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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, February 26, 2025, Vol. 28, No. 41
Headlines
A U S T R A L I A
DROP BEAR: First Creditors' Meeting Set for March 4
GANGLER EARTHWORX: First Creditors' Meeting Set for March 4
MOBILE PIPE: First Creditors' Meeting Set for March 5
NEVAGO PTY: First Creditors' Meeting Set for March 5
PEPPER NC 1: Mortgage Loans No Impact on Moody's B1 F Notes Rating
TC MANAGEMENT: Second Creditors' Meeting Set for March 4
C H I N A
CHINA EVERGRANDE: EV Unit to Sell 20% Stake in Swedish Firm
SHIMAO GROUP: Gets Creditor Backing for $11BB Offshore Debt Revamp
SINO-OCEAN GROUP: Moody's Withdraws 'Ca' Corporate Family Rating
YUZHOU GROUP: Moody's Withdraws 'Ca' Corporate Family Rating
H O N G K O N G
NEW WORLD: Warns of USD871MM H1 Loss Amid Weak Property Market
I N D I A
A P GOYAL: CRISIL Keeps D Debt Ratings in Not Cooperating
AGSONS AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
AISHWARYA FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
AKANKSHA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
AKR IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating Category
AL KARMA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
ALUBEE DIE: CRISIL Keeps B Debt Ratings in Not Cooperating
AMARAVATHI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
AMBIT CONCRETE: CRISIL Keeps B Debt Rating in Not Cooperating
AMIPRABHU DEVELOPERS: Insolvency Resolution Process Case Summary
AMMAN SAGO: CRISIL Keeps B Debt Ratings in Not Cooperating
AMR SUMANGALEE: CRISIL Keeps B Debt Rating in Not Cooperating
AMRITA SAI: CRISIL Keeps D Debt Rating in Not Cooperating
ANJALEE GRANITES: CRISIL Keeps B Debt Rating in Not Cooperating
ANKUR IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAGIRATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAGYODAYA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAGYODAYA TROKHOS: CRISIL Keeps D Ratings in Not Cooperating
BHARAT SCANS: CRISIL Keeps D Debt Ratings in Not Cooperating
BLUE PINK: CRISIL Keeps D Debt Ratings in Not Cooperating
BOMBAY JEWELLERY: CRISIL Keeps B Debt Ratings in Not Cooperating
BREMELS RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating
GREEN SHIELD: Insolvency Resolution Process Case Summary
KANVA FASHIONS: Liquidation Process Case Summary
KASAVUKADA: CRISIL Keeps B Debt Ratings in Not Cooperating
MAHESH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHESH TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
MALAR TEXTILES: CRISIL Keeps B- Debt Rating in Not Cooperating
MQ NETWORKS: Insolvency Resolution Process Case Summary
ROHAN DEVELOPERS: Insolvency Resolution Process Case Summary
SNEHANJALI AND S.B. DEVELOPERS: NCLT OKs INR343-cr Resolution Plan
[] INDIA: Insolvency Cases by Operational Creditors Decline 41%
I N D O N E S I A
EFISHERY: SoftBank, Temasek Among Investors Facing Near Wipeout
N E P A L
NEPAL: 7 More U.S.-Funded Projects Paused After Trump Order
N E W Z E A L A N D
ASKE NZ: Court to Hear Wind-Up Petition on March 20
CATTLE CARE: Creditors' Proofs of Debt Due on March 17
JASON ENGINEERING: Creditors' Proofs of Debt Due on March 18
NAPIER STREET: Grant Bruce Reynolds Appointed as Liquidator
POWER PADDOCKS: Court to Hear Wind-Up Petition on Feb. 28
S I N G A P O R E
BLUE HORSE: Court Enters Wind-Up Order
EVER ASCENDANT: Court Enters Wind-Up Order
HEWTOP CATERING: Court to Hear Wind-Up Petition on March 7
RABEX PTE: Creditors' Meeting Set for March 6
SENFU REALTY: Court to Hear Wind-Up Petition on Feb. 28
V I E T N A M
NAM A COMMERCIAL: Moody's Affirms 'B2' Deposit & Issuer Ratings
- - - - -
=================
A U S T R A L I A
=================
DROP BEAR: First Creditors' Meeting Set for March 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of Drop Bear
Bytes Pty Ltd will be held on March 4, 2025 at 11:00 a.m. at the
offices of WLP Restructuring, Suite 19.02, Level 19, 1 Castlereagh
St, in Sydney and via electronic facilities.
Benjamin Ho and Glenn Ian Livingstone of WLP Restructuring were
appointed as administrators of the company on Feb. 20, 2025.
GANGLER EARTHWORX: First Creditors' Meeting Set for March 4
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Gangler
Earthworx Pty Limited will be held on March 4, 2025 at 10:30 a.m.
via virtual meeting only.
Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of the company on Feb. 24, 2025.
MOBILE PIPE: First Creditors' Meeting Set for March 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Mobile Pipe
Solutions Ltd will be held on March 5, 2025 at 1:00 p.m. via
virtual meeting online.
Aaron Dominish, Cameron Shaw, and Richard Albarran of Hall Chadwick
were appointed as administrators of the company on Feb. 20, 2025.
NEVAGO PTY: First Creditors' Meeting Set for March 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of Nevago Pty
Ltd will be held on March 5, 2025 at 10:00 a.m. at the offices of
Unit 1 78 Logan Road in Woolloongabba.
William Roland Robson of Robson Cotter Insolvency Group were
appointed as administrators of the company on Feb. 21, 2025.
PEPPER NC 1: Mortgage Loans No Impact on Moody's B1 F Notes Rating
------------------------------------------------------------------
Moody's Ratings announced that the purchase of AUD19.8 million of
mortgage loans into Pepper NC Mortgage Revolver Trust No.1 on
February 20, 2025 (the Substitution) would not, in and of itself
and as of this point in time, result in a reduction, placement on
review for possible downgrade or withdrawal of Moody's current
ratings of the Mezzanine Notes issued by Permanent Custodians
Limited, in its capacity as trustee of Pepper NC Mortgage Revolver
Trust No.1.
Current ratings of the notes are as follows:
Class B Notes, currently rated Aa2 (sf)
Class C Notes, currently rated A2 (sf)
Class D Notes, currently rated Baa2 (sf)
Class E Notes, currently rated Ba2 (sf)
Class F Notes, currently rated B1 (sf)
The Class A Notes and Class G Notes are not rated by us.
The revised pool has a current weighted average loan-to-value ratio
of 66.0% and seasoning of 23.5 months.
Moody's MILAN stressed loss for the collateral pool —
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario — is 10.2%. Moody's
median expected loss assumption for the pool is 1.3%.
The transaction is also supported by a mezzanine liquidity reserve
which covers three months of mezzanine notes interest payments,
with a floor of AUD250,000.
The transaction is a securitisation backed by a revolving warehouse
facility sponsored by Pepper Money Limited (Pepper, unrated). The
underlying portfolio is a portfolio of non-conforming and prime
Australian residential mortgage loans originated by Pepper
Homeloans Pty Limited (Pepper Homeloans, unrated) and serviced by
Pepper.
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.
TC MANAGEMENT: Second Creditors' Meeting Set for March 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of TC Management
Services Pty Ltd has been set for March 4, 2025 at 11:30 a.m. at
the offices of WA Insolvency Solutions, a division of Jirsch
Sutherland at Suite 6.02, Level 6, 109 St Georges Terrace, in Perth
and via teleconference facilities.
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. 28, 2025 at 4:00 p.m.
Greg Prout and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on Jan. 24, 2025.
=========
C H I N A
=========
CHINA EVERGRANDE: EV Unit to Sell 20% Stake in Swedish Firm
-----------------------------------------------------------
Reuters reports that China Evergrande Group's electric vehicle unit
said on Feb. 25 it agreed to sell its 20 percent stake in a
Sweden-based real estate property lessor for SEK60 million
(HK$43.78 million).
Reuters relates that the stake sale in AB Trollhattan Propellern 13
will help China Evergrande New Energy Vehicle Group, meet its
imminent tax payment needs and other payment obligations.
The company forecast a total disposal loss of SEK23.8 million upon
completion of the sale to Logistikfastigheter i Trollhattan AB.
China Evergrande Group is the world's most heavily indebted
property developer with over US$300 billion (HK$2.34 trillion) in
liabilities, and was ordered into liquidation by a Hong Kong court
in January last year following its offshore debt default in late
2021.
China Evergrande New Energy Vehicle Group had initially planned to
compete with Tesla and even held a market valuation surpassing that
of Ford Motor, but has since become entangled in the debt crisis
affecting its parent company.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
SHIMAO GROUP: Gets Creditor Backing for $11BB Offshore Debt Revamp
------------------------------------------------------------------
Reuters reports that Shimao Group has secured creditor backing to
restructure about $11.04 billion in offshore debt, the latest such
deal in the sector after years of liquidity troubles.
Sunac China became the first troubled Chinese property developer to
successfully reduce its onshore debt earlier this year, while CIFI
Holdings has reached an agreement with a key group of bondholders
on an offshore debt restructuring plan.
According to Reuters, Shimao said on Feb. 24 98.75% of its
creditors, representing claims totalling about $11.04 billion, had
backed its plan announced last March to restructure all of its
debt, amounting to around $11.7 billion in offshore notes, bonds
and other credit facilities.
Reuters relates that the embattled developer had been negotiating
with creditors to refine the term sheet after a group of major
bondholders said last year they "firmly oppose" the firm's proposal
to revamp $11.5 billion of offshore debt it had defaulted on in
2022.
Shimao had offered bondholders four options, including repayment
through short-term notes, long-term notes, zero-coupon mandatory
convertible bonds, and a fixed combination of them.
"Therefore, the scheme was approved by the requisite majorities of
scheme creditors," the company said in a statement on Feb. 24.
Reuters adds that the petition seeking sanction of the scheme will
be heard on March 13, Shimao said.
About Shimao Group
China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.
As reported in the Troubled Company Reporter-Asia Pacific, Shimao
Group has missed the interest and principal payment of a US$1
billion offshore bond due on July 3, 2022.
SINO-OCEAN GROUP: Moody's Withdraws 'Ca' Corporate Family Rating
----------------------------------------------------------------
Moody's Ratings has withdrawn Sino-Ocean Group Holding Limited's Ca
corporate family rating and C senior unsecured ratings on the bonds
issued by Sino-Ocean Land Treasure Finance I Limited, Sino-Ocean
Land Treasure Finance II Limited and Sino-Ocean Land Treasure IV
Limited and guaranteed by Sino-Ocean. At the same time, Moody's
have withdrawn C preferred stock ratings on the securities issued
by Sino-Ocean Land Treasure III Limited and guaranteed by
Sino-Ocean.
Prior to the withdrawal, the rating outlook was negative.
RATINGS RATIONALE
Moody's have decided to withdraw the rating(s) because Moody's
believe Moody's have insufficient or otherwise inadequate
information to support the maintenance of the rating(s).
COMPANY PROFILE
Sino-Ocean Group Holding Limited is a property developer in China.
The company focuses on developing mid- to high-end residential
properties, office premises and retail properties.
YUZHOU GROUP: Moody's Withdraws 'Ca' Corporate Family Rating
------------------------------------------------------------
Moody's Ratings has withdrawn Yuzhou Group Holdings Company
Limited's Ca corporate family rating and C senior unsecured
rating.
Prior to the withdrawal, the rating outlook was negative.
RATINGS RATIONALE
Moody's have decided to withdraw the rating(s) because Moody's
believe Moody's have insufficient or otherwise inadequate
information to support the maintenance of the rating(s).
COMPANY PROFILE
Yuzhou focuses on residential housing in the West Strait Economic
Zone, the Bohai Rim and the Yangtze River Delta region in China. It
has been listed on the Hong Kong Stock Exchange since 2009.
=================
H O N G K O N G
=================
NEW WORLD: Warns of USD871MM H1 Loss Amid Weak Property Market
--------------------------------------------------------------
South China Morning Post reports that New World Development (NWD),
controlled by one of Hong Kong's richest families, warned it would
report a loss of up to HK$6.8 billion (US$871 million) in its
interim results to be announced this week, as weak property markets
in Hong Kong and mainland China continue to present a tough
operating environment for the developer.
The developer, which is scheduled to announce first half financial
results on Feb. 28, is expected to report a loss attributable to
shareholders in the range of HK$6.6 billion to HK$6.8 billion for
the six months ending December 2024, according to a stock exchange
filing late Friday [Feb. 21].
That compares with a profit of HK$502 million in the same period a
year earlier.
The result is mainly due to non-cash impairment losses ranging from
HK$4.7 billion to HK$5.1 billion, owing to fair value changes in
its investment and development properties during the period, NWD
said in the filing, the Post relays.
Excluding the valuation losses, the developer said it may report
core operating profit from continuing operations of between HK$4.35
billion to HK$4.55 billion, representing a year-on-year decrease of
15 per cent to 19 per cent.
“NWD's warning reflects that it is struggling with a property
market downturn," the Post quotes Kenny Ng Lai-yin, a strategist at
Everbright Securities International, as saying.
The Post relates that Mr. Ng said NWD has been selling properties
at discounted prices while carrying high interest rates on its
debt, as the interest rate cut cycle only began in September.
NWD had HK$123.7 billion of consolidated net debt as of June 30,
according to its annual report. At 55 per cent, its net gearing, or
debt-to-equity ratio, ranks among the highest in the industry.
At an average annual financing cost of 5 per cent, NWD is paying
an estimated HK$625 million in interest every month, according to
Morningstar analyst Jeff Zhang.
“The developer is also suffering from valuation losses from its
property holdings amid falling property prices," Ng said. “All
these factors are affecting the operating performance of NWD."
According to the Post, the expected loss comes after the developer
reported in August a HK$19.7 billion net loss for the year to June
30, the worst since the late Cheng Yu-tung founded the company in
1970.
In a subsequent shake-up, scion Adrian Cheng Chi-kong stepped down
as CEO in September and was replaced by chief operating officer
Eric Ma Siu-cheung. Ma only stayed in the job for two months and
was replaced by current CEO Echo Huang Shaomei, the Post says.
Apart from residential property development, NWD has investments in
shopping centres and offices in Hong Kong. It has a 75 per cent
stake in a subsidiary that operates 24 department stores in
mainland China. NWD also develops high-end hotels in the city and
across Southeast Asia.
New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.
=========
I N D I A
=========
A P GOYAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A P Goyal
Shimla University (APGSU) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 31 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APGSU for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of APGSU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APGSU
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APGSU continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
APGSU was established in 2012, by the AP Goyal Charitable Trust,
through the APG Shimla University Establishment and Regulation Act,
2012. The trust is promoted by members of the Goyal family. It
offers more than 60 courses to over 3,000 students in Shimla,
including graduate and post-graduate programmes in fields of
engineering and management, and other courses in various streams.
AGSONS AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agsons
Agencies India Private Limited (Agsons) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 70 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 15 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with Agsons for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Agsons, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Agsons is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Agsons continues to be 'Crisil D/Crisil D Issuer not
cooperating'.
Agsons imports and trades in various non-ferrous metals such as
nickel, aluminium, copper, lead, tin, and zinc. The company,
promoted by Mr RC Agarwal, has its registered office at Delhi.
AISHWARYA FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aishwarya
Feeds (AF) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Cash Credit & 9.5 CRISIL D (Issuer Not
Working Capital Cooperating)
Demand Loan
Long Term Loan 0.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.71 CRISIL D (Issuer Not
Cooperating)
Packing Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.29 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with AF for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AF
continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Established as a partnership firm in 1996, AF manufactures poultry
feed at its plant at Namakkal in Tamil Nadu. The firm also trades
in eggs in the domestic and overseas markets. Its operations are
managed by managing partner, Mr R Gunasekaran, and his family
members.
AKANKSHA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akanksha
Poultry Farm (APF) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with APF for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of APF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on APF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
APF continues to be 'Crisil D Issuer not cooperating'.
APF, established in 2010 by Mr Anil Shirsath, produces broiler
chicken on a contract manufacturing basis. AFMC, a proprietary
concern of Mr Shirsath's wife, Ms. Savita Anil Shirsath, was formed
in 2011 for manufacturing poultry feed, and meets around 80% of
APF's feed requirements.
AKR IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of AKR Impex
Private Limited (AKR) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with AKR for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AKR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AKR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AKR continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 2006 by Mr S Kathiravan, AKR processes and trades
in a variety of pulses. The company has two processing units at
Tondiarpet in Chennai.
AL KARMA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Al Karma
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.75 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.50 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.75 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.75 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 0.25 CRISIL D (Issuer Not
Facility Cooperating)
Crisil Ratings has been consistently following up with Al Karma for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Al Karma, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Al
Karma is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Al Karma continues to be 'Crisil D/Crisil D Issuer
not cooperating'.
Al Karma, set up as a partnership firm in 1989 by Ms. Anjali
Chaudhary and Mr. Sandeep Chaudhary, manufactures aluminum doors,
windows, and glass panels. Its manufacturing facility is at
Najafargarh in Delhi.
ALUBEE DIE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Alubee Die
Casters (ADC) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 14 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Proposed Term Loan 12 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Working 6.05 CRISIL B/Stable (ISSUER NOT
Capital Facility COOPERATING)
Working Capital 0.95 CRISIL B/Stable (ISSUER NOT
Demand Loan COOPERATING)
Crisil Ratings has been consistently following up with ADC for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ADC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ADC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ADC continues to be 'Crisil B/Stable Issuer not cooperating'.
Established in the year 2004 by the brothers Mr. G. Prabhuram,
Mr.G. Sairam and G. Veerarragavan, ADC is engaged in the business
of designing and manufacturing die and high pressure die castings
of aluminium alloys and zinc which finds its application in
electrical, industrial, and automobile industry. The firm has its
manufacturing facility located in Hosur, Tamil Nadu.
AMARAVATHI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amaravathi
Spinning Mills (Rajapalayam) Private Limited (ASMRPL) continue to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.53 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Export Packing 0.5 CRISIL D (Issuer Not
Credit Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.9 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with ASMRPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ASMRPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
ASMRPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of ASMRPL continues to be 'Crisil D/Crisil D Issuer not
cooperating'.
Incorporated in 1989, ASMRPL manufactures cotton yarn. Its facility
in Rajapalayam (Tamil Nadu) has a capacity of 12,168 spindles. Its
operations are spread across Coimbatore, Karur, Salem, and Erode
(all in Tamil Nadu).
AMBIT CONCRETE: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ambit Concrete
Private Limited (ACPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ACPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ACPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ACPL continues to be 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2012, ACPL is engaged in civil construction work.
It provides and lays ready-mix concrete after installing dedicated
machinery at work sites in Delhi National Capital Region, Haryana,
and Uttar Pradesh.
AMIPRABHU DEVELOPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Amiprabhu Developers Private Limited
Flat No.2, Ground Floor,
Blk-D, Pkt 5, Sector 15, Rohini,
North Delhi, Delhi,
Delhi, India, 110089
Insolvency Commencement Date: February 3, 2025
Estimated date of closure of
insolvency resolution process: August 2, 2025 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Umesh Singhal
Sigma Legal Group 407-408,
GD-ITL Tower, B-08, Netaji Subhash Place,
Pitampura, New Delhi-110034
Email: singhaluk@hotmail.com
Email: amiprabhucirp@gmail.com
Representative of
Creditors in a class:
1. Mr. Vaneet Bhatia
2. Mr. Rajiv Malik
3. Mr. Mohit Kumar Gupta
Last date for
submission of claims: February 21, 2025
AMMAN SAGO: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amman Sago
Factory (ASF) continue to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL B/Stable (Issuer Not
Cooperating)
Rupee Term Loan 2.7 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ASF for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ASF continues to be 'CRISIL B/Stable Issuer not cooperating'.
ASF, set up in 1984, manufactures tapioca pearls (sago). Operations
are managed by the proprietor, Mr R Ganesan. The manufacturing
facility is at Salem, Tamil Nadu.
AMR SUMANGALEE: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of AMR Sumangalee
Jewellers (AMRSJ) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AMRSJ for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMRSJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMRSJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AMRSJ continues to be 'CRISIL B/Stable Issuer not cooperating'.
AMRSJ, is a Salem, Tamil Nadu based company, involved in
manufacturing and trading of gold jewellery and other ornaments.
Mr. Arumugam, Mr. Manivel, Mr. Manoj Kumar, Mr. Ilanchelian and Mr.
Ravikumar are the partners of the firm.
AMRITA SAI: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amrita Sai
Educational Improvement Trust (ASEIT) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 5 CRISIL D (Issuer Not
Overdraft facility Cooperating)
CRISIL Ratings has been consistently following up with ASEIT for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASEIT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASEIT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ASEIT continues to be 'CRISIL D Issuer not cooperating'.
ASEIT was formed on 2007. Amrita started with Amrita Sai Institute
of Science and technology (ASIT), in Vijaywada, Andhra Pradesh.
Over the years has started offering several disciplines including
B.Tech, M.B.A, M.C.A, M. Tech and Diploma. Trust is managed by 5
trustees: Sri K. Ramesh Babu, Sri K. Rama Mohana Rao, Sri Y.
Venkata Ramaiah, Sri. K. Srinivasa Rao and Sri K. Eswara Chanda.
ANJALEE GRANITES: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anjalee
Granites Private Limited (AGPL) continues to be 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 28 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AGPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AGPL continues to be 'CRISIL B/Stable Issuer not cooperating'.
AGPL was incorporated in 2008. It is engaged in processing and
polishing of natural stone blocks, quarrying such as marble,
granite, etc. The company is a 100 per cent export-oriented unit
(EOU) along with merchant exporter of granite since April 2009. Its
granite processing unit located in SEZ at Ongole (Prakasam
district, Andhra Pradesh) on 9 acres of land in 2010-11 and
promoted by Mr. Hari Prasad Pothineni and his family members.
ANKUR IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ankur Iron
India Private Limited (AIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.12 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.38 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
AIPL was set up as a proprietorship concern named Ankur Steel
Corporation in 1982 by Mr. Kiran Mehta; it was reconstituted as a
private limited company with its current name in 2011. AIPL trades
in steel and steel products such as cold-rolled sheets, galvanized
sheets, hot-rolled sheets and plates.
BHAGIRATH DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagirath
Dairy Private Limited (BDPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BDPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BDPL continues to be 'CRISIL D Issuer not cooperating'.
BDPL, incorporated in 2012, is promoted by Mr. Bhagirath Choudhary,
Mr Mohan Choudhary and Mrs Tulchi Devi. The company set up a milk
processing unit with installed capacity of 5 lakhs litres per day
in Jodhpur, Rajasthan which commenced commercial operations in
October 2016. The company manufactures dairy products for Amul on
job work basis.
BHAGYODAYA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagyodaya
Motors Private Limited (BMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Channel Financing 1.75 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.70 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Standby Line 1 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with BMPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative. 'The investors, lenders
and all other market participants should exercise due caution with
reference to the rating assigned/reviewed with the suffix 'ISSUER
NOT COOPERATING' as the rating is arrived at without any management
interaction and is based on best available or limited or dated
information on the company. Such non co-operation by a rated entity
may be a result of deterioration in its credit risk profile. These
ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking
component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BMPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Set up in 1998 as a partnership firm, BMPL was reconstituted as a
private limited company in 2002. The company is the exclusive
authorized dealer for TML's passenger car in three districts -
Bellary, Koppal, and Raichur (all in Karnataka).
BHAGYODAYA TROKHOS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagyodaya
Trokhos Private Limited (BTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
Channel Financing 3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Standby Line 1.75 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with BTPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BTPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
BTPL was incorporated in 2006. The company is the exclusive
authorized dealer for TML's light commercial vehicles (LCVs) in
Bellary, Koppal, and Raichur.
BHARAT SCANS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bharat Scans
Private Limited (BSPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.47 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 2.75 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 4.00 CRISIL D (Issuer Not
Cooperating)
Proposed Working 1.31 CRISIL D (Issuer Not
Capital Facility Cooperating)
Working Capital 0.97 CRISIL D (Issuer Not
Facility Cooperating)
Working Capital 0.5 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with BSPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BSPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Set up in 1995, BSPL operates six diagnostic centres in Tamil Nadu.
It is promoted by Dr Rajamani Emmanuel Gunaseelan and Dr Beula
Emmanuel.
BLUE PINK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Blue Pink
Apparels Private Limited (BPAPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.67 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BPAPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BPAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BPAPL continues to be 'CRISIL D Issuer not cooperating'.
Based out of Chennai and established in 2012 by Mr.Fakhrudeen Ali
Ahmed, BPAPL is engaged into manufacturing and export of RMG
primarily men shirts, trousers and kids wear.
BOMBAY JEWELLERY: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bombay
Jewellery Manufacturers (BJM) continue to be 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Working Capital
Facility 25 CRISIL B/Stable (Issuer Not
Cooperating)
Working Capital
Facility 15 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BJM for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BJM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BJM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BJM continues to be 'CRISIL B/Stable Issuer not cooperating'.
Bombay Jewellery was set up as a partnership concern in 1992 by Mr.
Samir R. Mehta and his wife Mrs. Nayana S. Mehta. The firm is
engaged in the manufacturing and export of fine diamond studded
gold jewellery dealing in small to medium sized diamonds (0.5 carat
to 7 carat). The firm is headquartered, and its processing
facilities are located in Mumbai (Maharashtra). The business is
currently managed by Mr. Samir R. Mehta, who is the
second-generation entrepreneur of the family and his son Mr. Harakh
S. Mehta.
BREMELS RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bremels
Rubber Industries Private Limited continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Term Loan 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Bremels for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Bremels, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Bremels is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Bremels continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Bremels, set up in 1971, manufactures tyre retreads used for
retreading worn-out tyres of heavy vehicles. It sells its products
under the Bremels brand. The company also manufactures solid tyres
for forklifts. It is setting up a solid tyre manufacturing unit at
the Padubidri special economic zone in Udupi (Karnataka). The capex
will add capacity of 0.15 million tyres per year.
GREEN SHIELD: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Green Shield Enterprises Private Limited
Room No. 5, Hetal Apartment,
N.S Road, Mulund West,
Mumbai, Maharahstra-400080
Insolvency Commencement Date: January 28, 2025
Estimated date of closure of
insolvency resolution process: July 27, 2025 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Nidhi Amit Poddar
7, Akshat, Vijay Nagar, Katol Road,
Near Durga Mata Mandir, Nagpur-440013
Email: nidhipoddar.ip@gmail.com
3rd Floor, Meera Apartments,
Above Durva Restaurant,
Opp. Yeshwant Stadium,
Dhantoli, Nagpur-440 012
Email: cirp.gsepl@gmail.com
Last date for
submission of claims: February 11, 2025
KANVA FASHIONS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Kanya Fashions Limited
Survey No. 7/1, Kongenahalli,
Kasaba Hobli, Koratagere Taluk,
Tumkur District KA 572129, India
Liquidation Commencement Date: February 5, 2025
Court: National Company Law Tribunal, Bangalore Bench
Liquidator: M V Sudarshan
No.984/13, 8th Main,
Girinagar II Phase,
Bangalore-560085, KA.
Mobile: 9620300691
Email: sudarshan.mv@outlook.com
Email: kanvacirp@gmail.com
Last date for
submission of claims: March 8, 2025
KASAVUKADA: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kasavukada
(KK) continue to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.6 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 2 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 1.4 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.98 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with KK for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KK is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of KK
continues to be 'CRISIL B/Stable Issuer not cooperating'.
Set up in 1993, KK is a sole proprietorship firm that manufactures
traditional Kerala handloom textiles and sells them through its
showrooms. Its operations are managed by Mr Suseelan.
MAHESH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahesh
Industries Private Limited (MIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 60 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with MIPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
MTPL, incorporated in 1998, trades in hardwood timber imported from
Malaysia. The company has sawmill operations in Gandhidham, where
timber logs imported at Kandla Port (both in Gujarat) are sawn and
then sold to timber traders in Haryana, Delhi, Punjab, Uttar
Pradesh, and other states. MIPL trades in softwood imported from
Europe and sells the sawn timber to traders and retailers in the
domestic market. MIPL operates around 22 sawmills whereas MTPL
operates around 10 sawmills.
MAHESH TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahesh Timber
Private Limited (MTPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Cash Credit 36 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 10 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Standby Line 40.5 CRISIL D (Issuer Not
of Credit Cooperating)
Standby Line 40.5 CRISIL D (Issuer Not
of Credit Cooperating)
Standby Line 81 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with MTPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
MTPL, incorporated in 1998, trades in hardwood timber imported from
Malaysia. The company has sawmill operations in Gandhidham, where
timber logs imported at Kandla Port (both in Gujarat) are sawn and
then sold to timber traders in Haryana, Delhi, Punjab, Uttar
Pradesh, and other states. MIPL trades in softwood imported from
Europe and sells the sawn timber to traders and retailers in the
domestic market. MIPL operates around 22 sawmills whereas MTPL
operates around 10 sawmills.
MALAR TEXTILES: CRISIL Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Malar Textiles
(MR) continues to be 'CRISIL B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 8 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL Ratings has been consistently following up with MR for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MR is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of MR
continues to be 'CRISIL B-/Stable Issuer not cooperating'.
With Mr Thilip Kumar as the promoter, MR is engaged in the trading
and processing of viscose fibre and yarn.
MQ NETWORKS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: MQ Networks Pvt Ltd, Chennai
No.2/7, 1st Main Road, 5th Cross Street,
Thendral Street, Thirumullai Voyal,
Chennai-600062
Insolvency Commencement Date: February 7, 2025
Estimated date of closure of
insolvency resolution process: August 5, 2025 (180 Days)
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Mr. Mathioli Nagarajan
VGN La Parisienne Apartment,
Block 1, 2E, 4th Main Road,
Nolambur, Mogappair West,
Chennai 600 037
Email: nmathioli@gmail.com
Mb: 9962510991
Last date for
submission of claims: February 20, 2025
ROHAN DEVELOPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: 7 Hughes - Real Estate Project of
Rohan Developers Private Limited
7th Floor, Office No 7N, The Ruby,
29, Senapati Bapat Marg,
Dadar (W), Mumbai,
Maharashtra, India - 400028
Insolvency Commencement Date: February 6, 2025
Estimated date of closure of
insolvency resolution process: August 5, 2025
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Neehal Mahamulal Pathan
Plot No.27, R.S.No.825, Sahjeevan Parisar,
Near TPM Church, Behind Circuit House,
Kolhapur 416 003 MH
Email: ca.neehal@gmail.com
Email: cirp.7hughes@gmail.com
Last date for
submission of claims: February 20, 2025
SNEHANJALI AND S.B. DEVELOPERS: NCLT OKs INR343-cr Resolution Plan
------------------------------------------------------------------
InsolvencyTracker reports that the National Company Law Tribunal
(NCLT), Mumbai Bench-VI, has approved the INR343-crore resolution
plan for Snehanjali and SB Developers Private Limited, which was
undergoing insolvency proceedings. The resolution plan, submitted
by La Mer Developers Pvt Ltd in consortium with Neel Builders and
Developers, was approved by the Committee of Creditors (CoC) with
an 83.46% voting share.
Following the submission of Expressions of Interest (EoIs) and a
competitive bidding process, four resolution plans were submitted.
After thorough evaluation, the La Mer Developers and Neel Builders
consortium emerged as the Successful Resolution Applicant (SRA),
InsolvencyTracker relates. Their plan was approved by the CoC on
October 10, 2024, following an e-voting process.
According to InsolvencyTracker, as per the plan:
* CIRP costs of INR50 lakh will be settled within 60 days.
* INR298.21 crore worth of homebuyers' claims will be settled
through delivery of flats.
* INR22.67 crore in additional claims from homebuyers will be
compensated through monetary settlements and added amenities.
* INR19.59 crore will be paid to 280 re-settlers, covering
rental compensation and corpus fund.
* INR1.32 crore will be allocated for operational creditors
(excluding government dues).
* INR10.62 lakh will be paid towards government dues.
InsolvencyTracker says the plan also includes a performance bank
guarantee of INR5 crore, ensuring the effective execution of the
plan. The consortium will arrange funding through a mix of equity
infusion and construction finance, with INR50 crore being infused
initially and INR30 crore to be raised from financial
institutions.
InsolvencyTracker notes that:
* the tribunal reclassified homebuyers and re-settlers as
secured financial creditors, ensuring prioritized claims
settlement.
* Claims worth INR52.3 crore by Hive Carbon Zero Developers Pvt
Ltd, a related party, were admitted but not considered in the
approved resolution plan.
* The tribunal directed the Implementation and Monitoring
Committee (IMC) to oversee execution, with quarterly reports
submitted to the NCLT.
* The moratorium under Section 14 of IBC ceased to be in effect
from the approval date.
* The company's Memorandum and Articles of Association will be
amended to reflect the new ownership structure.
InsolvencyTracker adds that the redevelopment project ‘O2',
located in Chembur, Mumbai, is expected to be completed within six
months, with a grace period of another six months. Flats will be
handed over to homebuyers and re-settlers in a phased manner.
With this approval, Snehanjali and S.B. Developers Pvt Ltd moves
towards revival under its new management, InsolvencyTracker states.
The decision marks a significant step for homebuyers and other
stakeholders seeking resolution after years of project delays.
About Snehanjali and SB Developers
Incorporated in 2019, the developer was earlier under a partnership
with S.B. Developers. In 2015, Snehanjali started collecting money
from home buyers against booking of flats/units in respect of a
redevelopment project (O2 Project) located on Sion-Chembur Road,
Mumbai, according to Livemint.com. It issued letters of allotment
and also entered into agreements for sale in favour of the home
buyers from time to time. Thereafter, the project was to be
completed initially by June, 2019. However, the real estate
developer was unable to complete the project till June, 2023. The
developer neither handed over possession of the respective
flats/units to the home buyers nor refunded the amounts with
interest. Aggrieved by the situation an appeal was lodged by them
seeking initiation of insolvency proeedings against the company.
The Corporate Insolvency Resolution Process (CIRP) for Snehanjali
and SB Developers Pvt Ltd was initiated following an application
filed by Santosh Ananda Shetty and 66 other homebuyers, under
Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The
tribunal admitted the case on March 7, 2024, appointing Dinesh
Kumar Deora as the Resolution Professional (RP).
The insolvency petition was challenged by Shekhar Vishwanathan,
former director of the company, but was dismissed by the National
Company Law Appellate Tribunal (NCLAT) on September 26, 2024.
[] INDIA: Insolvency Cases by Operational Creditors Decline 41%
---------------------------------------------------------------
The Economic Times reports that insolvency cases initiated by
operational creditors, such as raw material suppliers and vendors,
have crashed to their lowest this fiscal year, signalling their
growing preference for faster out-of-court settlements with
defaulters, officials and experts said.
The number of insolvency cases admitted by the National Company Law
Tribunal (NCLT) on applications filed by operational creditors
plunged 41% to 187 until December this fiscal from 316 a year
before, ET discloses citing data compiled by the bankruptcy
regulator.
In contrast, 358 admitted cases were filed by financial creditors
during this period, down 7% from 384 a year earlier.
To be sure, operational creditors are still filing applications in
large numbers with the NCLT under the Insolvency and Bankruptcy
Code (IBC), but mainly to coax defaulters into settling dues, the
people said, ET relays. Once the dues are cleared, they are
withdrawing the applications.
Given that dues in most of these cases are below INR10 crore,
defaulting promoters are clearing them fast to avoid formal
insolvency proceedings and losing control of their firms, they
said.
More than 28,000 insolvency applications, involving a combined
default of over INR10 lakh crore, were withdrawn before admission,
Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital
had said in December 2024. Most of these applications were filed by
operational creditors.
Of course, where the default amount is large, the applications
filed by operational creditors are more likely to result in the
initiation of insolvency proceedings.
Manoj Kumar, head of insolvency resolution and M&A at consultancy
firm Corporate Professionals Capital, said: "The drop in insolvency
cases initiated by operational creditors in recent years is driven
by mainly two factors - an increase in the minimum default
threshold for invoking the IBC and the cost of pursuing a
protracted and rigorous bankruptcy resolution process. So, they are
often pursuing dues settlement".
Most of these operational creditors are small and medium businesses
and they don't have the wherewithal or intent to either absorb the
upfront cost of resolutions or wait for a long period to recover a
part of their dues, Kumar, as cited by ET, added.
In resolved cases, operational creditors have recovered 25.4% of
their admitted claims, against 31.4% by financial creditors, showed
the IBBI data. The data covered the period between late 2016, when
the IBC was adopted, and December 2024, adds ET.
=================
I N D O N E S I A
=================
EFISHERY: SoftBank, Temasek Among Investors Facing Near Wipeout
---------------------------------------------------------------
Bloomberg News reports that investigators hired by the board of
eFishery have determined the Indonesian startup is in far worse
shape than they previously thought, and that investors are likely
to get back less than 10 cents for every dollar they invested,
according to documents seen by Bloomberg News.
Bloomberg relates that the company, which deploys feeders to fish
and shrimp farmers in Indonesia, incurred several hundred million
dollars in losses between 2018 and 2024 and misrepresented its
financial figures for years, according to the documents and a
person familiar with the matter who asked not to be identified
because the information isn't public.
"EFishery is not commercially viable in its current form," said a
presentation prepared for the firm's investors by FTI Consulting
Singapore, the adviser hired to review the business and take over
management of the company, Bloomberg relays.
The fallen startup, whose financial backers include SoftBank Group
and Singapore's Temasek Holdings, had been a star of Indonesia's
startup scene. EFishery was valued at $1.4 billion in 2023 after it
raised $200 million from Abu Dhabi's 42XFund and some of its
earlier investors.
In all, global investors plowed around $315 million into eFishery's
preferred shares over five funding rounds, according to the
presentation cited by Bloomberg. In late 2024, the company was
rocked by allegations of misconduct and inflated sales and profits,
which led to the dismissal of its co-founders Gibran Huzaifah and
Chrisna Aditya.
According to Bloomberg, the FTI presentation estimated that
eFishery had around $50 million in cash as of around mid-February,
and recommended that much of the business be wound down. "The cash
balance continues to deplete without a restructuring plan in
place," it said.
That's bad news for preference shareholders, all of whom would be
paid back on an equal, or pari passu basis in the event of a
liquidation, Bloomberg states. The investors could get back 9.5
cents on the dollar under an "optimistic scenario," and just 8.3
cents on the dollar under a "conservative scenario, according to
the presentation. That would mean Abu Dhabi's G42, which invested
$100 million in the April 2023 round, may get just $8.3 million
back less than two years later.
Before its downfall, eFishery said its business revolved around
installing artificial intelligence-driven smart fish feeders,
sensors and automated supply chains that connected farmers to
buyers via smartphone apps. It also helped farmers obtain financing
from peer-to-peer lenders and financial institutions to pay for
their feed and operational costs.
The company had claimed to have more than 400,000 fish feeders
deployed, and investigators initially estimated the number was
closer to 24,000. The current estimate is just 6,300, of which only
600 are sending back data, according to the presentation.
The investigators also found that there was a high default rate on
the financing arrangements, and that eFishery bears all losses when
farmers fail to repay their loans, Bloomberg relays.
"In theory, the proceeds from the harvest or cash collected from
farmers should be repaid back to the lenders," the presentation
said, notes the report. "In practice, however, eFishery faced
significant challenges when it comes to collection from
borrowers."
Hampering the debt collection process were the huge distances and
fragmented nature of Indonesia's developing economy, where almost
10% of the population lives below the poverty line. About 76% of
eFishery's $68 million in accounts receivable were deemed as bad
debt more than 60 days overdue, with the company ultimately liable
for the bulk of loans it facilitated with banks, according to the
presentation.
"Substantial costs would need to be incurred to realize or recover
these outstanding amounts from borrowers who are scattered all
across the country," it said, the report says.
The company's fish and shrimp businesses were operating on thin
margins and "severely loss making," the presentation, as cited by
Bloomberg, said. Key apps were not connected to eFishery's
accounting systems, and many farmers were manually matched with
buyers, the investigators found.
Much of the advanced technology that the firm touted did not work
as claimed, according to the presentation. None of eFishery's
PondTag sensors that were supposed to help remotely judge water
quality and automate fish and shrimp feeders had been deployed. The
limited data collection meant fish feed predictions were wrong
almost half the time, the document said.
In essence, eFishery was "operating like a traditional trading
business without technology," the presentation said, noting that
this helped explain the company's large workforce of almost 2,600
employees at its peak in early 2024. Following mass job cuts since
the start of this year, the company has roughly 200 staffers.
About eFishery
Indonesia-based eFishery is an aquaculture company that offers
feeding solutions for fish and shrimp farming.
As reported in the Troubled Company Reporter-Asia Pacific in early
February 2025, eFishery on Feb. 4 announced that it has involved
business consulting and management advisory FTI Consulting in the
acting management of the company, with immediate effect.
This comes amid allegations of systemic fraud within eFishery,
following media reports that it purportedly inflated its September
2024 revenue by nearly US$600 million, Business Times said. Several
employees under the workers' union staged a protest in late January
to demand transparency and a thorough investigation.
=========
N E P A L
=========
NEPAL: 7 More U.S.-Funded Projects Paused After Trump Order
-----------------------------------------------------------
Reuters reports that Nepal said on Feb. 24 seven more projects
funded by the United States have been put on hold after President
Donald Trump suspended foreign development assistance.
According to Reuters, President Donald Trump ordered a 90-day pause
in US foreign development assistance on the day he returned to the
White House, pending assessments of efficiency and consistency with
U.S. foreign policy.
Reuters relates that the Ministry of Finance said projects in the
field of education, health, agriculture and statistics that were
funded by the US Agency for International Development (USAID) and
were implemented under the government's budget had been halted for
90 days.
Three other projects - concerning strengthening of provincial and
local administrations, bio-diversity and climate – that are still
being designed have also been put on hold for three months, it
said.
"Money for the projects that were being designed has not been
received as the agreement for these programmes has not been signed
yet," a ministry statement said, notes the report.
It did not give details of the funds for these projects, Reuters
notes.
Last week, the government said two major infrastructure projects
funded by the Millennium Challenge Corporation (MCC), a U.S.
government aid agency, for the construction of a power transmission
line and road improvement project had been paused for 90 days
following the Trump order, Reuters relays.
Authorities gave no details about how the cash-strapped nation,
among the poorest in the world, would fund these projects if Trump
does not resume the aid.
Nepal is a landlocked Himalayan country in South Asia bordered by
India and China. It has a population of 30 million and contains
eight of the world's ten highest peaks, including Mount Everest the
highest mountain in the world. Kathmandu is its capital and largest
city.
As reported in the Troubled Company Reporter-Asia Pacific in early
December 2024, Fitch Ratings has assigned Nepal a Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB-' with a Stable
Outlook.
=====================
N E W Z E A L A N D
=====================
ASKE NZ: Court to Hear Wind-Up Petition on March 20
---------------------------------------------------
A petition to wind up the operations of Aske NZ Limited will be
heard before the High Court at Christchurch/Otautahi on March 20,
2025, at 10:00 a.m.
Dacam Management Limited filed the petition against the company on
Jan. 30, 2025.
The Petitioner's solicitor is:
Holly Cassin
Cavell Leitch, Solicitors
BNZ Centre, Level 3
111 Cashel Mall
Christchurch 8011
CATTLE CARE: Creditors' Proofs of Debt Due on March 17
------------------------------------------------------
Creditors of Cattle Care 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. 17, 2025.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
JASON ENGINEERING: Creditors' Proofs of Debt Due on March 18
------------------------------------------------------------
Creditors of Jason Engineering & Construction Limited are required
to file their proofs of debt by March 18, 2025, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 17, 2025.
The company's liquidator is:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany
Auckland 0752
NAPIER STREET: Grant Bruce Reynolds Appointed as Liquidator
-----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Feb. 19, 2025, was
appointed as liquidator of Napier Street Holdings Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
POWER PADDOCKS: Court to Hear Wind-Up Petition on Feb. 28
---------------------------------------------------------
A petition to wind up the operations of Power Paddocks Holdings
Limited will be heard before the High Court at Auckland on Feb. 28,
2025, at 10:45 a.m.
Simpson Western filed the petition against the company on Nov. 25,
2024.
The Petitioner's solicitor is:
Peter Thomas Hall
Simpson Western
Level 4, Takapuna Finance Centre
159 Hurstmere Road
Takapuna
Auckland 0620
=================
S I N G A P O R E
=================
BLUE HORSE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Feb. 7, 2025, to
wind up the operations of Blue Horse Technologies Pte. Ltd.
Maybank Singapore Limited filed the petition against the company on
Jan. 14, 2025.
The company's liquidator is:
Gary Loh Weng Fatt
C/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
EVER ASCENDANT: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 14, 2025, to
wind up the operations of Ever Ascendant Pte. Ltd.
Maybank Singapore Limited filed the petition against the company on
Jan. 20, 2025.
The company's liquidator is:
Gary Loh Weng Fatt
C/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
HEWTOP CATERING: Court to Hear Wind-Up Petition on March 7
----------------------------------------------------------
A petition to wind up the operations of Hewtop Catering Pte. Ltd.
will be heard before the High Court of Singapore on March 7, 2025,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 13, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
RABEX PTE: Creditors' Meeting Set for March 6
---------------------------------------------
Rabex Pte. Ltd. will hold a meeting for its creditors on March 6,
2025, at 11:00 a.m. via Zoom.
Agenda of the meeting includes:
a. to nominate liquidator(s) or to confirm members' nomination
of liquidator(s);
b. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;
c. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. to consider any other matters which may be brought before
the meeting.
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
provisional liquidator of the Company on Feb. 14, 2025.
SENFU REALTY: Court to Hear Wind-Up Petition on Feb. 28
-------------------------------------------------------
A petition to wind up the operations of Senfu Realty (Private)
Limited will be heard before the High Court of Singapore on Feb.
28, 2025, at 10:00 a.m.
Chuang Shaw Cheng filed the petition against the company on Feb. 3,
2025.
The Petitioner's solicitors are:
De Souza Lim & Goh LLP
4 Shenton Way
SGX Centre 2, #15-01
Singapore 068807
=============
V I E T N A M
=============
NAM A COMMERCIAL: Moody's Affirms 'B2' Deposit & Issuer Ratings
---------------------------------------------------------------
Moody's Ratings has affirmed the B2 local (LC) and foreign (FC)
currency long-term (LT) bank deposit and issuer ratings of Nam A
Commercial Joint Stock Bank (Nam A Bank), as well as the bank's b3
Baseline Credit Assessment (BCA) and adjusted BCA.
Moody's have also affirmed Nam A Bank's B1 LT FC and LC
Counterparty Risk Ratings (CRR) and B1(cr) LT Counterparty Risk
Assessment (CRA), NP short-term (ST) FC and LC CRR, ST FC and LC
bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST
CRA.
The rating outlooks for Nam A Bank, where applicable, remain
stable.
RATINGS RATIONALE
The affirmation of Nam A Bank's B2 rating and b3 BCA reflects
Moody's expectations that the bank's credit profile will remain
stable over the next 12 to 18 months, supported by its stable asset
quality and improving capital and profitability. The BCA also
considers the bank's high reliance on market funds and moderate
liquidity buffers.
Nam A Bank's B2 LT deposit and issuer ratings are one notch above
its b3 BCA, reflecting Moody's expectations of a moderate
probability of support from the Government of Vietnam (Ba2 stable)
for the bank when needed.
The bank's problem loan ratio, which includes nonperforming loans
(NPL) and gross Vietnam Asset Management Company (VAMC) bonds,
remained broadly stable at 2.3% compared with 2.1% the year before,
but improved from 3.3% as of end-2020 as the bank fully wrote off
its VAMC bonds in 2023. Moody's expects asset quality pressures to
moderate over the next 12-18 months as the bank slowed annual loan
growth to 19% in 2024, in line with the industry average, from the
peak of 35% in 2020.
Nam A Bank's core capital, as measured by tangible common equity
(TCE) as a percentage of risk weighted assets (RWA), increased to
7.6% as of December 2024 from 6.5% as of December 2023 as internal
capital generation outpaced capital consumption. The bank's
capitalization will improve slightly over the next 12-18 months due
to slower loan growth. The bank's return on tangible assets
increased to 1.5% in 2024 from 1.3% in 2023 as the bank optimized
funding costs and operating expenses. Nevertheless, further
improvement to ROTA over the next 12-18 months will be limited due
to higher funding costs as the bank aims to accelerate its deposit
growth.
Nam A Bank's funding profile is constrained by its small deposit
franchise. The bank increased its market funds reliance to 26% as
of December 2024 from 21% as of December 2023 to support loan
growth. At the same time, its high-quality liquid assets such as
cash, balances with the central bank and government securities
accounted for just 11% of its tangible banking assets as of
December 2024, providing a limited buffer in times of need.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Nam A Bank's ratings and BCA could be upgraded if its return on
tangible assets remains above 1.5% while improving loan loss
coverage to more than 75% of NPLs, and its tangible common equity
as a percentage of adjusted risk-weighted assets (TCE) ratio
improves and remains above 8% on a sustained basis.
Nam A Bank's ratings and BCA would be downgraded if there is a
significant deterioration in its financial fundamentals.
Specifically, if the bank's NPL and SML ratio increases above 4%,
or its adjusted TCE ratio declines below 5.5% on a sustained
basis.
Nam A Bank's deposit and issuer ratings could also be downgraded if
the rating agency assesses that the government support for the bank
has weakened.
The principal methodology used in these ratings was Banks published
in November 2024.
Nam A Commercial Joint Stock Bank, headquartered in Ho Chi Minh
City, reported total assets of VND245 trillion as of December 31,
2024.
*********
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.
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