/raid1/www/Hosts/bankrupt/TCRAP_Public/250416.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
Wednesday, April 16, 2025, Vol. 28, No. 76
Headlines
A U S T R A L I A
DEEP BRIAN: First Creditors' Meeting Set for April 22
DISABILITY CONNECT: First Creditors' Meeting Set for April 22
ENVOGUE SKIN: First Creditors' Meeting Set for April 23
NLI HOPE: First Creditors' Meeting Set for April 23
STAR ENTERTAINMENT: Loss Widens to AUD302MM in H1 Ended Dec. 31
TCS INTEGRATED: First Creditors' Meeting Set for April 24
C H I N A
FUTURE FINTECH: Implements 1-for-10 Reverse Stock Split
POET TECHNOLOGIES: Net Loss Widens to $56.7 Million in 2024
ZHONGRONG INTERNATIONAL: Is Insolvent; Faces Liquidation
I N D I A
ALDER BIOCHEM: CRISIL Keeps C Debt Ratings in Not Cooperating
ANAND PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANAND TECHNOMARKETING: CRISIL Keeps D Ratings in Not Cooperating
ANANYA WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
ANITHA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
ANMOL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating
ARMAAX AUTO: CRISIL Keeps D Ratings in Not Cooperating Category
ASIAN BEVERAGE: CRISIL Keeps D Debt Ratings in Not Cooperating
C P SPONGE: CRISIL Keeps D Debt Rating in Not Cooperating
C. BRIJESH: CRISIL Keeps D Debt Ratings in Not Cooperating
CENTRO PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
HLL MEDIPARK: ICRA Keeps B+ Debt Rating in Not Cooperating
INDIA DAIRY: ICRA Keeps B+ Debt Ratings in Not Cooperating
INDO DUTCH: ICRA Keeps B- Ratings in Not Cooperating Category
INDO VACUUM: ICRA Keeps B Debt Ratings in Not Cooperating
K G N ELECTRICALS: ICRA Keeps B+ Debt Rating in Not Cooperating
KREDENCE MULTI: ICRA Keeps D Debt Rating in Not Cooperating
MARUTI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
MEERA CASTING: ICRA Keeps B Debt Ratings in Not Cooperating
MODERN MACHINERY: ICRA Keeps D Debt Ratings in Not Cooperating
MT EDUCARE: Unit Faces Asset Sale Amid Insolvency Proceedings
MURLI COLD: ICRA Keeps B+ Debt Rating in Not Cooperating Category
NARMADA DAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
NIJANAND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
RELIANCE INFRASTRUCTURE: Unit Faces Insolvency Proceedings
ROCKLAND CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
SUNDAR TIMBER: ICRA Keeps B Debt Rating in Not Cooperating
J A P A N
A.I CO: Nintendo Super Robot War Games Developer Files Bankruptcy
N E W Z E A L A N D
FIND A PART: Creditors' Proofs of Debt Due on May 9
GENESIS INTERNATIONAL: Placed in Liquidation
HEAVY DIESEL: Grant Bruce Reynolds Appointed as Liquidator
KIWI JOINT: Court to Hear Wind-Up Petition on May 12
NZ CONCRETE: Court to Hear Wind-Up Petition on May 9
WILSON BARBECUE: Wellington Eatery Goes Into Liquidation
S I N G A P O R E
BRAND UP: Court to Hear Wind-Up Petition on April 25
DATA REPUBLIC: Commences Wind-Up Proceedings
JLJB CORPORATIONS: Commences Wind-Up Proceedings
NTEGRATOR PTE: KordaMentha Appointed as Judicial Managers
SIFY TECHNOLOGIES: Court to Hear Wind-Up Petition on April 25
VASI SHIPPING: Commences Insolvency Proceedings
S O U T H K O R E A
SOUTH KOREA: Builders Showing Signs of Insolvency Up 30% This Year
- - - - -
=================
A U S T R A L I A
=================
DEEP BRIAN: First Creditors' Meeting Set for April 22
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Deep Brian
Stimulation Technologies Pty Ltd will be held on April 22, 2025 at
11:00 a.m. at Level 1, 410 Elizabeth St in Surry Hills.
Scott Turner was appointed as administrator of the company on April
8, 2025.
DISABILITY CONNECT: First Creditors' Meeting Set for April 22
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Disability
Connect NSW Pty Ltd will be held on April 22, 2025 at 2:00 p.m. via
virtual meeting.
Rashnyl Prasad and Michael Brereton of William Buck were appointed
as administrators of the company on April 8, 2025.
ENVOGUE SKIN: First Creditors' Meeting Set for April 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Envogue Skin
Pty Ltd will be held on April 23, 2025 at 11:00 a.m. at Level 2,
117 Clarence Street in Sydney and via virtual meeting technology.
Adam Shepard of Setter Shepard was appointed as administrator of
the company on April 9, 2025.
NLI HOPE: First Creditors' Meeting Set for April 23
---------------------------------------------------
A first meeting of the creditors in the proceedings of NLI Hope
Group Three Pty Ltd will be held on April 23, 2025 at 11:00 a.m.
via virtual meeting.
Jialan Xu and Michael Gerard McCann of Grant Thornton Australia
were appointed as administrators of the company on April 9, 2025.
STAR ENTERTAINMENT: Loss Widens to AUD302MM in H1 Ended Dec. 31
---------------------------------------------------------------
Reuters reports that Star Entertainment reported a
bigger-than-expected first-half loss on April 15, as remediation
costs continue to bite even though it has a rescue package already
underway.
Star's fortunes have dimmed amid regulatory probes over possible
violations of anti-money laundering and counter-terrorism laws and
a slump in revenue. A trading suspension of the company's shares
since February for not lodging its financial results will end on
April 16, Reuters notes.
Stricter regulations and weaker discretionary spending pushed Star
to a net loss of AUD302 million ($191.92 million) for the six
months ended December 31, Reuters discloses citing the company's
filing to the ASX. Revenue in the half fell AUD216 million to
AUD650 million, the filings showed.
"Clearly our performance continues to be very challenged as we
navigate through a very difficult trading environment, we have been
working very hard on establishing additional liquidity to allow the
company to continue trading through," CEO Steve McCann told an
investor call, Reuters relays.
According to Reuters, Mr. McCann said the New South Wales
government has introduced new laws that ban using cash for gaming
in the state's casinos to prevent money laundering, but not at pubs
and clubs, which has had a major impact on Star's revenues.
"The ongoing impact of regulatory reforms . . . and our loss of
market share across the Sydney and Gold Coast properties has had a
material impact on the business and we are continuing to operating
in very challenging conditions."
Star last week agreed to an AUD300 million rescue package from U.S.
group Bally's and major Star shareholders the Mathieson family,
with the refinancing proposal coming as a lifeline after a loan
from investment group Salter Brothers Capital collapsed earlier
this month, Reuters recalls.
A shareholder vote will be held in June to approve part of Bally's
investment that will give the U.S casino group control of 56.7% of
Star.
Star's board has recommended investors vote in favour of the deal
in the absence of a superior offer. Bally's Chairman Soo Kim told
Reuters on April 14 the firm swooped on Star as the
Australian-based group began selling assets to survive.
Star said revenue fell in the third quarter of the year because of
reduced gaming visits and adverse weather events, with its Sydney
casino's revenue declining by 8% compared to the second quarter,
Reuters relays.
Reuters adds that Star's Gold Coast casino performance was also
impacted in the third quarter by a five-day property closure due to
Cyclone Alfred, with the impact on its earnings before interest,
taxes depreciation and amortization (EBITDA) estimated to be around
AUD3 million.
About Star Entertainment
The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.
The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.
As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.
In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.
According to The Sydney Morning Herald, the Star reiterated that it
had AUD78 million left in cash - after previously indicating
earlier in the month that it is burning through about AUD35 million
a month - which prompted Morningstar's analyst to warn the company
may not survive until its results in late February.
As it fights for survival, Star said it was continuing discussions
to attempt to deal with the crunch on its finances, but there was
no guarantee it would be able to reach a deal to resolve its
situation, the Herald relayed. It acknowledged the uncertainty over
its ability to continue operating if the negotiations were
unsuccessful.
TCS INTEGRATED: First Creditors' Meeting Set for April 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of TCS
Integrated Services Pty Ltd will be held on April 24, 2025 at 10:00
a.m. at the offices of WLP Restructuring at Suite 19.02, Level 19,
1 Castlereagh Street in Sydney and via virtual meeting technology.
Nicholas Charlwood, Glenn Livingstone and Benjamin Ho of WLP
Restructuring were appointed as administrators of the company on
April 9, 2025.
=========
C H I N A
=========
FUTURE FINTECH: Implements 1-for-10 Reverse Stock Split
-------------------------------------------------------
Future FinTech Group Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company filed
with the Florida Secretary of State's office Articles of Amendment
to amend its Second Amended and Restated Articles of Incorporation,
as amended.
As a result of the Amendment, the Company has authorized and
approved a 1-for-10 reverse stock split of the Company's authorized
shares of common stock from 60,000,000 shares to 6,000,000 shares,
accompanied by a corresponding decrease in the Company's issued and
outstanding shares of common stock. The common stock will continue
to be $0.001 par value. The Company will round up the fractional
shares that result from the Reverse Stock Split and no fractional
shares will be issued in connection with the Reverse Stock Split
and no cash or other consideration will be paid in connection with
any fractional shares that would otherwise have resulted from the
Reverse Stock Split. The current pre-split number of shares of
commons stock outstanding is 30,082,890 and the post-split number
of shares outstanding will be approximately 3,009,289. No changes
are being made to the number of preferred shares of the Company
which remain as 10,000,000 preferred shares as authorized but not
issued. The amendment to the Articles of Incorporation of the
Company took effect at 1:00 pm E.T. on April 1, 2025.
The Reverse Stock Split and Amendment were authorized and approved
by the Board of Directors of the Company without shareholders'
approval, pursuant to 607.10025 of the Florida Business Corporation
Act of the State of Florida. The Reverse Stock Split is primarily
being effectuated to comply with Nasdaq Marketplace Rule 5550(a)(2)
related to the minimum bid price per share of the Company's shares
of common stock.
The Company's shares of common stock began to trade on the NASDAQ
Stock Market on the post-Reverse Stock Split basis under the symbol
"FTFT" on April 4, 2025. The new CUSIP number for the Company's
shares of common stock post-Reverse Stock Split is 36117V3033.
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices) and fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company
transformed its business from fruit juice manufacturing and
distribution to financial technology-related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong, and cross-border money transfer service in the UK.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered losses from
operations, which raise substantial doubt about its ability to
continue as a going concern.
As of Sept. 30, 2024, Future FinTech Group had $53.40 million in
total assets, $17.65 million in total liabilities, and $35.75
million in total stockholders' equity.
POET TECHNOLOGIES: Net Loss Widens to $56.7 Million in 2024
-----------------------------------------------------------
POET Technologies Inc. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 20-F reporting a net loss of
$56,695,823 for the year ended Dec. 31, 2024, compared to a net
loss of $20,267,365 in 2023.
The Company recognized a revenue of $41,427 for the year ended Dec.
31, 2024, compared to $465,777 in 2023. As of December 31, 2024, it
had an accumulated deficit of approximately $271,000,000.
Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has incurred significant losses
over the past few years and needs to raise additional funds to meet
its future obligations and sustain its operations.
On April 22, 2024, Marcum resigned as the Company's independent
registered public accounting firm at the Company's request
effective as of such date. Following the foregoing, on April 23,
the Company engaged Davidson as its independent registered public
accounting firm to audit the Company's financial statements for the
fiscal year ended December 31, 2024. The appointment of Davidson
was recommended to the Company's Board by the Audit Committee of
the Board and subsequently approved by the Board.
Prior to engaging Davidson as the Company's independent auditor for
the fiscal year ended December 31, 2024, the Company had not
consulted Davidson regarding the application of accounting
principles to a specified transaction, either completed or
proposed, or the type of audit opinion that might be rendered on
the Company's financial statements or a reportable event, nor did
the Company consult with Davidson regarding any matter that was
either (i) the subject of any disagreements (as that term is
described in Item 16F(a)(1)(iv) of Form 20-F and the related
instructions) with its prior auditor or (ii) a reportable event (as
that term is defined in Item 16F(a)(1)(v) of Form 20-F).
Management Commentary:
"In Q4 2024, we strategically positioned our company for
accelerated growth by strengthening our financial foundation,
advancing critical technology developments, and implementing a new
manufacturing strategy designed for rapid, profitable scaling,"
stated POET Chairman & CEO, Dr. Suresh Venkatesan. "The market is
experiencing unprecedented demand for photonic solutions,
particularly in AI data center applications, and we're still at the
early stages of what industry experts anticipate will be a
multi-year demand cycle. Despite challenging equity markets, we
successfully raised an additional US$25 million through a
registered direct offering, with robust investor support reflecting
the market opportunity and POET's positioning as a potential leader
in the space."
Dr. Venkatesan continued, "Every strategic move we have made over
the past several months is to ensure that POET is positioned to
scale and to optimize our supply chain as we approach a revenue
inflection point later this year. based on the trajectory of
existing customer relationships. Our acquisition of SPX gives us
full control of our technology while enabling us to shift
manufacturing toward Malaysia and away from China, reducing
geopolitical risk to growth, while building on our established
foundry relationship with Silterra Malaysia in a familiar and
friendly market. For 2025, we're focused on developing our
wafer-level manufacturing in Malaysia, expanding into telecom
systems and chip-to-chip data communications applications, and
leveraging the solid financial foundation we set in 2024 to
accelerate both our customer pipeline, deliveries and revenue
realization. POET continues to receive attention from notable
industry analysts, including Lightwave+BTR and we expect this
momentum, along with existing contracts and relationships with
industry leaders and partners like LuxshareTech, Foxconn and
Mitsubishi Electric, to lead to significant revenue acceleration in
the second half of 2025."
The Company intends to pursue its voluntary delisting from the TSX
Venture Exchange immediately following the closing of its planned
US$25M financing with L5 Capital, which is expected to close within
the next few weeks.
A full-text copy of the Company's Form 20-F is available at:
https://tinyurl.com/ync4huds
About POET Technologies Inc.
POET Technologies Inc. -- www.poet-technologies.com -- is a design
and development company offering high-speed optical modules,
optical engines, and light source products to the artificial
intelligence systems market and hyperscale data centers. POET's
photonic integration solutions are based on the POET Optical
Interposer, a novel, patented platform that allows the seamless
integration of electronic and photonic devices into a single chip
using advanced wafer-level semiconductor manufacturing techniques.
POET's Optical Interposer-based products are lower cost, consume
less power than comparable products, are smaller in size, and are
readily scalable to high production volumes. In addition to
providing high-speed (800G, 1.6T, and above) optical engines and
optical modules for AI clusters and hyperscale data centers, POET
has designed and produced novel light source products for
chip-to-chip data communication within and between AI servers, the
next frontier for solving bandwidth and latency problems in AI
systems. POET's Optical Interposer platform also solves device
integration challenges in 5G networks, machine-to-machine
communication, self-contained "Edge" computing applications, and
sensing applications, such as LIDAR systems for autonomous
vehicles. POET is headquartered in Toronto, Canada, with operations
in Allentown, PA, Shenzhen, China, and Singapore.
As of Dec. 31, 2024, the Company had $69,652,449 in total assets,
$48,963,562 in total liabilities, and a total stockholders' equity
of $20,688,887.
ZHONGRONG INTERNATIONAL: Is Insolvent; Faces Liquidation
--------------------------------------------------------
Bloomberg News reports that Zhongrong International Trust Co., one
of China's largest shadow banks before it defaulted on billions of
dollars of wealth products, is facing liquidation after its two
state-appointed custodians concluded the firm is insolvent,
according to people familiar with the matter.
A winding-up proposal for Zhongrong, which had CNY786 billion
(US$108 billion) of assets under management as of 2022, was
recently submitted to regulators by Citic Trust Co. and CCB Trust
Co., said the people, asking not to be identified as the matter is
private, Bloomberg relays. No final decision has been made by the
authorities, the people said.
Zhongrong was placed in custody in late 2023 after missing payments
on multiple trust products, Bloomberg recalls. In total, the
northeastern Harbin-based firm had defaulted on about CNY250
billion of trusts sold to more than 30,000 individuals and 2,000
institutions, according to investors, citing estimates from
Zhongrong executives.
While Zhongrong is unlisted and doesn't have any outstanding public
debt, a potential wind-down and ensuing lengthy bankruptcy
proceedings would diminish hopes for tens of thousands of its
wealthy customers to recoup their investments, Bloomberg states.
According to Bloomberg, bankruptcies and defaults have rippled
through the CNY27 trillion trust industry over the past few years,
weighing on consumer confidence in an economy where authorities
have struggled to revive spending. Regulators this year pledged to
bring risks in the sector under control by 2029 and recently
revised rules to lay out bankruptcy proceedings, seeking to
maintain financial stability amid an economic slowdown and an
escalating trade war with the US.
About Zhongrong International
Zhongrong International Trust Co Ltd provides financial services.
The Company offers financial investment products screening, asset
allocation, domestic and overseas investment, and other services.
Zhongrong International Trust offers services in China.
=========
I N D I A
=========
ALDER BIOCHEM: CRISIL Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alder Biochem
Private Limited (ABPL) continue to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL C (Issuer Not
Cooperating)
Long Term Loan 4.82 CRISIL C (Issuer Not
Cooperating)
Long Term Loan 22.07 CRISIL C (Issuer Not
Cooperating)
Working Capital 1.65 CRISIL C (Issuer Not
Term Loan Cooperating)
Working Capital 0.46 CRISIL C (Issuer Not
Term Loan Cooperating)
Crisil Ratings has been consistently following up with ABPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ABPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ABPL continues to be 'Crisil C Issuer not cooperating'.
Incorporated in 2016 by Mr Rajneesh Singhal, ABPL started
commercial operations in April 2022. The company manufactures soft
gelatin capsules and has capacity of 5 crore capsules per month at
its unit in Dehradun, Uttarakhand.
ANAND PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand
Projects & Engineering Consultancy Private Limited (APECL) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 0.5 CRISIL D (Issuer Not
Credit Limit Cooperating)
Crisil Ratings has been consistently following up with APECL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of APECL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on APECL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APECL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
APECL, incorporated in 2011, is promoted by Mr. Hemant Jawade and
his family. The company engaged in operation and maintenance of
heavy equipment's of open cast and underground mines, skilled
manpower supply, erection and commissioning of HT/LT lines for
MSEDCL in Vidharbha region.
ANAND TECHNOMARKETING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand
Technomarketing Private Limited (ATPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.65 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.8 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with ATPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ATPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ATPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
ATPL, incorporated in 2010 and based in Nagpur, is promoted by Mr
Hemant Jawade and his family members. The company trades in
engineering goods such as special slurry pumps, motors, gear boxes,
and variable frequency drives, and Sandvik's surface drill machine
and crushers. The company set up a showroom for luxury passenger
vehicles of Jaguar and Land Rover in October 2017.
ANANYA WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Ananya Wood
Private Limited (AWPL) continue to be 'Crisil D/Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 27 Crisil D (Issuer Not
Cooperating)
Cash Credit 6 Crisil D (Issuer Not
Cooperating)
Foreign Letter 7 Crisil D (Issuer Not
of Credit Cooperating)
Letter of Credit 4 Crisil D (Issuer Not
Cooperating)
Proposed Fund- 0.5 Crisil D (Issuer Not
Based Bank Limits Cooperating)
Crisil Ratings has been consistently following up with AWPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AWPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AWPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Set up as a partnership firm by Kolkata-based Rajgaria family, the
firm was reconstituted as a private-limited company in 2000.
Following a division in the Rajgaria family in 2004, Mr Pawan Kumar
Rajgaria acquired a controlling stake in RTPL. The company sells
sawed timber.
AWPL operates in the same business. It imports timber majorly from
West Africa.
ANITHA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anitha Dairy
Products (ADP) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 0.6 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.97 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.4 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.03 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with ADP for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ADP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ADP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADP continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Established in 2015 by Mr Sama Anitha, based out of Hyderabad, ADP
is engaged in processing of milk and manufacturing of milk
products.
ANMOL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Anmol Ferro
Impex Private Limited (AFIPL) continue to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 5.04 CRISIL D (ISSUER NOT
Overdraft COOPERATING)
facility
Proposed 4.96 CRISIL D (ISSUER NOT
Overdraft COOPERATING)
Facility
Crisil Ratings has been consistently following up with AFIPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AFIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AFIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AFIPL continues to be 'Crisil D Issuer not cooperating'.
AFIPL is engaged in trading of various ferrous and non-ferrous
metals, marbles, granites, fabric, pulses dry fruits, electricals
and electronics, handicraft etc. The company was established in
2007 and is promoted by Mr Sanjay Sharma and Ms Poonam Sharma.
ARMAAX AUTO: CRISIL Keeps D Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Armaax Auto
Private Limited (AAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.36 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.84 CRISIL D (Issuer Not
Cooperating)
Working Capital 4.15 CRISIL D (Issuer Not
Demand Loan Cooperating)
Working Capital 2.65 CRISIL D (Issuer Not
Term Loan Cooperating)
Crisil Ratings has been consistently following up with AAPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AAPL continues to be 'Crisil D Issuer not cooperating'.
AAPL manufactures tractor components, primary for Mahindra and
Mahindra Ltd ('Crisil AAA/Stable/Crisil A1+'). The firm was
established in by Mr R S Kamble in Mumbai.
ASIAN BEVERAGE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Asian
Beverage Private Limited (ABPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Cash Term Loan 16.9 CRISIL D (Issuer Not
Cooperating)
Working Capital
Facility 0.1 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with ABPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ABPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ABPL continues to be 'Crisil D Issuer not cooperating'.
ABPL, set up in 2013, is based in Chennai; its operations are
managed by Mr C Vijaya Kumar and Mr. S Arihanth. The company
manufactures fruit-based and carbonated soft drinks.
C P SPONGE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
Crisil Ratings said the rating on bank facilities of C P Sponge
Iron Private Limited (CPSIPL) continues to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with CPSIPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CPSIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
CPSIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of CPSIPL continues to be 'Crisil D Issuer not
cooperating'.
CPSIPL, which was set up in 2002, manufactures sponge iron. Its
facility at Durgapur, West Bengal, has an installed capacity of
60,000 metric tonnes per annum (MTPA).
C. BRIJESH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of C. Brijesh
Reddy (CBR) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 2.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with CBR for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CBR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CBR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CBR continues to be 'Crisil D Issuer not cooperating'.
Set up in 1993,CBR is a proprietorship firm that develops and sells
plots and sites in Hosakote ( Karnataka) and Bangalore. Operations
are managed by Mr. C. Brijesh Reddy.
CENTRO PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Centro
Projects and Marketing (CPM) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with CPM for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CPM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CPM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CPM continues to be 'Crisil D Issuer not cooperating'.
CPM, set up in 2014, operates Centro Mall at Kodungallur in Kerala.
Spread over 100,000 square feet, the mall became operational in
February 2016. The firm is promoted by Mr Basheer and his wife Ms
Haseena.
HLL MEDIPARK: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Hll Medipark Limited (HML) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 75.00 [ICRA]B+ (Stable); ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with HML, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
HML was incorporated in December 2016 as a wholly owned subsidiary
of HLL for developing an integrated manufacturing facility for
healthcare. The Ministry of Health and Family Welfare, the
Government of India had mandated HML to develop a state-of-the-art
integrated industrial park for the medical technology sector. HLL
is the main promoter with a 90% equity share in the project. The
Government of Tamil Nadu, through Tamil Nadu Industrial Development
Corporation Ltd (TIDCO), holds the remaining (10%) equity share.
The estimated cost of the project is INR125.56 crore. The project
is being financed through INR51.28-crore equity and INR74.28-crore
debt. However, the project cost and scope can undergo a revision as
a revised plan is currently being prepared. HML will comprise a
medical device and equipment zone, a knowledge management zone with
an incubation facility, and a research and development zone. These
zones will facilitate medical diagnostics, medical equipment,
disposables, and medical device manufacturing industries, knowledge
and healthcare business outsourcing services, etc. The development
mix will comprise developed plots, built-to-suit units, common
industrial facilities, and common pooled infrastructure, which will
depend on the investors' demand.
INDIA DAIRY: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of India Dairy
Products Limited (IDPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 16.70 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.05 [ICRA]B+(Stable) ISSUER NOT
Short Term COOPERATING/[ICRA]A4 ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short-term- 1.65 [ICRA]A4 ISSUER NOT
Non-fund based- COOPERATING; Rating continues
Others remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with IDPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 1993, India Dairy Products Limited (IDPL) primarily
undertakes contract manufacturing of various products forKaira
District Co-operative Milk Producers' Union Limited (Amul) with a
capacity of 4.2 lakh litre per day (LLPD) of milk, 20 kilolitre per
day (KLPD) of ice-cream, 1 lakh stick per day (LSPD) of candy
ice-cream, 20 kilo litre per day (KLPD) of lassi, 40 metric tonne
per day (MTPD) of dahi and 120,000 bottles per day (BPD) of
sterilised flavoured milk (SFM). Besides, IDPL also manufactures
milk, ghee and lassi under its own brand name of "India Dairy",
with a capacity to produce 0.30 LLPD of milk, 2 KLPD of lassi and 2
MTPD of ghee. The processing facilities of the company are located
at Chanditala, Hooghly and Joyrambati, Bankura in West Bengal.
INDO DUTCH: ICRA Keeps B- Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Indo Dutch Carpet Mfg. Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.50 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 8.50 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Indo Dutch Carpet Mfg. Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2006, as PCP Infrastructure Pvt Ltd, the company
changed its name to Indo Dutch Carpet Mfg Pvt Ltd in 2008. The
manufacturing facilities of the company are located at Pathredi and
Khuskhera at Bhiwadi district, Rajasthan. The commercial production
from Pathredi and and Khuskhera facilities started from December
2010 and July 2011 respectively.
INDO VACUUM: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Indo Vacuum
Technologies Private Limited (IVTPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.20 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 3.35 [ICRA]B(Stable) ISSUER NOT
Short Term COOPERATING/[ICRA]A4 ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short-term- 0.50 [ICRA]A4 ISSUER NOT
Non-fund based- COOPERATING; Rating continues
Others remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with IVTPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2001, IVTPL is owned and managed by Gudi family and
is engaged in the manufacturing of a range of vacuum pumps in
Belgaum (Karnataka). The company was established as a 50:50 joint
venture with Woosung Vacuum Co Ltd, based out of South Korea;
however, in 2009 the promoter family bought the stake from the
Korean company. IVT is a subsidiary of its group concern-CMC
Commutators Private Limited (CMC) with latter holding 72% stake in
the former).
K G N ELECTRICALS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of K G N
Electricals (KGN) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short-term- 20.00 [ICRA]A4 ISSUER NOT
Non-fund based- COOPERATING; Rating continues
Others remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with KGN, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 1993, KGN is an electrical contractor that executes
projects for the government departments-Karnataka Power
Transmission Corporation Limited (KPTCL) and Bangalore Electricity
Supply Company Limited (BESCOM). Mr. Mohamad Idrees is the managing
partner for the firm. The contract work mainly involves procurement
of materials from the vendors and erection of substations and
transmission lines among others before handing over the projects to
the customers. The firm has Super Grade License from the Karnataka
State Government based on the quality of work done in the past.
KREDENCE MULTI: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Short-Term rating of Kredence Multi Trading
Limited (KMTL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term-Non 295.00 [ICRA]D ISSUER NOT COOPERATING;
Fund Based Rating continues to remain in
Others the 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KMTL, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated on February 4, 1984, KMTL is promoted by Miglani
family and is engaged in trading of flat steel products. The
trading portfolio includes products like Hot Rolled (HR) coils,
Cold Rolled (CR) coils and sheets and galvanized productscomprising
Galvanized Plain (GP) and Galvanized Corrugated (GC) coils and
sheets. KMTL is a part of Uttam Group which is engaged in the
manufacturing and trading of various flat steel products for close
to five decades. The company has gained considerable expertise and
linkage to both the suppliers and customers across various
geographical locations. KMTL also acts asan investment arm for the
promoters.
MARUTI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Maruti Cotton Industries
(MCI) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 1.95 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MCI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 2014, Maruti Cotton Industries (MCI) commenced
commercial operations on 28th December 2014 and is engaged in
manufacture of cotton bales through ginning and pressing of raw
cotton. The manufacturing unit of the company is located at Kadi
(Mehsana) -an area with easy availability of raw cotton, and is
equipped with 24 ginning machines and one fully automated pressing
machine having a production capacity of 250 bales per day.
MEERA CASTING: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Meera Casting (MC) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.65 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with MC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 2009 as a partnership firm by Mr. Ashvinbhai
Sorathiyaand his relatives, Meera Casting (MC) is engaged in
manufacturing of all kinds of C.I. castings. The products
manufactured by the firm finds applications in various sectors
suchas electrical items, engineering goods, automobiles, pumps,
valves, etc. The manufacturing unit is located at village Vavdi,
Rajkot.
MODERN MACHINERY: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Modern Machinery Store (MMS)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 9.20 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 1.95 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 0.30 [ICRA]D ISSUER NOT COOPERATING;
Non Fund Based- Rating continues to remain in
Others the 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MMS, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Modern Machinery Store (MMS) is an authorized dealer for HMIL, HMCL
and John Deere. It operates three showrooms located adjacently in
an aggregate 31,500 sq. ft. premise in Alwar (Rajasthan). Apart
from the Alwar facility, the firm has a sales outlet for Hyundai
Cars in Bhiwadi (Rajasthan). MM has been associated with HMCL since
last twenty-seven years and is one of the major motorbike dealers
in the Alwar district. MM has been associated with HMIL since last
nine years2and remains the only
dealer of Hyundai cars in Alwar region. Besides, MM also operates a
small dealership of John Deere tractors in Alwar in the same
premises.
MT EDUCARE: Unit Faces Asset Sale Amid Insolvency Proceedings
-------------------------------------------------------------
TipRanks reports that MT Educare Ltd has announced that SVC
Co-operative Bank Limited, a lender to its subsidiary Labh Ventures
India Private Limited, has initiated the sale of secured assets
located in BangraKullor village, Mangalore, through an E-Auction
scheduled for May 8, 2025. TipRanks relates that this development
is part of the ongoing Corporate Insolvency Resolution Process
(CIRP) that MT Educare is undergoing, as per the National Company
Law Tribunal's order dated December 16, 2022.
TipRanks says the company is expected to provide further updates as
the situation progresses.
MT Educare Ltd provides education support and coaching services
primarily under the Mahesh Tutorials brand in India. It engages in
the provision of commercial training, coaching, tutorial classes,
and activities.
As reported in the Troubled Company Reporter-Asia Pacific in late
December 2022, the Mumbai bench of the National Company Law
Tribunal (NCLT) has admitted MT Educare into the corporate
insolvency resolution process (CIRP) and appointed Ashwin Bhavanji
Shah as the interim resolution professional for the
Mumbai-based coaching firm.
The NCLT allowed the company's operational creditor Connect
Residuary to initiate the insolvency proceedings. The operational
creditor had approached the bankruptcy court in November 2021 after
the company defaulted on its dues of about INR5.37 crore.
MURLI COLD: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Murli Cold Storage Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Murli Cold Storage Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has
been continued to the "Issuer Not Cooperating" category. The rating
is based on the best available information.
Murli Cold Storage Private Limited operates a potato cold storage
facility at Boinchi in Hooghly district of West Bengal, with the
current storage capacity of 241,836 quintal. Incorporated in 1976
by the Kolkata-based Agarwal family, the company commenced
commercial operations in 1977 with an initial capacity of 38,000
quintal, which has been gradually raised to the current level.
Another group company, Mahima Cold Storage Private Limited, runs a
potato cold storage facility with the capacity of 149,664 quintal
in Cooch Behar district of West Bengal.
NARMADA DAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Narmada Dal Mill in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Narmada Dal Mill, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Narmada Dal Mill is a partnership firm started on 23rd April 2013
and is promoted and managed by Mr. Ratilal Modi along with his
family members. The firm has set up plant for processing of pulses
such as green gram to produce moong dal, mogar and polished moong.
The commercial production of the firm commenced from end of
February 2014. The manufacturing facilities of the firm are
situated in Deesa, Gujarat having an total annual installed
capacity of manufacturing 18000 metric tonnes of
moong products.
NIJANAND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Nijanand
Pipes and Fittings Private Limited (NPAFPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term/ 1.83 [ICRA]D/[ICRA]D ISSUER NOT
Short Term- COOPERATING; Rating continues
Unallocated to remain in the 'Issuer Not
Cooperating' category
Short Term- 1.00 [ICRA]D ISSUER NOT COOPERATING;
Non Fund Based- Rating continues to remain in
Others the 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with NPAFPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Nijanand Pipes and Fittings Pvt. Ltd. (NPAFPL) was incorporated in
April 2008. It manufactures polyvinylchloride (PVC) pipes and
fittings, Chlorinated polyvinyl chloride (CPVC), Rigid Polyvinyl
Chloride (RPVC) pipes, Soil, Waste and Rain (SWR) pipes and
garden/suction pipes, which are largely used in agriculture and
construction sectors. The manufacturing facility of the company is
located at Rajkot, Gujarat, and is currently equipped with a
cumulative capacity of 24,000 MTPA. NPFPL is promoted by Mr.
Ishvarlal S Nodhanvadra, Mr. Nirav Nodhanvadra, Mr. Saileshbhai G
Vadodaria and Mr. Hasmukhbhai Pate.
RELIANCE INFRASTRUCTURE: Unit Faces Insolvency Proceedings
----------------------------------------------------------
ETLegalWorld reports that State Bank of India (SBI) has initiated
insolvency proceedings against SU Toll Road Private Limited (SU
Toll Road), a wholly-owned subsidiary of Reliance Infrastructure
Limited (RInfra).
According to ETLegalWorld, the public sector lender has filed a
petition under Section 7 of the Insolvency and Bankruptcy Code
(IBC), 2016, with the Mumbai bench of the National Company Law
Tribunal (NCLT), for a claim amount of INR358.70 crore, including
of interest.
ETLegalWorld relates that RInfra, in a regulatory filing,
acknowledged the development, stating that SU Toll Road will seek
appropriate legal counsel and take necessary steps to safeguard its
interests in the matter. "SU Toll Road shall seek appropriate legal
advice and shall take appropriate steps to protect its interest in
the aforesaid matter," RInfra said in their regulatory filing.
About Reliance Infrastructure
Reliance Infrastructure Limited (RIL) is the flagship company of
the India-based Reliance Group, led by Anil Dhirubhai Ambani,
active in the energy and infrastructure businesses. R-Infra has an
in-house engineering-procurement-construction/EPC division that is
active in the power and road segments.
CARE Ratings, in early March 2025, said the rating of RIL's
Long-Term and Short-Term bank facilities continue to remain in the
'Issuer Not Cooperating' category. CARE Ratings withdrawn the
rating(s) assigned to the NCD issue (INR600 crore) of RIL with
immediate effect, as the company has repaid the aforementioned NCD
issue in full and there is no amount outstanding under the issue as
on date.
On March 4, 2021, CARE Ratings moved RIL's Long-Term and Short-Term
bank facilities and NonConvertible Debentures to CARE D; Issuer Not
Cooperating.
ROCKLAND CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Rockland
Ceramic Llp (STPL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 12.45 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short Term- 2.40 [ICRA]D ISSUER NOT COOPERATING;
Non Fund Based- Rating continues to remain in
Others the 'Issuer Not Cooperating'
Category
Long Term/ 0.15 [ICRA]D/[ICRA]D ISSUER NOT
Short Term- COOPERATING; Rating continues
Unallocated to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with STPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2001, Rockland Ceramic LLP (STPL) is engaged in
trading of grey cloth, chemicals, paper, steel and cement. STPL is
also a distributor of LG mobile phones and Reliance 'Jio' in
Gujarat state. The company is promoted by Mr. Sandeep Jain and his
family members.
SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures of
Samruddhi Realty Limited (SRL) continues to be on 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 75 CRISIL D (ISSUER NOT
Debentures COOPERATING)
Crisil Ratings has been following up with SRL for getting
information through email and letter, dated February 13, 2025.
However, the issuer has continued to be non-cooperative. This led
Crisil Ratings to carry out rating surveillance with the best
available information.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings has not received any information on either the financial
performance or strategic intent of the company, which restricts
Crisil Ratings' ability to take a forward-looking view on its
credit quality. Crisil Ratings believes that the rating action is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on the non-convertible
debentures of SRL continues to be on 'Crisil D Issuer Not
Cooperating'. Also, the company has been under liquidation process
since March 2020.
Analytical Approach
For arriving at the rating, Crisil Ratings has taken a standalone
view on the company.
SRL was set up in 2003 by Mr V R Manjunath, Mr Hemang Rawal and Mr
Ravindra Madhudi. The company develops real estate in Bengaluru and
currently undertakes only residential projects. It has around 17
lakh square foot (sq ft) of ongoing and has 23 lack sq ft of
planned projects. It is listed on the Bombay Stock Exchange in the
small and medium enterprise segment.
SUNDAR TIMBER: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sundar Timber
Products (STP) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 7.00 [ICRA]A4; ISSUER NOT
Fund Based/ COOPERATING; Rating continues
Non Fund Based- to remain under 'Issuer Not
Others Cooperating' category
As part of its process and in accordance with its rating agreement
with STP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in the year 1977, Sundar Timber Products (STP) is
promoted and managed by Mr. Mahabir Prasad Agarwal. The firm is
engaged in processing and trading of timber at its facilities
located in Gandhidham (Gujarat). It also manufactures wooden
pallets and cable drums at its facility located in Kolkata (West
Bengal).
=========
J A P A N
=========
A.I CO: Nintendo Super Robot War Games Developer Files Bankruptcy
-----------------------------------------------------------------
Time Extension reports that the Japanese developer behind
Nintendo-based entries in Banpresto's Super Robot Taisen/Wars
series has declared bankruptcy almost 35 years after it started.
A.I began bankruptcy proceedings in the Tachikawa branch of the
Tokyo District Court on March 10, 2025, according to Time
Extension.
A.I Co., Ltd. was established in July 1990 in Machida, Tokyo and is
responsible for developing titles such as Bonk 3: Bonk's Big
Adventure, Bomberman GB 3 and Full Metal Panic! Fight: Who Dares
Wins.
However, it is most famous for helping to create multiple entries
in the Super Robot Wars series, including Super Robo Wars 64, Super
Robot Wars A, Super Robot Wars R, Super Robot Wars D, Super Robot
Wars J, Super Robot Wars GC, Super Robot Wars XO, Super Robot Wars
W, Super Robot Wars K, Super Robot Wars L, Super Robot Wars UX and
Super Robot Wars BX.
=====================
N E W Z E A L A N D
=====================
FIND A PART: Creditors' Proofs of Debt Due on May 9
---------------------------------------------------
Creditors of Find A Part Limited and Big Paw Civil Limited are
required to file their proofs of debt by May 9, 2025, to be
included in the company's dividend distribution.
Find A Part Limited commenced wind-up proceedings on April 2,
2025.
Big Paw Civil Limited commenced wind-up proceedings on April 4,
2025.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
GENESIS INTERNATIONAL: Placed in Liquidation
--------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on April 10, 2025,
was appointed as liquidator of Genesis International Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
HEAVY DIESEL: Grant Bruce Reynolds Appointed as Liquidator
----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on April 10,
2025, was appointed as liquidator of Heavy Diesel Maintenance
Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
KIWI JOINT: Court to Hear Wind-Up Petition on May 12
----------------------------------------------------
A petition to wind up the operations of Kiwi Joint Limited will be
heard before the High Court at Tauranga on May 12, 2025, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 7, 2025.
The Petitioner's solicitor is:
Timothy Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
NZ CONCRETE: Court to Hear Wind-Up Petition on May 9
----------------------------------------------------
A petition to wind up the operations of NZ Concrete Structures
Limited will be heard before the High Court at Auckland on May 9,
2025, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 18, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
WILSON BARBECUE: Wellington Eatery Goes Into Liquidation
--------------------------------------------------------
Stuff.co.nz reports that a Wellington restaurant that broke the
Guinness World Record for selling the most burgers in one day has
gone into liquidation.
Wilson Barbecue ceased trading on April 1 after four-and-a-half
years owing more than NZD600k to the IRD.
According to Stuff, the first liquidators report into the eatery's
closure revealed the company was placed into liquidation due to
their inability to meet debts as they fell due.
This led to "diminishing cash flow," liquidators PWC said.
Stuff relates that the report said the insolvency resulted from the
"current economic environment in the food retail industry".
Currently the IRD is owed NZD644,192 from the company Wilson
Barbecue Ltd, with liquidators expecting this amount to increase.
All wages have been paid to the eateries 15 staff, but NZD17,781 is
owed in holiday pay entitlements.
Around 75 unsecured creditors are owed NZD297,372. They include
ANZ, Coca-Cola Amatil, DB Breweries, and Contact Energy, Stuff
discloses.
Owned by Blair and Casey Wilson, Wilson Barbecue began as a food
truck in 2018 before expanding into three restaurants from 2021.
They made headlines in 2024 for their world record attempt for the
most burgers sold in a day, which they beat.
They managed to sell 6,336 burgers in a 15-hour period, all in the
name of charity - the event managed to raise over NZD10,000 for
Porirua charity WELLfed.
Wilson Barbecue operated eateries in Johnsonville, Willis Lane, and
Porirua.
=================
S I N G A P O R E
=================
BRAND UP: Court to Hear Wind-Up Petition on April 25
----------------------------------------------------
A petition to wind up the operations of Brand Up Pte. Ltd. will be
heard before the High Court of Singapore on April 25, 2025, at
10:00 a.m.
DBS Bank Ltd filed the petition against the company on March 27,
2025.
The Petitioner's solicitors are:
Kelvin Chia Partnership
1 Harbourfront Avenue
#14-01, Keppel Bay Tower
Singapore 098632
DATA REPUBLIC: Commences Wind-Up Proceedings
--------------------------------------------
Members of Data Republic Pte. Ltd. on April 4, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Tan Wei Cheong
Christina Khoo
Deloitte & Touche LLP
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
JLJB CORPORATIONS: Commences Wind-Up Proceedings
------------------------------------------------
Members of JLJB Corporations Pte. Ltd. on April 2, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Seah Chee Wei
Rock Stevenson Pte Ltd
8 Burn Road Trivex #16-12
Singapore 369977
NTEGRATOR PTE: KordaMentha Appointed as Judicial Managers
---------------------------------------------------------
Mr. Cameron Lindsay Duncan and Mr. David Dong-Won Kim of
KordaMentha on April 4, 2025, were appointed as Judicial Managers
of Ntegrator Pte Ltd.
The Judicial Managers may be reached at:
Cameron Lindsay Duncan
David Dong-Won Kim
KordaMentha
50 Raffles Place
#25-01 Singapore Land Tower
Singapore 048623
SIFY TECHNOLOGIES: Court to Hear Wind-Up Petition on April 25
-------------------------------------------------------------
A petition to wind up the operations of Sify Technologies
(Singapore) Pte. Limited will be heard before the High Court of
Singapore on April 25, 2025, at 10:00 a.m.
Raisin Bank AG filed the petition against the company on March 27,
2025.
The Petitioner's solicitors are:
Selvam LLC
16 Collyer Quay #17-00
Singapore 049318
VASI SHIPPING: Commences Insolvency Proceedings
-----------------------------------------------
TradeWinds reports that Vasi Shipping has initiated insolvency
proceedings after falling victim to plunging container freight
rates.
TradeWinds relates that the drastic action is being taken after the
company suffered with container freight and charter markets moving
in opposite directions.
A creditors' meeting to appoint a liquidator has been arranged for
later this month, according to TradeWinds.
Singapore-based VASI Shipping Pte Ltd provides ocean freight
management services, particularly for the movement of fertilizers,
minerals, and chemicals.
=====================
S O U T H K O R E A
=====================
SOUTH KOREA: Builders Showing Signs of Insolvency Up 30% This Year
------------------------------------------------------------------
ChosunBiz reports that the number of South Korean construction
companies showing signs of insolvency within the top 100 in
construction capacity has increased by more than 30% this year. In
particular, the risk of insolvency has heightened among
construction companies with a high proportion of local dwellings in
their housing projects. As the construction industry continues to
slump, the possibility of bankruptcy among small and medium-sized
construction companies has gradually grown.
ChosunBiz, citing a construction company risk analysis report from
NICE Credit Rating released on April 11, discloses that the number
of construction companies showing signs of insolvency ranked within
the top 100 in construction capacity this year is 15. This is about
a 36% increase compared to the previous year (11 companies).
According to ChosunBiz, the indicators used to determine whether a
construction company shows signs of insolvency are: operating
losses (operating profitability below 0%), excessive liabilities
(liability ratio exceeding 400%), excessive net borrowing (net
borrowing dependence exceeding 40%), excessive accounts receivable
(accounts receivable/total assets exceeding 30% and accounts
receivable/sales exceeding 35%).
ChosunBiz relates that the pace of insolvency among construction
companies ranked 31st to 100th in construction capacity increased
rapidly. While only two construction companies in this range showed
signs of insolvency in 2022, the number of companies with
deteriorating management conditions surged sharply starting the
following year, as the construction market worsened. The number of
construction companies showing signs of insolvency increased to
seven in 2023, ten in 2024, and fourteen this year. In contrast,
only one construction company in the top 30 ranked by construction
capacity has shown signs of insolvency since 2022.
Most of the construction companies showing signs of insolvency have
met two or more indicators of insolvency, ChosunBiz relays. These
corporations recorded a liability ratio of 393.2% based on the
previous business year. The net borrowing dependence also reached
36.4%. The proportion of accounts receivable (total construction
receivables and unbilled construction) relative to total assets and
the proportion of accounts receivable relative to sales were also
revealed to be excessive at 31.7% and 37.5%, respectively.
Medium-sized construction companies with a high proportion of local
dwellings showed a higher possibility of insolvency, ChosunBiz
notes. Due to the polarization in the housing market, the ongoing
downturn in the real estate market outside the capital region is
hitting construction companies based in those areas hard.
As the real estate market in the provinces is in a slump, the
number of unsold dwellings is increasing sharply, ChosunBiz relays.
The volume of unsold properties after completion, referred to as
'malignant unsold dwellings,' surpassed 23,000 cases in February,
reaching its highest point in 11 years and 4 months, with the
provinces accounting for 81% of this total. If construction
companies experience ongoing unsold inventory after completing
apartments, they are likely to face financial difficulties as they
cannot recover funds.
For large construction companies, the proportion of contract work
in the housing business located in the capital region was 62.2%,
indicating a higher concentration of business in relatively
profitable areas. In contrast, for medium-sized construction
companies, this proportion was only 50%. The share of contingent
liabilities related to project financing also concentrated in
provincial business sites at 65.2%.
ChosunBiz says many of the construction companies that have gone
bankrupt this year are also those based in provincial areas.
Daehung Construction, which recently announced plans to prepare for
court management (corporate rehabilitation procedures), is the
leading construction company in the Chungbuk region. Daejeon
Construction, the second-largest construction company in Gyeongnam,
also applied for court management.
ChosunBiz adds that an industry representative noted, "While most
construction companies are struggling due to the downturn in the
construction market, the small and medium-sized construction
companies in the provinces that are weaker than large construction
companies are in a difficult situation," and emphasized, "Measures
are needed to revitalize the local real estate market, going beyond
the purchase of unsold inventory in the provinces."
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***