/raid1/www/Hosts/bankrupt/TCRAP_Public/250207.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, February 7, 2025, Vol. 28, No. 28
Headlines
A U S T R A L I A
BILLSON'S BEVERAGES: ME Advises McGrathNicol on Sale to Coca-Cola
CLARKE HOMES: Enters Administration; Owes More Than AUD3.1 Million
LIBERTY FUNDING 2025-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
MN ENERGY: Second Creditors' Meeting Set for Feb. 13
OCEANIA GLASS: First Creditors' Meeting Set for Feb. 14
PF GROUP: Second Creditors' Meeting Set for Feb. 13
SAMMY'S ROOFING: First Creditors' Meeting Set for Feb. 14
STOKES WHEELER: First Creditors' Meeting Set for Feb. 12
H O N G K O N G
EGGSLUT: Restaurants Eggslut, The Ark to Shut Hong Kong Outlets
I N D I A
AMBICO EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
ARASU JEWELS: CARE Keeps B- Debt Rating in Not Cooperating
AROWANA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
ASHOK CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
BALAJI TEXTILES: ICRA Keeps B- Debt Rating in Not Cooperating
BYJU'S: Riju Raveendran Challenges Decision to Reinstate 2 Lenders
CAUVERY BUILDTECH: CARE Keeps C Debt Rating in Not Cooperating
EPHYSX TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
EXCEL METAL: CARE Keeps D Debt Ratings in Not Cooperating Category
GUPTA TEX: CARE Keeps D Debt Ratings in Not Cooperating Category
HEAVY METALS: CARE Keeps D Debt Ratings in Not Cooperating
HERO WIRETEX: CARE Keeps D Debt Ratings in Not Cooperating
JONAS PETRO: ICRA Keeps D Debt Ratings in Not Cooperating
KARPAGAM MILLS: CARE Keeps D Debt Ratings in Not Cooperating
KRISHNA AUTOSALES: ICRA Keeps B Debt Rating in Not Cooperating
LAXMISREE RICEMILL: CARE Keeps D Debt Ratings in Not Cooperating
MAHAPRABHU RAM: CARE Keeps D Debt Ratings in Not Cooperating
N & N CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
NAKODA CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
NAMDHARI RICE: CARE Keeps D Debt Ratings in Not Cooperating
REGENT GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
REPUTE FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
SAI SWADHIN: CARE Keeps D Debt Rating in Not Cooperating Category
SARDAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
SHIV ONKAR: CARE Keeps D Debt Rating in Not Cooperating Category
SPGV PETROCHEM: CARE Keeps D Debt Ratings in Not Cooperating
STERLING GLOBAL: CARE Keeps D Debt Rating in Not Cooperating
TIRUMALA CASHEW: CARE Keeps B- Debt Rating in Not Cooperating
VIJAYA DURGA: CARE Keeps D Debt Rating in Not Cooperating Category
WAZIRX: Creditors Given Two Ways to Recover Stolen Crypto
J A P A N
NISSAN MOTOR: Seeks New Partner as Honda Deal Set to Collapse
M A L A Y S I A
KNM GROUP: Still Working on Regularization Plan
MERIDIAN BHD: Has Until March 25 to Submit Regularization Plan
N E W Z E A L A N D
BLACKTREE CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 14
BRAZIWI LIMITED: Creditors' Proofs of Debt Due on March 1
FRESHRF LIMITED: Court to Hear Wind-Up Petition on Feb. 20
GREENLEAF FRESH: Creditors' Proofs of Debt Due on March 3
IDELIVER FREIGHT: Creditors' Proofs of Debt Due on March 17
MEDICAL KIWI: Placed in Liquidation
S I N G A P O R E
CLOVER KITCHEN: Court to Hear Wind-Up Petition on Feb. 14
ELO WATER: Commences Wind-Up Proceedings
GERLYN C: Court Enters Wind-Up Order
HANDPICKED GROUP: Court to Hear Wind-Up Petition on Feb. 14
MAXEON SOLAR: Amends Senior Notes Indenture for SPML Disposition
MAXEON SOLAR: Unit Inks Deal to Sell 100% Stake in SPML to Lumetech
VIEM POWERED: Court Enters Wind-Up Order
- - - - -
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A U S T R A L I A
=================
BILLSON'S BEVERAGES: ME Advises McGrathNicol on Sale to Coca-Cola
-----------------------------------------------------------------
MinterEllison has advised McGrathNicol, as administrators of the
Beechworth based Billson's Beverages, on the successful sale of its
alcoholic ready-to-drink (ARTD) business to The Coca-Cola Company
(TCCC). The transaction ensures the future of the much-loved
Billson's brands and marks TCCC's first acquisition of alcoholic
beverage brands in Australia.
The sale involved two vendors - Billson's Beverages and Billson's
Holdings - with MinterEllison acting for Billson's Beverages, under
the control of its administrators and subsequently deed
administrators.
The deal required careful management throughout, and MinterEllison
advised from the initial bid process to completion of the
transaction, as well as assisted McGrathNicol to manage the
parallel voluntary administration process which resulted in a deed
of company arrangement (DOCA) in respect of Billson's Beverages.
The sale and DOCA both completed on January 31, 2025.
MinterEllison provided strategic insolvency and corporate advice
throughout the deal, supporting McGrathNicol to navigate the
complexities of the fast-paced transaction and achieve a successful
outcome.
MinterEllison's team was led by Partners Nick Anson (Insolvency)
and Esmond Prowse (M&A).
Nick Anson, Partner at MinterEllison, commented: "We are proud to
have supported McGrathNicol on this significant transaction,
ensuring a strong future for the Billson's brands. This is a
fantastic outcome for the regional Victorian town of Beechworth. As
part of the transaction, Billson's Beverages has been re-named
'LAST ST Pty Ltd,' with the business returning to the control of
its director. LAST ST will continue to produce its well-known
cordial, soda and beer range from its renowned brewery and
hospitality venue in Beechworth, while the Billson's brand and ARTD
business will have the opportunity to thrive under TCCC's
management."
Esmond Prowse, Partner at MinterEllison, said: "This transaction
demonstrates our firm's ability to leverage expertise across
multiple disciplines to achieve exceptional outcomes for our
clients. By combining deep industry knowledge, strategic insight,
and cross-sector experience, we were able to deliver a tailored
solution that ensures continued success for Billson's."
The MinterEllison team provided legal expertise across M&A,
insolvency, taxation and intellectual property to facilitate this
transaction.
About Billson's Beverages
Australia-based Billson's Beverages sells vodka-based drinks with
flavours such as berry jelly, musk and green apple in
Endeavour-operated chain stores, Dan Murphy's and BWS, and
Coles-owned Liquorland, as well as in independent liquor stores.
Robert Smith and Matthew Hutton of McGrathNicol were appointed as
administrators of the company on July 31, 2024.
CLARKE HOMES: Enters Administration; Owes More Than AUD3.1 Million
------------------------------------------------------------------
News.com.au reports that a NSW home builder has entered
administration with soon to be property owners fearing their houses
may never be finished.
Clarke Homes, which formerly traded as Hotondo Homes, has been
placed into administration following a meeting with creditors held
on Feb. 4, news.com.au discloses.
Documents reveal the company owes employees wages and salaries,
annual leave, personal leave, and superannuation.
Clarke Homes owes more than 100 creditors in excess of AUD3.1
million.
Jason Porter and Joshua-Lee Robb of SV Partners have been appointed
as administrators, according to news.com.au.
"We have been working with the Company to obtain all the Company's
books and records including information on customer projects," the
pair said in a statement to clients. "It is our intention to assist
customers as much as possible through this process."
News.com.au relates that the company's administrators said they
acknowledge every case is unique and may require a different
approach.
"Customers should take their own legal advice in relation to the
impacts of the insolvency appointment. Further updates will be
provided to all customers," Mr. Porter and Mr. Robb said.
News.com.au relates that Mr. Porter and Mr. Robb said the business
ceased trading upon their appointment, and it was unlikely there
would be a proposal for a Deed of Company Arrangement.
"Accordingly, we are proceeding with the administration in the
usual course and will report further to creditors within the coming
week," he said. "Homeowners with defects will need to engage
another builder to complete rectification work. They will then be
able to claim as an unsecured creditor in the administration."
Building Commission NSW encouraged homeowners affected by Clarke
Homes Pty Ltd to contact 13 27 00 for assistance, support, or to
lodge a complaint, news.com.au adds.
LIBERTY FUNDING 2025-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
-------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Liberty Funding Pty Ltd in respect of
Liberty Series 2025-1.
Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2025-1
AUD261.00 million Class A1a Notes, Assigned (P)Aaa (sf)
AUD354.00 million Class A1b Notes, Assigned (P)Aaa (sf)
AUD97.50 million Class A2 Notes, Assigned (P)Aaa (sf)
AUD9.00 million Class B Notes, Assigned (P)Aa2 (sf)
AUD10.50 million Class C Notes, Assigned (P)A2 (sf)
AUD2.25 million Class D Notes, Assigned (P)Baa1 (sf)
AUD8.25 million Class E Notes, Assigned (P)Ba2 (sf)
AUD4.50 million Class F Notes, Assigned (P)B2 (sf)
The AUD3.0 million Class G Notes are not rated by us.
The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by Liberty Financial Pty Ltd
(Liberty, unrated). Liberty is an Australian non-bank lender that
started originating non-conforming residential mortgages in 1997.
It subsequently expanded into prime residential mortgage
origination, as well as auto loans, small commercial mortgage loans
and personal loans. As of June 2024, Liberty had total receivables
of AUD14.6 billion.
RATINGS RATIONALE
The provisional ratings take into account, among other factors:
-- Evaluation of the underlying receivables and their expected
performance;
-- Evaluation of the capital structure and credit enhancement
provided to the notes;
-- The liquidity facility in the amount of 1.50% of the note
balance subject to a floor of AUD750,000;
-- The experience of Liberty as the servicer; and
-- The presence of Perpetual Trustee Company Limited as the
back-up servicer
According to Moody's analysis, the transaction benefits from credit
strengths such as subordination to the Class A1a and Class A1b
Notes in excess of the Moody's individual loan analysis (MILAN)
Stressed Loss. However, around 31.8% of the loans in the portfolio
are to self-employed borrowers, which is a credit challenge.
Moody's MILAN Stressed Loss for the collateral pool —
representing the loss that Moody's expect the portfolio to suffer
in the event of a severe recession scenario — is 4.4%. Moody's
median expected loss for this transaction is 0.9%, which represents
a stressed, through-the-cycle loss relative to Australian
historical data.
The key transactional features are as follows:
-- The notes benefit from a guarantee fee reserve available to
cover losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD2,250,000, equivalent to 0.30% of the initial invested amount of
the notes.
-- The notes will be initially repaid sequentially. The Class A1b
to Class F Notes will start receiving their pro-rata share of
principal collections if certain step down conditions are satisfied
on or after the payment date in March 2027. The step down
conditions include, among others, no unreimbursed charge-offs and
the subordination to the Class A2 Notes at least doubling since
closing. While the Class G Notes do not receive principal payments
until the other notes are fully repaid, once the step down
conditions are satisfied, their pro-rata share of principal
collections will be allocated in a reverse sequential order,
starting from the Class F Notes. The principal paydown will revert
to sequential pay once the aggregate invested amount of all notes
is less than or equal to 20.0% of the aggregate initial invested
amount of all notes on the issue date, or following the payment
date in March 2029.
Key pool features are as follows:
-- The portfolio has a weighted-average seasoning of 16.6 months.
-- The portfolio has a weighted average scheduled LTV ratio of
63.4%.
-- Around 31.8% of the loans in the portfolio were extended to
self-employed borrowers.
-- Based on Moody's classifications, 16.3% of the loans in the
portfolio were extended on an alternative documentation basis.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's expectations of loss could
improve from its original expectations because of fewer defaults by
underlying obligors or higher recoveries on defaulted loans. The
Australian job market and the housing market are primary drivers of
performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in credit quality of
transaction counterparties, fraud or lack of transactional
governance.
MN ENERGY: Second Creditors' Meeting Set for Feb. 13
----------------------------------------------------
A second meeting of creditors in the proceedings of MN Energy
Limited has been set for Feb. 13, 2025, at 12:30 p.m. at the
offices of WA Insolvency Solutions, a division of Jirsch Sutherland
at Level 6, 109 St Georges Terrace in Perth.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 12, 2025, at 4:00 p.m.
David Hurt and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on Jan. 9, 2025.
OCEANIA GLASS: First Creditors' Meeting Set for Feb. 14
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Oceania
Glass Pty Ltd will be held on Feb. 14, 2025 at 11:00 a.m. at the
offices of Grant Thornton offices at Collins Square, Tower 5 Level
22, 727 Collins Street in Melbourne and via Microsoft Teams.
Lisa Gibb, Matthew Byrnes and Said Jahani of Grant Thornton
Australia were appointed as administrators of the company on Feb.
4, 2025.
PF GROUP: Second Creditors' Meeting Set for Feb. 13
---------------------------------------------------
A second meeting of creditors in the proceedings of PF Group
Holdings Pty Ltd has been set for Feb. 13, 2025 at 11:00 a.m. at
the offices of PricewaterhouseCoopers at One International Towers
Sydney, Watermans Quay in Barangaroo.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 12, 2025 at 4:00 p.m.
Andrew Scott, Adam Colley, Stephen Longley, and Derrick Vickers of
PricewaterhouseCoopers were appointed as administrators of the
company on June 26, 2024.
SAMMY'S ROOFING: First Creditors' Meeting Set for Feb. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Sammy's
Roofing Pty Ltd will be held on Feb. 14, 2025 at 10:00 a.m. at 165
Camberwell Road in Hawthorn East and via Microsoft Teams.
Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of the company on Feb. 5, 2025.
STOKES WHEELER: First Creditors' Meeting Set for Feb. 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Stokes
Wheeler Pty Ltd will be held on Feb. 12, 2025 at 10:00 a.m. at
Springwood Hotel, Cnr Springwood & Rochedale Rds in Springwood and
via virtual meeting technology.
William Roland Robson and William Paul Cotter of Robson Cotter
Insolvency Group were appointed as administrators of the company on
Feb. 3, 2025.
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H O N G K O N G
=================
EGGSLUT: Restaurants Eggslut, The Ark to Shut Hong Kong Outlets
---------------------------------------------------------------
South China Morning Post reports that more restaurant operators in
Hong Kong are shutting down or taking their business elsewhere amid
an increasingly challenging retail environment as local residents
spend their money outside the city and mainland Chinese tourists
scrimp on their shopping and dining.
Eggslut would pull out this month, less than two years after
opening in Fashion Walk in Causeway Bay, the Los Angeles-based
sandwich chain said on on Feb. 4, the Post relates. Transformers:
The Ark Restaurant would shut its hamburger and pizza outlet in
Soundwill Plaza on Russell Street on February 8 and relocate to
Shenzhen, it said on Feb. 5.
Their exits from one of Hong Kong's core shopping districts added
to a growing list of casualties as retailers struggle to overcome
challenges from a shift in spending patterns. The Post says Hong
Kong residents are spending more in mainland China or overseas to
stretch their budgets, while mainland Chinese tourists, the
lifeblood of the city's retail industry, shell out less on their
visits.
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I N D I A
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AMBICO EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ambico
Exports and Imports Private Limited (AEIPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 22.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 1,
2024, placed the rating(s) of AEIPL under the 'issuer
non-cooperating' category as AEIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AEIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 17, 2024, December 27, 2024 and January 6, 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
Ambico Exports and Imports Private Limited (Ambico) was
incorporated in the year 2004 by Patel family and is engaged in
processing & trading of rough & polished diamond. The company has
its registered office located at Malad and Factory located at
Dahisar, Mumbai.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of AEIPL under Issuer
Not Cooperating category vide press release dated May 9, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.
ARASU JEWELS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arasu
Jewels (AJ) 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 22,
2024, placed the rating(s) of AJ under the 'issuer non-cooperating'
category as AJ had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 7, 2024, December 17,
2024 and December 27, 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
Arasu Jewels is a partnership firm established on 20 August, 1999
and it was reconstituted on April 1, 2006. The firm is engaged in
retailing of gold, silver and jewellery and managed by Mr. T.
Senthilkumar, Mr. R. Thirunavukkarasu and Mrs. S. Swarnalatha. The
firm is running the business from a showroom located at Sargapani
East Street, Kumbakonam, Tanjavuru District, Tamil Nadu.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of AJ under Issuer Not
Cooperating category vide press release dated December 18, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.
Brickwork has continued the rating assigned to the bank facilities
of AJ under Issuer Not Cooperating category vide press release
dated May 20, 2024 on account of its inability to carry out a
review in the absence of the requisite information from the
firm.
AROWANA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arowana
Exports Private Limited (AEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 7.00 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 February 1,
2024, placed the rating(s) of AEPL under the 'issuer
non-cooperating' category as AEPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 17, 2024,
December 27, 2024 and January 6, 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
Incorporated in September 2014, as a private limited company, by
Mr. Rajendra Vitthal Shinde and Mrs. Sheetal Rajendra Shinde,
Arowana Exports Private Limited (AEPL) is a 100% export oriented
unit and is engaged in processing and export of sea foods, majorly
shrimps. The company has commenced operations from September, 2014.
The company exports products under the brand name of "Arowana"
mainly to South Africa, Spain, Germany, Australia, Portugal, China,
Hong Kong, Vietnam and Malaysia and procures fish from local
fishermen operating in western and eastern coastline of India.
ASHOK CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ashok
Constructions (AC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 2.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 18,
2024, placed the rating(s) of AC under the 'issuer non-cooperating'
category as AC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 3, 2024, December 13,
2024 and 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
Ashok Constructions was originally established as a proprietorship
by Mr. Sundaramoorthy for executing contracts in 1979.
Subsequently, the business was converted into a partnership firm
and the focus shifted to execution of civil construction contracts.
The partnership underwent reconstitution, the latest one in January
2015. Presently, there are five partners, all being Mr.
Sundaramoorthy's family members. Profits or losses are shared
equally. The firm is registered as a Class I PWD contractor. Being
engaged in construction contract business for more than two
decades, Mr. Sundaramoorthy has executed more than 900 projects,
primarily in Chennai, Tamil Nadu. Presently, the civil contracts
are primarily awarded by the Indira Gandhi Centre for Atomic
Research, wherein the firm executes residential and industrial
civil construction.
BALAJI TEXTILES: ICRA Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Sri Balaji Textiles (SBT) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B-(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Facilities to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SBT, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Promoted in 1994 by Mr. C. Rajendran, Sri Balaji Textiles (SBT) is
proprietorship firm engaged in manufacturing of Melange yarn,
predominantly in the 20-40's count range, which is used by garment
industries in manufacturing of Tshirts. SBT has its manufacturing
unit located in Coimbatore district (TN).
BYJU'S: Riju Raveendran Challenges Decision to Reinstate 2 Lenders
------------------------------------------------------------------
Business Standard reports that Riju Raveendran, the largest
shareholder in the cash-strapped edtech firm Byju's, has moved the
National Company Law Appellate Tribunal (NCLAT) challenging a
decision to reinstate Glas Trust and Aditya Birla Finance as
lenders of the edtech firm.
Riju, brother of founder Byju Raveendran, has challenged a January
29 order of the National Company Law Tribunal (NCLT), according to
Business Standard.
The NCLT had ordered disciplinary action against resolution
professional (RP) Pankaj Srivastava and rejected his decision to
exclude Glas Trust and Aditya Birla Finance from the Committee of
Creditors (CoC) of the edtech firm.
The matter was heard by the NCLAT on February 6.
Both Glas Trust and Aditya Birla Finance were part of the CoC last
year in August but were later axed from the reconstituted
committee, Business Standard says. Aditya Birla Finance alleged
that the RP had wrongfully classified it as an "operational
creditor" instead of financial creditor or lender, while Glas Trust
said it was wrongfully ousted from the CoC.
Financial creditors have a financial contract with the debtor, such
as a loan, debt security, or guarantee. Operational creditors
provide goods or services to the debtor, such as employees,
suppliers, or government entities.
Meanwhile, the NCLT is yet to decide the application by the Board
of Control for Cricket in India (BCCI) seeking to settle its
dispute with Byju's for the default of INR158 crore.
On Feb. 5, the suspended director of the edtech firm told the NCLAT
that the NCLT had only ruled on the application of the lenders but
had not ruled on the application of BCCI, according to Business
Standard.
The NCLT had in July last year started the insolvency proceedings
after BCCI alleged that Byju's had defaulted on Rs 158 crore. But
the appellate tribunal halted the proceedings against the firm
after it claimed that it had reached an agreement to pay Rs 158
crore to BCCI towards outstanding dues.
Later, Glas Trust moved the Supreme Court, alleging that the money
was "illegal" and siphoned from them. In October last year, the
apex court set aside the NCLAT order halting the insolvency
proceedings against Byju's.
The matter was then sent back to the NCLT, the report notes.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific in July
2024, Byju's will face insolvency proceedings for failure to pay
$19 million in dues to the country's cricket board. Reuters said
Byju's has suffered numerous setbacks in recent years, including
boardroom exits and a tussle with investors who accused CEO Byju
Raveendran of corporate governance lapses, job cuts and a collapse
in its valuation to less than $3 billion. Byju's has denied any
wrongdoing.
According to Reuters, a ruling by India's companies tribunal on
July 16, 2024, following a complaint by the Board of Control for
Cricket in India (BCCI), initiated insolvency proceedings. These
will include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as The
company's board of directors is suspended as per law. CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.
The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.
BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024. In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.
Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.
CAUVERY BUILDTECH: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Cauvery
Buildtech (CB) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.75 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 16,
2024, placed the rating(s) of CB under the 'issuer non-cooperating'
category as CB had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. CB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 1, 2024, December 11,
2024 and December 21, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Cauvery Buildtech (CB) was established in 2007, as a Partnership
firm promoted by Mr. R. Sekar along with his family members. The
firm is engaged in Interior Turnkey Contracting Services for
commercial and residential projects like Electrical Works, Fire and
Safety Security products, Structured Cabling, Civil & Interior
works, Drawer Slides, Auto Closing Hinges, Furniture Fittings,
Computer Furniture Fittings, Joinery Fittings, Wardrobe Fittings,
Architectural Fitting, Lever, Pull Lever Handles and Kitchen
accessories like Pooja Cabinets, Crockery Cabinets, TV Cabinets and
Shoe Racks etc.
EPHYSX TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of EPHYSX
Technologies Private Limited (ETPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 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 9,
2024, placed the rating(s) of ETPL under the 'issuer
non-cooperating' category as ETPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ETPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 24, 2024,
December 4, 2024, December 14, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Telangana based, EPHYSX Technologies Private Limited (Erstwhile
Smarttrak Solar Systems Private Limited) was incorporated in the
year 2011 and promoted by Mr. G. Bhagawan Reddy and his spouse Mrs.
P. Pratibha. The company is engaged in the manufacturing of solar
trackers and providing services like civil construction work, sale
of structure material and tracker (single axis and dual axis),
installation and erection in solar power business segment. The
company purchases the raw materials like Steel, Motor, Bearing,
Tubes and GI sheet among others from local traders of Telangana.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of ETPL into ISSUER NOT
COOPERATING category vide press release dated February 26, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
EXCEL METAL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Excel
Metal Processors Private Limited (EMPPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 38.12 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 20.00 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 February 1,
2024, placed the rating(s) of EMPPL under the 'issuer
non-cooperating' category as EMPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EMPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 17, 2024, December 27, 2024 and January 6, 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
Excel Metal Processors Private Limited (EMPPL) is promoted by Mr
Mohammed Iqbal Khan and Mr Imran Khan, whose family has been in the
steel business for more than five decades. The other major company
of the promoters is Western India Metal Processors Limited which is
engaged in trading in prime steel, metal scrap and chemical trading
and metal recycling processes for separation of scrap. EMPPL,
incorporated in May 2012, is engaged in processing of hot rolled
and cold rolled steel coils by cutting, slitting and then marketing
for retail requirements.
GUPTA TEX: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gupta Tex
Prints Private Limited (GTPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.76 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 7.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 2,
2024, placed the rating(s) of GTPPL under the 'issuer
non-cooperating' category as GTPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GTPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 17, 2024, November 27, 2024, December 7, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
GTPPL was initially formed as Gupta Dyeing and Printing Mills
(GDPM), a partnership firm in 1979 by Gupta family of Surat. Later
on, in 2007, GDPM was converted into a private limited company.
GTPPL is primarily engaged in fabric processing (bleaching,
printing, dyeing & embroidery) and also does the job work
activities as well as trading of grey yarn and finished fabric. The
fabric processed by GTPPL is primarily used for making sarees&
ladies dress material. The finished fabric is marketed under the
brand name of 'Gupta Sarees'. GTPPL has an installed capacity of
1.25 lakh meters per day for processing of grey fabric at its sole
processing unit located in Surat (Gujarat).
HEAVY METALS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Heavy
Metals and Tubes Limited (HMTL)) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 192.92 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 11.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 2,
2024, placed the rating(s) of HMTL under the 'issuer
non-cooperating' category as HMTL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HMTL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 17, 2024,
November 27, 2024, December 7, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 1991, HMTL is currently engaged in the
manufacturing of Hot Finished Seamless (HFS) tubes and Oil Country
Tubular Goods (OCTG) tubes. HMTL's products find application across
industries like oil & gas refineries, steel plants, power plants
and fertilizers. Post reporting subdued operating performance in
FY14, HMTL's lenders had approved the restructuring of its debt
repayment obligations in March 2015. During FY17, HMTL demerged
Unit – I (manufacturing of stainless-steel pipes &
tubes), corporate house & one windmill and sold these assets for a
consideration of INR32.50 crore. The sales proceeds from the
demerger were utilized for pre-payment of principal obligations
till June 2018. Further, in March 2018, HMTL demerged Unit–II and
sold it for a consideration of INR17.00 crore.
HERO WIRETEX: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hero
Wiretex Limited (HWL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 17,
2024, placed the rating(s) of HWL under the 'issuer
non-cooperating' category as HWL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HWL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 2, 2024,
December 12, 2024, 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
Initially Hero Wiretex Limited (HWL) was incorporated in February
11, 1991 as SVR cables private limited (SVR) which is engaged in
manufacturing of Electrical Conductors, LT Aerial Bunched Cable
(LTAB)/XLPE Cables, Aluminum Conductors Steel Re-inforced (ASCR)
Conductors and Double Paper Covering (DPC) Wire. Later in 2004, the
name of SVR was changed to Hero Wiretex Private Limited. Further in
August 2014, Sri G. Mohan Rao took over the company. The company is
into trading of raw materials necessary for assembly and erection
of Transmission Towers. Apart from trading activity, the company is
manufacturing LTAB/XLPE Cables, Aluminum (AAC, AAAC, and ACSR)
Conductors and DPC Wire. The company is a registered vendor to the
Andhra Pradesh and Telangana Power Distribution companies for
supply of power cables and conductors. The company is having good
presence in Andhra Pradesh (A.P.), Telangana, Tamilnadu and
Orissa.
Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of HWL to the
'issuer not-cooperating' category vide press release dated May 31,
2024 on account of its inability to carryout review in the absence
of requisite information from the company.
JONAS PETRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Jonas Petro
Products Private Limited (JPPPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 0.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 2.84 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 1.91 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 0.05 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short Term- 1.45 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with JPPPL, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Jonas Petro Products Private Limited (JPPPL) was established in the
year 2010 and is engaged in conversion of waste oil to recycled
fuel oil/reclaimed fuel oil (RFO). JPPPL has a storage and
processing unit of 12000 kilo liter per annum situated in
Mangalore, Karnataka. The company also has a well-equipped
wastewater treatment facility. The company commenced its operations
in April 2012.
KARPAGAM MILLS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Karpagam Mills India Private Limited (SKMIPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 55.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.45 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 12,
2024, placed the rating(s) of SKMIPL under the 'issuer
non-cooperating' category as SKMIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SKMIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 27, 2024, December 7, 2024, December 17, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Sri Karpagam Mills India Private Limited (SKMIPL) was incorporated
in the year 2005 by Mr. A. Somasundaram and his brothers. SKMIPL is
located at Coimbatore, Tamil Nadu is engaged in manufacturing of
cotton yarn of counts 10-60s with installed capacity of 52,800
spindles as on June 30, 2020.
KRISHNA AUTOSALES: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Shri
Krishna Autosales Private Limited (SKAPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable);ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 26.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SKAPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Shri Krishna Autosales Private Limited (SKAPL), incorporated in the
year 2006 is an authorized passenger cars (PV) dealer, spares
distributor and service provider for Maruti Suzuki India Limited
(MSIL). SKAPL has five showrooms (Jodhpur-2, Sanchore–1,
Phalodi-1 and Jalore–1). Showrooms in Jodhpur and Jalore provide
3S facilities and others provide only sales facilities.
Additionally, the company also provides car finance and car
insurance facilities through its reputable channel partners
(leading banks and insurance companies).
LAXMISREE RICEMILL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Laxmisree
Ricemill Private Limited (LRPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.59 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.05 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of LRPL under the 'issuer
non-cooperating' category as LRPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
LRPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 24, 2024,
December 4, 2024, December 14, 2024 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Laxmi Sree Rice Mill Private Limited (LRPL) was incorporated in
November 2013 by taking over their existing partnership firm 'M/s
Laxmi Sree Rice Mill' which was into rice milling business since
2006. The company was promoted by Mr. Sanjoy Ghosh and Mr. Chitta
Ranjan Ghosh. Since its inception, the company has been engaged in
processing and milling of non-basmati rice. The manufacturing
facility of the company is located at Birbhum, West Bengal with
aggregate installed capacity of 37500 metric ton per annum, which
is in the vicinity to a major rice growing area. Mr. Sanjoy Ghosh
has around 12 years of experience in rice milling industry, looks
after the overall management of the company along with Mr. Chitta
Ranjan Ghosh who has 41 years of experience in transportation,
construction materials and rice milling industry.
Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of LRPL into ISSUER NOT
COOPERATING category vide press release dated December 21, 2023 on
account of its inability to carry out a review in the absence of
requisite information from the company.
MAHAPRABHU RAM: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mahaprabhu
Ram Mulkh Hi Tech Education Society (MRMHTES) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.55 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 4.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 23,
2024, placed the rating(s) of MRMHTES under the 'issuer
non-cooperating' category as MRMHTES had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MRMHTES continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 8, 2024, December 18, 2024, December 28, 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
Mahaprabhu Ram Mulkh Hi-Tech Educational Society (MRMHTES) got
registered under the Society Registration Act- 1860 in 2005 and is
currently being managed by Mr Roshan Lal Jindal, Mrs Ritu Jindal,
Mr Mukesh Jindal, Mrs. Tamanna Jindal, Mrs Saroj Garg, Mr Rajneesh
Jindal and Mr Rohit Sharma as the trustees. The society was formed
with an objective to provide higher education in the field of
engineering, computer science and management. The society has
established five separate colleges, namely, Shree Ram Mulkh
Institute of Management and Technology, Shree Ram Mulkh Institute
of Engineering and Technology, Shree Ram Mulkh College of Technical
Education, Shree Ram Mulkh College of Education and Shree Birkha
Ram College of Education. All the colleges of MRMH are in Village
Kohra-Bhura (Bhurewala), Haryana. The different courses offered are
duly approved by AICTE (All India Council of Technical Education).
MRMH is also affiliated to Kurukshetra University, Kurukshetra
(KUK).
N & N CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of N & N
Constructions (NNC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 21,
2023, placed the rating(s) of NNC under the 'issuer
non-cooperating' category as NNC had failed to provide information
for monitoring of the rating as greed to in its Rating Agreement.
NNC continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 5, 2024,
November 15, 2024 and November 25, 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
NNC based out of Visakhapatnam, was incorporated as a partnership
firm on April 15, 2010, by Mr P. S. Santosh, Managing Partner of
the firm along with three other partners, Mr P. Satya Rao, Mrs P.
Balabharathi, Mrs P. Varalakshmi. The firm is engaged in execution
of railway construction projects which includes erection and
commissioning of railway tracks and sidings for public and private
companies; civil works including construction of industrial and
residential buildings, drains and road works; supplying of Ready
Mix Concrete (RMC); large format earth works etc.
NAKODA CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Sri Nakoda Construction
Limited (SNCL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 3.67 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 141.33 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SNCL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Sri Nakoda Construction Limited (SNCL) is the flagship entity of
the Valmark Group founded by Mr. Ratan B. Lath and Mr. Tejraj
Gulecha. The Group started its operation in 2007 under the brand
name Valmark. SNCL has so far completed five residential
projects—Amoda Valmark, Abodh Valmark, Ananda Valmark, Regency
Pinnacle Heights and Aastha Valmark - all located in Bangalore.
Besides, there are two other ongoing projects, Apas Valmark and
Orchard Square, both of which are located near Bannerghatta Road in
Bangalore. The promoters of the Group have a proven track record in
the real-estate industry and have been associated with several
landmark projects in Bangalore, including Kempegowda Maharaja
Shopping Complex (K.G.Road), City Centre (K.G.Road), Classic
Orchard (Bannerghatta Road), and Classic County (Kengeri) among
others.
NAMDHARI RICE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Namdhari
Rice and General Mills (NRGM) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 22,
2024, placed the rating(s) of NRGM under the 'issuer
non-cooperating' category as NRGM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NRGM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 7, 2024,
December 17, 2024, December 27, 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
Sirsa-based (Haryana) Namdhari Rice & General Mills (NRGM) was
established in 1986 as partnership concern by Mr Daljit Singh and
Mr Jaspal Singh. The firm is engaged in milling and processing and
trading of both basmati and non-basmati rice.
REGENT GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Regent
Granito India Ltd. (RGL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 37.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 5.33 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 15.03 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with RGL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Regent Granito India Ltd. (RGL) is a vitrified tiles manufacturer
with a production plant at Himmatnagar in Gujarat. The company was
established in 2003 and has manufacturing capacity of ~19,000 sq.
m. of double charged vitrified tiles per day. RGL currently
manufactures vitrified tiles of sizes 800mm x 800mm, 600mm x 600 mm
and 800mm x 1200mm with the current set of machineries at its
production facility.
REPUTE FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Repute
Foods Pvt. Ltd. (RFPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 7.08 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating continues to remain under
'Issuer Not Cooperating'
category
Long-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating continues to remain under
Cash Credit 'Issuer Not Cooperating'
category
Long-term- 1.92 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating continues to remain under
Term Loan 'Issuer Not Cooperating'
category
As part of its process and in accordance with its rating agreement
with RFPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in Sep 2013, Repute Foods Private Limited (RFPL) is
engaged in processing of cashew kernels from raw cashew nuts and
trading of food grains such as wheat, urad, tuvar, onion, cumin
etc. The plant is located at Rajkot, Gujarat, having an installed
capacity for processing ~4 tons of cashew kernels per day
(considering the 24 hours processing). The key promoter Mr. Kishor
Vachhani has long standing experience in Agro commodity trading
business though his association with group concerns namely AEM
Investment Ltd, Rajdeep Corporation, Farmrich General Trading LLC
and Repute Exim Private Limited.
SAI SWADHIN: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai Swadhin
Commercials Private Limited (SSCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.64 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 4,
2024, placed the rating(s) of SSCPL under the 'issuer
non-cooperating' category as SSCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 19, 2024, November 29, 2024, December 9, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Sai Swadhin Commercials Private Limited (SSCPL) was incorporated in
August, 2008, however after remaining dormant for seven years the
company started commercial operation from April 2015. The company
was promoted by Mr. Jami Ramesh, Mr. Jami Sivasai, Mrs. Jami Kavita
and Mrs. Jami Nirmala based out of Koraput, Odisha. The company has
been engaged in extraction of cashew nut shell liquid and cashew
de-oiled cake at its plant located at Ganjam, Odisha. The plant has
a processing capacity of 252,000 quintals for cashew de-oiled cake
and 108,000 quintals for cashew nut shell liquid. The company
procures its raw materials from domestic markets and sales through
dealers across all over India. Presently, the company has around 25
dealers.
Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of SSCPL into ISSUER NOT
COOPERATING category vide press release dated September 18, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.
CRISIL has continued the rating assigned to the bank facilities of
SSCPL into ISSUER NOT COOPERATING category vide press release dated
November 7, 2024 on account of its inability to carry out a review
in the absence of requisite information from the company.
SARDAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Sardar Cotton (SC) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 10.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 0.80 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established as a partnership firm in 2012, Sardar Cotton (SC) is
engaged in cotton ginning and pressing operations. The firm is
managed by Mr. Pravin Patel along with 2 other partners with
manufacturing facility located near Rajkot, Gujarat. The firm has
24 ginning machines and 1 pressing machine having a cumulative
processing capacity to manufacture 100 bales per day with 12 hours
of operations. The major raw material of the firm is Shankar-6
which is procured directly from the farmers located in
Rajkot, and close by areas at market prices on cash payment basis.
SHIV ONKAR: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Onkar
Plasto Private Limited (SOPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.73 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of SOPPL under the 'issuer
non-cooperating' category as SOPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SOPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 24, 2024, December 4, 2024, December 14, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
SOPPL was incorporated in July 2009 in the name of Shiv Onkar
Constructions Private Limited. However, the name of the company was
changed to current one with effect from April 2015. Initially the
company was into civil construction and restaurant business.
However, the company had discontinued the civil construction and
restaurant business since April 2016. After change of its name, the
company had started setting up manufacturing plant for molded
plastic chair. In April 2017, SOPPL has completed the project
with aggregate cost of INR5.20 crore. SOPPL has commenced
commercial operations from April 2017 onwards. The manufacturing
facility of the company is located at Sitamarhi, Bihar with
aggregate installed capacity of 432000 chairs per annum.
SPGV PETROCHEM: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SPGV
Petrochem India Private Limited (SPIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 24.80 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 2,
2024, placed the rating(s) of SPIPL under the 'issuer
non-cooperating' category as SPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 17, 2024, November 27, 2024, December 7, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Ahmedabad Gujarat based SPGV Petrochem (India) Pvt. Ltd. (SPIPL) is
engaged in the trading of petroleum products such as bitumen,
furnace oil and pet coke. SPIPL was initially incorporated in
October 2010 as a partnership firm by Mr. Sanjeev Shah and Mr.
Dharmesh Shah as partners. Subsequently, in May 2012, it was
converted into a private limited company.
STERLING GLOBAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Global Oil Resources Private Limited (SGORPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6,390.83 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 16,
2024, placed the rating(s) of SGORPL under the 'issuer
non-cooperating' category as SGORPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SGORPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 1, 2024, December 11, 2024 and December 21, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
SGORPL is the energy arm of the erstwhile Sandesara Group headed by
Mr. Nitin Sandesara. The Sandesara group had harboured diversified
business interests ranging from Oil & Gas, Pharmaceuticals,
Healthcare Engineering, Infrastructure, Onshore rigs, Seismic
studies and Oil trading.
TIRUMALA CASHEW: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirumala
Cashew Industries (TCI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 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 TCI under the 'issuer
non-cooperating' category as TCI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TCI continues to be non-cooperative despite repeated requests for
submission of information through emails 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
Udupi (Karnataka) based Tirumala Cashew Industries (TCI) is a
partnership concern established by Mr Yogish Mallya and Ms Priya
Mallya on December 10, 1997. The firm is engaged in processing and
trading of cashew nuts. The firm procures about 70% of its raw
material, the raw nuts, from UAE and West African countries and the
cashew kernels are procured from its associate entity, APM Cashew
Industries.
VIJAYA DURGA: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vijaya
Durga Green Fields Private Limited (VDGFPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 12,
2024, placed the rating(s) of VDGFPL under the 'issuer
non-cooperating' category as VDGFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VDGFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 27, 2024, December 7, 2024, December 17, 2024 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Vijaya Durga Green Fields Private Limited was promoted by Smt.
Nandamuri Meenalatha and Smt. Potluru Sita Ratnam in December 2013.
The company is engaged in trading of cotton lint and cotton yarn
and is the supplier of cotton lint to various spinning units in the
major cotton growing region in Krishna District, Andhra Pradesh.
The company started commercial operations from January 2014
onwards.
WAZIRX: Creditors Given Two Ways to Recover Stolen Crypto
---------------------------------------------------------
Livemint.com reports that Indian cryptocurrency exchange WazirX has
announced that the users will be able to receive stolen crypto
funds by April 2025 if they approve the restructuring and scheme.
WazirX has claimed that if the scheme is not approved, it will take
several years, around 2030, to clear the dues.
"Two paths, two very different outcomes. Here's a breakdown of what
happens if the scheme is approved versus if it isn't. Understand
what to expect in both scenarios as we approach the voting
process," the company wrote on X, Livemint.com relays.
In July 2024, WazirX faced a cyberattack leading to the theft of
nearly $230 million in digital assets, Livemint.com recalls. The
cryptocurrency platform has held North Korea-based Lazarus Group
responsible for the theft.
In a joint statement, the United States, Japan, and South Korea
also identified the Lazarus Group as responsible for the
cyberattack.
According to Livemint.com, the scheme comprises elements such as
debt restructuring, token distribution, recovery token
implementation, and platform reactivation.
Livemint.com relates that the scheme provides an outline to
reorganise the liabilities linked with WazirX to optimise returns
for platform users. The reorganised liabilities will be distributed
in tokens to scheme creditors within 10 business days of the
effective scheme date.
It includes the issuance of recovery tokens (RTs) as well as
distribution recoveries through RT purchase mechanisms.
WazirX said that if the creditors approve the restructuring plan
and receive sanctions from the Singapore Court, the platform will
continue with its operations and assets distribution will begin
after the implementation of new business (DEX). The company aims to
recover through profit sharing, recovery of illiquid wallets and
stolen assets, and "white knight" collaborations if the plan is
approved.
If the plan is not approved, the creditors will be required to wait
till the ownership dispute resolved.
"If a liquidation occurs before the ownership dispute is resolved,
the first asset distribution will be significantly delayed compared
to a restructuring and will likely be in fiat," the company wrote
on X.
Livemint.com says WazirX also mentioned that the distribution will
likely be materially lower due to liquidation costs and without
improved profit-sharing recovery.
On Jan. 23, 2025, the Singapore High Court allowed the company to
form a scheme to distribute net liquid platform assets and resume
operations, Livemint.com reports. Additionally, the court gave a
16-week moratorium to Zettai Pte Ltd, the parent company of WazirX,
for the necessary time and legal protection to carry out the
restructuring process.
WazirX is an online exchange platform for cryptocurrency based in
India. It allows users to trade in multiple currencies such as
Bitcoin, Ethereum, Ripple, Litecoin, and more. It also provides
advanced trading features such as tradingview and stop limit
orders.
=========
J A P A N
=========
NISSAN MOTOR: Seeks New Partner as Honda Deal Set to Collapse
-------------------------------------------------------------
Bloomberg News reports that Nissan Motor Co. is seeking a new
partner as it prepares to end negotiations to form a joint holding
company with Honda Motor Co., people familiar with the matter
said.
Bloomberg relates that the fresh ally would ideally be from the
technology sector and be based in the US, the people said, asking
not to be identified because the information isn't public. Although
its sales are slowing globally, North America remains Nissan's most
important market and the wider shift toward electrification and
automation is pushing all carmakers to seek alliances with
high-tech industries.
Nissan shares jumped as much as 8.7% in afternoon trading in Tokyo
on Feb. 6, Bloomberg notes. A Nissan spokesperson declined to
comment, adding that any details concerning talks with Honda would
be announced as planned around mid-February.
Walking away from the tie-up with Honda is a huge gamble for
Nissan, whose outdated product lineup has forced it to discount
heavily, destroying its bottom line, according to Bloomberg. The
automaker, which will report third-quarter earnings next week,
announced a 94% drop in net income for the first half and has said
it will need to dismiss 9,000 workers and cut a fifth of its
manufacturing capacity.
That precarious financial situation isn't likely to appeal to many
would-be suitors, Bloomberg states. If Nissan doesn't find a
partner to help put it back on a stronger footing after the partial
unwinding of its complex 25-year strategic partnership with Renault
SA, it may need a rescue like it did with the French automaker.
Bloomberg says Nissan and Honda confirmed on Feb. 5 that they're
still discussing various options, including the possibility of
ending deal talks. Honda had floated the idea of acquiring Nissan
and making it a wholly owned subsidiary, which met with strong
opposition within the smaller Japanese car company, one of the
people said. The level of investment was also a sticking point,
they added.
Honda had also made the restructuring of Nissan's operations a
prerequisite for any transaction. But apart from cutting some jobs
and trimming output, Nissan hasn't done a lot. It isn't planning on
closing any factories, for example, which likely irked Honda
considering it was looking for wholesale change, says Bloomberg.
Ending the exclusive discussions with Honda, meanwhile, would let
either party walk away without having to pay a hefty cancellation
fee of JPY100 billion ($657 million), according to the companies'
memorandum of understanding on Dec. 23.
Nissan's board is pushing Chief Executive Officer Makoto Uchida and
other senior managers to develop a more comprehensive restructuring
plan in parallel to discussions with any potential new partner, the
people, as cited by Bloomberg, said.
The goal is to come up with a much deeper revamp in time for Feb.
13, when the maker of Altimas and Pathfinders is scheduled to
report quarterly results, Bloomberg relates. That's also when the
board will meet to formalize its decision, one person said. Honda
reports its third-quarter earnings that day too.
Bloomberg says Nissan has struggled to regain its footing since the
2018 arrest and purge of former Chairman Carlos Ghosn on charges of
underreporting compensation. That upended Nissan's alliance with
Renault and the subsequent score-settling fueled an exodus of top
management, leaving reduced bandwidth to focus on the actual
business of selling cars.
The scope of Nissan's financial crisis became obvious to the
broader public in November, when the automaker also slashed its
annual profit guidance by 70%, Bloomberg relays.
Any new restructuring plans must go beyond those figures. "Further
earnings deterioration is possible at Nissan," Bloomberg quotes
Citigroup Inc. analyst Arifumi Yoshida as saying. "Additional
restructuring measures are vital."
Despite its woes, Nissan's vast manufacturing operations and
household brand name remain a draw.
Hon Hai Precision Industry Co., the maker of iPhones known as
Foxconn that is trying to establish a foothold in outsourced
manufacturing of electric vehicles, approached Nissan about
acquiring a stake in the company in December but ultimately put its
interest on hold when it became clear that the Japanese automaker
was in negotiations for a potential combination with Honda.
But the electronics contract manufacturer didn't give up
completely, the people familiar with the matter said, preferring to
see if the two could make legitimate progress toward a deal before
deciding on its next move, Bloomberg adds.
About Nissan Motor
Nissan Motor Co., Ltd. manufactures and distributes automobiles and
related parts. The Company produces luxury cars, sports cars,
commercial vehicles, and more. Nissan Motor markets its products
Worldwide.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-January 2025, S&P Global Ratings revised to negative from
stable its outlook on Nissan Motor Co. Ltd. and affirmed its 'BB+'
long-term rating and 'B' short-term rating on the company.
===============
M A L A Y S I A
===============
KNM GROUP: Still Working on Regularization Plan
-----------------------------------------------
The Star reports that Practice Note 17 (PN17)-status company KNM
Group Bhd is still in the midst of formulating the plan to
regularise its financial condition, it announced to Bursa Malaysia
on Feb. 3.
This follows KNM's announcement on Dec. 17, 2024, that wholly-owned
subsidiaries Borsig GmbH and Deutsche KNM GmbH as well as other
companies in the Borsig Group have entered into a new replacement
facility agreement with Landesbank Baden-Württemberg and other
participating financial institutions, The Star relays.
This credit facility will ensure the Borsig Group is able to
continue with its operations as normal.
According to The Star, KNM also said it is in the process of
identifying a replacement for its former principal adviser M&A
Securities Sdn Bhd which resigned on Oct. 22, 2024.
In its 2023 annual report issued in April 2024, the loss-making
company said M&A Securities Sdn Bhd was appointed as the principal
adviser to help formulate a regularisation plan to be submitted to
Bursa Malaysia.
In November last year, Bursa Malaysia Securities had granted KNM an
extension of time of six months up to April 30, 2025, to submit its
regularisation plan to the regulatory authorities, The Star
recalls.
About KNM Group
KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is
engaged in the investment holding and the provision of management
services. It operates through three geographical segments: Asia and
Oceania, Europe and America. The Asia and Oceania segment includes
Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius.
The Europe segment includes Germany, Italy, United Arab Emirates,
United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia,
and Isle of Man. The America segment includes the United States of
America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd.
is engaged in the design, manufacture, assembly and commissioning
of process equipment, pressure vessels, heat exchangers, skid
mounted assemblies, process pipe systems, storage tanks,
specialized structural assemblies and module assemblies for the
oil, gas and petrochemical industries. Its other subsidiaries
include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM
Renewable Energy Sdn. Bhd.
On Oct. 31, 2022, KNM Group Bhd said it had become an affected
listed issuer under the Practice Note 17 (PN17) on the basis that
Paragraph 2.1(e) of the note was triggered in its audited
consolidated financial statements for the period ended June 30,
2022, which were published on Oct. 31, 2022. The company said its
auditor had highlighted a material uncertainty over its ability to
continue as a going concern.
MERIDIAN BHD: Has Until March 25 to Submit Regularization Plan
--------------------------------------------------------------
The Star reports that PN17 company Meridian Bhd said it is working
on a regularisation plan to address its financial condition.
The Star relates that the property developer said Bursa Malaysia
has granted an extension of time up to March 25, 2025, to submit
the plan to the relevant regulatory authorities.
"Further details will be announced as and when there is any
development on the above matter," it added.
Meridian Berhad -- https://www.meridianbhd.com.my/ -- is a
Malaysia-based investment holding company. The Company’s
segments include Property development, Construction, Property
Investment and Others. The Property development segment is engaged
in the development of residential and commercial properties, and
agricultural lots.
Meridian Bhd was classified as a Practice Note 17 (PN17) affected
listed issuer on April 8, 2024, after the property developer's
external auditor expressed a disclaimer of opinion in its audited
financial statements for the period ended Sept. 30, 2023.
In its audit report submitted to Bursa Malaysia by Meridian,
auditor Jamal, Amin & Partners said the disclaimer of opinion was
issued as the firm had not been able to obtain sufficient
appropriate audit evidence in respect of the estimates and
assumptions made in the cash flow projections prepared by
Meridian's management, assuming the group will continue as a going
concern.
=====================
N E W Z E A L A N D
=====================
BLACKTREE CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 14
-----------------------------------------------------------------
A petition to wind up the operations of Blacktree Construction
Management Limited will be heard before the High Court in Auckland
on Feb. 14, 2025, at 10:00 a.m.
Arcwell Engineering Limited filed the petition against the company
on Nov. 4, 2024.
The Petitioner's solicitor is:
Brent James Norling
Anna Cherkashina
Level 1, 55 Corinthian Drive
Albany
Auckland
BRAZIWI LIMITED: Creditors' Proofs of Debt Due on March 1
---------------------------------------------------------
Creditors of Braziwi Limited are required to file their proofs of
debt by March 1, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 1, 2025.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
FRESHRF LIMITED: Court to Hear Wind-Up Petition on Feb. 20
----------------------------------------------------------
A petition to wind up the operations of Freshrf Limited will be
heard before the High Court at Auckland on Feb. 20, 2025, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 14, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
GREENLEAF FRESH: Creditors' Proofs of Debt Due on March 3
---------------------------------------------------------
Creditors of Greenleaf Fresh Limited are required to file their
proofs of debt by March 3, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 3, 2025.
The company's liquidators are:
Adele Irene Hicks
David Ian Ruscoe
Grant Thornton New Zealand Ltd
PO Box 10712
Wellington
IDELIVER FREIGHT: Creditors' Proofs of Debt Due on March 17
-----------------------------------------------------------
Creditors of Ideliver Freight Limited are required to file their
proofs of debt by March 17, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 3, 2025.
The company's liquidators are:
Lynda Smart
Derek Ah Sam
Rodgers Reidy
PO Box 39090,
Harewood
Christchurch 8545
MEDICAL KIWI: Placed in Liquidation
-----------------------------------
The Press reports that medicinal cannabis company Medical Kiwi Ltd
is in liquidation, owing nearly NZD9 million.
According to The Press, the Christchurch-based firm had had revenue
and growth problems for the last two years and was placed in
voluntary administration in November, citing "significant financial
challenges".
No viable salvage strategy was presented at a creditors' meeting on
Feb. 4, and a resolution to liquidate passed without objection.
The Press relates that the move was heavily foreshadowed, but now
means liquidators Waterstone Insolvency can focus on recovery.
Of the NZD8.83 million owed, the biggest liability is a NZD4.5
million preferential security to Emichrome Proprietary Ltd - the
private family company of Malaysian-born Australian billionaire Kie
Chi Wong.
Liquidator Damien Grant was sober about other creditors' prospects.
"Realistically, for unsecured creditors the only form of recovery
is in breaches of director's duties."
On this, he said, there were "absolutely issues in play".
Medical Kiwi, now known as Aether Pacific Pharmaceuticals (APP),
also owes NZD2.3 million in shareholder loans, nearly NZD1 million
to unsecured trade creditors, NZD176,000 to Inland Revenue and
NZD63,000 to staff, The Press discloses.
The Press relates that the latter two may yet be paid through the
sale of 500kg of cannabis recovered from APP's Christchurch
premises, the proceeds of which they, not Emichrome, had first
entitlement to.
At the meeting, Peter Drennan of Waterstone said they were in
discussion with several potential buyers and a tender would likely
be set up by the end of the month. The cannabis had a book value of
NZD759,000 but the liquidators estimated real worth at NZD220,000.
Outside of plant and equipment, estimated to realise NZD450,000,
most other assets had negligible value. The entire contents of the
company's Wigram facility were controversially pulled from the
Turners' website and Trade Me hours before auctions closed last
week after an offline bidder offered to buy the lot.
At the meeting, Mr. Grant said the liquidators were obliged to
maximise returns for creditors, and ending the auction process was
a tactical choice, The Press relays.
"How do we know we made the right decision? We don't, because we
don't have access to the counterfactual. It was a commercial
decision based on the feedback Peter [Drennan] had been getting
around the auction."
In any case, the purchase price was a "small fraction" of
Emichrome's debt, Mr. Grant said. The buyer and sum would not be
disclosed until the transaction was complete.
Damien Grant and Adam Botterill of Water Insolvency were appointed
as voluntary administrators of Aether Pacific Pharmaceuticals
Limited on Nov. 20, 2024.
=================
S I N G A P O R E
=================
CLOVER KITCHEN: Court to Hear Wind-Up Petition on Feb. 14
---------------------------------------------------------
A petition to wind up the operations of Clover Kitchen Private
Limited 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. 21, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
ELO WATER: Commences Wind-Up Proceedings
----------------------------------------
Members of Elo Water Pte Ltd on Jan. 23, 2025, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidator is:
Ng Hoe Kiat Keith
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
GERLYN C: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Jan. 24, 2025, to
wind up the operations of Gerlyn C Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
HANDPICKED GROUP: Court to Hear Wind-Up Petition on Feb. 14
-----------------------------------------------------------
A petition to wind up the operations of Handpicked Group 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. 22, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
MAXEON SOLAR: Amends Senior Notes Indenture for SPML Disposition
----------------------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report
filed with the U.S. Securities and Exchange Commission that the
Company entered into:
(a) a supplemental indenture to the indenture dated June 20,
2024, relating to the 9.00% Convertible First Lien Senior Secured
Notes due 2029, by and among, the Company, Deutsche Bank Trust
Company Americas, as trustee, DB Trustees (Hong Kong) Limited, as
the collateral trustee and, solely with respect to the Philippine
collateral, RCBC Trust Corporation;
(b) a supplemental indenture to the indenture dated August 17,
2022, relating to the Variable-Rate Convertible First Lien Senior
Secured Notes due 2029, by and among, the Company, Deutsche Bank
Trust Company Americas, as trustee, DB Trustees (Hong Kong)
Limited, as the collateral trustee and, solely with respect to the
Philippine collateral, RCBC Trust Corporation; and
(c) a supplemental indenture to the indenture dated June 20,
2024, relating to the Adjustable-Rate Convertible Second Lien
Senior Secured Notes due 2028, by and among, the Company, Deutsche
Bank Trust Company Americas, as trustee, DB Trustees (Hong Kong)
Limited, as the collateral trustee and, solely with respect to the
Philippine collateral, RCBC Trust Corporation.
The term "Supplemental Indenture" shall refer to any of the Super
Senior Notes Supplemental Indenture, the Senior Notes Supplemental
Indenture, or the Junior Notes Supplemental Indenture, as the case
may be.
Super Senior Notes Supplemental Indenture
The Super Senior Notes Supplemental Indenture amended the Super
Senior Notes Indenture to:
(i) permit the disposition of:
(a) 100% of the share in SunPower Philippines Manufacturing
Ltd. (SPML) and
(b) certain specifically identified assets associated with the
business activities within the Philippines that are held by the
Company or its subsidiaries specified in the applicable
Supplemental Indenture to Lumetech Pte Ltd, an affiliate of
Zhonghuan Singapore Investment and Development Pte. Ltd.;
(ii) in connection with the Proposed SPML Disposition, upon the
consummation of the Proposed SPML Disposition, automatically
release:
(a) the subsidiary guarantee provided by SPML under the Super
Senior Notes Indenture; and
(b) the security interest over:
(1) the shares of SPML, and
(2) the assets of SPML; and
(iii) to amend the interest provision such that:
(a) for the period from the June 20, 2024 to (but excluding)
June 20, 2027, the Stated Interest of the Super Senior Notes shall
be reduced to 6.00% per annum, payable in cash,
(b) if with respect to any Contingent Interest Calculation
Date, the Company's Consolidated EBITDA for the fiscal year ended
immediately prior to such Contingent Interest Calculation Date
equals to or is greater than US$100 million, then the Company shall
pay a Contingent Interest on the Contingent Interest Payment Date,
provided that the Company shall not be required to pay the
Contingent Interest more than once, and
(c) delay the commencement period of the financial covenant in
relation to the total liquidation to first quarter of 2026.
Senior Notes Supplemental Indenture
The Senior Notes Supplemental Indenture amended the Senior Notes
Indenture to:
(i) permit the Proposed SPML Disposition;
(ii) in connection with the Proposed SPML Disposition, upon the
consummation of the Proposed SPML Disposition, automatically
release:
(a) the subsidiary guarantee provided by SPML under the Senior
Notes Indenture; and
(b) the security interest over:
(1) the shares of SPML, and
(2) the assets of SPML; and
(iii) to amend the interest provision such that:
(a) for the period from (and including) August 17, 2024 to
(but excluding) August 17, 2027, the Stated Interest of the Senior
Notes shall be reduced to 4.00% per annum, with 1.00% of which
being payable in cash and the remaining 3.00% payable in cash or
PIK Notes as the Company may elect, and
(b) if with respect to any Contingent Interest Calculation
Date, the Company's Consolidated EBITDA for the fiscal year ended
immediately prior to such Contingent Interest Calculation Date
equals to or is greater than US$100 million, then the Company shall
pay a Contingent Interest on the Contingent Interest Payment Date,
provided that the Company shall not be required to pay the
Contingent Interest more than once.
Junior Notes Supplemental Indenture
The Junior Notes Supplemental Indenture amended the Junior Notes
Indenture to:
(i) in connection with the Proposed SPML Disposition, upon the
consummation of the Proposed SPML Disposition, automatically
release:
(a) the subsidiary guarantee provided by SPML under the Junior
Notes Indenture; and
(b) the security interest over:
(1) the shares of SPML, and
(2) the assets of SPML.
The Company is expected to enter into the definitive agreement
relating to the Proposed SPML Disposition on or about the date of
this current report, which is expected to be announced through a
separate current report. To the extent appropriate, the Company
will announce any update through additional current reports or
other filings pursuant to the Exchange Act.
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
MAXEON SOLAR: Unit Inks Deal to Sell 100% Stake in SPML to Lumetech
-------------------------------------------------------------------
As previously disclosed, on November 26, 2024, Maxeon Solar
Technologies Ltd. announced that, among other things, it entered
into a partially binding term sheet with TCL Zhonghuan Renewable
Energy Technology Co Ltd. and/or its subsidiaries, the Company's
controlling shareholder (collectively, "TZE"), in connection with
the potential acquisition by TZE of 100% equity interest in
SunPower Philippines Manufacturing Ltd, a Cayman incorporated legal
entity and wholly owned indirect subsidiary of Maxeon.
On January 26, 2025, SunPower Technology Ltd., a subsidiary of the
Company ("SPT"), and Lumetech PTE Ltd., a subsidiary of TZE
("Purchaser"), entered into a definitive Sale and Purchase
Agreement, pursuant to which SPT will sell its 100% ownership
interest in SPML to Purchaser. The aggregate consideration for the
sale of the Shares will be US$ 58.6 million, which shall be payable
on the closing date of the transactions contemplated under the SPA
less any installments already paid by the Purchaser to SPT
following the signing of the term sheet. SPT and the Purchaser have
agreed that certain "Target Assets" comprising certain specifically
identified assets and liabilities associated with the business
activities within the country of The Philippines that are held by
Maxeon or its subsidiaries, will be transferred and sold by Maxeon
to the Purchaser through a Procurement Agency Agreement, to be
entered into between Maxeon and the Purchaser, on the Closing Date.
The aggregate consideration for the Target Assets (as this term is
defined in the Procurement Agency Agreement) is approximately
US$7.26 million payable on the later of:
(i) the Closing Date or
(ii) the date on which the Purchaser receives the ODI
Approval.
The Purchaser has undertaken to use its reasonable efforts to
procure the ODI Approval with respect to the transactions
contemplated under the Procurement Agency Agreement on or before 30
April 2025 (or such other date as the Parties may mutually agree).
If on the completion date(s) under the Procurement Agency
Agreement, Maxeon fails to deliver any of the assets identified in
the Procurement Agency Agreement, Maxeon is required to refund the
Purchaser the portion of the consideration tied to the undelivered
assets. The Procurement Agency Agreement provides that following
the PAA Closing, Purchaser undertakes that for a period of 12
months from the relevant PAA Closing Date, the Purchaser will not
sell assets purchased thereunder to any person for an aggregate
consideration or valuation greater than the relevant consideration
contemplated under the terms of the Procurement Agency Agreement.
The SPA provides that at Closing, the net intercompany balances
which remain owing to SPML or any of SPML's subsidiaries by SPT as
of the Closing Date, will be irrevocably waived and SPT shall have
no further liability with respect to such net intercompany balances
following the Closing.
The Closing of the transactions contemplated under the SPA is
subject to receipt of certain customary closing deliverables by
each party by the Long-Stop Date, including but not limited to
Purchaser's receipt of the outbound direct investment approval from
the PRC National Development and Reform Commission (and/or the PRC
Ministry of Commerce and/or PRC State Administration of Foreign
Exchange) related to the transactions contemplated under the SPA,
certain consents and notification requirements and the signing of
the following agreements:
* the signing of the Procurement Agency Agreement;
* the signing of a Transitional Services Agreement pursuant to
which the parties thereto will agree to provide certain global
shared services to MSTL and/or its affiliates and vice versa; and
* the signing of a Bilateral Development Services Agreement
pursuant to which the Purchaser and any of its affiliates will
cooperate with an affiliate of Maxeon and its respective affiliates
on the development of Max 7 Technology and Max 8 Technology (each
of the Procurement Agency Agreement, the Transitional Services
Agreement, and the Bilateral Development Services Agreement,
collectively referred to herein as the "Ancillary Agreements").
The parties to the SPA are providing certain undertakings following
the Closing of the transactions contemplated thereby, including
Purchaser's undertakings:
(i) to make no claims against SPT or any of its affiliates,
whether in connection with the sale of the Shares or otherwise, as
well as
(ii) to use its best efforts to provide appropriate job
positions for certain SPT employees in the new joint venture
company to be established in the future, and SPT's undertakings;
(x) to remove any encumbrances on the assets of the
Company and its subsidiaries and complete any necessary filings
within three months of procuring certain release documents as well
as
(y) to take certain actions as permitted under applicable
law to enable the approval process and corporate actions related to
disposition of certain SPML real estate assets and corporate
governance matters.
Purchaser has agreed that for a period of twelve months following
the closing the transactions contemplated under the SPA, to not
resell the Shares for a value greater than the Total Consideration
or any assets owned by SPML and its subsidiary for a value greater
than the one stated in the Collier's Report.
Post Closing, SPT and its affiliates will have the exclusive right
to manage in good faith certain known litigation matters of SPML
that are pending as of the Closing and Purchaser undertakes not to
take any action related to the SPML Known Proceedings without prior
consultation and written consent of SPT and/or its affiliates, and
cooperate with SPT to provide it and its affiliates with necessary
documentation, records and notices relating to the SPL Known
Proceedings. If any payments are received in relation to the SPML
Known Proceedings, Purchaser shall procure that such amounts are
paid to SPT and its affiliates after final judicial determination
of the relevant SPML Known Proceedings.
SPT undertakes to use its best efforts to exercise its reasonable
judgement to arrange for the sale of certain inventory and to the
extent that:
(i) the sale price of such inventory is below US$0.02 per
watt, or
(ii) SMPL or its subsidiary is required to make any payments
following a final judicial determination of the SPML Known
Proceedings, then SPT will reimburse Purchaser for the difference
between the average price of the inventory sale and US$0.02 per
watt multiplied by the inventory, and for the Legal Payments, each
within 60 Business Days of the triggering event.
The SPA and each Ancillary Agreement contain customary
representations and warranties and covenants made by their
respective parties thereto. The obligation of the parties to
consummate the transactions contemplated by the Transaction
Documents is subject to the satisfaction or waiver of a number of
customary conditions and obtaining of requisite approvals and
consents, and to the extent that the conditions set forth in the
SPA are not fulfilled or waived on or before 11:59pm C.S.T on
February 28, 2025 or such other date as the parties may mutually
agree in writing, the SPA shall lapse and cease to have any further
effect. If the Closing of the transactions contemplated under the
SPA does not take place whether by reason of non-fulfillment of
certain closing conditions or SPT's entering into insolvency
proceedings, then any installments of the Total Consideration paid
by the Purchaser to SPT shall be refunded to Purchaser along with
interest on each installment at the effective federal funds rate of
the United States on the Long Date or the date of commencement of
insolvency proceedings, as the case may be.
Transitional Services Agreement
On the Closing Date, Purchaser and SPT will enter into a
Transitional Services Agreement, in the form attached hereto as
Exhibit 99.3, pursuant to which both parties will provide to the
other certain services outlined in the Transitional Services
Agreement for a period of one (1) year following the Closing. The
parties will be compensated for rendering of such services in the
amounts indicated in the agreement. The parties agree to meet
certain standard of care and cooperate and communicate with one
another during the course of providing the services under the
Transitional Services Agreement.
Bilaterial Development Services Agreement
On the Closing Date, Purchaser and SPT will enter into a Joint
Development Agreement, pursuant to which both parties agree to use
their respective assets and human resources in the Republic of the
Philippines and the United States of America to further the
development of MAX8 Technology. The Parties agree to both invest on
the development of MAX8 Technology for a period of two years from
the Closing, in accordance with the terms of the Bilaterial
Development Services Agreement. The Bilateral Development Services
Agreement provides that both parties will ensure that the
activities conducted within the scope of the Collaboration are
managed, documented, and maintained in adherence to the prevailing
industry-leading standards. Within 30 days after the Closing Date,
the parties will establish a joint, co-chaired joint management
committee that will be responsible for the overall strategic
alignment and direction with respect to the Collaboration. The
Management Committee will establish a Collaboration budget and the
Collaboration shall be conducted in accordance with such budget.
The Joint Development Agreement addresses how existing intellectual
property will be cross-licensed between the two Parties. To the
extent that new intellectual property is developed by either party
during the course of the Collaboration, such intellectual property
will be jointly owned by both parties in equal share and utilized
pursuant to the terms of the Bilateral Development Services
Agreement, other than otherwise agreed to in writing by both
parties. The parties will work together with any third party
interested in utilizing certain assets and the newly developed
intellectual property to manufacture MAX7 & MAX8 Technology
products or similar products and achieve reasonable and sustainable
arrangements on joint ventures, intellectual property licensing
and/or global distributions with such third party. Without the
prior written consent of MSPL, TZE is not permitted to allow access
or sell any intellectual property owned by MSPL and/ or tools and
processes based on such intellectual property, as well as access to
employees with relevant knowledge. The Bilateral Development
Services Agreement dictates the actions both parties are required
to take in connection with the prosecution or enforcement of
patents during the term of the agreement. For a period of 24 months
after termination of the Bilateral Development Services Agreement,
the parties will consult with one another on any invention or other
achievements conceived or reduced to practice during the term of
this agreement to ensure all developed intellectual property is
properly documented and, if suitable, corresponding patent
applications are filed, where both parties will enjoy the same
rights, interest and income generated therefrom.
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
VIEM POWERED: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 24, 2025, to
wind up the operations of Viem Powered Pte. Ltd.
DBS Bank Ltd. filed the petition against the company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
*********
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
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*** End of Transmission ***