/raid1/www/Hosts/bankrupt/TCRAP_Public/250101.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, January 1, 2025, Vol. 28, No. 1
Headlines
A U S T R A L I A
ADVANCED MEDICAL: Second Creditors' Meeting Set for Jan. 8
ARDEN TP: First Creditors' Meeting Set for Jan. 10
COMMERCIAL HOTEL: Rappville Closes Doors After 113 Years
FAR NORTHERN: Commences Wind-Up Proceedings
SQUARE BUILDING: Placed in Administration
C H I N A
COUNTRY GARDEN: Sells Stake in Chipmaker for US$270MM
I N D I A
APT PACKAGING: CRISIL Moves D Debt Ratings from Not Cooperating
BHAVI CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
BVL INFRASTRUCTURE: CRISIL Cuts Rating on INR10cr Cash Loan to D
DHANASHREE ELECTRONICS: CRISIL Cuts Rating on INR5cr Loan to C
KALPATARUVU SPINNING: CRISIL Cuts Rating on INR61cr Loan to D
KARKINOS: Reliance Industries Acquires Company for INR375 cr
KLASSIK ENTERPRISES: CRISIL Keeps B- Ratings in Not Cooperating
LB COTTON: CRISIL Keeps D Ratings in Not Cooperating Category
MAHAVIR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
MALHOTRA ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating
MANRAASH PROCESSORS: CRISIL Keeps D Ratings in Not Cooperating
MATRIX BOILERS: CRISIL Keeps D Debt Ratings in Not Cooperating
MITTAL ALLOY: CRISIL Keeps D Debt Ratings in Not Cooperating
MOTHER'S EDUCATIONAL: CRISIL Keeps C Rating in Not Cooperating
VNC NUTRITION: CRISIL Lowers Rating on INR14.5cr LT Loan to D
WESTERN LUMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
J A P A N
NISSAN MOTOR: Honda Likely to Own Majority of Holding Firm
S I N G A P O R E
AGM HOLDING: Creditors' Proofs of Debt Due on Jan. 31
AVPV 1 SG: Creditors' Proofs of Debt Due on Jan. 31
BOLDTEK HOLDINGS: Navigates Liquidation Amidst Share Suspension
PRAGATI INTERNATIONAL: Court Enters Wind-Up Order
PROSHIP BROKERS: Creditors' Proofs of Debt Due on Jan. 31
REGAL MOTORING: Court Enters Wind-Up Order
S R I L A N K A
SRI LANKA: Key Consumer Price Index Falls 1.7% in December
- - - - -
=================
A U S T R A L I A
=================
ADVANCED MEDICAL: Second Creditors' Meeting Set for Jan. 8
----------------------------------------------------------
A second meeting of creditors in the proceedings of Advanced
Medical Devices (AMD) Pty Ltd has been set for Jan. 8, 2025, at
11:00 a.m. at the offices of Hall Chadwick Chartered Accountants,
Level 40, 2 Park Street, in Sydney, NSW.
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. 7, 2025, at 5:00 p.m.
Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed as
administrators of the company on Nov. 29, 2024.
ARDEN TP: First Creditors' Meeting Set for Jan. 10
--------------------------------------------------
A first meeting of the creditors in the proceedings of Arden TP Pty
Ltd, Arden Finance B Pty Ltd and Arden TL Pty Ltd will be held on
Jan. 10, 2025, at 11:00 a.m. via teleconference.
John Maxwell Morgan of BCR Advisory was appointed as administrator
of the company on Dec. 31, 2024.
COMMERCIAL HOTEL: Rappville Closes Doors After 113 Years
--------------------------------------------------------
News.com.au reports that the Commercial Hotel Rappville - about
80km north of Grafton - opened to the public for possibly the last
time on Dec. 29 after the beloved pub's owners failed to find a
buyer.
According to the report, the pub has been on the market for
AUD975,000 for several months and despite a few offers coming in,
publican Lisa Stewart said she'd only sell to the right buyer.
News.com.au says Ms. Stewart bought the regional pub,
affectionately known as the Rappy, in 2020 after the town of
Rappville experienced heartbreak following flooding.
But after putting a lot of work into renovating the hotel
facilities, she's decided it's time to move on and closed the doors
for possibly the final time on Dec. 29, news.com.au relays.
News.com.au adds that Ms. Stewart said she hoped the right person
will come along to reopen the pub and give the town a place to
gather.
The pub first opened in 1911 and provided a spot for the timber
workers, farmers and train passengers to have a drink and a decent
feed for 113 years.
FAR NORTHERN: Commences Wind-Up Proceedings
-------------------------------------------
Members of Far Northern Contractors Pty. Ltd. on Dec. 31, 2024,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are Aaron Dominish, Richard Albarran &
Cameron Shaw of Hall Chadwick were appointed as liquidators of the
companies.
SQUARE BUILDING: Placed in Administration
-----------------------------------------
Mark Brereton of HoganSprowles on Dec. 30, 2024, was appointed as
administrator of Square Building Pty. Ltd.
The Administrator may be reached at:
Mark Brereton
HoganSprowles
Level 11 South
350 Collins Street
Melbourne, VIC 3000
=========
C H I N A
=========
COUNTRY GARDEN: Sells Stake in Chipmaker for US$270MM
-----------------------------------------------------
Mingtiandi reports that Country Garden Holdings has agreed to sell
its stake in a mainland chipmaker for CNY2 billion (US$270 million)
as the troubled developer seeks to ease its ongoing cash crunch.
Mingtiandi relates that the 1.56 percent stake in Changxin
Technology is held by a private fund in which a wholly owned unit
of Country Garden, Haikou Country Garden Venture Capital
Technology, carries a 98.65 percent stake, the company said on Dec.
27 in a stock filing. The stake's buyer is a firm controlled by the
government of Hefei, the Anhui provincial capital where Changxin is
headquartered.
According to Mingtiandi, The South China Morning Post first
reported the deal in June, citing sources who said the disposal was
part of a strategy to optimise the asset-liability structure at
China's onetime largest developer, which is trying to work through
its debt after defaulting on $11 billion in offshore bonds in
2023.
"The group is actively resolving the periodic liquidity pressure,"
Country Garden said Dec. 27. "As the group only holds a minority
interest in Changxin Technology, the company is of the view that
the disposal and realising the value of the sales equity will be
beneficial to the company."
About Country Garden
Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.
The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.
The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.
=========
I N D I A
=========
APT PACKAGING: CRISIL Moves D Debt Ratings from Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Apt Packaging Limited (APL)
to 'CRISIL D/CRISIL D Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Ratings has migrated its ratings on the bank
facilities of APL to 'CRISIL D/CRISIL D' from 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
CRISIL Ratings has also withdrawn its rating on the proposed long
term bank loan facility of Rs.15.76 crore based on company's
request. This is in line with CRISIL Ratings' withdrawal policy
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.95 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Letter of Credit 1.25 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Long Term Loan 0.74 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Long Term Loan 0.30 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Proposed Long Term 15.76 CRISIL D (Withdrawn)
Bank Loan Facility
The rating continues to reflect delay in servicing term debt in
September 2024 by APL, below average financial risk profile and
modest scale of operations. These weaknesses are partially offset
by its extensive industry experience of the promoters.
Analytical Approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of APL.
Key Rating Drivers & Detailed Description
Weakness:
* Delays in debt servicing due to weak liquidity: There was a delay
in meeting debt obligation in September 2024.
* Below average financial risk profile: The group's financial risk
profile is below average marked by negative net worth and high
gearing due to large working capital requirements and debt funded
capex. However, promoters have provided funding support to the
group in the form of unsecured loans that are more than INR15
crores.
* Modest scale of Operations: Overall scale of operations remain
modest at around INR12.95 crores in fiscal 2024. Modest scale of
operations limits operational flexibility and benefits economies of
scale. Intense competition in the industry will continue to
constrain the scale of operations. While the revenues are expected
to improve in medium term, scale is still expected to remain
modest.
Strengths:
* Extensive Experience of its promoters in the packaging industry:
The promoters of APL have more than 3 decades experience in the
packaging industry. The promoters' long-standing presence in the
industry has enabled APL to establish relationships with its
customers in the domestic and overseas market.
Liquidity: Poor
Liquidity is poor, reflected by the delay in servicing debt. Bank
limit utilization is high at around 98.70 percent for the past 13
months ended September 2024. Current ratio is low at 0.69 times 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:
* Proven track record of timely debt servicing of 90 days or more
* Improvement in working capital cycle strengthening the liquidity
profile
* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals.
APT, a company initially incorporated as Anil Chemicals Pvt Ltd in
1979 and was listed on the BSE in 1985 as Anil Chemicals and
Industries Ltd, was renamed to its current form in 2008. The
company, at present, is engaged in manufacturing of co-extruded
plastic tubes for pharmaceutical and fast-moving consumer goods
companies.
BHAVI CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhavi
Creations (BC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BC 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 BC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of BC
continues to be 'CRISIL D Issuer not cooperating'.
BC is a proprietorship firm set up in 1970, by Mr Pritpal Singh.
The Delhi-based firm trades in various types of fabrics, including
cotton, denim, suiting and shirting.
BVL INFRASTRUCTURE: CRISIL Cuts Rating on INR10cr Cash Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of BVL Infrastructure Pvt Ltd (BIPL) to 'CRISIL D' from
'CRISIL B+/Stable'. The rating downgrade reflects the delays in
the servicing of term debt obligations.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Cash Credit 10 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Foreign Currency 9.15 CRISIL D (Downgraded from
Term Loan 'CRISIL B+/Stable')
Letter of Credit 2 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Long Term Loan 7.19 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Proposed Long Term 7.66 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
The rating continues to reflect the company's large working capital
requirements and susceptibility to volatility in raw material
prices and foreign exchange (forex) rates. These weaknesses are
partially offset by the extensive industry experience of the
promoter.
Analytical Approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of BIPL.
Key Rating Drivers & Detailed Description
Weakness:
* Working capital intensive operations: Gross current assets were
sizeable at 176 days as on March 31, 2023 driven by high inventory
and debtors of 142 and 16 days, respectively.
* Exposure to intense competition: The company is exposed to
intense competition due to the presence of several players, which
constrains its bargaining power.
Strength:
* Extensive industry experience of the promoters: BVL
Infrastructure is promoted by Mr. Bellam Ravi Chandra, who has an
experience of more than decade in this industry which enabled to
establish long standing relationships with suppliers and
customers.
Liquidity: Poor
Bank limit utilization averaged a high 98.35% for the 12 months
ended July 2024. Poor liquidity is reflected in the delays in debt
servicing.
Current ratio was low at 0.96 ime as on March 31, 2023
Rating sensitivity factors
Upward factors
* Track record of timely debt servicing for at least over 90 days.
* Increase in scale of operations by 20% while maintaining
operating margins leading to high net cash acrruals.
* Improvement in working capital cycle, leading to improvement in
liquidity profile
BVL Infrastructure Private Limited is a private limited company
incorporated in the year 2007. However, the operations of the
company was started in the year 2017. It is based out in Tanguturu,
Andhra Pradesh.
DHANASHREE ELECTRONICS: CRISIL Cuts Rating on INR5cr Loan to C
--------------------------------------------------------------
CRISIL Ratings has revised its rating on the long term bank
facilities of Dhanashree Electronics Limited (DEL; part of the
Ladhuram Toshniwal group) to 'CRISIL C Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' while continues its
rating on the short term bank facilities at 'CRISIL A4 Issuer Not
Cooperating' based on publicly available information.'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL C (ISSUER NOT
COOPERATING; Revised from
'CRISIL B+/Stable ISSUER
NOT COOPERATING')
Letter of Credit 10 CRISIL A4 (ISSUER NOT
COOPERATING; Rating
continues at the same
level)
Proposed Cash 5 CRISIL C (ISSUER NOT
Credit Limit COOPERATING; Revised from
'CRISIL B+/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with DEL for
obtaining information through letter and email dated May 15, 2024
and December 24, 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 DEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DEL
is consistent with 'Assessing Information Adequacy.
Based on the best available information, CRISIL Ratings has revised
its rating on the long term bank facilities of DEL to 'CRISIL C
Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating' while continues its rating on the short term bank
facilities at 'CRISIL A4 Issuer Not Cooperating' based on publicly
available information.' as the company has defaulted in the
repayment of loans to banks or other borrowings from any lender as
per information on the public domain and clarity about the same
from the management and bankers is awaited.
Analytical Approach
To arrive at the ratings, CRISIL Ratings has combined the business
and financial risk profiles of DEL and Ladhuram Toshniwal and Sons
(LTS). This is because the two entities, together referred to as
the Ladhuram Toshniwal group, are under a common management and
have operational and financial linkages.
About the Group
Incorporated in 1989 as Rashmi Chock Pvt Ltd and reconstituted as a
public limited company in 1997 with the current name, DEL
manufactures lighting products and trades in audio and lighting
products. The company has also obtained distributorship of the
Music group for sales of audio equipment and products in India. It
also earns income through lease rentals. DEL has also started
manufacturing LED bulbs, street lamps, panel lights, solar lamps,
and flood lights.
LTS deals in electrical products such as tubes, lamps, luminaries,
fans, and cable accessories. Around 85% of revenue comes from PIL's
products.
KALPATARUVU SPINNING: CRISIL Cuts Rating on INR61cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Kalpataruvu Spinning Mills Private Limited (KSMPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating':
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating 61 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with KSMPL for
obtaining information through letters and email dated January 5,
2024 and December 20, 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 KSMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSMPL
is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
downgraded its rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' as the conduct of the
account has been irregular. As per information available in the
public domain, there remains delinquency in company accounts and
clarity about the same from the management and bankers is
continuing to remain awaited.
KSMPL was established in 2006 by Mr. Raghu Rami Reddy as a public
limited company. KSML has its cotton spinning unit based in Guntur
(Andhra Pradesh) and manufactures cotton yarn.
KARKINOS: Reliance Industries Acquires Company for INR375 cr
------------------------------------------------------------
The Economic Times reports that billionaire Mukesh Ambani's
Reliance Industries has acquired technology-driven and
oncology-focused healthcare platform Karkinos for INR375 crore, the
firm said on Dec. 29. Reliance Strategic Business Ventures (RSBVL),
a wholly-owned subsidiary of Mumbai-listed India's most valuable
company, completed the acquisition of Karkinos Healthcare Pvt Ltd
with allotment of requisite shares, the firm said in a stock
exchange filing.
"Reliance Strategic Business Ventures Ltd has on December 27, 2024,
subscribed to and has been allotted 1 crore equity shares of INR10
each, for cash, aggregating INR10 crore and 36.5 crore optionally
fully convertible debentures of INR10 each, for cash, aggregating
INR365 crore of Karkinos," according to the filing.
Karkinos, it said, has cancelled the existing outstanding 30,075
equity shares held by the erstwhile shareholders of the company in
accordance with the approved resolution plan, ET relates.
Its previous prominent investors included Ewart Investments Limited
(100 per cent subsidiary of Tata Sons), Reliance Digital Health Ltd
(a subsidiary of Reliance Industries), Mayo Clinic (US), Sundar
Raman (Director at Reliance Foundation Youth Sports and former COO
of Indian Premier League since 2008), and Ravi Kant (ex-MD of Tata
Motors), according to ET.
The company is focused on providing end-to-end services relating to
early detection and effective treatment of cancer at substantially
lower than prevailing rates, while still generating healthy
profitability. In order to meet this vision, Karkinos started
partnering with hospitals to provide oncology services (testing,
radiation therapy, etc.).
The company has partnered with around 60 hospitals till December
2023. It is through a subsidiary setting up a 150-bed
multispecialty cancer hospital at Imphal, Manipur. Going forward,
its source of income was said to be via Advanced Cancer Care
Diagnostics and Research (ACCDR), Distributed Cancer Care Network
(DCCN), tie-ups with corporates for early diagnosis of cancer, and
cancer care hospitals.
"The acquisition of Karkinos will help expand the health services
business portfolio of the Reliance group," the filing said.
ET says the resolution plan for Karkinos was approved by the
National Company Law Tribunal (NCLT), Mumbai Bench, and no
additional governmental or regulatory approvals were needed for the
transaction, it added.
Earlier, on December 10, Reliance announced that the NCLT had
approved the resolution plan submitted by RSBVL for Karkinos under
the Corporate Insolvency Resolution Process of the Insolvency and
Bankruptcy Code, 2016, ET notes.
Karkinos was incorporated in India on July 24, 2020, and is in the
business of providing technology-driven innovative solutions for
the early detection, diagnosis, and management of cancer. It had a
turnover of about INR22 crore in the 2022-23 fiscal.
KLASSIK ENTERPRISES: CRISIL Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Klassik
Enterprises Private Limited (KEPL) continues to be 'CRISIL
B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 13 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 17 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with KEPL 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 KEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KEPL continues to be 'CRISIL B-/Stable Issuer not cooperating'.
KEPL was incorporated in 2003 by Mr. M Ramakrishna Reddy, Mr.
Prasad K, and Mr. K R Srinivasa Reddy. The company develops real
estate and is currently implementing a residential project,
Landmark, in three phases in Bengaluru. Its registered office is in
Bengaluru.
LB COTTON: CRISIL Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of LB Cotton
Industries LLP (LCIL) continue to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 3 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with LCIL 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 LCIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LCIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LCIL continues to be 'CRISIL D Issuer not cooperating'.
Set up in 2011 as a limited liability partnership firm by Mr
Dharmendra Pande and his family, LCIL gins and presses cotton and
extracts oil from cotton seeds. The firm also trades in de-oiled
cakes, cotton seeds, and cotton seed oil. Unit in Dharmabad,
Maharashtra, has ginning and pressing capacity of 200 bale per
day.
MAHAVIR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahavir
Enterprises (ME; part of Mahavir group) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ME 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 ME, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ME is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of ME
continues to be 'CRISIL D Issuer not cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of ME and Ali Agency. This is
because both the firms, together referred to as the Mahavir group,
have a common management and significant operational synergies.
About the Group
Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily
trades in sugar, pulses, and edible oil.
MALHOTRA ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Malhotra
Electronics Private Limited (MEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 10 CRISIL D (Issuer Not
under Letter Cooperating)
of Credit
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 34 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MEPL 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 MEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
MEPL was incorporated in 1986 but started operations in 2005. It is
promoted by Mr Ravinder Singh Malhotra, and family members Mr
Gaganpreet Singh Malhotra and Mr Gurpreet Singh Malhotra. The
company, based in Delhi, manufactures LED TVs, multimedia speakers,
washing machine and other white goods, at its facility in Greater
Noida, Uttar Pradesh. In current fiscal 2021, company has started
the manufacturing of Air condition.
MANRAASH PROCESSORS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manraash
Processors (Manraash) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.05 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5.61 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Manraash 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 Manraash, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Manraash is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Manraash continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Manraash, set up in 2012, is a partnership firm based at Jetpur,
Gujarat. The partners, Mr. Ghanshyam Harshad Jogi, Mr. Rajesh
Bhadrakant Garach, and Mr. Manilal Hiralal Modha, have experience
of over two decades in textile processing, dyeing and printing.
Production began in October 2015.
MATRIX BOILERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Matrix
Boilers Private Limited (MBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 0.5 CRISIL D (Issuer Not
Discounting Cooperating)
Letter of Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Packing Credit 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MBPL 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 MBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
MBPL, set up in 2006, fabricates boiler and boiler components at
its facility in Pudukottai (Tamil Nadu). It is promoted by Mr N
Pandian, Mr A Sekar, Mr R Neelamegam, and Mr K Murugesan.
MITTAL ALLOY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mittal Alloy
Castings Company (MACC) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.0 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MACC 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 MACC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MACC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MACC continues to be 'CRISIL D Issuer not cooperating'.
Raigarh (Chattisgarh)-based MAAC, incorporated in July 2015, is
setting up a facility to manufacture Grinding Media Balls. Mr
Deepak Agrawal and Mr Ramsharan Agrawal are the promoters.
MOTHER'S EDUCATIONAL: CRISIL Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mother's
Educational Charitable Trust (MECT) continues to be 'CRISIL C
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5.4 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MECT 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 MECT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MECT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MECT continues to be 'CRISIL C Issuer not cooperating'.
Established in February 2011, MECT is currently running two
educational institutions: Prakrit, which is a preschool and
Mother's Business School, Puri and is affiliated to CBSE.
VNC NUTRITION: CRISIL Lowers Rating on INR14.5cr LT Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of VNC Nutrition Foods Private Limited (VNC) to 'CRISIL D'
from 'CRISIL B+/Stable'. The downgrade considers the delay in
servicing debt obligation in fiscal 2025.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating 14.5 CRISIL D (Downgraded from
'CRISIL B+/Stable)
The rating reflects modest scale of operations and susceptibility
of operating performance to climatic conditions and volatility in
raw material prices. These weaknesses are partially offset by the
extensive experience of the promoters in the agricultural products
and prudent working capital management.
Analytical Approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of VNC.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delay in debt servicing: VNC has delayed servicing the equated
monthly installment towards the term loan, more recently in
November 2024.
* Susceptibility of operating performance to climatic conditions
and volatility in raw material prices: VNC is exposed to the risk
of limited availability of its key raw material as the crop yield
of agricultural commodities is dependent on adequate and favourable
climatic conditions. Further, such unavailability results in
volatility in input cost.
* Modest scale of operations: Although revenue increased to
INR44.48 crore in fiscal 2024, from INR32.13 crore in fiscal 2022,
due to rise in sales volume led by better demand and new product
addition, intense competition may continue to constrain
scalability, pricing power and profitability.
Strengths:
* Extensive experience of the promoters: The promoters have around
two decades of experience in the agricultural products processing
and trading business; their strong understanding of market dynamics
and healthy relationships with suppliers and customers should
continue to support the business.
* Prudent working capital management: The working capital cycle is
likely to remain efficiently managed. Gross current assets improved
to 110 days as on March 31, 2024 (from 154 days a year ago) due to
decrease in receivable and other current assets. Receivables stood
at 21 days and inventory at 66 days as on March 31, 2024. However,
efficient management of the working capital cycle and timely
realisation of receivables remain monitorable.
Liquidity: Poor
Bank limit utilisation remained high at 94% on average for the 12
months through September 2024. Cash accrual is expected at
INR1.9-3.1 crore per annum, against yearly debt obligation of
INR1.6-2.1 crore over the medium term. Current ratio stood at 1.15
times on March 31, 2024.
Rating Sensitivity Factors
Upward Factors
* Timely debt servicing continuously for at least 90 days
* Substantial and sustainable increase in revenue and
profitability, resulting in net cash accrual more than INR2 crore.
VNC was set up in 2002 as a proprietorship firm by Mr Vinod N Patel
and got reconstituted into a private-limited company in 2012. The
company is engaged in processing and trading of various types of
agricultural products such as peanuts, wheat, chickpeas, roasted
chana, roasted soyabean, etc; it is based in Gujarat. VNC is owned
and managed by Mr Vinodbhai Nanjibhai Patel and Mr Harshadbhai V
Chosaliya.
WESTERN LUMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Western
Lumbers (WL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Funded Interest 6.25 CRISIL D (Issuer Not
Term Loan Cooperating)
Letter of Credit 15 CRISIL D (Issuer Not
Cooperating)
Working Capital 25 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with WL 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 WL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of WL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
For arriving at its ratings, CRISIL Ratings has combined the
financial risk profiles of WL and Farouk Sodagar Darvesh & Co Pvt
Ltd (FSD). The entities, together referred to as the Darvesh group,
are managed by the same promoter family and trade in similar
products. There have been instances of financial transactions
between them. They share infrastructure, and procurement, finance,
and management teams.
The Darvesh group was founded by the Miya Ahmed Darvesh family in
1909. Trading in timber is its main business. The group started
trading in steel bars in 2003, but discontinued the business in
2012 because of slowdown in the end-user industry (real estate).
=========
J A P A N
=========
NISSAN MOTOR: Honda Likely to Own Majority of Holding Firm
----------------------------------------------------------
The Japan Times reports that Honda and Nissan are expected to
discuss a plan for Honda to own a majority stake in a holding
company the two Japanese automakers plan to set up in summer 2026
for their business integration, which is highly likely to be
decided on the basis of factors including market capitalization of
the companies. Currently, Honda's market capitalization is far
larger than Nissan's.
Nissan's faltering business performance could be a hurdle to the
planned integration, and there may be twists and turns depending on
the course of the two firms' integration talks, industry watchers
said, The Japan Times relates.
According to the report, the two companies announced on Dec. 23 the
start of negotiations on unifying their operations. Mitsubishi, for
which Nissan is the top shareholder, may also join the business
integration talks. The integration, if realized, would create the
third-largest automobile group in the world in terms of vehicle
sales by volume, after Japan's Toyota group and Germany's
Volkswagen group.
Honda's stock closed at JPY1,535 on the Tokyo Stock Exchange's
top-tier Prime section on Dec. 30, the final trading day of 2024,
compared with JPY480 for Nissan, The Japan Times discloses. Based
on the closing prices, Honda's market capitalization came to JPY8.1
trillion, more than four times Nissan's JPY1.7 trillion.
Mitsubishi Motors' market capitalization is way lower, at JPY777.8
billion. The company has until the end of January 2025 to decide
whether to join the Honda-Nissan integration talks, the report
notes.
Honda has the right to appoint more than half of the planned
holding company's board members, including its president.
The Japan Times says Honda and Nissan, slated to conclude a
definitive agreement by June 2025 on the business integration, are
expected to decide their ownership ratio for the holding firm based
on their stock prices and earnings.
If the three-way integration including Mitsubishi Motors
materializes, Honda is highly likely to have a stronger voice than
Nissan and Mitsubishi Motors in drawing up management policies and
making other key decisions, analysts said.
Facing a severe earnings slump amid sluggish vehicle sales in North
America and China, Nissan plans to trim 20% of its global
production capacity and shed 9,000 jobs, or 7% of its workforce
around the world. But the company has yet to announce specific
measures for the streamlining, according to The Japan Times.
A challenge is whether Honda can obtain understanding for the
integration from its shareholders.
The Japan Times adds Hideyuki Sawada, head of the research division
at merger and acquisition adviser Recof, cited an example of
Japanese chemical makers Nippon Shokubai and Sanyo Chemical
Industries, which basically agreed in 2019 to integrate their
operations but later canceled the deal due to Nippon Shokubai's
deteriorating earnings.
The possibility of the Honda-Nissan negotiations falling apart is
not zero, Sawada suggested.
About Nissan Motor
Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
Worldwide.
As reported in the Troubled Company Reporter-Asia Pacific in March
2024, S&P Global Ratings affirmed its 'BB+' long-term and 'B'
short-term issuer credit ratings on Nissan Motor Co. Ltd. and its
overseas subsidiaries. The outlook on the long-term rating is
stable. S&P affirmed all issue ratings on the companies.
=================
S I N G A P O R E
=================
AGM HOLDING: Creditors' Proofs of Debt Due on Jan. 31
-----------------------------------------------------
Creditors of AGM Holding Company Pte. Ltd. are required to file
their proofs of debt by Jan. 31, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 23, 2024.
The company's liquidator is:
Chek Khai Juat
c/o Tricor Singapore
9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
AVPV 1 SG: Creditors' Proofs of Debt Due on Jan. 31
---------------------------------------------------
Creditors of AVPV 1 SG Holding Pte Ltd and AVPV 2 SG Holding Pte
Ltd are required to file their proofs of debt by Jan. 31, 2025, to
be included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 20, 2024.
The company's liquidator is:
Chek Khai Juat
c/o Tricor Singapore
9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
BOLDTEK HOLDINGS: Navigates Liquidation Amidst Share Suspension
---------------------------------------------------------------
TipRanks reports that Boldtek Holdings Limited, currently in
compulsory liquidation, is undergoing a review of its financial
affairs by liquidators, with a focus on potential asset
realization.
TipRanks relates that despite the suspension of trading in its
shares since January 2023, the company has pledged to keep
investors informed with periodic updates, urging shareholders to
remain cautious and consult professionals when dealing with their
shares. The liquidation process involves finalizing a Statement of
Affairs as the company navigates this challenging phase.
Boldtek Holdings Limited (SGX:5VI) provides building construction
services. The Company offers excavation, piling, superstructure
works, aluminum cladding, curtain walling, interior fitting-out and
decoration, and landscaping services. Boldtek Holdings serves
customers in Singapore.
PRAGATI INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Dec. 13, 2024, to
wind up the operations of Pragati International Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Mr. Gary Loh Weng Fatt
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
PROSHIP BROKERS: Creditors' Proofs of Debt Due on Jan. 31
---------------------------------------------------------
Creditors of Proship Brokers Pte. Ltd. are required to file their
proofs of debt by Jan. 31, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 20, 2024.
The company's liquidator is:
Chek Khai Juat
c/o Tricor Singapore
9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
REGAL MOTORING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Dec. 13, 2024, to
wind up the operations of Regal Motoring Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Mr. Gary Loh Weng Fatt
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=================
S R I L A N K A
=================
SRI LANKA: Key Consumer Price Index Falls 1.7% in December
----------------------------------------------------------
Reuters reports that Sri Lanka's consumer price index fell 1.7%
year-on-year in December after dropping 2.1% in the previous month,
the statistics department said on Dec. 31.
Reuters says the Colombo Consumer Price Index, a leading indicator
for broader national prices, tracks inflation in Colombo, Sri
Lanka's largest city.
Prices in the food category increased slightly to 0.8% in December
from 0.6% the previous month. In the non-food category, prices were
3% lower than a year earlier, compared to a decline of 3.3% in
November, 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.
"Overall, the annual average inflation ended at 1.2% for the past
12 months, marking a notable recovery from the 17.4% faced a year
prior," Reuters quotes Raynal Wickremeratne, co-head of research at
Softlogic Stockbrokers, as saying.
"We expect January to witness a minus 1.5% rate on inflation, with
it returning to positive territory over the next three month
period."
Sri Lanka suffered record inflation after its worst financial
crisis in decades pummelled the economy, which has stabilised since
it secured a $2.9-billion bailout from the International Monetary
Fund in March 2023, according to Reuters.
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%, Reuters discloses
citing latest central bank data.
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
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 2025. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***