/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250317.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 Monday, March 17, 2025, Vol. 28, No. 54 Headlines A U S T R A L I A CONNECT GLOBAL: Second Creditors' Meeting Set for March 21 EAST BUNDABERG SPORTS: First Creditors' Meeting Set for March 20 JERVOIS GLOBAL: First Creditors' Meeting Set for March 24 KONVOY HOLDINGS: First Creditors' Meeting Set for March 21 OCEANIA GLASS: Collapse Brought on By Failing Machinery ROBERTS CO: Administrators, Developers Comb Through Co. Wreckage ROBERTS CO: McGrathNicol Appointed as Voluntary Administrators SUPERFAST DIET: First Creditors' Meeting Set for March 25 TRITON BOND 2025-1: S&P Assigns B(sf) Rating on Class F Notes C H I N A COUNTRY GARDEN: Unit Forecasts Higher Annual Earnings YANGZHOU ECON: Moody's Rates New USD Senior Unsecured Bonds 'Ba1' I N D I A BHARAT MOTORS: CARE Keeps D Debt Rating in Not Cooperating BHAURAM JODHRAJ: CARE Keeps B- Debt Rating in Not Cooperating CIRO PHARMA: CARE Lowers Rating on INR120cr LT Loan to D ECSTASY REALTY: CARE Keeps D Debt Rating in Not Cooperating FEDDERS ELECTRIC: CARE Keeps D Ratings in Not Cooperating Category GANESH TIMBER: CARE Keeps C Debt Rating in Not Cooperating GLOBETECH MEDICARE: CARE Keeps C Debt Rating in Not Cooperating GODAAVARI LABS: CARE Moves D Debt Rating to Not Cooperating GRIH LAXMI: CARE Keeps B- Debt Rating in Not Cooperating Category JALAN TRANSOLUTIONS: CARE Keeps D Debt Rating in Not Cooperating JAYPEE INFRATECH: CARE Keeps D Debt Rating in Not Cooperating KUSHALBAGH MARBLES: CARE Lowers Rating on INR9.81cr LT Loan to B- LAXMI ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating M. D. SUITINGS: CARE Keeps B- Debt Rating in Not Cooperating MECWEL CONSTRUCTIONS: CARE Moves D Debt Ratings to Not Cooperating NARMADA CONCAST: CARE Keeps D Debt Ratings in Not Cooperating NAVYUG INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating S M INTERIOR: CARE Moves D Ratings to Not Cooperating Category SALORA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating SHYAM ENTERPRISES: CARE Keeps B+ Debt Rating in Not Cooperating SIDDHI LAXMI: CARE Keeps B- Debt Rating in Not Cooperating SRIVAY INFRA: CARE Lowers Rating on INR10cr ST Loan to D SUNITA: CARE Keeps B+ Debt Rating in Not Cooperating Category TEZALPATTY TEA: CARE Keeps D Debt Rating in Not Cooperating VAIJANATH INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating M A L A Y S I A CAPITAL A: Secures Bursa Approval for PN17 Regularisation Plan SAPURA ENERGY: MACC Opens Two Investigation Papers N E W Z E A L A N D AUTO TECH: Creditors' Proofs of Debt Due on April 21 BESPOKE JOINERY: Creditors' Proofs of Debt Due on April 11 KAIMAI VIEW: Baker Tilly Staples Appointed as Receivers OMAHU COMMERCIALS: Waterstone Insolvency Appointed as Receivers S I N G A P O R E COSMOSUMMIT SINGAPORE: Creditors' Proofs of Debt Due on April 14 DE' ONE LIFESTYLE: Court to Hear Wind-Up Petition on April 4 ELITE STONES: Court Enters Wind-Up Order GRACE OCEAN: Balks at Deposition in Maryland; Settles U.S. Claim GREENTECH INVESTMENTS: Creditors' Proofs of Debt Due on April 14 IMPERIUM GOURMET: Court to Hear Wind-Up Petition on March 28 SKG TRUCKING: Creditors' Proofs of Debt Due on March 24 S O U T H K O R E A HOMEPLUS CO: Commits to Full Debt Repayment HOMEPLUS CO: MBK Chief to Use Personal Assets to Support Suppliers - - - - - ================= A U S T R A L I A ================= CONNECT GLOBAL: Second Creditors' Meeting Set for March 21 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Connect Global Limited has been set for March 21, 2025 at 11:00 a.m. virtually 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 20, 2025 at 4:00 p.m. Daniel Jon Quinn of SV Partners was appointed as administrator of the company on Feb. 14, 2025. EAST BUNDABERG SPORTS: First Creditors' Meeting Set for March 20 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings Of East Bundaberg Sports Club Ltd. will be held on March 20, 2025 at 1:30 p.m. at East Bundaberg Sports Club, 21 Eastgate Street in Bundaberg East. Paul Eric Nogueira of Worrells was appointed as administrator of the company on March 10, 2025. JERVOIS GLOBAL: First Creditors' Meeting Set for March 24 --------------------------------------------------------- A first meeting of the creditors in the proceedings of - Jervois Global Limited; - Nico Young Pty. Ltd.; - Hardrock Exploration Pty. Ltd.; - TZ Nico (1) Pty Limited; - TZ Nico (2) Pty Limited; and - Goldpride Pty Ltd will be held on March 24, 2025 at 10:00 a.m. via virtual meeting to be held by Microsoft teams. David Hardy and Gayle Dickerson of KPMG were appointed as administrators of the company on March 12, 2025. KONVOY HOLDINGS: First Creditors' Meeting Set for March 21 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of - Konvoy Holdings Pty Limited; - Konvoy Group Pty Limited; - Katch Group Pty Limited; - Konvoy Australia Pty Limited; - Konvoy Services Pty Limited; - Katch Asset Tracking Pty Limited; and - Katch IP Pty Limited will be held on March 21, 2025 at 11:00 a.m. via Microsoft Teams. Paul Harlond, Christopher Hill and Joseph Hansell of FTI Consulting were appointed as administrators of the company on March 11, 2025. OCEANIA GLASS: Collapse Brought on By Failing Machinery ------------------------------------------------------- The Australian Financial Review reports that creditors of the collapsed Oceania Glass manufacturing business have been told the 169-year-old company called in administrators because its private equity owner declined to fund a AUD21 million plant upgrade. Oceania was the country's only manufacturer of architectural glass - it supplied the large panes for Parliament House in Canberra - and was acquired by Crescent Capital from CSR in 2019, the report notes. The company, which had 260 staff and a manufacturing plant in the outer Melbourne suburb of Dandenong, appointed Grant Thornton as administrator on February 4. At the time, Crescent told its investors that Oceania was unable to compete with cheaper Chinese products. Documents filed with the Australian Securities and Investments Commission by Grant Thornton show a vital piece of glass manufacturing equipment known as a float tank "urgently required an upgrade", the cost of which was estimated to be about AUD21 million, according to the Financial Review. "The company did not have sufficient liquidity to fund the upgrade," Grant Thornton's Lisa Gibb told the company's creditors, adding that competition from products imported from Asia was also making it difficult. "The company has been facing increased pricing competition from suppliers based in Asia, who have been 'dumping' product into the market, which has resulted in some of the company's customers opting to import, thus impacting the company's revenue." According to the Financial Review, documents lodged with the corporate regulator show Crescent is owed AUD49 million, while employees are owed AUD55 million in total. Unsecured creditors – including logistics group Toll, the Pratt family's Visy packaging and recycling company and cement maker Holcim – are owed AUD13.5 million. Grant Thornton on February 27 shut down the Dandenong manufacturing plant and laid off 150 staff. An attempt to find a buyer for the plant failed, according to the administrator's filings, although Oceania's national distribution business is still on the market. Crescent acquired the business from CSR and split the company into two - Oceania and Viridian Glass, which makes double glazing products and laminated glass. Crescent has declined to comment on Viridian's performance, but told investors last month that the company had "successfully been turned around" since the acquisition. Despite the collapse of Oceania, Crescent continues to pursue deal making in the sector, the Financial Review notes. It is pursuing New Zealand's Metro Glass, which is dual listed, and wants to merge it with Viridian's New Zealand business. About Oceania Glass Based in Dandenong Victoria, Oceania Glass Pty Ltd is an Australian architectural glass manufacturer, specialising in float glass, coated glass and laminated glass. It has distribution centres across Australia. Lisa Gibb, Said Jahani and Matt Byrnes of Grant Thornton Australia were appointed Joint and Several Voluntary Administrators of Oceania Glass Pty Ltd on Feb. 4, 2025. ROBERTS CO: Administrators, Developers Comb Through Co. Wreckage ---------------------------------------------------------------- The Australian Financial Review reports that administrators and developers spent the weekend racing to uncover the status of eight projects left stranded by Roberts Co when the Sydney-based contractor put its Victorian arm into administration to staunch mounting losses already topping AUD60 million. The Financial Review relates that Roberts Co VIC's collapse on March 14 shut down work on Amazon's biggest-in-Australia automated warehouse project in Craigieburn on the Hume Highway, Investa and Oxford Properties' 702-unit build-to-rent project in Footscray, and Golden Age's 28-level strata office on Little Collins Street in the Melbourne CBD. The Victorian company had a fourth, unidentified, project and its sister Monaco Hickey business had four smaller jobs such as school extension projects, industry sources told The Australian Financial Review. Separately, a further 16-18 completed projects were still in their statutory warranty period, meaning the collapsed company was liable for any defects that could arise, the sources said, the Financial Review relays. The decision to put Roberts Co VIC into administration - foreshadowed by the Financial Review on March 14 - is the latest blow to a commercial construction sector that has struggled for two years, locked between soaring costs and fixed-price contracts. Total construction insolvencies for the financial year to date of 2215 are up by 20 per cent on the 1839 clocked up in the same period last year, the Financial Review discloses citing figures from corporate regulator ASIC. Victoria accounts for 661, or 30 per cent of the total so far this year - with more than three months to go - up on the 26 per cent, or 772 of last year's total. Roberts Co is an Australian-based, a boutique tier-one construction company. ROBERTS CO: McGrathNicol Appointed as Voluntary Administrators -------------------------------------------------------------- Jason Ireland and Matthew Caddy of McGrathNicol were appointed as voluntary administrators of Roberts Co (VIC) Pty Limited on March 14, 2025. SUPERFAST DIET: First Creditors' Meeting Set for March 25 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Superfast Diet Trading Pty Ltd, Superfast Life, and SuperfastIP Pty Ltd will be held on March 25, 2025 at 11:30 a.m. via virtual meeting only. Anthony Elkerton of DW Advisory was appointed as administrator of the company on March 13, 2025. TRITON BOND 2025-1: S&P Assigns B(sf) Rating on Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its ratings to nine classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust 2025-1 Series 1. The ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. The credit support is sufficient to withstand the stresses S&P applies. This credit support comprises mortgage lenders insurance covering 14.8% of the loans in the portfolio as well as note subordination for all rated notes. The various mechanisms to support liquidity within the transaction, including an amortizing liquidity facility equal to 1.0% of the invested amount of all rated and class G notes, subject to a floor of 0.10% of the initial invested amount of all notes, principal draws, and a loss reserve that builds from excess spread, are sufficient under our stress assumptions to ensure timely payment of interest. An extraordinary expense reserve of A$150,000, funded from day one by Columbus Capital Pty Ltd., is available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. A fixed- to floating-rate interest-rate swap is provided by National Australia Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS, should any be entered into after transaction close. S&P's ratings also consider the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. Ratings Assigned Triton Bond Trust 2025-1 Series 1 Class A1-MM, A$150.000 million: AAA (sf) Class A1-AU, A$1,040.000 million: AAA (sf) Class A2, A$126.000 million: AAA (sf) Class AB, A$25.200 million: AAA (sf) Class B, A$24.500 million: AA (sf) Class C, A$15.260 million: A (sf) Class D, A$6.720 million: BBB (sf) Class E, A$6.300 million: BB (sf) Class F, A$1.960 million: B (sf) Class G, A$4.060 million: Not rated ========= C H I N A ========= COUNTRY GARDEN: Unit Forecasts Higher Annual Earnings ----------------------------------------------------- Reuters reports that Country Garden Services, the property services arm of China's Country Garden, on March 14 forecast a higher full-year profit on the back of lower impairment charges. The property services arm expects a net profit attributable between CNY1.60 billion ($221.03 million) and CNY2 billion for fiscal 2024 ended December, compared with CNY292.3 million a year earlier, Reuters discloses. The company is scheduled to publish its fiscal 2024 results on March 27. Its parent company Country Garden and a string of other real estate developers defaulted on debt repayment obligations over the past three years that affected China's economically crucial property sector and forced Beijing to announce support measures, Reuters notes. Once a top developer by sales, Country Garden said earlier this year it proposed a deal to its offshore creditors to cut its debt by $11.6 billion. In January this year, the debt-laden property builder said it expected to post a smaller annual loss in 2024 after reporting a record CNY178.4 billion loss in 2023, Reuters adds. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds last year and is in the process of an offshore debt restructuring. YANGZHOU ECON: Moody's Rates New USD Senior Unsecured Bonds 'Ba1' ----------------------------------------------------------------- Moody's Ratings has assigned Ba1 senior unsecured rating to the proposed USD bonds to be issued by Yangzhou Econ and Tech Dev Zone Dev (Gp) Co ("YETDC"; Ba1 stable). The outlook is stable. The company plans to use the proceeds to refinance the Group's existing medium- and long-term indebtedness. RATINGS RATIONALE YETDC's Ba1 corporate family rating (CFR) is based on the Yangzhou government's GCS score of baa2 and Moody's assessments of how the YETDC's characteristics affect the Yangzhou government's propensity to support, resulting in a two-notch adjustment from Yangzhou government's GCS score. Moody's assessments of the Yangzhou government's GCS score reflects Yangzhou's status as a prefectural-level government and its positioning at a relatively lower administrative level in Moody's assessments of the hierarchy of the regional and local governments (RLGs) in China (A1 negative); and high state-owned enterprise (SOE) liabilities relative to fiscal revenue, which present contingent liability risks. The Yangzhou government's propensity to support YETDC is underpinned by the latter's strategic importance to the Yangzhou government. YETDC is the second-largest LGFV in Yangzhou. The company is the predominant platform to develop the Yangzhou Economic and Technological Development Zone (Development Zone), which contributes to around 10% of the Yangzhou's GDP and is an important manufacturing base for photoelectric, smart power grid, automobile and advanced equipment industries. However, the two-notch downward adjustment from Yangzhou's GCS score reflects the company's fast debt growth relative to government payment, and high contingent risk associated with the external guarantees and third-party lending it has provided to other SOEs. YETDC's access to funding has improved over the past 12 months, as evidenced by its increasing onshore issuances at relatively low costs. Its latest RMB200 million 3+N year issuance in December 2024, was priced at 2.35%. As of the end of 2024, the weighted average funding cost of YETDC's outstanding debt was below 4%. Additionally, the company had maintained low exposure to shadow banking debt for several years. This level of funding costs and access is comparable to its rated peers with strong access to funding score. In the past two years despite headwinds in public land sales, YETDC had received stable government payments (including government procurement, equity injections, subsidies and allocations of special purpose bond proceeds) to support its public projects and development. With the launch of supportive measures for the LGFV sector, notably 10 trillion debt swap programs since last year, Moody's expects YETDC to receive more government funds from government bond allocation to repay its debts and fund new projects. Moody's estimates that the company received around RMB14 billion in government funds during 2022-2024. However, YETDC continues to have significant contingent risk exposures arising from external guarantees and third- party lending provided to SOEs in Yangzhou, amounting to around 139% of total equity at end-2023. Moody's estimates the company's contingent risk exposures relative to its total equity at year end 2024 will remain at a similar level as in 2023, and Moody's do not expect any material improvement in the next 12 – 18 months. The high level of contingent risk exposures and continuing trend is a major factor behind the notching adjustment considered in the company's CFR. The stable outlook of YETDC's Ba1 CFR reflects the improvement in the government's propensity to support YETDC which can offset the impact of a potential lowering in Yangzhou's GCS score following the Sovereign's negative rating outlook. The rating also considers the following environmental, social and governance (ESG) factors. The company has high exposure to the risks from demographic and societal trends, which is common to all LGFVs. The company invests in urban infrastructures and implements public policy initiatives mandated by the government. Population growth, demographic and societal trends are important factors in these areas that will shape the company's development target and government propensity to support the company. The company also has risk exposure to responsible production, human capital and health and safety at urban construction projects sites. These risks are mitigated as most construction work is outsourced to third-party contractors who bear the liability associated with any workers' compensation claim, cost overrun or project delay. The company's governance risk is mainly driven by its financial strategy and risk management related to the high contingent risk exposure arising from external guarantees and third-party lending provided to other SOEs, which is a major driver of the CIS score. The company in general meets guidance including financial performance, public projects execution and government support. The company also has risk exposure to board structure, policies and procedures, reflecting the common nature of local government financing vehicles having concentrated ownership, board structure and their primarily activities of public policy projects that prioritize public interest over commercial viability. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade is unlikely given the negative outlook of China's sovereign rating. However, Moody's could revise the outlook for YETDC to positive if China's A1 sovereign rating is affirmed with a stable outlook. Moody's could downgrade the rating if (1) China's sovereign rating is downgraded by more than 1 notch; (2) Yangzhou's GCS weakens, which could be a result of a material worsening in the district's economic or financial profile, or in the government's ability to coordinate timely support; (3) changes in Chinese government's policies prohibit RLGs from providing financial support to LGFVs; or (4) changes in YETDC's characteristics occur that weaken the Yangzhou government's propensity to support, such as: -- there is a significant weakening in its position as the sole platform that provides essential public services and undertakes infrastructure and primary land development projects in the Development Zone -- significant changes in its core business, with a substantial expansion of its commercial activities at the cost of its public services, or substantial losses in commercial activities -- its debt and leverage continue to grow rapidly, and it receives fewer corresponding government payments, which would increase its reliance on high-cost financing, including borrowing from nonstandard channels -- a substantial increase in loans, guarantees or other credit exposures to external parties from the current level, or a significant loss resulting from these credit exposures The principal methodology used in this rating was Local Government Financing Vehicles in China. Yangzhou Econ and Tech Dev Zone Dev (Gp) Co (YETDC) was established in 1992 and is the sole provider of public services including shantytown redevelopment, social housing construction, and primary land and infrastructure development in the Yangzhou Economic and Technological Development Zone. On July 07, 2023, YETDC announced that its ultimate shareholder, the Yangzhou government, has transferred its 100% shareholding in YETDC to Yangzhou Industrial Investment State-owned Group Co., Ltd. (Yangzhou Industrial Investment), a state-owned capital management and investment platform wholly owned by the Yangzhou government. Following the transfer, the Yangzhou government remains as the ultimate controller of YETDC, and YETDC's assets, personnel, organization, finance and operations will remain independent from its new intermediate owner. YETDC reported RMB94.3 billion total assets as of the end of 2023. Yangzhou Industrial Investment reported total assets of RMB133.5 billion as of the end of 2023. ========= I N D I A ========= BHARAT MOTORS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Bharat Motors Limited (SBML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 43.41 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 11, 2024, placed the rating(s) of SBML under the 'issuer non-cooperating' category as SBML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 25, 2025, February 4, 2025, February 14, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shree Bharat Motors Ltd. (SBML) promoted by Mr Jay Prakash Didwania commenced its operations in 1998. The company currently has dealership of Bajaj Auto (3W), Daimler (CV), Triumph motorcycles (2W) and Jeep (4W). SBML has a total of 13 showrooms. BHAURAM JODHRAJ: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhauram Jodhraj (BJ) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 14, 2024, placed the rating(s) of BJ under the 'issuer non-cooperating' category as BJ had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BJ continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 30, 2024, January 9, 2025, January 19, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BJ have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable In 1962, BJ (partnership firm since April 1995) acquired Amchong Tea Estate in Assam. Amchong Tea Estate is located near Guwahati, Assam and is spread over 1782 acres, currently producing around 10,00,000 Kgs of tea. Majority of production pertains to Orthodox tea. The firm also offers for its end customers single estate tea brand called "AM'cha" which is a blend of CTC and orthodox teas. BJ has recently ventured into importing of Fresh fruits from Vietnam, Turkey, Iran, Kenya & Egypt. The day-today operations of the firm are looked after by the partners, Anju Khemka, Ajjay Khemka, Surajkumar Saraogi, Ananya Khemka and Arpit Khemka. CIRO PHARMA: CARE Lowers Rating on INR120cr LT Loan to D -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of CIRO Pharma Private Limited (CPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 120.00 CARE D Downgraded from Facilities CARE BB; Stable Long Term/ 20.00 CARE D/CARE D Downgraded from Short Term CARE BB; Stable/CARE A4 Bank Facilities Rationale and key rating drivers The revision in rating assigned to the bank facilities of CPPL is on account of delays in interest servicing towards the project term loan rated by CARE Ratings Ltd (CARE). The rating action is in line with CARE's policy on default recognition. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Company's ability to meet the curing period guidelines as stipulated by SEBI by demonstrating a delay free track record. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Delays in Debt Servicing: There was a delay in interest servicing in the project term loan. As per the latest bank statements there have been instances of delay in interest servicing in its project term loan. Liquidity: Poor Liquidity is poor marked by limited cashflow generation as the company has commenced its commercial operations very recently. CIRO Pharma Private Limited (CPPL) was incorporated in July 2020, with a focus on manufacturing, formulating, and processing various biopharmaceuticals and antibiotics, particularly life-saving formulations such as anti-cancer products. The company has acquired 6.37 acres of land in Siddipet District, Telangana, for its facility from Telangana State Industrial Infrastructure Corporation Limited (TSIIC Ltd). CPPL aims to initially sell its products domestically through third-party pharmaceutical companies. The company also plans to set up a R&D facility at the same location. The project was initially expected to achieve COD in April 2024. However, due to a change in scope aimed at increasing capacity, the revised project cost, factoring in revised cost now stands at INR298 crore. The additional cost was funded by the promoters. With the project revision, the revised COD was set for November 2024, which the company successfully achieved. ECSTASY REALTY: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ecstasy Realty Private Limited (ERPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 500.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non-convertible 250.00 CARE C; ISSUER NOT COOPERATING debentures Rating continues to remain under ISSUER NOT COOPERATING category Non-convertible 600.00 CARE D; ISSUER NOT COOPERATING debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) vide its press release dated March 23, 2020, placed the rating(s) of ERPL under the 'issuer non-cooperating' category, as ERPL had failed to provide information for monitoring of ratings. ERPL continues to be non-cooperative despite repeated requests for submission of information through, phone calls and e-mails dated February 4, 2025; February 14, 2025; and March 3, 2025. Considering the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating based on the best-available information, which in CARE Ratings' opinion is not sufficient to arrive at a fair rating. Ratings for ERPL's bank facilities and instruments are denoted as CARE D/CARE C; ISSUER NOT COOPERATING. Users of these ratings (including investors, lenders and public at large) are hence requested to exercise caution while using above rating(s). Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of the last rating on March 11, 2024, the following were the rating strengths and weaknesses (updated for the information available from BSE announcements for listed debts): Key weaknesses * Delays in debt servicing for the non-convertible debenture issue: There are ongoing delays in servicing of the non-convertible debenture (NCD) issued by ERPL. Sluggishness in sales of Phase-I, though expected to improve post receipt of OC ERPL had earlier envisaged the OC to be received in March 2018, which was received only in December 2018. Hence, the number of flats expected to be sold in FY19 were lower than that envisaged. However, after receipt of OC, sales have gathered momentum and ERPL has been able to sell eight new flats, as comfort for a buyer is higher for a flat with OC available. Currently, of the 122 available flats, 79 flats have been sold with residents moving into their apartments. * Partial dependency on promoter funds for NCD coupon payment: Due to above postponement of envisaged cashflows, ERPL totally depends on promoter support for repayment of the quarterly NCD coupon. Delays in servicing of the NCD issue still continue. * Nascent stage of the project's phase-II exposed to execution risks: For the project's Phase-II, land has been acquired and plan has been submitted to authorities for final approval, which is expected to be received shortly. Given the nascent stage of construction, with approvals pending, risk exists pertaining to the project's timely execution. Financial closure towards this is pending. With significant proportion of total cost to be funded through customer advances, funding risk persists. * Cyclicality in real estate industry: The capital-intensive real estate industry is highly cyclical. Though reforms announced recently in real estate sector have been taken in the right direction, the investor's confidence is yet to pick up. Major challenges pertaining to clearances, land acquisition, project delay, liquidity issues, slow sales and pile-up of inventory, are yet to be addressed for complete recovery of the sector. The recent liquidity crisis in non-banking finance companies (NBFCs) and housing finance companies (HFCs) impacted the real estate sector, as accessing capital from lenders has become tougher. However, with the improvement in macro-economic conditions in the country, the real estate sector is expected to attain a gradual recovery. Key strengths * Promoters' experience and track record: Shobhit J Rajan, ERPL's promoter, has over 20 years' experience in the construction industry. He was earlier a Director in Gammon India Limited and was responsible for procurement, resource raising and execution of projects. He has also been the recipient of several industrial accolades. He is assisted by a team of experienced management team. Over the years, under the leadership of Shobhit Rajan, the Raiaskaran Group (RG) has been involved in development of residential and commercial spaces in Mumbai aggregating to 2 million ft2. * Property's prime location in Mumbai real estate market: ERPL is currently developing a premium residential tower named "Parthenon" at J P Road, Versova in Mumbai. Versova is one of the most prime locations in the western region of Mumbai. This residential tower forms phase-I of the project. ERPL is also proposing to develop phase-II, which shall be adjacent to the "Parthenon" building, comprising residential flats, commercial complex, and a club house. The project is very close to D.N. Nagar station of Mumbai Metro which provides seamless East-West suburban connectivity. The neighbourhood is also well developed with urban amenities in proximity including malls, multiplex, schools, college, and restaurants, among others. The location is ~5 km from Andheri suburban Railway station and ~10-15 km from the Mumbai Domestic and International Airport. The site is well connected by roads through S.V. Road, Western Express Highway, and Jogeshwari-Vikhroli Link Road. Liquidity: Poor The company's liquidity profile is poor as reflected by ongoing delays in debt servicing ERPL is a group company of the Mumbai-based Raiaskaran Group (RG), incorporated in 1992. RG, established by Shobhit Rajan, is in real estate development of commercial and residential spaces. ERPL is developing a residential tower named "Parthenon" (MAHARERA Registration No. P51800008444) at J P Road, Versova in Mumbai, having total saleable area of 6.35 lakh sqft. This forms phase-I of the proposed development plan of RG in Versova. FEDDERS ELECTRIC: CARE Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Fedders Electric And Engineering Limited (FEEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 460.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 762.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. vide its press release dated December 22, 2023, continue to place the ratings of FEEL under the 'Issuer non-cooperating' category as the company had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. Fedders Electric and Engineering Limited continue to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated February 10, 2025, November 26, 2024, November 16, 2024, etc. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings on bank facilities of Fedders Electric and Engineering Limited will be denoted as CARE D; Issuer not cooperating due to non-availability of information. Analytical approach: Standalone Outlook: Not Applicable Fedders Electric and Engineering Limited, a public limited company, was incorporated by the Punj group in the year 1957. The company provides customized solutions on a turnkey basis in the areas of infrastructure, involving manufacturing, engineering, designing of Steel Structures, Engineering, Procurement and Construction (EPC) for transmission of power, manufacture, and supply of towers for wind turbines, and environment control systems for industrial and customized applications. Further, the company has concluded the transaction with respect to the sale of the brand name, logo, trademark or any other intellectual property rights associated with "LLOYD" and/or "Lloyd" to Havells India Limited for a consideration of Rs. 50 crores on May 8, 2017. Subsequently, after approval from the Registrar of Companies, the name of the company has been changed from Fedders Lloyd Corporation Limited to Fedders Electric and Engineering Limited. GANESH TIMBER: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Ganesh Timber traders (SGTT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 15, 2024, placed the rating(s) of SGTT under the 'issuer non-cooperating' category as SGTT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGTT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 31, 2024, January 10, 2025, January 20, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Ganesh Timber Traders (SGTT) was established in 1982 as a partnership firm by Mr Manilal Harilal Patel, Mr Dinesh Harilal Patel along with family members. The firm is engaged in trading (wholesale and retail) of wood and teak products from past 30 years. The firm imports majority of the timber wood from the suppliers located in the international markets like Indonesia, Malaysia, Europe, America and Africa. The firm sells the products to customers located in Kerala, Tamil Nadu, Delhi, Mumbai, Andhra Pradesh and Telangana. GLOBETECH MEDICARE: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Globetech Medicare Private Limited (GMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.70 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 12, 2024, placed the rating(s) of GMPL under the 'issuer non-cooperating' category as GMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 28, 2024, January 7, 2025 and January 17, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kolkata-based (West Bengal) GMPL was incorporated in 2013 and is currently promoted by Dr. B.K. Singh, Mr Saurabh Bhansali, Mr Ashish Tulsyan, Mr Praveen Kumar and Ms Poonam Singh. The company was setup with an objective to construct and operate a multi-specialty hospital in Varanasi, Uttar Pradesh. GODAAVARI LABS: CARE Moves D Debt Rating to Not Cooperating ----------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Godaavari Labs Private limited (GLPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 155.50 CARE D; ISSUER NOT COOPERATING Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CARE) has been seeking information GLPL to monitor the ratings vide email communications dated between January 21, 2025, to February 5, 2025, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on August 23, 2024 the following were the rating strengths and weaknesses (updated for the information available from FY24 Audited financials from MCA). Key weaknesses * Delays in Debt Servicing Obligations: Company is a project stage entity, COD was expected in Q1FY25, however there has been delay in commencement of commercial operations as the project is yet to complete. This has resulted in cash flow mismatch and lenders have informed that, the company is unable to timely service interest obligation towards its term loans. Liquidity: Poor Liquidity is poor marked by no cashflow generation as of now as the company is yet to commence operations. Godaavari Labs Private Limited (GLPL) was incorporated in the year 2013 and has proposed to set up a unit in Andhra Pradesh to manufacture Active Pharmaceuticals Ingredients (API) and intermediates for different therapeutic segment. The total project cost is estimated at INR232 crore proposed to be funded through bank debt of INR130 crore and remaining through promoters contribution. GRIH LAXMI: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Grih Laxmi Sales And Marketing (GLSM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.29 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 15, 2024, placed the rating(s) of GLSM under the 'issuer non-cooperating' category as GLSM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GLSM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 31, 2024, January 10, 2025, January 20, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Grih Laxmi Sales & Marketing (GLSM) is a partnership firm established in January 2014, was promoted by Mr. Pankaj Kumar Chirania and Mr. Nitin Prakash. However, during FY19 the firm has set up Agro products manufacturing unit at Jamshedpur in Jharkhand with a view to produce agro products like Besan and Dal. The unit has started commercial operation from June 2019 with an install capacity of 15,000 MTPA of Besan and 9,000 MTPA of Dal. Mr. Pankaj Kumar Chirania (aged 44 years) and Mr. Nitin Prakash (aged 40 years) has a decade of experience in the business of C&F agent of Bangar Cement for three districts namely East Singhbhum, West Singhbhum and Saraikela Kharsawan and in the business of manufacturing of raw tobacco in the brand name of "Jharkhand Chap Khaini". Both of them look after the overall management of the firm with adequate support from a team of experienced personnel along with a team of experienced professionals. JALAN TRANSOLUTIONS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jalan Transolutions (India) Limited (JTL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 53.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 24, 2024, placed the rating(s) of JTIL under the 'issuer non-cooperating' category as JTIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JTIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2024, December 19, 2024, December 29, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable JTIL [ISIN: INE349X01015] formerly incorporated as Jalan Carriers Private Limited in April, 2003. Subsequently, the constitution of the company changed to a Public Limited Company in January 30, 2008. The company provides logistics services primarily to two-wheeler companies. Headquarter of the company is situated in Delhi with 25 branches located in all major cities in India. JTIL has developed pan India operations with owned fleet of over 400 single/multi axle carriers, providing diverse range of logistic services. JAYPEE INFRATECH: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jaypee Infratech Limited (JIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 211.95 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 18, 2024, placed the rating(s) of JIL under the 'issuer non-cooperating' category as JIL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JIL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and emails dated February 1, 2025, February 11, 2025 and February 21, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings takes into account ongoing delays in debt servicing by the company. Analytical approach: Standalone Detailed description of the key rating drivers: At the time of last rating on March 18, 2024 the following were the rating weaknesses (updated for the information available from stock exchange). Key weaknesses * Weak financial performance and stretched liquidity position: The liquidity position of the company continues to remain weak on account of weak financial performance, leading to ongoing delays in debt servicing. JIL is a special purpose vehicle promoted by Jaiprakash Associates Ltd, holding 60.98% stake as on December 31, 2019, to develop and operate a 165-km six-lane (extendable to eight lanes) access-controlled toll expressway between Noida and Agra in Uttar Pradesh (E'way project). The E'way project achieved Commercial Operations Date (COD) and commenced toll collection in August 2012, post receipt of substantial completion certificate. Also, JIL has been granted rights by Yamuna Expressway Development Authority (YEA), a state government undertaking, for the development of approximately 6,175 acres of land (443.30 mn sq ft of real estate) along expressway in five different parcels in Uttar Pradesh for residential, commercial, amusement, industrial and institutional development. The land for real estate development is provided on 90-year lease. Suraksha Realty had submitted a resolution plan with National Company Law Tribunal (NCLT) for the resolution of company's debt and the same has been accepted by the NCLT vide its order dated March 7, 2023. KUSHALBAGH MARBLES: CARE Lowers Rating on INR9.81cr LT Loan to B- ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kushalbagh Marbles Private Limited (KMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.81 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 5, 2024, placed the rating(s) of KMPL under the 'issuer non-cooperating' category as KMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 19, 2025, January 29, 2025 and February 8, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings for KMPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Banswara (Rajasthan) based Kushalbagh Marbles Private Limited (KMPL) was incorporated in 1985 by Mr. Vinod Kumar Agrawal along with his family members. KMPL is engaged in the business of processing of marble blocks as well as sale of finished marble slabs and tiles. The processing plant of the company is located at Banswara, Rajasthan. LAXMI ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Laxmi Engineering Industries (Bhopal) Private Limited (LEIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 28.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 10.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 2, 2024, placed the rating(s) of LEIPL under the 'issuer non-cooperating' category as LEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 18, 2024, December 28, 2024, January 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Laxmi Engineering Industries (Bhopal) Pvt. Ltd (LEIPL), an ISO 9001-2001 certified company, was initially set-up as a partnership firm in 1987. It was later reconstituted as a private limited company in July, 2007, under the leadership of Mr K.K. Gurjar (MD) who has an experience of more than three decades in the heat transfer equipment industry. LEIPL is engaged in the designing and manufacturing of custom-built heat transfer equipment such as heat exchangers, industrial coolers, desuper heaters which are used in power plants based on thermal, hydro and wind, refineries, chemical industries, fertilizer plants, as a part of their energy recovery system. M. D. SUITINGS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of M. D. Suitings Private Limited (MDSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 1, 2024, placed the rating(s) of MDSPL under the 'issuer non-cooperating' category as MDSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MDSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 15, 2025, January 25, 2025 and February 4, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bhilwara (Rajasthan) based MDSPL was originally formed as a partnership concern by Mr. Prashant Surolia and Mr Pradeep Surolia in the name of M. D. Suitings in 1989. Subsequently, constitution of the firm was changed to private limited in May, 2002 and assumed its current name. MDSPL is engaged in the business of manufacturing of grey fabrics and trading of finished fabrics as well. The company outsources the processing work required for the manufacturing of finished fabrics. MECWEL CONSTRUCTIONS: CARE Moves D Debt Ratings to Not Cooperating ------------------------------------------------------------------ CARE Ratings has migrated the rating on bank facilities of Mecwel Constructions Private Limited (MCPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.51 CARE D; ISSUER NOT COOPERATING Facilities Rating moved to ISSUER NOT COOPERATING category Short Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) has been seeking information from MCPL to monitor the rating(s) vide e-mail communications/letters dated November 7, 2024 to February 26, 2025, among others, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring ratings. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating on the basis of the best available information, which, however, in CARE Ratings' opinion is not sufficient to arrive at a fair rating. The rating on MCPL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and public at large) are hence requested to exercise caution while using the above rating(s). Ratings consider stretched liquidity due to delay in realisation of receivables resulting in ongoing delays in payment of debt obligation and non-repayment of invoked BG amount for over two months ended March 27, 2024. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on March 29, 2024 the following were the rating strengths and weaknesses. Key weaknesses * Stretched liquidity resulting in repayment of debt obligations: MCPL is facing liquidity crunch due to delay in realisation of debtors, non-execution of major order book received from GE Power systems India (P) Limited led to BG invocation subsequently resulted in delay in debt servicing and non-repayment of BG invocation. Delay in debtor's realisation resulted in increased reliance on working capital limits and average utilisation of working capital limits for last 12 months ended January 2024 is almost full. MCPL has not paid BG invoked amount of INR8.80 crore for over two months from the date of invocation. * Small scale of operations and declined profitability in FY23 and 9MFY24: In FY23, the total operating income (TOI) of the company marginally increased to INR80.68 crore against INR78.25 crore in FY22 and sales contribution from domestic and export market are stood at ~12% and 88%, respectively. However, profit before interest, lease rentals, depreciation and taxation (PBILDT) levels of the company declined by 18.50%, to INR8.15 crore in FY23 against INR10.00 crore in FY22 considering increase in employee, labour and site expenses and MCPLs inability to pass on entire rise in cost to customer in the absence of price escalation clause. In line with PBILDT levels, net profit further reduced to INR0.99 crore (PY: INR2.17 crore) considering high interest cost with full utilisation of working capital limits. PBILDT margins of company reduced by 268 bps to 10.10% in FY23 from 12.78% in FY22. In 9MFY24, MCPL has achieved revenue of INR46.89 crore with PBILDT and profit after tax (PAT) margins improved to 11.54% and 2.07%, respectively. * Leveraged capital structure and weak debt coverage indicators: The capital structure of the company marked by overall gearing ratio has marginally improved to 1.29x as on March 31, 2023 from 1.48x as on March 31, 2022 considering reduction in total debt with repayment of term loans and unsecured loans to related parties. Other debt coverage indicators, Total debt to gross cash accruals (TD/GCA) marginally deteriorated and remained high at 5.13x in FY23. * Elongated operating cycle: The company's operating cycle remained elongated at 93 days (PYE: 90 days) considering high collection period of 165 days (FY:23) against 170 days (FY: 22) with majority sales recorded in last quarter of FY23 and delay in receipts from customers. The company extends credit up to 60 days and the company avails credit period up to 75 days from its suppliers. As on December 31, 2023, debtors O/s is INR39.01 crore, of which receivables pending above 180 days are ~41% resulted in stretched liquidity. * Short-term revenue visibility: MCPL has order book of INR86.21 crore (against INR92 crore on January 31, 2023) of which active order book is INR21.08 crore, which provides short-term revenue visibility. Company's inability to secured orders resulting in declined turnover will be a key monitorable factor from the credit perspective. * Tender-based nature of operations: The company receives few of its work orders from different organisations which are tender based. The company's revenues depend on the promoters' ability to bid successfully for the tenders and execute the same effectively. However, the promoter's extensive experience in the industry for over three decades mitigates the risk to an extent. There are numerous fragmented and unorganised players operating in the segment which makes the industry highly competitive. The profitability margins also come under pressure because of competitive nature of the tender-based contract works of the company. * Highly fragmented industry with intense competition from large number of players: MCPL is operating in highly competitive and fragmented industry. The company witnesses intense competition from both the organised and largely unorganised players as the projects are tender-based and the revenues depend on the company's ability to bid successfully for these tenders. Key strength * Long track record and experience of directors for over three decades in construction and electrical industry: The company was established in 1987 as a partnership firm by Prasad Rao Parachuri, Vijaya Ratnam and other partners. In 2017, the company converted its constitution from partnership firm to private limited company, promoted by Prasad Rao Parachuri and Vijaya Ratnam. Prasad Rao is the managing director with over 30 years of experience in construction and electrical sector and looks after day-to-day operations of the company. Due to long-term presence and experience of promoters in construction industry, he has developed long-standing relationships with government authorities and contractors reflecting in the continuous receipt of orders y-o-y. * Industry outlook: The construction industry contributes ~8% to India's gross domestic product (GDP). Growth in infrastructure is critical for the development of the economy, and hence, the construction sector assumes an important role. Enforcement of nationwide lockdown against the spread of COVID-19 pandemic has adversely impacted the financial and liquidity profile of players in the industry. Government of India has undertaken several steps for boosting the infrastructure development and revives the investment cycle. The same is expected to gradually result in increased order inflow and movement of passive orders in existing order book. The focus of the government on infrastructure development is expected to translate into huge business potential for the construction industry in the long run. Liquidity: Stretched The liquidity position of the company is stretched marked by almost full utilisation of fund-based working capital limits and elongated collection period of 165 days. The current ratio of the company stood at 1.08x, which is just above unity. However, comfort is derived from satisfactory cash accrual generation of INR4.75 crore against the repayment obligations of INR1.02 crore for FY24. Promoters have a track record of supporting the entity as and when required by infusing funds in the form of unsecured loans. Andhra Pradesh-based MCPL was established as a partnership firm in 1988 and later in 2017 was converted into private limited company. P. Prasad Rao is the promoter of the Mecwel Constructions and also the managing director of the company. MCPL is a prime mechanical contractor providing service and quality since its founding in 1988, utilising skilled craftsmen from the Pipefitter, Boilermaker, operating engineer, Laborer and Millwright trades. We continue to successfully complete capital projects and perform maintenance activities for the chemical, food processing, power, refining, and steel industries, and other mechanical piping applications. NARMADA CONCAST: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Narmada Concast Private Limited (NCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.79 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 4.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 14, 2024, placed the rating(s) of NCPL under the 'issuer non-cooperating' category as NCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 30, 2024, January 9, 2025, January 19, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable NCPL was initially incorporated as Narmada Concast and Rolling Mills Private Limited in August 2012, later on its name was changed to present one in November 2012. The company has set up a plant in Bhavnagar, Gujarat for manufacturing steel billets and thermo-mechanical treatment (TMT) bars, with an installed capacity of 76,160 MT of billets and TMT Bars. Commercial operations for the plant commenced from April 2014. In September 2018, the promoters of KSL acquired the entire shareholding of NCPL from its earlier promoters. Presently, NCPL's plant is utilized by KSL as a leased manufacturing facility for the production of TMT bars. NAVYUG INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Navyug Industries (NI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 6, 2024, placed the rating(s) of NI under the 'issuer non-cooperating' category as NI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 20, 2025, January 30, 2025 and February 9, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Faridabad (Haryana) based Navyug Industries (NI) was established in 2006 as a partnership concern and is currently being managed by Mr. Anupam Gulati and Mr. Madhur Gulati. NI is engaged in manufacturing of electrical appliances like steam and dry irons, hair dryers, LPG gas geysers; led lighting products like led bulbs, tube lights and plastic utility goods for household like kitchen storage racks and spice boxes. NI has its manufacturing unit located in Haridwar and the manufacturing processes of the firm are ISO 9001 certified. S M INTERIOR: CARE Moves D Ratings to Not Cooperating Category -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of S M Interior Private Limited (SMIPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.04 CARE D; ISSUER NOT COOPERATING Facilities Rating moved to ISSUER NOT COOPERATING category Short Term Bank 30.00 CARE D; ISSUER NOT COOPERATING Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from SMIPL to monitor the rating vide e-mail communications dated February 4, 2025, February 26, 2025, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Further, SMIPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The ratings on SMIPL's bank facilities will now be denoted as CARE D/ CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SMIPL take into account the inability to monitor the performance of the company due to lack of requisite information which is critical for assessing the credit profile of the company and lack of clarity on timely debt servicing of its financial obligations. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on February 16, 2024, the following were the rating weaknesses (updated for the information available from the ROC): Key weaknesses * Delays in debt servicing: There were delays in servicing of debt obligation of term loan and GECL loans. SMIPL was incorporated in 2011 by Sahabuddin Molla. Since its inception, the company has been engaged in civil construction works, mechanical works and interior decoration projects. The company's main client includes Tata Steel Limited, Haldia dock complex (Kolkata Port Trust) and Indian Railway (N.F.R) Irrigation & Waterways directorate (Govt. of West Bengal). Sahabuddin Molla has around two decades of experience in the same line of industry he looks after the day-to-day operations of the company. He is ably supported by other director Naima Parvin, along with the team of experienced professionals who have a rich experience in similar line of business. SALORA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Salora International Limited (SIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 4, 2024, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through emails dated November 19, 2024, November 29, 2024, December 9, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Salora International Limited (ISIN: INE924A01013) is currently engaged into trading and manufacturing of mobile handsets and televisions. The commenced its operations in 1977 under the guidance of Mr S R Jiwarajka and Mr Obel Reddy. Presently, the company is managed by Mr. Gopal Jiwarjika and his sons, Mr. Tarun Jiwarajka (Marketing and Finance) and Mr. Ayush Jiwarajka (Technology & Operations). The company operates in two segments viz. Consumer Electronics and wind energy segment. SHYAM ENTERPRISES: CARE Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shyam Enterprises (SE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.50 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 13, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 29, 2024, January 8, 2025, January 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion Shyam Enterprises was constituted as a partnership firm on September 10, 1995 by Mr. Ashok Kumar and Mrs. Rita Kumar. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shyam Enterprises was constituted as a partnership firm on September 10, 1995 by Mr. Ashok Kumar and Mrs. Rita Kumar. Since its inception, the firm has been engaged in manufacturing of bearing and auto components like wire drawings, taper roller, rings, cups, cones, bearing, yoke etc. The firm has three manufacturing unit; unit 1 is located at Jamshedpur, Jharkhand for manufacturing of wire drawing with an installed capacity of 7200 metric tons per annum (MTPA), unit 2 is located at Kharsawan, Jharkhand for manufacturing of taper roller with an installed capacity of 4800 metric tons per annum (MTPA) and unit 3 is also located at Kharsawan, Jharkhand for manufacturing of rings, cups, cone etc. with an installed capacity of 3000 metric tons per annum (MTPA). The firm has started its manufacturing unit 3 operational in August 2019 and since its inception, the firm has been associated with Timken India Limited (a TATA Enterprise), whereas machining jobs are undertaken exclusively for other reputed clients as well. SIDDHI LAXMI: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Siddhi Laxmi Motors (SLM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.80 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 13, 2024, placed the rating(s) of SLM under the 'issuer non-cooperating' category as SLM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLM continues to be non-cooperative despite repeated requests for submission of information through emails dated December 29, 2024, January 8, 2025, January 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Siddhi Laxmi Motors (SLM) was established as a partnership firm in October 2014 by Mr. Bikram Agarwal and Mr. Sujit Kr. Agarwalla. The firm is as an authorized dealer of Mahindra and Mahindra Limited (M&M) for its passenger cars, commercial vehicles (Including 3 wheelers and 4 wheeler light vehicles) and spares & accessories. The showroom of the firm is located at Angul, Dhenkanal, Boinda, Kamakhya Nagar, Talcher, Khajuriakatta, Palalahada where it also provides repair and refurbishment services for its full range of vehicles. SRIVAY INFRA: CARE Lowers Rating on INR10cr ST Loan to D -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Srivay Infra Projects Private Limited (SIPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B-; Stable Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 22, 2024, placed the rating(s) of SIPPL under the 'issuer non-cooperating' category as SIPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2024, December 17, 2024, December 27, 2024 and March 10, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The revision further considers the ongoing delays in debt servicing as recognized from publicly available information i.e., CIBIL filings. Analytical approach: Standalone Outlook: Not Applicable Telangana based Srivay Infra Projects Private Limited (SIPPL) was incorporated in the year 2018 and promoted by Mandava Venkata Raghunath along with V. Lohitha. The company undertakes the contract works for Infrastructure, Irrigation, Electrical and Mining works. Mr. Venkata Raghunath, Managing Director has more than two decades of experience in the construction business. SUNITA: CARE Keeps B+ Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sunita (S) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 16, 2024, placed the rating(s) of S under the 'issuer noncooperating' category as Sunita had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. Sunita continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 1, 2025, January 11, 2025, January 21, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of Sunita have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable M/s Sunita, a partnership firm was established in the year 1975 and it is being managed by Mr. Shekhar Chand Marothi, Mr. Kishore Chand Marothi, Mr. Sudip Marothi and their other family members. The firm is into retailing of readymade garments for men and women, sarees, dress materials, suiting shirting and cosmetics products. It is operating through two retail outlets which are located at Behrampore and Lalbagh, both in the state of West Bengal. TEZALPATTY TEA: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tezalpatty Tea Private Limited (TTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.35 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 2, 2024, placed the rating(s) of TTPL under the 'issuer non-cooperating' category as TTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 18, 2024, December 28, 2024, January 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Tezalpatty Tea Private Limited (TTPL) was established in 1994 by Mrs. Rumena Rehman, Mr. Nilufar Rehman and Mr. Atikur Rehman. The company is engaged in the processing of black tea and has an installed capacity of 10 lakh kg per annum. The manufacturing facility is located at Guwahati, Assam. VAIJANATH INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Shri Vaijanath Industries Private Limited (SVIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.31 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 8, 2024, placed the rating(s) of SVIPL under the 'issuer non-cooperating' category as SVIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 24, 2024, January 3, 2025, January 13, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shri Vaijanath Industries Private Limited (SVIPL) was incorporated on 13th July 2008; it is involved in the business of forging and started its commercial production in 2010. The company has its own manufacturing unit in Kolhapur. The products of the company find their application in automobiles and CNC machines. =============== M A L A Y S I A =============== CAPITAL A: Secures Bursa Approval for PN17 Regularisation Plan -------------------------------------------------------------- Capital A Berhad has reached a major milestone in its financial transformation journey with the approval of its Proposed Regularisation Plan by Bursa Malaysia Securities Berhad ("Bursa Securities"). This marks a significant step toward the company's exit from Practice Note 17 (PN17) status, setting the stage for a stronger and more sustainable future. The approval from Bursa Securities, granted via an official letter dated March 7, 2025, provides a clear path for Capital A to complete its restructuring and restore its financial standing. With this green light, the company is now poised to finalise the implementation of its plan, including capital reduction to set off accumulated losses and the reorganisation of its business units to unlock long-term value for shareholders. Tony Fernandes, CEO of Capital A, hailed the approval saying, "This is a monumental day for Capital A. I am beyond words. After an extensive restructuring process, we now stand at the threshold of exiting PN17 status. Our journey has been focused on rebuilding our financial foundation, and with today's announcement, we take a giant leap toward a future of financial strength and operational excellence. This is not just about numbers or regulatory approvals - it's about resilience, about proving that we can come back again, stronger than ever. We are fully committed to executing the plan and delivering even greater value to all our stakeholders, including our customers and our incredible Allstars who never gave up. The best is yet to come!" The Proposed Regularisation Plan is structured to ensure compliance with Bursa Securities' listing requirements and includes a series of financial and structural adjustments designed to stabilise and grow Capital A's business. The approval is subject to the fulfillment of certain conditions, including compliance with all regulatory requirements, obtaining necessary shareholder approvals, and submitting final confirmations of the plan's completion. Mun Hui Teh, CFO of Capital A and the architect of the restructuring plan said: "Securing Bursa's approval is a testament to the hard work, relentless dedication, and strategic direction of Capital A. I want to extend my deepest gratitude to Tony and the entire leadership team for their trust, guidance, and unwavering belief in this vision. This plan will enable us to clean up our balance sheet, realign our core businesses, and ultimately exit PN17 status. We are closer than ever to achieving our goal, and we can't wait for the exciting future ahead to unfold." Following the completion of the Proposed Regularisation Plan, Capital A will be in a stronger position to execute its long-term vision. The company remains committed to growing its six core businesses - Asia Digital Engineering (ADE), Teleport (Logistics), AirAsia MOVE, Santan, BigPay and Abc. International. This milestone reflects Capital A's transformation from a financially distressed company into a group with agile, technology-driven businesses that are ready to capitalise on new opportunities in aviation, engineering, logistics, digital travel, and brand management. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. SAPURA ENERGY: MACC Opens Two Investigation Papers -------------------------------------------------- The Edge Malaysia reports that the Malaysian Anti-Corruption Commission (MACC) has opened two investigation papers on the alleged bribery and misappropriation of funds involving Sapura Energy Bhd. According to the report, sources said the investigation is being carried out based on the results of MACC's initial probe at the end of 2023 involving the company. "The two investigation papers that have been opened focus on money laundering activities and misappropriation around 2018 when the company was known as Sapura Kencana Petroleum Bhd. "In addition to corruption, the investigation will focus on issues related to weaknesses in governance and management," the sources said. Meanwhile, MACC Chief Commissioner Tan Sri Azam Baki confirmed the matter, saying the investigation papers were opened under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), the Edge relays. About Sapura Energy Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is engaged in investment holding and the provision of management services to its subsidiaries. The Company's segments include Engineering and Construction (E&C), Drilling, Energy and Corporate. Sapura Energy Bhd announced on May 31, 2022, that it has been classified as a PN17 listed issuer due to going concerns on its shareholders' equity position less than 50% of its share capital. Sapura Energy has become an affected listed issuer under PN17 on the basis that its shareholders' equity position of MYR85 million as at Jan. 31, 2022 was less than 50% of its share capital of MYR10.9 billion. ===================== N E W Z E A L A N D ===================== AUTO TECH: Creditors' Proofs of Debt Due on April 21 ---------------------------------------------------- Creditors of Auto Tech Services Limited are required to file their proofs of debt by April 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 10, 2025. The company's liquidators are: Lynda Smart Derek Ah Sam Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 BESPOKE JOINERY: Creditors' Proofs of Debt Due on April 11 ---------------------------------------------------------- Creditors of Bespoke Joinery & Kitchens Limited are required to file their proofs of debt by April 11, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 10, 2025. The company's liquidator is: Hamish John Pryde CS Insolvency C/- Coombe Smith (PN) Limited 168 Broadway Avenue PO Box 788 Palmerston North KAIMAI VIEW: Baker Tilly Staples Appointed as Receivers ------------------------------------------------------- Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly Staples Rodway Auckland on March 12, 2025, were appointed as receivers and managers of Kaimai View Dairy Limited. The receivers and managers may be reached at: Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 OMAHU COMMERCIALS: Waterstone Insolvency Appointed as Receivers --------------------------------------------------------------- Damien Grant and Adam Botterill of Waterstone Insolvency on Feb. 7, 2025, were appointed as receivers and managers of Omahu Commercials Limited. The receivers and managers may be reached at: Waterstone Insolvency PO Box 352 Auckland 1140 ================= S I N G A P O R E ================= COSMOSUMMIT SINGAPORE: Creditors' Proofs of Debt Due on April 14 ---------------------------------------------------------------- Creditors of Cosmosummit Singapore Pte. Ltd. are required to file their proofs of debt by April 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 10, 2025. The company's liquidator is: Mitani Masatoshi c/o 10 Anson Road #14-06 International Plaza Singapore 079903 DE' ONE LIFESTYLE: Court to Hear Wind-Up Petition on April 4 ------------------------------------------------------------ A petition to wind up the operations of De' One Lifestyle (S Pte. Ltd. will be heard before the High Court of Singapore on April 4, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 10, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ELITE STONES: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on March 7, 2025, to wind up the operations of Elite Stones Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Mr. Gary Loh Weng Fatt c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GRACE OCEAN: Balks at Deposition in Maryland; Settles U.S. Claim ---------------------------------------------------------------- In the case In re Grace Ocean Private Limited and Synergy Marine Pte Ltd. (D. Md., Case No. 1:24-cv-00941), Petitioners Grace Ocean and Synergy filed an objection and appeal from a ruling entered by Chief United States Magistrate Judge Timothy J. Sullivan compelling Petitioners and their management agents and employees to submit to deposition in the District of Maryland. Grace Ocean is the owner, and Synergy is the technical manager of M/V DALI, the container cargo vessel registered in and sailing under the flag of Singapore, which allided with and destroyed the Francis Scott Key Bridge in Baltimore, Maryland, on March 26, 2024. In the Motion to Compel filed by the State of Maryland, there are six witnesses at issue and all live in India or Singapore. The Petitioners have argued that the witnesses should not have to travel from their homes in India and Singapore for depositions in Maryland, especially when they have agreed to travel to London to be deposed. "Under the circumstances presented here, requiring the witnesses to appear for deposition in the District of Maryland is in the interests of justice," Magistrate Judge Sullivan wrote in his February 26, 2025 ruling granting the the motion to compel. "The most important factor is the convenience of the parties. All attorneys of record have offices in the continental United States. Most have offices within 200 miles of Baltimore. It will be more convenient for the attorneys of record to conduct the depositions in this district. Claimants expect approximately 18 attorneys to appear at the witnesses' depositions on behalf of the Claimants. Requiring these attorneys to travel to London for the depositions would impose an extraordinary cost on Claimants." In their objection and appeal, the Petitioners state that the Magistrate Judge's Order granting Claimants' Motion to Compel is both clearly erroneous and contrary to law. "The Order fails to account for the fact that the identified Synergy Marine Pte Ltd employees are not party witnesses that can be noticed pursuant to Fed. R. Civ. P. 30(b)(1) and were not offered by Petitioners as corporate representatives pursuant to Fed. R. Civ. P. 30(b)(6). Accordingly, they are not subject to deposition by notice under Fed. R. Civ. P. 30(b)(1). Rather, these employees should be treated as any other non-party and must be served with a subpoena pursuant to Fed. R. Civ. P. 45 or, because they are based abroad, pursuant to the Hague Convention on the Taking of Evidence Abroad in Civil or Commercial Matters or other principles of international comity," they contend. Bid to Lift Stay Denied Prior to this, U.S. District Judge James K. Bredar, on February 7, 2025, denied a motion to lift stay filed by the State of Maryland, the Maryland Transportation Authority (MTA), Maryland Port Administration, and the Maryland Department of the Environment. Another party, Ace American insurance Company's request that the court partially lift its April 1, 2024, injunction order to permit Ace to pursue certain contractual and statutory claims alleged to be outside the scope of the Limitation Act was also denied. The Court said it declined to exercise its discretion to modify the terms of the injunction because any such modification would frustrate the purpose of the Limitation Act, would risk creating inconsistent judgments with respect to core issues pertaining to the question of whether Petitioners are entitled to limitation of liability, and would be contrary to the interests of judicial economy and fairness. Settles U.S. Claim for $100MM Last October 24, 2024, Petitioners Grace Ocean and Synergy, and Claimant United States of America, reached a settlement in this case, with the Petitioners agreeing to pay $101,980,000 to resolve a civil claim brought by the US for costs borne in responding to the catastrophic collapse of the Francis Scott Key Bridge in Baltimore, relates The Guardian. The settlement does not include any damages for the reconstruction of the Francis Scott Key Bridge, notes the report. "Nearly seven months after one of the worst transportation disasters in recent memory, which claimed six lives and caused untold damage, we have reached an important milestone with today's settlement," the report quotes principal deputy associate attorney general Benjamin Mizer as saying. Shipmanager Synergy stated: "The settlement strictly covers costs related to clearing the channel, which we would have been responsible for in any case, and is not indicative of any liability, which we expressly reject for the incident that led to the collapse of the Francis Scott Key Bridge. No punitive damages have been imposed as part of settlement." "Grace Ocean and Synergy are prepared to vigorously defend themselves in the limitation of liability proceedings pending before the federal court in Baltimore and to establish that they were not responsible for the incident," a spokesperson for Synergy told Splash247.com. A bench trial on the question of Petitioners' entitlement to limitation of or exoneration from liability has been scheduled for June 2026. GREENTECH INVESTMENTS: Creditors' Proofs of Debt Due on April 14 ---------------------------------------------------------------- Creditors of Greentech Investments Pte. Ltd. are required to file their proofs of debt by April 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 7, 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 IMPERIUM GOURMET: Court to Hear Wind-Up Petition on March 28 ------------------------------------------------------------ A petition to wind up the operations of Imperium Gourmet Asia Pte. Ltd. will be heard before the High Court of Singapore on March 28, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on March 4, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 SKG TRUCKING: Creditors' Proofs of Debt Due on March 24 ------------------------------------------------------- Creditors of SKG Trucking 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: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Commits to Full Debt Repayment ------------------------------------------- The Korea Herald reports that South Korean supermarket chain Homeplus has pledged to fully repay its vendors, prioritizing small businesses, while apologizing for heightened concerns over its financial stability following a court's approval of its entry into a corporate rehabilitation program earlier this month. At a press conference on March 14, Homeplus CEO Joh Ju-yeon announced the company had repaid KRW340 billion (US$234 million) in commercial receivables and assured that most debts to small business owners would soon be settled, though payments to large corporations and franchisees might take longer. "We sincerely apologize for any inconvenience caused to our partners, store owners and investors due to the rehabilitation proceedings," the report quotes Joh as saying. "We are doing our best to minimize damage and normalize our operations as soon as possible." "We are making payments to our suppliers and leasehold store owners in sequential order," she remarked. "We ask larger suppliers to be patient, as we will fully honor all bond redemptions according to the installment schedule." Homeplus filed for court-led rehabilitation on March 4, sending shockwaves through the local retail and financial sectors, a measure the company described as a precautionary step to ease its short-term debt burden after a credit downgrade. Homeplus' corporate rehabilitation plan is due for submission by June 3, according to the report. Despite the turmoil, Joh remained confident in the company's ability to stay afloat, underscoring that the rehabilitation process is accelerating Homeplus' recovery, the Korea Herald relays. She noted that Homeplus had around KRW160 billion in cash reserves as of March 13 and continues to generate a steady cash flow, ensuring that remaining commercial bond payments can be met. The Korea Herald relates that Joh also reassured stakeholders that despite Homeplus' financial distress, its core retail operations remain stable. As of March 13, compared to normal operations, the company maintained a 95 percent transaction rate across all its platforms, with malls (99.9 percent), logistics (100 percent) and subcontractor operations (100 percent) continuing without disruption. The Korea Herald says the company further highlighted unexpected gains in sales since entering court-led rehabilitation, noting that revenue in the first week following the filing rose 13.4 percent on-year, while customer traffic increased by 5 percent. Regarding the financial scandal surrounding MBK Partners, the private equity firm behind Homeplus, Vice Chairman Kim Kwang-il denied several allegations, the report says. He dismissed claims that MBK played a role in Homeplus' financial decline, stating, "The sale-and-leaseback strategy is a common business practice, and proceeds from store sales were reinvested into Homeplus operations." He also noted that Homeplus' store count had declined less than that of E-Mart and Lotte Mart. He also confirmed that the planned sale of Homeplus' supermarket division was put on hold due to the rehabilitation proceedings. "We are committed to shielding Homeplus from bankruptcy," Kim reiterated, The Korea Herald adds. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4 after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating. HOMEPLUS CO: MBK Chief to Use Personal Assets to Support Suppliers ------------------------------------------------------------------ Yonhap News Agency reports that private equity firm MBK Partners Ltd., which owns Homeplus Co., said on March 16 its chief will use his personal assets to support suppliers of the major discount store chain affected by the court-led rehabilitation process. Earlier this month, Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court after two local credit rating agencies lowered the rating of its corporate bonds to A3- from A3, citing the retailer's lack of efforts to improve its financial health. "We will fulfill our social responsibility regarding Homeplus' rehabilitation process," MBK Partners said in a release, Yonhap relays. "As part of efforts, Chairman Kim Byung-ju will provide financial support to ensure prompt payments for transactions with small businesses, which are expected to face difficulties." MBK Partners did not elaborate on Kim's financial support. MBK has come under criticism for placing Homeplus into rehabilitation without making self-recovery efforts, though its massive acquisition debt has led to the retailer's financial difficulties. On March 14, Homeplus President Joh Joo-yun apologized to its partners and investors and pledged to do its best to normalize the company as soon as possible, Yonhap reports. According to Yonhap, Joh stressed Homeplus remains financially stable, saying the company had paid KRW340 billion (US$234 million) in commercial receivables as of Thursday and holds KRW160 billion in cash. She vowed to make a full payment of the remaining debt to avoid any damage involving the rehabilitation process. Homeplus said it will submit its self-rescue plans to the court by June 3, Yonhap relays. According to Yonhap, the Financial Supervisory Service (FSS) has vowed to look into whether there were any flaws in the process of Homeplus selling its asset-backed short-term debts (ABSTBs). Late last month, Homeplus issued ABSTBs worth KRW82 billion through Shinyoung Securities Co, Yonhap recalls. Since then, a controversy has erupted over whether it sold such debts even after knowing the possibility of its credit rating being downgraded. In 2015, MBK Partners acquired a 100 percent stake in Homeplus for KRW7.2 trillion, including KRW4.3 trillion in loans, from British retailer Tesco Plc. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4 after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating. ********* 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. 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