/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250131.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 31, 2025, Vol. 28, No. 23 Headlines A U S T R A L I A BENSONS PROPERTY: Second Creditors' Meeting Set for Feb. 7 ENGINEERING AND CONSTRUCTION: First Meeting Set for Feb. 7 PROMINENCE HOMES: Probed for Insolvent Trading in AUD1MM Collapse SOUTHERN SHEARING: First Creditors' Meeting Set for Feb. 11 TC MANAGEMENT: First Creditors' Meeting Set for Feb. 6 THEMAC SHOP: First Creditors' Meeting Set for Feb. 7 C H I N A CHINA VANKE: Shenzhen Metro Buys Out Hongshuwan Project FINGERMOTION INC: Wins Emergency Response Contracts for C2 Platform H O N G K O N G PHYSICAL BEAUTY: Hong Kong Court Orders Liquidation of Gym Chain I N D I A APOLLO PAPERS: CRISIL Withdraws B+ Rating on INR10.5cr Cash Loan ARSHIYA LTD: Adani & JSW Among Big Names Lining Up for Company BTW ATLANTA: CARE Keeps C/A4 Debt Rating in Not Cooperating BYJU'S: Glas Trust, Aditya Birla Finance Reinstated as Lenders DIAMOND SOLVEX: CARE Keeps D Debt Rating in Not Cooperating EIFFEL LIFESPACES: Insolvency Resolution Process Case Summary ESTEEM PRESS: Insolvency Resolution Process Case Summary FIREFLY BATTERIES: CARE Keeps D Debt Ratings in Not Cooperating HIGH END: CRISIL Withdraws B Rating on INR15.8cr LT Loan INSIGHT MEDIA: CARE Keeps D Debt Rating in Not Cooperating ISHANI RICE: CARE Keeps D Debt Ratings in Not Cooperating Category JAMPESWAR AGRO: CARE Lowers Rating on INR7.40cr LT Loan to B- JCT LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category KHWAHISH MARKETING: CARE Keeps D Debt Ratings in Not Cooperating KRISHNA SAHIL: CARE Keeps C D Debt Rating in Not Cooperating LAKSHMI PRECISION: CARE Keeps D Debt Ratings in Not Cooperating OM BESCO: CARE Keeps D Debt Rating in Not Cooperating Category OM YARN: CARE Keeps D Debt Ratings in Not Cooperating Category ORIENT CABLES: CRISIL Withdraws B Corporate Credit Rating PINGTHIS PRIVATE: Voluntary Liquidation Process Case Summary PLATINUM ISPAT: CARE Keeps D Debt Rating in Not Cooperating PROTECH FEED: CARE Keeps C Debt Rating in Not Cooperating Category PUSH ENGINEERING: CRISIL Withdraws B+ Rating on INR16cr Term Loan RAJLAXMI CONSTRUCTIONS: CRISIL Withdraws B Rating on INR23cr Loan S.P.M. POWER: CRISIL Withdraws B+ Rating on INR5cr Cash Loan SHAKTI ENTERPRISES: CRISIL Withdraws B Rating on INR8cr Loan SIDHARTHA BUILDHOME: CARE Keeps D Debt Rating in Not Cooperating SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating SUKHMANI HOLIDAYS-INN: CARE Keeps D Debt Rating in Not Cooperating UNIVERSAL POLYSACK: CARE Keeps C Debt Rating in Not Cooperating VALSIR PLUMBING: Voluntary Liquidation Process Case Summary VALUEPROCESS: Voluntary Liquidation Process Case Summary VANTAGE MACHINE: Liquidation Process Case Summary VISAKHA FOODS: CARE Keeps C Debt Rating in Not Cooperating VIZEBH AGRI: CARE Keeps D Debt Rating in Not Cooperating Category VIZEBH COMPOSITECH: CARE Keeps D Debt Rating in Not Cooperating I N D O N E S I A EFISHERY: Staff Demand Answers Amid Layoff, Closure Rumors J A P A N NISSAN MOTOR: Cuts Shifts, Offers Employee Buyouts at 3 US Plants M A L A Y S I A AWANA JV: SCIB Unit Demands MYR19.7 Million Debt Repayment N E W Z E A L A N D BLAIR STREET: Court to Hear Wind-Up Petition on Feb. 4 LOS BANDITOS: Mexican Resto Face Liquidation MILLBROOK WEST: Creditors' Proofs of Debt Due on Feb. 24 NZ CUSTOM: Creditors' Proofs of Debt Due on Feb. 24 PREMIUM DEALS: Creditors' Proofs of Debt Due on March 6 PURPLE MOON: Court to Hear Wind-Up Petition on Feb. 4 S I N G A P O R E BROOKS SPORTS: Creditors' Proofs of Debt Due on Feb. 26 HYPERGANIC PTE: Commences Wind-Up Proceedings JV AUTOPARTS: Creditors' Proofs of Debt Due on Feb. 27 LPS CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 7 SANFORD INVESTMENTS: Creditors' Proofs of Debt Due on Feb. 27 - - - - - ================= A U S T R A L I A ================= BENSONS PROPERTY: Second Creditors' Meeting Set for Feb. 7 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Bensons Property Group Pty Ltd has been set for Feb. 7, 2025 at 10:00 a.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 6, 2025 at 10:00 a.m. Craig Peter Shepard and Sebastian Hams of KordaMentha were appointed as administrators of the company on Dec. 27, 2024. ENGINEERING AND CONSTRUCTION: First Meeting Set for Feb. 7 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Engineering and Construction Projects Pty Ltd will be held on Feb. 7, 2025 at 11:00 a.m. via virtual meeting. Steve Naidenov of Aston Chase Group was appointed as administrator of the company on Jan. 29, 2025. PROMINENCE HOMES: Probed for Insolvent Trading in AUD1MM Collapse ----------------------------------------------------------------- The Herald Sun reports that Prominence Homes Melbourne, which formerly traded as Stroud Homes Melbourne Outer North East, collapsed owing creditors upwards of AUD1 million and may have traded while insolvent for more than two years. At a general meeting of the members of the Company held on Oct. 29, 2024, it was resolved that the Company be wound up and that Paul A. Allen and Glenn J. Franklin of PKF Melbourne be appointed liquidators. SOUTHERN SHEARING: First Creditors' Meeting Set for Feb. 11 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Southern Shearing Pty Limited will be held on Feb. 11, 2025 at 11:00 a.m. at the offices of JLA Insolvency & Advisory at Level 13, 50 Margaret Street in Sydney. Jamieson Louttit of JLA Insolvency & Advisory was appointed as administrator of the company on Jan. 30, 2025. TC MANAGEMENT: First Creditors' Meeting Set for Feb. 6 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Turf Care WA Pty Ltd and TC Management Services Pty Ltd will be held on Feb. 6, 2025 at 10:30 a.m. and 11:30 a.m. respectively, at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland at Level 6, Suite 6.02, 109 St Georges Terrace in Perth and via virtual meeting. Greg Prout and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators of the company on Jan. 24, 2025. THEMAC SHOP: First Creditors' Meeting Set for Feb. 7 ---------------------------------------------------- A first meeting of the creditors in the proceedings of TheMac Shop Pty Ltd will be held on Feb. 7, 2025 at 10:00 a.m. at the offices of Rodgers Reidy at Ground Floor, Cnr Bathurst & Argyle Street in Hobart. Shelley-Maree Brooks of Rodgers Reidy was appointed as administrator of the company on Jan. 28, 2025. ========= C H I N A ========= CHINA VANKE: Shenzhen Metro Buys Out Hongshuwan Project ------------------------------------------------------- Caixin Global reports that as China Vanke Co. Ltd. approaches a peak in debt repayments, its state-owned shareholder, Shenzhen Metro Group, has stepped in to acquire the Shenzhen Hongshuwan project. While the deal provides limited liquidity, it helps optimize Vanke's financial statements and signals increased state-backing for the property developer, Caixin says. Vanke successfully bid for the Hongshuwan project in 2014, paying CNY4.53 billion ($625 million) and developing it in partnership with Shenzhen Metro, which owns a 51% stake, according to Caixin. The project spans 419,000 square meters, including office, commercial, hotel and serviced apartments, most of which have been sold. Office units remain available. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 22, 2025, S&P Global Ratings lowered its long-term issuer credit rating on China Vanke Co. Ltd. by two notches to 'B-' from 'B+' and its long-term issuer credit rating on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) to 'B-' from 'B'. S&P also lowered the issue rating on Vanke HK's senior unsecured notes to 'B-' from 'B'. S&P placed all these ratings on CreditWatch with negative implications. The TCR-AP on Jan. 28, 2025, reported that Fitch Ratings has downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-', from 'B+'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are on Rating Watch Negative (RWN). The downgrade reflects a deterioration in China Vanke's sales and cash generation, which is eroding its liquidity buffer against large capital market debt maturities in 2025. FINGERMOTION INC: Wins Emergency Response Contracts for C2 Platform ------------------------------------------------------------------- FingerMotion, Inc. announced that it has been awarded contracts from various agencies to equip emergency response system vehicles with FingerMotion's Advanced Mobile Integrated Command and Communication Platform, in order to enhance these agencies' communication and coordination capabilities. These contracts had been previously secured through a competitive public tender process that rigorously reviewed our technical capability, cost-effectiveness, and regulatory compliance. Our subsidiary, Shanghai JiuGe Information Technology Co., Ltd. emerged as the clear and preferred partner, offering tailored solutions that meet and exceed the requirements of our customers. "This next step in our Emergency Response Program reaffirms our position as a trusted leader in the space of rapid emergency response solutions," said Martin Shen, CEO of FingerMotion. "Our C2 Platform equipped emergency response vehicle bridges communication gaps during emergencies, enabling first responders to act swiftly and effectively while working on time-critical rescue and response efforts. These new contracts reflect the growing trust the emergency response agencies place in our solutions and our ability to consistently deliver innovation, and reliability. We plan to aggressively expand the market reach of our emergency response solutions through collaboration with our partners in this space." As previously noted, the program has been jointly designed and developed by JiuGe Technology and SAIC Motor Corporation Ltd. The emergency response vehicle features the Advanced Satellite Emergency Command Platform, which includes a unified in-vehicle communications unit, a smart PTZ (pan-tilt-zoom) camera, a satellite communications terminal for continuous video, voice, and data communication, an unmanned aerial vehicle, and a multimedia command and dispatch system integrating with multiple mobile (4G/5G), satellite, and private networks. By incorporating mobile and satellite connectivity, the platform ensures uninterrupted communication for first responders and agencies even in the most challenging environments. This allows for accurate, critical information to be received in real-time, enabling effective decision-making and mission planning. 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. ================= H O N G K O N G ================= PHYSICAL BEAUTY: Hong Kong Court Orders Liquidation of Gym Chain ---------------------------------------------------------------- Hong Kong Free Press reports that Hong Kong gym chain Physical Fitness has been ordered to wind up after a local court ruled that the company was unable to repay its debt, including more than HK$600 million owed by one branch. HKFP relates that High Court judge Linda Chan on Jan. 27 ordered the gym chain's parent company, Physical Beauty & Fitness Holdings Limited, and its subsidiary, Physical Health Centre Hong Kong Limited, to liquidate, local media reported. The fitness chain, which had operated in Hong Kong for 38 years, announced a "temporary closure" last September, citing high rents, HKFP recalls. The announcement came after the city's pensions regulator warned of legal action against the fitness company over HK$3 million outstanding contributions for 740 employees to the MPF pension scheme. According to media reports, a provisional liquidator told the court on Jan. 27 that all 13 subsidiaries under Physical were insolvent. Some branches failed to pay their rents, while others had a large amount of contract liabilities. The debt of the Tsim Sha Tsui branch amounted to HK$634 million, the court heard. The company had sold its fitness and beauty equipment, as well as current assets of around HK$200 million, but it was not enough to cover its debt, the liquidator said, HKFP relays. A representative of the creditors said Physical owed more than HK$74 million to ex-employees, with 374 former staff members backing the liquidation petitions. According to HKFP, Chan eventually ordered the gym chain to head into liquidation. A written judgement will be handed down in two weeks, she said. Established in 1986, Physical had 23 branches across the city, serving over 500,000 customers, the chain had written on its website, which was no longer accessible as of Jan. 27. Hong Kong authorities had received more than 1,400 complaints related to Physical following its shutdown last year, involving more than HK$72 million in prepaid fees, HKFP adds. ========= I N D I A ========= APOLLO PAPERS: CRISIL Withdraws B+ Rating on INR10.5cr Cash Loan ---------------------------------------------------------------- CRISIL Ratings has withdrawn its ratings on the bank facilities of Apollo Papers Llp (APL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL A4/Issuer Not Cooperating (Withdrawn) Cash Credit 10.5 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) Proposed Fund- Based Bank Limits 0.7 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 30.8 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) In accordance with the terms of the rating agreement with APL, CRISIL Ratings has sent repeated reminders for payment of fees towards the surveillance exercise through letters and emails 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 while using the rating assigned/ reviewed with the suffix 'ISSUER NOT COOPERATING'. On account of lack of management cooperation towards non-payment of fees, CRISIL Ratings has continues to be the rating on bank facilities of GCL to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. APL was established as limited liability partnership firm in March 2021. It is based in Morbi, Gujarat and is currently setting up a manufacturing unit of Kraft Paper with capacity of 200 TPD. APL is expected to commence its operation from September-October 2022. ARSHIYA LTD: Adani & JSW Among Big Names Lining Up for Company -------------------------------------------------------------- The Economic Times reports that a diverse group of companies including Adani Ports and Special Economic Zone, JSW Infrastructure, Horizon Industrial Parks and Transindia Real Estate Ltd have shown interest in acquiring listed supply chain and logistics infrastructure firm Arshiya Ltd, which is undergoing a corporate insolvency resolution process. Investors such as Authum Investment & Infrastructure Ltd, Dickey Alternative Investment Trust and Finquest Financial Solutions Pvt Ltd have also evinced interest in the company, said a person aware of the development, ET relates. The company's resolution professional Pankaj Mahajan declined to comment, citing confidentiality due to the ongoing corporate insolvency resolution process. Emailed queries to Adani Ports and Special Economic Zone, JSW Infrastructure, Horizon Industrial Parks and Transindia Real Estate remained answered until press time. Authum Investment & Infrastructure Ltd, Dickey Alternative Investment Trust and Finquest Financial Solutions Pvt Ltd did not respond to ET's query either. "A diverse group of bidders are interested in the company due to large assets at very strategic locations," said the person cited earlier, ET relays. "It has a container yard with an approximate storage capacity of 6,000 containers and seven warehouses with a combined total leasable area of about 1.16 million sq ft." About Arshiya Ltd Mumbai-based Arshiya Ltd provides unified supply chain and integrated logistics infrastructure solutions. It develops, operates and maintains free trade and warehousing zones. As per the company's website, it is the only free zone developer operating two free trade warehousing zones (FTWZs) and the largest private container train operator with pan-India operations. The company also owns the only private inland container depot with six rail loop lines. Arshiya was admitted under CIRP in April last year following an application by its lender Punjab National Bank. It had defaulted on dues of about INR193 crore. The company has admitted liabilities of over INR6,647 crore, which includes about INR3,082 crore from secured financial creditors and INR3,544 crore from unsecured financial creditors. BTW ATLANTA: CARE Keeps C/A4 Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of BTW Atlanta Transformers India Private Limited (BATIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 75.00 CARE C; Stable/CARE A4; ISSUER Short Term NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 9, 2024, placed the rating(s) of BATIPL under the 'issuer non-cooperating' category as BATIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BATIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 24, 2024, December 4, 2024 and December 14, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable BTW India (CIN: U31102GJ2012PTC069372) was incorporated in March 2012, as a Joint Venture between BTW China, and Atlanta Electricals Private Limited, India (AEP). Subsequently, during FY17, AEP transferred its holding in BTW India to one of the group companies of Atlanta group, viz. Atlanta UHV Transformers LLP. BTW India is primarily set up as an Indian manufacturing base of BTW group of China to manufacture distribution transformers and reactors up to 1200 KVA to cater to the domestic market. The company has its manufacturing facility at Vadodara, Gujarat. BYJU'S: Glas Trust, Aditya Birla Finance Reinstated as Lenders -------------------------------------------------------------- Business Standard reports that the National Company Law Tribunal (NCLT) on Jan. 29 reinstated Glas Trust and Aditya Birla Finance as lenders of cash-strapped edtech firm Byju's. According to the report, the tribunal ordered disciplinary action against Interim Resolution Professional (IRP) Pankaj Srivastava and rejected his decision to exclude Glas Trust and Aditya Birla Finance from the Committee of Creditors (CoC) of the edtech firm. The CoC balances the interests of all stakeholders during an insolvency process. Both Glas Trust and Aditya Birla Finance were initially part of the CoC last year in August but were later removed from the reconstituted CoC by the IRP, Business Standard notes. While Aditya Birla Finance alleged that the IRP had wrongfully classified it as an "operational creditor" instead of "financial creditor", or lender, Glas Trust said it was wrongfully ousted from the CoC. Financial creditors have a financial contract with the debtor (one who owes a debt), such as a loan, debt security, or guarantee. Operational creditors provide goods or services to the debtor, such as employees, suppliers, or government entities. Observing that the conduct of the IRP was not "fit and proper", the tribunal said: "It is clear that the . . . IRP has a duty to assist the tribunal with integrity in an honest and fair manner and the conduct of the IRP in the present case has been filed with the intent to mislead the tribunal . . . Further, the conduct of the IRP is not fit and proper as expected from an officer of the tribunal," Business Standard relays. The bench of K Biswal and Ravichandran Ramaswamy also called for the initiation of disciplinary proceedings by the Insolvency and Bankruptcy Board of India (IBBI) against IRP Srivastava. Srivastava, meanwhile, told the tribunal that the CoC was formed provisionally due to pressure from US lenders Glas Trust after the Supreme Court opened the insolvency proceedings against Byju's, according to Business Standard. The newly formed CoC will now take a decision to appoint a new resolution professional in place of Srivastava. The NCLT is yet to decide the application by the Board of Control for Cricket in India (BCCI), seeking to settle its dispute with Byju's for the default of INR158 crore, adds Business Standard. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, Byju's will face insolvency proceedings for failure to pay $19 million in dues to the country's cricket board. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. According to Reuters, a ruling by India's companies tribunal on July 16, 2024, following a complaint by the Board of Control for Cricket in India (BCCI), initiated insolvency proceedings. These will include the appointment of an interim resolution professional, Pankaj Srivastava, who will oversee the management of Byju's as The company's board of directors is suspended as per law. CEO Raveendran will report to the resolution professional and the company's assets will remain frozen while the proceedings continue. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the Board of Control for Cricket in India (BCCI), thus removing Byju's parent Think and Learn from the insolvency resolution process. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. DIAMOND SOLVEX: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Diamond Solvex Private Limited (DSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 10, 2024, placed the rating(s) of DSPL under the 'issuer non-cooperating' category as DSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2024, December 5, 2024, December 15, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Diamond Solvex Private Limited (DSPL) was incorporated in the year 1992. The company is a family owned business, promoted by Mr. Atul Jain and Mr. Raj Kumar Jain. The company is engaged in the extraction of rice bran and sun flower oil and manufacturing of de-oiled cakes. Status of non-cooperation with previous CRA: Acuite has continued the rating assigned to the bank facilities of DSPL into Issuer Not Cooperating category vide press release dated April 22, 2024 on account of its inability to carry out a review in the absence of requisite information. EIFFEL LIFESPACES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Eiffel Lifespaces Private Limited Office no. 125/126, Patil Plaza, Mitramandal Chowk, Parvati, Pune, Maharashtra, India, 4l1009 Insolvency Commencement Date: January 7, 2025 Court: National Company Law Tribunal, Mumbai Bench II Estimated date of closure of insolvency resolution process: July 13, 2025 Insolvency professional: Raghunath Bhandari Interim Resolution Professional: Raghunath Sabanna Bhandari Flat No.50l Raj Atlantis 2, Opp. SVP High School, Kanakia, Mira Road, Thane, Maharashtra - 401107 Email ID: raghunathsb@yahoo.com -- and -- 402, 4th Floor, "A" Wing, Pushp Vinod No.2. S. V. Road, Borivali West, Mumbai - 400 092 Email ID: cirp.eiffel@gmail.com Representatives of creditors in a class: 1. Mr. Jignesh Shah E-mail: jkshah555@hotmail.com 2. Ms. Dipti Mundra E-mail: ibc@ipdipti.in 3. Mr. Modilal Pamecha E-mail: camodilalpamecha.com Last date for submission of claims: January 28, 2025 ESTEEM PRESS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Esteem Press Parts Private Limited Registered Address: Plot no. 286, Sector no. 10, PCNTDA, Bhosari, Pune, Maharashtra, India, 411026 Insolvency Commencement Date: January 10, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 9, 2025 Insolvency professional: Vinod Balasaheb Dongare Interim Resolution Professional: Vinod Balasaheb Dongare Flat No. 6. A Wing, Third Floor, Pride Executive Hsg. Society, Above Janseva Sahakari Bank, Ajmera, Pimpri, Pune - 411018 Email: cavinoddongare@gmail.com -- and -- Office No 8, First Floor, Sukhawani Fortune, Above Gharonda Hotel, Morwadi, Court Road, Pimpri, Pune 411018 Email: estem.ibc@gmail.com Last date for submission of claims: January 24, 2025 FIREFLY BATTERIES: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Firefly Batteries Private Limited (FBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 8.70 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities 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 FBPL under the 'issuer non-cooperating' category as FBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails 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 Ahmedabad (Gujarat) based, FBPL was established in the year 2011 as a private limited company. FBPL (erstwhile known as Epsilon Batteries Private Limited) is engaged in the manufacturing of conventional lead-acid battery & carbon-foam battery with an installed capacity of 300,000 KWH storage batteries per annum. These batteries find application in automobile industry, renewable energy and industrial sector such as telecom and hospitality. FBPL is managed by experienced directors Mr. Jinal Shah & Mr. B.K. Vaishya. Status of non-cooperation with previous CRA: CRISIL has continued the ratings assigned to the bank facilities of FBPL to 'Issuer Not Cooperating' category vide press release dated May 16, 2024 on account of its inability to carry out a review in the absence of the requisite information from the company. HIGH END: CRISIL Withdraws B Rating on INR15.8cr LT Loan -------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of High End Quality Constructions Private Limited (HEQCPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL A4/Issuer Not Cooperating (Withdrawn) Overdraft Facility 4.2 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Long Term Bank Loan Facility 15.8 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with HEQCPL for obtaining information through letter and email dated January 13, 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 HEQCPL. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on HEQCPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the ratings on the bank facilities of HEQCPL to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. HEQCPL was incorporated in 2008 and is promoted by Mr K Sivakumar and Ms T Sudha. The Chennai-based company undertakes civil construction works and is a registered Class I contractor with the PWD, governments of Tamil Nadu and Pondicherry. INSIGHT MEDIA: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Insight Media City (India) Private Limited (IMCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.12 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 IMCPL under the 'issuer non-cooperating' category as IMCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IMCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 2, 2024, November 12, 2024, 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: Consolidated CARE has considered the consolidated financials of Insight Media City (India) Private Limited (IMCPL) along with its whollyowned-subsidiary Suryansh Broadcasting P Ltd. (Suryansh). IMCPL carries out the operation of its General Entertainment Channel (GEC) through Suryansh. Outlook: Not Applicable Insight Media City (India) Ltd. was founded by a group of investors during March 2013 with the aim of putting up a media city in Kochi. The media city will have 5 Strategic Business Units (SBUs) viz., TV Channels, Movies and FM Radio, Expo and Events, Education and Digital & Synergy (marketing) SBU. ISHANI RICE: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ishani Rice Mills Private Limited (IRMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.65 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.35 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 20, 2023, placed the rating(s) of IRMPL under the 'issuer non-cooperating' category as IRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2024, November 14, 2024, November 24, 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 Agnibina Rice Mills Private Limited (ARMPL) was incorporated as a Private Limited Company on May 10, 2013. However, after remaining dormant for almost five years, the company started commercial operation from April, 2018. The company has set up a rice milling and processing unit at Burdwan, West Bengal with an installed capacity of 24,000 MTPA. Mr. Nazrul Islam Miya looks after the day to day activities of the company and has around two decades of experience in the same line of business through other similar companies and they are equally supported by other directors and a team of experienced professionals who are having adequate experience in the similar line of business. The company as changed its name from Agnibina Rice Mills Private Limited to Ishani Rice Mills Private Limited as on May 24, 2022. Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of IRMPL into ISSUER NOT COOPERATING category vide press release dated January 18, 2024 on account of its inability to carry out a review in the absence of requisite information from the company. JAMPESWAR AGRO: CARE Lowers Rating on INR7.40cr LT Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Jampeswar Agro Udyog Private Limited (JAUPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 20, 2023, placed the rating(s) of JAUPL under the 'issuer non-cooperating' category as JAUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JAUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2024, November 14, 2024, November 24, 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 JAUPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable JAUPL was incorporated in Jan 28, 2012, by Mr Siddharth Mondal, Mr Rabindranath Chowdhury, Mr. Ramkrishna Banerjee and Mr. Somnath Banerjee of Birbhum, West Bengal with Mr. Siddharth Mondal being the main promoter. The company commenced operation since December, 2013. JAUPL is engaged in the processing and milling of rice. The milling unit of the company is located at Birbhum, West Bengal. Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of JAUPL into ISSUER NOT COOPERATING category vide press release dated August 27, 2024 on account of its inability to carry out a review in the absence of requisite information from the company. JCT LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of JCT Limited (JL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 119.19 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 74.58 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 27, 2023, placed the rating(s) of JL under the 'issuer non-cooperating' category as JL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JL 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: Not Applicable JCT Limited (JCT) was incorporated as Jagatjit Cotton Textile Mills Limited in October 1946 and subsequently renamed to JCT in 1989. JCT is the part of Punjab based Thapar group. JCT is engaged in manufacturing of cotton, synthetic & blended fabrics, and nylon filament yarn at its integrated textile facility in Phagwara (Punjab) and filament yarn facilities in Hoshiarpur (Punjab). JCT has installed capacity of 1,50,000 meters per day of cotton/blended fabrics and 50,000 meters per day of synthetic fabrics at its plant at Phagwara and 16000 Tonnes Per Annum (TPA) of nylon filament yarn at Hoshiarpur plant. KHWAHISH MARKETING: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Khwahish Marketing Private Limited (KMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 4, 2024, placed the rating(s) of KMPL under the 'issuer non-cooperating' category as KMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KMPL 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 KMPL was incorporated in 2004 and is currently being managed by Mr. Prashant Sharma. The company is engaged in the trading of iron and steel products such as hot rolled coils. Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of KMPL into Issuer Not Cooperating category vide press release dated July 17, 2024 on account of its inability to carry out a review in the absence of requisite information. KRISHNA SAHIL: CARE Keeps C D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Krishna Sahil Constructions Private Limited (KSCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.25 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 10, 2024, placed the rating(s) of KSCPL under the 'issuer non-cooperating' category as KSCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2024, December 5, 2024 and December 15, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Krishna Sahil Constructions Private Limited was constituted in 2008 and was offshoot of Krishna Construction Company Private Limited and is currently headed by Mr. Rajesh Bahl who is currently also the Managing Director. He was joined by his son Sahil Bahl in 2006 and he is handling construction sites. Krishna Sahil Construction Company Private Limited is involved in infrastructure and act as sub-contractor for many reputed builders and developers in and around Delhi NCR, and have completed number of high-rise buildings with renowned Developers like DLF, UNITECH, ELDECO & ANSAL etc. LAKSHMI PRECISION: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Lakshmi Precision Screws Limited (LPSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 115.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 77.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 20, 2023, placed the rating(s) of LPSL under the 'issuer non-cooperating' category as LPSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LPSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 4, 2024, November 14, 2024 and November 24, 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 Lakshmi Precision Screws Limited (LPSL) was incorporated in December, 1968 as a private limited company. Subsequently, the company was reconstituted as a public limited company in 1972. LPSL is engaged in the manufacturing of high-tensile fasteners. The company currently has four manufacturing units, three are situated in Rohtak and one in Gurugram, Haryana. The company caters to various sectors such as wind Energy, Oil & Gas, Locomotives, Automobiles, Agriculture Equipment (tractors) and different industrial requirements. OM BESCO: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Om Besco Rail Products Limited (OBRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 46.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 26, 2023, placed the rating(s) of OBRPL under the 'issuer non-cooperating' category as OBRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OBRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 10, 2024, November 20, 2024, November 30, 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 Om Besco Rail Products Ltd. (OBRPL) was promoted by Shri Madhu Sudan Tantia (son of Shri O.P Tantia) in March 2008. The company, after incorporation, remained dormant for about 4 years. In 2012, OBRPL ventured into setting up manufacturing facility of alloy steel casting products (bogies, couplers, draft gears) to be used in railway freight wagons in Jharkhand. The project is backward integration to meet the raw material requirement of the flagship company - Besco Ltd (Wagon division) [Besco]. OM YARN: CARE Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Om Yarn Plus Private Limited (OYPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.01 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 9, 2024, placed the rating(s) of OYPPL under the 'issuer non-cooperating' category as OYPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OYPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 24, 2024, December 4, 2024 and December 14, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable OYPPL was incorporated in the year 2002, by Mr Sanjiv Garg and Mr Sanjay Talwar. The company is engaged in the manufacturing of fabric for suiting, shirting and readymade garments for kids & gents at its manufacturing facility located at Ludhiana, Punjab. Status of non-cooperation with previous CRA: Brickwork has continued the rating assigned to the bank facilities of OYPPL into Issuer Not Cooperating category vide press release dated January 5, 2024 on account of its inability to carry out a review in the absence of requisite information. ORIENT CABLES: CRISIL Withdraws B Corporate Credit Rating --------------------------------------------------------- CRISIL Ratings has withdrawn its corporate credit rating of Orient Cables India Private Limited (OCIPL) at the request of the company. The rating action is in line with the CRISIL Ratings policy on withdrawal of ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Corporate Credit - CRISIL B/Stable (ISSUER NOT Rating COOPERATING; Rating continues at the same level and Withdrawn) CRISIL Ratings has been consistently following up with OCIPL for getting information. CRISIL Ratings requested cooperation and information from the issuer through its letter and email dated October 10, 2024, apart from telephonic communication. However, the issuer has continued to be 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 OCIPL, which restricts its ability to take a forward-looking view of the entity's credit quality. CRISIL Ratings believes that the rating action on OCIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the corporate credit rating for OCIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 2005 in Alwar, Rajasthan, and promoted by Mr Vipul Nagpal and Ms Garima Nagpal, OCIPL manufactures fibre optic, networking copper, data, closed-circuit television (CCTV), coaxial, control, grounding, instrumentation and round flexible cables. PINGTHIS PRIVATE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Pingthis Private Limited No. B-1803, 18th Floor, Ebony Block, Salarpuria Sattva Greenage, Bangalore, Karnataka, 560068 Liquidation Commencement Date: January 20, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mr. Naveen Narang H-3/63, First Floor, Vikaspuri New Delhi-110018 Email: nnarang.associates@gmail.com Phone: +91 9818005476 Last date for submission of claims: February 19, 2025 PLATINUM ISPAT: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Platinum Ispat Industries Private Limited (PIIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 18.57 CARE D; Issuer not cooperating; Facilities Based on best available Information Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 22, 2023, placed the rating(s) of PIIPL under the 'issuer non-cooperating' category as PIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 6, 2024, November 16, 2024, November 26, 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 Platinum Ispat Industries Private Limited (PIIPL) was incorporated during August 2012 to initiate a TMT bar manufacturing unit. After incorporation, the company started to set up a manufacturing unit at Didarganj, Patna. The commercial operation has started from March 2015. The day-to-day affairs of the company are looked after by Mr. Ashok Kumar Agrawal, Director, along with other three directors and a team of experienced personnel. PROTECH FEED: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Protech Feed Private Limited (PFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.95 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 26, 2023, placed the rating(s) of PFPL under the 'issuer non-cooperating' category as PFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 10, 2024, November 20, 2024, November 30, 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 PFPL was initially incorporated in July 17, 2007 in the name of Protech Biosciences Pvt Ltd. Subsequently in June 2010, the name of the company was changed to the current one. The company was promoted to set up an integrated chicks farming and poultry feed processing unit at industrial area Hajipur, Bihar with processing capacity of 60,000 MTPA. Currently the company is managed by Mr Sanjay Kumar Choudhury (Managing Director), Mr Santosh Kumar Ishwar (Director), Mr Sanjay Kumar Pandey (Director) and Mr Sujeet Singh (Director). PFPL has commenced operation of chicks farming unit from February 2012 and poultry feed unit from January 2013. PUSH ENGINEERING: CRISIL Withdraws B+ Rating on INR16cr Term Loan ----------------------------------------------------------------- CRISIL Ratings has withdrawn its ratings on the bank facilities of Push Engineering Private Limited (PEPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 16 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with PEPL for obtaining information through letter and email dated October 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PEPL. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on PEPL is consistent with 'Assessing Information Adequacy Risk' Based on the last available information, the rating on bank facilities of PEPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Analytical Approach CRISIL Ratings has evaluated the standalone business and financial risk profiles of PEPL. PEPL was established as a partnership firm 'PEPL' in 1997 by Mr. Bhagwat Chaudhari, the partnership firm was taken over in 2009 by a company viz EU Industrial Equipment Private Limited (EUIPL), formed by Mr B. Chaudhari in 1999. EUIPL later changed its name to PEPL. PEPL is in the business of manufacturing various refrigeration equipment like flake ice makers/plant, tube ice makers/plant, chilled water plants, automatic ice handling systems, pneumatic conveying systems, low-pressure vessels, etc. Further in year 2023, it started manufacturing drip irrigation equipment i.e., dripper and pipe (12 mm, 16 mm, and 20 mm). PEPL is owned & managed by Mr B. Chaudhari and Mrs Usha Chaudhari. RAJLAXMI CONSTRUCTIONS: CRISIL Withdraws B Rating on INR23cr Loan ----------------------------------------------------------------- CRISIL Ratings has withdrawn its ratings on the bank facilities of Rajlaxmi Constructions Limited (RCL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 13 CRISIL A4/Issuer Not Cooperating (Withdrawn) Bank Guarantee 14 CRISIL A4/Issuer Not Cooperating (Withdrawn) Bank Guarantee 9.6 CRISIL A4/Issuer Not Cooperating (Withdrawn) Cash Credit 23 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Non 0.4 CRISIL B/Stable/Issuer Not Fund based limits Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with RCL for obtaining information through letter and email dated June 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RCL. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on RCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, CRISIL Ratings has continued the ratings on the bank facilities of RCL to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. RCL, established in 1982 by Mr S N Sahoo, undertakes road, bridge, irrigation, and other civil and infrastructure construction projects in Odisha. S.P.M. POWER: CRISIL Withdraws B+ Rating on INR5cr Cash Loan ------------------------------------------------------------ CRISIL Ratings has withdrawn its ratings on the bank facilities of S.P.M. Power and Telecom Private Limited (SPM) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL A4/Issuer Not Cooperating (Withdrawn) Bank Guarantee 12 CRISIL A4/Issuer Not Cooperating (Withdrawn) Bill Discounting 0.5 CRISIL A4/Issuer Not under Letter Cooperating (Withdrawn) of Credit Cash Credit 2 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 5 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) Proposed Long Term 3.5 CRISIL B+/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with SPM for obtaining information through letter and email dated June 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SPM. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on SPM is consistent with 'Assessing Information Adequacy Risk' Based on the last available information, the ratings on bank facilities of SPM continues to be 'CRISIL B+/Stable/'CRISIL A4 Issuer Not Cooperating'. Hyderabad (Telangana)-based SPM was set up in 2000 as a partnership firm - SPM Telecom; it was reconstituted as a private limited company and got its current name in 2007. The company manufactures telecom cables, railway signaling cables, control cables, and housing wires. SHAKTI ENTERPRISES: CRISIL Withdraws B Rating on INR8cr Loan ------------------------------------------------------------ CRISIL Ratings has withdrawn its ratings on the bank facilities of Shree Shakti Enterprises Private Limited (SSPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 2 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Working 8 CRISIL B/Stable/Issuer Not Capital Facility Cooperating (Withdrawn) Proposed Working 15 CRISIL B/Stable/Issuer Not Capital Facility Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with SSPL for obtaining information through letter and email dated May 15, 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 SSPL. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on SSPL is consistent with 'Assessing Information Adequacy Risk' Based on the last available information, the rating on bank facilities of SSPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Analytical Approach CRISIL Ratings has evaluated the standalone business and financial risk profiles of SSPL. Incorporated in 1997, SSPL manufactures stainless steel and aluminium utensils and cutlery; its products are sold under the brand PNB Kitchenmate. The company has a manufacturing unit in Sonipat, Haryana, and three retail stores. It is promoted by Mr Rakesh Bajaj, Mr Rajiv Bajaj, Mr Rahul Bajaj and Mr Rajesh Bajaj. SIDHARTHA BUILDHOME: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sidhartha Buildhome Private Limited (SBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 129.00 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 4, 2024, placed the rating(s) of SBPL under the 'issuer non-cooperating' category as SBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 19, 2024, November 29, 2024 and 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 Incorporated in November 21, 1995, SBPL is engaged in the development of residential/ group housing project in Gurgaon (Haryana). SBPL (formerly Pashupati Buildwell Pvt Ltd) is promoted by Mr. Sidharth Chauhan and Mr. Randhir Singh Chauhan. Mr. Sidharth Chauhan had been into consolidation and aggregation of land for more than 15 years for companies like Adani Group, DLF, NYK Logistics, and Panacea Biotech etc. Mr. Randhir Singh is the father of Mr. Sidharth Chauhan and is a graduate with experience of over 45 years. He has served the Indian Army for 15 years and has more than 20 years of experience in banking sector. SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sujala Pipes Private Limited (SPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.07 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 9, 2024, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through emails dated November 24, 2024, December 4, 2024, December 14, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sujala Pipes Private Limited (SPPL), belonging to Nandi group of Kurnool, Andhra Pradesh (A.P.), was incorporated in 1982 as a partnership concern and was reconstituted as a Private Limited Company in February, 1988. SPPL is engaged in manufacturing of Polyvinyl Chloride (PVC) pipes & fittings used in irrigation projects, water management, sewerage, & drainage industry, etc. Nandi group, promoted by Mr. S.P.Y Reddy, is a South India based industrial house having diversified business interest. Apart from manufacturing of PVC pipes, the group has presence in cement, steel, dairy and construction segment. SUKHMANI HOLIDAYS-INN: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sukhmani Holidays-Inn Private Limited (SHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.31 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 11, 2024, placed the rating(s) of SHPL under the 'issuer non-cooperating' category as SHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 26, 2024, December 6, 2024, 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 Sukhmani Holidays Inn Private Limited Private Limited (SHPL) was incorporated in June 2014 to acquire a running Chandigarh based, Hotel Pearl, which was established in 2006 by Mr. Yash Pal Mahajan. Currently, the hotel is managed by the promoters of SHPL which include Mr. Jagjeet Singh and Mrs. Harbhajan Kaur, as its directors. SHPL is engaged in running the hotel under the name "Pearl" in Chandigarh having 34 rooms (Studio3, Deluxe- 19 and Executive-11), 3 banquet halls and restaurant facilities. UNIVERSAL POLYSACK: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Universal Polysack (India) Private Limited (UPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.20 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 2, 2024, placed the rating(s) of UPPL under the 'issuer non-cooperating' category as UPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 17, 2024, November 27, 2024 and December 7, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Beawar (Rajasthan) based UPPL, incorporated in February 2010, was promoted by Mr. Govind Goyal along with Ms. Indu Goyal. UPIPL was incorporated with an objective for manufacturing of woven sack bags at its sole manufacturing facility located at Beawar (Rajasthan). VALSIR PLUMBING: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Valsir Plumbing Technologies India Private Limited S7/8, Pinnacle Business Park Mahakali Caves Road, Andheri East, Mumbai, Maharashtra, India, 400093 Liquidation Commencement Date: January 13, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Sandeep Jawaharlal Singhal 313/314, Giri Shikhar, Plot No. 8891, Opposite Goenka Hall, J B Nagar, Andheri (east), Mumbai City, Maharashtra, 400059 E-mail: sandeepjsinghal@hotmail.com E-mail: valsir.vlibc@gmail.com Contact Number: 9820060027 Last date for submission of claims: February 12, 2025 VALUEPROCESS: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Valueprocess Technologies (India) Private Limited C-1504, Runwal Heights, LBS Marg, Near Kotak Bank and Marathon Max, Mumbai, Maharashtra, India, 400080 Liquidation Commencement Date: January 17, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Manish Motilal Jaju D-502, Neelkanth Business Park, Vidya Vihar West, Mumbai 400086 Email id: valueprocessliquidation@gmail.com Last date for submission of claims: February 16, 2025 VANTAGE MACHINE: Liquidation Process Case Summary ------------------------------------------------- Debtor: M/S. Vantage Machine Tools Private Limited D.No. 2-48, Gollapalli, Nuzividu, Krishna Dist, Andhra Pradesh, India 521111 Liquidation Commencement Date: December 20, 2024 Court: National Company Law Tribunal, Amaravathi Bench Liquidator: Kalvakolanu Murali Krishna Prasad H.No. 8-27, Plot No. 106, Mythripuram Colony, Jillelaguda, Vyshali Nagar Post, Kharmanaghat, Hyderabad, TS 500079 Email: kmk123ip@gmail.com Email: vmtpl.liquidation@gmail.com Last date for submission of claims: January 23, 2025 VISAKHA FOODS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Visakha Foods Private Limited (VFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.84 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 0.64 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 4, 2024, placed the rating(s) of VFPL under the 'issuer non-cooperating' category as VFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VFPL continues to be non-cooperative despite repeated requests for submission of information through emails 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: Stable Vizag based, Visakha Foods Private Limited (VFPL) was incorporated in the year 2001 and promoted by Mr. Ravi Aditya, Mr. GVL Prasad, Mr. Ravi Avinash and Ms. Ravi Hemalatha. Presently, the company is engaged in manufacturing of food products like Pasta and Vermicelli. VIZEBH AGRI: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vizebh Agri - Sciences Private Limited (VASPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.87 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 19, 2023, placed the rating(s) of VASPL under the 'issuer non-cooperating' category as VASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VASPL continues to be non-cooperative despite repeated requests for submission of information through e-mails 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 Vadodara-based (Gujarat), VASPL was incorporated during July, 2010 by two promoters namely Mr. Amrish Patel and Mr. Jinesh Patel. The company is in the business of manufacturing of dairy products such as milk, curd, cow ghee, butter, flavoured milk, lassi etc. and operates with an installed capacity of 100,000 litres per day for milk processing. The company sells its products under the brand name "Vizee" in Gujarat, Punjab, Haryana, Jammu & Kashmir, Himachal Pradesh etc. Milk is the primary raw material for the company which they procure from their own milk chilling centres. VIZEBH COMPOSITECH: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vizebh Compositech Private Limited (VCPL) 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 December 19, 2023, placed the rating(s) of VCPL under the 'issuer non-cooperating' category as VCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails 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 Gujarat (Vadodara) based VCPL was incorporated in October, 2013 by Mr.Pradeep Mahalik, Mr.Amrish Patel, and Mr.Jinesh Patel. VCPL is into manufacturing of different variants of composites, including non-composites, sheet-moulding compound/doughmoulding compound/bulk-moulding compound, fiber-reinforced polymers, carbon composites, composites advanced material, and thermoplastic polymer products. The company has started its commercial production from March, 2016. ================= I N D O N E S I A ================= EFISHERY: Staff Demand Answers Amid Layoff, Closure Rumors ---------------------------------------------------------- Tech in Asia reports that dozens of eFishery labor union members rallied outside its Bandung office on Jan. 23, voicing concerns about the Indonesian aquatech unicorn's future. In a statement, the union claimed they heard that eFishery, which recently halted operations, is planning to do mass layoffs and close down in February, the report relates. Workers also criticized "negative and unbalanced" reports of alleged fraud within the company. Tech in Asia relates that the union, which was formed on January 13, also stressed that a statement by one of eFishery's shareholders about systematic fraud within the company has unfairly tarnished the reputation of all employees. "The majority of eFishery employees have integrity and excel in their respective fields," the union stated, notes the report. As a result, workers have demanded that the company cancel the reported layoffs and reassess business lines. "This is based on the fact that eFishery still has cash and liquid assets exceeding IDR1 trillion (US$61.3 million), while its real operational business exceeds IDR3 trillion (US$184 million)," according to the statement. According to Tech in Asia, the union also urged eFishery to resume business operations and called for the fraud allegations to be addressed publicly. "Management must clearly state that the majority of eFishery employees were not involved in financial reporting fraud," the group demanded. Tech in Asia notes that the company has been grappling with a deepening crisis. In December 2024, it launched an internal probe into allegations of financial fraud. Co-founders Gibran Huzaifah and Chrisna Aditya stepped down following the investigation. EFishery then appointed Adhy Wibisono as interim CEO and Albertus Sasmitra as interim CFO. But Wibisono has also resigned, according to DealStreetAsia. A Bloomberg report revealed that according to the ongoing investigation, management had inflated revenue by nearly US$600 million in the nine months through September 2024, Tech in Asia relays. Patrick Walujo, CEO of GoTo Group, has called the situation at eFishery "embarrassing" during DealStreetAsia's Indonesia PE-VC Summit 2025 in Jakarta. Walujo is also the founder of Northstar Group, one of eFishery's investors. ========= J A P A N ========= NISSAN MOTOR: Cuts Shifts, Offers Employee Buyouts at 3 US Plants ----------------------------------------------------------------- Reuters reports that Nissan Motor is offering buyouts to workers and cutting back shifts at three U.S. factories, a company spokesperson said on Jan. 30, as the automaker pushes to slash $2.6 billion in costs globally. According to Reuters, Nissan will offer the separation packages to workers at its vehicle assembly plants in Smyrna, Tennessee, and Canton, Mississippi, and an engine plant in Decherd, Tennessee. Japan's third-biggest automaker by volume will slash one of two shifts at the production line for its Rogue sports utility vehicle in Smyrna starting in April, and for the Altima sedan in Canton from September, Reuters relates. In addition to Smyrna, Nissan also produces Rogues at its Kyushu factory in southwest Japan, its top plant in its home market. Reuters previously reported Nissan was cutting output by a third in August 2024 at that plant amid weak U.S. demand for some of its ageing line-up, including the Rogue. Nissan's spokesperson declined to say how many U.S. workers it hopes will take the voluntary buyout offer. The company could potentially cut up to around 1,500 jobs with the move, the Nikkei newspaper reported earlier on Jan. 30, Reuters relays. Nissan does not plan to conduct involuntary layoffs, the spokesperson said, adding that the company employed more than 11,700 workers at the three U.S. plants as of end-2024, according to Reuters. In November, the company announced a plan to cut 9,000 jobs worldwide and reduce the maximum capacity of its 25 vehicle production lines as it suffers from a sales slump in China and North America. Less than two months after the company unveiled that plan, Nissan and Honda Motor said they would start talks on a merger that could potentially create the world's third-largest auto group with annual output of 7.4 million vehicles, Reuters recalls. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products Worldwide. As reported in the Troubled Company Reporter-Asia Pacific in mid-January 2025, S&P Global Ratings revised to negative from stable its outlook on Nissan Motor Co. Ltd. and affirmed its 'BB+' long-term rating and 'B' short-term rating on the company. =============== M A L A Y S I A =============== AWANA JV: SCIB Unit Demands MYR19.7 Million Debt Repayment ---------------------------------------------------------- The Malaysian Reserve reports that Sarawak Consolidated Industries Bhd (SCIB) said that its wholly-owned subsidiary, SCIB Properties Sdn Bhd (SCIBP), has issued a formal demand for repayment of MYR19.7 million from Awana JV Suria Saga Sdn Bhd, following the latter's failure to fulfill its repayment obligations under the settlement agreement (SA). Awana's outstanding debt includes MYR18.6 million under the SA 2023, MYR0.49 million under SA 2024, and an additional MYR0.58 million assigned from SCIB Industrialised Building System Sdn Bhd, the report discloses. Despite repeated reminders and opportunities to comply, Awana has not met its financial obligations as agreed. As a result, SCIB has exercised its contractual rights to terminate the agreement and has formally demanded settlement within 14 days. If Awana fails to comply, SCIB will proceed with legal action to recover the outstanding amount, including all applicable costs and expenses, according to the report. "SCIB remains steadfast in safeguarding the Company's financial position and ensuring that all agreements are honoured. The decision to terminate the settlement agreement was not taken lightly but was necessary to uphold the interests of our shareholders and stakeholders. We will take all necessary measures to recover the outstanding sums while maintaining our focus on operational excellence and growth," the report quotes SCIB's group MD Ku Chong Hong as saying. The company noted that this action aligns with its broader strategy to reinforce financial discipline and accountability across all engagements, the report relays. ===================== N E W Z E A L A N D ===================== BLAIR STREET: Court to Hear Wind-Up Petition on Feb. 4 ------------------------------------------------------ A petition to wind up the operations of Blair Street Limited will be heard before the High Court at Wellington on Feb. 4, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 1, 2025. The Petitioner's solicitor is: Julia Marie Snelson Legal Services, Asteron Centre 55 Featherston Street PO Box 895 Wellington 6011 LOS BANDITOS: Mexican Resto Face Liquidation -------------------------------------------- Jenee Tibshraeny at NZ Herald reports that at least two Wellington hospitality businesses face an uncertain future with Inland Revenue chasing their high-profile owner for alleged unpaid taxes. According to NZ Herald, the department has applied to the High Court at Wellington to liquidate four companies owned by Nick Mills - a long-time hospitality business owner, who also hosts a radio show on Newstalk ZB and owns the Wellington Saints basketball team. One of the companies trades under the name Los Banditos - a Mexican restaurant - and another under the name Wellington Sports Cafe, the report discloses. Both businesses are on Blair Street, off the capital's main entertainment and nightlife strip, Courtenay Place. NZ Herald relates that the other two companies Inland Revenue is applying to liquidate operated as businesses that have now closed (Siglo and Boston on Blair), according to Mr. Mills' lawyer, Mike Lennard. A High Court judge will decide whether the companies should be liquidated following a hearing scheduled for February 4, the report notes. If liquidation occurs, liquidators' reports should shed more light on the companies' outstanding debts. In a statement, Mr. Mills said he had spent the past eight months negotiating with officials at the tax department to settle "historic" issues. "We managed to raise more than 40% of the outstanding debt as part of our negotiations, but Inland Revenue declined to accept that," the report quotes Mr. Mills as saying. "We continue to meet our current tax obligations while supporting many households through our family-owned business." Other hospitality businesses owned by Mr. Mills include Hummingbird, Spruce Goose, Bettys, and Edison's Superette. "We have been in business for more than 40 years, but the last four years has been particularly challenging," he said, pointing to the Covid-19 pandemic, high inflation, and high interest rates, notes NZ Herald. "We have fought hard to stay afloat and meet our financial obligations and will continue to fight." Several Wellington hospitality outlets have closed their doors in recent times, including Pandoro, Myrtle, Mabel's, Concord Bistro and Bar, Shepherd, Hiakai, and Field and Green, NZ Herald adds. MILLBROOK WEST: Creditors' Proofs of Debt Due on Feb. 24 -------------------------------------------------------- Creditors of Millbrook West Limited are required to file their proofs of debt by Feb. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 19, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 NZ CUSTOM: Creditors' Proofs of Debt Due on Feb. 24 --------------------------------------------------- Creditors of NZ Custom Construct Limited are required to file their proofs of debt by Feb. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 24, 2025. The company's liquidator is: John Marshall Scutter Fervor Limited Level 1, 17–19 Seaview Road Paraparaumu Beach PREMIUM DEALS: Creditors' Proofs of Debt Due on March 6 ------------------------------------------------------- Creditors of Premium Deals Limited are required to file their proofs of debt by March 6, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 12, 2024. The company's liquidator is: Kevin John Davies Principle Insolvency LP PO Box 1566 Waikato Mail Centre Hamilton 3240 PURPLE MOON: Court to Hear Wind-Up Petition on Feb. 4 ----------------------------------------------------- A petition to wind up the operations of Purple Moon Limited will be heard before the High Court at Wellington on Feb. 4 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 1, 2024. The Petitioner's solicitor is: Julia Marie Snelson Legal Services Asteron Centre 55 Featherston Street PO Box 895 Wellington 6011 ================= S I N G A P O R E ================= BROOKS SPORTS: Creditors' Proofs of Debt Due on Feb. 26 ------------------------------------------------------- Creditors of Brooks Sports (Singapore) Pte. Ltd. are required to file their proofs of debt by Feb. 26, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 22, 2025. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia 50 Havelock Road #02-767 Singapore 160050 HYPERGANIC PTE: Commences Wind-Up Proceedings --------------------------------------------- Members of Hyperganic Pte Ltd on Jan. 22, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Cameron Duncan David Dong-Won Kim KordaMentha 16 Collyer Quay, #30-01 Singapore 049318 JV AUTOPARTS: Creditors' Proofs of Debt Due on Feb. 27 ------------------------------------------------------ Creditors of JV Autoparts Pte. Ltd. are required to file their proofs of debt by Feb. 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 3, 2025. The company's liquidators are: Don M Ho David Ho Chjuen Meng c/o DHA+ pac 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 LPS CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 7 ---------------------------------------------------------- A petition to wind up the operations of LPS Construction Pte. Ltd. will be heard before the High Court of Singapore on Feb. 7, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Jan. 16, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 SANFORD INVESTMENTS: Creditors' Proofs of Debt Due on Feb. 27 ------------------------------------------------------------- Creditors of Sanford Investments (Ptd) Ltd are required to file their proofs of debt by Feb. 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 18, 2025. The company's liquidators are: Ms. Ong Soo Hwa 545 Orchard Road #11-07, Far East Shopping Centre Singapore 238882 ********* 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 ***