/raid1/www/Hosts/bankrupt/TCRAP_Public/250422.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, April 22, 2025, Vol. 28, No. 80
Headlines
A U S T R A L I A
ATHENA TRUST 2021-2PP: Fitch Hikes Rating on Class F Notes to B+sf
BANKSIA GROUP: Second Creditors' Meeting Set for April 30
CROSSGUARD GROUP: First Creditors' Meeting Set for April 30
GREENSILL BANK: Alleges IAG Execs Knew of Billion-Dollar Policies
KADDY MARKET: First Creditors' Meeting Set for April 30
SHIFT OVERDRAFT 2025-1: Moody's Assigns B2 Rating to AUD5MM E Notes
SUPERCARE DENTAL: First Creditors' Meeting Set for April 29
TARUKA PTY: Second Creditors' Meeting Set for April 24
VESTONE CAPITAL 2: Fitch Affirms 'BBsf' Rating on Class E Notes
C H I N A
AVIC TRUST: Seeks State Help as Trust Sector Reels
H O N G K O N G
[] HONG KONG: Export Insurer Expands Cover Amid Insolvency Surge
I N D I A
AMARNATH MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
BELLOFRAM INSTRUMENTS: Voluntary Liquidation Process Case Summary
BODDAM INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
BYJU'S: NCLAT Sets Aside BCCI, Riju Raveendran's Settlement Plea
CAMPUS IMPEX: Liquidation Process Case Summary
CHIDA SPINNING: Voluntary Liquidation Process Case Summary
COZY TOUCH: CRISIL Keeps C Debt Ratings in Not Cooperating
DAMSON TECHNOLOGIES: CRISIL Keeps D Rating in Not Cooperating
EMS AND EXPORTS: CRISIL Keeps C Debt Rating in Not Cooperating
ERODE SRI: CRISIL Keeps D Debt Ratings in Not Cooperating
FICOM ENGINEERING CRISIL Keeps B+ Debt Ratings in Not Cooperating
FIREFLY LED: Insolvency Resolution Process Case Summary
FIVE CORE: CRISIL Keeps D Ratings in Not Cooperating Category
HONORTECH UNIVERSAL: NCLT Directs Reply in Insolvency Petition
KINGFISHER AIRLINES: Banks Win UK Bankruptcy Appeal in Mallya Case
M. D. ESTHAPPAN: CRISIL Keeps D Debt Ratings in Not Cooperating
M2M BUILDTECH: Insolvency Resolution Process Case Summary
MAGUS METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
MAMONI COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating
MANSI INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
MESSRS HONSEN: CRISIL Keeps B Debt Rating in Not Cooperating
MILLENNIUM EDUCATION: Voluntary Liquidation Process Case Summary
MULCHAND FIBER: CRISIL Keeps B Debt Rating in Not Cooperating
NIMIT STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
NITYARAV CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
ONEUP MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
PAGONXT MERCHANT: Voluntary Liquidation Process Case Summary
PARAMOUNT MINERALS: Insolvency Resolution Process Case Summary
PATTU FABRICS: Voluntary Liquidation Process Case Summary
PVM TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
ROCKDUDE IMPEX: CRISIL Moves D Debt Ratings to Not Cooperating
S.A.M. APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAIKRUPA COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
SARVODAY ASHRAM: CRISIL Keeps D Debt Ratings in Not Cooperating
SB CARS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SCV SKY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
SHUBHI DEVI: CRISIL Keeps B Debt Ratings in Not Cooperating
J A P A N
SAPPORO HOLDINGS: Egan-Jones Retains B Senior Unsecured Ratings
SUMITOMO CHEMICAL: Egan-Jones Retains BB Sr. Unsecured Ratings
N E W Z E A L A N D
BUILD BRILLIANT: Court to Hear Wind-Up Petition on May 16
GONECO 2025: Creditors' Proofs of Debt Due on May 16
PHOENIX DECORATORS: Court to Hear Wind-Up Petition on May 1
RG PIZZA: Grant Bruce Reynolds Appointed as Liquidator
TONGDAENG LIMITED: Creditors' Proofs of Debt Due on May 27
S I N G A P O R E
BONAFIDES BEAUTE: Creditors' Meetings Set for April 24
FRIENDSHIP STEEL: Court Enters Wind-Up Order
HENGXIN SINGAPORE: Commences Wind-Up Proceedings
KLEIO ONE-SOLUTION: Court Enters Wind-Up Order
MULTI-SYSTEM TECHNOLOGIES: Court Enters Wind-Up Order
S O U T H K O R E A
[] Rep. Proposes Virtual Asset Exchange Bankruptcy Isolation Act
V I E T N A M
SAIGON JOINT: Central Bank Preparing Restructuring Plan for Lender
- - - - -
=================
A U S T R A L I A
=================
ATHENA TRUST 2021-2PP: Fitch Hikes Rating on Class F Notes to B+sf
------------------------------------------------------------------
Fitch Ratings has upgraded four note classes and affirmed the other
two from Athena 2021-2PP Trust. The transaction is backed by a pool
of first-ranking Australian conforming residential
full-documentation mortgage loans originated by Athena Mortgage Pty
Limited. The notes were issued by Perpetual Corporate Trust Limited
in its capacity as trustee.
The upgrades to the class C, D, E and F notes reflect the increase
in credit enhancement since the last surveillance, as the class G
note is not included in the principal pro rata payments.
Entity/Debt Rating Prior
----------- ------ -----
Athena 2021-2PP Trust
A AU3FN0065389 LT AAAsf Affirmed AAAsf
B AU3FN0065397 LT AAAsf Affirmed AAAsf
C AU3FN0065405 LT AAsf Upgrade A+sf
D AU3FN0065413 LT Asf Upgrade A-sf
E AU3FN0065421 LT BBB-sf Upgrade BB+sf
F AU3FN0065439 LT B+sf Upgrade Bsf
KEY RATING DRIVERS
Resilient Asset Performance: The 30+ and 90+ day arrears for Athena
2021-2PP were 0.3% and nil, respectively, as of end-February 2025,
well below Fitch's 4Q24 Dinkum Index values of 1.13% and 0.52%. In
addition, there have been no losses to date.
The 'AAAsf' weighted-average foreclosure frequency (WAFF) for
Athena 2021-2PP of 5.4% is driven by the WA unindexed current
loan/value ratio (LVR) of 45.7% and, under Fitch's methodology,
investment loans of 17.9% along with 2.4% self-employed borrowers
in the pool. The 'AAAsf' WA recovery rate (WARR) of 26.1% is driven
by the portfolio's WA indexed scheduled LVR of 45.8% and
constrained by the application of the portfolio loss floor.
Liquidity Risk Mitigated: Structural features include an
amortisation amount that redirects excess income to repay the
notes' principal balances after the call option date and a
liquidity facility sized at 1.5% of the rated note balance, with a
floor of AUD450,000; this is sufficient to mitigate Fitch's payment
interruption risk. The transaction is currently paying principal
pro rata and will revert to sequential if performance deteriorates
significantly or the transaction reaches the clean-up call date.
The transaction allows a maximum of 5% fixed rate loans, of which a
small portion can be unhedged. This has been factored into its
analysis.
Low Operational and Servicer Risk: Athena is a non-bank mortgage
lender established in 2017 with operations in Sydney, Australia.
Fitch undertook an operational review and found that the operations
of the originator and servicer were comparable with market
standards.
Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 1.3% in 2024 and unemployment was 4.1% in March 2025. Fitch
forecasts GDP growth will rise to 1.7% in 2025 and 1.9% in 2026,
with unemployment at 4.3% and 4.2%, respectively.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The performance of the transaction may be affected by changes in
market conditions and economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Downgrade Sensitivity
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.
The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.
Athena 2021-2PP
Notes: Class A / B / C / D / E / F
Current Rating: AAAsf / AAAsf / AAsf / Asf / BBB-sf / B+sf
Increase defaults by 15 %: AAAsf / AAAsf / AA-sf / Asf / BB+sf /
B+sf
Increase defaults by 30 %: AAAsf / AA+sf / A+sf / A-sf / BBsf /
Bsf
Decrease recoveries by 15 %: AAAsf / AAAsf / AAsf / Asf / BBB-sf /
B+sf
Decrease recoveries by 30 %: AAAsf / AAAsf / AAsf / Asf / BBB-sf /
B+sf
Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AA-sf / Asf / BB+sf / B+sf
Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AA+sf / A+sf / A-sf / BBsf / Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of credit enhancement that would
fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.
Athena 2021-2PP's class A and B notes are at the highest level on
Fitch's scale and cannot be upgraded.
Upgrade Sensitivity
Athena 2021-2PP Notes:
Class C / D / E / F
Current Rating: AAsf / Asf / BBB-sf / B+sf
Reduce defaults by 15% and increase recoveries by 15%: AA+sf / Asf
/ BBBsf / BBsf
The upgrade of the class D notes under the 15% reduction in
defaults and 15% increase in recoveries is constrained by one notch
by the large obligor concentration test at Asf. Prepayments to the
loans with the largest obligor exposure, which result in the notes
passing Fitch's concentration test, could lead to positive rating
action for the notes, all else being equal.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio as part of its
ongoing monitoring.
Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available for the transaction.
As part of its ongoing monitoring, Fitch reviewed a small, targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
BANKSIA GROUP: Second Creditors' Meeting Set for April 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Banksia Group
Pty Ltd has been set for April 30, 2025, at 2:00 p.m. at the
offices of SV Partners, 22 Market Street, in Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 29, 2025 at 4:00 p.m.
Matthew Charles Hudson and Daniel Jon Quinn of SV Partners were
appointed as administrators of the company on March 17, 2025.
CROSSGUARD GROUP: First Creditors' Meeting Set for April 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Crossguard
Group Pty Ltd will be held on April 30, 2025 at 10:00 a.m. via
videoconference only.
Roberto Crispino and Richard Albarran were appointed as
administrators of the company on April 15, 2025.
GREENSILL BANK: Alleges IAG Execs Knew of Billion-Dollar Policies
-----------------------------------------------------------------
The Australian Financial Review reports that the insolvent bank
acquired by Australian businessman Lex Greensill has accused IAG
executives of being aware that the ASX-listed insurance giant was
issuing policies to cover billions of dollars of lending despite
IAG having told courts and investors that it was kept in the dark.
According to the Financial Reveiew, the creditors of the
businessman's failed empire - which include thousands of Germans
who had their savings in Greensill Bank - are trying to claim on
insurance policies issued by IAG. They have taken the insurer to
the Federal Court alleging they are owed around AUD7 billion in
total.
The Financial Review relates that the claims sprawl across 10
matters and the biggest, totalling about AUD4 billion, has been
brought by Greensill Bank's German administrator. The bank bought
assets packaged up by a related entity, London-based Greensill
Capital. To comply with German rules, those assets had to be
insured.
In filings lodged with the Federal Court, Greensill Bank's
administrator cites emails sent to and from IAG executives
suggesting that they were aware the policies had been issued –
and that the company was receiving premiums, the Financial Review
relays.
It is the first time that the administrator has directly accused
IAG of misleading and deceptive conduct.
Greensill Capital specialised in supply chain financing, buying
billions of dollars worth of invoices from suppliers to companies.
It packaged up those invoices and then sold them off to Greensill
Bank and Credit Suisse, which is also suing IAG. Greensill Capital
collapsed in early 2021 after insurers refused to keep guaranteeing
the transactions arranged by the firm.
According to the Financial Review, Greensill Bank's administrator
claims IAG "represented" that Bond & Credit Co had authority to
enter into policies on its behalf.
One of the emails refers to a "special acceptance request" related
to a proposal for IAG and its reinsurers to agree on a policy
structure that could be used by Bond & Credit Co to facilitate
future transactions. Scor Reinsurance, IAG's lead reinsurer,
received a copy, the filings allege.
Another email, dated Jan. 24, 2018, from Brereton to IAG managers
Sonia Spiropoulos and Brad Robson, copied in Bond & Credit Co
executives Toby Guy and Scott Newland and stated: "Greensill Pty
Ltd has booked a trade credit policy in Australia. The primary
insured also has a joint insured that is Greensill AG."
And an email from Brereton to IAG manager Phuong Ly, copied to Guy
and Newland and dated Dec. 3, 2018, noted Bond & Credit Co would be
"insuring risks on behalf of IAG related to Liberty OneSteel
through 'Greensill' and the renewal of the existing 'Greensill
accounts receivable policy [was] due 15/12/2018'."
Liberty OneSteel is the Australian steel manufacturer owned by
British businessman Sanjeev Gupta's GFG Alliance – Greensill
Capital's biggest client – that was rebranded to InfraBuild in
mid-2019, the Financial Review notes.
The Financial Review says Greensill Bank's administrator claims
that policy premiums paid to IAG by Bond & Credit Co were recorded
in monthly reports and that the insurer did not raise any
objections when it began receiving the payments.
IAG declined to comment. It is due to file an updated defence in
May.
The Financial Review relates that the claims against IAG had been
expected to be heard by the court over three or four months from
next March. This has now been delayed until August 2026 following
requests from some parties, including IAG.
The administrators of Greensill Capital UK's collapsed business
don't expect to complete searches of text and WhatsApp messages on
the phones and laptops of former Greensill Capital employees,
including the firm's eponymous founder, until next April, legal
counsel told the hearing, the Financial Review relays.
Lawyers want to see the communications between Lex Greensill and
Gupta because they are trying to find out how exactly Greensill
Capital was providing finance to GFG Alliance. Britain's Serious
The Financial Review says Fraud Office is investigating suspected
fraud and money laundering at the GFG Alliance companies, including
financing arrangements with Greensill Capital.
Lex Greensill has denied engaging in fraud and has previously told
a UK parliamentary inquiry that "at no point would my firm have
engaged in financing receivables that we knew to be fraudulent".
The Greensill Group was a group of about 40 entitles, including
Greensill Capital (UK) Ltd, and Greensill Bank AG, the ultimate
holding company of which was Greensill Capital Pty Ltd.
Bremen-based Greensill Bank, formerly known as NordFinanz Bank AG,
was a German subsidiary of Greensill Capital UK. It was acquired
in 2014 by Greensill Capital, which itself filed for insolvency on
March 8, 2021.
Greensill Bank filed a Chapter 15 petition (Bankr. S.D.N.Y. Case
No. 21-10757) on April 20, 2021, to seek U.S. recognition of its
insolvency proceeding in Germany. Michael C. Frege is the
administrator.
KADDY MARKET: First Creditors' Meeting Set for April 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Kaddy Market
Place Pty Ltd will be held on April 30, 2025 at 10:30 a.m. at Level
8, 80 Clarence Street, in Sydney, NSW, and via virtual meeting
technology.
Clifford John Sanderson of Dissolve Pty Ltd was appointed as
administrators of the company on April 15, 2025.
SHIFT OVERDRAFT 2025-1: Moody's Assigns B2 Rating to AUD5MM E Notes
-------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by Shift Overdraft 2025-1 Trust.
Issuer: Shift Overdraft 2025-1 Trust
AUD144.0 million Class A Notes, Assigned Aa2 (sf)
AUD7.2 million Class B Notes, Assigned A2 (sf)
AUD16.4 million Class C Notes, Assigned Baa2 (sf)
AUD21.0 million Class D Notes, Assigned Ba2 (sf)
AUD5.0 million Class E Notes, Assigned B2 (sf)
The AUD5.9 million Class F Notes, AUD0.5 million Class G Notes and
the AUD2.5 million Class S Notes are not rated by us.
Shift Overdraft 2025-1 Trust is a securitisation of a closed pool
of unsecured business overdraft receivables to Australian small-
and medium-sized businesses. All portfolio receivables were
originated by Shift Finance Australia Pty Ltd, a fully owned
subsidiary of Shift Financial Pty Ltd (Shift). Shift is the
servicer for this transaction. This is Shift's first public
business overdraft asset-backed securities (ABS) transaction. Shift
has sponsored three commercial equipment finance ABS transactions
to date.
Shift is an Australian SME lender providing overdraft facilities,
term loans, trade finance and asset finance to small businesses
since 2014. Shift launched its line of credit products in 2016. As
of February 28, 2025, Shift had originated over AUD4.6 billion of
loans and had 14,000 active customers.
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, availability of excess spread
over the life of the transaction, the liquidity facility to 2.00%
of the rated notes balance, the legal structure, the experience of
Shift as servicer and presence of AMAL Asset Management Limited as
a standby servicer.
The securitised asset portfolio consists of secured and unsecured
overdraft facilities to Australian small and medium businesses. The
facilities are uncommitted with an initial five year revolving
period. Facilities within this transaction have limits ranging from
AUD10,000 to AUD500,000. During the revolving period, overdraft
receivables amortise through weekly principal and interest
repayments over 48 months which is reset post each overdraft
further draw.
Key transactional features are as follows:
-- Once step-down conditions are satisfied, Class A to Class E
Notes will receive their pro-rata share of principal. Step-down
conditions include, among others, the payment date is 12 months
from closing, the payment date is prior to the call option date and
no unreimbursed charge-offs or principal draws.
-- The transaction call option date is 24 months post closing
after which the transaction will not fund any further draws on the
portfolio.
-- Drawdowns of overdraft facilities in excess of available
principal collections will be funded by either, or both, Seller
Advances and Further Advance Facility draws in conjunction with
Class S Notes. Seller Advances and the Further Advance Facility are
repayable via the principal waterfall and rank senior to the Class
A Notes. The Class S Notes are repayable via the principal
waterfall and will rank junior to the Class F Notes. Seller
Advances and the Further Advance Facility have limits of AUD5
million and AUD10 million respectively. The Class S Notes will be
sized to ensure the Class A required subordination is maintained.
On closing AUD2.5 million of Class S Notes was issued to Shift.
-- AMAL Asset Management Limited (AMAL) is the standby servicer.
AMAL has delegated the standby servicer functions to Verofi Pty Ltd
(Verofi), a specialist third-party standby servicer. AMAL will
however retain legal responsibility for the standby servicer's
contractual obligations.
In Moody's analysis, the transaction has the following credit
strengths:
-- Granularity of the portfolio: The securitised portfolio is
highly granular, with the largest borrower representing 0.25% of
the pool and the 10 largest borrowers representing 2.45% of the
pool. The total number of borrowers is 2,239.
-- High portfolio yield: The transaction benefits from the
collateral pool's high weighted average interest rate of 20.54%.
Conversely, it is exposed to a number of credit challenges,
including:
-- Limited historical data: Shift started significant origination
volumes of business overdraft facilities from 2019. Unsecured
business overdraft / lines-of-credit products are still in their
relative infancy in Australia, with limited availability of
performance data from similar products for benchmarking purposes.
To address these data limitation concerns, Moody's have, to the
extent possible, benchmarked the performance data for Shift to data
from comparable originators/products locally and offshore. Moody's
have also overlaid additional stresses into Moody's collateral
assumptions to account for the limited data.
-- Overdraft facility revolving period: Obligor facilities have a
5 year revolving period during which obligors may draw down up to
their facility limit. Obligors may experience repayment stress when
draw downs on their overdraft facility are no longer available on
either expiry of their revolving period, or in the event Shift
became insolvent and can no longer fund further draw downs. This
risk is mitigated by (1) repayment of outstanding facility balances
are due over four years and Shift has underwritten these facilities
on a four year principal and interest serviceability basis, (2)
obligors may refinance their facility with Shift or other SME
funders on expiry of their revolving period. Refinanced facilities
do not remain in the portfolio. Moody's stressed the default
probability of these facilities to account for these risks.
-- Portfolio concentration in certain industry sectors: Borrowers
active in the construction and retail trade, as defined by the
Australian and New Zealand Standard Industrial Classification
(ANZSIC), account for 22.2% and 11.3% of the principal limit,
respectively. This increases the transaction's exposure to
industry-specific volatility.
-- Potential migration in portfolio credit quality: A potential
increase in overdraft utilisation rates of weaker obligors would
increase the exposure to these obligors, deteriorating portfolio
credit quality. This risk is mitigated by the historical stability
of Shift's portfolio credit metrics such as overdraft utilisation
rates, industry exposure, obligor credit bureau scores and
continuous credit monitoring.
-- Unrated servicer and servicing disruption: Shift is unrated,
heightening the risk of a possible disruption to servicing and
payment receipts from obligors. This risk is mitigated by a standby
servicing arrangement with AMAL Asset Management Limited (AMAL).
Key collateral assumptions:
Mean default rate: Moody's assumed a mean default rate of 13.54%
for the initial and subsequent portfolios over a weighted average
life (WAL) of 4.3years (equivalent to a B1 proxy rating as per
Moody's Idealized Default Rates). This default assumption is based
on: the available historical performance data and the
characteristics of the loan-by-loan portfolio information. Moody's
took also into account the current economic environment and its
potential impact on the portfolio's future performance, as well as
industry outlooks or past observed cyclicality of sector-specific
delinquency and default rates.
Default rate volatility and recovery rate: Moody's assumed a
coefficient of variation (i.e. the ratio of standard deviation over
the mean default rate explained above) of 41.3%, as a result of the
analysis of the portfolio concentrations in terms of single
obligors and industry sectors. Moody's assumes a recovery rate of
10%, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information,
complemented by the available historical vintage data.
The PCE of 50.6% is based on the default rate, default rate
volatility and recovery rate assumptions.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "SME
Asset-backed Securitizations" published in July 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Additionally, Moody's
could downgrade the ratings in case of poor servicing, error on the
part of transaction parties, a deterioration in the credit quality
of transaction counterparties, or lack of transactional governance
and fraud.
SUPERCARE DENTAL: First Creditors' Meeting Set for April 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Supercare
Dental & Cosmetics Kotara Pty Ltd, Supercare Dental & Cosmetics
Tuggerah Pty Ltd, and Usman Dental Pty Ltd (trading as Super Care
Dental & Cosmetics) will be held on April 29, 2025 at 12:00 p.m.
via Zoom virtual meeting facilities.
Domenico Alessandro Calabretta, Mathieu Tribut and Richard Lawrence
of Mackay Goodwin were appointed as administrators of the company
on April 14, 2025.
TARUKA PTY: Second Creditors' Meeting Set for April 24
------------------------------------------------------
A second meeting of creditors in the proceedings of Taruka Pty
Limited (trading as Domino's Pizza Wilton) has been set for April
24, 2025, at 10:00 a.m. at the offices of JLA Insolvency &
Advisory, Level 13, 50 Margaret Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2025 at 4:00 p.m.
Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on March 19, 2025.
VESTONE CAPITAL 2: Fitch Affirms 'BBsf' Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has affirmed five classes of notes from Vestone
Capital ABS Warehouse Trust No. 2. The notes are backed by a pool
of first-ranking Australian equipment and software lease and loan
receivables originated by Vestone Capital Pty Limited. The notes
were issued by Perpetual Corporate Trust Limited as trustee for the
Vestone Capital ABS Warehouse Trust No. 2. The transaction is a
revolving transaction with the current availability period ending
in June 2025.
Entity/Debt Rating Prior
----------- ------ -----
Vestone Capital
ABS Warehouse
Trust No. 2
A LT AAAsf Affirmed AAAsf
B LT AAsf Affirmed AAsf
C LT Asf Affirmed Asf
D LT BBBsf Affirmed BBBsf
E LT BBsf Affirmed BBsf
KEY RATING DRIVERS
Economic Growth Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest-rate hikes in 2022-2023. GDP growth
was 1.3% in 2024 and unemployment was 4.1% in March 2025. Fitch
forecasts GDP growth will rise to 1.7% in 2025 and 1.9% in 2026,
with unemployment at 4.3% and 4.2%, respectively.
Performance within Modelled Defaults: The portfolio's 30+ day
arrears were 0.7% at end-February 2025 and 60+ day arrears were
0.2%. The Portfolio Credit Model (PCM) and cash flow model were not
rerun in this review, as the transaction remains within its
revolving period, observed default rates have been within Fitch's
base-case expectations and the pool remains within its portfolio
parameters.
Fitch's previous analysis took into consideration the historical
performance of the Vestone portfolio to arrive at a
weighted-average one year default rate of 0.9%; this compares to
the 12-month average annualised default rate of 0.5% for the
warehouse
Unchanged Recovery Rates: Fitch analysed Vestone's historical
equipment recovery rates to arrive at base recovery rates ranging
from 0% for Energy and Software, to 15% for Other Equipment. A
recovery haircut of 50% at 'AAAsf' was applied, which reflects the
expected recoveries relative to the economic cycle and the
stability of the collateral characteristics.
Obligor Group Concentration Unchanged: The transaction
documentation includes pool parameters that limit the portfolio's
largest obligor to 3% of the pool and largest five obligors to
7.5%, as well as limit the largest industry group and aggregate
exposure to the three largest industry groups to 22.5% and 47.5%,
respectively. The proxy portfolio's composition was stressed close
to the parameter limits for each of these characteristics and
incorporated in Fitch's PCM analysis at closing.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline.
Fitch's previous rating sensitivities for the transaction were
discussed in the rating action commentary for Vestone Capital ABS
Warehouse Trust No. 2, published on 7 July 2022.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's expectations or sufficient build-up of
credit enhancement that would fully compensate for the credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal.
Fitch's previous rating sensitivities for the transaction are
available in the rating action commentary above.
CRITERIA VARIATION
The quantitative assumptions described in the Consumer ABS Rating
Criteria - Residual Value Addendum are applicable to vehicles.
Therefore, Fitch has derived residual value assumptions for this
transaction that are comparable to the U.S. Equipment Lease and
Loan ABS Rating Criteria assumptions in relation to giving credit
to residual values.
Credit to residual values was 50% at 'AAAsf', 60% at 'AAsf', 70% at
'Asf', 80% at 'BBBsf', 85% at 'BBsf' and 90% at 'Bsf'. This
variation positively affects the model-implied ratings of the notes
by four notches for class E, three notches for classes A and B, and
two notches for classes C and D.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for this
transaction.
As part of its ongoing monitoring, Fitch reviewed a small, targeted
sample of Vestone's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.
Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis, according to its applicable rating
methodologies, indicates that it is adequately reliable.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
=========
C H I N A
=========
AVIC TRUST: Seeks State Help as Trust Sector Reels
--------------------------------------------------
Bloomberg News reports that China's state-owned AVIC Trust Co. is
seeking assistance from two of its peers after delaying payments on
some of its investment products, a sign of worsening problems in
the country's US$3.7 trillion trust industry.
Bloomberg relates that the closely held trust company said in a
statement late on April 18 that it has entered into a service
agreement with CCB Trust Co. and SDIC Taikang Trust Co. The two
state-owned financial institutions will handle AVIC Trust's daily
operations and management, and its outstanding claims and debts
will remain unchanged, it said.
AVIC Trust Co. Ltd. operates trust businesses. The Company provides
capital trust, movable property trust, real estate trust,
securities trust, and more. AVIC Trust offers services in China.
=================
H O N G K O N G
=================
[] HONG KONG: Export Insurer Expands Cover Amid Insolvency Surge
----------------------------------------------------------------
Insurance Business reports that the Hong Kong Export Credit
Insurance Corporation (HKECIC) has announced a set of temporary
support measures for exporters, intended to address growing credit
risk exposure amid continued global trade disruptions and a rise in
insolvencies across Asia.
Effective through June 30, 2026, the initiatives are designed to
support Hong Kong's exporting firms by enhancing policy benefits
and easing premium burdens, Insurance Business says.
These adjustments reflect broader pressures facing the region's
export economies, many of which are grappling with elevated default
rates and tighter credit conditions.
According to Insurance Business, the updated HKECIC provisions
include an extension of complimentary pre-shipment coverage for
policyholders under its Small Business Policy until mid-2026.
Exporters not covered by this policy will be eligible for a 50%
discount on premiums related to pre-shipment risk.
The coverage compensates for losses arising when a buyer cancels a
confirmed contract or becomes insolvent prior to shipment, provided
the exporter has met the contractual and policy terms.
Additionally, to help companies diversify their export destinations
and manage trade costs, HKECIC is adjusting premium rates for
emerging markets such as Vietnam, Indonesia, Thailand, and
Malaysia, Insurance Business relates. These rates will now be in
line with those for traditional markets, aiming to encourage
regional market expansion while reducing insurance costs.
Insurance Business notes that the announcement comes as regional
businesses contend with escalating insolvency levels. According to
a recent Global Insolvency Report from Allianz Trade, global
insolvencies are expected to climb 6% in 2025 and another 3% in
2026, Insurance Business discloses. These projections signal a
fifth consecutive year of rising insolvency cases since 2022,
driven by elevated interest rates, constrained access to credit,
and persistent economic uncertainty.
Insurance Business says the report highlighted notable insolvency
increases in Asia-Pacific markets during 2024. Singapore led with a
46% rise, followed by Australia (41%), New Zealand (40%), Hong Kong
(25%), South Korea (17%), and Japan (15%). Key industries impacted
include construction, wholesale, and professional services.
Looking ahead, insolvency rates are expected to remain high in
several Asian economies, Insurance Business states. Projections for
2025 include a 7% increase in China and moderate growth in Taiwan,
South Korea, and Hong Kong. In China's case, ongoing issues in the
construction sector and pressures on export-led enterprises are
outweighing the effects of recent stimulus efforts totalling CNY2.9
trillion.
=========
I N D I A
=========
AMARNATH MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Amarnath
Milk Foods Private Limited (SAMFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 21 CRISIL D (Issuer Not
Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SAMFPL 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 SAMFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SAMFPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SAMFPL continues to be 'Crisil D Issuer not
cooperating'.
SAMFPL, established in 2014 at Agra, Uttar Pradesh by Mr. Mahesh
Chand Singhal and Mr. Sanjeev Kumar, processes milk and milk
products such as ghee, milk powder, skimmed milk powder, butter,
and dairy whitener. Operations began in March 2015.
BELLOFRAM INSTRUMENTS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Bellofram Instruments India Private Limited
Office No. 6, 1126/1 Shriram Complex
Hare Krishna Mandir Road
Shivaji Nagar, Model Colony Pune
Pune City, Maharashtra
India 411016
Liquidation Commencement Date: March 20, 2025
Court: National Company Law Tribunal Pune Bench
Liquidator: Sunil Gajanan Nanal
c/o KANJ and Co LLP
Company Secretaries
3-4, Aishwarya Sankul
17 G. A Kularni Path
Opposite Joshi's Railway Museum
Kothrud Pune - 411038
Permanent Address
Flat No. 8 Priyanjali
Lane No.6, Dahanukar Colony
Kothrud, Pune - 411038
Email: sunil.nanal@kanjcs.com
Last date for
submission of claims: April 19, 2025
BODDAM INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Boddam Infra
Private Limited (MRNIPL previous known as MRN Infrastructure
Private Limited) continue to be 'Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.2 Crisil D (Issuer Not
Cooperating)
Proposed Long Term 4.8 Crisil D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with MRNIPL 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 MRNIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
MRNIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of MRNIPL continues to be 'Crisil D Issuer not
cooperating'.
MRNIPL is a Private incorporated on 10-August-2017, which is
engaged in construction activities. It is based out in Hyderabad.
BYJU'S: NCLAT Sets Aside BCCI, Riju Raveendran's Settlement Plea
----------------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Appellate Tribunal (NCLAT) has set aside the appeals filed by BCCI
and Riju Raveendran seeking withdrawal of insolvency proceedings
against Byju's and consider the settlement between the debt-ridden
edtech firm and the apex cricket body.
They had challenged the order passed by the Bengaluru bench of the
National Company Law Tribunal, which had on Feb. 10, 2025, directed
to place their settlement offer before the new Committee of
Creditors (CoC), in which US-based Glas Trust, the trustee for
lenders to which Byju's owes $1.2 billion, is a member,
BusinessLine relates.
A two-member Chennai bench of the NCLAT comprising Justice Rakesh
Kumar Jain and Jatindranath Swain upheld the directions passed by
the NCLT and said the settlement proposal was filed after the
formation of CoC, hence as the provisions of Section 12A of the
Insolvency & Bankruptcy Code, it requires the approval of the
lender's body, according to BusinessLine.
Both BCCI and Riju have contended that since the application under
the section was filed before the constitution of the CoC, the
provisions of Section 12A coupled with Regulation 30A(1)(a) shall
apply and not Regulation 30A(1)(b).
Section 12 A of IBC prescribes an exit route from insolvency. It
mandates that NCLT may allow the withdrawal of insolvency initiated
by any financial or operational creditor under section 7,9 or
section 10, based on an application made with the approval of 90
per cent voting share of the CoC.
However, Regulation 30A(1)(a) deals with the provision of filing 12
A through the interim resolution profession before formation of
CoC, while 30A(1)(b) deals with provision of filing after formation
of CoC.
It was contended by both of them that form FA, which is an
application for withdrawal of Corporate Insolvency Resolution
Process, was submitted before the formation of CoC of Byju's,
BusinessLine relates.
However, rejecting the plea NCLAT said: "Form FA, admittedly having
been filed on November 14, 2024, is post (formation of) CoC." "If
the application under Section 12A is filed under Regulation
30A(1)(a) before the constitution of CoC then Section 12A which
mandates the approval of such application for withdrawal by 90 per
cent voting share of the CoC shall not apply but if the application
is filed after the constitution of the CoC then the provisions of
Section 12A shall apply with full force," said NCLAT, adds
BusinessLine.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific, the
National Company Law Tribunal on July 16, 2024, ordered insolvency
proceedings against the company after a complaint by the Board of
Control for Cricket in India (BCCI) for not paying US$19 million in
dues. Pankaj Srivastava was appointed as the interim resolution
professional.
Reuters said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than US$3 billion. Byju's has
denied any wrongdoing.
The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the BCCI, thus removing Byju's parent Think and
Learn from the insolvency resolution process.
However, in October 2024, the Supreme Court quashed an earlier
NCLAT ruling approving the settlement, according to The Economic
Times.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.
BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024. In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.
Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.
CAMPUS IMPEX: Liquidation Process Case Summary
----------------------------------------------
Debtor: Campus Impex Private Limited (In Liquidation)
Ground Floor 14/B, Digendra Lal Roy Street,
Kolkata, West Bengal, India, 700006
Liquidation Commencement Date: March 17, 2025
Court: National Company Law Tribunal Kolkata Bench
Liquidator: Chandra Kumar Jain
Poddar Court, Gate No. 1,
Room No. 816 8th Floor,
18 Rabindra Sarani
Kolkata - 700001, West Bengal
Email: ckcacs@yahoo.co.in
Email: cirp.campus@gmail.com
Last date for
submission of claims: April 16, 2025
CHIDA SPINNING: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Chida Spinning Mills Private Limited
Door No.6/59, Kalyanapuram Village
Narayanavanam Road and Mandal
Puttur, Tirupati
Andhra Pradesh - 517583
Liquidation Commencement Date: March 20, 2025
Court: National Company Law Tribunal Pune Bench
Liquidator: Sriram Krishnamoorthy
No.1 1, F2, Harish Homes
Dr. Ramamoorthy Nagar
Kamaraj Street, Keelkattalai
Near Vellakanni School
Chennai – 600117
Email: ksrics.ip@gmail.com
Tel No.: 9444867208
Last date for
submission of claims: April 19, 2025
COZY TOUCH: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cozy Touch
Poly Foams India Private Limited (CPPL) continue to be 'Crisil
C/Crisil A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 Crisil C (Issuer Not
Cooperating)
Letter of Credit 3 Crisil A4 (Issuer Not
Cooperating)
Proposed Long Term 1.03 Crisil C (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.47 Crisil C (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with CPPL 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 CPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'.
Incorporated in 2007 and promoted by Mr. Inderjit Khurana, CPPL
manufactures foam, bonded, and spring mattresses. Operations began
from 2010 and current capacity utilisation is about 50%. Products
are sold under the Coir Foam brand.
DAMSON TECHNOLOGIES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Damson
Technologies Private Limited (DTPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with DTPL 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 DTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DTPL continues to be 'Crisil D Issuer not cooperating'.
DTPL was incorporated in December 2000. Based in Ahmedabad,
Gujarat, the company designs, distributes, and markets information
technology products such as bluetooth speakers, tablet PCs, and
mobile and computer accessories.
EMS AND EXPORTS: CRISIL Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of EMS and
Exports (EMS; a part of the Five Core group) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 20 CRISIL A4 (Issuer Not
Cooperating)
Bill Discounting 5 CRISIL A4 (Issuer Not
Cooperating)
Bill Discounting 12 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 2 CRISIL C (Issuer Not
Cooperating)
Packing Credit in 16 CRISIL A4 (Issuer Not
Foreign Currency Cooperating)
Crisil Ratings has been consistently following up with EMS 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 EMS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on EMS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EMS continues to be 'Crisil C/Crisil A4 Issuer not cooperating'.
About the Group
FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations. Incorporated in 2002,
FCEL is listed on the National Stock Exchange Emerge platform since
May 2018 and has manufacturing units in Delhi and Bhiwadi
(Rajasthan).
Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur (Uttarakhand). Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka (Delhi). Neha is a
proprietorship firm set up in 2009 and has a unit at Daruhera
(Gurugram).
Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are
private-limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core was set up in 2012 and has a unit in Bhiwadi.
ERODE SRI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Erode Sri
Palani Murugan Spinning Mills Private Limited (ESPMSMPL) continue
to be 'Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 6.5 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with ESPMSMPL 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 ESPMSMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
ESPMSMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of ESPMSMPL continues to be 'Crisil D Issuer not
cooperating'.
Incorporated in 1989 and promoted by Mr. M Ramakrishna Prasad,
ESPMSMPL manufactures Viscose yarn is based in Erode (Tamil Nadu).
FICOM ENGINEERING CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ficom
Engineering Private Limited (Ficom) continue to be 'Crisil
B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 4 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 3.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Crisil Ratings has been consistently following up with Ficom 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 Ficom, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Ficom
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Ficom continues to be 'Crisil B+/Stable Issuer not cooperating'.
Ficom was established in 2003 with Mr. Basavanaparthi Pillapiah
Krishnappa as the managing director. It manufactures FRP products
and has manufacturing facility in Hoskote Taluk in Karnataka.
FIREFLY LED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Firefly Led Products Private Limited
Nirav No. 6, Gaondevi Industrial Estate
Near Gaondevi Temple
Sativali Road Vasai (East)
Thane - 401208 Maharashtra
Insolvency Commencement Date: March 18, 2025
Estimated date of closure of
insolvency resolution process: September 18, 2025
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Vimal Kumar Agrawal
Office No. 4, Ground Floor C Wing,
Santi Jyot Building,
Balaji Nagar,
Near Realway Station,
Bhayander West, Thane Pin 401101
Email: vimal@vpagarwal.in
Email: cirpflpl@gmail.com
Last date for
submission of claims: April 5, 2025
FIVE CORE: CRISIL Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Five Core
Electronics Limited (FCEL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 5.5 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 32.5 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Packing Credit 15 CRISIL D (Issuer Not
Cooperating)
Packing Credit 16 CRISIL D (Issuer Not
in Foreign Currency Cooperating)
Packing Credit in 3 CRISIL D (Issuer Not
Foreign Currency Cooperating)
Crisil Ratings has been consistently following up with FCEL 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 FCEL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FCEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FCEL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations.
Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.
Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur, Uttarakhand. Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up
as a proprietorship firm in 2009, and has a unit at Daruhera,
Gurugram.
Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private
limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core, set up in 2012, has a unit in Bhiwadi.
HONORTECH UNIVERSAL: NCLT Directs Reply in Insolvency Petition
--------------------------------------------------------------
BW Legal World reports that the National Company Law Tribunal
(NCLT), Allahabad Bench, has issued notice to M/s Honortech
Universal in an insolvency petition filed by M/s ADGlobal360 India
under Section 9 of the Insolvency and Bankruptcy Code, 2016.
BW Legal World relates that the order was passed on April 16, 2025,
by a Division Bench comprising Praveen Gupta (Judicial Member) and
Ashish Verma (Technical Member). Advocates Inderdeep Singh
Ahluwalia and Yashraj Singh appeared physically on behalf of the
operational creditor, ADGlobal360.
Honortech Universal has been granted two weeks from the date of
receipt of the notice to ADGlobal360 may submit a rejoinder within
two weeks thereafter, according to BW Legal World.
The matter is listed for further hearing on May 27, 2025, BW Legal
World notes.
Honortech Universal Private Limited specializes in the distribution
of electronic components, particularly semiconductors and other
related products.
KINGFISHER AIRLINES: Banks Win UK Bankruptcy Appeal in Mallya Case
------------------------------------------------------------------
The Times of India reports that a consortium of Indian banks, led
by State Bank of India, on April 16 won their court appeal in
London to uphold a bankruptcy order against Vijay Mallya in a
long-standing legal battle seeking repayment of a judgment debt
owed by his now-defunct Kingfisher Airlines. TOI says High Court
judge Anthony Mann ruled in favour of the banks to allow an appeal
heard in February, while refusing two applications seeking
permission to appeal filed by the 69-year-old businessman, declared
a fugitive and wanted for fraud and money laundering charges in
India.
"The banks' pleaded position on security was one which they were
entitled to adopt," Justice Mann ruled.
"The bottom line in relation to this is that the bankruptcy order
stands," he concludes.
According to TOI, law firm TLT LLP, representing the banks, noted
that the ruling confirmed the banks did not hold security over Mr.
Mallya's assets and that the bankruptcy petition was correct. The
court also found that the realisations from assets attached by the
Enforcement Directorate (ED) were conditional and did not discharge
the debt under English law.
"This is a significant result for the banks. TLT are pleased to
have delivered this outcome, having acted for the banks since 2017
in relation to the DRT (Debt Recovery Tribunal) judgment of GBP
1.12 billion, obtained against Dr Mallya," TOI quotes Nick Curling,
legal director at TLT LLP, as saying.
The case dates back to 2017 when the banks registered the DRT's
judgment in the English courts, which pertained to a personal
guarantee Mr. Mallya had provided in relation to loans made to
Kingfisher Airlines, TOI notes.
The banks then served Mr. Mallya with a bankruptcy petition in
September 2018, which he opposed on multiple grounds.
In April 2020, London's Insolvency & Companies Court (ICC) ruled
that the banks held security over Mr. Mallya's assets, rendering
the bankruptcy petition partially defective under Section 269 of
the Insolvency Act 1986, TOI recalls. The banks appealed this
finding, and in March 2021 Justice Snowden permitted them to bring
the security appeal, which was heard this year and has now been
concluded.
In the interim, the banks amended the bankruptcy petition, agreeing
they would relinquish any security held if Mr. Mallya was declared
bankrupt. Mr. Mallya had opposed this amendment, arguing it was
contrary to Indian law and public policy. However, in April 2021,
the ICC ruled that the amendment was not contrary to Indian law or
public policy.
"Despite Mr. Mallya's subsequent appeals, including an appeal
against the amendment decision and the Bankruptcy Order itself, Sir
Anthony Mann sitting as a judge in the High Court delivered a
decisive judgment on April 9, 2025. The court allowed the Security
Appeal in favour of the banks, refused Mallya's permission to bring
the amendment appeal and the appeal against the bankruptcy order
and ultimately upheld the bankruptcy order," added TLT.
Mr. Mallya, who was declared bankrupt in July 2021, is pursuing a
separate annulment application in the UK court, which is now
scheduled for a directions hearing in October, according to TOI.
"In circumstances where even the (Indian) government confirms that
the assets were 'restored', it is fanciful to imagine that those
recoveries are in any sense conditional. Mr. Mallya will, on this
basis, pursue with vigour his application to annul the Bankruptcy
Order in England in conjunction with proceedings in the Karnataka
High Court to compel the banks to provide an accounting and come
clean," said Leigh Crestohl, Mr. Mallya's lawyer at Zaiwalla & Co.,
TOI relays.
Meanwhile, Mr. Mallya remains on bail in the UK while a
"confidential" legal matter believed to be related to an asylum
application is resolved in connection with the unrelated
extradition proceedings.
About Kingfisher Airlines
Headquartered in Mumbai, India, Kingfisher Airlines, formerly known
as Deccan Aviation Ltd., served about 35 domestic destinations with
a fleet of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.
As reported in the Troubled Company Reporter-Asia Pacific,
Bloomberg News said Kingfisher Airlines has grounded planes since
October 2012. The airline lost its operating license in January
2013 after failing to convince authorities it has enough funds to
restart flights.
As reported in the TCR-AP, the Times of India said the Karnataka
high court has ordered the winding up of the now-defunct Kingfisher
Airlines (KFA). Justice Vineet Kothari gave this direction on Nov.
18, 2016, while allowing a petition filed in 2012 by Aerotron, a
UK-based company, for recovery of a little over US$6 million due to
it for supply of rotable aircraft components to KFA.
M. D. ESTHAPPAN: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M. D.
Esthappan Infrastructures Private Limited (MDEIPL) continue to be
'Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (ISSUER NOT
COOPERATING)
Overdraft Facility 18.75 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Non 2 CRISIL D (ISSUER NOT
Fund based limits COOPERATING)
Crisil Ratings has been consistently following up with MDEIPL 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 MDEIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
MDEIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of MDEIPL continues to be 'Crisil D Issuer not
cooperating'.
Incorporated in 2008, MDEIPL undertakes civil construction work in
Kochi, Kerala. The company is owned and managed by Mr. MD Esthappan
and his sons, Biji Stephen and Josy Stephen.
M2M BUILDTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M2M Buildtech Private Limited
Registered Office:
House No. G3/193-194, First Floor, Sector-16,
Rohini, Sector 5, North West Delhi - 110085
Principal Office:
39-G, Pocket A-1, Mayur Vihar Phase- III,
New Delhi – 110096
Branch Office:
Friends Colony, Ground Floor,
Near Omaxe City Gate,
Rajan Tower, Rohtak,
Haryana, India, 124001
Insolvency Commencement Date: March 24, 2025
Estimated date of closure of
insolvency resolution process: September 20, 2025
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Akhil Ahuja
Mavent Restructuring Services LLP
S-376, Panchshila Park, New Delhi- 110017
Email: caakhilahuja@gmail.com
Email: cirp.m2m@gmail.com
1. Gunjan Arora
House No - 82, Block - H, Sector -10,
DLF, Faridabad, Haryana, 121006
2. Raj Kumar Soni
127, Second Floor, IP Colony,
Sector 30-33, Gate No 3,
Indraprastha Colony,
Faridabad, Haryana, 121003
3. Uma Garg
29 GF, Housing Board Society,
Fazilpur Road, Near Eldeco Mensions,
Sector 48, Gurgaon, Haryana, 122018
Last date for
submission of claims: April 7, 2025
MAGUS METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Magus Metals
Private Limited (MMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Secured Overdraft 8 CRISIL D (Issuer Not
Facility Cooperating)
Crisil Ratings has been consistently following up with MMPL 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 MMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MMPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 1990, MMPL is engaged in recycling and re
processing of non-metallic sludge that is rich in copper, cadmium
and zinc content to manufacture non-ferrous metals like zinc
sulphate, copper sulphate, zinc ingots and cadmium.
MAMONI COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MAMONI Cold
Storage Private Limited (MCSPL) continue to be 'Crisil B-/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 Crisil B-/Stable (Issuer Not
Cooperating)
Cash Credit 1 Crisil B-/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MCSPL 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 MCSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MCSPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
MCSPL, established by Mr. Bajradhari Samanta in 1987, provides cold
storage facilities, mainly for potatoes, to local farmers and
traders on a rental basis. It has storage capacity of 23,310 tonne
at Paschim Medinipur in West Bengal.
MANSI INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mansi
International Private Limited (MIPL; part of the Mansi group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MIPL 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 MIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
MIPL, set up in 2012 by Mr. Janak Doshi and his family members,
trades in dry fruits such as almonds, pistachios, and dates. It is
based in Mumbai.
Established in 2014, MT, a partnership firm of Mr. Govind S Gupta
and Ms Mansi J Doshi, also trades in dry fruits.
MESSRS HONSEN: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Messrs Honsen
Lyngdoh (MHL) continues to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.25 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MHL 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 MHL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MHL continues to be 'Crisil B/Stable Issuer not cooperating'.
Based in Meghalaya, MHL is a proprietorship firm established in
1975 and is currently managed by Mr. Hansel. The firm mainly
constructs roads for the Public Works Department of Meghalaya and
the National Highways Authority of India.
MILLENNIUM EDUCATION: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Millennium Education Foundation
Flat No. 633, T/F, LIG, Sector 18, Phase 2
Dwarka, West Delhi
Delhi, India 110078
Liquidation Commencement Date: March 21, 2025
Court: National Company Law Tribunal Pune Bench
Liquidator: Sumit Sharma
C-3/69 A, Keshav Puram, North West,
National Capital Territory of Delhi - 110035
Email: mail@sumitsharma.in
Communication Address:
A-17, Second Floor, Pushpanjali Enclave
Pitampura, Delhi 110034
Email: liquidation.millenniumeducation@gmail.com
Last date for
submission of claims: April 20, 2025
MULCHAND FIBER: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mulchand Fiber
Private Limited (MFPL; a part of the Mulchand group) continues to
be 'Crisil B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Working 12.92 Crisil B/Stable (Issuer Not
Capital Facility Cooperating)
Crisil Ratings has been consistently following up with MFPL 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 MFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MFPL continues to be 'Crisil B/Stable Issuer not cooperating'.
MFPL was incorporated in 2012 by Mr. Ashok Phulchand Agrawal and Ms
Chaya Ashok Agrawal. This Jalna (Maharashtra)-based company
undertakes cotton ginning, de-linting of cotton seeds, and oil
extraction. MPKUPL, established in 2003 by Mr. Ashok Agrawal, is a
Jalna-based company that undertakes ginning of cotton.
NIMIT STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nimit Steels
and Alloys Private Limited (NSAPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 60 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 18 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 32 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with NSAPL 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 NSAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NSAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NSAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
NSAPL was incorporated in April 2003 by Mr. Haresh Bhansali and his
son, Mr. Akshay Bhansali. It is engaged in trading of special alloy
steels wire rods, round bars and billets. The company is based out
of Mumbai (Maharashtra).
NITYARAV CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nityarav
Ceramic LLP (NCL) 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 4 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 3.9 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 4.32 CRISIL D (ISSUER NOT
COOPERATING)
Working Capital 1.78 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
Crisil Ratings has been consistently following up with NCL 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 NCL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NCL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
NCL was established in Morbi, Gujarat, in 2018 and started
commercial operations in March 2019. The firm manufactures
digitally printed glazed wall tiles. It is promoted by Mr. Mahesh
Rangpariya and his family members.
ONEUP MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oneup Motors
India Private Limited (OMIPL) continue to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Electronic Dealer 14 CRISIL D (ISSUER NOT
Financing Scheme COOPERATING)
(e-DFS)
Inventory Funding 1.25 CRISIL D (ISSUER NOT
Facility COOPERATING)
Inventory Funding 6 CRISIL D (ISSUER NOT
Facility COOPERATING)
Proposed Inventory 0.25 CRISIL D (ISSUER NOT
Funding COOPERATING)
Crisil Ratings has been consistently following up with OMIPL 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 OMIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on OMIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
OMIPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 2006, Oneup deals in MSIL vehicles; it has 2
showroom-cum-service centre and 3 service centre in Lucknow (Uttar
Pradesh).
PAGONXT MERCHANT: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Pagonxt Merchant Solutions India Private
Registered Address:
23, Floor-2, Plot-59/61 Arsiwala Mansion
Nathalal Parikh Colaba
Mumbai 400005
Maharashtra, India
Corporate Office:
The Hive
SRP Stratford, No. 5, Rajiv Gandhi Salai
Kottivakkam, Chennai 600041
Tamil Nadu, India
Liquidation Commencement Date: March 21, 2025
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Krishna Chamadia
B-13, Anjani Complex,
Parera Hill Road,
Andheri East, Mumbai 400099
Email: krishna@sphereadvisory.com
Mobile: 9833909615
Email: pagonxt.ibc2gmail.com
Last date for
submission of claims: April 20, 2025
PARAMOUNT MINERALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Paramount Minerals and Chemicals Limited
Plot No. C-6, AMP Gate MIDC
Ambernath, Thane, Kalyan
Maharashtra, India, 421501
Insolvency Commencement Date: March 25, 2025
Estimated date of closure of
insolvency resolution process: September 20, 2025 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Ganesh Labhchand Jain
501, Clifton Society,
Shastri Nagar, Raviraj Oberoi Marg,
Andheri West, Mumbai - 400053
Email: gajeshjain@gmail.com
C-602, Remi Biz Court
Off Veera Desai Road, Azad Nagar
Andheri West, Mumbai - 400053
Email: cirp.paramount@gmail.com
Last date for
submission of claims: April 8, 2025
PATTU FABRICS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Pattufabrics Private Limited
No. 1, Ground Floor
8th Cross Cubbonpet
Bangalore, Karnataka
India 560002
Liquidation Commencement Date: March 21, 2025
Court: National Company Law Tribunal Bangalore Bench
Liquidator: CS THIRUPAL GORIGE
No. 87, 2nd Floor, 21st Cross
7th Main, N S.Palya, BTM 2nd stage
Bangalore - 560076
Karnataka, India
Mobile: +91 94483 84064
Mobile: +080 79634233
Email: gthirupal@gmail.com
Last date for
submission of claims: April 17, 2025
PVM TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PVM
Technologies Private Limited (PVM) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PVM 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 PVM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PVM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PVM continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Established in 1998 by Mr. Bhagwat Singh Lodha, Mr. JS Lodha, Ms.
Vimla Lodha, and Ms. Parmila Lodha, PVM is a Class AA
government-approved contractor that undertakes public water supply
and irrigation projects for Public Health Engineering Department.
ROCKDUDE IMPEX: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
Crisil Ratings has migrated the ratings on bank facilities of
Rockdude Impex Private Limited (RIPL) to 'Crisil D/Crisil D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 22 Crisil D (Issuer Not
Cooperating; Rating Migrated)
Inland/Import 16 Crisil D (Issuer Not
Letter of Credit Cooperating; Rating Migrated)
Proposed Fund- 2.61 Crisil D (Issuer Not
Based Bank Limits Cooperating; Rating Migrated)
Term Loan 1.2 Crisil D (Issuer Not
Cooperating; Rating Migrated)
Working Capital 7.19 Crisil D (Issuer Not
Term Loan Cooperating; Rating Migrated)
Crisil Ratings has been consistently following up with RIPL for
obtaining information through letter and email dated March 18, 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 RIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RIPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the ratings on
bank facilities of RIPL to 'Crisil D/Crisil D Issuer not
cooperating'.
RIPL is a Mumbai based company incorporated in 2009 by Mr. Somani
and Mr. Anand. It is engaged in manufacturing of kitchen Aluminum
Foil and containers under the brand name of 'Freshee' and also
exports to overseas market.
S.A.M. APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.A.M.
Apparels Private Limited (SAMAPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inland/Import 1.5 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Packing Credit 16 CRISIL D (Issuer Not
Cooperating)
Packing Credit 10 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.1 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.9 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SAMAPL 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 SAMAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SAMAPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SAMAPL continues to be 'Crisil D/Crisil D Issuer not
cooperating'.
The company is engaged in manufacturing and export of ladies'
garments. Its manufacturing facility is located in Noida, Uttar
Pradesh.
SAIKRUPA COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saikrupa
Cottons Private Limited (SCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
Proposed Fund- 0.3 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
Term Loan 5.7 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SCPL 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 SCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCPL continues to be 'Crisil D Issuer not cooperating'.
SCPL is engaged in ginning and pressing of raw cotton to make
cotton bales. The unit is located at Yavatmal (Maharashtra) with an
installed capacity of producing 200 bales per day. It also has a
seed crushing unit of 300 quintals per day.
SARVODAY ASHRAM: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarvoday
Ashram (Sarvoday) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 4 CRISIL D (Issuer Not
Credit Limit Cooperating)
Proposed Cash 3 CRISIL D (Issuer Not
Credit Limit Cooperating)
Crisil Ratings has been consistently following up with Sarvoday 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 Sarvoday, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Sarvoday is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Sarvoday continues to be 'Crisil D Issuer not
cooperating'.
Sarvoday is a society based out of Etah, Uttar Pradesh. Established
in 1952, Sarvoday has been engaged in the spinning, weaving and
marketing of khadi clothes and is affiliated to the Khadi and
Village Industries Commission (KVIC).
SB CARS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SB Cars
Private Limited (SBCPL) continue to be 'Crisil B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Electronic Dealer 11 CRISIL B+/Stable (ISSUER NOT
Financing Scheme COOPERATING)
(e-DFS)
Proposed Fund- 1 CRISIL B+/Stable (ISSUER NOT
Based Bank Limits COOPERATING)
Term Loan 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Working Capital 3 CRISIL B+/Stable (ISSUER NOT
Facility COOPERATING)
Crisil Ratings has been consistently following up with SBCPL 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 SBCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SBCPL continues to be 'Crisil B+/Stable Issuer not cooperating'.
SBCPL was incorporated in March 2008 and operates as an authorised
dealer for vehicles of MSIL in Kanpur, Unnao, Orai and Kalyanpur
(all in Uttar Pradesh). Mr. Hari Kishan Oberoi and his wife, Ms
Sanjana Oberoi, are the promoters. Mr. Hari Kishan Oberoi manages
the operations, with support from other directors.
SCV SKY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SCV SKY
Vision (SCV) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SCV 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 SCV, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCV continues to be 'Crisil D Issuer not cooperating'.
SCV, established in 1980, is a Multi system operator (MSO) of
television channels in Chitoor district. SCV's operations are
managed by Mr. Chenchu krishnama Naidu, Managing partner.
SHUBHI DEVI: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shubhi Devi
Higher Education Shiksha Samiti (SHESS) continue to be 'Crisil
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 5.85 Crisil B/Stable (Issuer Not
Cooperating)
Overdraft Facility 2.15 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SHESS 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 SHESS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SHESS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SHESS continues to be 'Crisil B/Stable Issuer not cooperating'.
SHESS, is a trust based in Basti, Uttar Pradesh. It provides
educational services at seven institutes: Subhi Devi Mahila
Mahavidyalaya (BA, BSc, BEd), Chandrawati Devi Mahavidyalaya (BA,
MA), Pt Ambika Pratap Marayana Mahila Mahavidyalay (BA, BSc, BEd),
GPS BTC College (BTC), Purvanchal Inter College (classes 9-12),
Surya International Academy (playschool-class 12) and GPS Balika
Inter College (classes 9-12).
=========
J A P A N
=========
SAPPORO HOLDINGS: Egan-Jones Retains B Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2025, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Sapporo Holdings Limited. EJR also withdrew the
rating on commercial paper issued by the Company.
Headquartered in Tokyo, Japan, Sapporo Holdings Limited produces
and sells alcoholic and non-alcoholic beverages.
SUMITOMO CHEMICAL: Egan-Jones Retains BB Sr. Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on April 9, 2025, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Sumitomo Chemical Company, Limited. EJR also
withdrew the rating on commercial paper issued by the Company.
Headquartered in Chuo City, Tokyo, Japan, Sumitomo Chemical
Company, Limited manufactures chemical products.
=====================
N E W Z E A L A N D
=====================
BUILD BRILLIANT: Court to Hear Wind-Up Petition on May 16
---------------------------------------------------------
A petition to wind up the operations of Build Brilliant
Construction Limited will be heard before the High Court at
Auckland on May 16, 2025, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Jan. 29, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
GONECO 2025: Creditors' Proofs of Debt Due on May 16
----------------------------------------------------
Creditors of Goneco 2025 Limited are required to file their proofs
of debt by May 16, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 9, 2025.
The company's liquidators are:
Andrew Grenfell
Kare Johnstone
McGrathNicol
Level 17, 41 Shortland Street
Auckland 1010
PHOENIX DECORATORS: Court to Hear Wind-Up Petition on May 1
-----------------------------------------------------------
A petition to wind up the operations of Phoenix Decorators Limited
will be heard before the High Court at Whanganui on May 1, 2025, at
9:30 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Feb. 12, 2025.
The Petitioner's solicitor is:
Claudia Elizabeth Mazuecos
Inland Revenue, Legal Services
Asteron Centre
55 Featherston Street
PO Box 895
Wellington 6011
RG PIZZA: Grant Bruce Reynolds Appointed as Liquidator
------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on April 13, 2025,
was appointed as liquidator of RG Pizza Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
TONGDAENG LIMITED: Creditors' Proofs of Debt Due on May 27
----------------------------------------------------------
Creditors of Tongdaeng Limited are required to file their proofs of
debt by May 27, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 15, 2025.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington, Business Restructuring
Level 1, 50 Customhouse Quay
Wellington 6011
=================
S I N G A P O R E
=================
BONAFIDES BEAUTE: Creditors' Meetings Set for April 24
------------------------------------------------------
Bonafides Beaute Pte. Ltd., Bonafides Beautistyle Pte. Ltd., and
Bonafides Beauty Pte. Ltd., will hold meeting for creditors on
April 24, 2025, at 2:00 p.m., 2:30 p.m., and 3:00 p.m.,
respectively, via an audio-visual conference on the Zoom Platform.
Agenda of the meeting includes:
a. to lay before the creditors a full statement of the affairs
of the Companies, showing the assets and liabilities of the
Companies;
b. to appoint liquidators;
c. to form a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
FRIENDSHIP STEEL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 4, 2025, to
wind up the operations of Friendship Steel Engineering Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
HENGXIN SINGAPORE: Commences Wind-Up Proceedings
------------------------------------------------
Members of Hengxin Singapore Pte. Ltd. on April 3, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Mr. Lin Yueh Hung
Mr. Goh Wee Teck
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
KLEIO ONE-SOLUTION: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on April 2, 2025, to
wind up the operations of Kleio One-Solution Pte. Ltd.
HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company.
The company's liquidators are:
David Dong-Won Kim
Cameron Lindsay Duncan
c/o KordaMentha Pte. Ltd.
16 Collyer Quay
#30-01
Singapore 049318
MULTI-SYSTEM TECHNOLOGIES: Court Enters Wind-Up Order
-----------------------------------------------------
The High Court of Singapore entered an order on April 4, 2025, to
wind up the operations of Multi-System Technologies Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=====================
S O U T H K O R E A
=====================
[] Rep. Proposes Virtual Asset Exchange Bankruptcy Isolation Act
----------------------------------------------------------------
Bloomingbit reports that Min Byung-deok, a member of the Democratic
Party of Korea, announced on April 16 that he has proposed the
'Virtual Asset Exchange Bankruptcy Isolation Act' to effectively
protect user assets in the event of a cryptocurrency exchange
bankruptcy.
This amendment is a supplementary legislation to the current 'Act
on the Protection of Virtual Asset Users', aimed at enhancing the
effectiveness of the provision that mandates exchanges to segregate
customer assets from company assets, Bloomingbit relates.
Representative Min explained, "The bill clarifies the legal basis
to ensure that virtual asset users' assets are not incorporated
into the general bankruptcy estate and allows for asset recovery
even in the event of an exchange bankruptcy."
In fact, in 2019, the Seoul Bankruptcy Court judged the claim for
the return of virtual assets by users in a cryptocurrency exchange
bankruptcy case as a general claim rather than a right of recovery,
Bloomingbit says. As a result, users of the exchange faced
difficulties in practically recovering their assets.
Representative Min stated, "As part of efforts to protect and
foster the virtual asset users, investors, and the exchange-related
industry, I have proposed this bill," and promised to "promptly
proceed with the enactment of the Basic Act on Virtual Assets
(Digital Asset Basic Act)," Bloomingbit relays.
=============
V I E T N A M
=============
SAIGON JOINT: Central Bank Preparing Restructuring Plan for Lender
------------------------------------------------------------------
Reuters reports that Vietnam's central bank is finalising a report,
based on a plan from an unspecified investor, to restructure ailing
Saigon Joint Stock Commercial Bank, the lender at the centre of the
country's biggest financial fraud on record, local media said.
Last month, Reuters reported that Vietnam developer Sun Group had
proposed a rescue plan for SCB, which entailed the full
reimbursement within 15 years of nearly US$26 billion the central
bank has pumped into SCB since October 2022 after a run on its
deposits.
The central bank has drafted a report about the rescue plan
prepared by the unspecified investor, the finance ministry's Dau Tu
newspaper reported during the weekend, Reuters relays.
The draft is subject to changes after opinions from relevant state
bodies, the paper said, giving no details on the plan or a
timeframe for its submission.
Reuters has reported that Sun Group had been appointed by the
central bank to prepare the restructuring plan for SCB.
The State Bank of Vietnam placed SCB under its supervision to stem
a run on the bank sparked by the October 2022 arrest of real estate
tycoon Truong My, who was later sentenced to death over her role in
siphoning off from SCB the equivalent of billions of dollars in
loans to shell companies she controlled.
In a separate trial over money laundering and the illegal issuance
of corporate bonds, Lan had on April 21 an additional life sentence
reduced to 30 years on appeal, according to state media.
SCB has been using cash injections from the central bank to cover
cash withdrawals since October 2022, Reuters has reported.
Reuters adds that the central bank and government have repeatedly
sought help for SCB from the private sector, specifically calling
on foreign investors, according to state media, despite
restrictions such as a 30% cap on combined foreign ownership of
Vietnamese banks.
Saigon Joint Stock Commercial Bank (SCB) was a commercial joint
bank operating in the Vietnam financial system.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***