/raid1/www/Hosts/bankrupt/TCRAP_Public/250124.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, January 24, 2025, Vol. 28, No. 18
Headlines
A U S T R A L I A
CK CARPENTRY: First Creditors' Meeting Set for Feb. 3
LAL REFRIGERATED: First Creditors' Meeting Set for Feb. 3
LIBERTY SERIES 2023-2: Moody's Ups Rating on Class F Notes to Ba3
MOSAIC BRANDS: Rivers to Shut Down All Stores in April
ORANGE GAMING: First Creditors' Meeting Set for Jan. 31
RUBY EQUIPMENT: First Creditors' Meeting Set for Jan. 30
WALKABOUT RESOURCES: Updates on Administration Proceedings
ZEBRA PROPERTIES: First Creditors' Meeting Set for Jan. 29
C H I N A
FINGERMOTION INC: Posts $1.66MM Net Loss in Q3 FY24
KTK GROUP: To Sell Loss-Making Consumer Electronics Biz in India
SHIMAO GROUP: Lender Seeks Private Credit Deal on US$1.3BB Loan
SUNING.COM: Predicts First Annual Profit in Four Years
I N D I A
ALL RICH: CARE Lowers Rating on INR9.40cr LT Loan to B-
AROGYA YOGA: CARE Assigns D Rating to INR28cr LT Loan
AURIKA FINVEST: CARE Keeps D Debt Ratings in Not Cooperating
CLASSIC CORRUGATIONS: CARE Lowers Rating on INR9.85cr LT Loan to D
CUE LEARN: NCLT Rejects Akshay Kumar's Insolvency Plea vs. Company
DAKSHIN BUDHAKHALI: CARE Keeps D Debt Rating in Not Cooperating
DEEP PLAST: CARE Keeps C Debt Rating in Not Cooperating Category
DEEPAK COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
DEEPAK PLASTIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GARG GRANITE: CARE Maintains B- Rating in Not Cooperating Category
GOL OFFSHORE: CRISIL Keeps D Debt Ratings in Not Cooperating
GURU NANAK: CARE Keeps D Debt Rating in Not Cooperating Category
HILLSFOOD AGRO: CARE Keeps D Debt Ratings in Not Cooperating
HMT MACHINE: CARE Hikes Rating on INR49.82cr LT Loan from D
JAHANGIR BIRI: CRISIL Keeps D Debt Ratings in Not Cooperating
KANAK GINNING: CARE Keeps C Debt Rating in Not Cooperating
KARVY DIGIKONNECT: CRISIL Keeps C Debt Ratings in Not Cooperating
KOHINOOR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
MANIPALCIGNA HEALTH: CARE Assigns D Rating to INR125cr Subord Debt
MASTER INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
MICRO SUPREME: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MIDAS PETROCHEM: CRISIL Lowers Rating on INR15MM Cash Loan to D
MOPED HOUSE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MOUNT VELOUR: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHA-RUKMAN: CARE Keeps D Ratings in Not Cooperating Category
RAMKY INFRA: CRISIL Keeps C Debt Ratings in Not Cooperating
REPUTE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
S. S. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SUPER INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
TAJSHREE CARS: CARE Keeps D Debt Rating in Not Cooperating
VENKATA MANIKANTA: CRISIL Keeps D Debt Ratings in Not Cooperating
N E W Z E A L A N D
BODY SHOP NEW ZEALAND: Goes Into Voluntary Administration
BOUTIQUE LOGISTICS: Court to Hear Wind-Up Petition on March 7
FREE RANGE: Grant Bruce Reynolds Appointed as Liquidator
KATI TRADING: Creditors' Proofs of Debt Due on Feb. 14
MB3 LIMITED: Creditors' Proofs of Debt Due on Feb. 22
NGAIWI DEVELOPMENTS: Enters Liquidation; Owes NZD3.76 Million
PREMIER FORWARDING: Court to Hear Wind-Up Petition on Feb. 14
UBCO: Enters Receivership, Terminates Employees
S I N G A P O R E
ACKTEC TECHNOLOGIES: Commences Wind-Up Proceedings
FOOD CHEF: Court to Hear Wind-Up Petition on Jan. 31
MAK HANDICRAFTS: Creditors' Meeting Set for Feb. 4
NAUVEAU TECHNOLOGY: Court Enters Wind-Up Order
TATADA FOOD: Court to Hear Wind-Up Petition on Jan. 31
- - - - -
=================
A U S T R A L I A
=================
CK CARPENTRY: First Creditors' Meeting Set for Feb. 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of CK Carpentry
& Building Services Pty Ltd will be held on Feb. 3, 2025 at 11:00
a.m. at the offices of Setter Shepard at Level 2, 117 Clarence
Street in Sydney.
Adam Shepard of Setter Shepard was appointed as administrator of
the company on Jan. 21, 2025.
LAL REFRIGERATED: First Creditors' Meeting Set for Feb. 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of LAL
Refrigerated Transport Pty Ltd will be held on Feb. 3, 2025 at
11:00 a.m. online via Microsoft Teams.
Mohammad Mirzan Bin Mansoor and Anthony Phillip Wright of Olvera
Advisors were appointed as administrators of the company on Jan.
21, 2025.
LIBERTY SERIES 2023-2: Moody's Ups Rating on Class F Notes to Ba3
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on seven classes of notes
issued by two Liberty Series RMBS.
The affected ratings are as follows:
Issuer: Liberty Series 2023-2
Class C Notes, Upgraded to Aa1 (sf); previously on Jul 28, 2023
Upgraded to Aa3 (sf)
Class D Notes, Upgraded to Aa3 (sf); previously on Jul 28, 2023
Upgraded to A3 (sf)
Class E Notes, Upgraded to Baa3 (sf); previously on Jul 28, 2023
Upgraded to Ba1 (sf)
Class F Notes, Upgraded to Ba3 (sf); previously on Mar 9, 2023
Definitive Rating Assigned B2 (sf)
Issuer: Liberty Series 2023-3
Class C Notes, Upgraded to Aa1 (sf); previously on May 1, 2024
Upgraded to Aa2 (sf)
Class D Notes, Upgraded to A1 (sf); previously on May 1, 2024
Upgraded to A3 (sf)
Class F Notes, Upgraded to Ba2 (sf); previously on May 1, 2024
Upgraded to Ba3 (sf)
A comprehensive review of all credit ratings for the two
transactions has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
(note subordination and the Guarantee Fee Reserve) available to the
affected notes and the collateral performance to date.
The now fully-funded and non-amortising Guarantee Fee Reserve
Account provides credit support of 0.3% of the original note
balance to the deals. The account can be used to cover charge-offs
against the notes and liquidity shortfalls that remain uncovered
after drawing on the liquidity facility and principal.
No actions were taken on the remaining rated classes in these
transactions as credit enhancement remains commensurate with the
current rating for the respective notes.
Liberty Series 2023-2
Following the December 2024 payment date, note subordination
available for the Class C, Class D and Class E Notes have increased
to 6.3%, 4.7% and 2.4% respectively, from 4.4%, 3.3% and 1.7% at
the time of the last rating action of these notes in July 2023.
Note subordination for the Class F Notes has increased to 1.9% from
1.3% at closing. Principal collections have been distributed on a
sequential basis starting from the Class A1 Notes. Current total
outstanding notes as a percentage of the total closing balance is
69.6%.
As of November 2024, 2.3% of the outstanding pool was 30-plus days
delinquent and 0.9% was 90-plus days delinquent. The deal has not
incurred any losses to date.
Based on the observed performance to date and loan attributes,
Moody's have updated Moody's expected loss assumption to 1.4% of
the outstanding pool balance (equivalent to 1.0% of the original
pool balance) from 1.0% (equivalent to 1.0% of the original pool
balance) at the time of last rating action in May 2024. Moody's
have maintained Moody's MILAN CE assumption at 5.0%.
Liberty Series 2023-3
Following the December 2024 payment date, note subordination
available for the Class C, Class D and Class F Notes have increased
to 7.5%, 4.7% and 2.3% respectively, from 5.6%, 3.4% and 1.7% at
the time of the last rating action for these notes in May 2024.
Principal collections have been distributed on a sequential basis
starting from the Class A Notes. Current total outstanding notes as
a percentage of the total closing balance is 55.9%.
As of November 2024, 4.3% of the outstanding pool was 30-plus days
delinquent and 2.2% was 90-plus days delinquent. The deal has not
incurred any losses to date.
Based on the observed performance to date and loan attributes,
Moody's have updated Moody's expected loss assumption to 1.8% of
the outstanding pool balance (equivalent to 1.0% of the original
pool balance) from 1.3% (equivalent to 1.0% of the original pool
balance) at the time of the last rating action in May 2024. Moody's
have maintained Moody's MILAN CE assumption at 5.5%.
The transactions are Australian RMBS originated and serviced by
Liberty Financial Pty Ltd, an Australian non-bank lender. A small
portion of the portfolios consists of loans extended to borrowers
with impaired credit histories or loans made on a limited
documentation basis.
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.
MOSAIC BRANDS: Rivers to Shut Down All Stores in April
------------------------------------------------------
The Sydney Morning Herald reports that clothing and footwear brand
Rivers will close all 136 stores across Australia by mid-April,
resulting in 650 job losses after the receivers and managers for
parent company Mosaic Brands failed to find a buyer.
SMH relates that the closure makes Rivers the seventh brand in the
Mosaic group to be axed, following Rockmans, Autograph, Crossroads,
W. Lane and BeMe in late September, and Katies in December.
According to SMH, Mosaic's receivers and managers are KPMG partners
David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth, who
are still attempting to find a buyer for Mosaic's two remaining
brands, Millers and Noni B, from an original stable of nine
brands.
KPMG turnaround and restructuring partner David Hardy thanked
Mosaic and Rivers staff for working tirelessly over the past few
months.
"Unfortunately, a sale of Rivers was not able to be achieved. This
means the receivers have made the difficult decision to wind down
this iconic Australian brand," Mr. Hardy said in a statement.
SMH says Rivers stores will close at varying times based on stock
levels, and the brand will hold sales and promotions to clear
stock.
Mosaic Brands fell into administration in late October with debts
of at least AUD249 million, a month after chief executive Erica
Berchtold axed Rockmans, Autograph, Crossroads, W. Lane and BeMe.
The collapse came after a proposed restructuring of the company was
blocked by a "small number" of parties, including its senior
secured lender.
The company allegedly did not have directors and officers
insurance, this masthead reported last year, citing two sources who
could not be identified for confidentiality reasons.
Former suppliers also came forward to SMH to detail millions of
dollars owed, where Mosaic sold products in-store and banked the
proceeds without paying for them.
Ms. Berchtold attempted to enter negotiations with Mosaic's global
suppliers by asking them to accept terms where they would be paid
as little as one-third of what they were owed.
At least 11 Bangladeshi suppliers were understood to be owed around
US$15 million, SMH reported last year.
"There's going to be factories that are going to be shutting down,"
SMH quotes Omar Chowdhury, managing director of Bangladeshi garment
manufacturer Hydroxide Knitwear, as saying. "It's very distressing.
There are some people on the verge of suicide."
SMH notes that the store footprint of Mosaic's remaining two brands
shrank after KPMG receivers culled 80 additional stores across
Millers, Rivers and Noni B brands when it announced it was
shuttering the Katies brand in December.
Katies had been one of the "core brands" Mosaic had hoped would
become a future focus of the company following the appointment of
administrators, which they believed would also help to "right-size
the store network to ensure the ongoing success of the business".
About Mosaic Brands
Based in Rosebery, Australia, Mosaic Brands Limited (ASX:MOZ) --
https://www.mosaicbrandslimited.com.au/ -- engages in the retail of
women's apparel and accessories in Australia and New Zealand. The
company sells its products under the Millers, Rockmans, Noni B,
Rivers, Katies, Autograph, W. Lane, Crossroads, beme, and Ezibuy
brand names. It operates through a network of 804 stores and online
digital department platforms. The company was formerly known as
Noni B Limited and changed its name to Mosaic Brands Limited in
November 2019.
David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth were
appointed Receivers and Managers to the assets and undertakings of
the Mosaic Brands Group entities on Oct. 28, 2024.
Mosaic Brands entities are:
- Mosaic Brands Limited
- Noni B Holdings Pty Limited
- W.Lane Pty Ltd
- Pretty Girl Fashion Group Pty. Ltd.
- Pretty Girl Fashion Group Holdings Pty Ltd
- Noni B Holdings 2 Pty Ltd
- Rivers Retail Holdings Pty Ltd
- Crossroads Retail Pty Ltd
- Katies Retail Pty Ltd
- Autograph Retail Pty Ltd
- Millers Retail Pty Ltd
- Noni B HoldCo Pty Ltd
- Ezibuy Pty. Limited
The Receivers' appointment follows the appointment of Vaughan
Strawbridge, Kate Warwick, Kathryn Evans and David McGrath of FTI
Consulting as Voluntary Administrators to the Mosaic Brands Group
on Oct. 28, 2024.
ORANGE GAMING: First Creditors' Meeting Set for Jan. 31
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Orange
Gaming Pty Ltd will be held on Jan. 31, 2025 at 11:00 a.m. at Level
26, 25 Bligh Street in Sydney and via virtual meeting technology.
Peter Paul Krejci of BRI Ferrier was appointed as administrator of
the company on Jan. 20, 2025.
RUBY EQUIPMENT: First Creditors' Meeting Set for Jan. 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Ruby
Equipment Hire Pty Ltd will be held on Jan. 30, 2025 at 11:00 a.m.
at Level 10, 225 St Georges Terrace in Perth and via virtual
meeting technology.
David Bryant and Quentin Olde of Ankura Consulting were appointed
as administrators of the company on Jan. 17, 2025.
WALKABOUT RESOURCES: Updates on Administration Proceedings
----------------------------------------------------------
TipRanks reports that Walkabout Resources Ltd. has updated the
details of its Deed of Company Arrangement, confirming that the
effectuation occurred on Dec. 19, 2024, not Dec. 20, 2024, as
previously announced.
A report to creditors is expected by March 18, 2025, providing
stakeholders with upcoming insights into the company's financial
restructuring, TipRank relays.
Based in West Perth, Australia, Walkabout Resources Ltd (ASX:WKT)
explores for and develops resources and energy assets in Tanzania,
Namibia, Scotland, and Northern Ireland. The company explores for
graphite, gold, zinc, lead, silver, nickel, copper, and other base
metals. Its flagship property is the Lindi Jumbo project located in
south-eastern Tanzania. The company was formerly known as Nimrodel
Resources Limited and changed its name to Walkabout Resources
Limited in April 2013.
Thomas Birch and Jeremy Nipps of Cor Cordis were appointed as
administrators of Walkabout Resources Ltd, Walkabout Australia Pty
Ltd and Reveal Resources Pty Ltd on Nov. 12, 2024.
Richard Tucker and Paul Pracilio of KordaMentha were also appointed
as Joint and Several Receivers of Walkabout Resources and the WKT
Subsidiaries on Nov. 12, 2024.
ZEBRA PROPERTIES: First Creditors' Meeting Set for Jan. 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Zebra
Properties Holdings Pty Ltd will be held on Jan. 29, 2025 at 11:00
a.m. via Microsoft Teams.
Gregory Paul Quin of HLB Mann Judd Insolvency WA was appointed as
administrator of the company on Jan. 16, 2025.
=========
C H I N A
=========
FINGERMOTION INC: Posts $1.66MM Net Loss in Q3 FY24
---------------------------------------------------
FingerMotion Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $1,662,712 on $8,534,079 of revenues for the three months ended
November 30, 2024, compared to a net loss of $1,945,803 on
$6,140,146 of revenues for the three months ended November 30,
2023.
For the nine months ended November 30, 2024, the Company reported a
net loss of $5,009,095 on $25,366,825 of revenues, compared to a
net loss of $3,344,717 on $27,588,403 of revenues for the same
period in 2023.
As of November 30, 2024, the Company had $31,942,333 in total
assets, $22,358,838 in total liabilities, and $9,583,495 in total
stockholders' equity.
"We are proud to report a 39% increase in our revenue performance
in Q3 2025, compared to last year, which was primarily due to
substantial growth in our Telecommunications Products and Services
division. Going forward, we are well-positioned to capitalize on
new growth opportunities as we expand our presence in the new
Command and Communications segment and accelerate the monetization
of partnerships within our Big Data Business. With the successful
completion of our recent financing, we believe we now have the
resources needed to rollout key initiatives and drive sustained
value creation for our shareholders," stated Martin Shen, CEO of
FingerMotion.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4e824pvw
About FingerMotion Inc.
FingerMotion Inc. is an evolving technology Company with a core
competency in mobile payment and recharge platform solutions in
China.
Hong Kong-based Centurion ZD CPA & Co., the Company's former
auditor, issued a "going concern" qualification in its report dated
May 29, 2024, citing that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.
KTK GROUP: To Sell Loss-Making Consumer Electronics Biz in India
----------------------------------------------------------------
Yicai Global reports that KTK Group said it will sell its
loss-making computer, communication and consumer electronics
business assets in India for a base price of INR1.3 billion (USD15
million) to electronics and mobile phone manufacturer Ismartu
India.
Yicai relates that KTK will sell its factory in Gautam Buddha
Nagar, Noida which includes the land, buildings, equipment within
the structures and other tangible assets, KTK said on Jan. 20,
citing the memorandum of understanding penned between KTK's local
subsidiary KHY Electronic India and Noida-based Ismartu.
According to Yicai, the factory, which makes electronic
communication equipment, mobile phones and parts as well as
wireless network terminals and components, racked up an unaudited
net loss of CNY22.2 million (USD3 million) in the first nine months
last year, Changzhou-based KTK said. And in 2023 it haemorraged
CNY45.5 million (USD6.2 million).
As of Sept. 30, the plant had assets of CNY409 million (USD56.1
million) and shareholders' equity was negative at minus CNY135.7
million (USD1.8 million), Yicai discloses.
Yicai relates that the sale aims to divest non-core underperforming
assets to allow the company to focus on its core business and
improve its financial health, including bolstering cash reserves,
KTK said.
KTK set up the joint venture KHY Electronic India in March 2019
with a total investment of USD98.8 million to produce 3C products
in India and leverage the opportunities brought by the rapid
development of the country's communications and consumer
electronics markets.
KTK Group is mainly engaged in the development, production, sales
and servicing of train carriages' interior furnishings, such as
seats and cabinets. It entered the Indian market in 2016 to produce
train-related products then branched into consumer electronics in
2019.
SHIMAO GROUP: Lender Seeks Private Credit Deal on US$1.3BB Loan
---------------------------------------------------------------
Bloomberg News reports that a Shimao Group Holdings Ltd. lender is
in talks with private credit investors in hopes of offloading a
US$1.3 billion loan due this year tied to a luxury apartment
complex that's key to a restructuring at the defaulted Chinese
developer, according to people familiar with the matter.
Bloomberg relates that Singapore-based United Overseas Bank has
reached out to such investors in recent weeks for a deal regarding
the HK$10 billion loan, they said. The loan, taken out by Shimao in
2022, matures on September 30 and is backed by the Beacon Peak
complex, located in Hong Kong's Kowloon Tong neighborhood.
That's still far short of the loan principal, and the sales pace
underscores Shimao's challenges in trying to raise cash quickly in
Hong Kong's weak and discounted property market, Bloomberg relays.
Private credit investors' involvement could further complicate an
ongoing debt restructuring process - in which Beacon Peak is a
piece eyed by creditors - as their business model often operates on
seizing borrowers' assets when they default.
"Shimao may struggle to achieve a high sell-through rate at its new
Beacon Peak project in Kowloon, given its distance from transport
links," Bloomberg Intelligence analysts Kristy Hung and Monica Si
wrote in a note.
Proceeds from selling the units will be first used to pay back the
loan's principal, interest and accrued fees, as well as related
fees for the project, according to people familiar with the
arrangements.
The complex could generate around HK$12 billion to HK$13 billion
based on an average price of HK$22,000 per square foot, according
to estimates by Bloomberg Intelligence.
"Of the first phase's 332 units, 64 percent are 1,198-3,165 sq ft
in size, targeting luxury buyers, suggesting risk of a slow
sell-through," Hung and Si wrote.
The apartment complex is one of the offshore assets Shimao listed
in its restructuring proposal, Bloomberg relays citing a company
filing.
Its unsecured creditors, including bondholders, could get paid from
the sale if there's remaining cash, the people said.
Shimao built the complex after it was awarded the site by the Hong
Kong government in 2015 for HK$7 billion.
Meanwhile, Shimao plans to hold a creditor meeting on February 14
to vote on its US$11.5 billion (HK$89.7 billion) restructuring
plan, Bloomberg reports. The company was sued recently in Hong Kong
by a creditor seeking its liquidation, a month after another
similar petition was dismissed.
About Shimao Group
China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.
As reported in the Troubled Company Reporter-Asia Pacific, Shimao
Group has missed the interest and principal payment of a US$1
billion offshore bond due on July 3, 2022.
SUNING.COM: Predicts First Annual Profit in Four Years
------------------------------------------------------
Yicai Global reports that Suning said it expects to have made its
first annual profit since 2020, mainly because of a government
initiative to encourage consumers to replace old electrical goods
with new ones.
Net profit was likely between CNY500 million and CNY700 million
(USD68.4 million and USD95.7 million) last year, compared with a
year-earlier net loss of CNY4.1 billion (USD560.5 million), the
firm announced late on Jan. 20, Yicai discloses. After deducting
non-recurring items, Suning expects its net loss to have shrunk 72
percent to 77 percent to between CNY1.2 billion and CNY1.5
billion.
Yicai relates that the Nanjing-based company focused on developing
its core home appliances business last year, optimizing its store
structure, and improving product cost performance, it noted. Thanks
to the national consumer goods trade-in program, sales surged 65
percent last quarter from a year earlier, the firm added.
The government introduced trade-in subsidies for certain consumer
goods last March, Yicai recalls. Earlier this month the number of
eligible categories was raised from eight to 12, with the addition
of dishwashers, microwave ovens, rice cookers, and water purifiers.
The policy is a key initiative to stimulate consumer spending,
support domestic manufacturing, and promote energy efficiency.
Suning processed more than 16,000 product trade-ins at the county
level last year, leading to a 191 percent surge in related orders,
the company told Yicai.
Besides strengthening cost controls, Suning saw non-recurring
profit and loss projects, including asset disposals and debt
resolution, bring in about CNY1.8 billion to CNY2 billion of
revenue.
Yicai adds that retail sales of home appliances in China soared 12
percent to a record CNY1.03 trillion (USD143.3 billion) last year,
with more than 37 million consumers buying over 62 million
appliances through trade-ins so far, according to the National
Bureau of Statistics and the Ministry of Commerce.
About Suning.Com
Suning.Com Co., Ltd., operates consumer electronic products and
appliances sales stores. The Company sells telecommunication
equipment, telecommunication components, household appliances,
digital equipment, refrigerators, washing machines, and other
products. Suning.Com also provides equipment installation and
repairing services.
=========
I N D I A
=========
ALL RICH: CARE Lowers Rating on INR9.40cr LT Loan to B-
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
All Rich Dairy Private Limited (ARDPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.40 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 4,
2024, placed the rating(s) of ARDPL under the 'issuer
non-cooperating' category as ARDPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ARDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 19, 2024, November 29, 2024, December 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).
The ratings assigned to the bank facilities of ARDPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Hyderabad based, All Rich Dairy Private Limited was originally
established as a Partnership firm in 2002 later it was converted
into a Private Limited Company in 2012. ARDPL is promoted by Mr.
Rajshekar Reddy and family members. The company is engaged in
processing of milk and its products such as, Curd, Butter Milk,
under the branch name of "Swetha". The company has own dairy farm
apart from this procures additional milk from outside farmers
located in and around Telangana and Andhra Pradesh and sells its
products in the city of Hyderabad. The company has an installed
capacity of processing 75,000 liters per day.
Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of ARDPL to
the 'issuer not-cooperating' category vide press release dated
March 27, 2024 on account of its inability to carryout review in
the absence of requisite information from the company.
AROGYA YOGA: CARE Assigns D Rating to INR28cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Aarogya
Yoga Samsthe, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 28.00 CARE D Assigned
Rationale and key rating drivers
The rating assigned to the bank facility of Arogya Yoga Samsthe
factors in ongoing delay in debt servicing and partnership nature
of constitution. As per banker interaction, it is confirmed that
there are ongoing delays in debt servicing of term loan and cash
credit facility and the account is classified as NPA. Further in
the NDS submitted by the client, it is mentioned that the account
has been in NPA category since 16th January, 2020.
The rating however, draw strength from experienced partners.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Delay-free track record of over three months
Negative factors: Not Applicable
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of key rating drivers:
Key weaknesses
* On going delay in debt servicing: As per banker interaction, it
is confirmed that there are ongoing delays in debt servicing of
term loan and CC facility and the account is classified as NPA.
Further in the NDS submitted by the client, it is mentioned that
account has been in NPA category since 16th January, 2020.
* Partnership nature of constitution: Arogya Yoga Samsthe's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which will affect its capital structure.
Moreover, partnership firms have restricted access to external
borrowing which limits their growth opportunities to some extent.
Key strengths
* Experience Partners: The managing partner of the firm, Dr. S.P
Yoganna is a well-known medical professional of Mysuru and has more
than three decades of experience in academics and patient care. He
is an MBBS and MD graduate from Mysore medical college and has
worked at Mysore medical college as professor of medicine and has
also worked at K R Hospital Mysore as physician cardiologist.
Further, out of the seven partners, six are from Dr. Yoganna's
family and of the six, five are medical professionals and are
actively involved in the hospital activities on day-to-day basis.
Liquidity: Poor
The liquidity of the firm remains poor as reflected in the delay in
servicing of debt obligations for the term loan and CC facility
availed by the firm.
Aarogya Yoga Samsthe is a partnership firm established in July,
1988 by Dr. S P Yoganna and his wife Smt. Sudha Yoganna, being as
partners. The partnership firm was reconstituted in September-2018
with addition of 5 more partners. The firm is running a hospital in
the name of Suyog Hospital, having super specialty health care
facilities and is located in Ramakrishna Nagar,Mysuru,Karnataka.
The hospital presently has capacity of 250 hospital beds, 40
Intensive Care Unit (ICU) beds and is well-equipped with the
required equipment and support systems. Out of the 7 partners of
the firm, 5 are well qualified medical professionals involved in
day-to-day management of the hospital. The firm has its registered
office located in Mysuru, Karnataka.
AURIKA FINVEST: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aurika
Finvest Private Limited (AFPL; erstwhile Hriday Fincorp Private
Limited) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 2.06 CARE D; ISSUER NOT COOPERATING;
debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non-convertible 4.50 CARE D; ISSUER NOT COOPERATING;
debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated March 23, 2020 placed the ratings of AFPL under the 'issuer
non-cooperating' category as AFPL had failed to provide information
for monitoring of the ratings as agreed to in its Rating Agreement.
AFPL continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
September 16, 2024, September 26, 2024 and October 6, 2024. In line
with the extant Securities and Exchange Board of India (SEBI)
guidelines, CARE Ratings has reviewed the rating on the basis of
the best available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on AFPL's
instruments will continue to be denoted as 'CARE D/Issuer not
cooperating'.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of the key rating drivers:
CARE Ratings has not received any information except the financials
for FY23 & FY24 (extracted from the Registrar of Companies [ROC]).
At the time of the last rating on November 01, 2023, the following
were the weaknesses and strengths (updated for the information
available from the ROC).
Key weaknesses
* Deterioration in financial performance: The portfolio outstanding
as on March 31, 2024 is INR5.44 crore (PY: INR6.33 crore). Total
income of the company declined by to INR0.46 crore in FY24 (PY:
INR1.00 crore), the reduction has been due to decrease in interest
income. Consequently, profitability metrics have deteriorated.
* Moderate gearing, Capital adequacy levels and earnings profile:
The Overall gearing improved from 1.36 times in FY23 to 1.13 times
in FY24. Capital Adequacy Ratio was 42.24% in FY24, down from
53.16% in FY23. The Net interest margin decreased to 2.00% in FY24
from 4.07% in FY23.
AFPL (erstwhile Hriday Fincorp Private Limited [HFPL]) was
initially incorporated as Satkar Finance Pvt. Ltd. on June 30,
1994, and got registered with the Reserve Bank of India (RBI) in
2000 as a non-deposit taking non-banking finance company (NBFC). In
2012, the name of the company was changed to HFPL, which was
further changed to the present one (AFPL) in 2021. It is a
part of the SRG group. The SRG group has business activities in
Rajasthan and Maharashtra and has diversified product portfolio
which includes housing finance, loan against property, vehicle
financing, etc. AFPL is primarily engaged in financing small and
medium enterprises for working capital and growth, loans for
purchase and construction of commercial property, vehicle
financing, home purchase & home improvement loans, loans against
property, gold loans, etc.
CLASSIC CORRUGATIONS: CARE Lowers Rating on INR9.85cr LT Loan to D
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Classic Corrugations Private Limited (CCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Downgraded from
CARE B-; Stable
Short Term Bank 0.90 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Downgraded from
CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 26,
2024, placed the rating(s) of CCPL under the 'issuer
non-cooperating' category as CCPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CCPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 17, 2025
among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings for CCPL have been revised on account of
non-availability of requisite information. The revision also
factored delays in debt servicing as recognized from publicly
available information as well as banker feedback.
Analytical approach: Standalone
Outlook: Not applicable
Ahmedabad (Gujarat) based CCPL is a private limited company
incorporated in 2011. The company is engaged into manufacturing of
kraft paper based corrugated boxes which are used in packaging
purpose by various industries such as home appliances, food
products, liquor, confectioneries, pharmaceuticals etc. Presently,
operations of CCPL are managed by Mr. Yogesh Todi and Mrs Manisha
Todi. CCPL operates from its sole manufacturing facilities located
in Ahmedabad with an installed capacity of manufacturing 18,000
metric tons of boxes per annum as on March 31, 2017. Further, there
is an associate concern of CCPL known as Century Ventures
(operational since 2015) which is also engaged into manufacturing
of customized corrugated boxes.
Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of CCPL into Issuer Not
Cooperating category vide press release dated January 16, 2025 on
account of its inability to carry out a review in the absence of
the requisite information from the company.
Acuite has continued the rating assigned to the bank facilities of
CCPL into Issuer Not Cooperating category vide press release dated
February 15, 2024 on account of its inability to carry out a review
in the absence of the requisite information from the company.
CUE LEARN: NCLT Rejects Akshay Kumar's Insolvency Plea vs. Company
------------------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal's
(NCLT) Delhi bench has dismissed Bollywood actor Akshay Kumar's
plea to initiate insolvency proceedings against ed-tech company Cue
Learn Pvt. Ltd.
According to Livemint.com, Kumar had filed a plea against the
edtech under Section 9 of the Insolvency and Bankruptcy Code (IBC)
over the non-payment of INR4.83 crore as part of a 2021 endorsement
agreement, terming the dues operational debt.
However, the tribunal, in its judgment delivered on January 7, held
that Kumar's claims did not qualify as operational debt under the
IBC, Livemint.com relates. "We conclude that the application filed
by the applicant/operational creditor (Akshay Kumar) under Section
9 of the Code for initiating CIRP (corporate insolvency resolution
process) against the respondent is not maintainable and stands
dismissed," the tribunal said.
Operational debt, under the bankruptcy code, refers to money a
company owes for goods or services it has received. It includes
unpaid bills for supplies, rent, or salaries. If a company fails to
pay this debt, creditors can seek to initiate insolvency
proceedings.
Livemint.com says the dispute arose from a March 2021 endorsement
agreement, wherein Kumar was engaged to provide promotional
services for INR8.10 crore, to be paid in two tranches. While the
first payment of INR4.05 crore was made, Cue Learn allegedly
defaulted on the second payment due by 15 April 2022.
Kumar had rendered services under the agreement, including an
endorsement day on March 8, 2021, with deliverables such as TV
commercials (TVCs) used by Cue Learn on its social media
platforms.
He argued that the second payment was unconditional and constituted
operational debt, Livemint.com relays.
In response, Cue Learn argued that the second payment was
conditional upon Kumar's availability for a mutually agreed-upon
second endorsement day, which Kumar failed to propose. The company
contended this constituted a breach of contract by the actor,
invalidating his claim.
According to Livemint.com, the tribunal sided with Cue Learn,
noting that Kumar's obligation to perform on the second endorsement
day depended on prior fulfilment of certain conditions.
The NCLT observed that any claims arising from an alleged breach of
contract would be considered liquidated damages, not operational
debt under the IBC.
"There is no documentary evidence on record to indicate that these
conditions were fulfilled. Consequently, the obligation to render
services on the second day did not materialize as the necessary
preconditions were not met. The lack of performance on the part of
the operational creditor to provide the required services negates
the assertion of an operational debt," the NCLT stated.
The tribunal further noted that disputes over contract breaches
fall under civil courts' jurisdiction and do not qualify as
crystallized debts that can trigger insolvency proceedings,
Livemint.com adds.
Cue Learn Pvt. Ltd. provides educational services. The Company
offers a learning system which enables school students to learn
mathematics and English comprehension skills.
DAKSHIN BUDHAKHALI: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dakshin
Budhakhali Improvement Society (DBIS) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.11 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated November 21, 2023 placed the ratings of DBIS under the
'issuer non-cooperating' category as DBIS had failed to provide
information for monitoring of the ratings as agreed to in its
Rating Agreement. DBIS continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and emails dated October 6, 2024, October 16, 2024 and October 26,
2024.
In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
DSIS's instruments will continue to be denoted as 'CARE D/Issuer
not cooperating'.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of key rating drivers:
The ratings consider continuous delay in servicing of debt
obligations.
Key weaknesses
* Delay in servicing of debt obligations: There are ongoing delays
in servicing of debt obligations by DBIS. Moderate gearing, Capital
adequacy levels and earnings profile.
Liquidity: Not applicable
DBIS was formed in 1995 as a charitable society. It started MFI
activity from May 2006 by lending to women borrowers engaged in
small businesses under 'Self Help Groups' model in the rural area
of West Bengal. It also provides other technical support services
to its borrowers which enables them to achieve
self-sustainability.
DEEP PLAST: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Deep Plast
Industries (DPI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 19,
2023, placed the rating(s) of DPI under the 'issuer
non-cooperating' category as DPI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DPI continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 3, 2024,
November 13, 2024, November 23, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Established in 1998 as a partnership firm, DPI is engaged in the
manufacturing of master batches which find its application
predominantly in plastic and packaging industries. The firm was
setup by Mr. Ramesh Patel and his wife Mrs. Asha Patel having equal
profit-sharing ratio. The master batches manufactured by the firm
are compatible with all types of plastic polymers and plastic
manufacturing processes. DPI operates from its sole plant located
in Santej, Gujarat. It has recently completed its expansion and
installed capacity increased to 8,000 metric tonnes per annum
(MTPA) as on March 31, 2015.
DEEPAK COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Deepak Cotton
Mills (DCM) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DCM for
obtaining information through letter and email dated December 9,
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 DCM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DCM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DCM continues to be 'CRISIL B/Stable Issuer not cooperating'.
DCM was set up in 1990 as a partnership firm with Mr. Krishan
Kumar, Mr. Anjani Kumar, Mr. Ghisa Ram, and Ms. Saroj Bala as
partners. The firm gins and presses raw cotton (kapas), and crushes
cotton seeds to extract cotton seed oil. In 2012-13, it diversified
its product range to guar gum, with commercial production
commencing in November 2012.
DEEPAK PLASTIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deepak
Plastic Industries (DPI) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 1.17 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.52 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Deepak
Plastic Industries (DPI) for obtaining information through letter
and email dated December 09, 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 DPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DPI continues to be 'CRISIL B+/Stable Issuer not cooperating'.
DPI was established in 1982 by Mr. Sajan Vaswani. The firm
manufactures polyethylene bags of over 50 microns thickness and
plastic packaging materials of various sizes and thicknesses. The
firm has its manufacturing facility at Jalgaon, Maharashtra. The
firm has an installed capacity of manufacturing 26 tonnes per day
with uilization levels of around 70-75%.
GARG GRANITE: CARE Maintains B- Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garg
Granite Private Limited (GGPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.50 CARE B-; 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 27,
2023, placed the rating(s) of GGPL under the 'issuer
non-cooperating' category as GGPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 11, 2024,
November 21, 2024 and December 1, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Kishangarh (Rajasthan) based GGPL was incorporated in 1993 by Mr
Sanjay Garg along with his family members. GGPL is engaged in the
business of processing of marble blocks as well as trading of
finished marble slabs and tiles. The processing plant of the
company is located at Kishangarh.
Status of non-cooperation with previous CRA: India ratings has
continued the rating assigned to the bank facilities of GGPL into
Issuer Not Cooperating category vide press release dated September
12, 2024 on account of its inability to carry out a review in the
absence of requisite information.
GOL OFFSHORE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GOL Offshore
Limited (GOL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of credit 60 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Letter of credit 125 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Long Term Loan 90 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 96 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 43 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 63 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 150 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 360 CRISIL D (Issuer Not
Cooperating)
Proposed Letter of 65 CRISIL D (Issuer Not
Credit & Bank Cooperating)
Guarantee
Proposed Long Term 298 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Short Term Loan 50 CRISIL D (Issuer Not
Cooperating)
Short Term Loan 100 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GOL for
obtaining information through letter and email dated December 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GOL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GOL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GOL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
GOL is an offshore oil field service provider in India, offering
support services to oil and gas companies for exploration and
production activities. The company was formed when the offshore
division of The Great Eastern Shipping Co Ltd (GESCL) was demerged
into a separate company in October 2006. GOL entered the offshore
business, with the purchase of an offshore support vessel in 1983.
The company entered the drilling business with its first rig in
1987. It was also the first to own a platform supply vessel, and
pioneered the fire-fighting vessel segment with two dedicated
vessels.
GOL has seven wholly-owned subsidiaries: Deep Water Services
(India) Ltd, Deep Water Services (International) Ltd, GOL Offshore
Fujairah LLC-FZE, KEI-RSOS Maritime Ltd, GOL Ship Repairs Ltd,
Great Offshore (International) Ltd, and GOL Salvage Services. GOL
also holds a 26% equity stake in a joint venture, United
Helicharters Pvt Ltd. Bharati Shipyard, along with its
subsidiaries, is the single-largest shareholder in GOL, with a
stake of 49.7%.
GURU NANAK: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guru Nanak
Rice Mills (GNRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 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 January 12,
2024, placed the rating(s) of GNRM under the 'issuer
non-cooperating' category as GNRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GNRM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 27, 2024,
December 7, 2024 and December 17, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Guru Nanak Rice Mills (GNRM) is a Punjab based partnership firm
established in 2001 by Mr Satpal Sohal, Mr Raj Kumar Sohal and Mr
Om Parkash Sohal. GNRM is engaged in processing and trading of
paddy at its manufacturing facility located in Nakodar, Punjab.
HILLSFOOD AGRO: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hillsfood
Agro Beverages Private Limited (HABPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.96 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.30 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 January 11,
2024, placed the rating(s) of HABPL under the 'issuer
non-cooperating' category as HABPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HABPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 26, 2024, December 6, 2024 and December 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: Not Applicable
Hillsfood Agro Beverages Private Limited (HABPL) was incorporated
in August, 2013 and is currently being managed by Mr Pradeep Kumar
Gupta and Mr Anuj Kumar Jindal. HABPL has set up a fruit juice
processing unit at Baddi, Himachal Pradesh with an installed
capacity of about 13,500 Kilo litres of juice per annum as on March
31, 2017. The company started commercial operations in April-2015.
The company sells its products viz mango juice, apple juice, mixed
juice etc under the brand name 'Juicewala' to various wholesalers
and retailers located in different states of India through its
network of super stockiest.
HMT MACHINE: CARE Hikes Rating on INR49.82cr LT Loan from D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
HMT Machine Tools Limited (HMTMTL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 49.82 CARE C; Stable Upgraded from
Bank Facilities CARE D; Stable outlook assigned
Short Term
Bank Facilities 72.90 CARE A4 Upgraded from CARE D
Rationale and key rating drivers
The revision in ratings assigned to the bank facilities of HMTMTL
takes into account the satisfactory conduct of the account as
confirmed by the lenders and while there were 2 instances of delays
in cash credit account, the same have been regularized within 30
days as mentioned in the annual report of FY24. Further the
operations continues to remain loss making with company deferring
its dues on long-term loans extended by Government of India
(GOI).The rating continues to be constrained by weak financial risk
profile of the company with negative networth on account of
continued losses. However, the company derives strength from the
funding support from GOI/holding company.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in liquidity position resulting in consistent delay
free track record with no overdrawals/delays in bank facilities.
* Turnaround in operations resulting in reduction of losses.
Negative factors
* Delays in servicing debt repayment obligations and overdrawals in
CC/BG facilities over 30 days.
Analytical approach: Standalone
Outlook: Stable
The stable outlook reflects CARE Ratings' expectation that HMTMTL
will continue to benefit from the funding support from GOI/holding
company.
Detailed description of key rating drivers:
Key weaknesses
* Continuing overdrawals in cash credit account albeit regularized
within 30 days and satisfactory conduct of the account: As per
audit report of FY24, delays in cash credit account were observed
in the months ending June-23 and October23 respectively, however
the same was regularized within 3 days and 6 days respectively.
Further lenders have confirmed that the conduct of the account is
satisfactory and the same has been classified as standard.
* Weak financial risk profile: The company continued to incur
losses and the losses at net level widened to INR155 crore in FY24
as against INR132 crore in FY23. The company continued to incur
losses on account of consistent decline in sales and rising
employee costs and overhead expenses.
Key strengths
* Support from Government of India/ Holding company: Being a part
of HMT Ltd, a central Government entity, HMTMTL has received
support from GOI/HMT Ltd. As on March 31, 2024, the total borrowing
from GoI including preference share capital stood at INR1322.98
crore (INR1260.89 crore as of March 31, 2023).This apart , the
company has received loans from holding company which
stood at INR305.82 crore as on 31st March,2024 (PY: INR274.70 crore
as on 31st March ,2023).Timely receipt of further support would be
key to company's prospects.
Liquidity: Poor
The company's gross cash accruals continued to remain negative
during FY24 owing to continuing losses. The company meets its
repayment and other obligations as and when they receive the money
from the government and from operations. Further, as per banker
interaction with separate lenders, the average utilization of CC
facility is approximately 40-50% and 80-90% respectively. As on
March 31, 2024, the company's free cash and bank balances stood at
INR32.45 crore.
HMTMTL is a 100% subsidiary of HMT Limited, incorporated in 1953 by
the GoI. HMTMTL is engaged in the manufacturing of turning,
grinding, gear cutting, special purpose machines, die casting
machines and plastic injection molding machines, presses and press
brakes, printing machines, CNC control systems and precision
components. Its manufacturing plants are located at Bengaluru,
Pinjore (Haryana), Hyderabad (Telangana), Ajmer (Rajasthan), and
Kalamassery (Kerela).
JAHANGIR BIRI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jahangir Biri
Factory Private Limited (JBFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.25 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with JBFPL for
obtaining information through letter and email dated December 9,
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 JBFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JBFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JBFPL continues to be 'CRISIL D Issuer not cooperating'.
JBFPL was set up as a proprietorship firm in 1995, by Mr Altab
Hossain. In 1997, Mr Hossain's sons joined the business and the
proprietorship concern was reconstituted as a partnership firm. In
1999, the firm was reconstituted as a private limited company to
facilitate smooth execution of operations. The company manufactures
beedis at its unit in West Bengal. Products are sold under brands
such as Sunday, Deluxe, Ruby, and Howrah Biri, primarily in New
Delhi, Punjab, Haryana, Rajasthan, Uttar Pradesh, and Odisha.
KANAK GINNING: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kanak
Ginning (KG) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.77 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 January 12,
2024, placed the rating(s) of KG under the 'issuer non-cooperating'
category as KG had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. KG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 27, 2024, December 7,
2024 and December 17, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
KG based out of Nagpur, Maharashtra is a proprietorship firm
established in January 2016. The entity is engaged in ginning and
pressing of cotton and extraction of oil from cotton seed. The
ginning and pressing unit and oil extraction unit is located at
Nagpur, Maharashtra.
KARVY DIGIKONNECT: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karvy
DigiKonnect Limited (KDK; a part of the Karvy Data Management
Services Ltd (KDMSL) group) continue to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL C (Issuer Not
Cooperating)
Term Loan 5 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KDK for
obtaining information through letter and email dated December 9,
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 KDK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KDK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KDK continues to be 'CRISIL C Issuer not cooperating'.
For arriving at the rating, CRISIL Ratings has taken a consolidated
view of KDK, along with its subsidiary Digicall Global Pvt Ltd
(DGPL). This is because of operational synergies and inter-party
transactions between these companies, operations handled by a
common management, and fungible cash flows.
KDK, incorporated in 1994, provides a complete range of inbound,
outbound, and back-office service solutions across multiple domains
and industry verticals, such as telecom, banking, financial
services, and insurance, retail, travel, hospitality, and
healthcare.
DGPL, wholly owned by KDK, is an international call centre that
provides inbound and outbound support to its clients.
Incorporated in 2008, Hyderabad-based KDMSL is a stepdown
subsidiary of KSBL. It provides business and knowledge process
services. The company started off as a pure-play back office
service provider and went on to add other verticals, such as
e-governance, banking, telecom, and e-commerce. The company is an
established player for government mandates such as Aadhar, PAN
card, National Population Register, and e-tax deducted at source.
It has strong relationship with several key government departments
and enjoys support from the KDSML group.
KOHINOOR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kohinoor
Foods Limited (KFL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 199.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 747.30 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 KFL under the 'issuer
non-cooperating' category as KFL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KFL
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: Not Applicable
Incorporated in 1989, Kohinoor Foods Ltd (KFL) is engaged in the
milling, processing, and selling of rice, and trading of food
products and other agri-commodities. The company has a rice mill
located at Murthal (Haryana) and a food processing unit at Sonepat
(Haryana). Over the years, KFL has emerged as one of the dominant
Indian players in the global basmati rice market. KFL has
established its brand both in India and abroad in geographies like
USA, UK, Middle Eastern countries, Australia, Belgium and other
European countries.
MANIPALCIGNA HEALTH: CARE Assigns D Rating to INR125cr Subord Debt
------------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
ManipalCigna Health Insurance Company Limited (MCHI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Subordinate Debt 125.00 CARE D Assigned
CARE Ratings has rated the aforesaid subordinate debt considering
the regulatory conditions and in view of their sensitiveness to the
company's solvency ratio and profitability due to the regulatory
covenants during the long tenure of the instrument. Interest
payable on subordinate debt will be subject to the following:
* The solvency of the issuer remains as per regulatory stipulation
* Where the impact of such payment may result in net loss or
increase the net loss, prior approval of the authority for such
payment will be obtained.
Any delay in payment of interest/principal (as the case may be)
following the invocation of covenants, would constitute an event of
default as per CARE Ratings' definition of default and as such
these instruments may exhibit sharper migration of the rating.
Rationale and key rating drivers
The ratings assigned to the proposed subordinate debt MCHI factors
in the delays in meeting the outstanding subordinated debt
obligations. As per IRDAI regulations, "The insurer shall require
prior approval of the Competent Authority for accrual or payment of
dividend for preference shares or interest on any Subordinated Debt
for any financial year if:
* The solvency of the issuer remains as per regulatory stipulation
* Where the impact of such payment/accrual may result in net loss
or increase the net loss, prior approval of the authority for such
payment will be obtained.
While CARE Ratings notes that loss-making operations mandated MCHI
to take prior approval for repayment of debt/interest obligations,
there have been delays in debt servicing post taking the approval,
which tantamounts to an event of default as per CARE Ratings'
default recognition policy.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors: Factors that could individually or collectively
lead to positive rating action/upgrade:
* Timely debt servicing track record
Negative factors: Factors that could individually or collectively
lead to negative rating action/downgrade:
* Not applicable
Analytical approach: Standalone with factoring linkages with the
parent
Outlook: Not applicable
Detailed description of key rating drivers:
Key weaknesses
* Delays in debt servicing: There have been delays in payment of
interest on subordinated debt vis-Ã -vis the scheduled interest
payment dates. While as per the extant regulations, loss-making
insurance company needs to service its subordinated debt
obligations after taking the approval from IRDAI, there have been
delays in payment even after taking the requisite approval.
* Profitability constrained by scale and high operating expenses:
MCHI started its operation in year 2014 having over a decade of
track record, however, its scale of operations remains modest
with claims outstanding of INR170 crore as of September 30, 2024,
and gross direct premium (GDP) of INR1,691 crore for FY24. During
FY24, MCHI's market share stood at 1.52% in entire health insurance
sector [PY: 1.47%] while the market share within the Standalone
Health Insurance (SAHI) entities stood at 3.16% [PY.: 3.04%]. As on
September 30, 2024, company ranks 15th in the entire health
insurance sector among 31 companies. Company's product mix is
balanced with retail and group segment contributing 46% [PY: 45%]
and 54% [PY: 55%] respectively during FY24.
Given the modest scale of operations and focus on retail intensive
business, the company continues to report losses. During FY24,
gross written premium (GWP) and Net Premium Earned (NPE) grew by
24% to INR1,691 crore and by 31% to INR1,459 crore respectively.
The overall growth in GWP was led by both retail segment (grew by
29%) and group segment (grew by 22%). The loss ratio of the company
was range bound during FY24 at 63.78% [PY.: 64.66%]. Driven by
small scale of operations and expansion phase (the company has
opened 27 branches in the last 3-years) the company reported an
expense of management to NWP (EOM) of 47% [PY.: 51%]. During FY24,
MCHI reported a total investment income of INR107 crore [PY.: INR75
crore] with a reported investment yield of 6.98% [PY.: 6.33%].
Consequently, the company reported lower losses of INR132 crore
during FY24 [PY: INR201 crore].
During H1FY25, company reported losses of INR129 crore [PY.: INR96
crore] on NPE of INR756 crore [PY.: INR642 crore].
Going forward the company's ability to bring down its EOM as per
the regulatory glide path and improve profitability will be key
monitorable.
Key strengths
* Parent support and experienced management: The Company is a joint
venture between Manipal Education and Medical Group India Private
Limited (7.60%), MEMG Fund Advisors LLP (43.37%), and Cigna
Holdings Overseas, Inc. (48.96%) and Others (0.07%) as on September
30, 2024.
Manipal Group has an established track record in the field of
education and healthcare services. Manipal Global Education
Services (MAGE) and Global Health Enterprises (MHE) are one of key
operating companies for MEMG. MCHI is a strategically important
entity for MEMG as it provides access to health insurance sector,
which is evident by capital, managerial and operational support
MCHI derived from Manipal Group apart from the shared brand name.
The foreign partner, Cigna Holding Overseas is part of Cigna Group
which is a USA based global health company with a global workforce
network of more than 70,000 colleagues/agents and more than 178
million customer relationships spread across more than 30 countries
and jurisdictions. MCHI benefits from global experience, business
and sales initiatives taken by Cigna given its longstanding
presence in healthcare sector.
Manipal and Cigna Group have demonstrated track record of infusing
need-based equity capital of Rs 200 Crore in FY22, INR317 Crore in
FY23, INR275 crore in FY24, with recent infusion being of INR190
Crore during H1FY25.
On the managerial front, the company's board is governed by seven
directors including three independent directors. The board consists
of two representatives each from MEMG and Cigna respectively. While
company is in process of hiring a CEO, it is led by experienced
professional with expertise in their respective domain with an
average experience of more than a decade.
* Adequate solvency margins: MHCI reported a solvency margin of
1.75 times as on September 30, 2024 [Mar-24: 1.66 times],
translating into an excess capital of INR86 crores [Mar-24: 17
crore]. The solvency margin during FY24 and H1FY25 was supported by
cumulative capital infusion of INR465 crore by parent MEMG and
Cigna. Going forward, its ability to maintain solvency levels as
envisaged is critical considering company's plans to penetrate tier
2 and tier 3 regions and strengthen its distribution franchise.
Liquidity: Stretched
The liquidity is stretched as reflected by delays in servicing of
subordinated debt. Basis liquidity position for FY24, the cash
inflows (premiums received + income from investments) stood at
INR1,774 crore against outflows of INR1,754 crore (claims payouts
of INR950 crore and total opex of INR794 crore and interest
repayment of INR10 crore).While the company is making losses at the
operating level, company's liquid investments (entire investment
portfolio comprises of G-secs and AAA rated bonds) stood at
INR1,734 crore as of September 30, 2024 [Mar-24: 1,639 crore]. The
company's liquidity coverage ratio (liquid investment/technical
reserves2 + sub debt payment over the next 1-year) stood at 174.96%
as of September 30, 2024 [Mar-24: 178.62%].
MCHI is a standalone health insurance company incorporated on March
12, 2012. The company is joint venture between Manipal Group and
Cigna Corporation, a USA based global health services company.
The company offers health insurance products pertaining to both
retail and group insurance, some of the major products for MCHI
include ManipalCigna ProHealth Insurance, ManipalCigna ProHealth
Prime and ManipalCigna Lifetime Health. Region wise company focus
going forward will be tier 1 and tier 2 cities for retail health
insurance product. Company operates via more than 250 brokers with
broker channel contributing ~40% of total GWP.
Manipal Education and Medical Group (MEMG)
MEMG operates in the field of education and healthcare. Manipal
Global Education Services (MAGE) an education service arm of the
group is headquartered in Bengaluru with a track record of six
decades in the education sector. MAGE has presence via 7
universities both in India and internationally. Global Health
Enterprises (MHE) is a hospital network arm of Manipal group with
Pan-India via 33 hospitals in 7 cities. Apart from education and
healthcare companies MEMG has three other subsidiaries operating in
the field of medical research, non-banking financial services and
philanthropy.
The Cigna Group
The Cigna Group is a USA based global health company with 230+
years of experience in this sector. The group aims to partner and
innovate solutions for better health. Group's global workforce
network is of more than 70,000 colleagues/agents working through
Cigna Healthcare and Evernorth Health Services to fulfil group's
mission to improve the health and vitality of the more than 178
million customer relationships spread across more than 30 countries
and jurisdictions.
MASTER INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Master India
Brewing Co. (MIBC) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 11.4 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 11.1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MIBC for
obtaining information through letter and email dated December 9,
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 MIBC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIBC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MIBC continues to be 'CRISIL D Issuer not cooperating'.
MIBC, set up as a partnership firm in fiscal 2010, manufactures
beer. The firm is promoted by Mr. Deepak Burman, Mr. Jitendra
Newatia, Mr. Rajesh Kumar Jalan, and Master (India) Brewing Co
Ltd.
MICRO SUPREME: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Micro Supreme
Auto Industries India Private Limited (MSPL) continue to be 'CRISIL
B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 3.05 CRISIL B+/Stable (Issuer Not
Cooperating)
Drop Line Overdraft 5.95 CRISIL B+/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with MSPL for
obtaining information through letter and email dated December 9,
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 MSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MSPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.
Incorporated in 1984 and based in Pune, Maharashtra, MSPL is
promoted by Mr Satish Joshi. It manufactures precision mechanical
components and assemblies used in automotive engines, and
environmental testing and measuring systems. Mechanical components,
primarily piston-cooling nozzles, contribute 90% of revenue. The
company has two manufacturing plants, with installed capacity of 20
lakh units per month.
MIDAS PETROCHEM: CRISIL Lowers Rating on INR15MM Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Midas Petrochem Private Limited (MPPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letter and email dated August 12,
2024, January 15, 2025 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 MPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPPL
is consistent with 'Assessing Information Adequacy Risk'
The ratings on the bank facilities of MPPL has been downgraded to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' due to delay in repayment of term debt obligations and
working capital obligations.
Analytical Approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of MPPL.
MPPL, set up in 2012 in Mumbai, trades in poly vinyl chloride (PVC)
resins. Its promoters are Mr. Dipesh Janani and his father Mr.
Hasmukh Janani. The Janani family has been trading in PVC resins
since 2005 through two proprietorship concerns, Midas Marketing Inc
and Midas Petrochem Industries. Since 2013-14, the promoters have
been shifting their trading activities to MPPL and currently all
the trading activity is carried out under MPPL.
MOPED HOUSE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Moped House
Private Limited (MHPL) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.5 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MHPL for
obtaining information through letter and email dated December 9,
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 MHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MHPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.
MHPL, incorporated in 2012, is a dealer of two-wheeler automobiles
spare parts, components, lubricants tyres, and other accessories.
The operations were earlier carried out through a partnership
concern (since 1980). In fiscal 2018, the company has started
manufacturing seat covers, side bags, and cables used in
two-wheelers. Its manufacturing facility is in Lucknow.
MOUNT VELOUR: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mount Velour
Rubber Works Private Limited (MVRWL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MVRWL for
obtaining information through letter and email dated December 9,
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 MVRWL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MVRWL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MVRWL continues to be 'CRISIL D Issuer not cooperating'.
Set up in 1977 as a partnership firm by Mr M Usman and his
associates and reconstituted as a private limited company in 2005,
MVRWL manufactures block rubber. The company is based in Nilambur,
Kerala.
RADHA-RUKMAN: CARE Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Radha-Rukman Packages Private Limited (RPPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 21.72 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 and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 4,
2024, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 19, 2024,
November 29, 2024, December 9, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
RPPL was incorporated in August, 2008 and was promoted by Shri
Govardhan Lal Sikaria and his family members based out of Kolkata.
The company, after remaining dormant for three years, commenced
operation from January 2012. RPPL is engaged in the manufacturing
of corrugated & duplex boxes and providing offset printing
services.
RAMKY INFRA: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramky
Infrastructure Ltd (RIL) continue to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 33.23 CRISIL C (Issuer Not
Cooperating)
Bank Guarantee 52.59 CRISIL C (Issuer Not
Cooperating)
Bank Guarantee 475 CRISIL C (Issuer Not
Cooperating)
Bank Guarantee^ 98.83 CRISIL C (Issuer Not
Cooperating)
Bank Guarantee 189 CRISIL C (Issuer Not
Cooperating)
Cash Credit 98 CRISIL C (Issuer Not
Cooperating)
Cash Credit 30.47 CRISIL C (Issuer Not
Cooperating)
Cash Credit 12 CRISIL C (Issuer Not
Cooperating)
Letter of Credit 25 CRISIL C (Issuer Not
Cooperating)
Working Capital 147 CRISIL C (Issuer Not
Loan Cooperating)
Working Capital 45.7 CRISIL C (Issuer Not
Loan Cooperating)
Working Capital 8 CRISIL C (Issuer Not
Loan Cooperating)
CRISIL Ratings has been consistently following up with RIL for
obtaining information through letters and email dated October 24,
2024, November 7, 2024, and November 25, 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-cooperation 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 RIL, which restricts its ability
to take a forward-looking view of the entity's credit quality.
CRISIL Ratings believes that the rating action on RIL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation, the
rating on the bank facilities of RIL continues to be 'CRISIL C
Issuer Not Cooperating'.
Analytical Approach
CRISIL Ratings has considered the standalone business and financial
risk profiles of RIL. It has also moderately combined the business
and financial risk profiles of RIL with its subsidiaries to the
extent of support requirement.
RIL, the flagship company of the Ramky group, was incorporated as
Ramky Engineers Pvt Ltd in 1994 to provide civil and environmental
engineering consultancy services. In 1998, it started executing
civil and environmental engineering, procurement and construction
projects, primarily in the water and wastewater sector.
Subsequently, it expanded to road, building, irrigation and
industrial construction. In 2003, the company got its present name
and was reconstituted as a public limited company. RIL principally
operates in two business segments: construction (under RIL) and
development (under special purpose vehicles [SPVs]). In the
development business, the group constructs roads under
built-operate-transfer (BOT) modes, industrial parks, special
economic zones and bus terminals.
REPUTE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Repute Foods
Private Limited (RFPL) continue to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 2.5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with RFPL for
obtaining information through letter and email dated December 9,
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 RFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RFPL continues to be 'CRISIL D Issuer not cooperating'.
Incorporated in 2011, RFPL is involved in production and assortment
of agricultural products like cashew, pista, wheat, etc.
S. S. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. S. Agro
(SSA; part of the SS group) continue to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSA for
obtaining information through letter and email dated December 9,
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 SSA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSA continues to be 'CRISIL D Issuer not cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SSA and SS Overseas (SSO),
because the two firms, together referred to as the SS group, are in
the same line of business, with common promoters and management,
and strong financial linkages. CRISIL has also considered unsecured
loans extended by the group's promoters, as neither debt nor
equity, as they bear an interest rate that is lower than the market
rate, and have been in the business for over three years.
The SS group, based in Jalalabad, district Bhatinda (Punjab), is
managed by Mr Pravesh Kumar and his brothers. Both SSA and SSO
process and sell basmati rice.
SUPER INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Super
Infratech Private Limited (SIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.14 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.74 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 January 4,
2024, placed the rating(s) of SIPL under the 'issuer
non-cooperating' category as SIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 19, 2024,
November 29, 2024, December 9, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Super Infratech Private Limited (SIPL) was incorporated in March
2001 by Mr. Sujit Bordoloi and Mrs. Tribeni Bordoloi. Since its
inception, the company has been engaged in civil construction
activities for state and central government in the segment like
construction of buildings, drains and roads. The company is
classified as Class-1 contractor by Public Works Division, Assam
which indicates that the company can participate for higher value
contracts release by government departments. SIPL participates in
tenders and executes orders for the Public Works Department
(Dibrugarh), Central Public Works Department (Guwahati), etc.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SIPL into ISSUER NOT
COOPERATING category vide press release dated May 27, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
TAJSHREE CARS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tajshree
Cars Private Limited (TCPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.85 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 January 16,
2024, placed the rating(s) of TCPL under the 'issuer
non-cooperating' category as TCPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TCPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 1, 2024,
December 11, 2024 and December 21, 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: Not Applicable
TCPL was established in the year 2013. The company is an authorized
dealer for the four wheelers of Honda Cars India Limited (Honda) in
Nagpur region.
VENKATA MANIKANTA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Venkata
Manikanta Poultry Complex (SVMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.2 CRISIL D (Issuer Not
Cooperating)
Proposed Working 1.9 CRISIL D (Issuer Not
Capital Facility Cooperating)
Term Loan 1.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVMPL for
obtaining information through letter and email dated December 9,
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 SVMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SVMPL continues to be 'CRISIL D Issuer not cooperating'.
SVMPL was set up in 2012 as a partnership firm in Tanuku, Andhra
Pradesh. The firm is engaged in poultry and hatchery business. It
is managed by Mr Satti Gopala Kumari and Mr Satti Srinivasa Reddy.
=====================
N E W Z E A L A N D
=====================
BODY SHOP NEW ZEALAND: Goes Into Voluntary Administration
---------------------------------------------------------
Brianna McIlraith at Stuff.co.nz reports that Skincare brand The
Body Shop has gone into voluntary administration.
In February last year, The Body Shop NZ's parent company in the UK
was placed into administration owing GBP276 million
(NZD600,337,260) to creditors which included landlords, tax
authorities and suppliers, Stuff recalls.
The assets of The Body Shop International were largely sold by the
administrators in September, but this excluded The Body Shop NZ.
Daniel Stoneman and Neale Jackson of financial advisory firm
Calibre Partners had been appointed as Voluntary Administrators to
The Body Shop New Zealand Limited, Stuff discloses.
Stuff relates that Mr. Stoneman said a buyer for the business had
not been found, leading to the appointment of Administrators.
"We are working closely with the management team to develop a
strategy to sell all stock and begin to wind down the business."
Mr. Stoneman said all Body Shop stores in New Zealand would remain
open in the administration, and on sale mode, Stuff relays.
The Body Shop NZ has 16 stores in Auckland, Tauranga, Hamilton,
Napier, Palmerston North, Wellington, Nelson and Christchurch with
approximately 70 permanent employees, as well as its online
business.
The Body Shop New Zealand is a fully New Zealand owned company and
the first store opened on Lambton Quay in Wellington in 1989. At
its peak there were 28 stores across the country.
BOUTIQUE LOGISTICS: Court to Hear Wind-Up Petition on March 7
-------------------------------------------------------------
A petition to wind up the operations of Boutique Logistics Limited
will be heard before the High Court at Auckland on March 7, 2025,
at 10:45 a.m.
New Zealand Couriers Limited filed the petition against the company
on Nov. 29, 2025.
The Petitioner's solicitor is:
Catherine Louise Waugh
c/- Credit Consultants Group NZ Limited
Level 6, 15 Willeston Street
Wellington Central
Wellington 6011
FREE RANGE: Grant Bruce Reynolds Appointed as Liquidator
--------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Jan. 16, 2025, was
appointed as liquidator of Free Range Chef Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
KATI TRADING: Creditors' Proofs of Debt Due on Feb. 14
------------------------------------------------------
Creditors of Kati Trading Limited are required to file their proofs
of debt by Feb. 14, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 15, 2025.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
MB3 LIMITED: Creditors' Proofs of Debt Due on Feb. 22
-----------------------------------------------------
Creditors of MB3 Limited are required to file their proofs of debt
by Feb. 22, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 15, 2025.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
NGAIWI DEVELOPMENTS: Enters Liquidation; Owes NZD3.76 Million
-------------------------------------------------------------
The New Zealand Herald reports that the developer of upmarket
Orakei apartments has had liquidators appointed after debts
amounted to NZD3.76 million including NZD2.3 million due to Inland
Revenue.
Baker Tilly Staples Rodway Auckland said Ngaiwi Developments built
the new apartments on Ngaiwi St in the upmarket suburb and sold
all.
PREMIER FORWARDING: Court to Hear Wind-Up Petition on Feb. 14
-------------------------------------------------------------
A petition to wind up the operations of Premier Forwarding NZ
Limited will be heard before the High Court at Auckland on Feb. 14,
2025, at 10:45 a.m.
Veer Enterprise Limited filed the petition against the company on
Nov. 19, 2024.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
Level 19
191 Queen Street
Auckland
UBCO: Enters Receivership, Terminates Employees
-----------------------------------------------
The Pack, citing multiple news outlets, reports that New
Zealand-based electric vehicle developer UBCO has entered
receivership, with Stephen Keen and David Ruscoe of Grant Thornton,
appointed as receivers.
Trading operations were halted and employees were let go due to
insufficient funding, according to the receivers. The company is
also seeking buyers interested in acquiring the business. No
details were provided regarding the company's financial position or
outstanding debts, notes the report.
Mark Phillips, UBCO Australia's Managing Director from 2020 to
2022, cited several factors contributing to the company's failure,
including the company's decision to avoid pursuing military
contracts; quick expansion; lack of direction; and an overly
excessive management structure, The Pack relates.
This development comes just months after the company announced a
high-profile partnership with Australia Post, recalls The pack.
Specifically, UBCO announced in August 2024, a contract to supply
Australia Post with 175 electric motorcycles, which were intended
to support the postal services' fleet of 10,000 vehicles. The
company was also running trials with NZ Post and Domino's for local
deliveries.
UBCO CEO Katherine Hutaff had previously indicated discussions with
NZ Post about replacing or supplementing Paxster vehicles with UBCO
bikes for postal deliveries. However, the receivership has halted
all such expansion plans, according to The Pack.
About UBCO
Headquartered in Tauranga, New Zealand, UBCO is an electric vehicle
developer.
UBCO gained recognition in 2015 with its quiet, low-maintenance
electric utility bike designed for agricultural use. Over time, the
company expanded its offerings to include faster models for road
use and integrated cloud-based fleet management tools.
TPK, UBCO's primary manufacturing partner in Taiwan, was its
largest shareholder, holding about 40% of the company after
acquiring a significant stake in 2021. Auckland-based venture
capital firm GD1 owned approximately 21%, while smaller investors,
including those from the Snowball Effect crowdfunding platform,
held the remaining shares.
=================
S I N G A P O R E
=================
ACKTEC TECHNOLOGIES: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Acktec Technologies Pte. Ltd. on Jan. 14, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Oon Su Sun
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
FOOD CHEF: Court to Hear Wind-Up Petition on Jan. 31
----------------------------------------------------
A petition to wind up the operations of The Food Chef Consultancy
Pte. Ltd. will be heard before the High Court of Singapore on Jan.
31, 2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 7, 2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
MAK HANDICRAFTS: Creditors' Meeting Set for Feb. 4
--------------------------------------------------
Mak Handicrafts Exports And Logistics Private Limited will hold a
meeting for its creditors on Feb. 4, 2025, at 9:30 a.m. at 13A
Mackenzie Road, in Singapore.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs;
b. to appointment of Liquidator;
c. to appoint a Committee of Inspection if deemed necessary;
d. to resolve that the books, accounts and documents of the
Company may be disposed after 5 years from date of
dissolution of the Company pursuant to Section 195 (2) of
the Insolvency, Restructuring and Dissolution Act 2018; and
e. Any other business.
Mr. Lim Yeong Seng, CPA of KLP LLP, Chartered Accountants was
appointed as provisional Liquidator of the company on Jan. 14,
2025.
NAUVEAU TECHNOLOGY: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Jan. 7, 2025, to
wind up the operations of Nauveau Technology Investments Pte. Ltd.
Complete Corporate Services Pte Ltd filed the petition against the
company.
The company's liquidator is:
Aw Cheok Huat
10 Anson Road
#29-16, International Plaza
Singapore 079903
TATADA FOOD: Court to Hear Wind-Up Petition on Jan. 31
------------------------------------------------------
A petition to wind up the operations of Tatada Food Holdings Pte.
Ltd. will be heard before the High Court of Singapore on Jan. 31,
2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 7, 2025.
The Petitioner's solicitors are:
Adsan Law LLC
300 Beach Road
#26-00 The Concourse
Singapore 199555
*********
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
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***