/raid1/www/Hosts/bankrupt/TCRAP_Public/250320.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
Thursday, March 20, 2025, Vol. 28, No. 57
Headlines
A U S T R A L I A
AIRPHYSIO IP: First Creditors' Meeting Set for March 24
AUSTRALIAN ULTIMATE: First Creditors' Meeting Set for March 24
BNY TRUST 2025-1: Moody's Assigns B2 Rating to AUD15MM Cl. F Notes
DESIGNERX SERVICES: First Creditors' Meeting Set for March 25
GENIUS CHILDCARE: Administrators Take Control of 12 Centres
SAFESKY SYSTEMS: First Creditors' Meeting Set for March 25
SHORT MARINE: First Creditors' Meeting Set for March 24
VILLAGE ROADSHOW: Australia "Not Impacted" By US Bankruptcy Filing
C H I N A
CHINA EVERGRANDE: Court Rejects Yumei's Private Hearing Request
I N D I A
AGRI BEST: CARE Keeps D Debt Ratings in Not Cooperating Category
ANADI RICE: CARE Keeps D Debt Rating in Not Cooperating Category
BLUEBIRD SOFTWARE CARE Keeps D Debt Rating in Not Cooperating
COASTAL FARMS: CARE Keeps B- Debt Rating in Not Cooperating
DYNA TBS: Voluntary Liquidation Process Case Summary
FABRICO INDIA: CARE Keeps B- Debt Rating in Not Cooperating
GANGADHAR JENA: CARE Keeps D Debt Ratings in Not Cooperating
HIMALAYA CONSTRUCTION: CARE Keeps C Ratings in Not Cooperating
HINDUSTHAN NATIONAL: Farallon May Bankroll INSCO's Bid for Company
INDO NABIN: CARE Keeps C/A4 Debt Ratings in Not Cooperating
INTEX TECHNOLOGIES: CARE Keeps C Debt Rating in Not Cooperating
JKR SONA: CARE Keeps B- Debt Rating in Not Cooperating Category
MADHYA BHARAT: CARE Lowers Rating on INR10.40cr Loans to D
MAHALAXMI BUILDWELL: CARE Keeps B- Debt Rating in Not Cooperating
MANHAR LOGISTICS: Insolvency Resolution Process Case Summary
MAURIA UDYOG: CARE Keeps D Debt Ratings in Not Cooperating
NIMITAYA INFOTECH CARE Keeps D Debt Rating in Not Cooperating
OM SHIV: CARE Keeps D Debt Ratings in Not Cooperating Category
PATSPIN INDIA: CARE Keeps D Debt Ratings in Not Cooperating
PERSISTENT INDUSTRIES: CARE Assigns B+ Rating to INR60cr LT Loan
PUNE BUILDTECH: CARE Keeps D Debt Rating in Not Cooperating
PUSHPA GOYAL: CARE Keeps C Debt Rating in Not Cooperating Category
RAC PAPERS: CARE Keeps C Debt Rating in Not Cooperating Category
RAJAT INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
RELIABLE POLYESTER: CARE Keeps D Debt Rating in Not Cooperating
RICHA PETRO: CARE Keeps D Debt Rating in Not Cooperating Category
ROYAL HIRE: Voluntary Liquidation Process Case Summary
RPG INDUSTRIAL: CARE Lowers Rating on INR15cr LT Loan to B
RVGARG INDUSTRIES: CARE Lowers Rating on INR31cr LT Loan to B+
SHIVA INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating
TAG OFFSHORE: CARE Keeps D Debt Ratings in Not Cooperating
TECH INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
YRR TEX FAB: CARE Lowers Rating on INR7cr LT Loan to B
ZOMATO: Faces Insolvency Plea Over Alleged INR1.64cr Unpaid Dues
N E W Z E A L A N D
CIVEX CONSTRUCTION: Waterstone Insolvency Appointed as Receivers
G B D THAMES: Court to Hear Wind-Up Petition on March 27
LIBELLE GROUP: Owes More Than NZD14MM to Nearly 250 Creditors
MRD SOLUTIONS: Court to Hear Wind-Up Petition on April 11
NA BUILDING: Waterstone Insolvency Appointed as Receivers
YORK CONSTRUCTION: Court to Hear Wind-Up Petition on April 4
S I N G A P O R E
CKR CONTRACT: First Creditors' Meeting Set for April 2
DATA REPUBLIC: Placed in Provisional Liquidators
EMAS OFFSHORE: Commences Wind-Up Proceedings
MAXEON SOLAR: Completes Sale of SunPower Philippines to TZE
MUJI GLOBAL: Creditors' Proofs of Debt Due on April 18
NM WINES: Commences Wind-Up Proceedings
SHUANG YUN: Faces Potential Delisting; 2 Units in Liquidation
S R I L A N K A
SRI LANKA: Economy Grew 5% in 2024 in Strong Rebound from Crisis
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A U S T R A L I A
=================
AIRPHYSIO IP: First Creditors' Meeting Set for March 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Airphysio IP
Holding Pty Ltd and Airphysio Pty Ltd will be held on March 24,
2025 at 11:00 a.m. at the offices of Jirsch Sutherland at Level 9,
120 Edward Street in Brisbane and via virtual meeting.
Christopher John Baskerville of Jirsch Sutherland was appointed as
administrator of the company on March 12, 2025.
AUSTRALIAN ULTIMATE: First Creditors' Meeting Set for March 24
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Ultimate Suspension Pty Limited will be held on March 24, 2025 at
10:30 a.m. at the offices of Worrells at Level 1, Suite 5B, 55
Kembla Street in Wollongong and via virtual meeting technology.
Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were
appointed as administrators of the company on March 12, 2025.
BNY TRUST 2025-1: Moody's Assigns B2 Rating to AUD15MM Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by BNY Trust Company of Australia Limited as
trustee of ORDE Series 2025-1 Trust.
Issuer: BNY Trust Company of Australia Limited as trustee of ORDE
Series 2025-1 Trust
AUD267.0 million Class A1-S Notes, Assigned Aaa (sf)
AUD433.0 million Class A1-L Notes, Assigned Aaa (sf)
AUD150.0 million Class A2 Notes, Assigned Aaa (sf)
AUD81.0 million Class B Notes, Assigned Aa2 (sf)
AUD19.0 million Class C Notes, Assigned A2 (sf)
AUD15.0 million Class D Notes, Assigned Baa2 (sf)
AUD13.0 million Class E Notes, Assigned Ba2 (sf)
AUD15.0 million Class F Notes, Assigned B2 (sf)
The AUD5.0 million Class G1 Notes and the AUD2.0 million Class G2
Notes are not rated by us.
The transaction is a securitisation of first-ranking mortgage loans
originated by ORDE Mortgage Custodian Pty Ltd (unrated) and
serviced by ORDE Financial Pty Ltd (unrated). The mortgage loans
are secured over residential properties located in Australia and
payable in Australian dollars. ORDE is backed by Wingate Group, an
alternate investment manager with a history of sponsoring financial
services businesses in Australia. ORDE has assets under management
of AUD3.6 billion as of December 2024.
RATINGS RATIONALE
The definitive ratings take into account, among other factors:
-- Evaluation of the underlying receivables and their expected
performance;
-- Evaluation of the capital structure and credit enhancement
provided to the notes;
-- The experience of ORDE Financial Pty Ltd as the servicer;
-- The presence of BNY Trust Company of Australia Ltd as the
back-up servicer;
-- The availability of excess spread over the life of the
transaction; and
-- The liquidity facility in the amount of 1.50% of the note
balance.
According to Moody's analysis, the transaction benefits from credit
strengths such as subordination to the Class A1-S and Class A1-L
notes in excess of the Moody's individual loan analysis (MILAN)
Stressed Loss. However, the transaction features some credit
weaknesses such as a high exposure to self-employed borrowers and
alternative documentation loans of 81.6% and 77.1% respectively.
Moody's MILAN Stressed Loss for the collateral pool —
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario — is 9.90%. Moody's
medians expected loss for this transaction is 1.3%, which
represents a stressed, through-the-cycle loss relative to
Australian historical data.
The key transactional features are as follows:
-- Under the retention mechanism, excess spread is used to repay
principal on the most junior rated notes up to AUD4 million thereby
limiting their exposure to losses. At the same time, the retention
amount ledger ensures that the level of credit enhancement
available to the more senior ranking notes is preserved.
-- The notes will be initially repaid sequentially. The Class A1-L
to Class F Notes will start receiving their pro-rata share of
principal collections if certain step down conditions are satisfied
on or after the payment date in March 2027. The step down
conditions include, among others, no unreimbursed charge-offs and
the subordination to the Class A2 Notes at least doubling since
closing. While the Class G1 and Class G2 Notes do not receive
principal payments until the other notes are fully repaid, once the
step down conditions are satisfied, their pro-rata share of
principal collections will be allocated in a reverse sequential
order, starting from the Class F Notes. The principal paydown will
revert to sequential pay once the aggregate invested amount of all
notes is less than or equal to 20.0% of the aggregate initial
invested amount of all notes on the issue date, or following the
payment date in March 2029.
Key pool features are as follows:
-- The portfolio has a weighted-average seasoning of 9.8 months.
-- The portfolio has a weighted average scheduled LTV ratio of
71.2%.
-- Around 81.6% of the loans in the portfolio were extended to
self-employed borrowers. The income of these borrowers is subject
to higher volatility than salaried borrowers, and they may
experience higher default rates.
-- Based on Moody's classifications, 77.1% of the loans in the
portfolio were extended on an alternative documentation basis.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's expectations of loss could
improve from its original expectations because of fewer defaults by
underlying obligors or higher recoveries on defaulted loans. The
Australian job market and the housing market are primary drivers of
performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in credit quality of
transaction counterparties, fraud or lack of transactional
governance.
DESIGNERX SERVICES: First Creditors' Meeting Set for March 25
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Designerx
Services Pty Ltd will be held on March 25, 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 13, 2025.
GENIUS CHILDCARE: Administrators Take Control of 12 Centres
-----------------------------------------------------------
ABC News reports that administrators have taken control of the
majority of childcare centres run by teetering empire Genius.
Nicholas Charlwood, Alan Walker, and Glenn Livingstone of WLP
Restructuring took control of 12 centres on March 19, bringing the
total they control to 25, the ABC relates.
The ABC can also reveal that dozens of workers at Genius have
lodged formal complaints about wage underpayment since 2016.
Documents obtained under Freedom of Information (FOI) laws show
Australia's industrial watchdog has received at least 30 requests
for help from workers at Genius, which is run by Melbourne
businessman Darren Misquitta, the ABC relays.
The Fair Work Ombudsman (FWO) is investigating the group, a
spokesperson told the ABC, as more employees face uncertainty in
the wake of the collapses.
According to the ABC, Genius's financial woes come as the childcare
industry is in the spotlight following a Four Corners investigation
on March 17 that raised concerns about child safety and revealed
the sector is plagued by poor regulation and high staff turnover.
Until recently, Genius was a rapidly-expanding childcare empire
with at least 28 centres across the country and another 17 in
development.
But on March 18 WLP's partners were appointed administrators of
subsidiary Abacus 49, which runs 12 centres in Queensland, New
South Wales, the ACT, Victoria and Western Australia.
The ABC relates that the administrators said they will continue to
run the centres as usual while "urgently assessing the financial
affairs of Abacus 49".
Finexia, a Gold Coast-based finance group that runs childcare
funds, appointed the same administrators last week to take control
of another Genius subsidiary, Vertical 4, the ABC notes.
The administrators are continuing to run 11 centres owned by
Vertical 4.
The ABC says the new collapses add to the sudden shut down of
centres in Adelaide, Canberra and Sydney which are in various
states of collapse due to staff walkouts because of unpaid wages,
landlord disputes and suspensions by state regulators for repeated
child health and safety breaches.
Another company in the Genius group, Horizontal 1, collapsed in
December owing AUD9.6 million, the ABC notes.
Genius Childcare operates 39 centres across Australia and has about
850 employees.
SAFESKY SYSTEMS: First Creditors' Meeting Set for March 25
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Safesky
Systems Pty Ltd will be held on March 25, 2025 at 2:30 p.m.
virtually via Zoom.
Matthew Kucianski of Worrells was appointed as administrator of the
company on March 13, 2025.
SHORT MARINE: First Creditors' Meeting Set for March 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Short Marine
Pty Ltd and Short Marine Queensland Pty Ltd will be held on March
24, 2025 at 11:00 a.m. via Zoom and at the offices of Vincents in
Level 14, 25 Martin Place in Sydney.
Henry McKenna and Nick Combis of Vincents were appointed as
administrators of the company on March 12, 2025.
VILLAGE ROADSHOW: Australia "Not Impacted" By US Bankruptcy Filing
------------------------------------------------------------------
Deadline reports that the Australian-based Village Roadshow Group
is not impacted by the US-based Village Roadshow Entertainment
Group's (VREG) bankruptcy filing and has set plans to terminate its
association with the company.
According to Deadline, Village Roadshow Group released a statement
on March 18 following news of bankruptcy at Village Roadshow
Entertainment Group. VREG is an entirely separate operation from
Village Roadshow Group, which was formed in 1954 and includes
Village Roadshow Theme Parks, Roadshow Distributors, Roadshow
Productions, Village Roadshow Studios, and Village Cinemas.
"Village Roadshow Group is not impacted by VREG's financial issues.
Further, Village Roadshow Group's nearly 50-year relationship with
Warner Bros remains as strong as ever and is not impacted," the
company said in their statement.
The statement added that Village Roadshow Group has had no
strategic, operational control, management oversight, or financial
stake in VREG and holds 3% of the company. Village Roadshow Group
saidit was informed of VREG's bankruptcy filing in the press,
Deadline relays.
"As former owners of VREG, we are extremely disappointed to read in
the press that VREG has filed for Chapter 11 Bankruptcy in the USA
and I have immediately sent notice to terminate VREG's use of the
Village Roadshow name," Clark Kirby, CEO Village Roadshow Group,
said in a separate statement.
Deadline relates that Village Roadshow Group said all its
"businesses continue to be market leaders in their sectors and
highly profitable."
Village Roadshow has produced and released over 100 films since its
launch in 1997 including The Great Gatsby, the Ocean's series,
Sully, The Lego Movie, and Max Max: Fury Road.
Steve Mosko, who served as CEO of Village Roadshow since 2018,
stepped down in January. In late 2024, it came to light that
Village Roadshow had been late on payments to writers working on
their film and TV projects, and the WGA West issued a stop-work
order. The bankruptcy filing noted that "significant liability has
attached due to unpaid contracts, such as those with writers and
consultants."
About Village Roadshow
Village Roadshow is a film production company.
Village Roadshow sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10475) on March 17,
2025. In its petition, the Debtor reports estimated assets between
$100 million and $500 million and estimated liabilities between $1
billion and $10 billion.
The Debtor is represented by Benjamin C. Carver, Esq., Joseph M.
Mulvihill, Esq., and Carol E. Thompson, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.
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C H I N A
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CHINA EVERGRANDE: Court Rejects Yumei's Private Hearing Request
---------------------------------------------------------------
The Standard reports that the Hong Kong High Court has rejected the
request from the ex-wife of China Evergrande chairman Hui Ka-yan
for a closed-door hearing and ordered her to cover the legal costs
incurred by Evergrande's liquidators.
Ding Yumei asked last month the high court to clarify her
obligations imposed by injunctions, The Standard recalls. She also
requested a private hearing, citing concerns over privacy and
potential reputational damage, particularly as she currently lives
with two minor children and two minor grandchildren.
However, the judge rejected and noted that since the case stems
from Evergrande's liquidation, ensuring transparency in the
proceedings is essential to protecting public interest and
upholding judicial fairness, The Standard relates.
Following China Evergrande's liquidation last year, the company's
liquidators have been pursuing Hui, Din, former chief executive Xia
Haijun and former chief financial officer Pan Darong to recover
around HK$46.8 billion in dividends and compensation, according to
The Standard.
The Standard adds the liquidators also secured an injunction to
prevent them from handling global assets worth HK$60 billion.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.
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I N D I A
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AGRI BEST: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agri Best
India Limited (ABIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 10.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 22,
2024, placed the rating(s) of ABIL under the 'issuer
non-cooperating' category as ABIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ABIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 7, 2025,
January 17, 2025 and January 27, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Agri Best India Ltd (ABIL), part of Agri Best Group, was promoted
in September 2010 by Mr. Gopal Sharma, Mrs. Preeti Sharma & Mr.
Petrus Adrianus Antinius Joseph Van Pinxteren. The company is
engaged in processing and supplying of milk and various dairy
products viz. butter, cheese, skimmed milk, skimmed milk powder,
Ghee etc. The company operates at a leased plant at Palwal,
Haryana.
ANADI RICE: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anadi Rice
Mill Private Limited (ARMPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 2,
2024, placed the rating(s) of ARMPL under the 'issuer
non-cooperating' category as ARMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ARMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 18, 2024, December 28, 2024, January 7, 2025 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Anadi Rice Mill Private Ltd (ARMPL) set up as a proprietorship
entity in 2005 by Dudhwewala family of Kolkata, West Bengal,
belongs to the Anadi group of companies, a diversified industrial
group having interest in textile, cement, steel, etc. with Mr.
Shankar Prasad Dudhwewala, founder of the group, having an
extensive experience in providing services to various government
agencies on food storage system. ARMPL is primarily engaged in the
processing and milling of non-basmati parboiled rice and was
initially set up with an installed capacity of 18,000 Metric Tonne
Per Annum (MTPA). Subsequently, in 2009 the entity was
converted into a private limited company and the capacity was
increased to 60,000 MTPA. The milling unit of the company is
located in Paschim Midnapore district, West Bengal. Apart from rice
milling the company has opened an atta chakki unit in 2014 with a
capacity of 45,000 MTPA.
BLUEBIRD SOFTWARE CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bluebird
Software Private Limited (BSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible 155.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 18, 2024,
placed the rating of BSPL under the 'issuer non-cooperating'
category as Bluebird Software Private Limited had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. Bluebird Software Private Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated February 1, 2025, February 11,
2025 and February 21, 2025 and numerous phone calls.
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.
Analytical approach: Combined
The combined financials of Nimitaya Infotech Private Limited (NIPL)
and Bluebird Software Private Limited (BSPL) have been considered
as both the entities are in the same line of business with common
promoters and are controlled by common promoter group. Also, there
is corporate guarantee for each other debt and the proposed term
sheet for NCD is combined for INR310 crore.
Outlook: Not applicable
Detailed description of key rating drivers:
Key weaknesses
* History of default: NIPL and BSPL has history of default is
ultimately proposed to be settled through refinancing of debts with
the issuance of proposed NCD both the companies have availed
project finance from Indiabulls and Allahabad bank respectively for
construction of IT Parks, but due to certain cashflow mis-match
which were re-finance in March, 2019 through issue of
Non-Convertible debentures (NCD) availed from Blackrock for INR365
Crore maturing on March, 2023. There has been default in the
repayment of interest and principal on these NCD, due to Covid-19
Pandemic. During Covid-19 the revenue of the companies as well as
the occupancy level dropped precipitously, as these service sectors
are mostly affected sector during Covid-19 Pandemic. However, the
company has proposed to refinance the outstanding through fresh NCD
from Edelweiss INR300 Crore (plus upsizing by an amount up to INR10
Crore depend upon investor discretion) and remaining INR365 Crore
will be brought by the promoters whereas interest portion of
existing NCDs of INR365 Crore is being proposed to be waived off.
* Low Revenue visibility from co-working spaces and repayment of
NCDs dependent on liquidation of assets and funds infused by
promoters: NIPL & BSPL holds commercial IT properties in Udyog
Vihar, Gurgaon and Nimitya Group also has property in Punjabi Bagh
fully leased out for healthcare usage. All three properties
combinedly generating monthly rental of INR2.45 crores as of now
which is likely to be increased going forward. Apart from these
three properties NCD holders will also have mortgage of two
farmhouses held by the promoters/group companies which are proposed
to be liquidated for redemption of NCDs. Thus, company's repayment
capabilities are highly dependent on timely liquidation of
immovable properties at market rates and infusion of funds by the
promoters.
Liquidity: Stretched
The liquidity of the groups are likely to remain stretched on
account of high dependence on liquidation of immovable assets and
funds infused by promoters as company has low cash flows from
rental income. Therefore, the company has to pay substantially
large amount of money at the maturity of NCD to meet the investor
required IRR of 20% as well company has to liquidate assets on
timely basis so as to meet redemption of NCDs based on term sheet
of Edelweiss.
Bluebird Software Private Limited (BSPL) is an SPV under Nimitaya
Group holding IT Building in Udhyog Vihar, Gurgaon which is
provided as Co-working Space generating rental income to the
companies. Nimitaya Group has "Go-Work" Brand for its co-working
space which is being used for leasing of IT Spaces in its SPVs.
These IT parks are nearby some of the reputed IT Companies and
fully equipped with modern facilities.
COASTAL FARMS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Coastal
Farms (CF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 52.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 19,
2024, placed the rating(s) of CF under the 'issuer non-cooperating'
category as CF had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. CF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated January 4, 2025, January 14,
2025, January 24, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Coastal Farms (CF) was established in 1996 as a partnership firm
and promoted by Mr. P. S. Prakash Shetty and Mrs. Dhaneshwari
Shetty as partners. Coastal farm is engaged in manufacturing of
animal and poultry feed, sale of day-old chicks and processed
chicken meat. CF is an ISO 9001:2008 certified firm and has license
from Food Safety and Standard Authority of India. The firm's
manufacturing/processed unit and eight chicken retail outlets are
located at various districts in Karnataka. It markets its products
under the brand name "Coastal Feeds", "Coastal Wholesome Chicken
World", and "Coastal Hatcheries. The firm manufactures about 30
varieties of feed products (developed in-house) of which 20% are
cattle feed and 80% are poultry feed. The company's key raw
materials like Maize, Soya and De- Oiled Rice Bran are procured
from domestic markets which constituted to around 85% of the
purchase during FY16 and rest 15% of the purchase (Lysine and
vitamin premix) are procured from Thailand and Singapore. On the
other hand, COF sells 100% of its products domestically in
Karnataka and Kerala regions.
DYNA TBS: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: Dyna TBS Private Limited
Anil Plaza, 3rd Floor G.S. Road,
Guwahati, Assam, India, 781005
Liquidation Commencement Date: March 3, 2025
Court: National Company Law Tribunal, Guwahati Bench
Liquidator: Anil Kumar Dubey
Meridian Splendora
Tower-II 4th Floor, Flat No. 4F,
9A/1 Umakant Sen Lane
Kolkata 700030
Email: anil@mandaassociates.in
Phone: 9883039240
Last date for
submission of claims: April 2, 2025
FABRICO INDIA: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fabrico
India Private Limited (FIPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 39.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 13,
2024, placed the rating(s) of FIPL under the 'issuer
non-cooperating' category as FIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
FIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 29, 2024,
January 8, 2025 and January 18, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Incorporated in 1975, FIPL is promoted by Mr Manmohan Gupta and
late Mr Brij Bhushan Singhal. The company initially started its
business operations with manufacturing of electrical products such
as transmission towers, power transformers, steel tubular poles and
other electrical hardware items. Subsequently in 2011, the company
also started executing projects for construction of sub-stations,
supply and laying of transmission cables, erecting tubular
poles/steel structures and rural electrification projects on
turnkey basis for various state electricity boards as well as state
government undertaking.
GANGADHAR JENA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gangadhar
Jena (GJ) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 19,
2024, placed the rating(s) of GJ under the 'issuer non-cooperating'
category as GJ had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated January 4, 2025, January 14,
2025, January 24, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Gangadhar Jena was established in April 2002 with an objective to
enter into undertaking infrastructure and civil construction
business. Since its inception, the entity has been engaged in civil
construction business in the segment like roads, bridges etc.
projects. Further, the entity is also classified as Super Class
Contractor under the department of Public Works Department,
Government of Odisha. Super Class Contractor can bid for all types
and higher value of contracts of Public Works Department (PWD) in
Odisha. Mr. Gangadhar Jena (proprietor), who has experienced around
31 years in the construction industry, looks after the day to day
operation of the entity. He is further supported by a team of
experienced professionals. The benefit derived from the experience
proprietor and healthy relation with customers and suppliers are
continuing to support the entity.
HIMALAYA CONSTRUCTION: CARE Keeps C Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Himalaya
Construction Company Private Limited (HCCPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 20.00 CARE C/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 23,
2024, placed the rating(s) of HCCPL under the 'issuer
non-cooperating' category as HCCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HCCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 8, 2025, January 18, 2025 and January 28, 2025 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Delhi based Himalaya Construction Company Private Limited (HCCPL)
was incorporated in December, 1979. The company is currently being
managed by Mr. Ranbir Singh Chahal, Mr. Manjit Singh, Mr.
Harisharan Singh and Mr. Gurtej Singh Chahal. The company is
engaged in civil construction works such as construction of
tunnels, underground power house, surge shaft, dams, etc. for
hydroelectric projects. The company mainly caters to government/
public sector undertakings. In order to get the business, company
has to participate in tenders floated by government companies.
Also, the company works as a subcontractor for various companies
wherein supplies for the project is mainly provided by the main
contractor.
HINDUSTHAN NATIONAL: Farallon May Bankroll INSCO's Bid for Company
------------------------------------------------------------------
The Economic Times reports that Farallon Capital Management is
evaluating a INR1,400 crore financing package to support
Independent Sugar Corporation (INSCO), part of Uganda-based
Madhvani Group, in its bid for Hindusthan National Glass and
Industries (HNGIL) under the ongoing corporate insolvency
resolution process, according to people familiar with the matter.
INSCO is seeking funding for its INR1,851 crore offer to acquire
HNGIL, ET relates.
INSCO secured a Supreme Court ruling in its favor, allowing it to
acquire the distressed company following AGI Greenpac's challenged
bid.
About Hindusthan National
Hindusthan National Glass & Industries Limited is an India-based
holding company. The Company is engaged in manufacturing and
selling of container glass. The Company offers products in various
categories, which include pharmaceuticals, liquor, beer, beverages,
cosmetics and processed food.
As reported in the Troubled Company Reporter-Asia Pacific on Oct.
27, 2021, the Kolkata bench of the NCLT has admitted application
for initiating Corporate Insolvency Resolution Process (CIRP)
against Hindusthan National Glass & Industries Ltd (HNG). The
insolvency proceedings were initiated against the debt-ridden
company by DBS Bank Ltd, one its financial creditors.
INDO NABIN: CARE Keeps C/A4 Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Indo Nabin
Projects Limited (INPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 1.11 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 6, 2024,
placed the rating(s) of INPL under the 'issuer non-cooperating'
category as INPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. INPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 20, 2025, January 30,
2025, February 9, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Indo Nabin Projects Ltd. (INPL), which was originally promoted by
Mr. Amalendu Sen & Mr. R. Chandramouli, is a construction company
engaged in providing engineering & construction services (which
includes design & engineering, supply of materials, erection &
maintenance, and commissioning of sub-stations (33/11KV)) for
electrification projects primarily under Deen Dayal Upadhyaya Gram
Jyoti Yojana (DDUGJY) scheme of the Government of India. The
company specializes in execution of electrical construction
contracts on turnkey basis and has executed several contracts
involving ETC (Erection, Testing and Commissioning) of sub-stations
and operation & maintenance projects.
INTEX TECHNOLOGIES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Intex
Technologies (India) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 138.28 CARE C; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 274.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited vide its press release dated December 21,
2023, continues to place the ratings of Intex Technologies (India)
Limited under the 'Issuer non-cooperating' category as the company
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. Intex Technologies (India)
Limited continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter dated March 5, 2025, November 25, 2024, November 15, 2024,
November 5, 2024, etc.
In line with the extant SEBI guidelines, CARE Ratings Limited has
reviewed the ratings on the basis of the best available information
which however, in CARE Rating Limited's opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings assigned to the bank facilities of Intex Technologies
(India) Limited will be denoted as CARE C; Issuer not cooperating
and CARE A4; Issuer not cooperating due to non-availability of
information.
Analytical approach: Standalone
Outlook: Not applicable
Incorporated in the year 1996, Intex Technologies (India) Limited
was managed by Mr. Narendra Bansal, Managing Director. The company
is engaged in the assembling, manufacturing, and trading of mobile
handsets, computer peripherals, multimedia speakers, personal
computers, and consumer electronics under the brand name of
'INTEX'. The company primarily operates in three business segments
namely mobile handset, Consumer Electronics (DVD player, TV, LCD
etc.) and IT Hardware (UPS, Monitor, Keyboard, Mouse, and other
computer peripherals).
JKR SONA: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of JKR Sona
Mandi Jewellers Private Limited (JSMJPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 12,
2024, placed the rating(s) of JSMJPL under the 'issuer
non-cooperating' category as JSMJPL had failed to provide
information for monitoring of the as agreed to in its Rating
Agreement. JSMJPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 28, 2024, January 7, 2025 and January 17, 2025 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Delhi based JKR Sona Mandi Jewellers Private Limited (JSMJPL) was
incorporated in August, 2006 by Mr. Shivam Singla and Mrs Seema
Singla. The company is engaged in manufacturing and wholesale and
retail trading of gold and diamond studded jewellery and has a
showroom in Delhi's Chandni Chowk.
MADHYA BHARAT: CARE Lowers Rating on INR10.40cr Loans to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Madhya Bharat Telecom Infrastructure (MBTI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.67 CARE D; ISSUER NOT COOPERATING
Facilities Downgraded from CARE B+; Stable
and moved to ISSUER NOT
COOPERATING category
Long Term/ 10.40 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING Downgraded from
Bank Facilities CARE B+; Stable/CARE A4 and
moved to ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from MBTI to monitor
the rating vide e-mail communications dated March 12, 2025, March
11, 2025, March 10, 2025, February 24, 2025, January 7, 2025 and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring the
rating.
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. The rating on bank facilities will now be
denoted as CARE D/ CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The revision in the rating assigned to the facilities of MBTI,
takes into account instances of delays in servicing debt
obligations due to poor liquidity position as confirmed from bank
statements received and confirmation from lender.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of key rating drivers:
Key weaknesses
* Delays in debt servicing: As per the cash credit account
statements received, the account remained overdrawn for period
ranging from 1 to 48 days. Also, there were delays in repayment of
interest and principle repayment of term loan as per interaction
with lender.
* Declined operational performance in FY24: The scale of operations
as marked by total operating income (TOI) declined substantially
and continue to remain modest at INR9.71 crore in FY24 as against
INR24.39 crore in FY23. The profitability continued to remain
moderate as marked by PBILDT margin at 20.37% during FY24 as
against 6.99% during FY23. Further with higher interest and
depreciation costs, PAT margin continued to remain thin at 1.78%
during FY24 compared to 0.63% during FY23. In absolute terms
profitability continued to remain low as marked by PBILDT and PAT
of INR1.98 crore and INR0.17 crore respectively in FY24.
* Leveraged capital structure and weak debt coverage indicators:
Owing to a low tangible net worth base vis-à-vis high debt level,
the capital structure of the firm continued to remain leveraged
marked by an overall gearing ratio of 4.03x as on March 31, 2024 as
against 2.74x as on March 31, 2023. Further, high interest costs
and low profitability in absolute terms, debt coverage indicators
of the firm continued to remain weak marked by an interest coverage
of 1.16x during FY24 compared to 1.20x during FY23. Further, Total
debt to Gross Cash Accruals continued to remain high at 34.11 years
(P.Y.: 25.07 years) owing to high overall debt relative to low cash
accruals (GCA) generated during FY24.
* Constitution as a partnership firm: MBTI being a partnership
entity, the risks associated with withdrawal of partners' capital
exists. The entity is exposed to inherent risk of partners' capital
being withdrawn at time of personal contingency as also it has
limited ability to raise capital and poor succession planning may
result in dissolution of entity.
* Highly competitive intensity in the government civil construction
segment: The construction industry is highly fragmented in nature
with presence of large number of unorganized players and a few
large, organized players coupled with the tender driven nature of
construction contracts poses huge competition and puts pressure on
the profitability margins of the players. MBTI is a regional
player, and all the projects are executed in Madhya Pradesh. Hence,
its operations are geographically concentrated making is
susceptible to economic and political changes. Further, as the firm
participates in tenders invited by large lead contractor, high
competition and lower bargaining power restricts its profitability
margins.
Key Strengths
* Experienced management: Mr. Nishant Malaiya and Mr. Jaideep
Wadia, partners, have experience of around two decades in the
infrastructure industry and looks after overall affairs of the
firm. Further, the partners of the firm are assisted by
professionally qualified and experienced team in the field of civil
engineering and construction. The firm has experienced technical
team of 100 skilled employees for executing contracts on time.
Liquidity: Poor
The liquidity position of the entity remained poor due to delays in
debt servicing.
Bhopal (Madhya Pradesh) based Madhya Bharat Telecom Infrastructures
(MBTI) was formed in 2006 as a partnership concern by Mr. Nishant
Kumar Malaiya and Mr. Jaideep Wadia. Till FY14, the firm was
engaged in the business of tower installation and laying of Optical
Fibre Cables (OFC) for telecom infrastructure companies. From FY15,
it is engaged in the construction & maintenance of roads,
construction of sewage lines and sewage treatment plants,
installation and commissioning of water supply lines and
construction of Economically weaker section (EWS) houses and
currently it is executing contracts of construction of EWS houses
for Municipal Corporation in Madhya Pradesh. The firm is registered
'A' class approved contractor with Public Works Department (PWD),
Madhya Pradesh.
MAHALAXMI BUILDWELL: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahalaxmi
Buildwell Enterprises Private Limited (MBEPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 20,
2024, placed the rating(s) of MBEPL under the 'issuer
non-cooperating' category as MBEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MBEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 5, 2025, January 15, 2025 and January 25, 2025 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Dehradun-based (Uttarakhand) Mahalaxmi Buildwell Enterprises
Private Limited (MBEPL) was incorporated in October 2010 by Sharma
and Maheshwari family for undertaking construction of residential
projects in and around Dehradun. Company operations are managed by
Mrs Jagrati Sharma (wife of Mr Ajay Sharma) and Mrs Priya
Maheshwari (wife of Mr Ravi Maheshwari).
MANHAR LOGISTICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Manhar Logistics Private Limited
Registered Address:
A-26 Ground Floor, Jawahar Park,
Devli Road, New Delhi, India, 110062
Insolvency Commencement Date: February 28, 2025
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 28, 2025
Insolvency professional: Gagan Gulati
Interim Resolution
Professional: Gagan Gulati
A-179, First Floor,
Sudershan Park, New Delhi 110015
Email: advocategulati@gmail.com
-- and --
I-23, L.G.F., Lajpat Nagar III,
New Delhi, Delhi 110024
Email: cirpmanharlogistics@gmail.com
Last date for
submission of claims: March 17, 2025
MAURIA UDYOG: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mauria
Udyog Limited (MUL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 55.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 240.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 21,
2024, placed the rating(s) of MUL under the 'issuer
non-cooperating' category as MUL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MUL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 6, 2025,
January 16, 2025 and January 26, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Mauria Udyog Limited (MUL) [ISIN: INE150D01027] was incorporated in
1980 by the Sureka family comprising Mr V K Sureka, Mr N K Sureka
and Mr A K Sureka. The operations of the company are managed by Mr
N K Sureka (Managing Director). MUL is the flagship company of the
Mauria group. The group is involved in diverse business activities
including manufacturing of cylinders, valves, regulators, terry
towels, trading of commodities, NBFC, etc. MUL is engaged in the
manufacturing of cylinders, valves and regulators used for filling
Liquefied Petroleum Gas (LPG) and other gases such as ammonia and
refrigerants. MUL also manufactures 100% cotton terry towels at its
facility located in Faridabad. The terry towels are sold under the
brand name "Eurospa" and are sold domestically as well as exported
to countries like Ukraine, France, etc. MUL is also engaged in
trading and manufacturing of agro-commodities such as soybean meal
& cake and domestic trading of metals like steel, brass, copper and
ferrous scrap.
NIMITAYA INFOTECH CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nimitaya
Infotech Private Limited (NIPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible 155.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 18, 2024,
placed the rating of NIPL under the 'issuer non-cooperating'
category as Nimitaya Infotech Private Limited had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. Nimitaya Infotech Private Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated February 1, 2025, February 11,
2025 and February 21, 2025 and numerous phone calls.
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.
Analytical approach: Combined
The combined financials of Nimitaya Infotech Private Limited (NIPL)
and Bluebird Software Private Limited (BSPL) have been considered
as both the entities are in the same line of business with common
promoters and are controlled by common promoter group. Also, there
is corporate guarantee for each other debt and the proposed term
sheet for NCD is combined for INR310 crore.
Outlook: Not applicable
Detailed description of key rating drivers:
Key weaknesses
* History of default: NIPL and BSPL has history of default is
ultimately proposed to be settled through refinancing of debts with
the issuance of proposed NCD both the companies have availed
project finance from Indiabulls and Allahabad bank respectively for
construction of IT Parks, but due to certain cashflow mis-match
which were re-finance in March, 2019 through issue of
Non-Convertible debentures (NCD) availed from Blackrock for INR365
Crore maturing on March, 2023. There has been default in the
repayment of interest and principal on these NCD, due to Covid-19
Pandemic. During Covid-19 the revenue of the companies as well as
the occupancy level dropped precipitously, as these service sectors
are mostly affected sector during Covid-19 Pandemic. However, the
company has proposed to refinance the outstanding through fresh NCD
from Edelweiss INR300 Crore (plus upsizing by an amount up to INR10
Crore depend upon investor discretion) and remaining INR365 Crore
will be brought by the promoters whereas interest portion of
existing NCDs of INR365 Crore is being proposed to be waived off.
* Low Revenue visibility from co-working spaces and repayment of
NCDs dependent on liquidation of assets and funds infused by
promoters: NIPL & BSPL holds commercial IT properties in Udyog
Vihar, Gurgaon and Nimitaya Group also has property in Punjabi Bagh
fully leased out for healthcare usage. All three properties
combinedly generating monthly rental of INR2.45 crores as of now
which is likely to be increased going forward. Apart from these
three properties NCD holders will also have mortgage of two
farmhouses held by the promoters/group companies which are proposed
to be liquidated for redemption of NCDs. Thus, company's repayment
capabilities are highly dependent on timely liquidation of
immovable properties at market rates and infusion of funds by the
promoters.
Liquidity: Stretched
The liquidity of the groups are likely to remain stretched on
account of high dependence on liquidation of immovable assets and
funds infused by promoters as company has low cash flows from
rental income. Therefore, the company has to pay substantially
large amount of money at the maturity of NCD to meet the investor
required IRR of 20% as well company has to liquidate assets on
timely basis so as to meet redemption of NCDs based on term sheet
of Edelweiss.
Nimitaya Infotech Private Limited (NIPL) is an SPV under Nimitaya
Group holding IT Building in Udhyog Vihar, Gurgaon which is
provided as Co-working Space generating rental income to the
companies. Nimitaya Group has "Go-Work" Brand for its co-working
space which is being used for leasing of IT Spaces in its SPVs.
These IT parks are nearby some of the reputed IT Companies and
fully equipped with modern facilities.
OM SHIV: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Om Shiv
Lumbers Private Limited (OSLPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 6,
2024, placed the rating(s) of OSLPL under the 'issuer
non-cooperating' category as OSLPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. OSLPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 22, 2024, January 1, 2025, January 11, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Gandhidham-based (Gujarat), OSLPL was incorporated in March 2012 by
Mr. Deepak Khatwani and Mrs. Bhagwati Khatwani. It is engaged in
trading and processing of timber products namely wooden plates,
face veneers, ready pallates, etc. OSLPL also perform job work for
log dimension setting. At present, 27 employees are working under
the company. There are 3 sets of vertical and horizontal sowing
machines with installed capacity of 1500 cubic feet per day. Both
the machineries and factory premises are rented.
PATSPIN INDIA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Patspin
India Limited (PIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 68.36 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 7.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 143.80 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 13,
2024, placed the rating(s) of PIL under the 'issuer
non-cooperating' category as PIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PIL continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 29, 2024,
January 8, 2025, January 18, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Patspin India Limited (PIL) (ISIN Number: INE790C01014) is part of
Kerala based GTN group. GTN group was established by Late Mr. M.L.
Patodia in 1960. GTN group has presence in spinning yarn, knitting,
processing and garmenting. Primary business activity of PIL is
production and sale of cotton yarn (counts ranging from 20s to
100s). In addition to this, PIL is also engaged in value-adding
activities like TFO (Two-For-One) twisting and gassing of textile
yarn. Incorporated in the year 1991, as on March 31, 2021, the
total capacity of PIL stood at 114,000 spindles.
PERSISTENT INDUSTRIES: CARE Assigns B+ Rating to INR60cr LT Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Persistent Industries Private Limited (PIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 60.00 CARE B+; Stable Assigned
Rationale and key rating drivers
The rating assigned to the bank facilities of PIPL takes into
account inherent execution risk associated with implementation of
250TPD edible oil plant which is nascent stage. Management
estimates that the commercial production would commence from Q2FY26
onwards however stabilization of operations in terms of smooth
availability of raw materials and envisaged ramp up of operations
remains to be seen. The rating is also constrained by the
profitability being susceptible to volatility of raw material
prices amidst inherent agro-climatic risks and intense competition
in edible oil industry.
The rating however derives strength from resourceful promoters and
their extensive experience in edible oil industry. Further the
rating takes cognisance that company is expected to receive funding
support from group companies in future, if require.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Completion of the project within estimated costs and timelines
Negative factors
* Delay in commencement of operations resulting in significant
decline in anticipated TOI.
Analytical approach: Standalone
Outlook: Stable
CARE Ratings believes PIPL will be able to ramp up operations aided
by long-standing experience of its promoters in edible oil
industry.
Detailed description of key rating drivers:
Key weaknesses
* Execution risk associated with the project: PIPL is setting up
multi feed 250 MTPD edible oil refinery in Maharashtra which is
currently under construction. The total project cost is INR71 crore
and as per CA certificate, the company has spent INR6 crore till
February 24, 2025 which is funded by the promoters. The project is
exposed to inherent execution risks however, the management is
confident of operationalising the project by September 2025.
* Stabilisation risk: As project progress is in nascent stage
therefore stabilisation of the operations is yet to be seen. As
company is entering into competitive edible oil segment and hence
its ability to procure raw materials and to run plant at envisaged
capacity will be key monitorable considering intense competition in
the industry.
* Volatility in raw material prices: The company's profitability
margins are vulnerable to fluctuations in raw material prices. As
an agricultural commodity, these prices are influenced by several
factors, including the monsoon, cultivation area, prices of other
edible oils, government-set minimum support prices (MSP), the
demand-supply gap, and weather conditions in major crop-growing
regions.
* Intense competition in the edible oil industry: Company faces
intense competition from already well-established brands in the
edible oil segment. Further the edible oil industry is also highly
fragmented and is characterized by presence of many unorganized
players in the market due to low entry barriers and low capital
intensity
Key strengths
* Extensive experience of promoters in edible oil segment:
Promoters of the company Mr. Navin Chordia and Mr. Ravi Kori have
extensive experience in edible oil production and business
management. Mr. Navin Mokhamsing Chordia currently serves as the
Managing Director of Indexone Industries Limited, a company engaged
in the import and local trading of edible oils and has previously
held a key role at West India Continental Oils & Fats Pvt. Limited.
Mr. Ravi Veeranna Kori, from Haveri, Karnataka, is a seasoned
entrepreneur in the edible oil and agro commodities industry,
leading a family business with roots dating back to 1977. He is
currently promoter of Laxmi Mills, a company engaged in production
of edible oil which sells its products under "Laxmi" Groundnut Oil,
which is widely distributed in consumer
packaging across Karnataka.
* Resourceful promoters: Promoters of the company Mr. Navin Chordia
and Mr. Ravi Kori are resourceful and has sufficient liquidity to
provide support to the company. They are also infusing INR17.5
crore in the company to fund capex and till date has infused around
INR6 crore out of which INR5 crore has been infused in form of
equity and INR1 crore as unsecured loan. Further group companies
which are promoted by Mr. Navin Chordia and Mr. Ravi Kori also
expected to extend support in future if require.
Liquidity: Stretched
Inherently, companies in project stages are exposed to complete the
project within estimated costs and timelines. Further, liquidity
would also be dependent upon company's ability to ramp up the
operations. So far, promoters have brought in INR6 crore out of
their share INR17.5 crore for funding project cost and remaining
will be funded by debt, which is yet to be sanctioned.
Persistent Industries Private Limited (PIPL), incorporated on July
25, 2024, is setting up multi feed refinery unit with capacity of
250 MT edible oil per day in Maharashtra. PIPIL is promoted by Mr.
Navin Choradia and Mr. Ravi Veeranna Kori, both have extensive
experience in edible oil industry. Mr. Navin Chordia promotes
Indexone Industries Limited which trades in edible oils. and Mr.
Ravi Kori promotes Laxmi Mills which is into oilseed crushing and
edible oil processing.
PUNE BUILDTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pune
Buildtech Private Limited (PBPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 286.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 14,
2024, placed the rating(s) of PBPL under the 'issuer
non-cooperating' category as PBPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PBPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 30, 2024,
January 9, 2025, January 19, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
PBPL (formerly known as Dynamix Balwa's Resorts Pvt. Ltd.) is a
wholly-owned subsidiary of Marine Drive Hospitality & Realty Pvt.
Ltd. (MDHRPL), formerly known as DB Hospitality Pvt. Ltd. MDHRPL is
a private limited company incorporated with an object of setting up
chain of hotels across the country under five star deluxe, five
star, four star categories and construction of real estate
buildings. MDHRPL has been promoted by DB Group, a diversified
business group in India with interests in real estate and
hospitality and currently operates two hotel properties. PBPL is
developing a project 'DB Solitaire' with both
residential and commercial use near Pune Airport. PBPL had initial
plans to develop a residential project but to tap in the demand for
the commercial space; PBPL is developing the project as a mix use -
residential and commercial. Due to this change, the total saleable
area potential of the project has reduced to 5.76 lsf from 6.1 lsf
envisaged earlier. The project building consists of one tower
having two wings – one residential and other commercial of 18
floors each. Total number of units for sale is 380.
PUSHPA GOYAL: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pushpa
Goyal Enterprises Private Limited (PGEPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 2,
2024, placed the rating(s) of PGEPL under the 'issuer
non-cooperating' category as PGEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PGEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 18, 2024, December 28, 2024 and January 7, 2025 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
PGEPL, promoted by Mr. Amit Goyal and Ms. Pushpa Goyal, was
incorporated in 2007. The company is associated with Mahindra &
Mahindra Ltd and became its authorized dealer in Punjab, in August
2012. The company's commercial operations started in FY13, with
FY14 being the first year of full commercial operations. PGEPL is
engaged in the sale of Commercial Vehicles (CV), servicing of
vehicles and sale of spare parts. The company operates two
showrooms; one at Patiala and the other at Ropar both providing 3S
(sales, service and spare parts) facilities. The company is
currently being managed by Mr. Amit
Goyal, Ms. Pushpa Goyal and Mr. Hemant Goyal.
RAC PAPERS: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RAC Papers
Limited (RPL) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.30 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.33 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 20,
2024, placed the rating(s) of RPL under the 'issuer
non-cooperating' category as RPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RPL continues to be non-cooperative despite repeated requests for
submission of information through emails dated January 5, 2025,
January 15, 2025 and January 25, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Delhi based, RAC Paper Limited [RPL] (Formerly known as Nav Bharat
Duplex Limited) was established in 1985, promoted by Mr. Dayanand
Gupta and Mr. Raj Bala Gupta. The company is engaged into
manufacturing of Kraft paper, newsprint paper, duplex board etc.
The company has its manufacturing unit at Hapur, Ghaziabad.
RAJAT INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajat
Infra Developers Private Limited (RIDPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 4, 2024,
placed the rating(s) of RIDPL under the 'issuer non-cooperating'
category as RIDPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RIDPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 18, 2025, January 28,
2025 and February 7, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Vadodara-based (Gujarat) RIDPL was incorporated in March, 2012 by
Mr. Prabhakant Jadav and Chandrashekhar Yadav. The company is
engaged into the Civil Construction of road, civil and other
irrigation canal project.
RELIABLE POLYESTER: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliable
Polyester Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 5,
2024, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 21, 2024,
December 31, 2024, January 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).
Analytical approach: Standalone
Outlook: Not applicable
Surat-based (Gujarat) RPPL, a family run business was incorporated
in May 1988, by Mr. Radha Mohan Mittal which is now managed by Mr.
Ruchir Radha Mohan Mittal and Mrs. Esha Ruchir Mittal. The company
is engaged into the manufacturing of greige (unprocessed) polyester
fabrics from polyester yarn (primarily Air Textured Yarn (ATY)),
prior to which it discontinued the operations of manufacturing
polyester yarn. RPPL operates from its sole manufacturing facility
located in Surat (Gujarat) with 135
shuttle-less water jet looms.
RICHA PETRO: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Richa Petro
Products Limited (RPPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.58 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 2,
2024, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 18, 2024,
December 28, 2024, January 7, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Richa Petro Products Private Limited (RPPL) was incorporated in the
year 2010 by Mr. Ramesh Chandra Parida of Bhubaneswar, Odisha. The
company has been engaged in manufacturing of pipes, pipe fittings,
furniture, and water tanks of PVC (Polyvinyl Chloride). The main
raw materials used in the production activity are Linear
low-density polyethylene (LDPE), High-density polyethylene (HDPE),
Polypropylene (PP) and PVC resin. The raw materials are procured
mainly from Haldia Petrochemicals Limited and Reliance Industries
Limited. The manufacturing plant of the company is located at
Bhubaneshwar, Odisha and it is
well equipped with modern amenities along with ISO 9001:2008
certification. RPPL sells its products under the brand name of
"Richa" (unregistered) through its established dealer network
covering the state of Odisha only.
ROYAL HIRE: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Royal Hire Purchase Private Limited
Arafa Building, Church Circle
Erinjery Angady, Pallikkulam
Thrissur, Kerala 680001
Liquidation Commencement Date: February 11, 2025
Court: National Company Law Tribunal, Kochi Bench
Liquidator: Allen Bosco
65/2364A, Ponoth Rd, Avenue-2,
Kaloor, Kochi, Ernakulam
Kerala 682017
Email: liquidator.royal@gmail.com
Last date for
submission of claims: March 13, 2025
RPG INDUSTRIAL: CARE Lowers Rating on INR15cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
RPG Industrial Products Private Limited (RIPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING and Downgraded from
CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 27,
2024, placed the rating(s) of RIPPL under the 'issuer
non-cooperating' category as RIPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RIPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 12, 2025, January 22, 2025 and February 1, 2025 among
others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of RIPPL have been revised
on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
RPG Industrial Products Private Limited (RIPPL) was incorporated in
June, 2000. The company forayed into manufacturing of recycled
polyester staple fibre by setting up its facilities in 2011. The
plant commenced commercial operations in January, 2013. The company
manufactures variety of products including textile grade fibre &
coarse denier, silicon fibre, hollow fibre, hollow silicon fibre
and conjugated fibre using postconsumer Polyethylene terephthalate
[PET] bottle waste and other kind of industrial waste of polymer.
RVGARG INDUSTRIES: CARE Lowers Rating on INR31cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
RVGarg Industries Private Limited (RVG), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Downgraded from
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from RVG to monitor
the rating vide e-mail communications dated December 6, 2025;
February 20, 2025; among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on RVG's bank facilities will now be denoted as
CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of RVG is primarily
constrained by its short track record of operations and
stabilization risk associated with debt funded newly setup
facility. Further, the rating is also constrained by risk
associated with susceptibility of profitability margins to
commodity prices as well as government regulations and highly
fragmented and competitive nature of the industry. The rating,
however, draws comfort from experienced management of the entity,
stable demand outlook for edible oils.
Analytical approach: Standalone
Outlook: Stable
Detailed description of key rating drivers:
At the time of last rating on June 11, 2024, following were the
rating strengths and weaknesses.
Key weaknesses
* Short track record of operations: The company has started its
commercial operations from June 2024 and has a relatively short
track record of operations in edible oil refinery industry as
compared with other established players. Thus, the stabilization of
the operations with optimum utilization of capacity to achieve the
envisaged scale of business and saleability risk associated with
the products offered in the light of competitive nature of industry
remains crucial for RVG. The management has projected to achieve
total operating income of ~INR130.00 crore for FY25 (refers to
April 1 to March 31).
* Stabilization risk associated with debt funded newly setup
facility: RVG had undertaken capex plan with total project cost of
INR30.00 crore (original cost ~INR28 crore) for setting up an
edible oil refinery unit mainly of rice bran oil and mustard oil at
Pilibhit, Uttar Pradesh at an installed capacity to process 100 MT
per day of rice bran oil and mustard oil. The project was proposed
to be funded through term loan of INR14.00 crore and balance
through promoter's contribution of INR13.97 crore (share capital of
INR4.50 crore and unsecured loans of INR9.47 crore). However, there
was delay in commissioning of the project owing to manpower issues
and delay in the installation of additional plant & machineries
related to the project. Consequently, scheduled commencement date
shifted from January 2024 (originally) to June 2024. Due to same,
there was cost overrun of ~INR2.00 crore funded through promoter's
contribution. Further, under Uttar Pradesh Food Processing Policy
– 2023, the company is entitled to receive capital subsidy of
maximum of INR5.00 crore (originally not part of the total cost of
project); out of the same the company has received ~INR2.50 crore
and the same has been utilized for the prepayment of term loan.
Currently, the project has been completed and it has started its
commercial operations from June 2024.
However, post project implementation risk in the form of
stabilization and streamlining of operations to achieve the
envisaged scale of business and risk associated with the products
offered in the light of competitive nature of industry is yet to
been seen. During the initial phases of operations, the capital
structure of the company is expected to remain leveraged due to
debt funded capex undertaken coupled with dependence on bank
borrowings to meet the working capital requirements.
* Susceptibility of profitability margins to commodity prices as
well as government regulations: RVG's profitability is highly
susceptible to the movement in the prices of rice bran oil, mustard
oil and refined oil. Being an agricultural commodity, its
availability and prices to a certain extent are governed by the
demand-supply dynamics prevalent in major crop growing nations,
favourable weather conditions and prices of substitute edible oils.
Domestic production of agro commodities, in turn, is dependent on
various factors like vagaries of monsoon, crop pattern, area under
cultivation as well as minimum support prices (MSP) and other
incentives and policies offered by Government of India (GoI)
leading to volatility in the same. Any sudden spurt in raw material
prices and may not be passed on to customers completely owing to
company's presence in highly competitive industry and may adversely
affect the profitability of the company.
* Highly fragmented and competitive nature of the industry: Edible
oil processing business in India is highly fragmented due to
presence of large number of unorganized players in the lower
end of the bulk segment and presence of large and established
players in the high end of market attributable to low entry
barriers such as low capital and low technical requirements of the
business. Due to high degree of fragmentation, small players hold
very low bargaining power against both its customers as well as its
suppliers. Further, most of the manufacturers offer similar
products with little difference generating intense competition
resulting in lower margins for most of the players. Further,
availability of varieties of edible oils such as sunflower oil,
palm oil, groundnut oil, rapeseed oil, sesame oil, etc. which can
be substituted for one another also adds on the competition.
Key strengths
* Experienced management of the entity: RVG is a family run
business. The company is currently being managed by Mr. Ritik
Agarwal, Mr. Anuj Agarwal, Mr. Aditya Agarwal and Mr. Anshu
Agarwal. Mr. Ritik Agarwal (Managing Director) is post graduate by
qualification and has experience of around half decade in
agro-commodities business through his association with this entity
and other family related concerns namely, "Garg Agrifoods Private
Limited" (not associated as of now). He is well supported by other
directors of the company in managing dayto-day operations of the
entity. Further, they are also assisted by a team of qualified
managerial personnel and technical team having relevant experience
in their respective fields. Moreover, the directors have other
family concerns engaged in rice milling, flour milling and solvent
extraction business.
* Stable demand outlook for edible oils and de-oiled cake: Edible
oil industry is expected to grow annually by 8-9%, with rising
demand owing to increase in population, disposable incomes
and growth of food processing sector. The consumption of edible oil
in India has been rising steadily which can be attributed to
various factors such as better standard of living, growth in demand
for fried processed food products and branded packaged edible oil.
India's annual per capita consumption is well below the world
average; thus, signifying substantial growth potential for the
edible oil industry. The Indian edible oil market continues to be
underpenetrated, and given the positive macro and
demographic fundamentals, it has a favourable demand growth outlook
over the medium to long-term.
Pilibhit (Uttar Pradesh) based, RVGarg Industries Private Limited
(RVG) was incorporated in February 2022 as a private limited
company and has started its commercial operations from June 2024.
The company is currently being managed by Mr. Ritik Agarwal, Mr.
Anuj Agarwal, Mr. Aditya Agarwal and Mr. Anshu Agarwal. The company
was incorporated with an aim for setting up an edible oil refinery
unit mainly of rice bran oil and mustard oil at an installed
capacity to process 100 MT per day of rice bran oil and mustard
oil. The company will sell refined rice bran oil, mustard oil and
its by-products i.e., wax, gums, fatty acids, spent earth to
different wholesalers/traders located domestically. The major raw
materials required are rice bran oil and crude mustard oil which
the company will procure ~40-50% from its own family concerns
engaged in rice milling, flour milling and solvent
extraction business and rest from various solvent extraction plants
and brokers/commission agents located domestically.
SHIVA INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shiva
Industrial Security Agency (Gujarat) Limited (SISAL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 14.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 8.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 8, 2024,
placed the rating(s) of SISAL under the 'issuer non-cooperating'
category as SISAL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SISAL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 22, 2025, February 1,
2025 and February 11, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
SISA was incorporated as a private limited company in July 1997 by
Mr. Major S Sharma and is now converted into a closely held public
limited company. The company is primarily engaged in providing
security services like manned guarding, cash handling, emergency
response services and electronic security. Currently, the company
is being managed by Mr. Major S Sharma's sons - Mr. Sushil Sharma
and Mr. Sameer Sharma. SISA is an ISO 9001:2008 certified company.
TAG OFFSHORE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of TAG
Offshore Ltd. (TOL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 959.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 56.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) has been seeking information
from TOL to monitor the rating vide email communication dated
November 2, 2024, November 12, 2024 and November 22, 2024. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE Ratings has reviewed
the rating on the basis of the best available information which,
however, in CARE Ratings' opinion is not sufficient to arrive at a
fair rating. The rating on TAG Offshore Limited's bank facilities
will be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Analytical approach: Standalone
Detailed description of key rating drivers:
Key weaknesses
* Ongoing delays in debt servicing and initiation of CIRP: There
have been ongoing delays in servicing the debt obligations by the
company. The Corporate Insolvency Resolution Process (CIRP) has
been initiated against the company under Insolvency & Bankruptcy
Code, 2016. Further, Resolution Professional has also been
appointed under the Code and liquidation process is underway. The
liquidator has invited expression of interest from public for sale
of Not Readily Realizable Assets on April 4, 2024.
TAG Offshore Limited (TOL) was founded to provide marine support
services for ports/terminals, offshore exploration, production, and
marine construction. The company acquired the offshore business of
Essar Shipping in 2003, including three Anchor Handling Tug Supply
Vessels (AHTSV) and the associated workforce. TOL serves major
clients such as Oil and Natural Gas Corporation (ONGC) and
port/terminal authorities like Jawaharlal Nehru Port Trust (JNPT),
Cochin Port Trust (CPT), and Kandla Port Trust (KPT). With a fleet
of 25 vessels, including AHTSVs, Harbour Tugs, Platform Supply
Vessels (PSV), and a Tanker, TOL primarily
operates on long-term contracts ranging from 2 to 5 years. The
company is managed by a four-member Board of Directors, with two
members from the Apparao family, Mr. Godfrey Pimenta, and Mr.
Shiben Kaul.
TECH INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tech India
Enterprises (TIE) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 5.00 CARE B-; Stable; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 19,
2024, placed the rating(s) of TIE under the 'issuer
non-cooperating' category as TIE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TIE continues to be non-cooperative despite repeated requests for
submission of information through emails dated January 4, 2025,
January 14, 2025, January 24, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Tech India Enterprises (TIE) was established in June 2017 as a
proprietorship entity. The entity has been engaged in civil
construction activities in the segment like roads, buildings etc.
TIE secures work contracts through tender and executes orders
mainly for Central Coalfields Limited, South Eastern Railway etc.
YRR TEX FAB: CARE Lowers Rating on INR7cr LT Loan to B
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
YRR TEX FAB Private Limited (YTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Downgraded from
CARE B+; Stable and moved to
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from YTPL to monitor
the rating vide e-mail communications dated January 13, 2025 and
March 4, 2025 among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. Further, YRR TEX FAB Private Limited has
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. The rating on YRR TEX FAB Private
Limited's bank facilities will now be denoted as CARE B; Stable;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The revision in rating assigned to the bank facilities of YTPL
takes into account non-submission of No default statement (NDS) by
YTPL for the past 2 months of January 2025 and February 2025.
Further, the rating continues to be constrained by YTPL's modest
scale of operations, relatively low profit margins, highly working
capital-intensive nature of operations, moderately leveraged
capital structure, weak debt coverage indicators and stretched
liquidity position. The rating further continues to be constrained
by presence in highly fragmented and competitive nature of
industry. The rating, however, continues to derive strength from
long track record of the company with highly experienced promoter
in the textile industry and moderately diversified customer and
supplier base.
Analytical approach: Standalone
Outlook: Stable
CARE Ratings believes that entity will continue to benefit from its
experienced promoters along with long track record of
Operations.
Detailed description of key rating drivers:
At the time of last rating on March 8, 2024, the following were the
rating strengths and weaknesses [updated for information available
from FY24 (refers to period April 1 to March 31) audited
financials]:
Key weaknesses
* Modest scale of operations: During FY24, the ToI of the company
stood stable INR69.13 crore (vis-à-vis INR67.98 crore in FY23)
thus indicating modest scale of operations.
* Relatively low profit margins: The profitability metrics of the
company have improved marked by PBILDT margins of 6.18% in FY24;
the improvement is on account of reduction in the cost of raw
material consumed as against 5.13% in FY23. Consequently, the PAT
margins have improved from 0.86% in FY23 to 1.05% in FY24.
* Moderately leveraged capital structure and weak debt coverage
indicators: As on March 31, 2024, the overall gearing stood
moderate at 5.07 times; the same has been arrived without factoring
USL as quasi equity (vis-à-vis 1.03 times as on March 31, 2023).
The debt coverage indicators continues to remain weak marked by
high Total Debt/Gross Cash Accruals at 26.33 times in FY24 to times
(vis-à-vis 19.94 times in FY23) on account USL being treated as
debt. Interest coverage has marginally improved, though remained
weak, to 1.52 times in FY24 from 1.48 times in FY23 due to
proportionate increase in PBILDT as against increase in finance
cost.
* High working capital-intensive nature of operations: The
operations of YTPL are working capital intensive in nature with
majority of funds being blocked in debtors due to liberal credit
period given to its customers. The collection period continues to
remain stretched at 200 days in FY24 (vis-à-vis 195 days in FY23).
The inventory period also remained high at 94 days in FY24
(vis-à-vis 85 days in FY23). Also, creditor's period has stretched
to 125 days in FY24 (vis-à-vis 112 days in FY23). The operating
cycle of the company stood high at 168 days in FY24 (PY: 168
days).
Key strengths
* Long track record of the company with experienced promoter: The
company has established long standing track record of operations
through 20 years of existence in the textile trading industry. The
promoter of the firm i.e. Mr. Praful Kumar Somaiya holds
significant experience of around five decades in the textile
industry and he his assisted by his two sons namely Mr. Yash
Somaiya and Mr. Viral Somaiya. The extensive experience of the
promoter enables the firm to establish strong marketing connects
and business excellence for YRR Texfab Private Limited (formerly
Yash Knitwear).
* Diversified Customer and supplier: The customer profile of the
company remained diversified as it supplies to various
manufacturers and traders across local market. The top 5 customers
accounted for 26.91% of total sales in FY23 (vis-à-vis 63.79% of
total sales in FY22). Furthermore, the company purchases from local
suppliers wherein top 5 suppliers contribute 37.94% of total
purchases in FY23 (vis-à-vis 80.47% of total purchases in FY22).
Liquidity: Stretched
The liquidity position of the company continues to remain stretched
marked by GCA of INR1.11 crore in FY24. Cash flow from operations
stood at INR4.38 crore in FY24 (PY: INR0.35 crore). The working
capital borrowing (Cash Credit) was utilised to the tune of
INR11.90 crore as on March 31, 2024. Current ratio and quick ratio
stood moderate at 1.12 times and 0.78 times as on March 31, 2024,
respectively.
Established in April 2002, YRR Texfab Private Limited (YTPL) is
engaged in the trading of finished fabrics viz. cotton, polyester,
linen, etc. YTPL purchases fabrics from local manufacturers, as per
designs provided/pre-approved by customer and then subsequently
sells to customers in the domestic market to the manufacturers of
men's wear and children's wear. YTPL has its warehousing facility
located in Bhiwandi, Thane for meeting its storage requirements of
36,000 sq. ft. and the administrative office located at Lower Parel
(Mumbai).
ZOMATO: Faces Insolvency Plea Over Alleged INR1.64cr Unpaid Dues
----------------------------------------------------------------
The Economic Times, citing a Bar and Bench, reports that food
delivery giant Zomato is facing an insolvency plea from uniform
supplier Nona Lifestyle, alleging unpaid dues of INR1.64 crore.
ET relates that the National Company Law Tribunal (NCLT) has
adjourned the case to April 3, requesting the petitioner to clarify
its next steps.
According to the report, B2B apparel manufacturer Nona Lifestyle
has approached the NCLT to initiate the corporate insolvency
resolution process (CIRP) against Zomato over alleged non-payment
for supplied uniforms and merchandise, including ICC World Cup 2023
apparel.
Nona Lifestyle claimed that Zomato placed multiple orders in 2023
for rider uniforms, trousers, and World Cup jerseys. Zomato is
accused of delaying payments, and refusing deliveries citing
storage issues.
ET says the company also alleged that the food delivery major used
"threats and warnings" to pressure it into offering discounts and
in fact refused to accept the remaining World Cup jerseys, citing a
"failed" campaign, despite the jerseys being custom-made and
unsuitable for other use.
Zomato has rejected these claims, stating that Nona Lifestyle
repeatedly missed agreed-upon delivery deadlines, resulting in
penalties as per their contract.
Zomato argued that the delays caused "substantial reputational and
goodwill damage" and stated that it only paid for delivered jerseys
after deducting penalties and adjusting the advance payment, ET
adds.
About Zomato Limited
Headquartered in Gurugram, India, Zomato Limited --
http://www.zomato.com/-- operates as an online food delivery
company in India and internationally. Its technology platform
connects customers, restaurant partners, and delivery partners. The
company also operates Hyperpure, a procurement solution that
supplies ingredients and kitchen products to restaurant partners.
It offers restaurant search and discovery, online order, pick up,
and table reservations services.
=====================
N E W Z E A L A N D
=====================
CIVEX CONSTRUCTION: Waterstone Insolvency Appointed as Receivers
----------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on March
17, 2025, were appointed as receivers and managers of Civex
Construction Limited.
The receivers and managers may be reached at:
Waterstone Insolvency
16 Piermark Drive
Rosedale
Auckland 0632
G B D THAMES: Court to Hear Wind-Up Petition on March 27
--------------------------------------------------------
A petition to wind up the operations of G B D Thames Limited will
be heard before the High Court at Auckland on March 27, 2025, at
10:45 a.m.
The Commissioner of Inland Revenue, filed the petition against the
company on Dec. 16, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
LIBELLE GROUP: Owes More Than NZD14MM to Nearly 250 Creditors
-------------------------------------------------------------
Radio New Zealand reports that a major provider of the government's
troubled free school lunch programme owes more than NZD14 million
to hundreds of creditors after going into liquidation last week.
According to RNZ, Libelle Group was contracted by Compass to
deliver 125,000 meals a day as part of the Ka Ora, Ka Ako
programme, but after its liquidation, Compass agreed to buy the
business.
According to RNZ, the report by liquidators Robert Campbell and
David Webb of Deloitte released on March 18 revealed Libelle owed:
- NZD2.38 million to preferential creditors (which include staff
and Inland Revenue)
- NZD8.37 million to secured creditors (who have the right to sell
debtors' assets if they fall behind on payments)
- NZD3.58 million to unsecured creditors (who do not have the
right to sell debtors' assets if they fall behind on payments)
It did not disclose the value of Libelle's assets, like cars,
equipment and stock, RNZ notes.
Some of the amounts owed to creditors were still to be verified,
the report said.
It listed 248 creditors, which included schools, utility companies
and food and packaging suppliers. The report said nothing about
when or if creditors would get what they were owed, RNZ relays.
It also did not detail when or why Libelle Group went into
financial strife - only that after paying staff on March 6, it ran
out of cash.
It revealed at the time of Libelle's liquidation, there were
"significant creditor arrears", critical suppliers were threatening
to stop supplying it or remove leased assets, and all business
units were making a loss, RNZ relates.
"We will undertake an investigation into the affairs of the Company
though, at this stage, we do not know whether this will disclose
any other reasons for liquidation," Campbell and Webb wrote.
Before the revamped programme, Libelle had supplied lunches for
NZD9 per head to 17,000 school children - and then scaled up to
supplying 125,000 lunches for NZD3 per head.
Mr. Webb previously told Checkpoint it would look at whether the
'scaling up' at a cheaper price contributed to the company's
downfall.
RNZ adds that the report said Compass was the only viable purchaser
of the business given it had the head contract for the school lunch
programme, and it was the only party prepared to provide immediate
funding to keep operations running.
It said there were a few parties interested in buying the part of
the business that runs school tuck shops, but they either could not
make a purchase in time or did not offer enough money, so
liquidators were forced to close it.
Robert Campbell and David Webb of Deloitte New Zealand were
appointed liquidators of the company on March 11, 2025.
MRD SOLUTIONS: Court to Hear Wind-Up Petition on April 11
---------------------------------------------------------
A petition to wind up the operations of MRD Solutions Limited will
be heard before the High Court at Auckland on April 11, 2025, at
10:45 a.m.
Green Labs Limited filed the petition against the company on Jan.
24, 2025.
The Petitioner's solicitor is:
Gregory David Trainor
c/- MacLean & Associates Lawyer
Unit 4/31 Tyne Street
Addington
Christchurch
NA BUILDING: Waterstone Insolvency Appointed as Receivers
---------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on March
18, 2025, were appointed as receivers and managers of Na Building
Limited
The receivers and managers may be reached at:
Waterstone Insolvency
16 Piermark Drive
Rosedale
Auckland 0632
YORK CONSTRUCTION: Court to Hear Wind-Up Petition on April 4
------------------------------------------------------------
A petition to wind up the operations of York Construction Limited
will be heard before the High Court at Auckland on April 4, 2025,
at 10:45 a.m.
Building Recruitment Limited filed the petition against the company
on Jan. 14, 2025.
The Petitioner's solicitor is:
Jack Rafiei
Broadway Law, Solicitors
1/123 Broadway, Newmarket
Auckland
=================
S I N G A P O R E
=================
CKR CONTRACT: First Creditors' Meeting Set for April 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of CKR Contract
Services Pte Ltd. will be held on April 2, 2025 at 10:00 a.m. via
Zoom.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia Pte Ltd
50 Havelock Road #02-767
Singapore 160050
DATA REPUBLIC: Placed in Provisional Liquidators
------------------------------------------------
Tan Wei Cheong and Christina Khoo of Deloitte & Touche LLP on March
7, 2025, were appointed as provisional liquidators of Data Republic
Pte Ltd.
The company's provisional liquidators are:
Lim Loo Khoon
Tan Wei Cheong
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
EMAS OFFSHORE: Commences Wind-Up Proceedings
--------------------------------------------
Members of Emas Offshore Pte. Ltd. on March 12, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Mr. Abuthahir Abdul Gafoor
Ms. Yessica Budiman
AAG Corporate Advisory
11 Collyer Quay
#07-02 The Arcade
Singapore 049317
MAXEON SOLAR: Completes Sale of SunPower Philippines to TZE
-----------------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report
filed with the U.S. Securities and Exchange Commission that it
completed the sale of 100% equity interest in SunPower Philippines
Manufacturing Ltd, a Cayman incorporated legal entity and wholly
owned indirect subsidiary of Maxeon, to TCL Zhonghuan Renewable
Energy Technology Co Ltd. and/or its subsidiaries, the Company's
controlling shareholder, on February 28, 2025, pursuant to the
terms of that Sale and Purchase Agreement entered into by and
between SunPower Technology Ltd., a subsidiary of the Company, and
Lumetech PTE Ltd., a subsidiary of TZE, on January 26, 2025.
As previously disclosed, on the Closing Date, Maxeon and Purchaser
also entered into the Procurement Agency Agreement, and Purchaser
and a subsidiary of the Company entered into the Transitional
Services Agreement and the Bilateral Development Services
Agreement, respectively. The signed Ancillary Agreements were in
the form of Exhibits 99.2 through 99.4 included in the Form 6-K
submitted by the Company to the SEC on January 27, 2025.
The transactions contemplated under the SPA received the requisite
consents and approvals, including the ODI Approval.
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
MUJI GLOBAL: Creditors' Proofs of Debt Due on April 18
------------------------------------------------------
Creditors of Muji Global Sourcing Private Limited are required to
file their proofs of debt by April 18, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 12, 2025.
The company's liquidators are:
Kobayashi Takuji
c/o 10 Anson Road
#14-06 International Plaza
Singapore 079903
NM WINES: Commences Wind-Up Proceedings
---------------------------------------
Members of NM Wines Pte. Ltd. on March 5, 2025, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidator is:
Farooq Ahmad Mann
No. 3 Shenton Way
#03-06C Shenton House
Singapore 068805
SHUANG YUN: Faces Potential Delisting; 2 Units in Liquidation
-------------------------------------------------------------
TipRanks reports that Shuang Yun Holdings Limited has announced an
update on its business operations and plans for resumption.
According to TipRanks, the company’s subsidiaries, Double-Trans
Pte Ltd and Samco Civil Engineering Pte Ltd, have been ordered to
liquidate, resulting in a complete halt of business activities.
TipRanks says the company is currently under liquidation and has
yet to fulfill the necessary conditions set by the Hong Kong Stock
Exchange to resume trading. If the company does not comply with
these conditions by February 2025, its listing may be canceled.
Shuang Yun Holdings Limited offers engineering services. The
Company provides road construction, civil engineering, and
construction machinery rental services. Shuang Yun Holdings
provides its services throughout Singapore.
=================
S R I L A N K A
=================
SRI LANKA: Economy Grew 5% in 2024 in Strong Rebound from Crisis
----------------------------------------------------------------
Reuters reports that Sri Lanka's economy grew 5% last year,
official data showed on March 18, beating forecasts, and marking a
strong rebound from the country's worst financial crisis in
decades.
The economy grew 5.4% in the fourth quarter, the Census and
Statistics Department said in a statement.
The International Monetary Fund had forecast Sri Lanka would grow
by 4.5% in 2024, Reuters notes.
According to Reuters, Sri Lanka's agriculture sector grew 8.3% in
2024 from a year earlier, industrial output expanded by 25.5%, and
services grew by 57.5%.
Struck by a severe dollar shortfall, the economy went into freefall
in 2022, contracting 7.3% as it grappled with soaring inflation, a
sharply weaker currency and a historic foreign debt default.
Reuters says the economy shrank 2.3% in 2023.
But it made a stronger-than-expected recovery last year as measures
implemented under a $2.9 billion four-year bailout from the IMF,
secured in March 2023, bore fruit.
"Growth is significantly higher than any forecasts," Reuters quotes
Raynal Wickremeratne, co-head of research at Softlogic
Stockbrokers, as saying, adding Sri Lanka's recovery has been
swifter than expected.
"We hope tax collection and other measures remain steady . . . but
government projections of 5% (growth) will be harder to reach this
year, but not outside of the realm of possibility," Wickremeratne
said.
According to Reuters, the island nation also completed a $25
billion debt rework with bondholders and bilateral creditors
including Japan, India and China, last December.
Reuters relates that Sri Lanka has posted a "remarkable" recovery
from the crisis, the IMF said earlier this month, while approving
the fourth tranche of $334 million under the programme.
But the South Asian nation must now boost tax compliance, and
implement other measures to support public finances and achieve a
2.3% primary surplus target, the IMF has said.
The IMF is projecting growth of 3% in 2025 and 2026.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific early
this January, Fitch Ratings assigned a 'CCC+' foreign-currency
rating to Sri Lanka's governance-linked bonds maturing in 2035 and
a 'CCC+' local-currency rating to the US dollar step-up bonds
maturing in 2038, which the government can decide to repay in
rupees. Fitch does not rate the macro-linked bonds, which would not
be in line with its sovereign rating criteria.
The ratings are in line with Sri Lanka's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs). On Dec. 20, 2024,
Fitch upgraded Sri Lanka's Long-Term Foreign-Currency IDR to
'CCC+', from 'RD' (Restricted Default). Fitch also upgraded the
Long-Term Local-Currency IDR to 'CCC+', from 'CCC-', to align with
the Long-Term Foreign-Currency IDR.
The TCR-AP reported in late Dec. 2024, Moody's Ratings has upgraded
the Government of Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca. The outlook is stable. Previously, the
rating was on review for upgrade.
The TCR-AP also reported that S&P Global Ratings on Dec. 27, 2024,
affirmed its 'SD/SD' (selective default) long- and short-term
foreign currency and 'CCC+/C' long- and short-term local currency
sovereign credit ratings on Sri Lanka. The outlook on the long-term
local currency rating is stable. S&P also revised upward its
transfer and convertibility assessment on Sri Lanka to 'CCC+' from
'CCC' previously. At the same time, S&P assigned its 'CCC+' issue
ratings to three categories of Sri Lanka's post-restructuring new
notes.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
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