/raid1/www/Hosts/bankrupt/TCRAP_Public/250318.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
Tuesday, March 18, 2025, Vol. 28, No. 55
Headlines
A U S T R A L I A
AVANTI AU 2023-1: Moody's Upgrades Rating on Class F Notes to Ba1
BSSPV PTY: Beulah Plans to Sell Southbank Site to Pay Creditors
DENCON CONSTRUCTIONS: First Creditors' Meeting Set for March 21
FALCON CAPITAL: ASIC Seeks Appointment of Liquidators
MIELS FAMILY: First Creditors' Meeting Set for March 25
PLENTI AUTO 2024-1: Moody's Upgrades Rating on Class F Notes to B1
PROJECT FLOW: First Creditors' Meeting Set for March 21
REDZED TRUST 2025-1: Fitch Assigns 'B(EXP)sf' Rating on Cl. F Bonds
TRIDENT STAR: First Creditors' Meeting Set for March 21
UPM GROUP: Second Creditors' Meeting Set for March 21
VIRTICAL: Owners' Assets Frozen Amid Fake GST Refunds Probe
C H I N A
SUNAC CHINA: Warns of Wider Loss for 2024
I N D I A
A. K. L. INFRACON: ICRA Keeps B+ Debt Rating in Not Cooperating
ASB PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
BOLTMASTER (INDIA): ICRA Keeps D Debt Rating in Not Cooperating
BOOKMYTRAININGS.COM: Voluntary Liquidation Process Case Summary
BRAINLY INDIA: Voluntary Liquidation Process Case Summary
G RAMAMOORTHI: ICRA Keeps B+ Debt Rating in Not Cooperating
GOWTHAM CEMENTS: CARE Lowers Rating on INR1.98cr LT Loan to D
K V AROMATICS: ICRA Keeps D Debt Ratings in Not Cooperating
K. MADANA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
KALWAKURTHY MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop
MAX PROPERTIES: ICRA Keeps D Debt Ratings in Not Cooperating
MAZUNA TECHNOBRIDGE: Voluntary Liquidation Process Case Summary
MID WEST: ICRA Keeps B Debt Rating in Not Cooperating Category
MV & VAJRA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
NALLAMILLI SATYANARAYANA: ICRA Keeps B+ Rating in Not Cooperating
NIRMAL TRADERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
OLA ELECTRIC: Unit Faces Two Insolvency Pleas Over Vendor Dues
OUR CO. INFRASTRUCTURE: Insolvency Resolution Process Case Summary
QUADROS MOTORS: ICRA Keeps D Debt Rating in Not Cooperating
R N ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
RADHESHYAM COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
ROOFERS INFRASTRUCTURE: Insolvency Resolution Process Case Summary
S.V. PATEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
SATKAR LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
SHADNAGAR MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop.
SK INVESTMENT: Voluntary Liquidation Process Case Summary
SRI PARANTHAMAN: Liquidation Process Case Summary
SUNIL INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUNNY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
THREE C: ICRA Keeps D Debt Rating in Not Cooperating Category
ZENVISION PHARMA: ICRA Moves B+ Debt Ratings to Not Cooperating
I N D O N E S I A
BUKIT MAKMUR: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
M A L A Y S I A
1MDB: More Than MYR29 Billion Assets Recovered, Says MACC
M O N G O L I A
GOLOMT BANK: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable
N E W Z E A L A N D
CHERRI GLOBAL: Placed in Liquidation; Owes More Than NZD40MM
KAIMAHI NORTH: Court to Hear Wind-Up Petition on March 31
LIBELLE GROUP: Creditors' Proofs of Debt Due on April 4
NASITA PRODUCTION: Creditors' Proofs of Debt Due on April 11
NORTH ISLAND: Court to Hear Wind-Up Petition on March 21
XTREME JOINERY: Creditors' Proofs of Debt Due on April 14
S I N G A P O R E
AENO FRESH: Court Enters Wind-Up Order
EXCHANGE ASIA: Creditors' Meetings Set for March 20
HONG HAI: Creditors' Meetings Set for March 28
RUCHIRA SHIPS: Members and Creditors' Meeting Set for April 11
SUPERLATIVE FOODS: Court Enters Wind-Up Order
- - - - -
=================
A U S T R A L I A
=================
AVANTI AU 2023-1: Moody's Upgrades Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on five classes of notes
issued by Avanti AU Auto ABS 2023-1 Trust in respect of the Series
2023-1.
The affected ratings are as follows:
Issuer: Avanti AU Auto ABS 2023-1 Trust in respect of the Series
2023-1
Class B Notes, Upgraded to Aaa (sf); previously on May 8, 2024
Upgraded to Aa1 (sf)
Class C Notes, Upgraded to Aa1 (sf); previously on May 8, 2024
Upgraded to Aa2 (sf)
Class D Notes, Upgraded to Aa3 (sf); previously on May 8, 2024
Upgraded to A2 (sf)
Class E Notes, Upgraded to A3 (sf); previously on May 8, 2024
Upgraded to Baa2 (sf)
Class F Notes, Upgraded to Ba1 (sf); previously on May 8, 2024
Upgraded to Ba2 (sf)
A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in note subordination
available for the affected notes and the collateral performance to
date.
No action was taken on the remaining rated class in the deal as
credit enhancement remains commensurate with the current rating for
the notes.
Following the February 2025 payment date, the note subordination
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 21.6%, 16.9%, 12.3%, 9.1% and 5.8%
respectively, from 15.3%, 12.0%, 8.6%, 6.4% and 4.0% at the time of
the last rating action for these notes in May 2024. Principal
collections have been distributed on a pro-rata basis across the
rated notes since February 2025 payment date. Current total
outstanding notes as a percentage of the total closing balance is
52%.
As of end-January 2025, 3.4% of the outstanding pool was 30-plus
day delinquent and 0.7% was 90-plus day delinquent. The portfolio
has incurred 1.4% and 1.1% (as a percentage of the original note
balance) of gross and net losses to date.
Based on the observed performance to date and loan attributes,
Moody's have revised Moody's expected default assumption to 4.0% of
the current pool balance (equivalent to 3.4% of the original pool
balance), from 3.6% of the current pool balance (equivalent to 3.1%
of the original pool balance) at the time of the last rating action
in May 2024. Moody's have maintained the Aaa portfolio credit
enhancement at 16%.
The transaction is a cash securitisation of receivables backed by
motor vehicles. The receivables were originated and are serviced by
Branded Financial Services Pty Limited, a wholly owned and operated
subsidiary of Avanti Finance Limited.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
BSSPV PTY: Beulah Plans to Sell Southbank Site to Pay Creditors
---------------------------------------------------------------
The Australian Financial Review reports that the administrators of
Australia's biggest mixed-used residential project, the Sth Bnk
development in Melbourne, have asked for approval to go ahead with
the sale of the site and use the proceeds to pay back creditors.
The Financial Review relates that the administrators of the vehicle
that developer Beulah International put into administration last
month have also told creditors, in filings on March 14, that the
entity may have been insolvent since at least the start of 2024.
In their recommendation to creditors of BSSPV Pty Ltd – who meet
on March 12 to vote on the entity's future – Pitcher Partners'
David Vasudevan and Lindsay Bainbridge recommended proceeding with
the sale of the site, which they expect to take until June, to
recover the most amount of money, according to the Financial
Review.
"We are informed that the best means of maximising the sale price
is to offer a joint sale of the three titles with the development
approval in place and not offer the lots individually," Mr.
Vasudevan and Ms. Bainbridge said.
"We are unsure if the eventual sale price will achieve its
prescribed valuation amounts for each of the three titles, or
whether they could eventually be sold jointly or individually."
The likely sale price of the sites was not disclosed.
The Financial Review says the process would mark the end of the
road for Beulah's involvement with the AUD2.7 billion, iconic
twisting twin-tower project it conceived in a blaze of publicity in
2018 but which ran aground after it sold 80 per cent of its
apartments at prices that did not cover surging construction
costs.
But it may not mean the end of the project. The Australian
Financial Review reported last month that Beulah was considering
new funding and this week named little-known Open Capital as one
potential financier willing to take on the project now costing an
estimated AUD2 billion.
The administrators said that it could take more than a year after
the preferred buyer is chosen to complete due diligence and
approvals, adding that there had been significant interest in the
Southbank site, the report relays.
Liquidation of the entity could realise a slightly higher sum at
AUD4.5 million, but that would also then trigger more liabilities,
including the AUD34.4 million owed to Mayfair Global Investments,
which provided management services.
The Financial Review reported last month that consultancies AECOM
and Arup were among the list of creditors along with architects Cox
Architecture and UNstudio. Planning consultancy Urbis is owed
AUD137,000, the administrators said.
An application to wind up the company, brought by some of the
architecture firms, was due to be heard in the Victorian Supreme
Court on March 11. However, that may be dismissed after the
recommendation to creditors to allow the company to organise a sale
of the site, they added.
"Creditors will be provided with an update on the outcome of the
winding-up hearing at this forthcoming meeting," they said.
DENCON CONSTRUCTIONS: First Creditors' Meeting Set for March 21
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Dencon
Constructions Pty Limited will be held on March 21, 2025 at 3:00
p.m. via Zoom meeting.
Henry Kwok and Antony Resnick of dVT Group were appointed as
administrators of the company on March 11, 2025.
FALCON CAPITAL: ASIC Seeks Appointment of Liquidators
-----------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
applied to the Federal Court for the appointment of liquidators to
Falcon Capital Limited, the responsible entity for the First
Guardian Master Fund, and for orders directing the liquidators to
wind up First Guardian. ASIC is also seeking the appointment of a
receiver and manager to the personal property of one of Falcon's
directors, David Anderson.
This action follows previous action that ASIC took in February 2025
to help protect investor funds while an investigation is
continuing. On Feb. 24, 2025, the Federal Court made orders
freezing the assets of Falcon, First Guardian and Mr. Anderson.
ASIC is concerned about the management and operation of First
Guardian and the associated risks to investors. Withdrawals from
First Guardian have been suspended with limited exceptions since
May 2024. ASIC has alleged that:
* approximately AUD274 million of First Guardian's value
arises from cash receivables in respect of which payments
are many months late;
* in excess of AUD23 million of First Guardian's assets
appear
to have been paid to entities purportedly providing
marketing services which appears contrary to
representations
made to investors;
* First Guardian has invested in entities which Mr Anderson
had an association with or financial interest in and Falcon
appears to have failed to recognise and manage consequent
conflicts of interest;
* investors may have been exposed to classes of assets that
differ from what was disclosed to them at the time of
making their investment; and
* investors may have been misled about the security of their
investment and likely returns.
The matter has been listed for hearing on April 9, 2025.
ASIC's investigation of First Guardian is continuing. ASIC's
investigation to date suggests that many investors were called by
lead generators and referred to personal financial advice providers
who advised them to roll their superannuation assets into a retail
choice superannuation fund and then invest into First
Guardian. Some consumers received advice to set up
self-managed superannuation funds (SMSFs) to facilitate investments
into First Guardian.
Any person who wants to provide information to ASIC can contact
ASIC's investigation team by email at
firstguardian.queries@asic.gov.au.
First Guardian is a registered managed investment scheme.
Falcon suspended the processing of applications and withdrawals
from First Guardian on May 27, 2024 subject to some limited
exceptions.
On Feb. 18, 2025, the Federal Court made interim orders on the
application of ASIC freezing certain assets of financial adviser,
Ferras Merhi in connection with its investigations concerning
certain managed investment schemes including First Guardian.
Mr. Merhi controls Venture Egg Financial Services Pty Ltd (formerly
Ferras Merhi Pty Ltd) & United Financial Advice Pty Ltd, trading as
Venture Egg and Financial Services Group Australia Pty Ltd (FSGA).
Both Venture Egg and Mr Merhi are authorised representatives of
Interprac Financial Planning Pty Ltd, an Australian Financial
Services Licence (AFSL) holder. FSGA also holds an AFSL.
On Feb. 18, 2025, the Federal Court made interim orders on the
application of ASIC freezing certain assets of Osama Saad, former
director of Aus Super Compare Pty Ltd (in liquidation) and Atlas
Marketing Pty Ltd (in liquidation) in connection with its
investigations concerning certain managed investment schemes
including First Guardian.
On Feb. 24, 2025, the Federal Court made interim orders freezing
the assets of Falcon, First Guardian and Mr Anderson. Those orders
were extended by the Federal Court on February 27, March 12, 2025
and March 17, 2025.
On March 11, 2025, Falcon published an update to its investors
concerning the freezing orders obtained by ASIC and stated it was
currently working with its advisers to develop a plan to implement
an orderly wind down of First Guardian.
MIELS FAMILY: First Creditors' Meeting Set for March 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Miels Family
Holdings Pty Ltd will be held on March 25, 2025 at 10:00 a.m. at
the offices via virtual meeting and at the offices of GT Advisory &
Consulting at Level 3, 140 Bundall Road in Bundall.
Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of the company on March 13, 2025.
PLENTI AUTO 2024-1: Moody's Upgrades Rating on Class F Notes to B1
------------------------------------------------------------------
Moody's Ratings has upgraded ratings on six classes of notes issued
by Plenti Auto ABS Trust 2024-1.
The affected ratings are as follows:
Issuer: Plenti Auto ABS Trust 2024-1
Class B1 Notes, Upgraded to Aa1 (sf); previously on May 10, 2024
Definitive Rating Assigned Aa2 (sf)
Class B2 Notes, Upgraded to Aa1 (sf); previously on May 10, 2024
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to A1 (sf); previously on May 10, 2024
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to A3 (sf); previously on May 10, 2024
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Baa3 (sf); previously on May 10, 2024
Definitive Rating Assigned Ba1 (sf)
Class F Notes, Upgraded to B1 (sf); previously on May 10, 2024
Definitive Rating Assigned B2 (sf)
A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available to the affected notes and good performance of the
collateral pool to date.
No action was taken on the remaining rated classes in the deal as
credit enhancements remain commensurate with the current ratings
for the respective notes.
Following the February 2025 payment date, credit enhancement
available for the Class B (Class B1 and B2), Class C, Class D,
Class E, and Class F Notes has increased to 12.9%, 8.5%, 6.8%,
4.1%, and 1.4% respectively, from 9.5%, 6.3%, 5.0%, 3.0% and 1.0%
at closing in May 2024.
Principal collections have been distributed on a sequential basis
among the rated notes (excluding Class A-X Notes) since closing.
Current outstanding notes (excluding Class A-X Notes) as a
percentage of the total closing balance is 73.4%. Class A-X notes
are repaid through a scheduled amortisation profile. These notes
are not collateralised and are repaid through the interest
waterfall only.
As of end-January 2025, 1.2% of the outstanding pool was 30-plus
day delinquent and 0.2% was 90-plus day delinquent. The portfolio
has incurred net losses of 0.2% (as a percentage of the original
pool balance) to date, all of which have been covered by excess
spread.
Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected default assumption at 3.2%
of the current balance (equivalent to 2.7% of the original
balance). Moody's have also maintained the Aaa portfolio credit
enhancement to at 16.0%.
The transaction is a cash securitisation of consumer auto loan
receivables extended to prime borrowers in Australia originated by
Plenti Finance Pty Limited.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
PROJECT FLOW: First Creditors' Meeting Set for March 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Project Flow
Pty Ltd will be held on March 21, 2025 at 11:00 a.m. at the offices
of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney and via
virtual meeting technology.
Liam Thomas Bailey of O'Brien Palmer was appointed as administrator
of the company on March 11, 2025.
REDZED TRUST 2025-1: Fitch Assigns 'B(EXP)sf' Rating on Cl. F Bonds
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to RedZed Trust STC
Series 2025-1's mortgage-backed pass-through floating-rate bonds.
The issuance consists of notes backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans as well as small-ticket commercial
(STC) loans originated by RedZed Lending Solutions Pty Limited.
The notes will be issued by Perpetual Trustee Company Limited in
its capacity as trustee of RedZed Trust STC Series 2025-1. This is
a separate and distinct series created under a master trust deed.
Entity/Debt Rating
----------- ------
RedZed Trust STC
Series 2025-1
A LT AAA(EXP)sf Expected Rating
B LT AA(EXP)sf Expected Rating
C LT A(EXP)sf Expected Rating
D LT BBB(EXP)sf Expected Rating
E LT BB(EXP)sf Expected Rating
F LT B(EXP)sf Expected Rating
G1 LT NR(EXP)sf Expected Rating
G2 LT NR(EXP)sf Expected Rating
Transaction Summary
The collateral pool totalled AUD600 million and consisted of 833
obligors at the 31 December 2024 cut-off date.
KEY RATING DRIVERS
Sufficient Credit Enhancement: The class A, B, C, D, E and F notes
benefit from credit enhancement of 15.0%, 9.6%, 6.6%, 3.9%, 1.8%
and 0.5%, respectively. The transaction is backed by residential
loans, which form 81.2% of the pool, and STC loans, which form
18.8%.
The combined 'AAAsf' portfolio loss is 13.3% (residential 8.8% and
STC 32.7%), against 13.2% (residential 7.1% and STC 31.7%) for the
previous transaction, RedZed Trust STC Series 2024-1. The increase
in residential portfolio loss is due to higher weighted-average
(WA) current and indexed scheduled loan/value ratios and under
Fitch's methodology, a higher proportion of non-conforming loans.
The increase in STC portfolio loss is due to a higher one-year
probability of default (PD).
STC Borrower Credit Risk: Historical data analysis for the STC
portion of the pool was performed to derive a one-year PD
assumption of 1.7%, based on the underlying portfolio's annual
average historical 90 days past due. This is higher than 1.3% at
RedZed STC 2024-1's closing to account for the higher defaults in
2024. Fitch added the default probability assumption to its
proprietary Portfolio Credit Model (PCM), which also considers
other key variables, such as portfolio amortisation profile,
obligor concentration and industry distribution.
Empirical data show that not all loans that become 90 days past due
will end in foreclosure. Fitch has analysed the cure rate for
RedZed's STC portfolio for loans that entered 90 days past due and
concluded that around 50% of these loans were cured. In line with
the SME Balance Sheet Securitisation Rating Criteria, Fitch has
capped the base expected cure rate assumption at 40%, and tiered it
for higher rating scenarios. The cure rates are then applied to the
PD from PCM. The STC portfolio's 'AAAsf' default probability after
the application of cure rate drops to 53.8%.
STC Recovery Rate Lower than for Residential: Fitch applied
collateral haircuts for the STC portion of the pool that are in
line with the SME Balance Sheet Securitisation Rating Criteria. The
'AAAsf' WA recovery rate (WARR) for the STC portion of 39.2% is
lower than the 52.2% 'AAAsf' WARR for the residential portion.
Exposure to Obligor Concentration: Its PCM modelling, which
stresses default probability, correlation and recovery assumptions
for large groups of obligors, found that the pool's largest obligor
and the top-10 obligors account for 2.1% and 17.8%, respectively,
of the STC asset balance.
Limited Liquidity Risk: Fitch's payment interruption risk is
mitigated by a liquidity facility sized at 1.5% of the invested
note balance (excluding class G1 and G2 notes), with a floor of
AUD900,000. Other structural features include retention amounts
that redirect excess available income to repay note principal in
reverse sequential order (excluding class G1 and G2 notes) with a
limit of AUD500,000, and post-call amortisation amounts that
redirect after-tax excess income to repay note principal through
the principal priority of payments waterfall.
Low Operational and Servicing Risk: RedZed, established in 2006, is
an experienced specialist lender for self-employed borrowers. Fitch
undertook an operational review and found that the operations of
the originator and servicer were comparable with the market.
Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued growth and tight labour market,
despite rapid interest-rate hikes in 2022-2023. GDP growth was 0.8%
for the year ended September 2024 and unemployment was 4.1% in
January 2025. Fitch forecasts GDP growth of 1.6% in 2025, with
unemployment increasing to 4.5%. This reflects Fitch's expectation
that the effects of restrictive monetary policy and persistent
inflation will continue to hinder domestic demand.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A downgrade could stem from portfolio composition migrating towards
STC loans, as the STC loans attract a higher portfolio loss than
residential loans. Portfolio migration may occur if residential
loans were to have a higher prepayment rate, increasing the
concentration of STC loans. Transaction performance may also be
affected by changes in market conditions and the economic
environment.
Downgrade Sensitivities
Unanticipated deterioration in the frequency of defaults and
recoveries could produce loss levels higher than Fitch's base case
and are likely to result in a decline in credit enhancement and
remaining loss-coverage levels available to the notes. Decreased
credit enhancement may make certain note ratings susceptible to
negative rating action, depending on the extent of coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions.
Note: A / B / C / D / E / F
Expected Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf
Increase defaults by 15%: AA+sf / A+sf / BBB+sf / BB+sf / BB-sf /
less than Bsf
Increase defaults by 30%: AA+sf / A+sf / BBB+sf / BB+sf / B+sf /
less than Bsf
Reduce recoveries by 15%: AA+sf / A+sf / BBB+sf / BB+sf / B+sf /
less than Bsf
Reduce recoveries by 30%: AA+sf / Asf / BBBsf / BBsf / less than
Bsf / less than Bsf
Increase defaults by 15% and reduce recoveries by 15%: AA+sf / Asf
/ BBBsf / BB+sf / B+sf / less than Bsf
Increase defaults by 30% and reduce recoveries by 30%: A+sf /
BBB+sf / BB+sf / B+sf / less than Bsf / less than Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of credit enhancement that would fully
compensate for credit losses and cash flow stresses commensurate
with higher rating scenarios, all else being equal.
Upgrade Sensitivities
The class A notes' ratings are at the highest level on Fitch's
scale and cannot be upgraded.
Upgrades of the class C and D notes are constrained by one notch,
while the class E note is constrained by two notches, due to the
pro rata amortisation concentration test as per the SME Balance
Sheet Securitisation Rating Criteria.
Note: B / C / D / E / F
Expected Ratings: AAsf / Asf / BBBsf / BBsf / Bsf
Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf
/ BBB+sf / BB+sf / BBsf
CRITERIA VARIATION
The transaction features a threshold rate mechanism. This is a
common feature in Australian RMBS and is therefore contemplated
under the APAC Residential Mortgage Rating Criteria. However, 18.8%
of the pool consisted of STC loans, which were analysed under the
SME Balance Sheet Securitisation Rating Criteria, which do not
contemplate the concept of a threshold rate and, instead, WA margin
compression is generally modelled.
Fitch has applied the threshold rate for both the residential and
STC portions of the pool, given the similar characteristics between
both loan types and Fitch's view that the servicer will have the
legal ability to increase interest rates to meet required payments.
The similarities include: variable rate loan products, pricing of
loans based on the applicable standard variable rate constructed by
RedZed, which is not linked to any particular index, and RedZed's
contractually documented ability to reprice loans at its
discretion. Fitch has cash flow modelled the threshold rate with a
maximum increase to asset margins of 2.0%, consistent with the APAC
Residential Mortgage Rating Criteria. The impact of the variation
was a one-notch higher in the rating for class B notes.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available for this transaction.
As part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
TRIDENT STAR: First Creditors' Meeting Set for March 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Trident Star
Enterprises Pty Ltd will be held on March 21, 2025 at 11:00 a.m.
virtually by video conference.
Daniel Peter Juratowitch and Rachel Burdett of Cor Cordis were
appointed as administrators of the company on March 11, 2025.
UPM GROUP: Second Creditors' Meeting Set for March 21
-----------------------------------------------------
A second meeting of creditors in the proceedings of UPM Group Pty
Ltd has been set for March 21, 2025 at 12:00 p.m. at Level 9, 66
Clarence Street in Sydney and via Zoom teleconferencing
facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 20, 2025 at 4:00 p.m.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Feb. 25, 2025.
VIRTICAL: Owners' Assets Frozen Amid Fake GST Refunds Probe
-----------------------------------------------------------
The Australian Financial Review reports that the former directors
of collapsed hospitality empire Virtical have had their accounts
and assets frozen amid an investigation into hundreds of millions
of dollars of fake GST refunds claimed to be part of developing
iconic pubs and hotels.
According to the Financial Review, John Palasty and Mark Toma have
been ordered by the Federal Court to not deal with any of their
assets up to AUD52.2 million, following an application by BRI
Ferrier liquidator Peter Krejci.
The Financial Review relates that Mr. Palasty and Mr. Toma were
ordered to hand over details of all of their personal assets,
including those that are co-owned. Mr. Palasty's wife is also
subject to a freezing order for up to AUD2 million while Mr. Toma's
lending vehicle, Bond Global Capital, has been placed into
receivership to allow BRI to investigate the company's
transactions.
Messrs. Palasty and Toma have been given exemptions for AUD5,000
per week in living expenses and AUD10,000 for legal expenses until
the end of March 2025.
In September last year, an investigation by The Australian
Financial Review revealed Virtical and its subsidiaries were being
probed by the Australian Taxation Office over AUD100 million in GST
refunds for construction which never happened. The claimed refunds
would have required AUD1 billion in development.
Tax audits and administrator reports for nine Virtical companies,
obtained by the Financial Review, show the collapsed business was
fined more than AUD27 million for intentionally making false GST
refund claims. Including repayment claims, the nine Virtical
companies owe the ATO more than AUD50 million. This covers just
half of Virtical's 20 companies which have more than AUD100 million
in claims under investigation.
Companies can claim refunds for the GST paid on goods and services
needed to run their business if expenses surpass income in the
period. However, they are only required to provide receipts in the
event of an audit.
The Financial Review notes that Virtical exploded onto the Sydney
and Melbourne hospitality scene in 2023 after spending more than
AUD125 million on iconic pubs in just four months. The company
pitched itself as a burgeoning hospitality empire based around a
strategy of snapping up trophy venues and revitalising them with
multi-million dollar renovations.
Virtical paid AUD40 million for Sydney's Republic Hotel on Pitt St
and AUD25 million for Melbourne's Adelphi Hotel on Flinders Lane
and agreed to pay AUD61 million for a pair of historic pubs on
Oxford Street's Taylor Square, the Courthouse Hotel and Kinselas.
However, the empire quickly crumbled following reports by the
Financial Review. Virtical's key financier, non-bank lender Bond
Finance, reacted by putting key venues into administration in
pursuit of AUD91 million in overdue loans.
Mr. Palasty was declared bankrupt in 2012 after he was pursued by a
financier and was discharged in 2015. He was declared bankrupt
again four years later and only discharged in February 2023.
Three months later a company in Mr. Palasty's wife's name bought a
four-bedroom luxury house with a swimming pool across 1000 square
metres in Sydney's East Hills for AUD2.25 million.
Mr. Toma, a former building materials salesman, claimed on the
website of Bond Global Capital that he made AUD45 million from his
sale of Virtical shares.
He now lives in a AUD3.9 million 2.5-acre property in Sydney's west
that was purchased in 2021 with spa, sauna, gymnasium and a tennis
court.
BRI Ferrier is set to start four days examinations of some of the
people involved in the companies under administration on March 24,
adds the Financial Review.
=========
C H I N A
=========
SUNAC CHINA: Warns of Wider Loss for 2024
-----------------------------------------
Reuters reports that Sunac China said on March 17 it expects to
report a wider loss for the year ended December 2024.
Beijing-based Sunac, once among China's largest real estate
developers, attributed the higher net loss forecast to the absence
of gains that it had logged last year after the completion of its
offshore debt restructuring, Reuters relates.
In late 2023, Sunac completed a comprehensive overhaul of its $9
billion offshore debt, exchanging its existing debt for a
combination of notes, among others.
Reuters says the company has borne the brunt of a struggling
property sector in the world's second-largest economy, which has
led to decreased real-estate project deliveries, and as a result,
lower earnings for developers, while they battle to revive their
businesses.
Over the last three years, several top property developers such as
Country Garden and China Evergrande have defaulted on debt
repayment obligations, triggering a destabilising crisis in the
economically-crucial property sector and forcing Beijing to
announce support measures.
In January this year, a liquidation petition was filed against
Sunac with the hearing scheduled for March 19, but soon after, the
company emerged as the first embattled Chinese property developer
to successfully cut down its onshore debt, Reuters states.
Sunac expects to post a loss attributable between CNY25.5 billion
($3.52 billion) and CNY26 billion for 2024, compared with last
year's CNY7.97 billion, Reuters discloses.
The company expects to publish its fiscal 2024 results on March 28,
it said.
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.
Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.
Creditors of Sunac China Ltd have approved its NZD9 billion
offshore debt restructuring plan, the company said on Sept. 18,
2023, marking the first approval of such debt overhaul by a major
Chinese property developer.
Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to Sunac China.
=========
I N D I A
=========
A. K. L. INFRACON: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of A. K. L.
Infracon Pvt Ltd (AKLIPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 5.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AKLIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
AKLIPL is involved in construction of buildings, roads, bridges,
canals and sewerage distribution system in West Bengal and Sikkim.
The promoter has been involved in the civil-construction business
for more than three decades through its erstwhile proprietorship
concern, M/s. A.K. Engineers since 1982. However, the operations of
the concern were transferred to AKLIPL in July 2013.
ASB PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings of ASB Projects Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with ASB Projects Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2005, ASB is a single asset company and is
currently managing the operations of a mall Ashok Cosmos Mall in
Agra (Uttar Pradesh). This mall became operational in 2010 and has
a coveredarea of 3.36 lakh sq ft. As on March 31, 2016, of the
total area of 336,404 sq ft, 90,592 sq ft of area pertaining to
shopping and office complexes has been leased to six tenants. The
company is a part of the Ashok Group of Agra, which is present in
diversified sectors spanning across auto dealerships, petroleum
products dealership and hire-purchase, finance and leasing
business.
BOLTMASTER (INDIA): ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating of Boltmaster (India) Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 22.80 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Boltmaster (India) Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
The company started manufacturing activities in 1976 at Goregaon
Mumbai and has developed more than 2500 different varieties of
fasteners either as per customer's requirements or conforming to
national/international standards. In 1994, to meet increased
demand, the company set up new factory at Bhayander in suburban
Mumbai with installed capacity of 4000MTPA or 12 million pieces per
annum. The company's product rang covers various types of Fasteners
such as Bolts, Screws, Nuts Studs etc. and forged components,
conforming to national and international standards such as ISO, IS,
BS, DIN, ASTM, ANSI etc. These products find application in Heavy
Engineering, Mines (Coal, Aluminium, Iron etc.), Ship building
Constructions, Earth moving Equipments, Sugar industries, Cement &
Chemical plants, Power Stations, Railways, Petro Chemicals, Nuclear
power generation plants, steel plants, Farm Equipments and in
Automotive sector.
BOOKMYTRAININGS.COM: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: BookMyTrainings.com Private Limited
1101, 3rd Floor 24th Main,
JP Nagar 1st Phase,
Bangalore 560078, Karnataka, India
Liquidation Commencement Date: March 1, 2025
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Srinivas Thatikonda
Flat No. 006, Nanda Ashirwad Apartments
No.1, Canara Bank Colony, 2nd Main,
Chandra Layout, Bengaluru 560072,
Karnataka, India
Land Line: +91 80 23390132
Mobile: +91 9538869662
Email: srinivas@srinivasthatikonda.com
Last date for
submission of claims: March 31, 2025
BRAINLY INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Brainly India Private Limited
Galaxy - WeWork, Galaxy,
43, Residency Road, Shantala Nagar,
Ashok Nagar, Richmond Town,
Bangalore North 560025, Karnataka, India
Liquidation Commencement Date: February 18, 2025
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Srilakshmi Purushotham
No. 41, Patalamma Temple Street,
Basavanagudi, Near South End Circle
Bengaluru - 560004, Karnataka, India
E-mail Id: sri@gurujana.com
Phone: 080 4220 2020
Last date for
submission of claims: March 20, 2025
G RAMAMOORTHI: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of G Ramamoorthi
Constructions India Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with G Ramamoorthi Constructions India Private Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance. Further, ICRA has been sending repeated reminders
to the entity for payment of surveillance fee that became due.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
G. Ramamoorthi Constructions India Private Limited was incorporated
in the year 2008 and the promoters of this company are Mr. G.
Ramamoorthi, Mrs. Bagyam Ramamoorthi, Mrs. Arthi and Mr. R. Arun.
It is a family owned and closely held company led by Mr. G.
Ramamoorthi who looks after the overall operations, supported by
Mr. R. Arun handling project executions and Mrs. Bagyam handling
administration. The company was established as a proprietorship
firm -G. Ramamoorthi & Co in the year 1990, by Mr. G Ramamoorthy
and was reconstituted as private limited company in the year 2008.
Currently, the company is engaged in civil construction business
and has undertaken various projects such as construction of
apartments, hospitals, schools, colleges, commercial buildings,
industrial buildings, etc.
GOWTHAM CEMENTS: CARE Lowers Rating on INR1.98cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gowtham Cements Private Limited (GCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.98 CARE D; ISSUER NOT COOPERATING
Facilities 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 July 18, 2024,
placed the rating(s) of GCPL under the 'issuer non-cooperating'
category as GCPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. GCPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated 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 for GCPL have been revised on account of
non-availability of requisite information. The rating revision also
considers delays in debt servicing as recognized from lender
feedback.
Analytical approach: Standalone
Outlook: Not applicable
Gowtham Cements Private Limited (GCPL) was incorporated in
September'2009, by Mr. C.N. Murthy (Managing Director), Ms. Kavitha
(Director) and other family member, for manufacturing of cement.
The promoters of the company are qualified and have more than two
decades of experience in civil construction and other business. The
manufacturing unit of the company is IN 7.5 acres and is located at
Pachanapalle Village, Chittoor Mandal, Chittoor, Andhra Pradesh.
The Company sells its products 75% in Tamil Nadu and remaining 25%
in Andhra Pradesh. The company purchases clinker, fly ash, gypsum
and other raw materials required in manufacturing in cements from
Andhra Pradesh (75%) and remaining from Tamil Nadu region.
K V AROMATICS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of K V Aromatics
Private Limited (KVAPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 0.38 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term- 194.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 16.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 11.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KVAPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
K. V. Aromatics Private Limited (KVAPL) was incorporated in 2005
and was originally registered in the name of M/s J C Infrasoft
Private Limited. The promoters effected the change of name of the
company on 31.3.2008 to K. V. Aromatics Private Limited. The
company's operations are based at Greater Noida in the state of
Uttar Pradesh. Mr. Vinod K. Agarwal, father of the promoters Mr.
Sudhanshu Agarwal and Mr. Himanshu Agarwal ventured into menthol
business in 1990 with the trading of Mentha Oil. The family
established its first manufacturing unit under a company named
Siddhant Chemicals in 1996 at Sambhal. In 2004 the company
ventured into exports. Subsequently the family established its
second manufacturing facility under a company named Abhey Chemicals
in the state of Jammu and Kashmir to take benefit of tax
concessions announced by the government in 2005. In 2007 the
promoters commenced work on setting up of another manufacturing
facility at Greater Noida under the company K. V. Aromatics Private
Limited. The manufacturing facility was completed by 2008 and trial
productions started in October 2008.
K. MADANA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating of K. Madana Mohana Rao And
Company (KMMRC) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with KMMRC, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
K. Madana Mohana Rao and Company (KMMRC) was incorporated in 2007
as a proprietorship entity and started operations in February 2015.
The entity's unit is located at Guntur, Andhra Pradesh and is
engaged in cotton ginning, pressing and trading of cotton bales,
seeds and cotton lint and is equipped with 36 ginning machines
capable of producing 40,500 bales annually. The proprietor has
more than four decades of experience in the cotton business.
KALWAKURTHY MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Kalwakurthy Municipality
(KKM) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating Continues
to remain under issuer not
cooperating category
As part of its process and in accordance with its rating agreement
with KKM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
The KKM, being an ULB, provides civic services to the Kalwakurthy
town. The town is located in Nagarkurnool district of Telangana and
is at a distance of around 80 km from the state capital, Hyderabad.
The major economic activity in the region is agriculture, which
primarily includes rice, fruits and vegetables. According to Census
2011, Kalwakurthy covers an area of 9.00 sq. km. and has a
population base of 28,060 of which 65% is accounted by slum
dwellers. The ULB is governed by the provisions of the Telangana
State Municipalities Act, (TSM Act) 1965. The major functions of
the KKM involve water supply, solid waste management, repair and
maintenance of roads, street lighting and amenities such as
shopping stalls, community hall, playgrounds, parks/gardens, among
other civic amenities. The council of the KKM, comprising 20 Ward
Councillors, is headed by a Chairperson. The executive wing is
headed by a Municipal Commissioner, who is appointed by the GoTS
and is supported by the head of various departments.
MAX PROPERTIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Max Properties Private
Limited (MPPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 7.70 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 1.80 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MPPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Max Properties Private Limited (MPPL) is a Madurai-based real
estate developer/construction company. It was established in 2009
by Mr. Elango Packiaraj who was earlier executing several
government contracts in his personal capacity. Such executed
projects include construction of staff quarters in Tier II and Tier
III cities for Tamil Nadu Electricity Board, BSNL Telephones, TWAD
Board and Tamil Nadu Police Housing Corporation. MPPL undertakes
developing or codeveloping on joint venture (JV) basis real estate
projects for residential or commercial-cum-residential,
multi-storied projects in Madurai and Theni. The company also
undertakes civil construction for the projects it develops and has
the necessary labor and plant & machinery for the same. The company
is closely held by the family of the company's promoter, Mr. Elango
Packiaraj. The company has not disclosed any other associate/group
companies.
MAZUNA TECHNOBRIDGE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Mazuna Technobridge Private Limited
NR Towers No 14 1st Floor Stage 2 BTM Layout,
Bangalore, Karnataka, India, 560068
Liquidation Commencement Date: February 27, 2025
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Vinod Sunder Raman
B-703, Arvind Skylands Apartments,
Shivanahalli, Jakkur Main Road,
Yelahanka, Bengaluru 560064
Email: vinod@vrconsulting.biz
Telephone number: +91-9845884410
Last date for
submission of claims: March 29, 2025
MID WEST: ICRA Keeps B Debt Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Mid West Builders Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Mid West Builders Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Vaishnovi Builders, promoted by Mr. V.V.S. Pratap, has been
involved in developing real estate projects in South India for past
2 decades offering services in residential and commercial segments.
Till the last RC date, it has developed more than 12 projects
comprising 2.87 lakh sft area. Mr. Pratap has started developing
real estate projects in Bangalore in the name of Mid-West Builders
Pvt Ltd in July 2014. MWBPL was undertaking development of one
residential project, Mid-West Elita, in Bangalore.
MV & VAJRA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-Term ratings of Mv & Vajra Developers in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Mv & Vajra Developers, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
MV Vajra is a partnership firm, promoted by business families
comprising Vajra Constructions Group, led by Mr. G. Raj Kumar &
Associates and the MV Infra Group, led by Mr. K. Kiran Kumar and
family. It has been established to develop real estate activities
involving construction of residential apartments in Bangalore. Both
the Vajra Group and MV Group have extensive experience and exposure
in civil engineering, construction, real estate development,
telecommunication network infrastructure services and
manufacturing. The firm is developing its first project, Value
Plus, which was 3 launched in February 2017 at Doddakallsandra, off
Kanakapura Main Road, South Bangalore. The project comes under the
affordable segment with G+4 floors structure. The project's
saleable area is 189,905 sq. ft. comprising 149 flats of 2, 2.5 and
3-BHK apartments.
NALLAMILLI SATYANARAYANA: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Nallamilli
Satyanarayana Reddy And Others in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 6.00 [ICRA]B+ (Stable)/[ICRA]A4
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
under 'Issuer Not
Cooperating' category
Long Term-Non 2.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Nallamilli Satyanarayana Reddy And Others, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 1982, Nallamilli Satyanarayana Reddy and Others
(NSN Reddy & Others) is engaged in the milling of paddy to produces
raw and boiled rice. The production facility of NSN Reddy & Others
is on lease with Sri Venkata Padmavathi Raw & Boiled rice mill. The
lease term is renewed for every 5 years and is due for renewal in
FY2021. The rice mill is located at Turangi mandal, Kakinada
district of Andhra Pradesh with milling capacity of 72000 MT per
annum. The firm's operations are overseen by the managing partner
Mr. Nallamilli Satyanarayana Reddy. The partners are from the same
family which has been involved in rice milling for more than three
decades.
NIRMAL TRADERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Nirmal Traders
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.85 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.65 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with Nirmal Traders, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 2004, Nirmal Traders is a partnership concern
engaged in trading of agricultural produces which mainly include
soya bean, wheat, pigeon peas (toor dal), and Chickpeas (chana
dal). The firm is actively managed by two partners' viz. Mr. Rahul
Rampuriya and Mr. Vishal Sancheti. The firm also acts as a liaising
agent for Adani Wilmar Limited, Ruchi Soya Industries Limited and
ITC Limited's Agri Business Division. The firm has its registered
office in Nagpur.
OLA ELECTRIC: Unit Faces Two Insolvency Pleas Over Vendor Dues
--------------------------------------------------------------
Bloomberg News reports that a unit of Ola Electric Mobility Ltd. is
facing insolvency petitions from two of its key vehicle
registration service providers in India over unpaid dues, adding to
the EV maker's mounting troubles.
According to Bloomberg, Rosmerta Digital Services Pvt. and Rosmerta
Safety Systems - suppliers of vehicle registration services and
high-security registration plates respectively - have separately
filed insolvency pleas against closely held Ola Electric
Technologies Pvt., citing unpaid invoices, people familiar with the
matter said.
Ola Electric Technologies is a wholly-owned subsidiary of Ola
Electric Mobility and accounts for the bulk of the parent's
revenue.
Bloomberg relates that Rosmerta Digital Services claims outstanding
dues of just over INR220 million ($2.5 million), while its sister
company, Rosmerta Safety Systems, has sought nearly INR25 million
in payments, the people said.
Bloomberg says the maker of electric scooters - backed by SoftBank
Group Corp. - informed stock exchanges late on March 15 that
Rosmerta Digital Services had filed an insolvency plea against its
subsidiary in the National Company Law Tribunal in Bengaluru, where
Ola Electric is based. The company said it strongly disputes the
claims and is seeking legal advice on the matter.
Rosmerta Digital Services and Rosmerta Safety Systems declined to
comment. Ola Electric referred Bloomberg to the stock exchange
filing when asked for a comment on the petitions against its unit.
Bloomberg notes that the petitions come amid a shift in the way Ola
Electric is handling vehicle registrations. Last month, the company
said in a filing that it was "renegotiating" contracts with service
providers, including Rosmerta Digital and Shimnit India Pvt.
Founder and Chief Executive Officer Bhavish Aggarwal announced on X
last week that the company was moving its registrations process "in
house."
According to Bloomberg, the insolvency petitions against its unit
add to a growing list of challenges for the company, which has
struggled with regulatory scrutiny, customer complaints, and
financial strain.
A Bloomberg News investigation found that over 95% of Ola's 4,000
showrooms lacked the necessary approvals to display or sell
unregistered vehicles. Transport authorities in multiple states
have since conducted raids, shut down outlets, seized vehicles and
issued notices to the company.
Ola Electric is also in the midst of a sweeping workforce
reduction, Bloomberg reported earlier this month. Its shares have
plunged more than 65% from their peak since its IPO debut in
August, reflecting broader investor concerns over its operational
and regulatory hurdles.
Headquartered in Bangalore, Karnataka, Ola Electric Mobility
designs and manufactures electric two-wheelers, including the Ola
S1 in three variants named Ola S1 Air, Ola S1X and S1 Pro. The
company also produces battery cells at its manufacturing facility
in Tamil Nadu, which supplies energy storage solutions for its
vehicles and other applications.
OUR CO. INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Our Co. Infrastructure Developers Private Limited
Registered Address:
EWS/DDA Block-A, Flat No.-708,
DLF Capital Greens Shivaji Marg,
Moti Nagar, Karampura, New Delhi 110015
Insolvency Commencement Date: February 17, 2025
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 16, 2025
Insolvency professional: Abhimanyu Mittal
Interim Resolution
Professional: Abhimanyu Mittal
29FF, The White House, Sector - 57
Gurgaon, Haryana 122003
Email: ca.mittalabhi@gmail.com
-- and --
109, Surya Kiran Building,
19, KG Marg, Connaught Place,
New Delhi, Delhi 110001
Email: cirp.ourcoinfra@gmail.com
Last date for
submission of claims: March 16, 2025
QUADROS MOTORS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating of M/s Quadros Motors Pvt. Ltd.
(QMPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 14.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with QMPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2005, Quadros Motors Private Limited (QMPL) is an
authorised dealer of Suzuki Motors India Private Limited (Suzuki)
for its two-wheelers segment for the entire South Goa region. The
company is promoted by Mr Evencio Quadros and Mr. Ramchandra
Shirodkar, who have more than a decade's experience in the auto
industry. QMPL isa'3S' (Sales, Spares and Services) dealer. Since
February 2015, the company has become an authorised dealer of
Mahindra Two-Wheelers Limited for entire Goa region, based on the
'3S' model. QMPL is part of the 'Quadros' Group, 2 which, through
its group companies, is associated with other automobile
industry-related businesses, including dealerships of automobile
companies like Yamaha, Piaggio, dealerships for batteries,
lubricants and operating a petrol pump.
R N ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of R N Enterprises (RNE) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 10.76 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 4.24 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with RNE, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
RNE was set up as a partnership firm in 2010. It is an authorized
distributor of Mitsubishi range of air conditioners in Telangana
and Andhra Pradesh. The company is managed by Mr. Rajesh Malik and
Mr. Neeraj Malik. RNE is part of the Malik group which is involved
in automobile dealerships.
RADHESHYAM COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term rating of Radheshyam Cottex in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.27 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 9.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Radheshyam Cottex, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Radheshyam Cottex was acquired from M/s Shah Govardhandas
Bhikharidas. It was subsequently established as a partnership firm
in November 2010 by Mr. Mahavirsinh Vala and four other partners,
who collectively have an experience of over a decade in the cotton
industry. RC is engaged in the ginning and pressing of cotton. The
manufacturing facility of the firm is located at Jasdan, in Rajkot
district of Gujarat. The facility is equipped with 20 ginning
machines and a pressing machine with a production capacity of
around 15,780 cotton bales per annum.
ROOFERS INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Roofers Infrastructure India Private Limited
Registered Address:
103A, C.I.T. Road, 2nd Floor,
Kolkata, West Bengal, India 700014
Insolvency Commencement Date: February 11, 2025
Court: National Company Law Tribunal, Principal Bench New Delhi
Estimated date of closure of
insolvency resolution process: August 30, 2025
Insolvency professional: Tapan Chakraborty
Interim Resolution
Professional: Tapan Chakraborty
Plot No. 100/11, Rathtala, Bankpara,
Barasat, Kolkata 700124
Email: tapanchakraborty2611957@gmail.com
-- and --
Intelligent IP Management Solutions Pvt Ltd
2nd Floor, YMCA Building,
25, Jawaharlal Nehru Road, Kolkata 700087
Email: roofersindia.cirp@gmail.com
Last date for
submission of claims: March 17, 2025
S.V. PATEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term rating of S.V. Patel & Sons (SVP) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.73 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SVP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 2005, S.V. Patel & Sons (SVP) is a partnership firm
engaged in crushing of cotton seeds and castor seeds. In November
2015, the firm also commenced the production of castor oil
derivative viz. Hydrogenated Castor Oil (HCO). The manufacturing
facility, located at Kapadvanj in Gujarat, is equipped with nine
expellers each for cotton seed and castor seed crushing, with a
total installed production capacity of 9,000 Metric Tonnes Per
Annum (MTPA) and 2,800 MTPA respectively. The total installed
capacity of HCO stands at 5,500 MTPA. The firm is promoted and
managed by Mr. Rajesh Patel along with his family members and
friends. The key promoter has an experience of more than a decade
in the oil manufacturing industry.
SATKAR LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Satkar Logistics Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 15.36 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 2.64 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Satkar Logistics Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2005, Satkar Logistics Private Limited is a freight
forwarder offering air freight services, railways transportation
services, roadways cargo services, sea cargo services, air freight
logistics, customs clearance services, port handling services,
warehousing services, etc. It also provides solutions to meet the
relocation needs of corporate and residential clients. SLPL
specializes in providing integrated multimodal logistic services
across domestic as well as overseas markets by offering a 'one stop
logistics solution' for export-import cargo movement. Apart from
cargo handling services, it also provides other complimentary
services like customs clearing and documentation assistance for
providing complete logistic solutions to its clients. Besides SLPL,
the promoters also have other group companies engaged in the
logistics sector, namely Satkar Terminals (for empty container
warehousing, handling, transportation, container survey and repair)
and Satkar Air (for air freight forwarding).
SHADNAGAR MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop.
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Shadnagar Municipality (SNM)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating Continues
to remain under issuer not
cooperating category
As part of its process and in accordance with its rating agreement
with SNM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
The SNM, being an ULB, provides civic services to the Shadnagar
town, which is located in Rangareddy district of Telangana, around
55 km from the state capital, Hyderabad. The major economic
activity in the region is agriculture. According to Census 2011,
Shadnagar covers an area of 40 sq km and has a population of
54,432, of which 53% are slum dwellers. The ULB is governed by the
provisions of the Telangana State Municipalities Act, (TSM Act)
1965. The major functions of the SNM include water supply, solid
waste management, repair and maintenance of roads, street lighting
and amenities like shopping stalls,
community hall, playgrounds, parks/gardens. The council of the
municipality comprises 23 Ward Councillors headed by a chairperson.
The executive wing is headed by a Municipal Commissioner, who is
appointed by the GoT and is supported by the heads of various
departments.
SK INVESTMENT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: SK Investment Advisors Private Limited
793/B, Flat No 1 Krishna Nivas, 3 Rd, Road,
Khar, Mumbai, Maharashtra, India, 400052
Liquidation Commencement Date: February 24, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Bharat Ramakant Upadhyay
507, Skyline Wealth Space,
5th Floor, C2 Wing, Skyline Oasis Complex,
Premier Road, Near Vidyavihar Station,
Ghatkopar - West, Mumbai 400086
Email Id: brupadhyay@hotmail.com
brupadhyay.irp@gmail.com
Mobile No: +91 9833284483
Last date for
submission of claims: March 26, 2025
SRI PARANTHAMAN: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Sri Paranthaman Textiles Private Limited
Old No. 85, New No. 91, Manoharan Street
South West Boag Road, T. Nagar,
Chennai, Tamil Nadu, India 600017
Liquidation Commencement Date: February 5, 2025
Court: National Company Law Tribunal, Chennai Bench-II
Liquidator: S Kangayan
Plot No. 18, 3rd Street,
Phase I, Dollars Colony,
Vengambakkam, Tambaran East,
Chennai 600127
Email: kangayan.s@gmail.com
Last date for
submission of claims: March 15, 2025
SUNIL INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating of Sunil Industries (SI) in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 1985, SI is engaged in processing of pulses, mainly
moong dal (Moong bean) and toor dal (Pigeon pea). SI is a
partnership firm managed by Mr. Ramesh Totla and his family. SI's
processing facility is located in Jalna, Maharashtra.
SUNNY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Sunny Exports
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 10.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Long-term/ (2.25) [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Interchangeable remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Sunny Exports, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 2000, Sunny Exports is a partnership concern
involved in manufacturing polished diamonds of sizes up to 2 carats
and trading of polished diamonds of 2 to 10 carats. The partners of
the firm are Mr. Shailesh Parikh, Mr. Atul Parikh and his son, Mr.
Sunny Parikh. The firm has its manufacturing facility in Navsari
(Gujarat) and its marketing offices in Mumbai.
THREE C: ICRA Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Three C Green Developers
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 225.00 [ICRA]D; ISSUER NOT
Debenture Program COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Three C Green Developers Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
TCGDPL, which was incorporated in December 2010, is involved in
real-estate development. At present, Xanadu Estates Pvt. Ltd. holds
75% of the company's shares, while the remaining 25% is held by
Xanadu Infra Developers Pvt Ltd. TCGDPL is developing a plotted
development project, Lotus Yardscape, with a saleable area of 90489
square yards, in Sports City, Noida. The other project, Lotus Arena
II, is being developed by its wholly owned subsidiary, Piyush IT
Solutions Private Limited.
ZENVISION PHARMA: ICRA Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Zenvision
Pharma LLP to the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating moved to
Cash Credit "ISSUER NOT COOPERATING"
category
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating moved to
Term Loan "ISSUER NOT COOPERATING"
category
As a part of its process and in accordance with its rating
agreement with Zenvision Pharma LLP, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Zenvision Pharma LLP was incorporated in 2015 by Dr. Sivakumar
Venkata Bobba along with two other professional partners to set up
a research and development (R&D) lab as well as manufacturing unit
for formulations. The present management is headed by Dr. Bobba as
managing partner, supported by two other experienced partners. ZPL
offers Contract Research and Manufacturing Services (CRAMS), and
has a manufacturing facility with a production capacity of 8.0 lakh
tablets per day and 4.0 lakh capsules per day. It has also filed
for 12 patents till date and is in the process of taking the
products to market.
=================
I N D O N E S I A
=================
BUKIT MAKMUR: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has affirmed PT Bukit Makmur Mandiri Utama's (BUMA)
Long-Term Foreign-Currency Issuer Default Rating (IDR) and the
rating on its outstanding US dollar notes at 'BB-'. At the same
time, Fitch Ratings Indonesia has affirmed BUMA's National
Long-Term Rating and the rating on its rupiah bond and proposed
sukuk at 'A+(idn)'. The Outlook is Stable.
The ratings reflect BUMA's established market position in coal
mining services in Indonesia and Australia, and improved cash flow
and geographical diversification from mining asset acquisitions,
the Dawson Coal Mining Complex in Australia and an ultra-high-grade
anthracite coal operation, Atlantic Carbon Group (ACG), in the US.
The rating is moderated by BUMA's exposure to contract renewal
risk, although the risk is easing for its mining service portfolio,
and the vulnerability of its coal production assets to commodity
price cycles.
'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.
Key Rating Drivers
Australian Metallurgical Coal Diversification: BUMA's proposed
acquisition of a 51% stake in Dawson reduces the concentration in
its coal mining services, which have high exposure to thermal coal.
Fitch expects the EBITDA share of mining production, mainly from
Dawson's metallurgical coal and the recently purchased ACG, to rise
to around 30% (2023: nil) while EBITDA outside Indonesia will reach
50% by 2026.
The Dawson acquisition's completion is subject to several
conditions, including regulatory approval, and clearance of
pre-emptive and other rights by the joint-venture partner.
Management expects the completion by mid-2025.
Cash-Generative Assets Mitigate Price Volatility: BUMA's mining
production assets are exposed to the commodity price cycles for
metallurgical and thermal coal, while its mining service business
is backed by medium- to long-term contracts with more stable
average selling prices during the contract tenure.
The commodity cycle risk is moderated by ACG's and Dawson's
producing assets, which are cash generative with minimal capex over
the medium term. A large portion of ACG's volume is sold forward,
which also supports earnings stability. Dawson's position on the
second quartile of the cost curve, according to CRU, and its
large-scale open-cut mining operations support its cost flexibility
during low-price cycles.
High Leverage: Fitch estimates BUMA's EBITDA net leverage rose to
around 3.1x by end-December 2024 (end-2023: 1.7x, annualised 9M24:
2.6x) due to its mining services' weaker performance and higher net
debt for its ACG acquisition. EBITDA net leverage will stay high in
2025 on the Dawson acquisition. Fitch expects EBITDA net leverage
to fall to around 2.8x from 2026 when Dawson contributes full-year
EBITDA. Leverage will stay around 2.8x in 2026-2028, below BUMA's
3.5x negative sensitivity.
Acquisition Risk: Fitch expects BUMA to remain opportunistic about
acquisitions to achieve its target of at least 50% non-thermal coal
revenue by 2028. BUMA's narrower rating headroom means significant
debt-funded acquisitions that are not balanced by near-term EBITDA
inflow may increase negative pressure on the company's rating.
Fitch would consider any such acquisition as an event risk. BUMA's
past M&A have thus far not impaired its financial profile.
Manageable Volume-Replacement Risk: BUMA's strong market position,
operational record and expertise in managing large, complex mines
give it an edge in renewing expiring contracts for its mining
services or to expand existing ones. BUMA's mining service volume
fell in 2024 amid the reserve depletion at PT Berau Coal Energy,
which was one of BUMA's largest customers. Fitch expects some
volume recovery from 2025 on recent contract extensions in
Indonesia and Australia, which BUMA said generate higher
profitability.
Contract-Linked Capex: BUMA will be generating negative free cash
flow for the next two years as mining service capex is rising given
the recent new contracts signed and plans to expand its volume
further. BUMA's capex strategy focuses on aligning spending with
the life of its long-term contracts to mitigate excess capacity
risk over the medium term. Fitch believes BUMA retains some
flexibility in lowering capex if there are delays in securing new
contracts.
Rated on Standalone Basis: BUMA's rating is based on its Standalone
Credit Profile under its Parent and Subsidiary Linkage Rating
Criteria as Fitch views BUMA' immediate parent, PT Delta Dunia
Makmur Tbk - also known as BUMA International Group (DOID) - to
have the same credit profile as BUMA. DOID has no other major
operations. BUMA accounts for all of DOID's EBITDA and total
borrowings.
Peer Analysis
BUMA is rated one notch above PT ABM Investama Tbk (B+/Stable) due
to a better business profile as BUMA has a larger market share,
stronger customer base, wider geographical footprint as well as a
more diversified earnings base.
BUMA has a stronger business profile than Emeco Holdings Limited
(BB-/Stable) as it has Indonesia's second-largest coal contract and
greater earnings visibility from its longer-term mining service
contracts. Emeco has a more diversified customer base from
different commodity exposures, but BUMA has been reducing its
thermal coal exposure through its recent acquisitions and
diversifying into mining production with immediate cash-generative
projects. Emeco maintains a conservative balance sheet, which
offsets its weaker business profile.
BUMA's national rating is the same as that of PT Indika Energy Tbk
(BB-/A+(idn)/Stable). Indika is highly reliant on its thermal coal
mining subsidiary, Kideco, for cash flow generation until 2026 when
its gold mining operation commences. In contrast, BUMA has better
earnings visibility from its mining service segment and
geographical diversification. However, this is offset by Indika's
stronger balance sheet than that of BUMA.
Key Assumptions
Fitch's Key Assumptions Within the Rating Case for the Issuer:
- Metallurgical coal prices in line with Fitch's price deck:
USD190/tonne in 2025, USD180/tonne per year in 2026 and 2027 and
USD170/tonne in 2028.
- Thermal coal prices in line with Fitch's coal price deck for
Newcastle 6000: USD100/tonne in 2025, USD90/tonne per year in 2026
and 2027 and USD75/tonne in 2028.
- Indonesia overburden volume of 400 million-420 million bank cubic
metre (bcm) between 2025 and 2028; overburden volume for Australia
averages 165 million bcm between 2025 and 2028.
- Consolidation of Dawson from 3Q25.
- Annual capex averages USD320 million between 2025 and 2028.
- Average annual dividend of USD35 million-45 million between 2025
and 2028.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA net leverage sustained above 3.5x, potentially due to
debt-funded M&A;
- Evidence of weak performance in mining services such as failure
to renew contracts, weaker-than-expected execution of newly
acquired mining assets;
- Evidence of weakening in funding access.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- An upgrade is unlikely in the near term due to company's
acquisitive strategy. However, a material improvement in BUMA's
business profile in terms of scale and diversification, while
maintaining an appropriate financial profile, may lead to an
upgrade.
Liquidity and Debt Structure
BUMA has adequate liquidity with cash and equivalents of USD194
million at end-September 2024, sufficient to cover its short-term
debt of USD80 million. Fitch expects BUMA to refinance its
outstanding USD212 million in bonds due in February 2026. Fitch
believes the company has comfortable capital access, evident from a
domestic bond issuance in 4Q24 and new USD250 million syndicated
loan facilities obtained in February 2025. The company has already
secured funding for the acquisition of Dawson.
Issuer Profile
BUMA provides coal mining services and carries out mining-related
works, including overburden removal, and coal mining and hauling in
Indonesia and Australia. It is the second-largest independent
contractor in Indonesia and Australia. It produces anthracite coal
in the US and Dawson, which it is in the midst of acquiring,
produces metallurgical and thermal coal.
Public Ratings with Credit Linkage to other ratings
BUMA's rating is based on its Standalone Credit Profile, under its
Parent and Subsidiary Linkage Rating Criteria as Fitch assesses
that BUMA's immediate parent, DOID, has the same credit profile.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
BUMA has an ESG Relevance Score of '4' for GHG Emissions & Air
Quality. This is in line with other thermal coal peers due to its
revenue concentration in thermal coal, which faces the risk of
declining demand in the medium term because of its high carbon
footprint. Funding access for thermal coal companies is tightening
progressively, which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
PT Bukit Makmur
Mandiri Utama LT IDR BB- Affirmed BB-
Natl LT A+(idn) Affirmed A+(idn)
senior unsecured LT BB- Affirmed BB-
senior unsecured Natl LT A+(idn) Affirmed A+(idn)
===============
M A L A Y S I A
===============
1MDB: More Than MYR29 Billion Assets Recovered, Says MACC
---------------------------------------------------------
The Edge Malaysia reports that total assets of 1Malaysia
Development Bhd (1MDB) recovered so far stand at
MYR29,752,034,475.13, or 70% of about MYR42 billion believed to
have been embezzled, the Malaysian Anti-Corruption Commission
(MACC) said.
The Edge relates that the commission said this is a very high rate
of recovery compared to the global rate of recovered assets, a
result of joint efforts and international collaborations.
The successful asset recovery proved that the MACC is committed to
recovering the assets and its capability in doing so, it added.
"It also reflects the effectiveness of the cooperation between the
MACC and the Singapore Commercial Affairs Department in tackling
corruption and illegal money laundering," the commission said in a
statement on March 17, The Edge relays.
The assets returned so far amounted to MYR14,670,676.61, including
foreign currencies of SGD1,388,122.52, US$85,868.53, NZD344,163.76
and AUD3,181,097.67, The Edge discloses.
"The funds have been deposited into the Finance Ministry's Assets
Recovery Trust Fund," the MACC said, adding that MYR12,974,730.41
was returned to the government from the sale of property and fund
transfers from the company account belonging to Tan Kim Loong, a
Malaysian linked to fugitive Low Taek Jho or Jho Low.
"The fund transfers to the Assets Recovery Trust Fund occurred on
Feb 18, 2025, March 7, 2025 and March 10, 2025," the commission
said.
Besides this, MYR1,695,946.20 was recovered from Yak Yew Chee, a
former Singaporean bank officer convicted in Singapore for his
involvement in the 1MDB scandal, the statement, as cited by The
Edge, read.
"The funds were credited to the Assets Recovery Trust Fund on Jan
21, 2024," the MACC said, while reiterating its commitment to
recover all embezzled national assets and cooperate with
international authorities to tackle corruption-related cases and
financial crime.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
===============
M O N G O L I A
===============
GOLOMT BANK: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned Golomt Bank JSC a Long-Term Issuer
Default Rating (IDR) of 'B+'. The Outlook on the IDR is Stable. At
the same time, the agency has also assigned Golomt a Viability
Rating (VR) of 'b' and Government Support Rating (GSR) of 'b+'.
Key Rating Drivers
Sovereign Support Drives IDR: Golomt's Long-Term IDR is driven by
its GSR, which is in line with Mongolia's sovereign rating
(B+/Stable). Fitch believes the Mongolian authorities have a higher
propensity to support a large domestic systemically important bank
(D-SIB) such as Golomt, which has a 20% share of system deposits,
than smaller D-SIBs, although this is counterbalanced by the
country's ability to provide timely support. Mongolia's
re-capitalisation law provides grounds for sovereign support as
well as for a bail-in, should any D-SIB require it.
The VR is underpinned by Golomt's solid domestic banking franchise.
It also reflects the bank's larger risk appetite relative to
higher-rated domestic peers. Golomt's loan growth rate has exceeded
the Mongolian banking system average, weighing on its
capitalisation and deposit funding. However, its financial
performance has improved significantly in recent years as it
continues to resolve legacy asset-quality issues.
Favourable Operating Environment: Fitch anticipates favourable
business prospects for the banking sector, driven by Mongolia's
steady medium-term economic trajectory. Fitch believes robust
mining activities and the increasing stability of the government's
policy execution are supportive of growth. Fitch also expects the
authorities to remain committed to upholding the sector's
stability, including adoption of international prudential standards
such as the Basel framework, to strengthen banks' capital
management.
Significant Domestic Franchise: Golomt's business profile score of
'b' captures its significant franchise in Mongolia. The bank's
operating income has increased significantly in recent years as it
emerged from a successful turnaround effort following asset-quality
troubles during 2018-2020 with high credit impairments. However,
Golomt's absolute size remains small among international 'b'
category peers.
Large Growth Appetite: Golomt has reduced its sectoral
concentration substantially by diversifying into SME and retail
loans, with the share of corporate loans to total loans declining
by 17pp over the past six years. Nonetheless, Fitch assesses that
Golomt has larger loan growth appetite and higher concentration
risks than its close local peers. Its loan portfolio grew by 53% in
2024, compared with the system average of 35%.
Improved Loan Quality: The bank's asset quality has improved
substantially over the past several years through repeated
asset-quality reviews and increasing diversification. Fitch
estimates that the stage 3 loan ratio improved to about 5% in 2024,
from about 12% in 2021. However, Fitch notes that strong loan
growth in recent years contributed to the improved ratio and the
provision coverage for stage 3 loans remains low compared with
those of local peers.
Improved Profitability: Golomt's earnings and profitability have
continued to improve as credit costs declined considerably. Fitch's
core metric, the four-year average of the operating
profit/risk-weighted-asset ratio, improved to 4% in 2024 from below
1% in 2021. Fitch forecasts Golomt's risk-adjusted profitability to
moderate in the near future, as Fitch does not expect the
contribution from foreign-currency swaps in 2024 to be sustained.
The net interest margin is also likely to decline due to intense
competition and lower policy rates.
Growth Pressures Capitalisation: Golomt's capital ratios have been
declining since 2022 due to its renewed focus on balance-sheet
growth. Fitch estimates its Fitch Core Capital ratio will have
declined to about 16% by end-2024, from 17.6% at end-2022, and
Fitch forecasts a further drop in the near term due to its large
growth appetite. This is in spite of the bank's improved internal
capital generation capacity. Golomt's capital ratio is also
noticeably lower than those of its local peers.
Franchise Supports Funding and Liquidity: The ratio of loans to
customer deposits increased significantly in 2024 due to
substantially faster loan growth. However, Fitch assesses that
Golomt's significant deposit franchise is able to support and fund
the expansion of its loan book, provided that growth moderates from
the 2024 level. The bank's overall funding structure, including its
higher concentration of large depositors, appears to be weaker than
those of higher-rated local peers.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Any negative rating action on the sovereign rating would prompt
similar action on Golomt's GSR and IDR.
Golomt's VR could also be downgraded if its business profile were
to be compromised by a structural weakening of its franchise and
larger risk appetite, and if a weaker economic environment leads to
deterioration in a combination of the following metrics:
- impaired loans/gross loans increasing above 8% for a sustained
period (end-1H24: 5.5%);
- operating profit/risk-weighted assets falling below 2% for a
sustained period (1H24: annualised 9.3%); and
- the Fitch Core Capital ratio falling below 14% without a credible
path to return the ratio above this level (end-1H24: 16.1%).
The GSR could be downgraded if Fitch assesses that the sovereign's
ability to provide support has weakened, which could be indicated
by a sovereign downgrade. A GSR downgrade could also be driven by
its view that the state's propensity to provide support has
diminished, which could result from a significant decline in the
bank's systemic importance and deposit market share, although this
is not its base case.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A positive rating action on the sovereign rating would prompt
similar action on Golomt's GSR and IDR.
Golomt's VR is sensitive to developments in Mongolia's operating
environment. A sovereign rating upgrade, combined with steady
progress towards a stronger legal and regulatory framework, could
potentially lead to a higher operating environment score. This, in
tandem with sustained improvements in Golomt's risk appetite and
financial profile, could result in an upgrade of the VR.
The GSR is equalised with the sovereign rating. It can be upgraded
only if the sovereign rating is upgraded and if Fitch believes that
the propensity of sovereign support has not diminished.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
The Long-Term IDR (xgs) of 'B(xgs)' is driven by the VR. The
Short-Term IDR (xgs) of 'B(xgs)' is mapped from the Long-Term IDR
(xgs) in accordance with Fitch's Bank Rating Criteria.
Golomt's long-term senior debt instruments are rated in line with
its Long-Term IDR and Long-Term IDR (xgs), as they represent its
unsecured and unsubordinated obligations. The Recovery Rating of
these notes is 'RR4', reflecting average recovery prospects in a
default.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
A change in the VR would prompt a similar change to the Long-Term
IDR (xgs). The Short-Term IDR (xgs) could be downgraded if the VR
is downgraded to the 'ccc' category or below. The Short-Term IDR
(xgs) could be upgraded if the VR is upgraded to 'bbb-' or above,
which is a remote prospect.
A change in the Long-Term IDR or Long-Term IDR (xgs) would lead to
similar action on the ratings of the bank's long-term senior debt
instruments. The senior debt rating would also be sensitive to its
assessment of recovery prospects.
Date of Relevant Committee
Feb. 27, 2025
Public Ratings with Credit Linkage to other ratings
Golomt's Long-Term IDR is linked to Mongolia's sovereign rating,
based on its assumption of state support.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery
----------- ------ --------
Golomt Bank JSC LT IDR B+ New Rating
ST IDR B New Rating
Viability b New Rating
Government Support b+ New Rating
LT IDR (xgs) B(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
senior
unsecured LT B+ New Rating RR4
senior
unsecured LT (xgs) B(xgs) New Rating
=====================
N E W Z E A L A N D
=====================
CHERRI GLOBAL: Placed in Liquidation; Owes More Than NZD40MM
------------------------------------------------------------
The National Business Review reports that liquidators have been
appointed to Cherri Global and its subsidiary companies, five
months after the sale of its main cherry orchards in Otago.
The company was set up by Rockit Apples founder Phil Allison in
2017 but it struggled to fund debts taken on for orchard
development, NBR relates.
The company owes more than NZD40 million to creditors including
Spark, PGG Wrightson and the Ministry of Business, Innovation and
Employment, NZ Herald discloses.
KAIMAHI NORTH: Court to Hear Wind-Up Petition on March 31
---------------------------------------------------------
A petition to wind up the operations of Kaimahi North Limited will
be heard before the High Court at Christchurch on March 31, 2025,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Jan. 16, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
LIBELLE GROUP: Creditors' Proofs of Debt Due on April 4
-------------------------------------------------------
Creditors of Libelle Group Limited are required to file their
proofs of debt by April 4, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 11, 2025.
The company's liquidators are Robert Edward Campbell and David Sean
Webb.
NASITA PRODUCTION: Creditors' Proofs of Debt Due on April 11
------------------------------------------------------------
Creditors of Nasita Production Limited and Nish Consulting Limited
are required to file their proofs of debt by April 11, 2025, to be
included in the company's dividend distribution.
Nasita Production Limited commenced wind-up proceedings on March 6,
2025.
Nish Consulting Limited commenced wind-up proceedings on March 10,
2025.
The company's liquidator is:
Pritesh Patel
PO Box 23296
Manukau City
Auckland 224
NORTH ISLAND: Court to Hear Wind-Up Petition on March 21
--------------------------------------------------------
A petition to wind up the operations of North Island Homes Limited
will be heard before the High Court at Auckland on March 21, 2025,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 17, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
XTREME JOINERY: Creditors' Proofs of Debt Due on April 14
---------------------------------------------------------
Creditors of Xtreme Joinery Limited are required to file their
proofs of debt by April 14, 2025, to be included in the company's
dividend distribution.
The High Court at Christchurch appointed Wendy Somerville and
Malcolm Hollis of PwC as liquidators on March 7, 2025.
=================
S I N G A P O R E
=================
AENO FRESH: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on March 7, 2025, to
wind up the operations of Aeno Fresh Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
EXCHANGE ASIA: Creditors' Meetings Set for March 20
---------------------------------------------------
The Exchange Asia Square Pte. Ltd. will hold a meeting for its
creditors on March 20, 2025, at 11:00 a.m., at 180 Cecil Street
#12-01, in Singapore 069546.
Agenda of the meeting includes:
a. to nominate liquidator(s) or confirm member’s nomination of
liquidator(s);
b. to receive a full statement of the Company’s affairs
together with a list of its creditors and the estimated
amount of their claims;
c. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. to consider any other matters which may properly be brought
before the meeting.
HONG HAI: Creditors' Meetings Set for March 28
----------------------------------------------
Hong Hai Holdings Pte. Ltd. will hold a meeting for its creditors
on March 28, 2028, at 2:30 p.m., via Zoom.
Agenda of the meeting includes:
a. to provide an update on the status of the liquidation;
b. to consider and approve the liquidator’s fees of SGD40,000
(before GST); and
c. to consider any other matters which may be brought before
the meeting.
RUCHIRA SHIPS: Members and Creditors' Meeting Set for April 11
--------------------------------------------------------------
Members and creditors of Ruchira Ships Limited will hold their
meeting on April 11, 2025, at 10:00 a.m., at at 12 Marina View,
#15-01 Asia Square Tower 2, in Singapore.
At the meeting, Toh Ai Ling of KPMG Services, the company's
liquidator, will give a report on the company's wind-up proceedings
and property disposal.
SUPERLATIVE FOODS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on March 3, 2025, to
wind up the operations of Superlative Foods Pte. Ltd.
Lee Zi Xin, Angeline filed the petition against the company.
The company's liquidators are:
Mr. Lin Yueh Hung
Mr. Goh Wee Teck
c/o RSM SG Corporate Advisory
8 Wilkie Road
#03-08, Wilkie Edge
Singapore 228095
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
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