/raid1/www/Hosts/bankrupt/TCRAP_Public/250228.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, February 28, 2025, Vol. 28, No. 43
Headlines
A U S T R A L I A
BESTON GLOBAL: Put in Liquidation After KPMG Failed to Find Buyer
EPSILON HEALTHCARE: Finalizes Unit's DOCA, Stabilizing Operations
JESSOP CONSTRUCTIONS: Second Creditors' Meeting Set for March 5
METHOD CONSTRUCTIONS: Second Creditors' Meeting Set for March 4
PASCOE VALE: First Creditors' Meeting Set for March 5
SAMMY'S ROOFING: Second Creditors' Meeting Set for March 6
TRINITY COMMERCIAL: First Creditors' Meeting Set for March 7
VESTIUUM CSF: ASIC Suspends Australian Financial Services Licence
C H I N A
CHINA EVERGRANDE: Appoints Liquidators to Tianji Holding Unit
I N D I A
A E INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
ACCURATE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
ADVENTURE PARK: CRISIL Keeps B Debt Rating in Not Cooperating
AGMOTEX FABRICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AISHWARYA CHICKEN: CRISIL Keeps D Debt Ratings in Not Cooperating
ANSAL PROPERTIES: NCLT Admits Company Into Insolvency Proceedings
BLUE WORLD: CRISIL Keeps B Debt Ratings in Not Cooperating
BRINDAVAN SHELTERS: CRISIL Keeps B+ Ratings in Not Cooperating
DHANYA TMT: CRISIL Keeps D Debt Rating in Not Cooperating
MAHARAJA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
MHETRE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
MONTAGE PROMOTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
MY STORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
NAKODA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
NAVANIDHI ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating
NAVJEEVAN HATCHERIES: CRISIL Keeps D Ratings in Not Cooperating
NIKS ORGANIC: CRISIL Keeps B Debt Ratings in Not Cooperating
NUCLEUS SATELLITE: CRISIL Keeps C Debt Ratings in Not Cooperating
PARADIGM TUNNELING: CRISIL Keeps D Ratings in Not Cooperating
PEE GEE: CRISIL Keeps B- Debt Ratings in Not Cooperating
PRATIBHA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
PRIDE COKE: CRISIL Keeps B- Debt Ratings in Not Cooperating
RANSAN PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
SATYAM AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SEVENHILLS HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating
SHIVA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SR FOILS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
UNISHIRE URBANSCAPE: CRISIL Keeps D Rating in Not Cooperating
VIJAYA DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating
I N D O N E S I A
GUNBUSTER NICKEL: Indonesian Nickel Smelter Risks Total Shutdown
SANKEN ELECTRIC: Over 450 Workers in Indonesia Face Layoffs
N E W Z E A L A N D
CUBIC METRE: Creditors' Proofs of Debt Due on March 24
EVOLUTION TRAFFIC: Creditors' Proofs of Debt Due on March 24
FLA TROBE: Court to Hear Wind-Up Petition on March 10
FORREST & BOYD: Court to Hear Wind-Up Petition on March 14
TOP GROW: Court to Hear Wind-Up Petition on March 10
P A K I S T A N
PAKISTAN: IMF to Visit Country Next Week With Bailout Review Due
S I N G A P O R E
ABC AVIATION: Creditors' Proofs of Debt Due on March 21
CLOVER KITCHEN: Court Enters Wind-Up Order
CT BUSINESS: Court to Hear Wind-Up Petition on March 14
ESMEGEN GROUP: Court to Hear Wind-Up Petition on March 14
PRESIDENT MARINE: Creditors' Proofs of Debt Due on March 21
- - - - -
=================
A U S T R A L I A
=================
BESTON GLOBAL: Put in Liquidation After KPMG Failed to Find Buyer
-----------------------------------------------------------------
InDaily reports that administrators KPMG placed Beston Global Food
into liquidation on Feb. 24, having failed to find a buyer for the
beleaguered dairy business which collapsed late last year.
InDaily notes that KPMG was appointed administrator in September
after a divestment of its meat processing subsidiary failed to prop
the company up.
At the time, the company said it had received "several" non-binding
indicative offers around refinancing and equity solutions for the
business, including an offer from Japanese Megmilk Snow Brands for
the acquisition of its Jervois facility and business.
However, Beston said Megmilk had advised on September 20, the same
day administrators were appointed, that they would not proceed with
its previous offer following extensive due diligence, InDaily
relates.
ASIC records show the company was wound up on Feb. 24, 2025.
A voluntary administrators report dated February 13 shows KPMG
discovered that Beston Global Good "may have been insolvent from at
least 4 April 2024," InDaily relays.
"Given the extent of losses incurred in prior periods, the date of
insolvency may be earlier and would be subject to further and more
detailed investigation which would be undertaken by a liquidator,"
KPMG said.
According to InDaily, the administrators confirmed that its
attempts to sell the business failed and they did not receive a
binding offer for the business or a proposal for a deed of company
arrangement (DOCA) capable of acceptance for the sale of the
business as a going concern, not for a restructure of the dairy
company via a DOCA.
"We note that several parties requested additional time to conduct
due diligence and/or seek funding prior to submitting a binding
offer or proposal," KPMG said, notes the report. "Due to ongoing
trading losses being incurred, and limited funding available to the
Administrators in which to fund operations, further extensions of
time were not possible beyond 30 November 2024."
The business underwent an orderly wind down on November 26,
preceding the asset sale process, InDaily relates.
According to InDaily, priority employee creditors are set to
receive 100 cents in the dollar from the liquidation of the
business, while secured creditors of Beston Pure Dairies will
receive between 26 to 34 cents in the dollar and Beston Global Food
Company secured creditors will receive between zero to 0.06 cents
in the dollar.
InDaily adds that the liquidators – also KPMG – will now
undertake further investigations into the company given they have
more extensive powers than the administrators.
This includes claims over unfair preference and other voidable
transactions in excess of AUD7.4 million, an insolvent trading
claim and unreasonable director-related transactions.
About Beston Global
Based in Wayville, Australia, Beston Global Food Company Limited
(ASX:BFC) -- https://bestonglobalfoods.com.au/ -- engages in the
manufacture and sale of food and beverage products in Asia, Europe,
North America, and Australia. The company owns milk production
plants to produce cheese, as well as by-products, including whey
powder, cream, and butter; harvests, processes, packages, and
distributes live, chilled, and frozen seafoods; produces
sustainably caught giant crabs, king prawns, king george whiting,
southern garfish, pacific oysters, and other seafoods; and provides
meat and related products, as well as dairy desserts comprising
rice pudding and custard. It also develops and produces health and
well-being focused food, beverage, and pharmaceutical products;
produces spring water and related products; and develops and
commercializes end-to-end food traceability and anti-counterfeit
technological software.
Tim Mableson, James Dampney, Gayle Dickerson and David Kidman of
KPMG were appointed joint and several Voluntary Administrators of
Beston Global Food Company Limited and its subsidiary Beston Pure
Dairies Pty Ltd on Sept. 20, 2024.
EPSILON HEALTHCARE: Finalizes Unit's DOCA, Stabilizing Operations
-----------------------------------------------------------------
TipRanks reports that Epsilon Healthcare Limited announced the
effectuation of the Deed of Company Arrangement (DOCA) for its
subsidiary, Epsilon Clinics Pty Ltd, on Feb. 19, 2025. This marks
the extinguishment of participating creditors' claims and signifies
that the company is no longer subject to the DOCA, potentially
stabilizing its financial position and improving its operational
focus.
Ian Purchas and Hugh Armenis of SV Partners were appointed as
administrators of Epsilon Clinics and Epsilon Pharma on Dec.18,
2023.
Epsilon Healthcare Limited (ASX:EPN) is an Australian-based,
globally active healthcare organization. The company operates a
diversified and vertically integrated portfolio of assets,
including healthcare and clinic operations as well as
pharmaceutical contract development and manufacturing.
JESSOP CONSTRUCTIONS: Second Creditors' Meeting Set for March 5
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Jessop
Constructions Pty Limited has been set for March 5, 2025 at 12:00
p.m. at the offices of Roger and Carson at Level 35, One
International Towers in 100 Barangaroo Avenue and via
teleconference.
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 March 4, 2023 at 4:00 p.m.
Nicarson Natkunarajah of Roger and Carson was appointed as
administrator of the company on Jan. 29, 2025.
METHOD CONSTRUCTIONS: Second Creditors' Meeting Set for March 4
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Orange Gaming
Pty Ltd has been set for March 4, 2025 at 11:00 a.m. at the offices
of BRI Ferrier at Suite 4, Level 26, 25 Bligh Street in Sydney and
via virtual meeting technology.
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 March 3, 2025 at 4:00 p.m.
Peter Paul Krejci of BRI Ferrier was appointed as administrator of
the company on Jan. 20, 2025.
PASCOE VALE: First Creditors' Meeting Set for March 5
-----------------------------------------------------
A first meeting of creditors in the proceedings of Pascoe Vale Rsl
Sub-Branch Inc has been set for March 5, 2025 at 10:00 a.m. via
teleconference/online video conference.
Brodie Hilet, Brent Morgan and Neil McLean of Rodgers Reidy were
appointed as administrators of the company on Feb. 21, 2025.
SAMMY'S ROOFING: Second Creditors' Meeting Set for March 6
----------------------------------------------------------
A second meeting of creditors in the proceedings of Sammy's Roofing
Pty Ltd has been set for March 6, 2025 at 10:00 a.m. at the offices
of Jirsch Sutherland at 165 Camberwell Road in Hawthorn East and
via Microsoft Teams.
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 March 5, 2025 at 4:30 p.m.
Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of the company on Feb. 25, 2025.
TRINITY COMMERCIAL: First Creditors' Meeting Set for March 7
------------------------------------------------------------
A first meeting of creditors in the proceedings of Trinity
Commercial Holdings Pty Ltd has been set for March 7, 2025 at 11:00
a.m. at Tower 4, Level 18, 727 Collins Street in Melbourne and via
a conference telephone call.
Mathew Dieter Windsor Blum and Luke Francis Andrews of BDO
Australia were appointed as administrators of the company on Feb.
25, 2025.
VESTIUUM CSF: ASIC Suspends Australian Financial Services Licence
-----------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of
Vestiuum CSF Pty Ltd until August 19, 2025.
The AFS licence was suspended because Vestiuum has ceased carrying
on a financial services since December 2021.
Vestiuum has taken steps to relaunching its financial services
business. The suspension period will provide Vestiuum an
opportunity to be in a position to resume its financial services
business.
Vestiuum may apply to the Administrative Review Tribunal for a
review of ASIC's decision.
Vestiuum held an AFS licence since January 23, 2019. The licence
authorises Vestiuum to provide general product advice and
crowd-funding services to retail and wholesale clients via an offer
platform.
=========
C H I N A
=========
CHINA EVERGRANDE: Appoints Liquidators to Tianji Holding Unit
-------------------------------------------------------------
TipRanks reports that China Evergrande Group has announced the
appointment of joint and several liquidators to its subsidiary,
Tianji Holding, following a winding-up order by the High Court of
Hong Kong.
This move comes amid the continued suspension of trading in the
company's shares, signaling ongoing financial distress and
potential implications for stakeholders, including shareholders and
creditors, who are advised to exercise caution, TipRanks relates.
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.
=========
I N D I A
=========
A E INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A E Infra
Projects Private Limited (AEIPL) continue to be ‘CRISIL D/CRISIL
D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Letter Of Guarantee 3.5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AEIPL 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 AEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AEIPL
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the ratings on bank facilities
of AEIPL continues to be ‘CRISIL D/CRISIL D Issuer not
cooperating'.
AEIPL was incorporated in 2009, promoted by Mr. Mukesh N Barot and
Mr. Rajesh N Barot. The company is a civil contractor based in
Mumbai and undertakes subcontracting, mostly in Thane, Sangli (both
in Maharashtra) and Gujarat.
ACCURATE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Accurate
Infra Industries Private Limited (AIIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AIIPL 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 AIIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIIPL
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the rating on bank facilities of
AIIPL continues to be ‘CRISIL D Issuer not cooperating'.
Incorporated in 2012, AIIPL is promoted by Mr. Jagdish Poriya. The
company manufactures Autoclave Aerated Conctrete Blocks (AAC) which
are used in building construction.
ADVENTURE PARK: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Adventure Park
(APK) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APK 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 APK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APK
is consistent with ‘Assessing Information Adequacy Risk'. Based
on the last available information, the rating on bank facilities of
APK continues to be ‘CRISIL B/Stable Issuer not cooperating'.
Promoted by Mrs. Gayatri, APK is setting up an 'Adventure' themed
amusement park with adventure and water rides. The firm's amusement
park is being set up in a total area of 35 acres in Coimbatore and
is expected to commence operations from March 2018.
AGMOTEX FABRICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agmotex
Fabrics Private Limited (AFPL) continue to be 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 8.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 7 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AFPL 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 AFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AFPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.
AFPL, incorporated in 1994, manufactures knitted and woven fabric
made of cotton, polyester, nylon, rayon, and viscose. It also has
processing and dyeing capacities. The company is promoted by Mr.
Shishir Agrawal and its registered office is at Kanpur in Uttar
Pradesh.
AISHWARYA CHICKEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aishwarya
Chicken (AC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Open Cash Credit 10.50 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.67 CRISIL D (Issuer Not
Cooperating)
Working Capital 2.83 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with AC 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 AC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of AC
continues to be 'CRISIL D Issuer not cooperating'.
AC was set up in the year 2011. AC is engaged in the poultry and
hatchery business. AC is owned & managed by Mr. G Nallusamy and Mr.
R Gunasekaran.
ANSAL PROPERTIES: NCLT Admits Company Into Insolvency Proceedings
-----------------------------------------------------------------
The Economic Times reports that National company law tribunal
(NCLT) has admitted Ansal Properties and Infrastructure (Ansal API)
into insolvency proceedings after the company was unable to defend
itself against a petition filed by IL&FS Financial services, as per
a court order on Feb. 25.
ET relates that IL&FS Financial Services has claimed that the
listed Ansal API has failed to honour loans of INR257 crore. It
also claimed that Ansal API had entered into a settlement with it
in 2022 but was not able to meet the terms of that settlement.
"The Corporate Debtor does not dispute the existence of the debt
but challenges the exact amount, suggesting that the debt owed is
INR83 crores rather than the claimed INR257.43 crores. However,
this dispute over quantum does not affect the application's
admissibility at this stage," NCLT noted in its ruling, notes the
report.
It admitted IL&FS's petition on the grounds that the debt exceeded
the statutory threshold of INR1 crore which is mandated by the
insolvency and bankruptcy code, ET relays.
"The Corporate Debtor's acknowledgment of the debt and its default
in payment satisfy the requirement under Section 7 of the IBC,"
NCLT ruled, says ET.
The tribunal appointed Navneet Kumar Gupta as the company's interim
resolution professional, ET discloses.
ET adds that the court directed police authorities to render all
possible assistance to the interim resolution professional to take
full charge of Ansal API's assets and documents without any delay
whatsoever.
Ansal Properties and Infrastructure Ltd is engaged in real estate
development in North India (in states of Delhi, Haryana, Punjab,
Rajasthan and Uttar Pradesh). The company is a part of API group
engaged in real estate development with wide range of business
verticals, viz, integrated townships, Condominiums, group housing,
commercial, retail, hospitality, special economic zones,
information technology parks, and facility management.
BLUE WORLD: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Blue World
Corporation Private Limited (BWCPL) continue to be 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Bank 18 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Proposed Long Term 7 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BWCPL 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 BWCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BWCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BWCPL continues to be 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2010, BWCPL is owned and managed by M. P K Mishra.
It has developed an amusement-cum-water park in Kanpur (Uttar
Pradesh) named 'Blue World Theme Park'. The same became operational
in September, 2015.
BRINDAVAN SHELTERS: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Brindavan
Shelters Private Limited (BSPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL B+/Stable (Issuer Not
Cooperating)
Electronic Dealer 7 CRISIL B+/Stable (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
Proposed Long Term 2 CRISIL B+/Stable (Issuer Not
Bank Loan Facility 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 rating on bank facilities of
BSPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.
BSPL was incorporated in 2007, promoted by Mr Vivek Ladhani and Mr
Parmanand Banwani. The company is an authorised dealer for
passenger cars of TML. It operates a showroom in Kanpur and a
showroom-cum-workshop in Rooma, both in Uttar Pradesh.
DHANYA TMT: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dhanya TMT
Private Limited (DTPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DTPL 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 DTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DTPL continues to be 'CRISIL D Issuer not cooperating'.
Established in 2012, Bengaluru-based DTPL (earlier knows as Amsteel
Industries Private Limited) manufactures thermo-mechanically
treated (TMT) bars.
MAHARAJA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharaja Agro
Foods Private Limited (MAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 11.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MAPL 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 MAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MAPL continues to be 'CRISIL D Issuer not cooperating'.
MAPL, incorporated in 2011, processes milk (pasteurises and chills)
and allied products. It is promoted by Mr. Bijender Nagar and Mr.
Sunder Singh. Its manufacturing facility is in Alwar, Rajasthan,
and has installed capacity of 0.5 million litres per day. The
company commenced operations in December 2013.
MHETRE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mhetre Foods
Private Limited (MFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MFPL 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 MFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MFPL continues to be 'CRISIL D Issuer not cooperating'.
Incorporated in 2011, MFPL processes vegetables and commenced
operations in September 2015. The company, promoted by Mr Dilip
Mhetre, Mr Prakash Mhetre and Mr Vikas Mhetre, is based in Daund
(Maharashtra).
MONTAGE PROMOTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Montage
Promoters Private Limited (MPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 8.55 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.95 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MPPL 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 MPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MPPL continues to be 'CRISIL D Issuer not cooperating'.
Incorporated in September 2009 and promoted by Mr. Rajesh Shukla,
Ms. Anupama Shukla, and Ms. Shweta Shukla, MPPL trades in agro
commodities (cotton bales), fast-moving consumer goods (Mad-Croc
energy drink), and apparel (Bentbrass Golf); it is also engaged in
distribution of pharmaceuticals products.
MY STORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MY Store
Private Limited (MSPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MSPL 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 MSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MSPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
MSPL, incorporated in 2008, by Mr. Saurabh Garg, operates
franchisee stores of brands like Levi's, Nike, Arvind Lifestyle.
The company also operates one multibrand retail store under the
name ' MyWays. The company has 30 retail shops across 10 cities
including Mumbai, Pune, Bhopal, Delhi NCR, etc. The registered
office of the company is in Bhopal.
NAKODA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nakoda Agro
Tech (NAT) continue to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Term Loan 1.15 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 1 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NAT 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 NAT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NAT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NAT continues to be 'CRISIL B/Stable Issuer not cooperating'.
NAT is a proprietorship firm set up by Mr. Mahipal Jain in 2013 -
14. The firm commenced commercial operations in 2014 and operates a
cotton ginning unit in Khetia (Madhya Pradesh).
NAVANIDHI ELECTRONICS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Navanidhi
Electronics Private Limited (NEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.85 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Open Cash Credit 7.65 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NEPL 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 NEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
NEPL was set up as a partnership firm named NNE in 1983, and got
its current name in 1984. NNE was engaged in design, development,
manufacture and testing of amplifiers, filters, broadband antennae,
power combiners /dividers and telecom masts. Mr Adithe Ramanadha
Sastry is the promoter. The manufacturing and assembly facility is
based in Hyderabad.
NAVJEEVAN HATCHERIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Navjeevan
Hatcheries Private Limited (NHPL) continue to be 'CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10.5 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Working 1.2 CRISIL D (ISSUER NOT
Capital Facility COOPERATING)
CRISIL Ratings has been consistently following up with NHPL 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 NHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NHPL continues to be 'CRISIL D Issuer not cooperating'.
Incorporated in 1998 by Mr Harshwardhan Joshi, NHPL is engaged in
selling eggs, day-old chicks and broiler birds.
NIKS ORGANIC: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of the rating on
bank facilities of Niks Organic (NO) continue to be 'CRISIL
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.6 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 2.9 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NO 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 NO, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NO is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of NO
continues to be 'CRISIL B/Stable Issuer not cooperating'.
NO was set up in year 2018, its engage in trading of Spices and
Herbs. NO is currently setting up a plant for processing of
Psyllium Husk, Spices and Herbs. NO is owned and managed by Patel
Sarojben Sureshkumar, Patel Dineshkumar Kantilal, Patel Vinodkumar
Kantilal and Patel Saajan Dineshkumar.
NUCLEUS SATELLITE: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nucleus
Satellite Communications (Madras) Private Limited (NSCPL) continue
to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.35 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 12 CRISIL C (ISSUER NOT
COOPERATING)
Proposed Long Term 3 CRISIL C (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL Ratings has been consistently following up with NSCPL 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 NSCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NSCPL continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.
NSCPL, established in 1995, manufactures dish antennas for DTH
operators. Operations are managed by Mr. V Raman and his brother,
Mr. V Lakshman. The company is planning a capex of Rs.300 million,
equally funded by debt and equity. The management intends to shift
its manufacturing base from Kanchipuram, Tamil Nadu, to Sri City,
Andhra Pradesh; operations in the new location are expected to
start from March 2017.
PARADIGM TUNNELING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paradigm
Tunneling Private Limited (PATUPL) continue to be 'CRISIL B-/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PATUPL 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 PATUPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PATUPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of PATUPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Established in 2013, company is engaged in construction of water
drainages, tunneling, large scale water pipelining projects.
PEE GEE: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pee Gee
International (Delhi) (PGI) continue to be 'CRISIL B-/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Buyer Credit Limit 2 CRISIL B-/Stable (Issuer Not
Cooperating)
Buyer Credit Limit 4 CRISIL B-/Stable (Issuer Not
Cooperating)
Cash Credit 6 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PGI 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 PGI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PGI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PGI continues to be 'CRISIL B-/Stable Issuer not cooperating'.
Set up as a proprietorship firm in 2002 by Mr Gauri Shankar,
Delhi-based PGI trades in aluminium scrap and other metals.
PRATIBHA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Pratibha
Industries Ltd (PIL) continue to be on 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Short Term Loan 2.74 CRISIL D (Issuer Not
Cooperating)
Term Loan 11.86 CRISIL D (Issuer Not
Cooperating)
Term Loan 26.33 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.58 CRISIL D (Issuer Not
Cooperating)
Term Loan 14.63 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.31 CRISIL D (Issuer Not
Cooperating)
Term Loan 18.96 CRISIL D (Issuer Not
Cooperating)
Term Loan 27.16 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been following up with PIL for getting
information through letters and emails, dated December 12, 2024,
apart from various telephonic communications. However, the issuer
has continued to be non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on the best
available or limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings has not received any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL Ratings' ability to take a forward-looking view on its
credit quality. CRISIL Ratings believes that the rating action is
consistent with 'Assessing Information Adequacy Risk'
Based on the last available information, the ratings on the bank
facilities of PIL continues to be on 'CRISIL D/CRISIL D Issuer Not
Cooperating'. Also, the company has been under liquidation process
since February 2021.
Analytical Approach
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of PIL and its wholly-owned
subsidiaries Prime Infrapark Pvt Ltd, Muktangan Developers Pvt Ltd,
Pratibha Holding (Singapore) Pte Ltd and Pratibha Infra Lanka (Pvt)
Ltd.
Incorporated in 1982, PIL is promoted by Mr Ajit Kulkarni and
undertakes infrastructure development with a focus on water supply
and environment engineering assignments, and urban infrastructure
projects. In the urban infrastructure segment, it is engaged in
building and modernisation of airports and railway stations, and
construction of roads, high-rise buildings, mass housing projects,
and shopping malls. In the water supply segment, it executes laying
of water pipelines; construction of sewerage treatment plants,
water reservoirs, and water storage systems; and tunnelling
projects.
PRIDE COKE: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pride Coke
Private Limited (PCPL) continue to be 'CRISIL B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 4.14 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PCPL 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 PCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PCPL continues to be 'CRISIL B-/Stable Issuer not cooperating'.
Incorporated in 2004 and promoted by Mr Kamal Harlalka, PCPL
commenced operations in 2005 and manufactures low-ash metallurgical
coke and coke breeze at its unit in Guwahati. It also set up a
parboiled rice processing unit in 2017.
RANSAN PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ransan
Packaging Private Limited (RPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Working Capital 0.4 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with RPPL 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 RPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Incorporated in 2013 and promoted by Mr V A Prabhakaran and Mr A
Srenivasan, Chennai-based RPPL manufactures and prints mono-cartons
and corrugated boxed used in the packaging industry.
SATYAM AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satyam Agro
Trade Private Limited (SATPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SATPL 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 SATPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SATPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SATPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Established in the year 2015, SATPL is a private limited company
engaged in trading of imported spices and pulses. It was also
engaged in franchisee sales of the juice brand - 'Onjus' (Tunip
Lanka Pvt. Ltd. - 100% subsidiary of Tunip Agro Limited). The
company majorly caters to the domestic market. The day-to-day
operations of the company are managed by Mr. Arvind Varma and Mrs.
Sarla Varma.
SEVENHILLS HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SevenHills
Healthcare Private Limited (SHPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Funded Interest 56.44 CRISIL D (Issuer Not
Term Loan Cooperating)
Overdraft Facility 50 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 98.92 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 7.89 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 14.06 CRISIL D (Issuer Not
Cooperating)
Term Loan 27.3 CRISIL D (Issuer Not
Cooperating)
Term Loan 55.17 CRISIL D (Issuer Not
Cooperating)
Term Loan 16.84 CRISIL D (Issuer Not
Cooperating)
Term Loan 17.84 CRISIL D (Issuer Not
Cooperating)
Term Loan 23.67 CRISIL D (Issuer Not
Cooperating)
Term Loan 23.59 CRISIL D (Issuer Not
Cooperating)
Term Loan 28.66 CRISIL D (Issuer Not
Cooperating)
Term Loan 16.33 CRISIL D (Issuer Not
Cooperating)
Term Loan 214.75 CRISIL D (Issuer Not
Cooperating)
Term Loan 47.84 CRISIL D (Issuer Not
Cooperating)
Term Loan 24.06 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SHPL 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 SHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SHPL continues to be 'CRISIL D Issuer not cooperating'.
SHPL, incorporated in 2004, is currently operating two
super-speciality hospitals under the name of Sevenhills Hospital;
one is in in Visakhapatnam (Andhra Pradesh) and other in Andheri,
Mumbai. Sevenhills Hospital, Visakhapatnam was started in 1988 by
Sevenhills Hospitals Pvt Ltd, which was later merged with SHPL in
2009. Sevenhills Hospital, Mumbai, commenced operations in 2009.
SHPL is currently promoted by Dr. Jitendra Das Maganti, his wife,
Dr. Renuka Jitendra Maganti, and AIRRO (Mauritius) Holdings I,
Mauritius (AIRRO; a fund affiliated to JP Morgan).
SHIVA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva Agro
Industries - Haryana (SAI) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAI 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 SAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SAI continues to be 'CRISIL D Issuer not cooperating'.
SAI, set up in 2009, mills and sorts basmati and non-basmati rice.
The manufacturing facility in Kaithal (Haryana) has milling and
sorting capacities of 6 tonne per hour, utilised at 85-90%. The
firm is managed by Mr Naresh Kumar.
SR FOILS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SR Foils and
Tissue Limited (SRFTL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with SRFTL 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 SRFTL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRFTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRFTL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Incorporated in 1993, SRFTL (formerly SR Foils Ltd) manufactures
aluminium foils (under the Homefoil brand), cling film rolls (Clean
Wrap), and tissue paper products (Mistique). The company has two
manufacturing units, one in Bhiwadi and another in Sotanala, both
in Rajasthan.
UNISHIRE URBANSCAPE: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures
(NCDs) of Unishire Urbanscape Pvt Ltd (UUPL; part of the Unishire
Urbanscape group) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 126.0 CRISIL D (Issuer Not
Debentures-LT Cooperating)
CRISIL Ratings has been following up with UUPL for getting
information through letter and email, dated December 12, 2024.
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 UUPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UUPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on the non-convertible
debentures (NCDs) of UUPL continues to be 'CRISIL D Issuer Not
Cooperating'.
Analytical Approach
CRISIL Ratings has combined the business and financial risk
profiles of the following companies with UUSL: Unishire Skyscapes
LLP, Unishire Properties LLP, Unishire Homes LLP, Unishire Regency
Park LLP, and Unishire Developers Pvt Ltd. These companies have
been consolidated because they are co-obligors to the NCDs. The
projects under these companies are security against the NCDs by way
of exclusive first charge.
Incorporated in February 2011, UUPL develops real estate in
Bengaluru and is a part of the Unishire group.
VIJAYA DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Vijaya
Durga Motors Private Limited (SVDMPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVDMPL 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 SVDMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SVDMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SVDMPL continues to be 'CRISIL D Issuer not
cooperating'.
SVDMPL, incorporated in 2003, remained non-operational until April
2011. During fiscal 2012, the company commenced operations by
taking up the dealership for Mahindra Navistar's commercial
vehicles. It has three showrooms, one each at Kadapa, Kurnool, and
Anantpur, all in Andhra Pradesh.
=================
I N D O N E S I A
=================
GUNBUSTER NICKEL: Indonesian Nickel Smelter Risks Total Shutdown
----------------------------------------------------------------
Bloomberg News reports that one of the biggest nickel smelters in
Indonesia has slashed production and is close to shutting down
completely, just months after the collapse of its Chinese parent
company.
PT Gunbuster Nickel Industry, which is affiliated with bankrupted
stainless steel giant Jiangsu Delong Nickel Industry Co., is
delaying payments to local energy suppliers and is unable to
procure nickel ore, according to people familiar with the
situation, Bloomberg relays. The smelter will likely halt
production soon if the situation persists, said the people, who
asked not to be named as the matter is sensitive.
Bloomberg notes that global nickel prices have almost halved since
the end of 2022 as booming Indonesian production forced mines and
plants elsewhere to shutdown. But now even smelters in the
Southeast Asian country - which typically benefit from lower energy
and labor costs - are feeling the pinch. Supplies of ore in the
country have also been tight for almost a year due to a lack of
mining quotas issued by the government.
That's worsened the predicament of Gunbuster, which was already
suffering from the collapse of its parent Delong, Bloomberg says.
The Chinese conglomerate - owned by Dai Guofang and his family -
was one of the earliest investors in Indonesia's nickel smelting
industry, but was forced into restructuring by a Chinese court last
year, Bloomberg recalls. Its businesses have suffered from China's
economic slowdown and fierce competition from Tsingshan Holding
Group, which also has huge operations in Indonesia.
Delong, Xiangshui county government and law firm King & Wood
Mallesons, who was appointed as judicial manager for the
restructuring, couldn't immediately comment on the matter, says
Bloomberg.
Gunbuster, which is able to produce 1.8 million tons of nickel pig
iron a year, has already shut all but a few of its more than 20
production lines since the start of the year, the people, as cited
by Bloomberg, said. A working group of Chinese government officials
and lawyers appointed by the court in Xiangshui County, Jiangsu
province, has taken over the firm as part of Delong's restructuring
process, two of the people familiar with the matter said.
Jiangsu Delong Nickel Industry Co. Ltd. operates metal material
production businesses. The Company produces nickel alloys and other
products. Jiangsu Delong Nickel Industry conducts businesses in
China.
SANKEN ELECTRIC: Over 450 Workers in Indonesia Face Layoffs
-----------------------------------------------------------
Jakarta Globe reports that Sanken Electric has announced plans to
shut down its factory in Cikarang, Bekasi, in Indonesia leading to
the inevitable layoff of over 450 workers.
According to the report, the factory is set to cease operations in
June 2025 as part of Sanken's strategy to refocus on its core
business operations in Japan.
Jakarta Globe relates that Dedi Supriyanto, chairman of the labor
union at Sanken Indonesia, said that management had informed
employees about the closure plan as early as February 2024.
"We were shocked by the decision, but at the same time, we
appreciate management for notifying us well in advance before
production completely halts in June 2025. This has given us about a
year and a half to prepare," the report quotes Dedi as saying in
Cikarang.
He added that the decision came from Sanken's headquarters in
Japan, citing the factory's inability to meet production targets,
Jakarta Globe relays.
Workers are demanding severance payments equivalent to 60 times
their monthly salaries, in accordance with labor laws, Dedi said.
"Management has shown a commitment to handling this matter properly
and ensuring workers receive fair severance packages," he noted,
says the report. However, the current severance offer stands at six
months' salary.
Separately, an Industry Ministry official in Jakarta confirmed that
the factory closure was unrelated to Indonesia's business
environment, Jakarta Globe reports.
"It is important to clarify that Sanken Indonesia's decision to
shut down production here is not influenced by Indonesia's business
climate, but rather a policy decision from the company's
headquarters in Japan," Jakarta Globe quotes Setia Diarta, the
ministry's Director General of Metal, Machinery, Transportation,
and Electronic Industries, as saying.
Setia clarified Sanken Indonesia in Cikarang is a separate entity
from Sanken Argawidja in Tangerang, which manufactures home
appliances such as washing machines and refrigerators, Jakarta
Globe adds.
According to the report, Setia said Sanken Indonesia stopped
receiving technological and design updates after Sanken Electric
sold its SMPS and transformer division to another Japanese
company.
"The factory has been experiencing financial losses because Sanken
Indonesia continues producing items that are no longer part of
Sanken Electric's core business. The company has now shifted its
focus to the semiconductor industry," Setia added, the report
relates.
Sanken Electric Co Ltd is a Japan-based semiconductor manufacturing
company.
=====================
N E W Z E A L A N D
=====================
CUBIC METRE: Creditors' Proofs of Debt Due on March 24
------------------------------------------------------
Creditors of Cubic Metre Limited are required to file their proofs
of debt by March 24, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 24, 2025.
The company's liquidator is:
John Marshall Scutter
Fervor Limited
Level 1, 17-19 Seaview Road
Paraparaumu Beach
EVOLUTION TRAFFIC: Creditors' Proofs of Debt Due on March 24
------------------------------------------------------------
Creditors of Evolution Traffic Management Limited And Evolution
Road Services Group Limited are required to file their proofs of
debt by March 24, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 20, 2025.
The company's liquidator is:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
FLA TROBE: Court to Hear Wind-Up Petition on March 10
-----------------------------------------------------
A petition to wind up the operations of FLA Trobe Maintenance
Limited will be heard before the High Court at Hamilton on March
10, 2025, at 10:45 a.m.
Colin David Boyd and Jennifer Anne Stiles filed the petition
against the company on Nov. 28, 2024.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
FORREST & BOYD: Court to Hear Wind-Up Petition on March 14
----------------------------------------------------------
A petition to wind up the operations of Forrest & Boyd Developments
Limited will be heard before the High Court at Auckland on March
14, 2025, at 10:00 a.m.
Colin David Boyd and Jennifer Anne Stiles filed the petition
against the company on Dec. 11, 2024.
The Petitioner's solicitor is:
Natalie Tabb
Barrister and Solicitor
2 Windfall Grove, Greenhithe
Auckland
TOP GROW: Court to Hear Wind-Up Petition on March 10
----------------------------------------------------
A petition to wind up the operations of Top Grow Horticulture
Limited will be heard before the High Court at Hamilton on March
10, 2025, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 19, 2024.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
===============
P A K I S T A N
===============
PAKISTAN: IMF to Visit Country Next Week With Bailout Review Due
----------------------------------------------------------------
Reuters reports that a mission from the International Monetary Fund
(IMF) will arrive in Pakistan next week, finance minister Muhammad
Aurangzeb said on Feb. 26, with a first review of a $7 billion
bailout programme due in March.
Islamabad secured the $7 billion Extended Fund Facility (EFF) last
summer as part of an economic recovery plan, Reuters notes.
Pakistan's economy had stabilized and now needs to focus on an
export led growth, the finance minister said.
Reuters says the IMF team usually spends around two weeks to review
fiscal reforms and policy.
A separate IMF team is visiting Pakistan to discuss around $1
billion in climate financing on top of the EFF, Reuters relates.
That disbursement will take place under the IMF's Resilience and
Sustainability Trust, created in 2022 to provide long-term
concessional cash for climate-related spending, such as adaptation
and transitioning to cleaner energy, notes the report.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
In late August 2024, Moody's Ratings upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3. Concurrently, the outlook for
Government of Pakistan is changed to positive from stable. In July
2024, S&P Global Ratings affirmed its 'CCC+' long-term sovereign
credit rating and 'C' short-term rating on Pakistan. The outlook on
the long-term rating is stable. In August 2024, Fitch Ratings
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'.
=================
S I N G A P O R E
=================
ABC AVIATION: Creditors' Proofs of Debt Due on March 21
-------------------------------------------------------
Creditors of ABC Aviation Leasing International Pte. Ltd. are
required to file their proofs of debt by March 21, 2025, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 14, 2025.
The company's liquidators are:
Victor Goh
Khor Boon Hong
Marie Lee
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
CLOVER KITCHEN: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 14, 2025, to
wind up the operations of Clover Kitchen Private Limited.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
C/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
CT BUSINESS: Court to Hear Wind-Up Petition on March 14
-------------------------------------------------------
A petition to wind up the operations of CT Business Solutions Pte.
Ltd. will be heard before the High Court of Singapore on March 14,
2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 18, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
ESMEGEN GROUP: Court to Hear Wind-Up Petition on March 14
---------------------------------------------------------
A petition to wind up the operations of Esmegen Group Pte. Ltd.
will be heard before the High Court of Singapore on March 14, 2025,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 18, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
PRESIDENT MARINE: Creditors' Proofs of Debt Due on March 21
-----------------------------------------------------------
Creditors of President Marine Pte. Ltd. are required to file their
proofs of debt by March 21, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 14, 2025.
The company's liquidators are:
Victor Goh
Khor Boon Hong
Marie Lee
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***