/raid1/www/Hosts/bankrupt/TCRAP_Public/250206.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
Thursday, February 6, 2025, Vol. 28, No. 27
Headlines
A U S T R A L I A
AFG 2025-1NC: S&P Assigns Prelim B (sf) Rating to Class F Notes
ALLENS DUPONT: First Creditors' Meeting Set for Feb. 14
DAILY GREENS: First Creditors' Meeting Set for Feb. 12
DELDI HOLDINGS: First Creditors' Meeting Set for Feb. 12
PUBLIC HOSPITALITY: Former Venue Gets New Lease on Life
STEEL CENTRAL: First Creditors' Meeting Set for Feb. 13
TOP RATION: First Creditors' Meeting Set for Feb. 13
WONDERKARMA: Brisbane Creative Agency Placed in Liquidation
C H I N A
SINO-OCEAN GROUP: UK Court Approves Debt Restructuring Plan
I N D I A
AMIT LEATHER: CRISIL Moves B+/A4 Ratings from Not Cooperating
COIMBATORE ROLLER: CRISIL Lowers Rating on INR14.5cr Loan to B
COLLABIE SOLUTIONS: Voluntary Liquidation Process Case Summary
DHANEE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
DURGA AUTOMOTIVES: CRISIL Withdraws B Rating on INR13.5cr Loan
EMCEE ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
ESSENZAA LIFESCIENCE: Liquidation Process Case Summary
FLEXITUFF VENTURES: CARE Keeps D Debt Ratings in Not Cooperating
GO FIRST: NCLAT Asks Busy Bee to Negotiate Deal With Lenders
INTEGRATED THERMOPLASTICS: CARE Keeps D Ratings in Not Cooperating
JAYEM AUTOMOTIVES: CRISIL Reaffirms B+ Rating INR35cr Demand Loan
K.R KUMAR: CARE Keeps C Debt Rating in Not Cooperating Category
KAJJEHALLY ESTATE: CARE Keeps C Debt Rating in Not Cooperating
KARUTURI CERMICS: Liquidation Process Case Summary
KINDER MEDICAL: Voluntary Liquidation Process Case Summary
KUNDAN JEWELLERS: Voluntary Liquidation Process Case Summary
MAHAKALESHWAR TOLLWAYS: CARE Keeps D Rating in Not Cooperating
MANGLAM HOTEL: CRISIL Assigns B+ Rating to INR30cr LT Loan
ORAZONE PAPER: CRISIL Reaffirms B+ Rating on INR11cr Cash Loan
PALLADAM STEELS: CRISIL Assigns D Rating to INR52.38cr Loan
POORNASAI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
PRASANNA ANJANEYA: CARE Keeps B- Debt Rating in Not Cooperating
RAGHURAMACHANDRA RICE: CARE Keeps B- Rating in Not Cooperating
RAJESH HOUSING: CRISIL Keeps D Debt Rating in Not Cooperating
RUBY FASHION: CARE Keeps D Debt Ratings in Not Cooperating
SAGAR PULSES: CARE Keeps B- Debt Rating in Not Cooperating
SAMRAT PLYWOOD: CRISIL Withdraws D Rating on INR8.75cr Cash Loan
SANDLON TECHNOLOGIES: Voluntary Liquidation Process Case Summary
SANTLADEVI RESORTS: CRISIL Withdraws D Rating on INR42cr Loan
SHIV SHANKAR: CARE Keeps D Debt Rating in Not Cooperating Category
SRI MATA: Liquidation Process Case Summary
TALIN INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
TIWANA OIL: CRISIL Withdraws B+ Rating on INR8.25cr Cash Loan
VISHAL SALES: CARE Keeps C Debt Rating in Not Cooperating
VNC NUTRITION: CRISIL Withdraws D Rating on INR5.5cr Cash Loan
J A P A N
NISSAN MOTOR: May Call Off Merger Talks With Honda, Sources Say
N E W Z E A L A N D
LOS BANDITOS: Owner Given Three Weeks to Settle Tax Debts
METALFIX SOLUTIONZ: Court to Hear Wind-Up Petition on Feb. 17
OREWA SOLUTIONS: Creditors' Proofs of Debt Due on March 7
PAENGAROA ROAD: Court to Hear Wind-Up Petition on Feb. 17
PUKU ORA: Creditors' Proofs of Debt Due on March 15
SOLARCHITECT LIMITED: Creditors' Proofs of Debt Due on March 7
SPQR LTD: Owner of Defunct Ponsonby Restaurant Declared Bankrupt
S I N G A P O R E
ASIA DESSERT: Court Enters Wind-Up Order
FUSE INTERIORS: Court to Hear Wind-Up Petition on Feb. 14
GRIDLINE DESIGN: Court to Hear Wind-Up Petition on Feb. 14
KSE MARINE: Court to Hear Wind-Up Petition on Feb. 14
NAUTICAWT LTD: Reports December Financial Status Amid Liquidation
PACIFIC NETWORK: Creditors Meeting Set for March 7
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=================
A U S T R A L I A
=================
AFG 2025-1NC: S&P Assigns Prelim B (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
nine classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as
trustee for AFG 2025-1NC Trust in respect of Series 2025-1NC.
The preliminary ratings reflect the following factors.
S&P has assessed the credit risk of the underlying collateral
portfolio, and it believes the credit support is sufficient to
withstand the stresses S&P applies. Credit support for the rated
notes comprises note subordination and excess spread, if any.
The transaction structure includes retention amount and
amortization ledger mechanisms, under which excess spread--to the
extent available--is applied toward principal repayment
respectively of the most junior rated notes and the most senior
rated notes then outstanding.
The various mechanisms to support liquidity within the transaction,
including a liquidity facility equal to 1.5% of the aggregate
outstanding amount of the notes, subject to a floor of A$750,000,
and the principal draw function are sufficient to ensure timely
payment of interest.
There is an extraordinary expense reserve of A$150,000 funded by
AFG Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.
S&P's ratings also reflect the counterparty exposure to National
Australia Bank Ltd. as liquidity facility provider and bank account
provider. The transaction documents for the liquidity facility and
bank account include downgrade language consistent with S&P Global
Ratings' counterparty criteria.
Preliminary Ratings Assigned
AFG 2025-1NC Trust in respect of Series 2025-1NC
Class A1-S, A$150,000,000: AAA (sf)
Class A1-L, A$250,000,000: AAA (sf)
Class A2, A$62,000,000: AAA (sf)
Class B, A$13,850,000: AA (sf)
Class C, A$9,900,000: A (sf)
Class D, A$6,000,000: BBB (sf)
Class E, A$4,000,000: BB (sf)
Class F, A$2,250,000: B (sf)
Class G, A$2,000,000: Not rated
ALLENS DUPONT: First Creditors' Meeting Set for Feb. 14
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Allens
Dupont Logistics Pty Ltd will be held on Feb. 14, 2025 at 12:30
p.m. virtually by video conference.
Shaun Matthews and Daniel P Juratowitch of Cor Cordis were
appointed as administrators of the company on Feb. 4, 2025.
DAILY GREENS: First Creditors' Meeting Set for Feb. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Daily Greens
Paddington Pty Ltd will be held on Feb. 12, 2025 at 11:00 a.m. at
the offices of O'Brien Palmer at Level 9, 66 Clarence Street in
Sydney and via Zoom video conferencing.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Jan. 31, 2025.
DELDI HOLDINGS: First Creditors' Meeting Set for Feb. 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Deldi
Holdings Pty Ltd will be held on Feb. 12, 2025 at 10:30 a.m. by
virtual meeting and via virtual meeting technology.
Martin Ford, Rebecca Gill and Robert Ditrich of PwC were appointed
as administrators of the company on Jan. 31, 2025.
PUBLIC HOSPITALITY: Former Venue Gets New Lease on Life
-------------------------------------------------------
The Greek Herald reports that Sydney pub mogul Jon Adgemis has seen
one of his former venues, the Empire Hotel in Annandale, get a new
lease on life. The venue will now house Double Happy Chinese
Restaurant with a menu crafted by celebrity chef George
Calombaris.
The Greek Herald relates that Mr. Adgemis, who is no longer
involved in the operation, had previously been in the business of
renovating old pubs through his company, Public Hospitality Group,
before facing significant financial difficulties. Linchpin
Hospitality, a separate company, has taken over some of his old
venues, including the Empire Hotel.
As Linchpin's culinary director, Mr. Calombaris developed a menu
that features Chinese-Australian staples like beef and black bean,
sweet and sour pork, and honey and lemon chicken, the report says.
In addition to Double Happy, the Empire Hotel will also feature
Dale's Pizza, offering wood-fired pizzas.
Mr. Adgemis, who has lost control of many of his hospitality
ventures, now only holds a landlord-tenant relationship with
Linchpin, according to The Greek Herald. The group also operates
other former Adgemis venues, including Hotel Diplomat in Potts
Point and Balmain's Exchange Hotel, with plans to reopen them in
the coming months.
Meanwhile, Solotel Group has taken charge of three other pubs once
run by Mr. Adgemis' company, including the Norfolk in Redfern and
the Camelia Grove Hotel in Alexandria, the Greek Herald notes.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group
has taken another hit with receivers and external managers
appointed at five of his Sydney hotels, including Oxford House and
The Strand Hotel.
Insolvency specialist FTI Consulting has stepped in as receivers
and managers to operate Public's hip Redfern pub The Norfolk,
Oxford House in Paddington and Darlinghurst's The Strand Hotel, as
well as Alexandria's Camelia Grove Hotel and The Exchange Hotel,
also in Darlinghurst, Good Food said. The pubs will be sold as soon
as possible.
Duncan Club and Andrew Sallway of BDO advisory firm have also been
appointed voluntary administrators at affiliated companies
including Public Lifestyle Management Pty Ltd, Good Food added.
STEEL CENTRAL: First Creditors' Meeting Set for Feb. 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Steel
Central Pty Ltd will be held on Feb. 13, 2025 at 10:00 a.m. at the
offices of SV Partners at 1st Floor, Corner Sydney & Gordon Street
in Mackay and via virtual meeting technology.
Francis Jude O'Neill and David Michael Stimpson of SV Partners were
appointed as administrators of the company on Feb. 3, 2025.
TOP RATION: First Creditors' Meeting Set for Feb. 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of Top Ration
Australia Pty Ltd will be held on Feb. 13, 2025 at 11:00 a.m. at
the offices of Rodgers Reidy at Level 2A, 181 Elizabeth Street in
Brisbane and by telephone.
David James Hambleton of Rodgers Reidy was appointed as
administrator of the company on Feb. 3, 2025.
WONDERKARMA: Brisbane Creative Agency Placed in Liquidation
-----------------------------------------------------------
AdNews reports that creative agency Wonderkarma, with offices in
Brisbane and Vanuatu, has gone into liquidation.
Declan Lane and Simon Cathro of Cathro and Partners have been
appointed liquidators, AdNews discloses citing documents lodged
with corporate regulator ASIC.
A meeting of shareholders approved the voluntary winding up January
31.
Clients include Aurizon, Australia's largest rail freight operator,
and the Catholic Diocese of Toowoomba.
Other agencies have started to contact Wonderkarma staff, said to
number about 15, AdNews says.
According to AdNews, Kirsty Visman, managing director at
Superdream, said staff should drop her a line if they were looking
for a new home.
"Shocked and saddened to hear of the liquidation of fellow
independent creative agency Wonderkarma," AdNews quotes Ms. Visman
as saying. "This industry is tough and the appetite for big budget
creative campaigns has been shrinking for some time."
The company last year expanded to South Australia and to Vanuatu.
Wonderkarma Vanuatu was run in Port Vila by Nick Deane, who founded
the company in 2012.
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C H I N A
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SINO-OCEAN GROUP: UK Court Approves Debt Restructuring Plan
-----------------------------------------------------------
Reuters reports that London's High Court on Feb. 2 approved
Sino-Ocean Group to restructure around $6 billion of its debt,
despite opposition from an ad hoc group of creditors.
According to Reuters, state-backed Sino-Ocean Group is attempting a
parallel process in London and Hong Kong to restructure its
offshore debt, as other developers have defaulted since the Chinese
property sector's 2021 debt crisis.
Reuters relates that the Hong Kong-listed firm asked the High Court
to approve its plan but creditor Long Corridor had opposed it,
arguing it was unfair to other creditors.
Judge Nicholas Thompsell said in a written ruling that he would
sanction the London restructuring plan, Reuters relays.
Long Corridor had argued that Sino-Ocean's restructuring plan was
too generous to shareholders, including state-owned China Life and
Dajia Insurance Group, which each owned roughly 30% of Sino-Ocean.
But Sino-Ocean said it was important that China Life and Dajia
maintained at least 15% each so Sino-Ocean would remain a Chinese
state-owned enterprise, which its lawyers said was critical to its
viability as a property developer in China.
Judge Thompsell said in his ruling that China Life and Dajia each
retaining a stake of 15% in Sino-Ocean "actually increases the
value of the plan" to each class of creditors, adds Reuters.
About Sino-Ocean Group
Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings
Limited, is an investment holding company principally engaged in
property development and property investment in the People's
Republic of China (the PRC). The Company is engaged in property
development in Beijing-Tianjin-Hebei, Northeast, Central and
Southern.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2023, Moody's Investors Service has downgraded Sino-Ocean Group
Holding Limited's corporate family rating to Ca from Caa2. At the
same time, Moody's has downgraded to C from Caa3, the backed senior
unsecured ratings on the bonds issued by Sino-Ocean Land Treasure
Finance I Limited, Sino-Ocean Land Treasure Finance II Limited, and
Sino-Ocean Land Treasure IV Limited and guaranteed by Sino-Ocean.
The outlook remains negative.
Once considered one of the stronger names among China's debt-laden
developers, Sino-Ocean became a defaulter in September 2023 when it
suspended payment on all its offshore borrowings.
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I N D I A
=========
AMIT LEATHER: CRISIL Moves B+/A4 Ratings from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, Crisil Ratings, in line with
guidelines of the Securities Exchange Board of India, had migrated
its ratings on the bank facilities of Amit Leather Wears (ALW) to
'Crisil B+/Stable/Crisil A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing information, necessary
for carrying out comprehensive review of the ratings. Consequently,
Crisil Ratings is migrating the ratings to 'Crisil B/Stable/Crisil
A4' from 'Crisil B+/Stable/Crisil A4 Issuer Not Cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 24.5 Crisil A4 (Migrated from
in Foreign 'Crisil A4 ISSUER NOT
Currency COOPERATING')
Packing Credit 0.5 Crisil A4 (Migrated from
in Foreign 'Crisil A4 ISSUER NOT
Currency COOPERATING')
Proposed Fund- 5 Crisil A4 (Migrated from
Based Bank Limits 'Crisil A4 ISSUER NOT
COOPERATING')
Term Loan 5 Crisil B/Stable (Migrated
from 'Crisil B+/Stable ISSUER
NOT COOPERATING')
The ratings continue to reflect large working capital requirement
and the modest financial risk profile of ALW. These weaknesses are
partially offset by extensive experience of the proprietor in the
leather industry and moderate, but growing scale of operations.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of ALW.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital requirement: Gross current assets (GCAs)
rose to 270 days for the three fiscals ended March 31, 2024, driven
by stretched receivables and large inventory of 82 days and 149
days, respectively. GCAs are expected to be high in the range of
250-270 days over the medium term. Overseas customers are given
credit of 40-90 days. The company needs to maintain sizeable
inventory of leather hides, which are stored for 3-5 months. The
hides take time for drying and the requirement is increasing, given
the rise in scale of operations. Bank limit of 25 crore is highly
utilised at an average of 90-95% per month. High utilisation of the
cash credit limit, along with ad-hoc limit of INR2.4 crore sought
between May 2024 and August 2024, indicates stretched liquidity.
Ability to manage the working capital cycle, amid the growing
business, remains monitorable.
* Modest financial risk profile: The financial risk profile is
constrained by moderately high gearing and total outside
liabilities to adjusted networth (TOLANW) ratios of 2-2.2 times and
4.1-4.5 times projected as on March 31, 2025 (2.6 times and 6.39
times, respectively, a year ago). Debt protection metrics have also
been weak due to high gearing and moderate accrual from operations.
Interest coverage and net cash accrual to total debt ratios are
projected to be in the range of 2-2.1 times and 0.02-0.03 time,
respectively, for fiscal 2025 (as against 2.15 times and 0.08 time,
respectively, for fiscal 2024) and are expected to be at similar
levels over the medium term, in the absence of large debt-funded
capital expenditure (capex).
Strengths:
* Extensive experience of the proprietor: Presence of over three
decades in the leather goods industry has enabled the proprietor,
Mr Dheeraj Rehan to gain a strong understanding of market dynamics
and maintain healthy relationships with suppliers and customers.
The proprietor has been associated with the business since 1989.
Longstanding associations with top customers ensure regular order
inflow. The company caters to customers having accessory outlets
across the globe, including in Russia, Canada, Denmark and
Netherlands. The product segment is also well-diversified, with
jackets, coats and trousers in the garments segment and varieties
of bags. Revenue is estimated at INR57 crore for the first nine
months of fiscal 2025 and is projected to be in the range of
INR85-95 crore for the full fiscal. Orders worth INR30-35 crore
need to be executed over the next 2-3 months. Sustained and
significant revenue growth remains monitorable over the medium
term.
* Moderate, but growing scale of operations: The firm reported
revenue of over INR82 crore in fiscal 2024 and has booked revenue
of INR57 crore for the first nine months of fiscal 2025, backed by
an established clientele across Russia, Canada, Denmark and
Netherlands. Though the firm has recorded 20% growth in revenue due
to high demand from overseas markets during fiscal 2024, it is
likely to improve further, with higher offtake during fiscal 2025.
About 45% of revenue comes from the top three customers, which
indicates moderate diversification across customers and
geographies. Moreover, intense competition in the leather industry
may continue to constrain scalability, pricing power and
profitability. Thus, despite growth in revenue expected over the
medium term, the scale may remain modest. Improvement in the
business risk profile, supported by significant revenue growth over
the medium term, will remain a key monitorable
Liquidity: Poor
Bank limit utilisation was high, averaging around 94% for the 12
months ended December 31, 2024. Expected cash accrual of INR1.5-1.8
crore could be just sufficient to meet the term debt obligation of
INR1-1.5 crore over the medium term. Current ratio was moderate at
1.26 times as on March 31, 2024.
Outlook: Stable
ALW will continue to benefit from extensive experience of the
proprietor in the leather goods industry and its healthy
clientele.
Rating sensitivity factors
Upward factors:
* Substantial and sustained growth in operating income and margin,
resulting in net cash accrual of INR2 crore or above
* Efficient working capital cycle leading to moderation in GCAs
Downward factors:
* Decline in operating margin to 4%, resulting in
lower-than-expected net cash accrual
* Further stretch in the working capital cycle or sizeable
debt-funded capex, weakening liquidity
ALW was set up in 1989 by the proprietor, Mr. Dheeraj Rehan. The
firm manufactures and exports leather garments and bags to Europe,
Russia, the USA, Canada, and South Africa. It has five
manufacturing facilities in National Capital Region., with combined
installed capacity of 10,000 garments and bags per month.
COIMBATORE ROLLER: CRISIL Lowers Rating on INR14.5cr Loan to B
--------------------------------------------------------------
Crisil Ratings has downgraded its rating on the long-term bank
facility of Coimbatore Roller Flour Mills Pvt Ltd (CRFMPL) to
'Crisil B/Stable' from 'Crisil B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.5 Crisil B/Stable (Downgraded
from 'Crisil B+/Stable')
The rating downgrade reflects the weakening of the business and
financial risk profiles of the company owing to subdued debt
protection metrics in fiscal 2025. Operating margin fell to
negative 1.7% in the nine months of fiscal 2025 from 2.9% in fiscal
2024 because of decline in demand and low realisation, resulting in
reduction in networth. Gearing was high due to debt of INR25 crore,
and networth was modest at INR6.6 crore as on March 31, 2024. With
reduction in networth in fiscal 2025, the gearing is expected to
increase. Net cash accrual was modest at INR1.13 crore in fiscal
2024 and is expected to be insufficient to meet debt obligation
over the medium term, thus affecting the liquidity. Improvement in
overall business performance, with growth in revenue and operating
margin, will remain monitorable.
The rating reflects the average financial risk profile of the
company and the susceptibility of profit margin to volatility in
raw material prices. These weaknesses are partially offset by the
promoter's extensive experience and the company's established
market position in the agro processing industry, and established
client relationships.
Analytical approach
Crisil Ratings has considered the standalone business and financial
risk profiles of CRFMPL. Unsecured loan of INR5.86 crore as on
March 31, 2024, from the promoter has been treated as debt as the
loan is expected to be repaid over the medium term.
Key rating drivers and detailed description
Weaknesses:
* Average financial risk profile: The financial risk profile was
constrained by networth of INR6.69 crore and gearing of 3.72 times
as on March 31, 2024. Interest coverage and net cash accrual to
adjusted debt ratios were 1.46 times and 0.03 time, respectively,
in fiscal 2024.
* Susceptibility of operating margin to volatility in raw material
prices and climatic conditions: Crop yield of agro commodities is
dependent on rainfall and favourable climatic conditions. Thus, the
company remains vulnerable to shortage of its key raw material if
the climate is not conducive. Furthermore, attacks of pests or crop
infections may also cause unpredictability in production and
pricing of agro commodities and derived products. Sustenance of
operating margin and moderate growth remains a key monitorable.
Strengths:
* Extensive experience of the promoter: The promoter, Mr Devendra
Kumar Gupta, has experience of more than five decades in the agro
processing industry, which will continue to support the business.
* Established market position and strong client relationships: The
company enjoys stable and healthy demand for its products,
supported by its established position for almost five decades. This
led to moderate operating income of INR139.7 crore in fiscal 2024,
as against INR142.81 crore in fiscal 2023. Strong relationships
with customers across the value chain will continue to support the
business risk profile.
Liquidity: Stretched
Bank limit utilisation was moderate at 87.41% for the 12 months
through September 2024. Cash accrual, expected to be negative in
fiscal 2025, will be insufficient to meet term debt obligation of
INR1.75 crore. Current ratio was moderate at 1.24 times as on March
31, 2024. The promoter has extended unsecured loan of INR5.86 crore
as on March 31, 2024, to meet working capital requirement and debt
obligation. Cash and bank balance was INR1.71 crore as on March 31,
2024.
Outlook: Stable
Crisil Ratings believes CRFMPL will continue to benefit from the
extensive experience of the promoter.
Rating sensitivity factors
Upward factors
* Increase in revenue and stable operating margin around 2% leading
to higher cash accrual
* Improvement in the financial risk profile and liquidity
Downward factors
* Fall in revenue by over 20% or decline in operating margin
leading to lower cash accrual
* Weakening in the liquidity, impacting the financial risk profile
* Stretched working capital cycle
Incorporated in 1961, CRFMPL manufactures wheat flour and related
products, such as atta, maida, bran and suji. The company is
promoted by Mr Devendra Kumar Gupta.
COLLABIE SOLUTIONS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Collabie Solutions India Private Limited
Ground floor, SDB 1, Plot No. H-4, SIPCOT IT Park,
Padur Post, Siruseri, Kancheepuram District,
Chennai 603103, Tamil Nadu, India
Liquidation Commencement Date: January 8, 2025
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Chitra Srinivas
ASTA AVM, Flat B4E,
P.V. Rajamannar Salai,
K.K. Nagar, Chennai – 600078
Email id: schitra18@gmail.com
Mob No.: 9884355245
Last date for
submission of claims: February 7, 2025
DHANEE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhanee
International (DI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.25 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 18,
2024, placed the rating(s) of DI under the 'issuer non-cooperating'
category as DI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. DI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 3, 2024, December 13,
2024, December 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
Dhanee International (DHI) is a proprietorship firm established in
2006 by Mrs. Aruna Bindra. DHI is engaged in the manufacturing of
readymade garments at its manufacturing facility located at
Ludhiana, Punjab. The firm is also engaged in trading of fabric.
The product line of the firm mainly comprises cotton fabric,
acrylic fabric, polyester fabric, sinker fabric, tshirts, trousers,
shirts, lowers etc.
DURGA AUTOMOTIVES: CRISIL Withdraws B Rating on INR13.5cr Loan
--------------------------------------------------------------
Crisil Ratings has withdrawn its ratings on the bank facilities of
Sri Durga Automotives-Anantapur (SDA) 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 13.5 Crisil B/Stable/Issuer Not
Cooperating (Withdrawn)
Electronic Dealer 5.5 Crisil B/Stable/Issuer Not
Financing Scheme Cooperating (Withdrawn)
(e-DFS)
Crisil Ratings has been consistently following up with SDA for
obtaining information through letter and email dated October 10,
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 SDA. 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 SDA is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SDA continues to be 'Crisil B/Stable Issuer Not
Cooperating'.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of SDA.
Incorporated in 1995 as a partnership firm, at Anantpur (Andhra
Pradesh), SDA is an authorised dealer of Maruti Suzuki India Ltd
(MSIL; rated 'Crisil AAA/Stable/Crisil A1+') in Anantpur, Hindupur,
Gatkal, Thadipatri and Kadri (Andhra Pradesh), for sale of
four-wheelers, spares and accessories, and servicing of vehicles.
Mr S Venkateswara Rao is the main partner.
EMCEE ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Emcee
Engineering Works (EEW) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.03 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.00 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 11,
2024, placed the rating(s) of EEW under the 'issuer
non-cooperating' category as EEW had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
EEW continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 26, 2024,
December 6, 2024 and December 16, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Emcee Engineering Works (EEW) was converted into proprietorship
concern in 1980 after the exit of Mr. K. Shanmugasundaram. In 1985,
EEW forayed into fabrication of heavy box, column, beam, auto
welding etc. (on job work) which are used in boiler manufacturing.
From 2005, the firm started fabrication of pressure parts
components such as water wall panel, coils, header, piping, loose
bends etc. required for boilers. In 2008, the firm commenced its
second unit in Mandaiyur Village, Pudukottai, and Tamil Nadu for
producing similar boiler components for BHEL.
Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of EEW into
Issuer Not Cooperating category vide press release dated June 20,
2024 on account of its inability to carry out a review in the
absence of requisite information.
ESSENZAA LIFESCIENCE: Liquidation Process Case Summary
------------------------------------------------------
Debtor: M/s. Essenzaa Lifescience Limited
115, B-Wing, Western Edge – 2,
Western Express Highway,
Borivali (East), Mumbai City,
Mumbai, Maharashtra, India, 400066
Liquidation Commencement Date: January 17, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Arihant Nenawati
B-201-202, Sheraton Classic,
Dr Charat Singh Colony
Chakala, Andheri East,
Mumbai City, Maharahstra-400069
Email: arihant.nenawati@truvisoryipe.com
-- and --
401, 4th Floor, Blue Rose Industrial Estate
Near Metro Mall, Borivali East,
Mumbai, Maharahstra-400069
Email: liquidation.ell2025@gmail.com
cirp.ell@rirp.co.in
rj@rirp.co.in
Last date for
submission of claims: February 20, 2025
FLEXITUFF VENTURES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Flexituff
Ventures International Limited (FVIL) continue 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
Long Term/ 251.17 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 199.02 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 22,
2023, placed the rating(s) of FVIL under the 'issuer
non-cooperating' category as FVIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
FVIL 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: Consolidated. For analysis, CARE has
considered consolidated financials of FVIL including its
subsidiaries.
Outlook: Not applicable
Formerly known as Flexituff International Limited (CIN:
L25202MP1993PLC034616) (ISIN INE060J01017), the company was formed
in 1966 as a partnership firm. Subsequently, the firm was converted
into a private limited company in 1985 and the company got listed
on the Indian Stock Exchanges in 2011. The name of the company was
changed to Flexituff Ventures International Limited w.e.f.
September 28, 2018. FVIL is engaged in the business of
manufacturing Flexible Intermediate Bulk Container (FIBC), reverse
printed Biaxially-Oriented Polypropylene (BOPP) woven bags, Leno
Bags (small packaging bags, primarily for domestic markets),
geotextile fabrics and ground cover (used for prevention of
landslides, control of soil erosion and riverbank protection) and
polymer compounds (used for wires and cables) and drippers. The
main product of the company is FIBC, which is used in bulk
packaging and transportation requirement for multiple industries
like cement, chemical, pharmaceutical, food processing consumer
goods, sugar, and meat products. The company has two manufacturing
facilities, located at Pithampur (Madhya Pradesh) and Kashipur
(Uttarakhand) with installed capacity of 1,08,400 MTPA. Kashipur
facility commenced its operations in December 2015.
GO FIRST: NCLAT Asks Busy Bee to Negotiate Deal With Lenders
------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) has asked Busy Bee Airways, a bidder for bankrupt
airline Go First, to approach the airline's lenders and negotiate a
deal to acquire the airline as a going concern.
This came after Busy Bee Airways told the NCLAT it could still
acquire Go First, noting that the airline retained valuable assets,
including its license from the Directorate General of Civil
Aviation (DGCA), making it viable for purchase, Livemint.com
relates.
Livemint.com says the appellate tribunal also instructed the
liquidator to submit the minutes of the Committee of Creditors
(CoC) meeting that led to the decision to liquidate the airline.
NCLAT has scheduled the next hearing for February 10.
Busy Bee Airways, backed by EaseMyTrip's Nishant Pitti, had
challenged a liquidation order issued by the National Company Law
Tribunal (NCLT) in the NCLAT on January 20, Livemint.com recalls.
The NCLT's decision came after Go First's creditors unanimously
voted for liquidation, citing the airline's lack of assets and a
viable recovery plan. Busy Bee Airways argued that the NCLT's
liquidation order was passed before its plea to challenge it was
heard, prompting the move to NCLAT, Livemint.com relates.
About Go First
Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra. Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.
Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.
The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.
Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.
On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition. The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.
As recently reported in the Troubled Company Reporter-Asia Pacific,
the National Company Law Tribunal (NCLT) on Jan. 20, 2025, ordered
the liquidation of budget airline Go First Airways.
A Bench of NCLT, led by Judicial Member Mahendra Khandelwal and
Technical Member Dr Sanjeev Ranjan, granted the liquidation
petition filed by the airline's Committee of Creditors (CoC),
Business Standard related citing Bar and Bench.
INTEGRATED THERMOPLASTICS: CARE Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Integrated
Thermoplastics Limited (ITL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 22,
2023, placed the rating(s) of ITL under the 'issuer
non-cooperating' category as ITL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ITL 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
Integrated Thermoplastics Ltd (ITL) (ISIN INE038N01015), erstwhile
Torrent Thermo-Plastics Limited, was originally promoted by Mr.
Simon Joseph and Mr. S.V. Raghu. Later, during FY06, ITL was
acquired by the Nandi Group of companies. ITL is engaged in the
manufacturing of fabricate Polyvinyl Chloride (PVC) pipes and
fittings, tubes, bends etc. (installed capacity of 15,000 MTPA) at
its facilities located at Medak District (Telangana). Nandi group,
promoted by Shri S.P.Y Reddy, is a South India based industrial
house having diversified business interest such as cement, dairy,
PVC pipes, construction etc.
JAYEM AUTOMOTIVES: CRISIL Reaffirms B+ Rating INR35cr Demand Loan
-----------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the
long-term bank facilities of Jayem Automotives Pvt Ltd (JAPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 Crisil B+/Stable (Reaffirmed)
Term Loan 20 Crisil B+/Stable (Reaffirmed)
Working Capital
Demand Loan 35 Crisil B+/Stable (Reaffirmed)
The rating continues to reflect the company's susceptibility to
cyclicality in the automotive industry, government regulation,
working capital-intensive operations and weak financial risk
profile. These weaknesses are partially offset by the extensive
industry experience of the promoters and reputed customer profile.
Analytical approach:
Crisil Ratings has evaluated the standalone business and financial
risk profiles of JAPL.
Key rating drivers and detailed description
Weaknesses:
* Susceptibility to cyclicality in the automotive industry and
government regulation: The business risk profile is susceptible to
inherent cyclicality in the automotive industry which is linked to
the economy. Also, it is susceptible to change in government
policies regarding automobiles such as pollution norms and electric
vehicles.
* Working capital-intensive operations: The working capital
intensity is reflected in gross current assets (GCAs) of 130-370
days over the three fiscals ended March 31, 2024. The company's
GCAs were at 133 days as on March 31, 2024, and are expected to be
over 158 days as on March 31, 2025. Its large working capital
requirement arises from high receivables and inventory. The company
is required to extend long credit period. Furthermore, owing to its
business need, the company holds large inventory.
* Weak financial risk profile: JAPL's capital structure is likely
to remain weak owing to expected profit after tax loss in fiscal
2025, leading to erosion of networth. The networth and gearing are
estimated at INR20.18 crore and 3.49 times as on March 31, 2025.
JAPL's debt protection metrics are poor owing to high leverage and
weak profitability. The interest coverage and net cash accrual to
total debt ratio is expected at negative 1.61 times and 0.23 time,
respectively, for fiscal 2025. JAPL's debt protection metrics are
expected to improve over the medium term backed by improvement in
its profitability.
Strength:
* Extensive industry experience of the promoters and reputed
customer profile: The promoters have experience of over two decades
in automotive research and development, design, testing and
development. This has given them an understanding of the market
dynamics and enabled them to establish relationships with reputed
customers such as Tata Motors, Honda, TVS, Ola, and M&M. The
company will continue to benefit from the promoters' experience,
their strong understanding of market dynamics, and healthy
relations with customers and suppliers.
Liquidity: Stretched
Bank limit utilisation was moderate at 47% on average for the 12
months ended November 30, 2024. Annual cash accrual is expected to
be INR6-11 crore against yearly term debt obligation of INR2-6
crore over the medium term.
The current ratio was moderate at 1.51 times as on March 31, 2024.
Outlook: Stable
Crisil Ratings believes JAPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients
Rating sensitivity factors:
Upward factors
* Increase in revenue by 35% and operating margin over 10.5%,
leading to higher-than-expected cash accrual
* Improvement in the financial risk profile and working capital
cycle
Downward factors
* Decline in revenue or operating margin, resulting in net cash
accrual below INR6 crore
* Stretched working capital cycle or large debt-funded capital
expenditure, weakening the liquidity and financial risk profile
JAPL, incorporated in 1999 at Coimbatore, Tamil Nadu, manufactures
automotive components, systems and prototypes. It has reputed
clients such as TATA, Jaguar, Renault Nissan, Bosch, and Hero. The
company is owned and managed by B Jayachandran and J Anand, D N
Rao, Devika Anand, K Ganesh. Almost 50% of the stake in the company
is acquired by M/s T I Clean Mobility Pvt Ltd.
K.R KUMAR: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K.R Kumar
(KK) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 12,
2024, placed the rating(s) of KK under the 'issuer non-cooperating'
category as KK had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. KK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 27, 2024, December 7,
2024 and December 17, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
K.R Kumar (KK) is a proprietorship concern established in 2015 and
promoted by Mr. K.R. Kumar. The firm was initially engaged into
brick manufacturing business and maintains server for Hathway cable
connection. The firm has now constructed a Godown of 1.42 lakh sq
feet at Nelamangala taluk, Bangalore rural district.
KAJJEHALLY ESTATE: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kajjehally
Estate (KE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 2,
2024, placed the rating(s) of KE under the 'issuer non-cooperating'
category as KE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. KE 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: Stable
Kajjehally Estate (KE), a proprietorship entity, was established in
2007 by Mr. S. Vasudevan of Bangalore. Since inception, the entity
has been engaged in cultivation of plants like coffee, pepper,
cardamom, orange, vanilla, areca, timber, silver oak etc. at its
estate situated at 20Kms from Mudigere of Chikmagalur district in
Karnataka. The aggregate area available for cultivation is
350acres; of which, the present area under cultivation is 330
acres. The day-to-day affairs of the entity are looked after by Mr.
S. Vasudevan with adequate support from her wife Mrs. Priya
Vasudevan.
KARUTURI CERMICS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Karuturi Ceramics Private Limited
23-16-44, Jaigopal Bhavan Haripuram
Rajahmundry, East Godavari,
Andhra Pradesh, Pin-533105
Liquidation Commencement Date: January 8, 2025
Court: National Company Law Tribunal, Amaravati Bench
Liquidator: Naga Bhushan Bhagawati
H. No. 1-1-380/38, Ashok Nagar Extension,
Hyderabad-500020
Email: bnagabhushan@yahoo.com
Email: rp.karuturiceramics@gmail.com
Last date for
submission of claims: February 7, 2025
KINDER MEDICAL: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: M/s Kinder Medical Services Private Limited
XXXIII/1233-B, First Floor, Kadavil Castle
Pukkattupady Road, Toll Junction, Edappally,
Ernakulam, Kerala, India, 682024
Liquidation Commencement Date: January 2, 2025
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Mrs. Bhagyalakshmi B R
No 10 Dr. Radhakrishnan Street
Charles Nagar, Pattabiram,
Chennai - 600072
Email id: blassociates2003@gmail.com
Telephone Number: 044 - 26562026/9840481702
Last date for
submission of claims: February 1, 2025
KUNDAN JEWELLERS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Kundan Jewellers and Exporters Private Limited
Shop No. 51, Ground Floor, Babukhan Estates,
Basheerbagh, Hyderabad, G.P.O
Hyderabad, Nampally,
Telangana, India 500001
Liquidation Commencement Date: January 22, 2025
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Manjeet Bucha
5-9-91 & 93, D. No. 204, 2nd Floor,
Shakti Sai Complex, Near Udai Clinic,
Chapel Road, Abids,
Hyderabad, Telangana-500001
Email: manjeetbucha@gmail.com
Telephone No: +919346955001
Last date for
submission of claims: February 21, 2025
MAHAKALESHWAR TOLLWAYS: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Mahakaleshwar Tollways Private Limited (MTPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 164.84 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 28,
2023, placed the rating(s) of MTPL under the 'issuer
non-cooperating' category as MTPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MTPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 12, 2024,
November 22, 2024, December 2, 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
Mahakaleshwar Tollways Private Limited (MTPL), promoted by a
consortium of SREI Infrastructure Finance Ltd through Bharat Road
Network Ltd., Galfar Engineering & Contracting SAOG, Oman and
Varaha Infra Limited, is a Special Purpose Vehicle (SPV) to
undertake the four-laning, strengthening and up-gradation of the
IndoreUjjain Section of SH-27 (49 km), in the State of Madhya
Pradesh (MP), on Build, Operate and Transfer (BOT) – Toll basis.
The project, awarded by Madhya Pradesh Road Development Corporation
Limited (MPRDC), was completed in Oct. 2010 and the commercial date
of operation (COD) was announced on Feb. 17, 2011. The Concession
Agreement (CA) was executed between MTPL (Concessionaire) and
MPRDC on September 17, 2008, for a concession period of 25 years.
Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of MTPL into ISSUER NOT
COOPERATING category vide press release dated September 12, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
MANGLAM HOTEL: CRISIL Assigns B+ Rating to INR30cr LT Loan
----------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the
long-term bank facilities of Manglam Hotel and Resort (MHR).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 30 Crisil B+/Stable (Assigned)
The rating reflects the firm's exposure to risks related to ongoing
projects, susceptibility to cyclicality in the hospitality industry
and to economic slowdown, leveraged capital structure and subdued
debt protection metrics. These weaknesses are partially offset by
the longstanding entrepreneurial presence of its partners and low
funding risk.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of MHR.
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to risks related to ongoing project: MHR is expected to
commence its operations in August 2027. Significant delays in
project execution could lead to cost overruns. Furthermore,
hospitality segment in Ayodhya is seeing increasing competition
with multiple upcoming projects in the region. Timely execution of
the project and stabilisation of operations will remain a key
rating sensitivity factor.
* Susceptibility to cyclicality in the hospitality industry and to
economic slowdown: The hospitality industry remains susceptible to
changes in domestic and international economies. During non-peak
periods, revenue per available room of premium hotels is likely to
be constrained more significantly than that of mid-scale or economy
hotels. On the other hand, cost of operating premium properties is
high, even during downward shifts in demand; cash flow from these
properties are, therefore, more vulnerable to economic downturns.
* Leveraged capital structure and subdued debt protection measures:
The capital structure is aggressive with gearing expected to be
above 1.5 times and total outside liabilities to adjusted networth
ratio (TOLANW) of above 2.55 times in the medium term. It remains a
key monitorable over the medium term.
Strengths:
* Longstanding entrepreneurial presence of the partners and
locational advantage of the project: The two decade-long experience
of the partners in the hospitality industry has helped them to
develop healthy business relationships. This is expected to support
the firm in quickly ramping up its operations over the medium term.
The location of the project in Ayodhya is advantageous as it is
situated at National Highway-28, Ayodhya and is in proximity with
railway station, bus stop and airport.
* Low Funding risk: Funding risk remains low as term loan of INR30
crore has already been sanctioned and partly disbursed. In
addition, support of INR3.98 crore extended by the promoters as on
December 2024, remaining promoter funds is also expected to be
infused over the years which should support timely project
implementation.
Liquidity: Stretched
The company has availed a term loan of INR30 crore, for which
repayment would commence in August 2027. Hence, timely commencement
of operations and generation of sufficient cash accrual is a key
monitorable. Expected net cash accrual of INR1.28-3.21 crore will
be tightly matched with the yearly term debt obligation in the
initial years of stabilisation. Liquidity is further supported by
need-based funding support from promoters to meet any cost overruns
and debt service obligations in case of cash flow mismatch.
Outlook: Stable
Crisil Ratings believes MHR will benefit from the experience of its
partners.
Rating sensitivity factors
Upward factors
* Timely execution of the project, with healthy revenue and
profitability, leading to healthy cash accrual to repayment cushion
of above 1.2 times
* Improvement in financial risk profile
Downward factors
* Considerable delay in commencement of operations or any
substantial cost overrun, impacting debt repayment capability
* Lower-than- expected net cash accrual generated during the
initial phase of operations, resulting in cushion between net cash
accrual and debt obligations below 1 time
MHR was set up in the year 2018 as a partneship firm and is owned
and managed by Mr Anoop Kumar Gupta and family. The firm is
currently setting up a 115-room three star hotel in Faizabad, Uttar
Pradesh. The hotel will have restaurants, a dining area, banquet
halls, conference rooms and boardroom.
ORAZONE PAPER: CRISIL Reaffirms B+ Rating on INR11cr Cash Loan
--------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the
long-term bank facilities of Orazone Paper Pvt Ltd (OPPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 Crisil B+/Stable (Reaffirmed)
Term Loan 6 Crisil B+/Stable (Reaffirmed)
The rating continues to reflect modest scale of operations amid
intense competition and below-average capital structure of the
company. These weaknesses are partially offset by the extensive
experience of the promoters in the paper industry and adequate debt
protection metrics.
Analytical Approach
Of the unsecured loan (INR17.83 crore as on March 31, 2024)
extended by the promoters, INR4 crore has been treated as equity
and the remaining (INR13.83 crore) as debt. This is because the
loan carries a low interest rate and is expected to be maintained
in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations amid intense competition: The paper
packaging industry in India is highly fragmented, with more than
350 paper mills and nearly 90% of the production coming from small
and unorganised players. Although high customisation levels
partially limit threat from imports, intense competition may
continue to constrain scalability, pricing power and profitability.
Thus, revenue dropped to INR88.75 crore in fiscal 2024, from
INR116.35 crore in fiscal 2023, and is estimated at INR79.61 crore
for the first half of fiscal 2025. Steady growth in turnover while
maintaining operating margin will remain a key monitorable.
* Weak capital structure: Adjusted gearing stood high at 2.97 times
and total outside liabilities to adjusted networth (TOL/ANW) ratio
at 4.11 times as on March 31, 2024, with networth modest at INR9.58
crore. In the absence of any large, debt-funded capital expenditure
(capex), debt levels may gradually come down; yet the capital
structure is likely to remain weak due to modest networth.
Strengths:
* Extensive experience of the promoters: The promoters have
experience more than a decade in the paper industry; their strong
understanding of market dynamics and healthy relationships with
customers and suppliers should continue to support the business.
* Healthy debt protection: Debt protection measures have been
comfortable, despite leverage, due to moderate profitability. The
interest coverage ratio was 2.29 times and net cash accrual to
total debt ratio at 0.09 time for fiscal 2024. The metrics are
likely to remain at similar levels over the medium term.
Liquidity: Stretched
Bank limit utilisation was around 100% for the 12 months through
September 2024. Cash accrual is projected at INR2.0-2.5 crore per
annum, insufficient to meet the yearly debt obligation of INR2.79
crore over the medium term. Current ratio was 1.74 times on March
31, 2024. The promoters are likely to extend timely, need-based
funds (equity and unsecured loans) to meet its working capital
requirement and repayment obligation.
Outlook: Stable
OPPL will continue to benefit from the extensive experience of its
promoters.
Rating sensitivity factors
Upward factors:
* Steady increase in profitability, leading to healthy net cash
accrual above INR3.5 crore
* TOL/ANW ratio improving to less than 3.5 times
Downward factors:
* Stretch in the working capital cycle, with gross current assets
above 140 days, or any large, debt-funded capex
* Deterioration in liquidity
OPPL, incorporated in 2016, manufactures kraft paper and waste
paper at its facility in Morbi, Gujarat. The company is owned and
managed by Mr Kaushik Vachhani, Mr Sharad Vadsola, Mr Bipin Vadsola
and Mr Mukesh Bhimani.
PALLADAM STEELS: CRISIL Assigns D Rating to INR52.38cr Loan
-----------------------------------------------------------
Crisil Ratings has assigned its 'Crisil D' rating to the long-term
bank facilities of Palladam Steels Pvt Ltd (PSPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.50 Crisil D (Assigned)
Proposed Long Term
Bank Loan Facility 52.38 Crisil D (Assigned)
Term Loan 15.12 Crisil D (Assigned)
The rating reflects the delays by PSPL in servicing its debt in
January 2025 on account of weak liquidity amid nascent stage of
operations.
The company has weak operating efficiency and a modest financial
risk profile. These weaknesses are partially offset by the
diversified entrepreneurial experience of the promoters.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of PSPL.
The unsecured loan of INR39.9 crore as on March 31, 2024, from the
promoters has been treated as debt.
Key Rating Driver & Detailed Description
Weaknesses:
* Delay in debt servicing because of weak liquidity: The company
has delayed its debt servicing because of poor liquidity and
insufficient cash accrual due to losses and low revenue, given its
initial stage of operations.
* Weak operating efficiency: PSPL has weak operating efficiency,
marked by low return on capital employed (RoCE) of 2.9% as on March
31, 2024, driven by low capacity utilisation amid sluggish demand.
* Weak financial risk profile: The financial risk profile is
constrained by high gearing and total outside liabilities to
adjusted networth (TOLANW) ratio of over 100 times as on March 31,
2024. Debt protection metrics have also been weak due to high
gearing and low accrual from operations. The interest coverage and
net cash accrual to total debt (NCATD) ratio were 0.78 time and nil
for fiscal 2024 and are expected at similar levels over the medium
term because of large debt.
Strength:
* Diversified entrepreneurial experience of the promoters: The
diversified entrepreneurial experience of the promoters has helped
them develop healthy business relationships in the region, which
should enable PSPL to quickly ramp up operations.
Liquidity: Poor
The liquidity is poor, as reflected in insufficient cash accrual
due to losses and low revenue on account of the company's initial
stage of operations, resulting in delays in debt servicing. Bank
limits were fully utilised over the 13 months through November
2024.
Cash accrual is expected to be negative against term debt
obligation of INR3.5 crore in the near term. The promoters are
likely to extend support in the form of equity or unsecured loans
to meet the debt obligation.
The current ratio was low at 0.84 time on March 31, 2024.
Rating Sensitivity Factors
Upward factors
* Track record of timely debt servicing for at least 90 days
* Improvement in the financial risk profile and liquidity
Incorporated in 2022, PSPL manufactures steel products such as
round bars and iron rods. Its manufacturing facility is in
Coimbatore, Tamil Nadu. The company also operates a wind mill with
installed capacity of 5.4 MW.
PSPL is owned and managed by V K Padmanaban and P Poombavai.
POORNASAI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Poornasai
Agro Industries (PAI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.11 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 10,
2024, placed the rating(s) of PAI under the 'issuer
non-cooperating' category as PAI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PAI continues to be non-cooperative despite repeated requests for
submission of information through emails 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: Stable
Karnataka based, Poornasai Agro Industries (PAI) was incorporated
in 2014, started its commercial operations from November 2016 and
promoted by Mr. M R Ramanjanaya along with his son Mr. M R Sainath.
PAI is engaged in processing and selling of rice. The rice
processing unit of the firm is located at Gadwal road, Raichur,
Karnataka. Apart from rice processing and selling, the firm is also
into selling of by-products such as broken rice and rice bran. The
main raw material, paddy, is majorly procured from paddy merchants
and farmers located in Karnataka region (Around 90%) and from
Gujarat, Chhattisgarh, Maharashtra and Andhra Pradesh, (Around
10%). The firm sells rice and other by-products to the rice dealers
located in Karnataka (Around 40%), Kerala (Around 40%) and Tamil
Nadu (Around 20%).
PRASANNA ANJANEYA: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Prasanna Anjaneya AgroTech (SPAA) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 12,
2024, placed the rating(s) of SPAA under the 'issuer
non-cooperating' category as SPAA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SPAA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 27, 2024,
December 7, 2024 and December 17, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Shri Prasanna Anjaneya Agro Tech (SPAA) was established in 2016 as
a partnership firm. It is promoted by Mr. M. R. Suresh, MR. M. R.
Srikanth, Mr. M. R. Rohini, Mr. Shyamsunder, Ms. M. R. Deepti and
Mr. M. R. Narayana Setty. SPAAT is engaged in milling and
processing of rice. The rice milling unit of the company is located
at Manvi, Karnataka. Apart from rice processing, the firm is also
engaged in selling by-products such as broken rice, husk and bran.
RAGHURAMACHANDRA RICE: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Raghuramachandra Rice Industries (SRRI) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 6.65 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 17,
2024, placed the rating(s) of SRRI under the 'issuer
non-cooperating' category as SRRI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SRRI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 2, 2024,
December 12, 2024 and December 22, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Karnataka based; Sri Raghuramachandra Rice Industries (SRRI) was
established in 2011 as proprietorship firm by Mr. Raghuram Ambati.
SRRI is engaged in milling and processing of rice. The rice milling
unit of the firm is located at Raichur, Karnataka. Apart from rice
processing, the firm is also engaged in selling off its by-products
such as broken rice, bran and husk. The main raw material paddy is
directly procured from local farmers located in and around Raichur,
Karnataka and sells its finished products of rice and other
by-products in the open market Karnataka, Tamil Nadu and Andhra
Pradesh.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SRRI into Issuer Not
Cooperating category vide press release dated February 19, 2024 on
account of its inability to carry out a review in the absence of
requisite information.
RAJESH HOUSING: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on non convertible debentures of
Rajesh Housing Private Limited (RHPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 140 CRISIL D (ISSUER NOT
Debentures COOPERATING)
Crisil Ratings has been following up with RHPL for getting
information through letters and emails, dated December 12, 2024,
apart from various telephonic communications. 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 or
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 RHPL's management, Crisil
Ratings has failed to receive any information on either the
financial performance or strategic intent of the company, which
restricts the ability of Crisil Ratings to take a forward-looking
view on the company's credit quality. The rating action on RHPL is
consistent with criteria detailed in 'Assessing information
adequacy risk.'
The repayment date of the non-convertible debentures (NCDs) expired
in June 2022 and Crisil Ratings has not received any communication
regarding further extension of the NCDs. RHPL, in its filing with
BSE in July 2022, had stated that the NCDs have been fully
redeemed. However, independent confirmation by the company to
debenture trustee for redemption with its details have not been
received by the debenture trustee. Crisil Ratings will withdraw the
ratings on the NCDs post receipt of independent confirmation on
redemption of the NCDs. Based on the last available information,
the rating on the NCDs of RHPL continues to be 'Crisil D Issuer not
cooperating'.
RHPL, which is a part of the Rajesh Lifespaces group, was
established in 2015. The company is developing a
residential-cum-commercial project in Vikhroli, Mumbai.
The Rajesh Lifespaces group is a Mumbai-based real estate
developer, promoted by Mr Raghav Patel. The group has been in real
estate construction and development for over 50 years. The
operations are currently managed by the third generation of the
family, Mr Priyal Patel and Mr Pratik Patel. As on date, the group
has nearly 8.6 million square feet of area under development across
Mumbai.
RUBY FASHION: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ruby
Fashion Textile (RFT) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.95 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.75 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 17,
2024, placed the rating(s) of RFT under the 'issuer
non-cooperating' category as RFT had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RFT continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 2, 2024,
December 12, 2024 and December 22, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Ruby Fashion Textiles (RFT) was established as a proprietorship
firm in 2002 by Mr. S.P. Suresh Kumar. The firm is engaged in
manufacturing nylon net fabric. Till FY 2019 the firm used to
derive its revenue from execution of local Job works orders
received. Since September 2019 Ruby Fashion Textiles has changed
its nature of operations from executing job work orders to a
full-fledged manufacturing concern with an installed capacity of 2
tonnes per day. There are over 27 somet thema rapier loom machines
installed at the plant site, funded by the term loan of INR4.95
Crores.
SAGAR PULSES: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sagar
Pulses Private Limited (SPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 34.15 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 11,
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 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: Stable
SPPL based out of Madhya Pardesh was incorporated in 2013 as a
private limited company by Malpani family. SPPL has a dall
processing mill with an installed capacity of 100 tonne per day and
is engaged in the processing and trading of various types of pulses
such as Chana, Yellow Peas, Urda, Soyabean. Further, the company
undertook a project for installation of Besan plant with an
installed capacity of 15 tonne per day and started its commercial
production from end of June 2018.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of SPPL to the 'issuer
not-cooperating' category vide press release dated September 30,
2024 on account of its inability to carryout review in the absence
of requisite information from the company.
SAMRAT PLYWOOD: CRISIL Withdraws D Rating on INR8.75cr Cash Loan
----------------------------------------------------------------
Crisil Ratings has withdrawn its ratings on the bank facilities of
Samrat Plywood Limited (SPL; part of Samrat group) 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 8.75 Crisil D/Issuer Not
Cooperating (Withdrawn)
Inland/Import 1.00 Crisil D/Issuer Not
Letter of Credit Cooperating (Withdrawn)
Term Loan 1.06 Crisil D/Issuer Not
Cooperating (Withdrawn)
Crisil Ratings has been consistently following up with SPL for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SPL. 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 SPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on the bank
facilities of SPL continues to be 'Crisil D/Crisil D Issuer Not
Cooperating'.
Analytical Approach
For arriving at the ratings, Crisil Ratings has combined the
business and financial risk profiles of SPL and Samrat Laminated
Private Limited (SLPL). That's because the two companies, together
referred to as the Samrat group, are under the same management and
have operational and financial linkages.
SPL is a public limited company engaged in the manufacturing of
plywood and laminates. The company is promoted by Mr. Suresh
Singhal and his three sons (Mr. Rajiv Singhal, Mr. Anand Singhal
and Mr. Puneet Singhal). The company produces plywood at its
Derabassi (Punjab) unit with an installed annual capacity of
1,200,000 square meters and laminates at its Nalagarh (Himachal
Pradesh) unit, with an installed annual capacity of 1,000,000 units
p.a.
SANDLON TECHNOLOGIES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Sandlon Technologies Private Limited
43/ 2860, NH-17 Cheruvannur, Kolathara
P O, Kozhikode,
Kerala, India, 673655
Liquidation Commencement Date: December 24, 2024
Court: National Company Law Tribunal, Kochi Bench
Liquidator: Ms. Midhuna K.C.
Door No. 23/1126 (old no. 18/21(16))
2nd floor, Fort Centre,
Stadium Bye Pass Road,
Stadium Bye Pass jn, Palakkad-678 001
Cell No: +91 9995217298
Email: csmidhuna@gmail.com
Last date for
submission of claims: January 23, 2025
SANTLADEVI RESORTS: CRISIL Withdraws D Rating on INR42cr Loan
-------------------------------------------------------------
Crisil Ratings has withdrawn its rating on the long-term bank
facility Santladevi Resorts (SR) following a request from the
company and on receipt of a 'no dues certificate' from the banker.
The rating action is in line with Crisil Ratings' policy on
withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 42 Crisil D Withdrawn
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of SR.
SR, set up in 2017, is setting up a hotel/resort to be managed
under a franchise agreement with the Marriott group (M/s Starwood
Hotels and Resorts India Pvt Ltd) in Dehradun. Dr Antriksh Saini,
Dr Pratibha Saini and Mr Avishkar Saini are the promoters.
SHIV SHANKAR: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv
Shankar Rice Mills (SSRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.60 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 30,
2024, placed the rating(s) of SSRM under the 'issuer
non-cooperating' category as SSRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SSRM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 15, 2024,
December 25, 2024 and January 4, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Shiv Shankar Rice Mills (SSRM) was established in April 2003 as a
partnership firm and is currently being managed by Mr. Anil Kumar
and Mrs. Savita Gupta as its partners, sharing profit and losses in
the ratio of 7:3. The firm is engaged in processing of paddy at its
manufacturing facility located in Karnal, Haryana with an installed
capacity of processing 36,000 Tonnes of paddy per annum as on
September 30, 2019. Further, the firm is also engaged in trading of
rice and milling job work. Moreover, SSR
is an ISO 9001:2005, ISO 9001:2009, and ISO: 22000 certified firm.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of SSRM into 'Issuer
not-cooperating' category vide press release dated April 17, 2024
on account of non-availability of requisite information from the
firm.
SRI MATA: Liquidation Process Case Summary
------------------------------------------
Debtor: SRI Mata Infratech Limited
503, Topaz Building Panjagutta,
Hyderabad Telanagana-500082
Liquidation Commencement Date: December 20, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Naga Bhushan Bhagwati
H. No. 1-1-380/38, Ashok Nagar Extension,
Hyderabad-500020
Email: bnagabhushan@yahoo.com
Email: rp.matainfratech@gmail.com
Last date for
submission of claims: January 22, 2025
TALIN INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Talin
International Private Limited (TIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 6.25 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 28,
2023, placed the rating(s) of TIPL under the 'issuer
non-cooperating' category as TIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 12, 2024,
November 22, 2024, December 2, 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 the year 2002, Ahmedabad-based (Gujarat) Talin
International Private Limited (Erstwhile April International
Private Limited) is a private limited company promoted by Mr Naresh
Jhawar and Mr Anoop Jhawar. The company is primarily engaged in the
trading of ferrous and non-ferrous metals. TIPL also manufactures
brass products like fasteners, anchors, plumbing fittings, hardware
and electrical accessories which find application in construction,
real estate and other industries. TIPL's sole manufacturing
establishment is situated at Jamnagar.
TIWANA OIL: CRISIL Withdraws B+ Rating on INR8.25cr Cash Loan
-------------------------------------------------------------
Crisil Ratings has withdrawn its ratings on the bank facilities of
Tiwana Oil Mills Private Limited (Tiwana) 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 8.25 Crisil B+/Stable/Issuer Not
Cooperating (Withdrawn)
Proposed Long Term 4.25 Crisil B+/Stable/Issuer Not
Bank Loan Facility Cooperating (Withdrawn)
Crisil Ratings has been consistently following up with Tiwana for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Tiwana. 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 Tiwana is consistent with 'Assessing Information Adequacy Risk'
Based on the last available information, the rating on bank
facilities of Tiwana continues to be 'Crisil B+/Stable Issuer Not
Cooperating'.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of Tiwana.
Incorporated in 2008-09 (refers to financial year, April 1 to March
31), Punjab-based Tiwana anufactures rice bran oil and cattle and
poultry feed.
VISHAL SALES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vishal
Sales (VS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 22,
2023, placed the rating(s) of VS under the 'issuer non-cooperating'
category as VS had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. VS 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: Stable
Established in 1994, Vishal Sales was promoted as a proprietorship
firm by Mr. Sanjay Kumar Agarwal. Since its inception, the firm has
been engaged in trading of construction materials like emulsion,
bitumen and other allied products.
VNC NUTRITION: CRISIL Withdraws D Rating on INR5.5cr Cash Loan
--------------------------------------------------------------
Crisil Ratings has reaffirmed its rating on the bank facilities of
VNC Nutrition Foods Private Limited (VNC) and subsequently
withdrawn the rating following a request from the company and on
receipt of a 'no-objection certificate' from the banker. The
withdrawal is in line with Crisil Ratings' policy on withdrawal of
bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 Crisil D (Rating Reaffirmed
and Withdrawn)
Drop Line 0.9 Crisil D (Rating Reaffirmed
Overdraft Facility and Withdrawn)
Proposed Fund- 2.17 Crisil D (Rating Reaffirmed
Based Bank Limits and Withdrawn)
Term Loan 0.08 Crisil D (Rating Reaffirmed
and Withdrawn)
Term Loan 3.4 Crisil D (Rating Reaffirmed
and Withdrawn)
Working Capital 1.25 Crisil D (Rating Reaffirmed
Demand Loan and Withdrawn)
Working Capital 1.20 Crisil D (Rating Reaffirmed
Loan and Withdrawn)
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of VNC.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delay in debt servicing: VNC has delayed servicing the equated
monthly installment towards the term loan, more recently in
November 2024.
* Susceptibility of operating performance to climatic conditions
and volatility in raw material prices: VNC is exposed to the risk
of limited availability of its key raw material as the crop yield
of agricultural commodities is dependent on adequate and favourable
climatic conditions. Further, such unavailability results in
volatility in input cost.
* Modest scale of operations: Although revenue increased to
INR44.48 crore in fiscal 2024, from INR32.13 crore in fiscal 2022,
due to rise in sales volume led by better demand and new product
addition, intense competition may continue to constrain
scalability, pricing power and profitability.
Strengths:
* Extensive experience of the promoters: The promoters have around
two decades of experience in the agricultural products processing
and trading business; their strong understanding of market dynamics
and healthy relationships with suppliers and customers should
continue to support the business.
* Prudent working capital management: The working capital cycle is
likely to remain efficiently managed. Gross current assets improved
to 110 days as on March 31, 2024 (from 154 days a year ago) due to
decrease in receivable and other current assets. Receivables stood
at 21 days and inventory at 66 days as on March 31, 2024. However,
efficient management of the working capital cycle and timely
realisation of receivables remain monitorable.
Liquidity: Poor
Bank limit utilisation remained high at 94% on average for the 12
months through September 2024. Cash accrual is expected at
INR1.9-3.1 crore per annum, against yearly debt obligation of
INR1.6-2.1 crore over the medium term. Current ratio stood at 1.15
times on March 31, 2024.
Rating sensitivity factors
Upward Factors:
* Timely debt servicing continuously for at least 90 days
* Substantial and sustainable increase in revenue and
profitability, resulting in net cash accrual more than INR2 crore.
VNC was set up in 2002 as a proprietorship firm by Mr Vinod N Patel
and got reconstituted into a private-limited company in 2012. The
company is engaged in processing and trading of various types of
agricultural products such as peanuts, wheat, chickpeas, roasted
chana, roasted soyabean, etc; it is based in Gujarat. VNC is owned
and managed by Mr Vinodbhai Nanjibhai Patel and Mr Harshadbhai V
Chosaliya.
=========
J A P A N
=========
NISSAN MOTOR: May Call Off Merger Talks With Honda, Sources Say
---------------------------------------------------------------
Reuters reports that Nissan Motor may call off its merger talks
with Honda, according to a person familiar with the matter, adding
that Nissan's board members were due to meet in the near future to
decide a course of action.
Reuters relates that the development puts in doubt a tie-up that
would create the world's third-largest automaker by sales and
raises fresh questions about how hard-hit Nissan could ride out its
latest crisis without external help.
According to Reuters, reports of the merger talks ending sent
shares of both carmakers higher on Feb. 5, with Honda up more than
2% and Nissan up 1.6% against a slight decline in Tokyo's Nikkei
225 index.
Honda, Japan's second-largest car maker, and Nissan, its
third-largest, last year said they were in discussions to merge
their businesses, in what would mark a pivotal change for an
industry that faces a vast threat from China's BYD and other new
electric vehicle entrants, Reuters recalls.
But those talks have been complicated by growing differences on
both sides, according to two people familiar with the matter, both
of whom declined to be identified because they were not authorised
to speak to the media.
Nissan's board is due to soon meet to discuss calling off the
merger talks after Honda sounded it out about becoming a
subsidiary, one of the people said, adding that such an arrangement
was a departure from the original spirit of their discussions,
Reuters relays.
Honda, with a market value nearly five times bigger than Nissan, is
increasingly worried about its smaller rival's progress in its
turnaround plan, said the other person.
Japan's Asahi Shimbun newspaper earlier reported that the merger
could be called off.
Spokespeople for both companies on Feb. 5 did not comment on
whether merger talks were off, but said they would make an
announcement in mid-February, as previously flagged, Reuters
notes.
Reuters says Nissan has been hit harder than some other carmakers
by the shift to EVs, having never fully recovered after years of
crisis sparked by the arrest and ouster of former Chairman Carlos
Ghosn in 2018.
The tie-up talks have coincided with the disruption posed by
potential tariffs from U.S. President Donald Trump. Tariffs against
Mexico would be more painful for Nissan than for Honda or Toyota,
according to analysts.
Reuters adds Nissan's long-term alliance partner Renault had said
it would be open in principle to the merger with Honda. The French
automaker owns 36% of Nissan, including 18.7% through a French
trust.
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.
=====================
N E W Z E A L A N D
=====================
LOS BANDITOS: Owner Given Three Weeks to Settle Tax Debts
---------------------------------------------------------
The New Zealand Herald reports that Wellington Saints basketball
team owner, restaurateur and Newstalk ZB radio host Nick Mills has
been given a final three weeks to satisfy Inland Revenue to pay his
tax debts, or else his companies will be liquidated.
According to the NZ Herald, Associate High Court judge Andrew
Skelton on February 4 agreed to reconsider Inland Revenue's
application to liquidate some of Mr. Mills' companies on February
25.
One of the companies trades under the name Los Banditos - a Mexican
restaurant - and another under the name Wellington Sports Cafe.
Both businesses are on Blair St, off the capital's main
entertainment and nightlife strip, Courtenay Place.
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.
In court, Inland Revenue's lawyer Deepika Padmanabhan pushed to get
the matter wrapped up, arguing it had been "dragging on for a long
time," according to the NZ Herald.
She said Inland Revenue had been engaged with Mills since August,
but no agreement had been reached, nor a payment received by the
tax department.
Mr. Lennard asked for more time for Mr. Mills to find the cash to
reduce his debts. He said Mr. Mills had put his personal assets and
businesses up for sale, and Mr. Mills was under no illusion it
could be the end of the road for his other businesses.
Lyall Bay beachside cafe, Spruce Goose, regarded Courtenay Place
restaurant, Hummingbird, and Bettys Function House and Bar are
among the other businesses Mills owns.
The amount of tax debt in dispute has not been unveiled.
In a statement released last week, Mr. Mills said he managed to
raise more than 40% of the funds required, but Inland Revenue
declined to accept that, the NZ Herald relays.
He urged the revenue minister and commissioner for Inland Revenue
to "intervene" in what he described as a failed negotiation.
The NZ Herald adds that a spokesperson for Inland Revenue
responded: "We are conscious of the financial pressures that
individuals and businesses may be under and seek to work with all
taxpayers who are in debt to find an acceptable way to resolve
those debts, while being fair to those who have paid their taxes in
full and on time."
METALFIX SOLUTIONZ: Court to Hear Wind-Up Petition on Feb. 17
-------------------------------------------------------------
A petition to wind up the operations of Metalfix Solutionz Limited
will be heard before the High Court at Tauranga on Feb. 17, 2025,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 12, 2024.
The Petitioner's solicitor is:
Timothy Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
OREWA SOLUTIONS: Creditors' Proofs of Debt Due on March 7
---------------------------------------------------------
Creditors of Orewa Solutions Limited are required to file their
proofs of debt by March 7, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 30, 2025.
The company's liquidator is Ryan Eathorne of InSolve Partners.
PAENGAROA ROAD: Court to Hear Wind-Up Petition on Feb. 17
---------------------------------------------------------
A petition to wind up the operations Of Paengaroa Road Haulage
Limited will be heard before the High Court at Tauranga on Feb. 17,
2025, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 20, 2024.
The Petitioner's solicitor is:
Timothy Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
PUKU ORA: Creditors' Proofs of Debt Due on March 15
---------------------------------------------------
Creditors of Puku Ora Limited are required to file their proofs of
debt by March 15, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 31, 2025.
The company's liquidators are:
Iain McLennan
Steve Farquhar
McDonald Vague Limited
PO Box 6092
Victoria Street West
Auckland 1142
SOLARCHITECT LIMITED: Creditors' Proofs of Debt Due on March 7
--------------------------------------------------------------
Creditors of Solarchitect Limited are required to file their proofs
of debt by March 7, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 28, 2025.
The company's liquidator is:
Andrew Marchel Oorschot
Ashton Wheelans Chartered Accountant
PO Box 13042
Christchurch
SPQR LTD: Owner of Defunct Ponsonby Restaurant Declared Bankrupt
----------------------------------------------------------------
Stuff.co.nz reports that the restaurateur behind SPQR, which closed
suddenly in 2024, has been declared bankrupt.
The restaurant on Auckland's Ponsonby Rd went into liquidation
after more than 30 years in business in July 2024.
Its owner, Christopher Rupe, 64, was declared bankrupt on Feb. 4,
according to the Insolvency Register, Stuff relates.
According to Stuff, liquidator PKF's second report showed the
business owed Inland Revenue NZD1.06 million, including for GST
arrears, while 24 employees had claimed a total of NZD132,727 in
outstanding wages and holiday pay.
Other creditors included ANZ (NZD253,000) and loan company Propsa
(NZD93,000).
Stuff notes that SPQR closed after IRD served a statutory demand
for tax arrears. The business was unable to pay the debt, or
negotiate a repayment plan, which saw it enter liquidation.
The business initially owed creditors more than NZD2 million,
however some payments had been made following the sale of assets,
including kitchen equipment, dining furniture and remaining
beverages.
Stuff relates that the first liquidator's report stated SPQR had
run into difficulty during the Covid-19 pandemic, followed by a
struggle with staff shortages and wage increases.
In July, Mr. Rupe told Stuff he was "really sorry for the current
situation" and thanked Aucklanders for their love of SPQR over the
past three decades.
"In the meantime, please spread your patronage around other locally
owned hospo businesses and show your support for the challenging
but highly rewarding job they do."
A new restaurant named Jacuzzi is due to open in 2025.
=================
S I N G A P O R E
=================
ASIA DESSERT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 24, 2025, to
wind up the operations of Asia Dessert Marketing Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
FUSE INTERIORS: Court to Hear Wind-Up Petition on Feb. 14
---------------------------------------------------------
A petition to wind up the operations of Fuse Interiors Pte. Ltd.
will be heard before the High Court of Singapore on Feb. 14, 2025,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 23, 2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
GRIDLINE DESIGN: Court to Hear Wind-Up Petition on Feb. 14
----------------------------------------------------------
A petition to wind up the operations of Gridline Design Lab Pte.
Ltd. will be heard before the High Court of Singapore on Feb. 14,
2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 20, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
KSE MARINE: Court to Hear Wind-Up Petition on Feb. 14
-----------------------------------------------------
A petition to wind up the operations of KSE Marine Works Pte. Ltd.
will be heard before the High Court of Singapore on Feb. 14, 2025,
at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Jan. 23,
2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
NAUTICAWT LTD: Reports December Financial Status Amid Liquidation
-----------------------------------------------------------------
TipRanks reports that NauticAWT Ltd. has provided an update on
their financial status as of December 2024, revealing that the
company has net liabilities of SGD2,024,000, with total assets
valued at SGD1,448,000 and liabilities amounting to SGD3,472,000.
The company's cash utilization remained unchanged with an opening
and closing balance of SGD9,000, highlighting ongoing financial
challenges during the liquidation process.
According to TipRanks, the company is currently in compulsory
liquidation, indicating financial distress.
NauticAWT Ltd. operates in the energy sector and is incorporated in
Singapore.
PACIFIC NETWORK: Creditors Meeting Set for March 7
--------------------------------------------------
Pacific Network (Singapore) Pte Ltd will hold a meeting for its
creditors on March 7, 2025, at 11:30 a.m., through an audio-visual
conference on the Zoom Platform.
Agenda of the meeting includes:
a. to lay an account before the creditors showing how the
winding up has been conducted and an explanation of the
account;
b. to approve the Final Statement of Account, provisions for
finalization expenses, the application to the Court for the
release of the Liquidators, and the dissolution of the
Company;
c. to resolve that the books of account, papers, and documents
of the Company and of the Liquidators that are relevant to
the affairs of the Company, that are in their possession be
destroyed pursuant to Section 195(2) of the Insolvency,
Restructuring and Dissolution Act 2018;
d. to appoint solicitors to assist the Liquidators; and
e. any other business.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***