/raid1/www/Hosts/bankrupt/TCRAP_Public/250424.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, April 24, 2025, Vol. 28, No. 82
Headlines
A U S T R A L I A
ARROW BUILDING: First Creditors' Meeting Set for May 5
BADENOCH INTEGRATED: First Creditors' Meeting Set for April 30
BROWNES DAIRY: To Be Sold After Chinese Backers Call in Loan
MONEY AUSTRALIAN: Second Creditors' Meeting Set for May 1
PLAYFORD CITY: First Creditors' Meeting Set for May 2
SA'PERE DRINKS: First Creditors' Meeting Set for May 5
C H I N A
DALIAN WANDA: Sells Hotel Business to Tencent-Backed Travel Firm
I N D I A
ACTION TOUR: Voluntary Liquidation Process Case Summary
ADARSHA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
AL-NASIR EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
APEX CONSTRUCTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
BHAVIN AGRI-INFRA: ICRA Keeps B+ Debts Rating in Not Cooperating
BRIJNANDAN INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating
CHEMSOL LABS: CARE Lowers Rating on INR4.18cr ST Loan to D
DHAIRYA CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
DIGITAL OPERATORS: Voluntary Liquidation Process Case Summary
ERODE DISTRICT: ICRA Keeps B+ Debt Rating in Not Cooperating
ESTEEM CREDITS: Voluntary Liquidation Process Case Summary
EVEREST SEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
FORBES TECHNOSYS: Insolvency Resolution Process Case Summary
GEMINI ENGI-FAB: Insolvency Resolution Process Case Summary
GLOBAL KNITFAB: CARE Keeps B- Debt Rating in Not Cooperating
GOYAL AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating
GSJ ENVO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
JAY METAL: ICRA Keeps B Debt Ratings in Not Cooperating Category
KRISHNA YOGASHRAM: CARE Keeps B- Debt Rating in Not Cooperating
LALTA PRASAD: CARE Keeps B- Debt Rating in Not Cooperating
LIVE WIRES: CARE Keeps C Debt Rating in Not Cooperating Category
LONDON STAR: CARE Keeps D Debt Ratings in Not Cooperating Category
MAXAM INDIA: Voluntary Liquidation Process Case Summary
NISTHA MALL: Insolvency Resolution Process Case Summary
PARANJAPE SCHEMES: CARE Keeps D Debt Ratings in Not Cooperating
POOJA PRINTERS: CARE Keeps B- Debt Rating in Not Cooperating
QUBERCOMM TECHNOLOGIES: Voluntary Liquidation Process Case Summary
RUKSON PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating
SABVE ROHINI: Insolvency Resolution Process Case Summary
SAKRIYA TECHNOLOGIES: Insolvency Resolution Process Case Summary
SANDUR PELLETS: Voluntary Liquidation Process Case Summary
SANT AUTOWHEELS: CARE Keeps B- Debt Rating in Not Cooperating
STANLEY BLACK: Voluntary Liquidation Process Case Summary
TULIP STAR: Insolvency Resolution Process Case Summary
VIRAL CORPORATION: CARE Keeps C Debt Rating in Not Cooperating
M A L A Y S I A
HLT GLOBAL: Faces Lawsuit Over Unpaid Conveyor Chain Supplies
WCE HOLDINGS: Government Approves MYR1.15 Billion Unit Financing
N E W Z E A L A N D
230 BOWER: Court to Hear Wind-Up Petition on May 1
FLAWLESS BEAUTY: Grant Bruce Reynolds Appointed as Liquidator
GULATI ENTERPRISES: Court to Hear Wind-Up Petition on May 16
MEXPET LIMITED: Creditors' Proofs of Debt Due on May 23
PROMOKING LIMITED: Waterstone Insolvency Appointed as Receivers
P H I L I P P I N E S
ABS-CBN BROADCASTING: BPI Extends PHP5B Loan Deadline to Sept. 2025
ABS-CBN: Converge Buys PHP3.1BB DTH Satellite at Huge Discount
S I N G A P O R E
CAMPFIRE GOURMET: Court Enters Wind-Up Order
MOORAH PTE: Court Enters Wind-Up Order
PROOFER BAKERY: Court Enters Wind-Up Order
R. N. AJAY: Commences Wind-Up Proceedings
SINCO SHIPPING: Creditors' Meetings Set for April 25
S R I L A N K A
SRI LANKA: To Grow 3.5% in 2025 Despite Tariff Headwinds, WB Says
- - - - -
=================
A U S T R A L I A
=================
ARROW BUILDING: First Creditors' Meeting Set for May 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Arrow
Building Group Pty Ltd will be held on May 5, 2025 at 2:00 p.m. via
teleconference only.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on April 22, 2025.
BADENOCH INTEGRATED: First Creditors' Meeting Set for April 30
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Badenoch
Integrated Logging Pty Ltd will be held on April 30, 2025 at 10:00
a.m. at the offices of SV Partners at Level 17, 200 Queen Street in
Melbourne and via teleconference/electronic facilities (Microsoft
Teams).
Peter Gountzos and Timothy James Brace of SV Partners were
appointed as administrators of the company on April 15, 2025.
BROWNES DAIRY: To Be Sold After Chinese Backers Call in Loan
------------------------------------------------------------
The Australian Financial Review reports that Brownes Dairy, one of
Australia's oldest dairy companies and the largest milk producer in
Western Australia, has been put up for sale after its biggest
lender, China's Mengniu Dairy Co, called in its AUD200 million
loan.
Brownes Dairy is the market leader in WA in milk but also sells a
range of yoghurt, cheese and coffee nationally through Coles,
Woolworths and IGA.
The Financial Review says the dairy category is already busy with
merger and acquisition activity, with New Zealand co-operative
Fonterra running a dual-track process for its consumer business
Mainland Group, which has brands including Western Star butter, and
Mainland and Perfect Italiano cheese.
McGrathNicol's Keith Crawford was appointed by a Mengniu subsidiary
to sell Brownes. Mengniu is listed on the Hong Kong Stock Exchange
and had lent AUD200 million to Australian Zhiran, Brownes' parent
company.
According to the Financial Review, Mr. Crawford said there would be
no change to Brownes Dairy's day-to-day operations. The company has
been owned by Chinese investors for eight years after being sold by
Archer Capital. The sale came as Mengniu was rapidly expanding in
Australia, proposing to spend AUD600 million buying brands
including Dairy Farmers, Pura and Farmers Union from Lion. That
transaction was blocked by then treasurer Josh Frydenberg.
The Financial Review relates that the diplomatic rift enabled Bega
Cheese to create a major ASX-listed food and drink group, which
acquired the Lion dairy and drinks business for AUD560 million to
add milk, juice and yoghurt brands to portfolio
"We are engaging with key stakeholders to commence an orderly sale
process for the iconic Brownes Dairy," the report quotes Mr.
Crawford as saying.
"As our appointment is limited to holding company shares only, we
do not anticipate any impact on day-to-day operations."
Brownes was established in 1886, employs about 300 people and has
annual sales approaching AUD300 million. It began selling its Hunt
and Brew ready-to-drink cold coffee in the United Kingdom last
year.
MONEY AUSTRALIAN: Second Creditors' Meeting Set for May 1
---------------------------------------------------------
A second meeting of creditors in the proceedings of Money
Australian Transport Pty Ltd has been set for May 1, 2025 at 10:00
a.m. at the offices of Mackay Goodwin at Level 2, 68 St Georges
Terrace in Perth.
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 30, 2025 at 4:00 p.m.
Mathieu Tribut of Mackay Goodwin was appointed as administrator of
the company on March 17, 2025.
PLAYFORD CITY: First Creditors' Meeting Set for May 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Playford
City Hotel Pty Ltd will be held on May 2, 2025 at 10:00 a.m. at the
offices of Dye & Co. Pty Ltd at 165 Camberwell Road in Hawthorn
East.
Hamish Alan MacKinnon and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of the company on April 22, 2025.
SA'PERE DRINKS: First Creditors' Meeting Set for May 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sa'Pere
Drinks Pty Ltd will be held on May 5, 2025 at 10:30 a.m. via
Microsoft Teams video teleconferencing.
Shane Justin Cremin and Brent Leigh Morgan of Rodgers Reidy were
appointed as administrators of the company on April 22, 2025.
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C H I N A
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DALIAN WANDA: Sells Hotel Business to Tencent-Backed Travel Firm
----------------------------------------------------------------
Mingtiandi reports that debt-ridden Dalian Wanda Group has agreed
to sell its hotel management arm to a Tencent and Trip.com-backed
travel company for CNY2.5 billion (US$347 million), as the property
conglomerate continues to shed assets.
Wanda Hotel Development Limited, which is 65 percent-owned by
China's former richest man Wang Jianlin, is selling its entire
interest in Wanda Hotel Management (Hong Kong) to Chinese online
travel agent Tongcheng Travel Holdings, according to separate
announcements late last week by the two HKEX-listed firms,
Mingtiandi relates.
According to Mingtiandi, proceeds of the sale will help Dalian
Wanda chairman Wang Jianlin, who controls 65 percent of Wanda Hotel
Development, reduce debt at his property and entertainment group,
continuing a disposal streak that includes the $8.3 billion sale of
the group's mall management business to a PAG-led consortium in
March of last year.
"The achievement of equity cooperation will help both parties
realize complementary advantages and jointly enhance their
competitiveness in the Chinese hotel market," said Wanda Hotel
Management in a statement posted to its website.
Mingtiandi notes that the sale of Wanda Hotel Management gives
Tongcheng the rights to manage 204 hotels with over 40,200 rooms
with the transaction reflecting a 9.5 times multiple of the target
company's 2023 adjusted EBITDA.
Wanda Hotel Management, which does not hold hotel properties,
operates nine hotel brands including the high-end Reign, Vista and
Realm marques and generated HKD892 million last year as it
accounted for about 90 percent of Wanda Hotel Development's
revenues last year.
In addition to the hotels currently in service, the company has 376
more properties under contract which have yet to open, according to
Wanda Hotel Development's 2024 annual results.
According to Mingtiandi, the deal continues a string of disposals
by Wanda Group as it attempts to lessen its debt load, including
giving up its management of a portfolio of 496 malls to the PAG
consortium last year. Earlier in 2024 the group had sold its
flagship hotel on Shanghai's famed Bund to an Indonesian tycoon for
an undisclosed sum.
Last November, Wanda Group reportedly agreed to sell a 92 percent
stake in British yacht builder Sunseeker International to US
private equity firm Lionheart Capital and Italy's Orienta Capital
Partners for GBP160 million, Mingtiandi recalls. Wanda Group
originally acquired the majority stake in Sunseeker International
for GPB320 million in 2013.
Mingtiandi adds that Wanda also sold its stake in Legendary
Entertainment last year, after having owned the studio through a
$3.5 billion acquisition back in 2016, with Apollo joining as a
minority investor in 2022.
The hospitality division of Wang Jianlin's empire has focused on
hotel management since Dalian Wanda sold a portfolio of 73 hotels
to Guangzhou R&F for CNY18.95 billion in 2017, Mingtiandi notes.
Wanda Hotel Development said that, following the disposal, it will
focus on its remaining investment property leasing business and
seek to diversify the investment to include culture and tourism.
The transaction is subject to the approval of the company's
shareholders and relevant authorities, Mingtiandi says.
About Dalian Wanda
Dalian Wanda Group Co., Ltd. operates real estate business. The
Company develops commercial property including commercial centres,
urban pedestrian streets, hotels, office buildings, and apartments.
Dalian Wanda Group also operates tourism investment, cultural, and
department store businesses.
As reported in the Troubled Company Reporter-Asia Pacific in early
December 2023, Bloomberg News said Dalian Wanda Group's founder
Wang Jianlin is planning to sell the rest of the firm's film unit
as the troubled Chinese conglomerate faces increasing debt
repayment pressure.
The billionaire plans to transfer his 51 per cent stake in Beijing
Wanda Investment, which controls Wanda Film Holding, to a
subsidiary of China Ruyi Holdings, according to a Shenzhen Stock
Exchange filing on Dec. 6, 2023. That will give Ruyi full ownership
after its July purchase of 49 per cent of Beijing Wanda Investment
for CNY2.3 billion.
Investors in November 2023 rejected Wanda's proposal to extend the
deadline for the repayment of CNY30 billion plus interest if its
mall unit fails to list shares by the end of this year, Bloomberg
said. Its property arm only recently managed to obtain consent from
creditors to push back the maturity date for a US$600 million US
dollar bond.
The TCR-AP reported in early January 2024, Fitch Ratings downgraded
Dalian Wanda Commercial Management Group Co., Ltd.'s (Wanda
Commercial) and Wanda Commercial Properties (Hong Kong) Co.
Limited's (Wanda HK) Long-Term Foreign-Currency Issuer Default
Ratings to 'RD' from 'C' on completion of the distressed debt
exchange (DDE), in accordance with the distressed debt exchange
section in Fitch's Corporate Rating Criteria.
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I N D I A
=========
ACTION TOUR: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Action Tour Guide Limited
Plot No. 369, Marol Maroshi Road,
Marol, Andheri (East), Mumbai,
Maharashtra, India, 400059
Liquidation Commencement Date: March 25, 2025
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Mrs. Varsha Shyamprasad Limaye
303, Parag Wahini CHS Ltd,
126, Dahanukar Colony,
Lane No. 4, Kothrud, Pune 411 038
Mobile: 9422317111
Email: varsha.limaye@gmail.com
Last date for
submission of claims: April 25, 2025
ADARSHA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adarsha
International (AI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.20 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 16, 2024,
placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated March 02, 2025, March 12, 2025,
March 22, 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
Adarsha International (AI) was established in April 2000 as a
proprietorship firm by Mr. Partha Saha. The firm is engaged in
exporting of non-basmati rice, dal and oil cake to Bangladesh. The
registered office of the firm is situated at North 24 Parganas,
West Bengal.
AL-NASIR EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Al-Nasir
Exports Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 20.00 [ICRA]D/[ICRA]D ISSUER NOT
Short Term- COOPERATING; Rating continues
Fund Based- to remain in the 'Issuer Not
Cash Credit Cooperating' category
Long Term/ 19.30 [ICRA]D/[ICRA]D ISSUER NOT
Short Term- COOPERATING; Rating continues
Unallocated to remain in the 'Issuer Not
Cooperating' category
Long-term- 10.70 [ICRA]D; ISSUER NOT
Fund based COOPERATING; Rating Continues
Term Loan to remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Al-Nasir Exports Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 2001, Al-Nasir Exports Private Limited is involved
in the processing and export of frozen hallal buffalo meat to
Middle East, and Western African countries. The company is promoted
by Qureshi family. The company's promoters, Mohd Saalim Qureshi and
Shakir Husain Qureshi have more than two decades of experience in
the meat processing industry. The company's fully integrated
processing plant is located in Uttar Pradesh, with an installed
capacity of 52,650 MTPA. The plant is approved by the Agriculture
and Processed Foods Export Development Authority (APFEDA). It is
also certified by Jamiat Ulama-i-Hind Halal Trust.
APEX CONSTRUCTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Apex Constructions in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable); ISSUER NOT
Fund-based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 7.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Apex Constructions, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Apex Construction was established as a partnership firm in 1997.
There was reconstitution of partnership firm in April 2014, and it
is currently managed by Mr. Raman Patel, Mr. Rajesh Patel, Mr.
Nirav Patel along with other four partners. The firm is primarily
engaged in the execution of government tenders for civil
construction contracts of Roads.
BHAVIN AGRI-INFRA: ICRA Keeps B+ Debts Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Bhavin
Agri-Infra Private Limited (BAIPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 14.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with BAIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2007, BAIPL is promoted by the Jain family. The
company is involved in processing of pulses (toor dal, chana dal,
moong dal etc.). Its production facility at Jalgaon (Maharashtra)
has an installed capacity of 28,800 MTPA. The company is a part of
the Rajdhani Group, which manufactures and retails agro products.
The main operations are carried out in Victoria Foods Pvt Ltd,
which is the flagship company of the Rajdhani Group. The company
sells processed pulses 3 to agro distributors across India. Up to
FY2017, the company also undertook processing activity for Victoria
Foods Pvt Ltd on a job work basis. In FY2018, the company reported
a net profit of INR0.09 crore on an OI of INR22.44 crore compared
with a net profit of INR0.39 crore on an OI of INR36.05 crore in
the previous year.
BRIJNANDAN INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Brijnandan
Industries Private Limited (BIPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 9.50 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Fund Based- 2.50 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with BIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
BIPL was an authorized dealer of Renault for the sale of passenger
cars, servicing and sale of spares in Bihar. However, its
automobile dealership business has been discontinued.
CHEMSOL LABS: CARE Lowers Rating on INR4.18cr ST Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Chemsol Labs Private Limited (CLPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Downgraded from
CARE C
Short Term Bank 4.18 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Downgraded from
CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 8, 2024,
placed the rating(s) of CLPL under the 'issuer non-cooperating'
category as CLPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. CLPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated February 22, 2025, March 4, 2025,
March 14, 2025, April 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 assigned to the bank facilities of CLPL have been
revised on account of non-availability of requisite information.
The rating revision considers ongoing delays in debt servicing
recognised from publicly available information i.e. CIBIL check.
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in August, 2006 as "Chemsol Labs Private Limited"
(CLPL), by Mr Vamsi Krishna (Managing Director) and his wife Mrs
Swarna Kumari (Director), to carry on trading of pharmaceuticals
(Pharma) products. The company also undertakes manufacturing of
certain pharmaceutical products (APIs and formulations) and
chemicals which is in the nature of conversion under loan licenses.
The company does not have its own manufacturing facilities and gets
the manufacturing done by way of job work. CLPL deals with around
70 pharma products (trading and manufacturing).
DHAIRYA CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhairya
Construction (DC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 8, 2024,
placed the rating(s) of DC under the 'issuer non-cooperating'
category as DC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. DC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated February 22, 2025, March 4, 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).
Analytical approach: Standalone
Outlook: Stable
Bhuj-based (Gujarat) DC, proprietorship firm was established in
2013, for carrying out the business of civil construction by Mr.
Birju Chhotalal Shah. Mr. Birju Shah aged 46 years, is a graduate
in civil engineering (B. E. Civil) and has an experience of more
than 2 decades in the civil construction industry. DC undertakes
civil construction work, allotted directly or sublet by other
construction contractors (mainly group entites comprising Cube
Construction Engineering Limited (CCEL) and Katira Construction
Limited (KCL)). It constructs commercial and residential buildings
viz. government housing projects, residential bungalows, PPP
(Public Private Partnership) projects viz. bus stands, museums and
other civil construction work, mainly in Saurashtra region and
Bhuj-Kutch, Ahmedabad and Surat districts of Gujarat.
Status of non-cooperation with previous CRA: Acuite has continued
the ratings assigned to the bank facilities of DC to 'Issuer Not
Cooperating' category vide press release dated February 20, 2025 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.
DIGITAL OPERATORS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Digital Operators Cable Network Private Limited
B/205, BLDG-42, B-Wing, Azad Nagar,
Sangam CHS, Mhada Layout,
Andheri (W), Mumbai,
Maharashtra, India, 400053
Liquidation Commencement Date: March 31, 2025
Court: National Company Law Tribunal Chennai Bench
Liquidator: Mr. Dilipkumar Natvarlal Jagad
803/804, Ashok Heights,
Opposite Saraswati Apartment,
Nikalas Wadi Road,
Near Bhuta School,
Old Nagar X Road,
Gundavali, Andheri East,
Mumbai City, Maharashtra – 400069
Email: dilipjagad@hotmail.com
Email: digivolliq@gmail.com
Tel No: 91-9821142587
Last date for
submission of claims: April 30, 2025
ERODE DISTRICT: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Erode District Co Operative Milk Producers Union Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Erode District Co Operative Milk Producers Union Limited, ICRA
has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Erode District Cooperative Milk Producers Union Ltd, established as
cooperative society in 1975 is involved in processing and
manufacturing milk and its byproducts. The Union sells products
such as Milks, curds, milk powder, ghee, butter, ice cream, sweets,
among others under the brand name "Aavin" predominantly in Tamil
Nadu. It has a milk processing capacity of 3 lakhs liters per day,
butter production capacity of 18T/day, ghee production capacity of
7.4 TL/day, skimmed milk powder processing
capacity of 4 LLPD/day, SMP consumer pack capacity of 2100
pockets/hour and butter packaging capacity of 9 ton per day.
ESTEEM CREDITS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Esteem Credits and Investments Private Limited
NO. 64, B-Block
Anna Nagar, Chennai 600040
Liquidation Commencement Date: March 29, 2025
Court: National Company Law Tribunal Chennai Bench
Liquidator: Shanmugakani Saraskumar
Contact Address:
132A, NTR Street, Rangarajapuram Main Road,
Kodambakkam, Chennai - 600024
Mobile: 9444011294
Email: saraskcsca@gmail.com
Last date for
submission of claims: April 28, 2025
EVEREST SEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Everest Sea
Foods Exports Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 0.15 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term 1.25 [ICRA]B+ (Stable); ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Everest Sea Foods Exports Pvt Ltd, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Everest Sea Foods Exports Private Limited was founded by Mr. Sanjay
Jaokar, Mr. Haneep Machiwala and Mr. Anand Putran in the year 2013
and is engaged in similar line of business. The processing plant of
the ESFEPL is located in Baikampady Industrial Area, Mangalore with
the factory building measuring 2,286 square feet with industrial
shed measuring 2,000 sq ft and cold storage building admeasuring
around 7,750 square feet with a capacity of 400 MT. The company is
primarily involved in the business of processing of marine
products (Indian mackerel, ribbon fish, reef cord, cuttle fish,
squids, croaker, sardine, and barracuda) and currently export to
different countries (mainly South East Asian Countries like
Thailand, Vietnam and China).
FORBES TECHNOSYS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Forbes Technosys Limited
Ground Floor, Torana Apartment Sahar Road,
Andheri (East) Airport Mumbai,
Mumbai, Maharashtra India, 400099
Insolvency Commencement Date: March 24, 2025
Estimated date of closure of
insolvency resolution process: September 20, 2025
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Rakesh Kumar Jindal
D-202, Twin Hallmark,
Sector 19 A, Koparkhairene,
Navi Mumbai, Maharashtra - 400709
Email: iprakesh.jindal@gmail.com
Email: forbetechnosys@efficaxindia.com
Last date for
submission of claims: April 7, 2025
GEMINI ENGI-FAB: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Gemini Engi-Fab Private Limited
501, Palm Spring,
Next to D Mart, Link Road,
Malad West Mumbai
Maharahstra - 400064, India
Insolvency Commencement Date: March 24, 2025
Estimated date of closure of
insolvency resolution process: September 20, 2025
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Parikaj Govindal Khadloya
202 Wehru Sadeshiv Apartment 1754,
Sadeshiv Peth
Near Udayan Mangal Karyahay
Opposite Scout Ground
Pune, Maharahstra - 411030
Email: cirp.geminglenghab@gmail.com
Last date for
submission of claims: April 7, 2025
GLOBAL KNITFAB: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Global
Knitfab (GK) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.59 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 April 8, 2024,
placed the rating(s) of GK under the 'issuer non-cooperating'
category as GK had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated February 22, 2025, March 4, 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).
Analytical approach: Standalone
Outlook: Stable
Surat (Gujarat) based GK is partnership firm established in 2014 by
Mr. Prabin Khakholia and Mr. Ankit Agarwal. The firm is engaged in
knitting of fabrics having six knitting machines. The manufacturing
unit of the firm is located at Surat (Gujarat) and operates with an
installed capacity of 2100 kilograms per day as on March 31, 2020.
GOYAL AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Goyal Automobiles (GA) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with GA, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2000 as a proprietorship firm, Goyal Automobiles
(GA) is an authorised dealer for vehicles manufactured by Hero
Motocorp Limited (HML). The company sells vehicles and provides
ancillary services that include vehicle servicing and sale of spare
parts and accessories from its showroom based in Raigarh,
Chhattisgarh.
GSJ ENVO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term ratings of GSJ Envo Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 70.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with GSJ, ICRA has been trying to seek information from the entity
to monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non cooperative. In the absence of the requisite
information and in line with the aforesaid policy of ICRA, the
rating has been moved to the "Issuer Not Cooperating" category. The
rating is based on the best available information.
GSJ is involved in turnkey execution of projects in the fields of
water and wastewater management, sewage treatment plants,
underground reservoirs of booster pumping stations and sewage
pumping stations. The company is also involved in the execution of
civil work for hydroelectric power projects and multi-storied
residential and industrial complexes. GSJ has a track record of
over 40 years. Prior to its incorporation in August 1995 as GSJ
Envo Limited, it functioned as the partnership firm, M/s GS Jolly.
Currently, GSJ executes water and sewage treatment plants for
various Government and private clientele including Delhi Jal Board,
UP Jal Nigam, etc.
JAY METAL: ICRA Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Jay Metal in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- (0.18) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.85 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Jay Metal, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Jay Metal (JM) is a partnership firm engaged in manufacturing of
cylinder liners and sleeves using centrifugal casting process with
an annual installed capacity for manufacturing 9,00,000 pieces of
cylinder liners. The manufacturing facility is located at Shapar,
Rajkot in Gujarat including an in-house machining centre which
consists of two CNC machines. The firm started commercial
operations from July 22, 2013 and is promoted by the Sakhiya family
with the promoters having more than a decade of experience in the
cylinder liners business.
KRISHNA YOGASHRAM: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Krishna
Yogashram Trust (KYT) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.00 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 April 16, 2024,
placed the rating(s) of KYT under the 'issuer non-cooperating'
category as KYT had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. KYT continues to
be non-cooperative despite repeated requests for submission of
information through emails dated March 2, 2025, March 12, 2025 and
March 22, 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
KYT was formed as a trust on November 9, 1999 under The Rajasthan
Public Trust Act, 1959 with an objective to establish and operate
educational institutes. Currently, KYT is managing two schools
namely Cambridge Court High School (CCHS) and Cambridge Court World
School (CCWS) and one college namely Cambridge Court College of
Education (CCCE). CCCE provides Bachelor of Education (B.Ed.) and
Basic School Teachers Certificate Course (BSTC) and is affiliated
by University of Rajasthan.
CCHS and CCWS run school from pre-primary to senior secondary class
and are affiliated by Central Board of Secondary Education (CBSE).
LALTA PRASAD: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lalta
Prasad Shaw and Company (LPSC) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 08, 2024,
placed the rating(s) of LPSC under the 'issuer non-cooperating'
category as LPSC had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. LPSC continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated February 22, 2025, March 4, 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).
Analytical approach: Standalone
Outlook: Stable
Lalta Prasad Shaw and Company (LPSC) was established in the year
1959 as a proprietorship firm by Mr. Lalta Prasad Shaw. Later Mr.
Jai Kishor Gupta (son of Mr. Lalta Prasad Shaw) joined and became
the proprietor of the said firm in the year 1989. The firm has been
engaged in trading of waste paper since its inception. Currently
the firm is being managed by Mr. Jai Kishor Gupta who has around
three decades of experience in the same line of business. He looks
after the overall management of the firm, with adequate support
from a team of experienced personnel.
LIVE WIRES: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Live Wires
Advertising Private Limited (LWAPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.75 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.20 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 14, 2024,
placed the rating(s) of LWAPL under the 'issuer non-cooperating'
category as LWAPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. LWAPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 28, 2025, February 7,
2025, February 17, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Livewires Advertising Private Limited (LWAPL) was incorporated in
1992 in Hyderabad in the state of Andhra Pradesh. LWAPL is engaged
in providing advertising solutions. The current promoters of LWAPL
took over the operations of the company in 2001. The company
operates in print media advertisement segment and is engaged in
designing, developing and maintaining advertising campaigns for
state government departments of Telangana (GOT) like Greater
Hyderabad Municipal Corporation (GHMC), Department of Irrigation,
Department of Information & Public Relations, besides others.
LONDON STAR: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of London
Star Diamond Company (India) Private Limited (LSDCPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 10.80 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 12.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 16, 2024,
placed the rating(s) of LSDCPL under the 'issuer non-cooperating'
category as LSDCPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. LSDCPL
continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
March 2, 2025, March 12, 2025 and March 22, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 1964, London Star Diamond Company (India) Private
Limited (LSDCPL) is engaged in trading of cut and polished
diamonds. It also does trade of rough diamonds. LSDCPL is
predominantly an export-oriented firm.
MAXAM INDIA: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Maxam India Private Limited
16/10, 1st Floor, Near Rohtak Road
Karol Bagh, New Delhi - 110005
Liquidation Commencement Date: March 28, 2025
Court: National Company Law Tribunal Kolkata Bench
Liquidator: Adarsh Sharma
J-6A Kailash Colony
New Delhi-110048
Tel No: 919810074285
Email: adarsh@adarshca.com
Email: mipl.vlliq@gmail.com
Email: adarsh@adarshca.com
Last date for
submission of claims: April 26, 2025
NISTHA MALL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Nishta Mall Management Company Private Limited
Registered Office:
Shop No. 28, 01st Floor, Krisha Arcade,
Yashwant Shrusti, Khaira,
Boisar Tal. & Dist. Palghar,
Boisar, Thane, Palghar,
Maharashtra, India, 401501
Address as per NCLT order:
Pantaloon Knowledge House, Shyam Nagar,
Off. Jogeshwari Vikroli, Link Road, Jogeshwari
(E), Mumbai – 400060 (Maharashtra)
Insolvency Commencement Date: March 24, 2025
Estimated date of closure of
insolvency resolution process: September 20, 2025
Court: National Company Law Tribunal, Mumbai Bench-V
Insolvency
Professional: Manoj Kumar Agarwal
B-83, Andheri Green Field Tower C H S Limited,
Jogeshwari Vikhroli Link Road,
Near Poonam Nagar,
Andheri East, Mumbai City,
Maharashtra, 400093
Email: ipmanoj.agarwal@gmail.com
Finvin Turnaround and Restructuring Private Limited
situated at 605, 6th Floor, Sunteck Crest,
Mukund Nagar Road,
Andheri (E), Mumbai, MH - 400059.
Email: cirp.nishtamall@gmail.com
Last date for
submission of claims: April 7, 2025
PARANJAPE SCHEMES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Paranjape
Schemes (Construction) Limited (PSCL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 175.00 CARE D; ISSUER NOT COOPERATING
debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Fixed deposit 55.00 CARE D; ISSUER NOT COOPERATING
Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) vide its press release dated
October 7, 2020, had placed the rating of PSCL under the 'issuer
non-cooperating' category as PSCL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PSCL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls dated March
14, 2025, March 19, 2025, and March 24, 2025.
In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating basis best
available information, which however, in CARE Ratings' opinion is
not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and public at
large) are hence requested to exercise caution while using these
ratings.
Based on stock filings in October 2023 and March 2024, the company
is seeking extension of the rated non-convertible debentures
(NCDs), which were due for redemption in March 2022, is still not
paid and the extension has not been granted.
Analytical approach: Standalone
Outlook: Not applicable
Liquidity: Poor
Incorporated in 1987, PSCL is in the business of real estate
development, both residential and commercial. The company has
undertaken real estate projects in Pune, Mumbai, Chiplun, Kolhapur
and Bangalore. The group has completed over 190 projects with total
saleable area of 15.33 million square feet (msf).
POOJA PRINTERS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pooja
Printers (PP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 16, 2024,
placed the rating(s) of PP under the 'issuer non-cooperating'
category as PP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated March 2, 2025, March 12, 2025 and
March 22, 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
Pooja Printers (PP) is a proprietorship entity established in June,
2014 by Mr. Chanderprakash Kewalram Makhija. The entity is engaged
in the business of manufacturing of packaging material which mainly
includes biscuits wrappers, flavoured candy pouch, spices pouch,
flavoured jelly cup, pp films, milk pouch which find its
application in Confectionery & FMCG industry. PP has its registered
office located at Ulhasnagar, (Thane).
QUBERCOMM TECHNOLOGIES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Quebercomm Technologies India Private Limited
Plot No. 4B, Door No. 140, II ND Street
Kamraj Avenue, Adayar, Chennai
Tamil Nadu, India 600020
Liquidation Commencement Date: March 26, 2025
Court: National Company Law Tribunal Chennai Bench
Liquidator: Sandeep Kothari
Prince Plaza, First Floor, No. 73
Pantheon Road, Egmore
Chennai, Tamil Nadu 600008
Email: ipsandeepkothari@gmail.com
Tel No: 9566275141
Last date for
submission of claims: April 25, 2025
RUKSON PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rukson
Packaging Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.10 CARE B-; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 16, 2024,
placed the rating(s) of RPPL under the 'issuer non-cooperating'
category as RPPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RPPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated March 2, 2025, March 12, 2025 and
March 22, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Established in 1986 as a private limited company in the name of
Jaykesh Salf-Lock Packaging Pvt. Ltd., was taken over by Mr. Kishin
Panjabi and renamed as Rukson Packaging Pvt. Ltd. (RPPL) on April
22, 2008. RPPL was promoted by Mr. Kishin Panjabi, Mr. Gobind
Panjabi, Ms. Poonam Panjabi & Ms. Anita Panjabi. RPPL is engaged in
manufacturing of Cartons & Offset printing on Cathcover, Labels,
Leaflets, Posters etc. and its plant is located at MIDC Rabale in
Navi Mumbai.
SABVE ROHINI: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sabve Rohini Contractors Private Limited
Gala No 112a, 1st Floor, Satyam Industrial Estate
Govandi Road, Deonar Mumbai
Devanar, Mumbai
Mumbai, Mumbai
Maharashtra, India, 400088
Business Address:
9/607-B, Khadeeja Building Cherootty Road
Calicut, Kozhikode, Kerela - 673032
Insolvency Commencement Date: March 27, 2025
Estimated date of closure of
insolvency resolution process: September 23, 2025
Court: National Company Law Tribunal, Mumbai Bench-VI
Insolvency
Professional: Mr. Pankaj Bhattad
Finvin Turmaround and Restructuring Private Limited
situated at 605, 6th Floor, Sunteck Crest
Mukund Nagar Road, Andheri (E)
Mumbai, Maharastra - 400059
Email: rppankajbhattad@gmall.com
Email: sabverohinicirp@gmail.com
Last date for
submission of claims: April 10, 2025
SAKRIYA TECHNOLOGIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Sakriya Technologies Private Limited
Flat No. A-2/6, Shivaji Co-Op GHS Ltd
Sector-14, Rohini, Delhi
Delhi, India - 110085
Insolvency Commencement Date: March 27, 2025
Estimated date of closure of
insolvency resolution process: September 23, 2025
Court: National Company Law Tribunal, Delhi Bench
Insolvency
Professional: Bimal Kumar Sharma
152-D, DDA Flats,
Satyam Enclave,
Vivek Vihar, Delhi 110095
Email: sharma_bimal@rediffmail.com
Contact No: 9810771662
Email: sakriya.cirp@gmail.com
Last date for
submission of claims: April 10, 2025
SANDUR PELLETS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Sandur Pellets Private Limited
Satyalaya Door No. 266, Old (No. 80)
Behind Taluk Office,
Ward No. l, Bellary, Sandur,
Karnataka, India, 583119
Liquidation Commencement Date: March 27, 2025
Court: National Company Law Tribunal Bangalore Bench
Liquidator: CS Thirupal Gorige No. 87
2nd Floor, 21st Cross
7the Main, N.S. Palya
BTM 2nd Stage
Bangalore - 560076
Karnakata, India
Mobile: +91 94483 84064
Tel No: +080 79634233
Email: gthirupal@gmail.com
Last date for
submission of claims: April 26, 2025
SANT AUTOWHEELS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sant
Autowheels Private Limited (SAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.80 CARE B-; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 16, 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 March 2, 2025, March 12, 2025,
March 22, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Sant Autowheels Private Limited (SAPL) was incorporated in 2005 and
promoted by Mr Ajay Kakkar along with his brother Mr Ganesh Kakkar
and mother Ms Chanchal Kakkar. SAPL is having authorized dealership
of entire range of passenger vehicles of Hyundai Motors India
Limited (HMIL). SAPL operates a 3S facility (Sales Spares, Service)
and has its showroom located on NH20, Kangra, Himachal Pradesh,
catering to the area of in and around the region like Kangra,
Palampur and Noorpur. Some of the models sold by SAPL are Accent,
Elantra, Eon, Santro, Getz, i10, Grand i10, i20, Verna etc. SAPL
has two group concerns namely 'Sant Autozone Private Limited' and
'Sant & Brothers petrol stations.
STANLEY BLACK: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Stanley Black and Decker Commercial Private Limited
GAT No 135, 136, 137 and 157,
Mahalunge Chakan Talegaon Road,
Chakan, Pune, Maharashtra - 410 501
Liquidation Commencement Date: March 26, 2025
Court: National Company Law Tribunal Bangalore Bench
Liquidator: Ravi Sankar Devarakonda
No. 41/1, 2nd Floor, 11th Cross, 8th Main,
Jayanagar 2nd Block, Bangalore-560011
Mobile: 98441 02554
Email: ravicacscmallb@gmail.com
Last date for
submission of claims: April 25, 2025
TULIP STAR: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Tulip Star Hotels Limited
Registered Office:
Indira Palace Building
H-Block Middle Circle
Cannaught Circus
Central Delhi, New Delhi
New Delhi, Delhi, India 110001
Principal Office:
Basement, Chandemukhi,
Nariman Point, Mumbai,
Maharashtra, India 400021
Insolvency Commencement Date: March 21, 2025
Estimated date of closure of
insolvency resolution process: September 17, 2025
Court: National Company Law Tribunal, Mumbai Bench-VI
Insolvency
Professional: Mr. Gaurav Ashok Adukia
Anand Bhavan
Jamnadas Adukia Road
Kandivali West
Mumbai City, Maharashtra, 400067
Email: gauravdukia@hotmail.com
Process Specific Address:
Sumedha Management Solutions Private Limited
C-703, Marathon Innova,
Lower Parel West, Mumbai - 400013
Email: cirp.tshl@gmail.com
Last date for
submission of claims: April 9, 2025
VIRAL CORPORATION: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Viral
Corporation India Private Limited (VCIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 6.00 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 April 10, 2024,
placed the rating(s) of VCIPL under the 'issuer non-cooperating'
category as VCIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. VCIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated February 24, 2025, March 6, 2025
and March 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).
Analytical approach: Standalone
Outlook: Stable
Established in 1984 as a partnership firm by Mr. Jyotin C. Sheth &
family and reconstituted as a private limited company in May 2011,
Viral Corporation (India) Private Limited (VCPL) is engaged in the
manufacturing and renting of prefabricated engineered building
(PEB) and portable cabins. VCPL caters to the needs of clients
belonging to oil & gas, infrastructure industries (including
private companies, multinationals and government organizations)
such as L&T, ABB and Cairn Energy India.
===============
M A L A Y S I A
===============
HLT GLOBAL: Faces Lawsuit Over Unpaid Conveyor Chain Supplies
-------------------------------------------------------------
The Malaysian Reserve reports that HLT Global Bhd said that its
wholly-owned subsidiary, HL Advance Technologies (M) Sdn Bhd, has
been served with a writ of summons and statement of claim filed by
Suzhou Wuzhong Conveying Chain Co Ltd (SWCC) at the Shah Alam High
Court.
According to the report, the Chinese supplier is seeking to recover
an outstanding payment of MYR939,919.72, along with interest, legal
costs, and any other relief deemed appropriate by the court.
The Malaysian Reserve relates that the dispute stems from the
supply of 5,060 meters of conveyor chains for several purchase
orders, for which the defendant allegedly only paid a 30% deposit.
The balance remains unsettled beyond the 30-day payment term stated
in the purchase orders.
HLT said that the financial exposure is limited to the claimed sum,
should the court rule against the company, and assured that its
operations remain unaffected, The Malaysian Reserve relays.
The Malaysian Reserve adds that the company is consulting its
solicitors and will provide updates on the legal proceedings, with
the case management scheduled for May 20, 2025.
HLT Global Berhad operates as a holding company. The Company,
through its subsidiaries, manufactures, designs, fabrication,
installation, testing, and commissioning of synthetic rubber
gloves. HLT Global serves medical, industrial, and food processing
industries worldwide.
WCE HOLDINGS: Government Approves MYR1.15 Billion Unit Financing
----------------------------------------------------------------
The Star reports that the government has approved a MYR1.15 billion
financing from Bank Pembangunan Malaysia Bhd to the loss-making
operator of the 233-km West Coast Expressway (WCE).
According to The Star, West Coast Expressway Sdn Bhd (WCESB), an
80%-owned unit of WCE Holdings Bhd, is set to receive a term-loan
facility of up to RM1.15 billion to part-finance costs and expenses
associated with the WCE.
The government's consent was received on April 18. The WCE connects
Taiping, Perak and Banting, Selangor.
The Star says the money from the term loan will cover development,
design, construction fees and financing costs (including interest
during construction), as well as other related fees and expenses in
relation to the expressway project.
"The board is of the view that the facility is in the best interest
of the company," WCE said in a filing with Bursa Malaysia.
WCE Holdings Berhad is a Malaysia-based investment holding company.
The Company's segments include toll concession, construction and
others. The Company's toll concession segment is involved in the
business of construction, management and tolling of highway
operations. Its construction segment is involved in the business of
construction contracting and project management services. The
others segment is involved in leasing services and investment
holding. It is primarily focused on the execution of the West Coast
Expressway Project by its 80%-owned subsidiary, West Coast
Expressway Sdn Bhd. This build-operate-transfer privatization
project involves the development of 316 kilometers (km) highway
connecting the west coast of Peninsular Malaysia from Banting in
Selangor to Taiping in Perak. Its subsidiaries include WCE
Technology Sdn. Bhd., WCE Highway Services Sdn. Bhd., WCE Maju Sdn.
Bhd., and others.
=====================
N E W Z E A L A N D
=====================
230 BOWER: Court to Hear Wind-Up Petition on May 1
--------------------------------------------------
A petition to wind up the operations of 230 Bower Ave Limited will
be heard before the High Court at Christchurch on May 1, 2025, at
10:00 a.m.
42GO Limited filed the petition against the company on Feb. 28,
2025.
The Petitioner's solicitor is:
Peter Napier
K3 Legal Limited
3 Albert Street
Auckland Central
Auckland
FLAWLESS BEAUTY: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on April 17, 2025,
were appointed as liquidators of Flawless Beauty Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
GULATI ENTERPRISES: Court to Hear Wind-Up Petition on May 16
------------------------------------------------------------
A petition to wind up the operations of Gulati Enterprises Limited
will be heard before the High Court at Auckland on May 16, 2025, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 6, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
MEXPET LIMITED: Creditors' Proofs of Debt Due on May 23
-------------------------------------------------------
Creditors of Mexpet Limited are required to file their proofs of
debt by May 23, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 17, 2025.
The company's liquidator:
John Marshall Scutter
Fervor Limited
Level 1, 17–19 Seaview Road
Paraparaumu Beach
PROMOKING LIMITED: Waterstone Insolvency Appointed as Receivers
---------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on April
11, 2025, were appointed as receivers and managers of Promoking
Limited.
The receivers and managers may be reached at:
Waterstone Insolvency
PO Box 352
Auckland 1140
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: BPI Extends PHP5B Loan Deadline to Sept. 2025
-------------------------------------------------------------------
Bilyonaryo.com reports that the Bank of the Philippine Islands
(BPI), controlled by the Zobel family, has given the Lopez family
more time to settle ABS-CBN Broadcasting's PHP5-billion loan,
extending the maturity date by six months to Sept. 1, 2025.
Based on documents obtained by Bilyonaryo.com, ABS-CBN said the
extension was made on the same terms as the original agreement.
ABS-CBN is still in talks with BPI to refinance its remaining
debt.
The extension was granted on 1 March 2025, just days after the
Lopezes sold three hectares out of ABS-CBN's iconic 4.4-hectare
Mother Ignacia compound in Quezon City to the Zobels' Ayala Land
Inc. for PHP6.2 billion.
According to Bilyonaryo.com, ABS-CBN has been continuously
negotiating for a waiver on payments with its creditors since its
three-year standstill agreement with banks lapsed in 2023.
ABS-CBN owed BPI a total of PHP10.1 billion in loans when it shut
down its free TV operations after losing its franchise five years
ago. BPI is the network's second biggest lender after Union Bank of
the Philippines of the Aboitiz family with PHP11.4 billion as of
2020.
To secure its debts, the Lopez-led network pledged assets valued at
over PHP18.3 billion. Bilyonaryo.com says loan agreement revisions
allowed ABS-CBN to sell off some of these mortgaged assets, helping
reduce its total debt by PHP3.9 billion between 2021 and the end of
2024.
As of 2024, ABS-CBN's total long-term loans stood at PHP15.82
billion, including PHP4.5 billion owed to Sky Cable, Bilyonaryo.com
discloses.
Over the last two years, the network has been gradually chipping
away at its debt - prepaying PHP618 million to BPI and PHP764.3
million to Union Bank, Bilyonaryo.com notes.
Interest payments on its loans totaled PHP898.6 million in 2024, up
from PHP733.5 million in 2023 and PHP827.1 million in 2022.
ABS-CBN also said it had fully amortized its debt issuance costs in
2023, meaning its outstanding loans no longer reflect deductions
for such costs as of end-2024, adds Bilyonaryo.com.
About ABS-CBN
ABS-CBN Broadcasting operated a network of TV & radio stations in
the Philippines. The Company produced entertainment and news
programs for basic and cable channels.
On May 5, 2020, the National Telecommunications Commission (NTC)
issued a cease-and-desist order (CDO) against ABS-CBN, immediately
directing it to stop broadcast operations in radio and television.
The order followed the expiration of ABS-CBN's broadcast franchise
on May 4, 2020.
On July 10, 2020, members of the House of Representatives denied
ABS-CBN's renewal franchise application, citing several issues on
the network's prior 25-year franchise.
The network has now rebranded itself as a mass content company and
produced television programs, films and other entertainment content
through partnerships with independent production companies and
broadcasters.
ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from
PHP2.46 billion in 2022.
ABS-CBN: Converge Buys PHP3.1BB DTH Satellite at Huge Discount
--------------------------------------------------------------
Bilyonaryo.com reports that Dennis Anthony Uy's takeover of ABS-CBN
Broadcasting subsidiary, Sky Cable, is picking up speed.
Based on documents obtained by Bilyonaryo.com, ABS-CBN sold
PHP3.113 billion worth of idle assets to Reliance Broadcasting
Unlimited, an affiliate of Mr. Uy's Converge ICT. These assets are
mainly equipment and infrastructure from Sky Cable's now-defunct
direct-to-home (DTH) satellite TV business, which shut down after
the non-renewal of its franchise.
Bilyonaryo.com says Mr. Uy acquired the assets for just PHP421
million, meaning ABS-CBN took a PHP2.692 billion impairment loss
from the sale in 2024. This follows a separate PHP2.4 billion
impairment ABS-CBN recorded in 2023 as part of Sky Cable's
financial restructuring.
Last July, Reliance Broadcasting secured a DTH satellite license
from the National Telecommunications Commission, allowing it to
broadcast free-to-air TV channels like GMA, GTV, All TV, and PTV4
nationwide - even in far-flung areas without cable, Bilyonaryo.com
recalls. The service is powered by Korea's KT SAT, a leader in
advanced satellite technology.
According to Bilyonaryo.com, the sale of DTH assets is a key part
of Mr. Uy's broader agreement with the Lopez family, first revealed
by Bilyonaryo last year, to revive Sky Cable, which is still
burdened with PHP10.5 billion in current liabilities.
But the turnaround appears to be underway. Sky Cable has cut its
losses nearly in half to PHP4.3 billion, while slashing expenses by
50% to PHP1.1 billion, Bilyonaryo.com discloses.
On top of debt relief, Converge has entered a commercial agreement
to upgrade Sky Cable's network. Mr. Uy aims to finish migrating
Sky's 300,000 fixed-line subscribers to fiber within the year.
"Sky is already a household brand. We can expand it nationwide,"
Mr. Uy said in a previous interview, noting plans to roll out
services in Baguio, Davao, and General Santos.
About ABS-CBN
ABS-CBN Broadcasting operated a network of TV & radio stations in
the Philippines. The Company produced entertainment and news
programs for basic and cable channels.
On May 5, 2020, the National Telecommunications Commission (NTC)
issued a cease-and-desist order (CDO) against ABS-CBN, immediately
directing it to stop broadcast operations in radio and television.
The order followed the expiration of ABS-CBN's broadcast franchise
on May 4, 2020.
On July 10, 2020, members of the House of Representatives denied
ABS-CBN's renewal franchise application, citing several issues on
the network's prior 25-year franchise.
The network has now rebranded itself as a mass content company and
produced television programs, films and other entertainment content
through partnerships with independent production companies and
broadcasters.
ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from
PHP2.46 billion in 2022.
=================
S I N G A P O R E
=================
CAMPFIRE GOURMET: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 4, 2025, to
wind up the operations of Campfire Gourmet Pte. Ltd.
I Design & Build Pte Ltd filed the petition against the company.
The company's liquidators are:
Mr. Aw Eng Hai
c/o Foo Kon Tan LLP
1 Raffles Place #04-61
One Raffles Place Tower 2
Singapore 048616
MOORAH PTE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on April 4, 2025, to
wind up the operations of Moorah 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
PROOFER BAKERY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on April 4, 2025, to
wind up the operations of Proofer Bakery Pte. Ltd.
I Design & Build Pte Ltd filed the petition against the company.
The company's liquidators are:
Mr. Aw Eng Hai
c/o Foo Kon Tan LLP
1 Raffles Place #04-61
One Raffles Place Tower 2
Singapore 048616
R. N. AJAY: Commences Wind-Up Proceedings
-----------------------------------------
Members of R. N. Ajay Pte. Ltd. on April 8, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Lim Soh Yen
Tan Suah Pin
133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
SINCO SHIPPING: Creditors' Meetings Set for April 25
----------------------------------------------------
Sinco Shipping Pte. Ltd. will hold a meeting for its creditors on
April 25, 2025, at 11:30 a.m., via Zoom.
Agenda of the meeting includes:
a. to lay a full statement of the company's affairs together
with a list of creditors and the estimated amount of their
claims;
b. to nominate Liquidator(s) or confirm the nomination of
Liquidator(s) by member(s);
c. to form a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
Mr. Lau Chin Huat and Mr. Yeo Boon Keong of Technic Inter-Asia Pte
Ltd were appointed as Joint and Several Provisional Liquidators of
the company on April 11, 2025.
=================
S R I L A N K A
=================
SRI LANKA: To Grow 3.5% in 2025 Despite Tariff Headwinds, WB Says
-----------------------------------------------------------------
Reuters reports that Sri Lanka is on track to achieve growth of
3.5% this year, the World Bank said in its latest report on April
22, notwithstanding challenges from hefty U.S. tariffs and an
ongoing financial crisis recovery.
Reuters relates that the island nation rebounding from a deep
financial crisis sparked by a record dollar shortfall three years
ago, posted a 5% growth last year, aided by a $2.9 billion program
from the International Monetary Fund (IMF).
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. Sri Jayawardenepura Kotte is its legislative capital, and
Colombo is its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.
Fitch Ratings upgraded Sri Lanka's Long-Term Foreign-Currency IDR
to 'CCC+', from 'RD' (Restricted Default) on Dec. 20, 2024. Fitch
also upgraded the Long-Term Local-Currency IDR to 'CCC+', from
'CCC-', to align with the Long-Term Foreign-Currency IDR.
Moody's also upgraded Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca on Dec. 23, 2024. The outlook is stable.
S&P Global Ratings on Dec. 27, 2024, affirmed its 'SD/SD'
(selective default) long- and short-term foreign currency and
'CCC+/C' long- and short-term local currency sovereign credit
ratings on Sri Lanka. The outlook on the long-term local currency
rating is stable.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***