/raid1/www/Hosts/bankrupt/TCRAP_Public/250423.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, April 23, 2025, Vol. 28, No. 81
Headlines
A U S T R A L I A
ABRA MINING: Taurus Funds to Buy Miner Out of Administration
BAYPIN HOLDINGS: Second Creditors' Meeting Set for April 30
CRYPTOLOC HOLDINGS: Queensland Gov't Sends Co. Into Liquidation
ENTYR LIMITED: First Creditors' Meeting Set for April 30
JERVOIS GLOBAL: Second Creditors' Meeting Set for April 30
MODERE AUSTRALIA: First Creditors' Meeting Set for April 30
SMOKIN' STAINLESS: Second Creditors' Meeting Set for April 30
C H I N A
RETO ECO-SOLUTIONS: Secures $1.7M in Class A Share Sale
[] CHINA: LGFVs May Face Added Funding Hurdles, Fitch Says
I N D I A
AMISH DAIRY: CARE Lowers Rating on INR5.77cr LT Loan to B-
CONTINENTAL CARBON: CARE Lowers Rating on INR6.48cr LT Loan to B+
DENTSU COMMUNICATION: Court Rejects Insolvency Plea vs. Company
M. S. ELASTIC: CARE Lowers Rating on INR12.77cr LT Loan to B-
MAHAKALI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
MITS MEGA: CRISIL Keeps B- Debt Ratings in Not Cooperating
MOHANA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
NATIONAL AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
NEHA EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating
NIRMAL INDUCTOMELTS: CRISIL Keeps D Ratings in Not Cooperating
NORTH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
OK FOOD: CARE Lowers Rating on INR36.75cr LT Loan to B
PAC BIO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
PALLA SILKS: CRISIL Keeps B- Debt Ratings in Not Cooperating
PARAMOUNT BLANKETS: CRISIL Keeps D Ratings in Not Cooperating
POWER WELFARE: CRISIL Keeps D Debt Rating in Not Cooperating
PRABHUKRUPA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
PRANAV FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating
PROCESS CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
PUSHPAVATHI AGRO-TECH: CARE Keeps B- Rating in Not Cooperating
SINGH EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
SINTEX PLASTICS: NCLAT Upholds Company's Liquidation
SRG ALUMINIUM: CARE Lowers Rating on INR13.94cr LT Loan to B-
TEJAS ISPAT: CARE Keeps B- Debt Rating in Not Cooperating Category
TESNA TECH: CARE Lowers Rating on INR6.38cr LT Loan to B
TMA INFRASTRUCTURE: CRISIL Moves D Ratings to Not Cooperating
WINDERMERE RESEARCH: CARE Lowers Rating on INR34cr LT Loan to B
M A L A Y S I A
HO HUP: Seeks Court Protection, Proposes Debt Restructuring
[] MALAYSIA: Cross-Border Insolvency Bill to be Tabled Soon
N E W Z E A L A N D
36BORMAN LIMITED: Creditors' Proofs of Debt Due on May 28
AWANUI LABS: Loses Millions Amid 'Funding Gap', Staff to Strike
GREENFIELD GLOBAL: Waterstone Insolvency Appointed as Receivers
KD TRANSPORT: Court to Hear Wind-Up Petition on May 9
R. L. DENTON: Court to Hear Wind-Up Petition on May 9
WELLINGTON TRADE: Brenton Hunt Appointed as Liquidator
P H I L I P P I N E S
GMA NETWORK: Shuts Down 3 Subsidiaries, Absorbs PHP130-Mil. Loss
S I N G A P O R E
ATHENA PARTNERS: Court Enters Wind-Up Order
PAULS TRANSPORTATION: Court to Hear Wind-Up Petition on May 2
SPTL HOLDINGS: Commences Wind-Up Proceedings
TIMEMOVER PTE: Court Enters Wind-Up Order
ZHUO XIANG: Creditors' Meetings Set for April 25
V I E T N A M
SAIGON-HANOI BANK: Fitch Assigns BB- LongTerm IDRs, Outlook Stable
- - - - -
=================
A U S T R A L I A
=================
ABRA MINING: Taurus Funds to Buy Miner Out of Administration
------------------------------------------------------------
The Australian Financial Review reports that Taurus Funds
Management will offer to buy West Australian lead and silver
hopeful Abra Mining out of administration under a turnaround plan
that will include a promise from the specialist resources industry
lender to pay for the upgrade of public roads in the outback.
Abra Mining owed more than AUD350 million to about 200 creditors
when it collapsed into administration 12 months ago, after a
slower-than-expected ramp-up of its eponymous mine in the remote
Gascoyne region, according to the Financial Review.
The Financial Review says the Abra mine cost just over AUD230
million to build between 2019 and 2023, but weather disruptions and
lower-than-expected lead grades meant its owner collapsed before it
ramped up to full capacity. Taurus is Abra's largest creditor, owed
AUD165.8 million, and will submit an offer to buy and privatise the
company to administrators KordaMentha within weeks.
If creditors approve the plan, Taurus' Craig McGowan will become
Abra chairman, the Financial Review relates. Mr. McGowan declined
to detail how much money creditors would be repaid, but confirmed
plans to invest in improving the outback roads that contributed to
the mining group's collapse last year.
Lead and silver concentrate from the mine is trucked about 785
kilometres to Geraldton port. But heavy rains in March last year
made the unsealed Ashburton Downs Road impassable for weeks and
triggered a cash flow crisis that exacerbated the
slower-than-expected ramp-up, the report notes.
According to the Financial Review, Abra Mining chief executive Matt
Hine said the company's heavy trucks could traditionally drive on
the Ashburton Downs Road about 78 per cent of the time, but he said
upgrades to the road should raise this to 92 per cent.
"The previous team was doing their best with what they had by
trying to carry additional inventory, but ultimately, it creates a
working capital issue where you just carry all this additional
material to keep going, and you can't get your [lead] concentrate
out," the Financial Review quotes Mr. Hine as saying.
"It is a multi-user shire road, it's their asset, but they don't
necessarily have the balance sheet to provide the upgrade, so we
are going to contribute."
According to the Financial Review, Abra is not the only Australian
miner to collapse because crucial outback roads have been cut off
by heavy rains; the dying days of Panoramic Resources in 2023 were
marked by an inability to get its nickel and cobalt out of its
Savannah mine because of inundated roads. Savannah was bought out
of administration by Bermuda-based investor Duncan Saville.
Mineral Resources' financial survival is also heavily dependent on
its ability to fix an unsealed road that carries its West Pilbara
iron ore to Onslow port.
Lead prices have declined by about 10 per cent since Abra went into
administration, but that headwind has been offset by a weaker
Australian dollar, which effectively lowers the unit cost of local
miners. Lower charges for metal treatment and refining have also
helped the company, the report says.
The Financial Review adds that the Abra mine has continued to
operate while in administration, and Mr. Hine said the company was
cash flow positive in February and broke even in March. He said
operating costs would be lowered if the Taurus proposal was
approved.
About Abra Mining
Abra Mining Pty Limited -- https://www.abramining.com.au/ -- owns
and operates a lead and silver mine in the Gascoyne region of
Western Australia. AMPL is 60% owned by Galena Mining Limited and
40% by Toho Zinc Co., Ltd. through its wholly owned subsidiary, CBH
Western Australia Pty Ltd.
Richard Tucker of KordaMentha was appointed as administrator of the
company on April 4, 2024.
The appointment of administrators follows efforts by the company
and its stakeholders to recapitalize the business.
BAYPIN HOLDINGS: Second Creditors' Meeting Set for April 30
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Baypin Holdings
Pty Ltd has been set for April 30, 2025 at 12:00 p.m. by virtual
conference via Zoom meeting.
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 4:30 p.m.
Danny Vrkic and Daniel O'Brien of DV Recovery Management were
appointed as administrators of the company on March 14, 2025.
CRYPTOLOC HOLDINGS: Queensland Gov't Sends Co. Into Liquidation
---------------------------------------------------------------
ABC News reports that Queensland's government has put a politically
connected cybersecurity business into insolvency within six months
of it winning a state contract to run a $15 million safety
program.
Cryptoloc Holdings' liquidation was executed this month in the
Supreme Court after failing to repay $1.51 million demanded by the
state for money already advanced, the ABC can reveal.
According to the ABC, court-filed correspondence shows a
disintegration of confidence amid questions about Cryptoloc
Holdings' financial strength and spending.
"You have failed to properly explain Cryptoloc's asserted expenses
and contracts," one government legal letter stated.
The state also maintained no-one from Cryptoloc Holdings had
responded to queries since December last year, the ABC relays.
It marks the latest headache for Cryptoloc and its founder Jamie
Wilson, who attended ritzy events with stars and politicians, and
whose ventures donated more than AUD320,000 to both sides of
politics.
Cryptoloc Holdings' collapse so soon after winning a tender also
raises questions about due diligence.
According to the ABC, Brisbane-born Mr. Wilson's venture stretches
back 15 years and was marketed as a way of storing documents in a
hacker-proof online environment. The idea spawned from Mr. Wilson's
scramble to find documents during a family tragedy.
He raised funds from investors but entities including Cryptoloc
Holdings, whose sole director is also Mr. Wilson, split from the
head company last year. Some Cryptoloc companies remain active.
The ABC notes that Cryptoloc Holdings was selected to run a AUD15
million program to boost small businesses cybersecurity, announced
in the last days of the Queensland Labor administration.
Court documents show two days later, Cryptoloc Holdings issued an
initial AUD1.762 million invoice. Up to AUD5 million was allocated
for the company over several years.
But an ABC investigation in November revealed another of
Mr. Wilson's Cryptoloc-associated companies had gone into
liquidation owing taxpayers almost AUD2 million, and Mr. Wilson had
admitted in an affidavit to cash-flow problems with paying wages.
The government's lawyers at Clayton Utz asked Cryptoloc Holdings
that month about the ABC report and staff issues.
The ABC relates that the department found directorship and the
legal owner of most shares in the company had changed.
The change was from Mr. Wilson to a woman at the business. It was
changed in the month after the tender was won.
These changes were not disclosed to the department, which it said
damaged "trust and confidence between the parties".
Mr. Wilson, who later resumed the sole directorship, initially
replied the changes were necessary to protect Cryptoloc because "a
third party with significant influence has taken offence to Jamie
personally".
"There was no intent to deceive but rather to work with the
department to protect this critical program," he wrote.
He also said Cryptoloc Holdings had unsuccessfully tried
communicating the corporate changes to the department, while his
other company's liquidation was a "mutual" decision with the
Australian Taxation Office.
"We are unsure why the department has adopted such a combative
stance toward a project that is on track," he wrote.
He also wrote AUD1.247 million had been spent on the program.
According to the ABC, the department's lawyers upped the pressure,
questioning spending on subcontractors without government consent,
a budgeted AUD10,000 on a "Champions Network", and Mr. Wilson
having told an external auditor he was in Sydney.
"Contrary to Mr. Wilson's representation, he has in fact been
overseas during the past week," one email said.
By mid-December, lawyers complained Cryptoloc Holdings was in
breach of information requests.
"You have failed to confirm that Cryptoloc is able and willing to
complete the contract in extraordinary circumstances where it has
supplied a false address for business, has shut down its website
and extraordinarily failed or refused to respond to multiple
communications," the email, as cited by the ABC, said.
The state contract was terminated in early January, with the
government demanding AUD1.513 million - the amount initially sent,
minus some expenses, the ABC notes.
Cryptoloc Holdings specialises in EDMS and anti-counterfeiting
solutions.
ENTYR LIMITED: First Creditors' Meeting Set for April 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Entyr
Limited, Australian Tyre Processors Pty Ltd, Keshi Technologies Pty
Ltd, Pearl Global Management Pty Ltd, and Rubber Reclamation
Industries Pty Ltd will be held on April 30, 2025 at 2:00 p.m. via
virtual meeting.
Jason Tracy and Stephen Edds of Alvarez & Marsal were appointed as
administrators of the company on April 15, 2025.
JERVOIS GLOBAL: Second Creditors' Meeting Set for April 30
----------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Jervois Global Limited;
- Nico Young Pty. Ltd.;
- Hardrock Exploration Pty. Ltd.;
- TZ Nico (1) Pty Limited;
- TZ Nico (2) Pty Limited; and
- Goldpride Pty Ltd
has been set for April 30, 2025 at 10:00 a.m. via Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 29, 2025 at 4:00 p.m.
David Hardy and Gayle Dickerson of KPMG were appointed as
administrators of the company on March 12, 2025.
MODERE AUSTRALIA: First Creditors' Meeting Set for April 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Modere
Australia Pty Ltd will be held on April 30, 2025 at 12:00 p.m. at
the offices of SV Partners at Level 17, 200 Queen Street in
Melbourne.
Peter Gountzos and Timothy James Brace of SV Partners were
appointed as administrators of the company on April 15, 2025.
SMOKIN' STAINLESS: Second Creditors' Meeting Set for April 30
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Smokin'
Stainless Pty Ltd has been set for April 30, 2025 at 11:00 a.m. via
Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 28, 2025 at 5:00 p.m.
Stuart Otway and Travis Olsen of SV Partners were appointed as
administrators of the company on March 17, 2025.
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C H I N A
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RETO ECO-SOLUTIONS: Secures $1.7M in Class A Share Sale
-------------------------------------------------------
Reto Eco-Solutions, Inc. disclosed in a Form 6-K Report filed with
the U.S. Securities and Exchange Commission that the Company
entered into a securities purchase agreement with an investor in
connection with the issuance and sale of an aggregate of 452,128
Class A shares, par value US$1.0 per share, of the Company at $3.76
per share for an aggregate purchase price of $1,700,000.
The Securities Purchase Agreement contains customary
representations, warranties and agreements by the Company and the
Purchaser, and indemnification obligations of the Company against
certain liabilities, including for liabilities under the Securities
Act of 1933, as amended.
The sale of the Class A Shares is being made pursuant to the
provisions of Regulation S promulgated under the Securities Act.
The Company intends to use the net proceeds from the Private
Placement for future mergers and acquisitions and working capital
purposes.
About Reto Eco-Solutions
Reto Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers and
tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. Headquartered in Beijing, Peoples Republic
of China, the Company also provides consultation, design, project
implementation and construction of urban ecological protection
projects through its operating subsidiaries in China. It also
provides parts, engineering support, consulting, technical advice
and service, and other project-related solutions for its
manufacturing equipment and environmental protection projects.
Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024. The report highlighted that the Company records an
accumulated deficit as of Dec. 31, 2023, and the Company currently
has net working capital deficit, continued net losses and negative
cash flows from operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
As of June 30, 2024, ReTo Eco-Solutions had $33,671,537 in total
assets, $19,894,564 in total liabilities, and $13,776,973 in total
shareholders' equity.
[] CHINA: LGFVs May Face Added Funding Hurdles, Fitch Says
----------------------------------------------------------
The Shanghai Stock Exchange is likely to further tighten bond
issuance related to funding new projects by local-government
financing vehicles (LGFVs) with weak interest coverage and
significant fiscal exposure as part of broader efforts to control
public sector debt growth, Fitch Ratings said on April 17.
"Nevertheless, we expect the policy environment to continue
facilitating market access for LGFVs to prevent systemic risk from
defaults, with the new guidelines unlikely to hinder the
refinancing of maturing bonds or access to bank borrowings" the
rating firm said.
The exchange revised its review standards for onshore corporate
bond issuance in late March 2025. The updates introduced new
disclosure requirements on EBITDA interest coverage, debt structure
volatility, high trading income, lack of core revenue sources and
corporate governance. These serve as additions to existing
guidelines on LGFVs' investment-related bond issuances. Past
measures included the removal of hidden debt, reclassification as
non-LGFVs and limits on fiscal exposure, as reflected in LGFVs'
balance sheets and income statements through elements such as
government subsidies and receivables.
"A key new requirement is maintaining a minimum of 1x EBITDA
interest coverage, which we believe will prevent the majority of
LGFVs from issuing investment-related onshore bonds over the next
12-18 months. Affected LGFVs are those with persistently weak
Standalone Credit Profiles (SCPs), characterised by high leverage,
low interest coverage and dependence on government support. Over
95% of Fitch-rated LGFVs have SCPs in the 'b' category, while more
than 70% reported Fitch-adjusted EBITDA cash interest coverage of
below 1x in 2023. The ratio will be lower if only expensed interest
is included in the calculation," Fitch Ratings said.
"We expect any improvement in coverage from debt substitution –
removing hidden debt from balance sheets – and lower cost of debt
to be gradual, marginal and uneven, as hidden debt accounts for
less than a quarter of total LGFV debt and the substitution
programme spans four years until 2028.
"Only a minority of LGFVs that have fundamentally reduced fiscal
reliance and transformed their business models to generate
sustainable financial returns, exceeding the 1x EBITDA interest
coverage threshold, are likely to qualify to issue bonds for
financially viable investments. We expect restrictions to persist
for LGFVs that have undergone reclassification to bypass previous
regulatory restrictions, especially those consolidating low-margin
trading revenue and non-controlling stakes in commercial
subsidiaries, if these diversification efforts fail to yield
sufficient financial returns to support a robust standalone
financial profile.
"However, the policy environment should remain supportive to the
extent of maintaining LGFVs' market access to prevent systemic risk
from LGFV defaults. The revised standards are unlikely to obstruct
the refinancing of maturing LGFV bonds or access to bank borrowings
for both refinancing and growth, which are the sector's major debt
financing channels. Further policy evolution on bond issuance that
balances risk control and growth will continue to be a key credit
driver for the sector," the rating firm added.
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I N D I A
=========
AMISH DAIRY: CARE Lowers Rating on INR5.77cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Amish Dairy & Foods Private Limited (ADFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.77 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 26, 2024,
placed the rating(s) of ADFPL under the 'issuer non-cooperating'
category as ADFPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. ADFPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated February 9, 2025, February 19,
2025 and March 1, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of ADFPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
M/s. Amish Dairy & Foods Private Limited (ADFPL) was incorporated
in March 2015 however, the operations started in April 2017. The
company is engaged in production of pasteurized milk, dahi, butter,
ghee, paneer, lassi, peda, khoya etc. The business unit is situated
at village Guthani, in Siwan district of Bihar. The brand name of
their product is Gopad (Gopad milk, Gopad Dahi etc). ADFPL had
originally set up a milk processing unit with installed capacity of
5,000 to 10,000 Litre per day (LPD) in the year 2017. Following a
good response from the market and growing demand, the production
capacity of the plant was increased to 50,000-1,00,000 LPD. ADFPL
has certifications and approvals namely Food Safety License,
Pollution Board Approvals and Broiler Inspection in place.
CONTINENTAL CARBON: CARE Lowers Rating on INR6.48cr LT Loan to B+
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Continental Carbon India Limited (CCIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.48 CARE B+; ISSUER NOT
Facilities COOPERATING; Rating continues to
remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE BB-; Stable
Short Term Bank 326.74 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues to
remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE had, vide its press release dated March 29, 2019, placed the
ratings of CCIL under the 'issuer non-cooperating' category as CCIL
had failed to provide information for monitoring the ratings as
agreed to in its Rating Agreement. CCIL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and e-mail communications dated
March 6, 2025, March 4, 2025 and February 28, 2025, among others
and numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The ratings on bank facilities of CCIL
will now be denoted as 'CARE B+; Stable/CARE A4; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above ratings.
The downgrade in the ratings assigned to the bank facilities of
CCIL is on account of non-availability of requisite information for
continuous monitoring of the ratings. CARE Ratings views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings assigned to the bank facilities
of CCIL remain constrained due to weak financial risk profile
marked by operational loss in FY24 (refers to the period from April
1, 2023, to March 31, 2024) and loss. The ratings, further, remain
constrained on account of weak debt coverage indicators,
susceptibility to raw material prices, stringent pollution norms
and threat of imports of Carbon Black. The ratings, however, derive
comfort from experienced and professional management team
and favourable product mix and strategic location.
Analytical approach: Standalone
Outlook: Stable
Detailed description of key rating drivers (At the time of last
rating vide PR dated January 23, 2024, following were the rating
weaknesses and strengths (updated for information available from
ministry of corporate affairs):
Key weaknesses
* Susceptibility to raw material prices: Carbon Black Feed Stock
(CBFS) and Carbon Black Oil (CBO) are the key raw material for
Carbon Black (CB), accounting for around 80% of cost of sales. CBFS
is a derivative product of crude oil refining, and its price has a
fair degree of co-relation with international crude oil price. CBO
is a derivative of coal tar which is a by-product in the process of
converting coking coal to coke (used for steel production). The
prices of CBFS & CBO are highly volatile in nature as it is linked
to volatile crude oil price and steel industry dynamics, whereas;
CB price is linked to the volatility in the tyre industry.
* Weak financial risk profile: The scale of operations declined
from INR643 crores in FY23 to INR565 crores in FY24 with company
reporting operating loss of INR10.00 crore (PY: PBILDT margin of
1.70%) and net loss of INR9.37 crore (PY: PAT margin of 1.54%) in
FY24. The debt coverage indicators of the company also stood weak
as reflected by total debt/GCA of 25.59x in FY24 (PY: 4.54x).
* Stringent pollution norms for the major industry segments: The
Central Pollution Control Board (CPCB) regulates the general
standards for emission or discharge of environmental pollutants of
carbon chemical industry. Presently, HSCL is adhering to the
pollution norms of CPCB, and all its plants are zero-discharge
facility.
* Threat of imports of Carbon Black: Anti-dumping duty (ADD) on
import of CB has been levied at differential rates for different
countries. Imports of CB had increased in FY19 due to increase in
demand from the tyre industry India which has reduced in the
current year on the back of the recent domestic demand scenario.
Continuation of ADD will be a rating monitorable.
Key Strengths
* Experienced and professional management team: China Synthetic
Rubber Corporation (CSRC), the ultimate holding company of CCIL was
established in 1973 and has been manufacturing carbon black at its
Kaohsiung City plant in Taiwan. The company derives support in
terms of technology from its group company which globally is one of
the leading manufacturers of carbon black.
* Favourable product mix and strategic location: CCIL has a
favourable product mix of approximately 50:50 for Tyre: Non-Tyre
customers. Furthermore, proximity of its manufacturing plant with
Gurgaon-Manesar automobile belt makes CCIL easily accessible for
the automobile companies (non-tyre segment). The company has been
focusing on reducing its dependence on tyre players and has been
adding clients from nontyre segments as well. Some of the major
customers include Goodyear India Ltd, Apollo Tyres Ltd, Birla Tyres
etc. Long established relationship with its clients helps the
company to get repeat orders.
Continental Carbon India Ltd. (CCIL) is 37.5 Years old, public
unlisted Indian Non-Government Company, involved in manufacturing
of carbon black which is used as reinforcing filler in rubber
compounding. The end products where it is used are tyres, profiles,
hoses, and V-belts which are mostly consumed by the automotive
industry. CCIL also produces power and steam from waste process
energy recovery.
DENTSU COMMUNICATION: Court Rejects Insolvency Plea vs. Company
---------------------------------------------------------------
The Economic Times reports that the bankruptcy court in Mumbai has
recently dismissed an insolvency petition filed against Dentsu
Communication India, citing a lack of evidence of operational debt
and raising concerns over allegedly 'fraudulent transactions'
involving the company's former employees and third-party vendors.
ET relates that the Mumbai bench of the National Company Law
Tribunal (NCLT) passed this order in an application filed by Rohit
Plastopack Pvt Ltd against Dentsu Communication India, alleging
default of about INR5.42 crore.
M. S. ELASTIC: CARE Lowers Rating on INR12.77cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
M. S. Elastic and Tapes Private Limited (MSETPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.77 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 4, 2024,
placed the rating(s) of MSETPL under the 'issuer non-cooperating'
category as MSETPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. MSETPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 18, 2025,
January 28, 2025, February 7, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MSETPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Incorporated in April 2005, M. S. Elastic And Tapes Private Limited
(MSETPL) was promoted by Baijnath Chowdhary, Mr. Piyush Chowdhary,
Ms. Priyanka Chowdhary, Mr. Ram Awatar Chowdhary, Ms. Ankita
Chowdhary, Mr. Sourav Kumar Pugalia and Mr. Bharat Kumar Samsukha
based out of West Bengal. The company has been engaged in
manufacturing of elastic tapes which are mainly used in innerwear
garments. The manufacturing facility of the company is located in
the state of West Bengal with an aggregate installed capacity of
3500 metric tons per annum (MTPA). Further, the entity has not
availed the moratorium for interest on working capital under the
terms of recent RBI circular.
MAHAKALI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahakali
Foods Private Limited (MFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 24.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Credit Limit 3 CRISIL D (Issuer Not
Under Gold Card Cooperating)
Letter of Credit 1.75 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.62 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.6 CRISIL D (Issuer Not
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 ratings on bank facilities of
MFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
MFPL was set up in 1990, by the Saha family of Indore, Madhya
Pradesh. The company manufactures soya products, including
unrefined soya oil, edible and non-edible DOC, and value-added soya
products such as soya nuggets and granules, full fat grit, and soya
flour.
MITS MEGA: CRISIL Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of MITS continue
to be 'Crisil B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 20 Crisil B-/Stable (Issuer Not
Based Bank Limits Cooperating)
Term Loan 15 Crisil B-/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MITS 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 MITS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MITS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MITS continues to be 'Crisil B-/Stable Issuer not cooperating'.
MITS was incorporated in 2011 as special purpose vehicle (SPV) to
set up an integrated food processing park in Rayagada, Odisha. The
park is being set up under the Mega Food Park Scheme of MoFPI,
which provides operational and financial support to private players
for setting up facilities. MITS is promoted by a group of entities,
the primary stakeholders being Basantdevi Charitable Trust, Odisha
Industrial Infrastructure Development Corporation (IDCO) and Expo
Biotech Ltd. Its daily operations are managed by Mr. Sriram Panda.
MOHANA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mohana Cotton
Ginning Private Limited (MCG) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MCG 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 MCG, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MCG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MCG continues to be 'Crisil D Issuer not cooperating'.
MCG was set up by Mr. A Subramanyam and his friends and relatives
in Guntur, Andhra Pradesh, in 2010. The company gins and presses
raw cotton, and trades in cotton lint.
NATIONAL AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of National Auto
Wheels Private Limited (NAWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Electronic Dealer 5 CRISIL D (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
Proposed Long Term 7.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with NAWPL 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 NAWPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NAWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NAWPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in March 2011 by the Nagpal family members, NAWPL is
an authorised dealer for passenger cars of Tata Motors Ltd in Pune,
Maharashtra. The company also offers accessories and spare parts,
service and car finance at its showroom.
NEHA EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neha Exports
(Neha; a part of the Five Core group) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 5 CRISIL A4 (Issuer Not
Cooperating)
Bill Discounting 11.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 1 CRISIL C (Issuer Not
Cooperating)
Packing Credit in 5 CRISIL A4 (Issuer Not
Foreign Currency Cooperating)
Proposed Fund- 10 CRISIL C (Issuer Not
Based Bank Limits Cooperating)
Crisil Ratings has been consistently following up with Neha 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 Neha, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Neha
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Neha continues to be 'Crisil C/Crisil A4 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 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.
NIRMAL INDUCTOMELTS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nirmal
Inductomelts Private Limited (NIMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.1 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with NIMPL 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 NIMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NIMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NIMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
About the Group
NICPL, incorporated in 2008, manufactures and markets various mild
steel structural products.
NIMPL, incorporated in 2003, has a semi-integrated manufacturing
ability to manufacture ingots and structural products. The Nirmal
group, based in Jaipur, is promoted by Mr. Bharat Bhushan Malik and
family.
NORTH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of North India
Surgical Company (NISC) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with NISC 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 NISC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NISC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NISC continues to be 'Crisil D/Crisil D Issuer not cooperating'.
NISC, a partnership firm of Mr. Varun Singla and Mr. Arun Singla,
commenced operations in April 2012. The firm trades in surgical
equipment such as stents, spinal implants and pacemakers.
OK FOOD: CARE Lowers Rating on INR36.75cr LT Loan to B
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
OK Food Private Limited (OFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 36.75 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B+; Stable
Short Term Bank 0.04 CARE A4; ISSUER NOT
Facilities COOPERATING Rating continues to
remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 13, 2024,
placed the rating(s) of OFPL under the 'issuer non-cooperating'
category as OFPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. OFPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 27, 2025, February 6,
2025 and February 16, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings for OFPL have been revised on account of
non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Jabalpur (Madhya Pradesh) based OK Food Private Limited (OFPL) was
formed in 2012 by Mr. Ashok Pariyani, Mr. Kanchedilal Jain, Mr.
Shakant Kesharwani, Mr. Rajesh Kumar Gupta and Mr. Ajay Kumar
Gupta. However, in 2018, Mr. Rajesh Kumar Gupta and Mr. Ajay Kumar
Gupta left the directorship of the company. OFPL is mainly engaged
in the processing of Basmati rice (Steamed/parboiled rice). The
processing plant of the company has total installed capacity of 8
Ton per hour (TPH) for processing of rice as on March 31, 2020. The
processed Basmati rice is sold under the brand name "Ok".
PAC BIO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pac Bio
Fungbact Private Limited (PBFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 4.33 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PBFPL 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 PBFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PBFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PBFPL continues to be 'Crisil D Issuer not cooperating'.
Gujarat based PBFPL was incorporated in fiscal 2010. It
manufactures and sells bio-fertilisers. PBFPL started its
commercial operation in fiscal 2013 and is promoted by Mr. Babubhai
Patel. The company has also started manufacturing of enzymes used
in detergents.
PALLA SILKS: CRISIL Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of PSPL continues
to be 'Crisil B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Open Cash Credit 10 Crisil B-/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PSPL 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 PSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PSPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
Established in August, 2014 as a private limited company, Palla
Silks Pvt Ltd (PSPL) is engaged in the wholesale trading of silk
sarees. Based in Hindupur district (Andhra Pradesh), the company is
promoted and managed by Mr. Palla Ashok Kumar.
PARAMOUNT BLANKETS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paramount
Blankets Private Limited (PBPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.75 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.11 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.50 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 2.00 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 3.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with PBPL 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 PBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PBPL continues to be 'Crisil D Issuer not cooperating'.
PBPL was incorporated in 2004, promoted by Mr. Satbhushan Gupta.
The company manufactures polyester mink blankets, which it sells in
the domestic market. Its manufacturing unit is at Sonepat
(Haryana).
POWER WELFARE: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Power Welfare
Society (PWS) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 30 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PWS 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 PWS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PWS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PWS continues to be 'Crisil D Issuer not cooperating'.
PWS was set up in 2005 as a non-profit organisation under the
Andhra Pradesh Societies Act, 2001, to build an 853flat residential
complex for its members, at Gachibowli in Hyderabad.
PRABHUKRUPA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Prabhukrupa
Rice Mill (PRM) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 Crisil B/Stable (Issuer Not
Cooperating)
Standby Fund 1 Crisil B/Stable (Issuer Not
Based Working Cooperating)
Capital
Crisil Ratings has been consistently following up with PRM 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 PRM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PRM continues to be 'Crisil B/Stable Issuer not cooperating'.
PRM was established in 1990, promoted by Mr. Niraj Mohata and his
family members. The firm mills, processes, and trades in
non-basmati rice. The manufacturing unit is in Bramhapuri,
Maharashtra.
PRANAV FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pranav
Foundations Private Limited (PFPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Bank 25 CRISIL D (Issuer Not
Facility Cooperating)
Crisil Ratings has been consistently following up with PFPL 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 PFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PFPL continues to be 'Crisil D Issuer not cooperating'.
PFPL, promoted by Mrs. Sreelakshmi Ranganathan is into real-estate
development in Chennai, Tamilnadu. The company also owns a 4
storied Banquet hall in Pursawalkam, Chennai.
PROCESS CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Process
Construction & Technical Services Private Limited (PCTS) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 28 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 20 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 15 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 32 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 15 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PCTS 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 PCTS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PCTS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCTS continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Set up in 2006 as a partnership, PCTS was reconstituted as a
private limited company in 2014-15. The company is promoted by Shri
K.P. Francis and is based in Navi Mumbai.
PCTS provides engineering and technical, onshore and offshore,
products and services mainly for the oil and gas industry. This
includes installation, hook-up, pre-commissioning and commissioning
assistance on major equipment, plants and machinery on offshore
platforms; and modification and revamping of offshore oil and gas
platforms, rigs and onshore facilities. Its major customers include
Larsen & Toubro Ltd and Sime Darby (a Malaysia-based multinational
conglomerate involved in plantations, property, industrial, motors
and energy & utilities).
PUSHPAVATHI AGRO-TECH: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Pushpavathi Agro-Tech Private Limited (SPAPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 06, 2024,
placed the rating(s) of SPAPL under the 'issuer non-cooperating'
category as SPAPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SPAPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 20, 2025, January 30,
2025, February 9, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Andhra Pradesh based, Sri Pushpavathi Agro-Tech Private Limited
(SPAPL) was incorporated in 2014 and promoted by Mr. N.
Venkateswarlu and his family member. The company is planning to
provide cold storage facilities i.e., for preserving agricultural
products like pulses, chillies, turmeric etc. at Narsaraopet,
Guntur Dist. Andhra Pradesh. The proposed customers of the company
include farmers and local traders. The company is planning to set
up the cold storage capacity of 10,000 metric tonnes. Apart from
providing cold storage facility the company is also planning to
engage in processing and packaging of Chilli powder. Current
installed capacity for the processing and packaging of chilli
powder is 4 tons per day.
SINGH EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singh
Education Society (SES) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.78 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 8, 2024,
placed the rating(s) of SES under the 'issuer non-cooperating'
category as SES had failed to provide information for monitoring as
agreed to in its Rating Agreement. SES continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated February 22, 2025, March 4, 2025
and March 14, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Nagpur based, SES is a trust registered under the Societies
Registration Act, 1860. The society is managing Edify School in
Nagpur since 2010. The combined strength of SES is around 665
students with a new enrolment of 99 new students in Academic Year
(AY) 2020-21. The society has started its 11th grade in
AY2020-2021.
SINTEX PLASTICS: NCLAT Upholds Company's Liquidation
----------------------------------------------------
The Economic Times reports that the insolvency appellate tribunal
NCLAT has upheld an NCLT order directing liquidation of debt-ridden
Sintex Plastics Technology. A two-member bench of the National
Company Law Appellate Tribunal (NCLAT) also rejected the submission
of an unsuccessful bidder that NCLT passed an order for liquidation
even though its lone CoC member had abstained from voting.
RBL Bank was the sole member of the Committee of Creditors (CoC) of
Sintex, owning 100 per cent votes.
According to ET, Subhlaxmi Investment Advisory, one of the
resolution applicants, had contended before the NCLAT that the sole
member of the CoC abstained from voting, therefore, technically,
the resolution plan submitted by it was not rejected.
However, rejecting it, the NCLAT said ". . . the very fact that the
sole member of the CoC did not vote in favour of the resolution
plan submitted by the appellant (Subhlaxmi Investment), therefore,
it had exercised its commercial wisdom and chose to abstain from
voting," ET relays.
This has been held by the Supreme Court in the case of K Sashidhar
that commercial wisdom of the CoC is paramount, therefore, the
reason cannot be questioned by the appellant, said NCLAT.
". . . so far as the application for liquidation, having been filed
without consent of the CoC is concerned, the argument of the
appellant is not tenable because in the 6th CoC meeting, there was
discussion regarding the possibility of the liquidation and in the
course of said discussion, the CoC sought recommendation for the
nomination of liquidator," said NCLAT in its order passed on
April 4, 2025.
In this regard, erstwhile resolution professional (RP) sent an
e-mail to the CoC seeking its consent to file the liquidation
application and the nomination of a liquidator, to which the sole
member of the CoC gave consent by returning the e-mail on the same,
ET relates.
Moreover, after three extensions, CIRP (Corporate Insolvency
Resolution Process) had expired on March 30, 2024, therefore, the
RP had to file an application for liquidation under Section 33(1)
of the Insolvency & Bankruptcy Code.
The application for the liquidation of Sintex Plastics was filed on
April 12, 2024, and the National Company Law Tribunal (NCLT)
allowed it on May 3, 2024, which was challenged before NCLAT.
"Keeping in view the aforesaid facts and circumstances which have
also been noticed by the Tribunal, we do not find any error in the
impugned order for the purpose of interference, therefore, the
present appeal is found to be without any merit and the same is
hereby dismissed though without any order as to costs," said NCLT.
About Sintex Plastics
Sintex Plastics Technology Limited provides plastic storage and
material handling products. The Company offers water tanks,
electrical pillar boxes, connection boards, mater boxes, motors,
pumps, cables, plates, ladders, panels, insulated crates,
containers, home furnishing, and other related products. Sintex
Plastics Technology operates in Asia, Europe, America, and Africa.
In March 2023, the National Company Law Tribunal (NCLT) admitted
the insolvency plea against Sintex Plastics Technology Ltd (SPTL).
The Ahmedabad bench of NCLT admitted the application filed by its
financial creditor Asset Reconstruction Company (India) Ltd
claiming an outstanding amount of INR350.28 crore, which includes
INR215.77 crore principal amount and INR134.50 crore towards
interest. The NCLT appointed Kshitiz Chhawchharia as the Interim
Resolution Professional for the company.
SRG ALUMINIUM: CARE Lowers Rating on INR13.94cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SRG Aluminium Private Limited (SAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.94 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 15, 2024,
placed the rating(s) of SAPL under the 'issuer non-cooperating'
category as SAPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SAPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 29, 2025, February 8,
2025 and February 18, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities SAPL of have been revised
on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Gwalior (Madhya Pradesh) based SAPL was incorporated in November
2010 by Mr. Lalit Gupta along with his son, Mr. Uday Gupta and
other family members. SAPL is engaged in the business of
manufacturing of aluminium alloys-based ingots which are used
mainly in construction industry, electrical industry, light weight
applications, automobiles, railways, ship building and other
applications. The plant of the company is located at Gwalior with
an installed capacity of 7000 Metric Tonnes Per Annum (MTPA) for
manufacturing of aluminium alloys-based ingots. The main raw
material of the company is aluminium scrape which it procures from
domestic market as well as import mainly from South Africa, Europe,
Dubai and USA etc. SAPL sells its product to client in domestic
market in Punjab, Madhya Pradesh, Delhi, Uttar Pradesh and
Uttarakhand.
TEJAS ISPAT: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tejas Ispat
Private Limited (TIPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 5, 2024,
placed the rating(s) of TIPL under the 'issuer non-cooperating'
category as TIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. TIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 19, 2025, January 29,
2025, February 8, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Tejas Ispat Private Limited (TIPL) was incorporated in May 2006 by
the Malhotra family of Jamshedpur, Jharkhand for setting of an iron
& steel manufacturing plant. The manufacturing plant of the company
will consist of furnace division and a rolling division and the
same are proposed to be located at Adiyapur Industrial Area,
Jamshedpur in Jharkhand. TIPL has already set up the rolling
division entirely funded by the promoters and presently setting up
furnace division with aggregate project cost of INR6.89 crore. Mr.
Kailash Malhotra has around four decades of experience in iron and
steel industry will look after the day-to-day operations of the
company. He will be supported by his son: Mr. Vivek Malhotra who is
also has around seven years of experience in steel industry.
TESNA TECH: CARE Lowers Rating on INR6.38cr LT Loan to B
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Tesna Tech Private Limited (TTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.38 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B+; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 8, 2024,
placed the rating(s) of TTPL under the 'issuer non-cooperating'
category as TTPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. TTPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated February 22, 2025, March 04,
2025, March 14, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of TTPL have been
revised on account of non-availability of requisite information
Analytical approach: Standalone
Outlook: Stable
Tesna Tech Private Limited (TTPL) was incorporated as a private
limited company in December, 2005. The company is currently being
looked after by Mr. Navesh Narula and Smt. Narinder Narula. TTP was
incorporated with an aim to set up a manufacturing facility at
Baddi, Himachal Pradesh for manufacturing of woven fabric & bags,
woven sacks, PE liner and HDPE bottles. The company manufactures
different sizes of products which find its application in packaging
industry.
TMA INFRASTRUCTURE: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
Crisil Ratings has migrated the ratings on bank facilities of TMA
Infrastructure Private Limited (TMA) to 'Crisil D/Crisil D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 Crisil D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit/ 17 Crisil D (ISSUER NOT
Overdraft facility COOPERATING; Rating Migrated)
Crisil Ratings has been consistently following up with TMA for
obtaining information through letter and email dated March 11, 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 TMA, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TMA
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 TMA to 'Crisil D/Crisil D Issuer not
cooperating'.
Engaged in execution of civil contracts for the Highway department,
Public works department and municipality in the Tiruvarur
district.
WINDERMERE RESEARCH: CARE Lowers Rating on INR34cr LT Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Windermere Research & Hospital Private Limited (WRHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 34.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 6, 2024,
placed the rating(s) of WRHPL under the 'issuer non-cooperating'
category as WRHPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. WRHPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 20, 2025, January 30,
2025, February 9, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities WRHPL have been revised
on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
WRHPL was incorporated in the year 2020 and is in the process of
building a hospital in the city of Shillong. The hospital will have
a built-up area of about 1,03,519 sq. ft. with 90 beds. The project
is expected to be completed by September 2023. The hospital shall
provide services for women and childcare along with services for
gynecology, pediatrics, neonatology and IVF. The company is managed
by Dr. Pramod Kumar Sharma, Mr. Charles Pyngrope and Mr. Rahul
Agarwal.
===============
M A L A Y S I A
===============
HO HUP: Seeks Court Protection, Proposes Debt Restructuring
-----------------------------------------------------------
The Malaysian Reserve reports that Ho Hup Construction Co Bhd has
filed for court protection and plans to restructure its debts,
following its reclassification under Practice Note 17 (PN17) last
week after defaulting on loan facilities amounting to MYR112.69
million via its wholly owned subsidiary, Bukit Jalil Development
Sdn Bhd.
The Malaysian Reserve relates that the construction and property
group said on April 21 that it had submitted an application to the
High Court of Malaya for a proposed scheme of arrangement with its
creditors, along with a restraining order to halt legal actions
while it negotiates the debt settlement plan.
The loan default, which triggered Ho Hup's PN17 status on April 18,
arose from credit facilities granted to its wholly owned
subsidiary, Bukit Jalil Development Sdn Bhd.
The group received a notice of demand from Insas Credit & Leasing
Sdn Bhd on April 17 for the outstanding sum, the report says.
Under the restraining order - filed pursuant to Sections 366, 368,
and 369 of the Companies Act 2016 - Ho Hup will be temporarily
shielded from winding-up petitions, receivership appointments,
enforcement actions and other legal proceedings, giving it
breathing space to finalise a plan for its creditors' approval,
according to The Malaysian Reserve.
"The restraining order does not prevent the group from continuing
its day-to-day business operations as usual," the company said in a
filing with Bursa Malaysia, adding that the move is intended to
prevent disruptions while the group works on its debt restructuring
proposal.
The Malaysian Reserve adds that the company's proposed scheme will
need to secure the approval of at least 75% in value of creditors
who are present and voting at a court-convened meeting.
Details of the plan are expected to be announced at a later date.
Separately, under Bursa Malaysia's PN17 framework, Ho Hup has a
12-month window to submit a regularisation plan to the exchange or
risk suspension and delisting from the Main Market, The Malaysian
Reserve adds.
About Ho Hup
Based in Malaysia, Ho Hup Construction Company Berhad --
https://www.hohupgroup.com.my/ -- engages in foundation
engineering, civil engineering, building contracting works and hire
of plant and machinery. The Company operates in four segments:
construction, which is engaged in foundation and civil engineering,
building contracting works and engineering, procurement,
construction and commissioning of pipeline system; property
development, which includes the development of residential and
commercial properties, manufacturing, which includes manufacturing
and distribution of ready-mixed concrete, and other business
segment, which represents hire of plant and machinery. The
Company's subsidiaries include H2Energy Corporation Sdn Bhd,
Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho
Hup Equipment Rental Sdn Bhd.
[] MALAYSIA: Cross-Border Insolvency Bill to be Tabled Soon
-----------------------------------------------------------
The Star reports that local creditors of insolvent companies with
assets within the Asean region may be able to recover their debts
soon, Datuk Seri Azalina Othman said.
According to The Star, the Minister in the Prime Minister's
Department (Law and Institutional Reform) said that this is one of
the measures proposed under the Cross-Border Insolvency Bill to be
presented in Parliament this June.
"With the Asean Law Forum to be held this August, I have also
visited several Asean nations and met with their law and judicial
ministers.
"Their feedback has been very positive on cross-border insolvency,"
she told reporters during the Hari Raya Open House celebration in
Malaysia on April 21, The Star relays.
She emphasised the importance of securing commitment from Asean
neighbours concerning issues related to the bankruptcy and
insolvency of the affected companies.
"This is to allow us to cooperate so that their assets will not be
left idle and can be used to settle debts among creditors, and as
such," she said.
In February, Azalina and Domestic Trade and Cost of Living
Minister, Datuk Armizan Mohd Ali issued a joint statement on the
setting up of a Cross-Border Insolvency Working Committee to align
the country's insolvency laws with international standards, The
Star recalls.
Among the steps taken is the introduction of new laws to strengthen
the cross-border insolvency management system, especially for
assets that span multiple countries.
The Star relates that the proposed law would also support corporate
rehabilitation efforts for local companies undergoing corporate
rescue mechanisms.
It would also facilitate winding-up processes under the Companies
Act 2016 when a company's assets and liabilities are in more than
one country.
The tabling of the Bill comes as Malaysia plans to adopt the United
Nations Commission on International Trade Law (UNCITRAL) Model Law
on Cross-Border Insolvency, adds The Star.
=====================
N E W Z E A L A N D
=====================
36BORMAN LIMITED: Creditors' Proofs of Debt Due on May 28
---------------------------------------------------------
Creditors of 36Borman Limited and Kawau Bay Realty Limited are
required to file their proofs of debt by May 28, 2025, to be
included in the company's dividend distribution.
36Borman Limited commenced wind-up proceedings on April 10, 2025.
Kawau Bay Realty Limited are commenced wind-up proceedings on April
11, 2025.
The company's liquidator is:
Bryan Williams
c/o BWA Insolvency Limited
PO Box 609
Kumeu 0841
AWANUI LABS: Loses Millions Amid 'Funding Gap', Staff to Strike
---------------------------------------------------------------
Radio New Zealand reports that Awanui Labs, New Zealand's largest
private medical testing company, has lost millions, saying its main
contracts with Health New Zealand are not keeping pace.
Awanui has followed up a NZD16 million loss in 2023 with one of
NZD15.8 million last year, RNZ discloses.
"For the third straight year, there has been no dividend payment to
our shareholders," it told staff this week.
Awanui was trying to fix the "funding gap" in talks with Health NZ
Te Whatu Ora.
Staff at the labs in the Apex union plan to strike on the three
non-holiday days of next week over logjammed pay talks, derailing
perhaps 100,000 tests for patients.
"The April strike by 600 laboratory workers at Awanui and Medlab
will be the third strike since February in their quest to resolve a
30 percent pay gap with Te Whatu Ora-employed laboratory workers,"
said Apex.
RNZ relates that Awanui said most services across the South Island
would be closed from 22-24 April.
According to RNZ, chief executive Anoop Singh said the private
pathology sector was in a funding environment that had not kept
pace with the financial pressures created by public sector pay
equity settlements in 2023.
"This is a result of private laboratories being almost entirely
funded by long-run, bulk-funded contracts with Health NZ that
predate the pay equity settlement and don't allow for big increases
in wage costs," RNZ quotes Mr. Singh as saying.
Awanui was financially solvent, and had the full support of its
board and investors, Singh told RNZ on April 17. Ownership is
mostly split between the New Zealand Superannuation Fund and a
Canadian pension fund.
Last year, it released a plan to overhaul the lab-testing sector,
drawn up with rivals Pathlab and Medlab Central.
"Better coordination of public and private laboratories will reduce
costs," said the plan, which recommended patients pay fees for new,
complex tests.
The plan called for more long-term, flexible contracts with HNZ,
and a mechanism for pay parity, and that research and development
costs should be covered under the contracts.
RNZ relates that Singh said there had been progress on setting more
consistent national standards and tests lists, including through a
HNZ-led clinical governance group. Awanui's talks with authorities
to find "a sustainable solution that supports fair outcomes for our
people and ensures long-term access to high-quality pathology
services" were progressing well.
Staff wrote to the government about a year ago, saying they were at
breaking point, and Te Whatu Ora responded that it was working with
Awanui to address the issues they raised, RNZ relays.
Awanui Labs provides laboratory and pathology services.
GREENFIELD GLOBAL: Waterstone Insolvency Appointed as Receivers
---------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on April
12, 2025, were appointed as receivers and managers of Greenfield
Global Limited.
The receivers and managers may be reached at:
Waterstone Insolvency
PO Box 352
Auckland 1140
KD TRANSPORT: Court to Hear Wind-Up Petition on May 9
-----------------------------------------------------
A petition to wind up the operations of KD Transport Limited will
be heard before the High Court at Auckland on May 9, 2025, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 11, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
R. L. DENTON: Court to Hear Wind-Up Petition on May 9
-----------------------------------------------------
A petition to wind up the operations of R. L. Denton Limited will
be heard before the High Court at Auckland on May 9, 2025, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 13, 2025.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
WELLINGTON TRADE: Brenton Hunt Appointed as Liquidator
------------------------------------------------------
Brenton Hunt on April 3, 2025, was appointed as liquidator of
Wellington Trade Aid Trust.
The liquidator may be reached at:
PO Box 13400
City East
Christchurch 8141
=====================
P H I L I P P I N E S
=====================
GMA NETWORK: Shuts Down 3 Subsidiaries, Absorbs PHP130-Mil. Loss
----------------------------------------------------------------
Bilyonaryo.com reports that Felipe Gozon closed down three
subsidiaries of GMA Network years before retiring as CEO in 2024.
Documents obtained by Bilyonaryo.com show that GMA shuttered RGMA
Network, Mediamerge, and Digify ahead of the leadership transition
to Gilberto Duavit Jr., who has since taken over as CEO. Mr. Gozon
remains with the network as chairman and adviser.
Mediamerge, formed in 2002 under GMA New Media, ceased commercial
operations five years ago, Bilyonaryo.com notes. The company was
initially focused on convergent applications for mobile, web, and
digital TV. It later shifted to online publishing, launching
gmanews.tv as its flagship project in 2006, and subsequently
ventured into online advertising.
Digify, a 14-year-old digital subsidiary involved in advertising,
multimedia production, and promotions, was shut down in 2021.
According to Bilyonaryo.com, the closures are part of a broader
cost-cutting strategy as GMA grapples with declining ad revenues,
despite its dominance following the ABS-CBN shutdown in 2020.
Last year, GMA also pulled the plug on two of its free-to-air
channels - Hallypop and Pinoy Hits - and cancelled regional
newscasts Balitang Southern Tagalog and Balitang Bicolandia,
recalls Bilyonaryo.com.
Bilyonaryo.com previously reported that GMA had already closed two
other entertainment subsidiaries - GMA Worldwide (Philippines),
Inc. and Scenarios, Inc. - along with its advertising arm, GMA
Marketing & Productions, Inc. under Mr. Gozon's term.
GMA Network, Inc. principally engages in television and radio
broadcasting, the production of programs for domestic and
international audiences, and other related businesses. GMA7's
subsidiaries and affiliates are involved in media-related services
such as movie making, sets and props construction, film
syndication, music and video recording, new media, online gaming
post production services and marketing, which complement the
Company's core television and radio broadcasting business.
=================
S I N G A P O R E
=================
ATHENA PARTNERS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on April 4, 2025, to
wind up the operations of Athena Partners 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
PAULS TRANSPORTATION: Court to Hear Wind-Up Petition on May 2
-------------------------------------------------------------
A petition to wind up the operations of Pauls Transportation
Services Pte. Ltd. will be heard before the High Court of Singapore
on May 2, 2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
April 8, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
SPTL HOLDINGS: Commences Wind-Up Proceedings
--------------------------------------------
Members of SPTL Holdings Pte. Ltd. on April 7, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Ng Hoe Kiat Keith
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
TIMEMOVER PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on April 4, 2025, to
wind up the operations of Timemover 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
ZHUO XIANG: Creditors' Meetings Set for April 25
------------------------------------------------
Zhuo Xiang International Pte. Ltd. will hold a meeting for its
creditors on April 25, 2025, at 10:00 a.m. via video-conference
and/or tele-conference.
Agenda of the meeting includes:
a. to present a Statement on the company's affairs showing the
assets and its estimated realisable value, together with a
list of creditors and the estimated amount of the claims;
b. to confirm the appointment of the Liquidators;
c. to appoint a Committee of Inspection;
d. to authorise the Liquidators to be at liberty to exercise
all or any of the powers conferred on them pursuant to the
Insolvency, Restructuring and Dissolution Act 2018 (Act 40
of 2018), including but not limited to the powers to appoint
solicitors and to compromise debts and claims; and
e. Any other resolutions.
Tan Wei Cheong and Lim Loo Khoon of Deloitte & Touche were
appointed as provisional liquidators of the Company on April 3,
2025.
=============
V I E T N A M
=============
SAIGON-HANOI BANK: Fitch Assigns BB- LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Rating has assigned Long-Term Foreign-Currency and
Local-Currency Issuer Default Ratings (IDRs) of 'BB-' to Saigon -
Hanoi Commercial Joint Stock Bank (SHB). The Outlook on the IDRs is
Stable. At the same time, the agency has also assigned SHB a
Viability Rating of 'b+' and Government Support Rating (GSR) of
'bb-'.
Key Rating Drivers
IDR Driven by State Support: The Long-Term IDRs of SHB are driven
by its expectation of support from the state, in times of need, as
indicated in its GSR. The rating balances the state's strong
propensity to support the banking system against SHB's moderate
systemic importance, with a market share of about 3%-4% in system
assets and deposits. The Short-term IDR is mapped from the
Long-Term IDR outlined in Fitch's criteria.
Standalone Rating Supported by Profitability: SHB's VR takes into
account its reasonable domestic franchise that has helped the bank
to generate consistent business volumes and profitability in recent
years. It also takes into consideration improved capitalisation and
high loan portfolio collateralization that should help to temper
impairment risks to its balance sheet
Tariffs to Temper Economic Growth: Vietnam's economy grew by 7.1%
in 2024 and 6.9% in 1Q25, which has provided a conducive
environment for banking business to grow. Growing trade
protectionism including the imposition of heavy tariffs by the US
pose material downside risk to Vietnam's economic outlook, but
Fitch believes the local authorities have some policy levers to
contain the near-term impact on the economy.
Moderate Franchise: SHB is the 10th largest bank in Vietnam by
assets. Its moderate balance sheet size has helped it compete for
larger-ticket loans, with a majority of its loan book extended to
the corporate sector. Nevertheless, Fitch believes that its pricing
power is constrained amid keen competition in the fragmented
banking system, which has contributed to deposit costs above the
average.
Rising Asset-Quality Risks: SHB has one of the highest NPL ratios
among its local rated peer group, and the tariff which may be
imposed on Vietnam is likely to weigh on domestic economic
conditions and, subsequently, the debt-servicing capacity of SHB's
borrowers. Nevertheless, the outlook on its asset quality score of
'b+' is stable, as Fitch believes there is sufficient headroom in
the score to weather deterioration in loan-quality metrics.
Impairment risks to its balance sheet are also mitigated by the
bank's high loan portfolio collateralisation.
Steady Profitability: SHB's operating profit/risk-weight asset
ratio rose to 1.8% in 2024 from 1.6% in 2023 as a narrower net
interest margin was offset by lower credit costs. Margins may
remain under pressure on the back of regulator suasion to keep
lending rates low to support borrowers amid the higher tariff
environment, but Fitch expects the impact to be broadly manageable
for SHB's profitability. SHB has one of the lowest cost-to-income
ratios among major Vietnamese banks
Higher - but Still Thin - Capitalisation: The bank's Fitch Core
Capital (FCC) ratio of 8.4% at end-2024 underscores its thin
capitalisation relative to the risks in the operating environment.
Fitch projects its capitalisation to remain broadly steady as its
enhanced internal capital generation is likely to be offset by
brisk risk-weighted asset growth. The planned sales of a finance
company affiliate and overseas subsidiaries could result in
additional capital gains in the next two years.
Higher Reliance on Costlier Deposits: SHB's deposit franchise is
less established than its larger private-sector peers, as indicated
by its low current and savings account (CASA) mix of about 7%,
which has contributed to its higher funding costs. Nevertheless,
the loan/deposit ratio remained comparable at 98% at end-2024 and
its depositor base is relatively granular, with retail deposits
making up about 70% of the total. Fitch has assigned the bank a
funding and liquidity score of 'bb-'/stable.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
GSR, IDR
The bank's GSR and Long-Term IDR are sensitive to movements in the
sovereign rating and its view of the state's propensity to support
the bank. Any downward revision in the sovereign rating or Outlook
would be likely to result in a similar revision to the bank's GSR
or Long-Term IDR.
VR
Fitch may downgrade the bank's VR should Fitch sees significant
deterioration in its risk profile or excessive growth in
higher-risk sectors such as unsecured personal lending. A decline
in its FCC ratio to below 7% may also pressure the bank's VR
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
GSR, IDR
Any upward reassessment in the sovereign rating or Outlook would be
likely to lead to a similar revision to the bank's Long-Term IDR
and GSR.
VR
Fitch may upgrade the bank's VR should Fitch sees continued
improvement in asset quality, such as if the NPL ratio remaining
stable and no major new risk factors in the operating environment.
The VR could also be revised upwards if its FCC ratio were to rise
and stay at above 10% on a sustained basis.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
ST IDR of 'B', mapped to the sole option in the mapping table.
The bank's Long-Term IDRs (xgs) of 'B+(xgs)' are aligned with its
VR as it excludes the assumption of government support from its
underlying rating. The Short-Term IDR (xgs) is assigned in
accordance with its Long-Term IDR (xgs) and the short-term mapping
outlined in Fitch's criteria.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The Long-Term IDRs (xgs) will mirror any rating changes in the VR.
The Short-Term IDRs (xgs) could be downgraded if the VR is
downgraded below 'b-', or upgraded if the VR is upgraded above
'BB+', but both scenarios are remote in the near term.
VR ADJUSTMENTS
The operating environment score has been assigned above the implied
score due to the following adjustment reason(s): Economic
performance (positive).
The asset quality score has been assigned below the implied score
due to the following adjustment reason(s): Underwriting standards
and growth (negative).
Date of Relevant Committee
14 April 2025
Public Ratings with Credit Linkage to other ratings
SHB's ratings are linked to Vietnam's sovereign rating.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating
----------- ------
Saigon - Hanoi
Commercial Joint
Stock Bank LT IDR BB- New Rating
ST IDR B New Rating
LC LT IDR BB- New Rating
Viability b+ New Rating
Government Support bb- New Rating
LT IDR (xgs) B+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
LC LT IDR (xgs) B+(xgs) New Rating
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***