian economy
and job market are primary drivers of performance.
Factors that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.
DEAN TRAILERS: Second Creditors' Meeting Set for Jan. 3
-------------------------------------------------------
A second meeting of creditors in the proceedings of Dean Trailers
Australia Pty Ltd has been set for Jan. 3, 2025 at 11:00 a.m. at
Suite 5B, 55 Kembla Street in Wollongong and via virtual meeting
technology.
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.
Stephen John Hundy of Worrells was appointed as administrators of
the company on Nov. 26, 2024.
JR BUSINESS: First Creditors' Meeting Set for Jan. 6
----------------------------------------------------
A first meeting of the creditors in the proceedings of JR Business
Assistance Pty Ltd will be held on Jan. 6, 2025 at 12:00 p.m. at
the offices of Rodgers Reidy at Level 2A, 181 Elizabeth Street in
Brisbane and via telephone meeting.
David James Hambleton and Kaily Lyn Chua of Rodgers Reidy were
appointed as administrators of the company on Dec. 21, 2024.
MOOCHIES HOLDINGS: Smart Watches Still on Sale Amid Complaints
--------------------------------------------------------------
Rachel Clayton at ABC News reports that the company behind Moochies
smart watches is in liquidation, but the devices are still being
sold through several retailers.
The ABC has spoken with parents who have had devices list their
child's location as in the middle of the ocean, been unable to load
account pages or had incorrect charges for SIM plans.
According to the report, the Telecommunication Industry Ombudsman
said it has been in contact with the company's administrator and is
trying to establish how it is handling complaints.
Documents from the liquidators, lodged with the Australian
Securities and Investments Commission (ASIC) in October 2023, show
Moochies Holdings had an exclusive license to sell children's
smartwatches made by Funtastic Limited in China.
A group restructure in December 2021 led to the Australian company
becoming a holding company for two UK companies - Moochies
Technologies Ltd and Moochies Trading Ltd, the ABC relates.
The Australian holding company was being held by a receiver
appointed by secured creditor Timelio - a finance company - that
was owed more than AUD1.1 million, the ABC discloses.
The ABC adds that the liquidators' report also said the liquidators
believed the company was insolvent from July 2022, possibly
earlier, and had since then accrued more than AUD3 million in
debt.
Moochies smartwatches are marketed to children and can have up to
10 phone numbers loaded onto an internal SIM card for calls.
They retail for AUD266 on the Moochies website.
The watches are also marketed as having tracking software, so
parents can keep an eye on their children's whereabouts, and an SOS
function for children to send an emergency message to their
parents.
Moochies Holdings Pty Ltd went into liquidation on July 3, 2023.
PANOHO INVESTMENTS: First Creditors' Meeting Set for Jan. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Panoho
Investments Pty Ltd will be held on Jan. 6, 2025 at 11:00 a.m. via
videoconference facilities only.
David Trim and Brent Kijurina of Hall Chadwick were appointed as
administrators of the company on Dec. 20, 2024.
PANORAMA AUTO 2024-4P: Fitch Assigns 'Bsf' Final Rating on F Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Panorama Auto Trust
2024-4P's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive lease and loan
receivables originated by Angle Auto Finance Pty Ltd (AAF). The
notes were issued by Perpetual Corporate Trust Limited as trustee
for Panorama Auto Trust 2024-4P.
AAF was formed in June 2021 through a joint venture between
Cerberus Capital Management, L.P. (80%) and Deutsche Bank AG,
Sydney Branch (20%). In March 2022, AAF completed the acquisition
of Westpac Banking Corporation's (WBC, AA-/Stable/F1+)
motor-vehicle dealer finance and novated leasing business.
The acquisition included front book origination relationships with
dealer groups and novated leasing introducers, as well as the
majority of the business' employees in the areas of sales and
distribution, credit, underwriting and risk. Origination processes,
underwriting policies and procedures, and collections processes are
consistent with those that were in place at WBC.
Entity/Debt Rating Prior
----------- ------ -----
Panorama Auto
Trust 2024-4P
Commission Note LT NRsf New Rating NR(EXP)sf
A AU3FN0094074 LT AAAsf New Rating AAA(EXP)sf
B AU3FN0094082 LT AAsf New Rating AA(EXP)sf
C AU3FN0094090 LT Asf New Rating A(EXP)sf
D AU3FN0094108 LT BBBsf New Rating BBB(EXP)sf
E AU3FN0094116 LT BBsf New Rating BB(EXP)sf
F AU3FN0094124 LT Bsf New Rating B(EXP)sf
G LT NRsf New Rating NR(EXP)sf
Transaction Summary
The total collateral pool at the 30 November 2024 cut-off date was
AUD581.4 million. The pool consisted of 13,682 receivables with
weighted-average (WA) seasoning of 5.3 months, WA remaining
maturity of 53.1 months and an average contract balance of
AUD42,493.
KEY RATING DRIVERS
Stress Commensurate with Ratings: Its base-case gross-loss
expectations and 'AAAsf' default multiples are as follows:
Novated leases: 1.00% (7.75x)
Consumer loans: 3.50% (5.50x)
Commercial loans: 3.25% (5.75x)
The recovery base case for electric vehicles (EVs) is 24.0%, with a
'AAAsf' recovery haircut of 60.0%, and for non-EVs 35.0%, with a
'AAAsf' recovery haircut of 50.0%. The weighted-average (WA)
base-case default assumption is 2.5% and the 'AAAsf' default
multiple is 5.9x.
The transaction features a substitution period ending in March
2027. The eligibility criteria and portfolio parameters shape the
proxy portfolio used to drive the asset analysis. The proxy
portfolio reflects the assumption that portfolio characteristics
may migrate towards the limits during the substitution period,
including on products, asset type, obligor size and concentration.
Fitch assumed novated loans account for 40% of the pool, consumer
loans 50% and commercial loans 10%, while 20% of the pool is
collateralised by EVs.
Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, and will amortise in line with an amortisation
schedule. Its repayment limits the availability of excess spread to
cover losses, as it ranks senior in the interest waterfall, above
the class B to F notes.
Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. During the substitution
period, the transaction is also bound by substitution termination
events to mitigate risk from potential losses. Included, among
other triggers, is a pool parameter trigger that ensures the
availability of sufficient asset yield.
In the post-substitution period, principal is initially paid
sequentially from class A to G notes. Class A to F notes will
receive principal repayments pro rata upon satisfaction of the
step-down criteria. The percentage of credit enhancement provided
by the G note will increase as the A to F notes amortise. Fitch's
cash flow analysis incorporates the transaction's structural
features and tests each note's robustness by stressing default and
recovery rates, prepayments, interest-rate movements and default
timing. All notes have passed their relevant rating stresses.
Low Operational and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
back-up servicing arrangements. The nominated back-up servicer is
Perpetual Corporate Trust. Fitch undertook an operational review
and found that the operations of the originator and servicer were
comparable with those of other auto lenders.
Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 0.8% for the year ended September 2024 and unemployment was
3.9% in November 2024. Fitch forecasts GDP growth of 1.0% for the
full year before accelerating to 1.6% in 2025, with unemployment at
4.1% and increasing to 4.5% next year. This reflects Fitch's
expectation that the effects of restrictive monetary policy and
persistent inflation will continue to hinder domestic demand.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions; these include increasing WA defaults and decreasing
the WA recovery rate.
Downside Sensitivities
Note: A / B / C / D / E / F
Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf
Rating Sensitivity to Increased Default Rates
Increase defaults by 10%: AA+sf / AA-sf / A-sf / BBBsf / BB-sf /
less than Bsf
Increase defaults by 25%: AAsf / A+sf / BBB+sf / BBB-sf / B+sf /
less than Bsf
Increase defaults by 50%: AA-sf / A-sf / BBBsf / BBsf / Bsf / less
than Bsf
Rating Sensitivity to Reduced Recovery Rates
Recoveries decrease 10%: AAAsf / AAsf / Asf / BBBsf / BBsf / less
than Bsf
Recoveries decrease 25%: AA+sf / AA-sf / A-sf / BBBsf / BB-sf /
less than Bsf
Recoveries decrease 50%: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf /
less than Bsf
Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates
Defaults increase 10%/recoveries decrease 10%: AA+sf / AA-sf / A-sf
/ BBB-sf / BB-sf / less than Bsf
Defaults increase 25%/recoveries decrease 25%: AAsf / Asf / BBB+sf
/ BB+sf / B+sf / less than Bsf
Defaults increase 50%/recoveries decrease 50%: A+sf / BBB+sf /
BBB-sf / BB-sf / less than Bsf / less than Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Economic conditions, loan performance and credit losses that are
better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.
Upgrade Sensitivities
The class A notes are at the highest level on Fitch's scale and
cannot be upgraded.
Note: B / C / D / E / F
Rating: AAsf / Asf / BBBsf / BBsf / Bsf
Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BB+sf / B+sf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
Panorama Auto Trust 2024-4P, for which EVs form 16.1% of the pool
at closing, has an ESG Relevance Score (RS) of '4' (impact on
credit) for Energy Management, above the baseline RS of '2' (no
impact) for this issue in the Australian auto sector, due to the
limited credit performance data for EVs. Available market data show
notable differences in recoveries between EVs and non-EVs. Fitch's
analytical approach for the transaction was not adjusted purely due
to the "green" nature of the underlying collateral, but Fitch
referenced available market data for EVs in determining recovery
assumptions.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
=========
C H I N A
=========
'ZW DATA: Stockholders Elect 7 Directors at Annual Meeting
----------------------------------------------------------
ZW Data Action Technologies Inc. disclosed in a Form 8-K filing
with the U.S. Securities and Exchange Commission that the Company
held its Annual Meeting of stockholders on December 13, 2024, and
elected the following to the Company's Board of Directors:
* Handong Cheng
* George Kai Chu
* Zhiqing Chen
* Chang Qiu
* Chung Wang Yiu (Ron)
* Fernando Chen I-Ting
* Kelvin Choi Hio Tong
The Company's stockholders ratified the appointment of ARK Pro CPA
& Co. as the Company's independent accountants for fiscal 2024.
About ZW Data Action Technologies
Beijing, China-based ZW Data Action Technologies Inc., established
in 2003, is an ecological enterprise that provides digital
services
to sales and marketing channels through blockchain, big data, and
precision marketing. ZW Data Action is committed to empowering
SMEs
to achieve more efficient and accurate operations and management,
resulting in additional value for clients.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated June 28, 2024, citing that the Company has an accumulated
deficit from recurring net losses and significant net operating
cash outflow for the year ended December 31, 2023. All these
factors raise substantial doubt about its ability to continue as a
going concern.
As of June 30, 2024, ZW Data had $10.8 million in total assets,
$5.6 million in total liabilities, and $5.3 million in total
stockholders' equity.
=========
I N D I A
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A.K. SONI: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A.K. Soni
Hosiery Mills Private Limited (ASHMPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.96 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 11,
2023, placed the rating(s) of ASHMPL under the 'issuer
non-cooperating' category as ASHMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ASHMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 26, 2024, November 5, 2024, November 15, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
A.K Soni Hosiery Mills Private Limited (ASHMPL) incorporated in
August, 2004 is currently being managed by Mr. Anand Kumar Soni,
Mrs. Rajrani and Mr. Sanjeev Soni. Prior to ASHMPL, the
promoters-directors were carrying out operations through a
proprietorship firm 'A.K. Soni Hosiery Mills' (operational since
1971) engaged in similar business. The company is engaged in
manufacturing of knitted fabric.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of ASHMPL into
Issuer Not Cooperating category vide press release dated Feb. 16,
2024 on account of its inability to carry out a review in the
absence of requisite information.
ANANDALOK HOSPITAL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term rating of Anandalok Hospital in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 5.10 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 0.40 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Anandalok Hospital, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 1989, Anandalok Hospital is a charitable society
established for offering medical treatment at affordable rates to
the economically weaker sections of the society. It runs six
hospitals, four of them in Kolkata, and one each at Baduria and
Raniganj, with a total capacity of 450 beds and a diagnostic centre
in Kolkata. All the hospitals are multispecialty in nature. The
society also undertakes other charitable activities. It distributes
books to poor students, provides food, clothes and shelter to the
poor people. Mr. Deo Kumar Saraf, a businessman, is the chairman of
the society and has been associated with it since its formation.
Mr. Arun Poddar, Ms. Jyotsna Poddar, Mr. R.P. Salarpuria, Mr. S.K.
Roy, Mr. B.L. Jajodia, Mrs. Jayshree Mohta, Mr. Pawan Kumar Dhoot,
Mr. Ashok Todi, and Mr. Lalit Beriwal, are some of the other
members on the society's managing committee.
BALAJI GINNING: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Ginning and Pressing (BGP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 18,
2023, placed the rating(s) of BGP under the 'issuer
non-cooperating' category as BGP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BGP continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 2, 2024,
November 12, 2024 and November 22, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
BGP was established as a partnership concern in the year 2001. The
firm is engaged in ginning and pressing of cotton and extraction of
oil from cotton seed along with trading of cotton bales and cotton
seeds. The ginning and pressing unit and oil extraction unit is
located at Yavatmal, Maharashtra.
BALAJI POLYCOT: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Polycot Private Limited (BPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.55 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 30,
2023, placed the rating(s) of BPPL under the 'issuer
non-cooperating' category as BPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 14, 2024,
September 24, 2024, October 4, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Ahmedabad-based (Gujarat) BPPL was incorporated in February, 2012
by Mr. Anuj Mittal and Mr. Gaurav Mittal. BPPL is engaged in the
business of weaving of denim fabric. BPPL operates from its sole
manufacturing facility located in Ahmedabad (Gujarat) which has an
installed capacity of 96 lakh Meters Per Annum (MTPA) for weaving
of denim fabric. BPPL commenced commercial operations from April
2013. BPPL sells its entire finished products to its associate
concern namely Mahak Synthetic Mills Private Limited (MSMPL,
engaged into manufacturing of finished fabrics such as shirting,
dress material and bed sheets from grey fabric and processes denim
fabric).
CHANDER BHAN: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chander
Bhan Yogesh Kumar (CBYK) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 3.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 12,
2023, placed the rating(s) of CBYK under the 'issuer
non-cooperating' category as CBYK had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CBYK continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 27, 2024,
November 6, 2024 and November 16, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Delhi-based Chander Bhan Yogesh Kumar (CBYK) is a partnership firm
established in 1999. CBYK succeeded an erstwhile proprietorship
firm established in March 1981 by Mr. Chander Bhan. The firm is
currently being managed by Mr. Yogesh Gupta and Mr. Rajesh Gupta
sharing profit and losses equally. CBYK is engaged in trading of
iron and steel products such as T.M.T bars, angles, channels,
beams, plates and flats etc.
FEDORA SEA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long Term rating of Fedora Sea Foods Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Fedora Sea Foods Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Fedora Sea Foods Private Limited was incorporated in the year 2011
by Mr. K. Narahari Reddy who has decade long experience in the Aqua
Farms and Hatchery business. The company is engaged in the
production of Vannamei seeds, shrimps and also started prawn feed
manufacturing from May 2015 having capacity of 24000 MTPA used in
cultivation of shrimps. The company is in Nellore, which is the
aquaculture belt of A.P.
GARG & COMPANY: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garg &
Company (Ludhiana) (GC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 12,
2023, placed the rating(s) of GC under the 'issuer non-cooperating'
category as GC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 27, 2024, November 6,
2024 and November 16, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Garg & Company (GC) was initially constituted as a proprietorship
firm in 1972 by Mr. Harish Kumar Garg and in 2009, it was converted
into a partnership concern with Mr. Lokesh Jain, Mr. Kailash Jain
and Mr. Harish Kumar Garg as the partners. GC is a family managed
business and the firm is engaged in the trading of steel products,
mainly, CR strips, HR strips, HR coils and HR strips and
manufacturing of Electric Resistance Welded (ERW) pipes.
GINGER ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Ginger Enterprises Limited (SGEL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 34.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 27.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 5,
2023, placed the rating(s) of SGEL under the 'issuer
non-cooperating' category as SGEL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SGEL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 20, 2024,
October 30, 2024 and November 9, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Shree Ginger Enterprises Limited (SGEL) formerly known as Ginger
Enterprises Limited was incorporated in 2002 and promoted by Mr.
Sanjay Kumar Tayal, presently managed by Mr. Keshav Tayal. The
company is engaged in the manufacturing of Partially Oriented Yarn
(POY), Polyester Texturized Yarn (PTY), knitted fabric and
readymade garments. The company has manufacturing capacities of POY
(50 TPD), FDY (15 TPD), DTY (70 TPD) and knitting (1600 TPA)
located at Silvassa. The two garment manufacturing units of the
company are located at Dombivli.
Status of non-cooperation with previous CRA: CRISIL continues to
categorize rating assigned to the bank facilities of SGEL under
non-cooperation category vide PR dated August 12, 2024 on account
of its inability to carry out a rating surveillance in the absence
of the requisite information from the company.
GOVINDAM PRIME: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings of Shree Govindam Prime Foods
Pvt. Ltd (SGPF) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.50 [ICRA]B+(Stable); ISSUER NOT
Fund based- COOPERATING; Ratings continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SGPF, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
SGPF processes wheat grain into wheat flour, white flour (maida),
semolina (suji) and bran at its factory at Bikaner, Rajasthan. It
sells wheat flour, maida and suji to various traders spread across
Rajasthan, Maharashtra and Gujarat. The company also sells maida to
various renowned biscuit manufacturing companies, as ITC Limited's
agri division, Priya Gold, Parle. SGPF sells its products under the
brand name of "Govindam". Mr. Govind Grover manages the the affairs
of the company. The factory premise of the company is spread in an
area of 8,850 square meters. SGPF registered an operating income
(OI) of INR55.3 crore and a profit after tax (PAT) of INR0.1 crore
in FY2016. It had recorded an OI of INR47.7 crore and a PAT of
INR0.5 crore in the previous year. On a provisional basis, SGFP
registered an OI of INR76.6 crore and PAT of INR0.9 crore in
FY2017.
JASSMINE ENTERPRISES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Jassmine Enterprises in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Jassmine Enterprises, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
The firm is engaged in the business of trading various types of
fabrics (cotton and polyester fabrics), dress materials and
readymade garments like salwar suits, shirts, and kids' garments.
In the past two years, the major portion of the revenue has been
generated from the trading of dress materials. The fabrics for
trading are supplied by a few selected Mumbai based traders, who in
turn procure them from fabric manufacturers in Surat and Bhiwandi.
They are then sold to a handful of wholesalers located in Mumbai
who in turn sell them to various apparel manufacturers across India
and abroad. In the last two years, JE has exported readymade
garments to the UAE, Hong Kong South Africa and Canada. The firm's
overall customer and supplier profile remain concentrated. The
procurement of fabrics is mostly order backed. However, the firm
maintains an inventory of running items for around 45-50 days for
faster order execution.
LOK ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Lok
Enterprises (LE) in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- (1.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with LE, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 2002 as a partnership firm, LE is a trading house
engaged in trading of various forms of pulses and beans in to the
domestic market. The firm has its registered office in Mumbai and a
warehouse facility located in Vashi, Navi Mumbai. The firm
undertakes import of pulses and beans and supplies it into domestic
markets. The agricultural products comprise of raw pulses such as
Masoor (split red lentils), Moong (split yellow lentil), Chana
(chickpeas), Black eye bean, Toor Whole, Pinto bean etc. The traded
goods are largely procured directly from international market.
About 75% of the materials are sourced from Africa, Canada, USA,
Argentina, Burma and Russia, while the remaining 25% are procured
domestically.
MACRO INFRA: Liquidation Process Case Summary
---------------------------------------------
Debtor: Macro Infra Contractors Private Limited
The Crest, F.N. 101, Plot No. A-4,
Airport Enclave Scheme,
Durgapura, Tonk Road,
Jaipur Rajasthan 302108
Liquidation Commencement Date: December 11, 2024
Court: National Company Law Tribunal, Jaipur Bench
Liquidator: Babu Lal Sharma
M/s B. Lal Sharma & Co. Chartered Accountants,
306, 3rd Floor, Durga Business Centre (DBC)
Near Pink City Petrol Pump, M.I. Road,
Jaipur, Rajasthan 302039
Email: tejgati@yahoo.com
Last date for
submission of claims: January 12, 2025
MAHAVIR BRIGHT: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri
Mahavir Bright Steel Udyog (SMBSU) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 8,
2023, placed the rating(s) of SMBSU under the 'issuer
non-cooperating' category as SMBSU had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMBSU continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 23, 2024, November 2, 2024, November 12, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Shri Mahavir Bright Steel Udyog (SMBSU) is a proprietorship concern
established in 1998 by Mrs. Kusum Lata. The overall functions of
the firm are looked by her husband, Mr. Vinod Bansal. The firm is
engaged in the manufacturing of bright steel bars at its
manufacturing facility located in Rohtak, Haryana.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of SMBSU into
Issuer Not Cooperating category vide press release dated May 20,
2024 on account of its inability to carry out a review in the
absence of requisite information.
CRISIL has continued the rating assigned to the bank facilities of
SMBSU into Issuer Not Cooperating category vide press release dated
May 30, 2024 on account of its inability to carry out a review in
the absence of requisite information.
PANAMA AGRICULTURE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Panama
Agriculture Private Limited (PAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 18,
2023, placed the rating(s) of PAPL under the 'issuer
non-cooperating' category as PAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 2, 2024,
November 12, 2024 and November 22, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Pune based, Panama Agritech Private Limited was promoted by Ladkat
brothers with Mr. Sameer Ladkat as Chairman and Mr. GautamLadkat as
Director. Further, since Feb. 8, 2016, the name of the company was
changed to PAPL. The company is engaged in providing services for
scientific and safe storage of grains in silo bags. The company
primarily provides its services to Madhya Pradesh Warehousing and
Logistic Corporation (MPWLC) on rental basis at a pre-agreed price
per quintal.
PRINCE MARINE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prince
Marine Transport Services Private Limited (PMTSPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.32 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 12,
2023, placed the rating(s) of PMTSPL under the 'issuer
non-cooperating' category as PMTSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PMTSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 27, 2024, November 6, 2024 and November 16, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
PMTSPL was founded by Mr. Abdul Razak in July 1993 as a proprietary
firm. During the year 1994, it was converted into a partnership
firm and then in 2007 into a private limited company. The company
initially started with the business of hiring ships, vessels,
barges, tugs and towage of vessels within Mumbai harbor limits as
well as for ocean passages. During 1998, it ventured into the
business of cargo lighterage. To capitalize on the opportunity of
various services in the developing port sector, the company entered
into dredging support services and bagged a dredging contract from
JSW Jaigarh Port Ltd. in the year 2009.
SHYAM TEA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shyam Tea
Plantation (STP) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.90 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 8,
2023, placed the rating(s) of STP under the 'issuer
non-cooperating' category as STP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
STP continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 23, 2024,
October 3, 2024, October 13, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
STP was established as a partnership firm in August, 2012 by Shri
Kamal Jalan, Shri Devidutt Beriya, Shri Sunil Kumar Agarwalla, Shri
Binod Kumar Saraf and Smt. Jyotirekha Goswami, based out of Jorhat,
Assam. STP undertook an initial project of setting up a tea
manufacturing unit at Jorhat, Assam and the manufacturing unit
commenced operation since August, 2013 with an installed capacity
of 15,00,000 kg per annum. STP undertook an expansion activity in
FY15 whereby the existing processing capacity of 15,00,000 kg per
annum has been enhanced to 20,00,000 kg per annum.
SOLAPUR TOLLWAYS: NCLT Admits Insolvency Plea Against Company
-------------------------------------------------------------
Economic Times Legal reports that the National Company Law
Tribunal, Kolkata bench, has admitted the insolvency plea under
Section 7 of Insolvency and Bankruptcy Code, 2016 filed by Union
Bank of India under Corporate Insolvency Resolution Process (CIRP),
against Solapur Tollways Private Limited (STPL).
According to the report, the matter relates to a claim amount of
INR195,55,15,022/-, which includes principal amount in default of
INR184,23,36,839/- and the interest amount in default of
INR11,31,78,183/- (including interest).
The bench has appointed Sanjay Kumar Mishra, as the Interim
Resolution Professional (IRP) under section 13(1)(c) of the Code,
ET Legal discloses.
Solapur Tollways Private Limited (STPL), one of the subsidiaries of
the Bharat Road Network Limited, has received an emal notice from
Union Bank of India regarding a petition filed under section 7 of
Insolvency and Bankruptcy Code, 2016 before the National Company
Law Tribunal, Kolkata Bench.
=====================
N E W Z E A L A N D
=====================
ALL STAR: Court to Hear Wind-Up Petition on Feb. 10
---------------------------------------------------
A petition to wind up the operations of All Star Autos Limited will
be heard before the High Court at Hamilton on Feb. 10, 2025, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 7, 2024.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
AZTEC PACKAGING: Court to Hear Wind-Up Petition on Feb. 21
----------------------------------------------------------
A petition to wind up the operations of Aztec Packaging Group
Limited will be heard before the High Court at Auckland on Feb. 21,
2025, at 10:45 a.m.
Spicers (NZ) Limited filed the petition against the company on Nov.
14, 2024.
The Petitioner's solicitor is:
Joshua Garnett
Whaley Garnett
Level 1, 217 Great South Road
Greenlane
Auckland
BALMORAL DEVELOPMENTS: Creditors' Proofs of Debt Due on Jan. 28
---------------------------------------------------------------
Creditors of Balmoral Developments 2016 Limited are required to
file their proofs of debt by Jan. 28, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 13, 2024.
The company's liquidator is:
Ryan Eathorne
InSolve Partners
PO Box 24366
Wellington
=================
S I N G A P O R E
=================
BLUM & CO: Commences Wind-Up Proceedings
----------------------------------------
Members of Blum & Co Pte. Ltd. on Dec. 13, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Tan Eng Soon
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
GC OIL: Commences Wind-Up Proceedings
-------------------------------------
Members of GC Oil Trading Pte. Ltd. on Dec. 13, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Tan Eng Soon
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
J. SAFRA: Creditors' Proofs of Debt Due on Jan. 19
--------------------------------------------------
Creditors of J. Safra Sarasin Trust Company (Singapore) Ltd. are
required to file their proofs of debt by Jan. 19, 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:
Mr. Chan Yee Hong
CLA Global TS Risk Advisory
80 Robinson Road, #25-00
Singapore 068898
NESAIR (S) PTE: Creditors' Proofs of Debt Due on Jan. 20
--------------------------------------------------------
Creditors of Nesair (S) Pte. Ltd. are required to file their proofs
of debt by Jan. 20, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 17, 2024.
The company's liquidators are:
Thio Khiaw Ping Kelvin
Terence Ng Chi Hou
c/o RHT Atlas Pte Ltd
1 Paya Lebar Link
#06-09 PLQ2 Paya Lebar Quarter
Singapore 408533
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S R I L A N K A
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SRI LANKA: Inflation Rate Drops to Minus 1.7% in November
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Reuters reports that Sri Lanka's consumer price inflation dropped
to minus 1.7% year-on-year in November after easing to minus 0.7%
in October, official data showed on Dec. 23, as the country posted
a strong rebound from its worst financial crisis in decades.
The National Consumer Price Index captures broad retail price
inflation and is released with a lag of 21 days every month,
Reuters says.
Prices in the food category slipped to 0.0% in November from 1.3%
in October. In the non-food category, prices changed to minus 3.1%
on the month from minus 2.3% in October, Reuters discloses.
Reductions in power tariffs and fuel prices as well as an
appreciating rupee have helped to reduce inflation to the lowest
point in nine years, analysts said.
"We are likely to see inflation remain at these levels for the
first two months of 2025," Reuters quotes Shehan Cooray, head of
research at Acuity Stockbrokers as saying.
"But if there is foreign exchange pressure from a resumption of
vehicle imports then we may see inflation increase gradually but
unlikely it will be above 4%."
According to Reuters, Sri Lanka suffered record inflation after its
worst financial crisis in decades triggered by a record fall in
dollar reserves pummelled the economy in 2022.
Reuters notes that the island nation has stabilised since it
secured a $2.9-billion bailout from the International Monetary Fund
(IMF) in March 2023.
Taking advantage of low inflation, Sri Lanka's central bank set a
new single policy rate of 8% last month, easing monetary settings
below previously used benchmarks and setting the stage for a
sustained recovery from the crisis.
Sri Lanka's economy is expected to grow by 4.5-5% in 2024, slightly
above the World Bank's estimate of 4.4%, central bank data showed,
adds Reuters.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings on Oct. 24, 2024, affirmed its 'SD/SD' long- and
short-term foreign currency sovereign credit ratings, and 'CCC+/C'
long- and short-term local currency ratings on Sri Lanka. The
outlook on the 'CCC+' long-term local currency rating is stable.
S&P also revised upward its transfer and convertibility assessment
on Sri Lanka to 'CCC' from 'CC' previously.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
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