/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250425.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 Friday, April 25, 2025, Vol. 28, No. 83 Headlines A U S T R A L I A AEON METALS: Completes DOCA, Transfers Control to New Directors ANGLE ASSET 2023-1: Moody's Raises Rating on Class F Notes to Ba1 CHALA METALS: First Creditors' Meeting Set for May 2 DOD BOOKKEEPING: Penalised AUD11MM Over "Cookie-Cutter" Advice FOX FRIDAY: First Creditors' Meeting Set for May 1 LIBERTY SERIES 2021-1: Moody's Ups Rating on Class F Notes to Ba1 LWY CONSTRUCTIONS: First Creditors' Meeting Set for May 5 NEPEAN RIVER: Second Creditors' Meeting Set for May 1 REACON AUSTRALIA: Creditors Report Likely to be Released on May 9 ROBERTS CO: Andrew Roberts to Sell Company to UAE-based Arada TUCHUZY BONDI: Luxe Retail Buys Key Assets, Plans Retail Renewal WITTNER GROUP: First Creditors' Meeting Set for May 1 C H I N A SUNAC CHINA: Urges Creditors to Support Proposed Debt Swap Plan I N D I A AASTHA SPINTEX: Ind-Ra Corrects April 1, 2025 Rating Release ADINATH AGRO: Ind-Ra Cuts Loan Rating to BB, Outlook Stable ANILINE PROPERTIES: CARE Lowers Rating on INR68cr NCD to D AXIO CAPITAL: Voluntary Liquidation Process Case Summary CHAMPION COMMERCIAL: ICRA Cuts Rating on INR23cr LT Loan to B+ COINCEPT ACCOUNTING: Voluntary Liquidation Process Case Summary DASERA SOFTWARE: Voluntary Liquidation Process Case Summary ELECTRIPHI SOFTWARE: Voluntary Liquidation Process Case Summary EUROPEAN PROJECTS: Insolvency Resolution Process Case Summary FUJIN WIND: CARE Keeps D Debt Rating in Not Cooperating Category GREENOCARE ENGINEERING: Insolvency Resolution Process Case Summary GSR TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating GURUKRUPA COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating HUROM INDIA: Voluntary Liquidation Process Case Summary HYBRO FOODS: Liquidation Process Case Summary ICL SYSTEMS: Voluntary Liquidation Process Case Summary IND-BARATH POWER MADRAS: CARE Keeps D Ratings in Not Cooperating JALARAM COTTON: ICRA Keeps B Debt Rating in Not Cooperating KAMAL IDEAL: CARE Keeps D Debt Rating in Not Cooperating Category KAUSHALYA FIBERS: ICRA Keeps B Debt Ratings in Not Cooperating KHEDUT COTEX: ICRA Keeps D Debt Ratings in Not Cooperating KIKANI INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating KOHINOOR SPECIALITY: ICRA Keeps B+ Ratings in Not Cooperating KRISHNA CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating LAMINA LEASING: Voluntary Liquidation Process Case Summary LAXMI GUAR: ICRA Keeps B Debt Ratings in Not Cooperating Category LIVINGSTON INT'L: Voluntary Liquidation Case Summary MAHESH ELECTRICAL: ICRA Keeps B+ Debt Ratings in Not Cooperating MALAYALAM VEHICLES: Insolvency Resolution Process Case Summary MALWA AUTOMOTIVES: ICRA Keeps B+ Debt Rating in Not Cooperating MAYA CONSTRUCTION: Insolvency Resolution Process Case Summary NEOTECH EDUCATION: ICRA Keeps D Debt Rating in Not Cooperating NEW BOMBAY PAPER: Insolvency Resolution Process Case Summary NOXX AND CHEF'S: CARE Keeps D Debt Ratings in Not Cooperating OMKARA POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating OWNBACKUP INDIA : Voluntary Liquidation Process Case Summary POLIXEL SECURITY: ICRA Keeps B+ Debt Rating in Not Cooperating PRAFFUL OVERSEAS: Insolvency Resolution Process Case Summary PROGRESSIVE EXIM: CARE Keeps D Debt Ratings in Not Cooperating R.K.I. BUILDERS: CARE Keeps D Debt Ratings in Not Cooperating RAM RAYON: ICRA Keeps D Debt Ratings in Not Cooperating Category REAL VALUE: CARE Keeps D Debt Ratings in Not Cooperating Category S.S. ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating SDF INDUSTRIES: Insolvency Resolution Process Case Summary SHANKAR RICE: ICRA Keeps B Rating in Not Cooperating Category TATA CHEMICALS: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable TIRUCHIRAPPALLI DISTRICT: ICRA Keeps B+ Rating in Not Cooperating TRT BUILDERS: ICRA Lowers Rating on INR6.50cr LT Loan to D VISHAL CONDUIT: CARE Keeps C/A4 Debt Ratings in Not Cooperating VIZAG AGRIPORT: Insolvency Resolution Process Case Summary M A L A Y S I A LYC HEALTHCARE: Gets Winding-Up Petition Over Unpaid Claims M O N G O L I A MONGOLIAN MINING: Moody's Ups CFR to B2 & Alters Outlook to Stable N E W Z E A L A N D 8 YELASH: Benjamin Francis Appointed as Receiver and Manager EAGLE EYE: Court to Hear Wind-Up Petition on May 21 EJS LIMITED: Court to Hear Wind-Up Petition on May 2 G C CONSTRUCTION: Court to Hear Wind-Up Petition on May 15 TOTARA 9: Thomas Lee Rodewald Appointed as Receiver and Manager S I N G A P O R E CB ENTERPRISES: Creditors' Proofs of Debt Due on May 16 DE' ONE LIFESTYLE: Court Enters Wind-Up Order DOVECOTE INVESTMENT: Creditors' Proofs of Debt Due on May 16 HOMEPLUS: KFSU-Homeplus Union Fights Over 20K Jobs RSKY MANAGEMENT: Court to Hear Wind-Up Petition on May 2 SINGAPORE ADVANCED: Creditors' Proofs of Debt Due on May 16 S O U T H K O R E A HOMEPLUS CO: MBK Had Knowledge of Rating Downgrade, Debt Sale - - - - - ================= A U S T R A L I A ================= AEON METALS: Completes DOCA, Transfers Control to New Directors --------------------------------------------------------------- TipRanks reports that Aeon Metals Limited, along with its associated companies, has undergone significant administrative changes following the completion of a Deed of Company Arrangement (DOCA). According to TipRanks, the shares of Aeon Metals have been transferred to OL Master Limited (OCP) or its nominee, and new officers have been appointed to the companies. This marks the exit from external administration and the return of control to the directors, indicating a new phase of operations for the company. Aeon Metals Limited (ASX:AML) -- https://aeonmetals.com.au/ -- together with its subsidiaries, engages in the exploration for and evaluation of mineral properties in Australia. The company explores for copper, cobalt, gold, lead, zinc, molybdenum, silver, nickel, and base metal deposits. Its flagship project is the Walford Creek Copper-Cobalt project located northwest of Mount Isa in Northwest Queensland. On July 26, 2024, Vaughan Strawbridge, Kathryn Evans and Ben Campbell of FTI Consulting were appointed as administrators of: - Aeon Metals Limited; - Aussie NQ Resources Pty Ltd; - Aeon Walford Creek Ltd; - Aeon Isa Exploration Pty Ltd; - Aeon Monto Exploration Pty Ltd; and - Aeon Walford Exploration Pty Ltd. In December 2024, the administrators of Aeon Metals said that at the second meeting of creditors on Nov. 29, 2024, the company's creditors resolved: * the Company execute the Deed of Company Arrangement (DOCA) proposed by OL Master Limited, and * Benjamin Campbell, Vaughan Strawbridge and Kathryn Evans of FTI Consulting be appointed as Deed Administrators. The DOCA was executed on Dec. 19, 2024. ANGLE ASSET 2023-1: Moody's Raises Rating on Class F Notes to Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on nine classes of notes from four Angle Asset Finance transactions. The affected ratings are as follows: Issuer: Angle Asset Finance - Radian Trust 2023-1 Class F Notes, Upgraded to Ba1 (sf); previously on Oct 17, 2024 Upgraded to Ba2 (sf) Issuer: Angle Asset Finance - Radian Trust 2023-2P Class D Notes, Upgraded to Baa1 (sf); previously on Sep 14, 2023 Definitive Rating Assigned Baa2 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Sep 14, 2023 Definitive Rating Assigned B1 (sf) Class G Notes, Upgraded to B1 (sf); previously on Sep 14, 2023 Definitive Rating Assigned B2 (sf) Issuer: Angle Asset Finance - Radian Trust 2023-3 Class F Notes, Upgraded to Ba3 (sf); previously on Oct 17, 2024 Upgraded to B1 (sf) Issuer: Angle Asset Finance - Radian Trust 2024-1 Class B Notes, Upgraded to Aa1 (sf); previously on Jun 28, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on Jun 28, 2024 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to Baa1 (sf); previously on Jun 28, 2024 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Jun 28, 2024 Definitive Rating Assigned Ba2 (sf) A comprehensive review of all credit ratings for the transactions has been conducted during a rating committee. RATINGS RATIONALE The upgrades were a result of the increase in credit enhancement available for the affected notes. No action was taken on the remaining rated classes in the transactions as credit enhancements for these classes remain commensurate with the current ratings. Angle Asset Finance - Radian Trust 2023-1 Following the March 2025 payment date, the credit enhancement available for the Class F Notes has increased to 9.4% from 7.3% at the time of the last rating action in October 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the April 2024 payment date. Current outstanding notes as a percentage of the total closing balance is 42.8%. As of end-February 2025, 3.3% of the outstanding pool was 30-plus day delinquent, and 1.4% was 90-plus day delinquent. The portfolio has incurred losses of 2.4% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the recent observed performance and loan attributes, Moody's have increased Moody's mean default assumption to 5.8% as a percentage of the current pool balance (equivalent to 5.2% as a percentage of the original pool balance) from 4.6% of the outstanding pool balance at the time of the last rating action in October 2024. Moody's have maintained the Aaa portfolio credit enhancement at 26%. Angle Asset Finance - Radian Trust 2023-2P Following the March 2025 payment date, the credit enhancement available for the Class D, Class F, and Class G Notes has increased to 11.7%, 6.2%, and 4.8% respectively, from 7.9%, 3.8%, and 2.8% at closing. Principal collections have been distributed on a pro-rata basis among the rated notes since the September 2024 payment date. Current outstanding notes as a percentage of the total closing balance is 58.3%. As of end-February 2025, 3.9% of the outstanding pool was 30-plus day delinquent, and 1.9% was 90-plus day delinquent. The portfolio has incurred losses of 2% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the recent observed performance and loan attributes, Moody's have increased Moody's mean default assumption to 5.8% as a percentage of the current pool balance (equivalent to 5.5% as a percentage of the original pool balance) from 5% of the original pool balance at closing. Moody's have also increased the Aaa portfolio credit enhancement to 26% from 24% at closing. Angle Asset Finance - Radian Trust 2023-3 Following the March 2025 payment date, the credit enhancement available for the Class F Notes has increased to 6.0% from 4.9% at the time of the last rating action in October 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the December 2024 payment date. Current outstanding notes as a percentage of the total closing balance is 62.1%. As of end-February 2025, 2.6% of the outstanding pool was 30-plus day delinquent, and 0.9% was 90-plus day delinquent. The portfolio has incurred losses of 1.9% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the recent observed performance and loan attributes, Moody's have increased Moody's mean default assumption to 6.4% as a percentage of the current pool balance (equivalent to 6.2% as a percentage of the original pool balance) from 5.8% as a percentage of the original pool balance from closing. Moody's have also increased the Aaa portfolio credit enhancement to 28% from 27%. Angle Asset Finance - Radian Trust 2024-1 Following the March 2025 payment date, the credit enhancement available for the Class B, Class C, Class D, and Class E Notes has increased to 21.8%, 15.7%, 12.6%, and 6.2% respectively, from 16.8%, 12.1%, 9.7%, and 4.8% at closing. Principal collections have been distributed on a sequential basis starting from the Class A Notes. Current outstanding notes as a percentage of the total closing balance is 77.1%. As of end-March 2025, 2.6% of the outstanding pool was 30-plus day delinquent, and 1.3% was 90-plus day delinquent. The portfolio has incurred losses of 0.6% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's mean default assumption at 5.8% as a percentage of the original pool balance from closing. Moody's have also maintained the Aaa portfolio credit enhancement at 28%. Moody's analysis has also considered various scenarios involving different mean default rate, PCE, and recovery rate to evaluate the resiliency of the note ratings. The transactions are securitisations of auto and equipment loans and operating leases by Angle Asset Finance, an Australian non-bank asset finance provider. The obligors in the pool are primarily small-to-medium enterprises domiciled in Australia. The underlying assets backing the receivables include, among others, vehicles, wheeled equipment, photocopiers, printers and telephony. The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. CHALA METALS: First Creditors' Meeting Set for May 2 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Chala Metals Limited will be held on May 2, 2025 at 10:00 a.m. via videoconference facilities. Richard Albarran, Brent Kijurina, and Aaron Dominish of Hall Chadwick were appointed as administrators of the company on April 22, 2025. DOD BOOKKEEPING: Penalised AUD11MM Over "Cookie-Cutter" Advice -------------------------------------------------------------- DOD Bookkeeping Pty Ltd (in liquidation), previously Equiti Financial Services Pty Ltd, has been penalised AUD11,030,000 after the Federal Court found it breached conflicted remuneration rules and its advisers provided inappropriate "cookie cutter" advice, the Australian Securities & Investments Commission (ASIC) said in a statement. Equity FS paid AUD130,250 in bonuses to three financial advisers who provided template advice to clients to roll over their super into self-managed super funds (SMSFs) and use those funds to buy property through a related entity, Equiti Property Pty Ltd. The Court found that in the case of 12 clients who gave evidence to the Court, the advice provided was "cookie cutter" and failed to take into account each client's individual circumstances or objectives. The Court also found that the bonuses paid to the three advisers, which were paid when the clients settled on property offered through Equiti Property, influenced the advice they provided and breached conflicted remuneration laws. ASIC Deputy Chair Sarah Court said, "Misconduct exploiting superannuation savings is an ASIC enforcement priority. In this case the Court found bonuses paid to advisors influenced the advice they provided, resulting in poor financial outcomes for the consumers involved. Financial services licensees who employ advisers to provide personal financial advice need to ensure that they place their clients at the forefront. "The size of today's penalty demonstrates the seriousness of this misconduct." In his judgments, Justice Goodman observed that "little or no heed was paid to the particular circumstances of the clients", with clients not being given sufficient time to understand the advice given to them and advice being focussed on "manoeuvring the clients into property purchases through SMSFs". His Honour said, "The contravening conduct was plainly deliberate and extended over a period of several years". ASIC cancelled Equiti FS's Australian financial services licence on Nov. 7, 2024. Equiti FS provided financial advice to clients and offered SMSF establishment and administration services. A related real estate licensee, Equiti Property Pty Ltd, recommended properties to purchase and another related entity, Equiti Finance Pty Ltd, offered mortgage broking services. FOX FRIDAY: First Creditors' Meeting Set for May 1 -------------------------------------------------- A first meeting of the creditors in the proceedings of - Fox Friday Brewing Pty Ltd; - Fox Friday Bridge Road Pty Ltd; - Fox Friday Burswood Pty Ltd; - Fox Friday Moonah Pty Ltd; - Fox Friday Richmond Pty Ltd; - Fox Friday Services Pty Ltd; and - Carwyn Cellars Pty Ltd will be held on May 1, 2025 at 2:00 p.m. via virtual meeting only. Robert Smith and Keith Crawford of McGrathNicol were appointed as administrators of the company on April 16, 2025. LIBERTY SERIES 2021-1: Moody's Ups Rating on Class F Notes to Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on eight classes of notes issued by two Liberty Series SME. The affected ratings are as follows: Issuer: Liberty Series 2021-1 SME Class C Notes, Upgraded to Aa1 (sf); previously on Jun 7, 2024 Upgraded to Aa2 (sf) Class D Notes, Upgraded to Aa2 (sf); previously on Jun 7, 2024 Upgraded to A1 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Jun 7, 2024 Upgraded to Baa2 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Jul 28, 2023 Upgraded to Ba2 (sf) Issuer: Liberty Series 2022-1 SME Class C Notes, Upgraded to Aa2 (sf); previously on Jun 7, 2024 Upgraded to Aa3 (sf) Class D Notes, Upgraded to A1 (sf); previously on Jun 7, 2024 Upgraded to A2 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Jun 7, 2024 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Jun 7, 2024 Upgraded to Ba1 (sf) A comprehensive review of all credit ratings for the transactions has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement (via note subordination and the Guarantee Fee Reserve) available for the affected notes and (2) the collateral performance to date. The fully-funded and non-amortising Guarantee Fee Reserve Account provides credit support of 0.5% of the original note balance to the deals. The account can be used to cover charge-offs against the notes and liquidity shortfalls that remain uncovered after drawing on the liquidity facility and principal. No actions were taken on the remaining rated classes in these transactions as credit enhancement remains commensurate with the current rating for the respective notes. Liberty Series 2021-1 SME Following the March 2025 payment date, note subordination available for the Class C, Class D and Class E Notes has increased to 9.5%, 7.1% and 2.2% respectively, from 9.4%, 6.9% and 2.0% at the time of the last rating action for these notes in June 2024. Note subordination available for the Class F Notes has increased to 0.9% from 0.7% at the time of the last rating action for these notes in July 2023. Principal collections have been allocated on a pro-rata basis among the rated notes since the November 2023 payment date. Current total outstanding notes as a percentage of the total closing balance is 53.0%. As of end-February 2025, 0.8% of the outstanding pool was 30-plus days delinquent and 0.2% was 90-plus days delinquent. The portfolio has incurred net losses of 0.01% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have lowered the expected loss assumption to 1.5% of the outstanding pool balance (equivalent to 0.8% of the original pool balance) from 1.6% (equivalent to 1% of the original pool balance) at the time of the last rating action in June 2024. Moody's have also lowered the Aaa portfolio credit enhancement to 9.9% from 10.2%. Liberty Series 2022-1 SME Following the March 2025 payment date, note subordination available for the Class C, Class D, Class E and Class F Notes has increased to 10.5%, 8.0%, 5.2% and 4.2% respectively, from 9.4%, 7.1%, 4.5% and 3.6% at the time of the last rating action for these notes in June 2024. Principal collections have been allocated on a pro-rata basis among the rated notes since the December 2024 payment date. Current total outstanding notes as a percentage of the total closing balance is 65.7% As of end-February 2025, 0.8% of the outstanding pool was 30-plus days delinquent and 0.6% was 90-plus days delinquent. The deal has incurred no losses to date. Based on the observed performance to date and loan attributes, Moody's have maintained the expected loss assumption at 1.6% of the oustanding pool balance (equivalent to 1.1% of the original pool balance) from the last rating action in June 2024. Moody's have also lowered the Aaa portfolio credit enhancement to 10% from 10.5%. The transactions are securitisations of loans to self-managed superfunds, small-to-medium enterprises and individuals, originated by Liberty Financial Pty Ltd, an Australian non-bank lender. The loans are secured by residential or commercial properties, or a mix of both. A portion of the portfolios consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis, or no documentation basis. Due to the mixed nature of the pools, Moody's have categorised the portfolios into separate residential loan and SME sub-pools in Moody's analysis. The methodologies used in these ratings were "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. LWY CONSTRUCTIONS: First Creditors' Meeting Set for May 5 --------------------------------------------------------- A first meeting of the creditors in the proceedings of LWY Constructions Pty Ltd will be held on May 5, 2025 at 11:00 a.m. at the offices of Jirsch Sutherland at Level 30, 140 William Street in Melbourne and via Zoom meeting. Malcolm Kimbal Howell of Jirsch Sutherland was appointed as administrator of the company on April 22, 2025. NEPEAN RIVER: Second Creditors' Meeting Set for May 1 ----------------------------------------------------- A second meeting of creditors in the proceedings of Nepean River Dairy Pty Limited has been set for May 1, 2025 at 11:00 a.m. via virtual meeting only. 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. Rajiv Goyal of Aston Chace Group was appointed as administrator of the company on Jan. 8, 2025. REACON AUSTRALIA: Creditors Report Likely to be Released on May 9 ----------------------------------------------------------------- Sprinter reports that administrators for Reacon Australia and MMW 3Degrees have shared an update on the first creditor's meeting held this week and the likely release date for the upcoming creditors report. Sprinter relates that administrator Andrew Blundell, from Cathro & Partners said there were no major outcomes from the first creditor's meeting held on April 22 and everything remains "business as usual". "In relation to the creditor's meeting, no committee of inspection was formed and there was no replacement of administrator," Mr. Blundell said. According to Sprinter, the Federal Court injunction that attempted to wind-up Reacon Australia on April 11 has been adjourned to May 9 allowing more time for the business to be restructured. Mr. Blundell told Sprinter he expects the creditors report to be made available prior to May 9. "The next stage of the process is to prepare a report to creditors which we expect will be issued prior to Friday 9 May. We will then issue the report and provide an update on the trading position of the business," he said. "At that time creditors will be advised of any Deed of Company Arrangement proposal that has been put forward and they will be in a position to determine the future of the companies. At this stage a Deed of Company Arrangement appears to be the most likely outcome for the future of these businesses." Cathro & Partners were appointed administrators Reacon Australia and MMW3 Degrees earlier this month, the same firm that was also appointed to manage Starleaton when it was placed into voluntary administration, Sprinter notes. Reacon Group – the parent company of Reacon Australia and MMW3 Degrees – has since been acquired by Sydney-based Westman Printing. Westman Printing – a company with 45 years of print manufacturing history – has been owned by Vik Gulati and his wife Manasa for the last 20 years. Mr. Gulati told Sprinter at the time of the announcement that he had purchased the parent company with a view to restructuring the two businesses currently in voluntary administration that specialise as an omni-channel provider of mailing, marketing, and print services. Mr. Gulati also confirmed he intends to retain the majority of the workforce of Reacon Australia and MMW3 Degrees under its leadership, with operations continuing on a "business as usual" basis during the voluntary administration process. Mr. Gulati said the move, once completed, will bolster Westman's portfolio, integrating Reacon's advanced equipment – including the Fujifilm 1160CF acquired in 2024 – along with skilled talent and access to new markets. Andrew Blundell and Simon Cathro of Cathro & Partners Pty Limited were appointed as administrators of Reacon Australia Pty Ltd and Mail Marketing Works Pty. Limited (trading as MMW 3 Degrees) on April 8, 2025. ROBERTS CO: Andrew Roberts to Sell Company to UAE-based Arada ------------------------------------------------------------- The Australian Financial Review reports that Rich List investor Andrew Roberts will sell Roberts Co, the building contractor he founded eight years ago, to United Arab Emirates-based construction and property business Arada and exit construction, a sector he has been involved with all his life. Mr. Roberts, whose family founded Multiplex – and sold its controlling 26 per cent stake to Canada's Brookfield in 2007 – will sell Roberts Co NSW, the original entity in the company he founded in 2017, chief executive Emma Shipley told staff on April 24. The sum for the sale was not disclosed. "Arada are purchasing the Roberts Co (NSW) Pty Ltd entity, are acquiring the global rights to the Roberts Co brand and have committed to a substantial investment of new capital on to our balance sheet," Ms. Shipley said in the email, seen by The Australian Financial Review. "This means our business will have the financial strength to chase and secure new projects, as well as complete all our current projects with confidence." The sale agreement has been signed and was due to complete next week, Ms. Shipley said. According to the Financial Review, the decision to sell the jewel-in-the-crown NSW business, founded originally as Roberts Pizzarotti, relieves Andrew Roberts from the task of recapitalising the company that has been funding a loss-making Victorian arm – which went into administration last month. "To ensure the prosperity and sustainability of NSW we have been focused on securing a recapitalisation of our business," Ms. Shipley said in the email. The funding necessary to rebuild the Roberts Co NSW balance sheet was estimated to be in the tens of millions of dollars by one source with knowledge of the company – a manageable sum for Mr. Roberts, who ranked 151st on the Financial Review Rich List last year with a fortune of $999 million. But his decision not to pursue a recapitalisation marks a likely end to his investment in the construction business, the Financial Review notes. Arada already has a business in Australia, trading as Arada Development, and the company wanted to grow, the source said. "They have significant ambitions to grow the business as a third-party contracting business and to support their own extensive development pipeline," they said. According to the Financial Review, Ms. Shipley said the 150 or so employees of Roberts Co NSW will have their employment transferred to a new entity that would engage them on the same salary and terms as their current employment. Separately, the sale of NSW business does not affect the administration process underway with the insolvent Vic business, Roberts Co VIC, the Financial Revew reports. It remains in administration and work has yet to resume on any of its projects, but there were hopes they would restart within the next two weeks, the source said. About Roberts Co Roberts Co is an Australian-based, a boutique tier-one construction company. Jason Ireland and Matthew Caddy of McGrathNicol were appointed as voluntary administrators of Roberts Co (VIC) Pty Limited, the Victorian subsidiary of Roberts Co Australia, on March 14, 2025. TUCHUZY BONDI: Luxe Retail Buys Key Assets, Plans Retail Renewal ---------------------------------------------------------------- Ragtrader reports that key assets of the Bondi fashion label Tuchuzy have been sold to Sydney-based property firm Luxe Retail Group for a few hundred thousand dollars. Joint administrator and dVT Group partner Antony Resnick confirmed the news with Ragtrader, adding that some of the current employees were also transferred over in the sale with the original company directors stepping away. Prior reports by Ragtrader noted that Tuchuzy had around 13 employees when it entered voluntary administration. Alongside this, the new owners also bought out all the stock, the brand IP and the goodwill. Mr. Resnick is joined by Henry Kwok under dVT as administrators of Tuchuzy. "As voluntary administrator, we traded to maintain Tuchuzy's goodwill and try and save jobs for the transfer of the business to the ultimately successful purchaser," Ragtrader quotes Mr. Resnick as saying. "We ran an expression of interest campaign. We had a number of people express interest. We then engaged in discussions with the landlord to attempt to sell the business as a going concern from the same premises. That, unfortunately, did not transpire." Ragtrader says Mr. Resnick further confirmed that the original Tuchuzy Bondi Pty Ltd business remains in voluntary administration, which he expects will likely be liquidated in around two weeks time at the next creditors' meeting on May 6. He said a deed of company arrangement (DOCA) was rejected at the first creditors' meeting, which was reliant on statutory creditors accepting an amount for a final settlement, Ragtrader relays. If the original business is liquidated, Mr. Resnick said he and his business associate Mr. Kwok will continue their investigation as liquidator to learn more about the demise of the business. "There's still a demand for the Tuchuzy brand, and we were able to sell that successfully. It's been a clean sale, and we run our investigations to see whether there's any money that needs to be clawed back for the benefit of creditors. And that depends on what our investigation will look like." Ragtrader adds that Tuchuzy has since shared a statement to its website and across its socials, confirming a new flagship store is "on the way". It added that shoppers can still purchase products at its temporary location at 178 Campbell Parade in Bondi Beach. Antony Resnick and Henry Kwok from dVT Group were appointed as joint administrators of the company on Feb. 13, 2025. WITTNER GROUP: First Creditors' Meeting Set for May 1 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Wittner Group Holdings Pty Ltd, Wittner Retail Australia Pty Ltd, and Wittner Retail New Zealand Pty Ltd will be held on May 1, 2025 at 11:00 a.m. at the offices of Deloitte at Level 26, 477 Collins Street in Melbourne. David Orr and Sal Algeri of Deloitte SRT were appointed as administrators of the company on April 16, 2025. ========= C H I N A ========= SUNAC CHINA: Urges Creditors to Support Proposed Debt Swap Plan --------------------------------------------------------------- Lorretta Chen and Pearl Liu at Bloomberg News report that Sunac China Holdings Ltd.'s financial adviser told creditors that the Chinese developer expects to complete its restructuring by the end of 2025 or early next year and urged them to get on board with what it called "the only viable" plan. Bloomberg relates that representatives from Houlihan Lokey Inc. told investors on a conference call on April 24 that the company expects continued liquidity constraints and headwinds in China's property sector. They said that a debt repayment plan would be impractical for offshore creditors and would amount to kicking the can down the road. Sunac is trying to amass support for the debt swap plan, which Bloomberg reported earlier this month, as a key winding up hearing in Hong Kong looms on April 28. The developer, which defaulted on a dollar bond in 2022, is the first major Chinese builder to pursue a second debt plan since China's debt crisis began. Creditors representing around 26% of the company's total principal debt have signed or expressed support for the restructuring plan, Sunac said in a filing on April 17, Bloomberg relays. The company plans to implement its restructuring through "schemes of arrangement." In Hong Kong, that requires 75% in value of participating creditors and a majority in number of each class to vote for the scheme, according to law firm DLA Piper LLP. Bloomberg adds that Houlihan said April 24 that during Sunac's first restructuring, creditors who chose equity-linked options had received better returns than those with debt-only options. About Sunac China Sunac China Holdings Limited (SEHK:1918) -- http://www.sunac.com.cn/-- engages in the sales of properties in the People's Republic of China. The Company operates its business through two segments: Property Development and Property Management and Others. The Company's subsidiaries include Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings Ltd. Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets, according to Reuters. Creditors of Sunac China Ltd have approved its NZD9 billion offshore debt restructuring plan, the company said on Sept. 18, 2023, marking the first approval of such debt overhaul by a major Chinese property developer. Sunac China Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15 proceedings. Sidley Austin is the legal counsel to Sunac China. ========= I N D I A ========= AASTHA SPINTEX: Ind-Ra Corrects April 1, 2025 Rating Release ------------------------------------------------------------ India Ratings and Research (Ind-Ra) corrects Aastha Spintex Private Limited's (ASPL) rating release published on April 1, 2025 to correctly state the issuer name. The amended version is as follows: India Ratings and Research (Ind-Ra) has maintained Aastha Spintex Private Limited's (ASPL) bank facility ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR230 mil. Fund-based working capital limit# maintained in non-cooperating category and withdrawn; -- INR35 mil. Non-fund-based working capital limit* maintained in non-cooperating category and withdrawn; and -- INR275.50 mil. Term loan** due on October 30, 2030 maintained in non-cooperating category and withdrawn. *Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Maintained at 'IND BB+/Negative (ISSUER NOT COOPERATING)' before being withdrawn # Maintained at 'IND BB+/Negative (ISSUER NOT COOPERATING)/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Co-Operation By The Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with TWPL while reviewing the rating. Ind-Ra had consistently followed up with ASPL over emails, apart from phone calls. Limitations Regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of ASPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company ASPL was established in 2014 by the members of the Patel and Sitapara families. The company manufactures cotton yarn used for knitting and weaving, with bulk production of combed yarn of count 30. It has a manufacturing facility at Halvad, Morbi. ADINATH AGRO: Ind-Ra Cuts Loan Rating to BB, Outlook Stable ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Adinath Agro Processed Foods Private Limited's (AAPFPL) fund-based limits' long-term rating to 'IND BB' with a Stable Outlook from 'IND BB+' while affirming the short-term rating at 'IND A4+'. The instrument-wise rating actions are: -- INR5 mil. Non-fund-based working capital limits assigned with IND A4+ rating; -- INR30 mil. Short-term loans assigned with IND A4+ rating; -- INR105 mil. Fund-based working capital limits Long-term rating downgraded; short-term rating affirmed with IND BB/Stable/IND A4+ rating; and -- INR40.52 mil. Term loan* due on March 31, 2025 is withdrawn (paid in full). *Ind-Ra has withdrawn the rating as the term loan has been repaid in full. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Detailed Rationale of the Rating Action The downgrade of long-term rating reflects deterioration in AAPFPL's credit metrics in FY24, which is likely to have continued in FY25 due to the EBITDA losses resulting from an increase in advertising and selling expenses. The ratings are also constrained by the company's continued small scale of operations and modest EBITDA margins in FY24. However, Ind-Ra expects the EBITDA to improve from FY27 due to better absorption of fixed costs, along with the introduction of new high-margin segments. The agency expects the revenue to increase in FY26 due to launch of new products along with start of exports to the US. However, the ratings are supported by the promoters nearly two decades of experience in the food and beverage industry, along with adequate liquidity. Detailed Description of Key Rating Drivers Continued EBITDA Losses in FY25; Although Likely to Improve from FY27: AAPFPL reported an EBITDA loss of INR7.8 million during FY24 (FY23: INR66.50 million), due to an increase in advertisement expenses and employee costs. The employee costs surged to INR126.70 million in FY24 (FY23: INR88.40 million; FY23: INR67.64 million) because of increased marketing personnels; although management plans to stabilize employee costs in the medium term. The EBITDA margins turned negative to 0.75% in FY24 (FY23: 6.41%; FY22: 7.46%). Ind-Ra expects the EBITDA to have declined further in FY25 in line with the interim numbers (10MFY25: negative INR48.15 million). The return on capital employed was negative 12.4% in FY24 (FY23: 7.2%). However, Ind-Ra expects the EBITDA margins to turn positive FY27 onwards, given the company's plan to reduce employee costs and commencement of exports of ready-to-cook items to the US, along with benefits of scale of operations. Sustained Modest Credit Metrics: Despite a decrease in the debt to INR8.40 million in FY24 (FY23: INR128.90 million), the credit metrics were modest as the company incurred EBITDA losses. The decrease in debt was attributed to repayment of term loans and lower utilization of its fund-based limits. In FY23, the gross interest coverage (operating EBITDAR/gross interest expense) stood at 11.63x and net leverage (adjusted net debt/operating EBITDAR) at 1.93x. Ind-Ra expects the credit metrics to have remained modest in FY25 as the company continued to incur EBITDA losses. Small Scale of Operations; Although Likely to Improve from FY27: The revenue increased slightly to INR1,097.25 million in FY24 (FY23: INR1,045 million), due to an increase in orders in the hotel, restaurant, cafe and hospitality segments. During 10MFY25, AAPFPL booked revenue of INR922.15 million. Ind-Ra expects AAPFPL's revenue to have remained at similar levels in FY25, due to the similar nature of operations. However, Ind-Ra expects the revenue to increase in FY26 and FY27 as it has started exporting to the US/Canada, along with the introduction of new products such as ready-to-cook items. Experienced Promoters: The promoters have over three decades of experience in the food and beverage industry, leading to established relationships with its customers and suppliers. Adequate Liquidity: Please refer to the Liquidity section below. Liquidity Adequate: AAPFPL's average maximum utilization of fund-based limits stood at 56.77% for the 12 months ended January 2025. The company expects equity infusion of INR550 million during FY26 from investors that will be used to fund its working capital requirements, along with increasing manufacturing capacity. Its cash and cash equivalents stood at INR4.70 million at FYE24 (FYE23: INR95.23 million). The net conversion cycle improved to 59 days in FY24 (FY23: 81 days; FY22: 60 days) owing to a decrease in the inventory holding period to 78 days (94 days; 86 days) and an increase in the creditor period to 31 days (20 days; 35 days), marginally offset by an increase in the receivable period to 12 days (8 days; 9 days). The cash flow from operations increased to INR76.10 million in FY24 (FY23: INR64.08 million) due to favorable changes in working capital. However, the free cash flow decreased to INR29.60 million in FY24 (FY23: INR34.08 million) as the company incurred capex of INR46.50 million during FY24 for the development of new products. The company does not have any repayment obligations in the near-to-medium term. Rating Sensitivities Negative: A decline in the scale of operations leading to deterioration in the overall credit metrics and/or inability to infuse the desired equity by FY26 or a further pressure on the liquidity position, could lead to a negative rating action. Positive: A significant improvement in the scale of operations with the EBITDA turning positive in line with Ind-Ra's expectations, along with improvement in the liquidity profile will be positive for the ratings. About the Company Incorporated in 1995 in Pune, AAPFPL manufactures tomato ketchup and sauces, Chinese and continental sauces, fruit jams, canned food, pickles and noodles under the brands Surabhi, Magic King and Winn. The company primarily cater to the states in southern and central India. The company has an annual installed capacity of 31,350 metric tons. ANILINE PROPERTIES: CARE Lowers Rating on INR68cr NCD to D ---------------------------------------------------------- CARE Ratings has revised the rating on certain bank facilities of Aniline Properties Private Limited (APPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 68.00 CARE D Downgraded from CARE C Debentures Rationale and key rating drivers The revision in the rating assigned to the Non-Convertible Debenture (NCD) issue of APPL takes into account the company's weak liquidity position with lower than envisaged collections from booked units and delay in launch of 'Tower D'. CARE Ratings Limited (CARE Ratings) notes that APPL approached the investor in February 2025, seeking moratorium for principal repayment, which was granted vide amendment agreement dated March 26, 2025. However, the liquidity available as on March 26, 2025 was insufficient to service the debt obligation due on March 31, 2025 (as per earlier schedule). CARE Ratings believes that the revision was done in order to avoid default, and accordingly, the rating revision is in line with its policy on default recognition. As per the revised terms, the repayment of outstanding amount of INR68 crore will now commence from December 31, 2025. Further, the coupon rate on NCDs issued by APPL has been increased by 150 bps. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Default-free track record coupled with healthy bookings and collections from timely launch of Tower D leading to improvement in liquidity position. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Change in repayment terms of NCDs: As per the original terms of the issue, the company had to service interest obligation of INR3.99 crore and principal obligation of INR11.50 crore on March 31, 2025. However, APPL approached the investor on February 17, 2025, seeking revision in repayment terms of its NCDs, which was granted vide amendment agreement dated March 26, 2025. Also, the company sought additional financing to cover the approval cost and expedite construction. As per the revised terms, the company was granted additional moratorium for its principal repayment. APPL only serviced the interest obligation due on March 31, 2025. However, as on February 16, 2025 and March 26, 2025, the company had available balances of INR1.41 crore and INR1.04 crore respectively in its collection and escrow accounts, which was insufficient to service the debt obligation. Also, during Q4FY25 (refers to January 1 to March 31), APPL's collections of INR15.65 crore from booked units were significantly lower than envisaged, impacting APPL's liquidity position. This implies that the revision in the repayment terms was done in order to avoid default. Further, the NCDs have a high borrowing cost with coupon of 17.50% (revised from 16% for series A) and 21.50% (revised from 20% for Series B), which could impact the cash flows of the company especially in a scenario where the project bookings and/or sale proceeds get delayed. Delay in launch of 'Tower D', adversely impacting the cash flows The launch of 'Tower D' of APPL's project has been delayed, which has adversely impacted APPL's cashflows as bookings from the same were expected to shore up liquidity position of the company. Liquidity: Poor The liquidity position of the company continues to remain poor marked by significant delays in realizing collections and delay in launch of Tower D, resulting in stress on cash flows. Furthermore, the company has liquidated part of its DSRA for servicing its debt obligations, which is partly replenished. Incorporated in February 2021, APPL is a part of the Dynamix group, promoted by Mr. Jayvardhan Goenka, who has experience of more than a decade in the industry. APPL is engaged in development of residential and commercial projects in Mumbai, Maharashtra. APPL has undertaken a residential project named "Avanya" (Prior to December 2021, the project was under Aniline Construction Company Private Limited (ACCPL) which is also a part of Dynamix group however for obtaining funding from lender, the project was transferred to APPL to provide NCLT compliant structure). The project is spread over total built up area of 6.70 lsf at Dahisar, Mumbai. AXIO CAPITAL: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Axio Capital Private Limited New No-3 (Old 211), Gokaldas Platinum, Upper Palace Orchards, Bellary Road, Sadashivnagar, Bengaluru - 560080, Karnataka, India Liquidation Commencement Date: March 31, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pranav J. Damania 407, Sanjar Enclave, Opposite Milap Cinema, S.V Road, Kandivali West, Mumbai - 400067 Email: pranav@winadvisors.co.in Contact No: +91 98204 69825 Last date for submission of claims: April 30, 2025 CHAMPION COMMERCIAL: ICRA Cuts Rating on INR23cr LT Loan to B+ -------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Champion Commercial Company Ltd. (CCCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 23.00 [ICRA]B+ (Stable) ISSUER NOT Based Limits COOPERATING; Rating downgraded Fund from [ICRA]BB+(Stable) ISSUER NOT COOPERATING and continues to remain under the 'Issuer Not Cooperating' Category Short-term- 5.50 [ICRA]A4 ISSUER NOT Non fund Based COOPERATING; Rating downgraded Limits from [ICRA]A4+ ISSUER NOT COOPERATING and continues to remain under the 'Issuer Not Cooperating' Category Short-term- (23.00) [ICRA]A4 ISSUER NOT Interchangeable COOPERATING; Rating downgraded from [ICRA]A4+ ISSUER NOT COOPERATING and continues to remain under the 'Issuer Not Cooperating' Category Unallocated 1.50 [ICRA]B+(Stable) ISSUER NOT amount COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING; Rating downgraded from [ICRA]BB+(Stable) ISSUER NOT COOPERATING/[ICRA]A4+ ISSUER NOT COOPERATING and continues to remain under the 'Issuer Not Cooperating' Category Rationale The rating is downgrade because of lack of adequate information regarding CCCL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade As part of its process and in accordance with its rating agreement with Champion Commercial Company Limited, 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. Champion Commercial Company Ltd. (CCCL) was incorporated in 1982 and is involved in the marketing and distribution of specialty chemicals. CCCL primarily caters to plastic, coating – paint, pharmaceutical, petrochemicals and textile industries. CCCL has its offices in Mumbai, Kolkata and Ahmedabad and its rented warehouses are located in Bhiwandi (Maharashtra) and Kolkata (West Bengal). The company uses Nhava-Sheva and Kolkata port for delivery of its imported chemicals. Moreover, the company is listed on the Metropolitan Stock Exchange of India. COINCEPT ACCOUNTING: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Coincept Accounting Solutions Private Limited 7, Duggal Plaza, Prem Nagar, Pune, Maharashtra, India 411037 Liquidation Commencement Date: March 30, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Vinit Nagar 818, Shivalik Satyamev Bopal-Ambli Cross Road, Bopal, Ahmedabad - 380058, Gujarat Email: ipvinitnagar@gmail.com Tel No: 02717-416007 Last date for submission of claims: April 29, 2025 DASERA SOFTWARE: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Dasera Software India Private Limited Level 4, Prabhavee Tech Park, Baner Gaon, Pune, Pune City Maharashtra, India, 411045 Liquidation Commencement Date: April 1 2025 Court: National Company Law Tribunal Pune Bench Liquidator: CS Mandar Wagh Flat No. C-1302, Grandstand Trinity, Service Road from Vedbhavan to Warje, Pune Bangalore Highway, Near Chandani Chowk, Pune 411038 Email: daserasoftware.vl@gmail.com Contact: 9822844488 Last date for submission of claims: May 1, 2025 ELECTRIPHI SOFTWARE: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Electriphi Software India Private Limited WeWork Salapuria Symbiosis Office Numbers 02B 131 and 132, Begus Hobli Bannerghatta Main Road Arekere, Bengaluru, Bangalore South Karnataka, India 560076 Liquidation Commencement Date: March 31, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Venkataraman Jayagopal E-003, Victoria Haven Patel Ram Reddy Riad, Domlur 1st Stage Bangalore 560071 Email: gopal_venus@hotmail.com Email: electriphi.vl@gmail.com Phone: +91 93412 40595 Last date for submission of claims: April 30, 2025 EUROPEAN PROJECTS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: European Projects & Aviation Limited Gala No. B-15, 3rd Floor, Electronic Sadan-I, MIDC, TTC Industrial Area, Mahape, Navi Mumbai – 400710 Insolvency Commencement Date: April 1, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 28, 2025 Insolvency professional: Manoj Kumar Jain Interim Resolution Professional: Manoj Kumar Jain 11, Friends Union Premises CHS, 2nd Floor, 227, P. D'Melllo Road, Next to Hotel Manama, Fort, Mumbai - 400001 Email: manojj.2102@gmail.com Email: ncit.epal@gmail.com Last date for submission of claims: April 15, 2025 FUJIN WIND: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Fujin Wind Parks Private Limited (FWPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 296.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 8, 2024, placed the rating(s) of FWPPL under the 'issuer non-cooperating' category as FWPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FWPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 22, 2025, February 1, 2025, February 11, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in September 2011, Fujin Wind Parks Private Limited (FWPPL) is a wholly owned subsidiary of Ecoren One Wind Energy Private Limited (EOW) which is part of Ecoren Energy India Private Limited. EOW is a Joint Venture (JV) between Ecoren and GE Affiliate; Guayama P.R. Holdings BV (Guayama) in the ratio of 51:49. EOW was incorporated on July 1, 2015 and is an investment holding company for the Independent Power Producer (IPP) executed under the JV. Guayama is a 100% subsidiary of GE Capital International Holdings Limited whose ultimate holding company is General Electric Company (GE); New York. GREENOCARE ENGINEERING: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: M/s Greenocare Engineering Private Limited Registered Office: No. 55 First Floor, Kamraj Avenue First Street, Kasturba Nagar, Adayar, Chennai 600020 Tamil Nadu Factory and Principal Place of Business: 124 A/2, Sirunallur Village, Polambakkam Post, Maduranthakam Taluk, Chengalpet District - 603309 Insolvency Commencement Date: March 24, 2025 Estimated date of closure of insolvency resolution process: September 20, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Jayashree S Iyer C-15 Abhinav Kailash 19A Velachery Road, Saidapet Chennai 600015 Email: Jayashree2505@gmail.com 13/6, Corporation Colony, Rangarajapuram 2nd Street, Kodambakkam, Chennai 600024 Email: cirp.greenocare@gmail.com Last date for submission of claims: April 11, 2025 GSR TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of GSR Textiles 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 ---------- ----------- ------- Short-term 1.35 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the Others 'Issuer Not Cooperating' Category Long-term/ 4.22 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Long-term- 12.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 5.77 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with GSR Textiles Private Limited, 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. Incorporated in December 2005, GSR Textiles Private Limited is primarily engaged in production of cotton yarn. The company has a spinning mill located in Nandimpalem village in Guntur district with an installed capacity of 15,072 spindles per annum. The company's production facility can produce cotton and bended yarn in counts ranging from 30s to 60s. The company commenced its production in December 2006. GURUKRUPA COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term rating of Gurukrupa Cotton & Oil Industries (GCOI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.50 [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 GCOI, 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. Gurukrupa Cotton & Oil Industries (GCOI) was incorporated in 2008 and is engaged in cotton ginning, pressing and crushing business. The firm has 24 ginning machines, 1 pressing machine and 5 expellers. The management of the firm is handled by Mr. Rajesh, Mr.Kailash, Mr.Samji and Mr.Amrut along with three other promoters. The firm's manufacturing facility is located in Tankara (Dist. Rajkot). HUROM INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Hurom India Private Limited W-37, 2nd Floor Okhla Industrial Area Phase-II, South Delhi, New Delhi 110020 Liquidation Commencement Date: March 29, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Mr. Sanjay Kumar Jha Registered Address: 123/8, Gali No. 15, T-Point, Main Market, Sant Nagar, Burari, Delhi - 110084 Office Address: 308-309, Vardhman Fortune Mall, GT Karnal Road, Indusrial Area, Azadpur, Delhi 110033 Email: sanjayjhafcs@gmail.com Mobile: 98115 79790 Last date for submission of claims: April 27, 2025 HYBRO FOODS: Liquidation Process Case Summary --------------------------------------------- Debtor: Hybro Foods Private Limited Sr. No. 247 Lahe Village, Taluka Shahapur, District Thane 421601, Maharashtra Liquidation Commencement Date: March 27, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Roshen Chordiya 114, Solaris Hubtown, N.S. Phadke Marg, Near East-West Flyover, Andheri (E), Mumbai 400069, Maharashtra Email: risingsun192123@gmail.com Email: cirp.hybrofoods@gmail.com Last date for submission of claims: April 26, 2025 ICL SYSTEMS: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: ICL Systems India Private Limited HD-258 WeWork DLF Forum, Cybercity, Phase III Gurugram DLF QF, Gurgaon, Haryana, India 122002 Liquidation Commencement Date: April 2, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Amit Jain D32 East of Kailash New Delhi 110065 Email: amitjain@gmail.com Project Specific email: icl.vl2025@gmail.com Mobile: 9818582552 Last date for submission of claims: May 1, 2025 IND-BARATH POWER MADRAS: CARE Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ind-Barath Power (Madras) Limited (IPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2,655 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 23, 2024, placed the rating(s) of IPL under the 'issuer non-cooperating' category as IPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 8, 2025, January 18, 2025, January 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ind-Barath Power (Madras) Limited (IPL) belongs to Ind-Barath group and is an SPV incorporated for implementation of a coal based thermal power plant with a capacity of 660 MW in Tuticorin, Tamil Nadu. The project was earlier envisaged to achieve COD in December 2013 which got revised to June 2016. However due to delay in civil works and due to laying of transmission lines and grid connectivity issues the project construction got delayed and revised the COD to June 30, 2016 but the project could not start. JALARAM COTTON: ICRA Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Jalaram Cotton Ginning And Pressing Factory in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [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 Jalaram Cotton Ginning and Pressing Factory, 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 1993, Jalaram Cotton Ginning and Pressing factory is a partnership firm engaged in the business of ginning and pressing of raw cotton to produce cotton bales and cottonseeds. The manufacturing facility of the firm is located near Vadodra, Gujarat. The plant is equipped with 25 ginning machines having capacity to produce 120 bales per day (24 hours operation). The firm is owned and managed by Mr. Hitesh Thakkar and Mr Nilesh Patel. KAMAL IDEAL: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kamal Ideal Infratech Private Limited (KIIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.79 CARE D; 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 12, 2024, placed the rating(s) of KIIPL under the 'issuer non-cooperating' category as KIIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 26, 2025, March 8, 2025, March 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2012, Kamal Ideal Infratech Pvt Ltd (KIIPL) is engaged in real estate development. The company is currently developing a group housing project in Nangal Kalan village, sector-64, Kundli, Sonepat. The company was promoted by Mr. Ravi Sharma and Mr. Shekhar Grover. Prior to KIIPL, the promoters have been involved in the real estate development of residential and commercial properties in the NCR region. KAUSHALYA FIBERS: ICRA Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Shree Kaushalya Fibers (SKF) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [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 SKF, 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. Shree Kaushalya Fibres (SKF) is a partnership firm promoted by the Tayal family of Sendhwa, Madhya Pradesh and is engaged in cotton ginning and pressing. The promoters have extensive experience in the cotton ginning business through other group companies like Mahesh Ginning Private Limited and Girijashankar Cotton Private Limited. KHEDUT COTEX: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term ratings of Khedut Cotex Pvt. Ltd. (KCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 2.77 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KCPL. 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 2015 as a private limited company, Khedut Cotex Private Limited (KCPL) is engaged in ginning and pressing of raw cotton. The company's manufacturing unit, located at Jafrabad, Amreli, is equipped with 48 ginning machines and 1 pressing machine with an intake capacity of 216 MT per day (considering 22 hours of operations per day). The commercial operations commenced in February 2016. The promoters have extensive experience in cotton industry. KIKANI INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Kikani International Private Limited (KIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 22.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 18, 2024, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 4, 2025, March 14, 2025 and March 24, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established as a proprietorship entity in 1980 by Mr. Kishandas Kikani under the name Kishandas Kikani (KK) was later converted into a partnership firm and renamed as Kikani Exports (KE) in 1990; which was later converted into a private limited company and renamed as Kikani International Private Limited (KIPL) in 2013. KIPL is engaged in processing of cotton yarns and fabrics. KOHINOOR SPECIALITY: ICRA Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Kohinoor Speciality Foods India Private Limited (KSF) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 225.00 [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 KSF. 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. KSF sells Basmati rice under the Kohinoor brand in India and has also launched spice range products (including spices, frozen foods, ready-to-eat products and sauces) in northern India. KSF's facility is in Sonipat, Haryana. In addition, the company has started providing IT and business support services to its ultimate holding company (McCormick & Company Inc., USA) from FY2020 onwards. This segment was added pursuant to its merger with McCormick Support Services Private Limited (MSSPL, a fellow subsidiary), w.e.f. April 1, 2019. KRISHNA CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of Krishna Constructions in the 'Issuer Not Cooperating' category. The ratings is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [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 Krishna 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. Mistry Premji Sunderji & Co. is a real estate development group present in the real estate sector since year 1892. The group has constructed several residential and commercial properties in Mumbai and Pune. The group constructs properties under its own name as well as through its sister concerns such as Krishna Developers, Krishna Constructions and A. M. Constructions, etc. Each sister concern has same partners coming from the same family. The group has collectively developed over 1.2 million square feet of area till date, which includes construction of residential units, commercial units as well as schools in Mumbai and Pune. LAMINA LEASING: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Lamina Leasing and Finance Limited 8th Floor, B Wing, Rama Bhavan Complex, Kodialbail Mangalore, Mangalore, Karnataka, India, 575003 Liquidation Commencement Date: March 29, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: CS Thirupal Gorige No. 87, 2nd Floor, 21st Cross, 7th Main, N S. Palya, BTM 2nd Stage, Bangalore - 560076, Karnataka, India Mobile: +91 94483 84064 Landline: +080 79634233 Email: gthirupal@gmail.com Last date for submission of claims: April 28, 2025 LAXMI GUAR: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Shree Laxmi Guar Gum Industries (SKCGPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.44 [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 SKCGPL, 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. Shree Laxmi Guar Gum Industries (SKCGPL) was incorporated in 2012 and it commenced ginning and pressing operations in January 2015 by setting up a manufacturing facility at Rajkot, Gujarat. The company's facility is equipped with 30 ginning machines and a pressing machine with a total capacity to process 28,000 MT of raw cotton annually. The operations of the firm are managed by Mr. Kamleshbhai Vekaria and Mr. Bharatbhai Vekaria. LIVINGSTON INT'L: Voluntary Liquidation Case Summary ---------------------------------------------------- Debtor: Livingston International India Private Limited Plot no. 4, Dynasty Business Park, A Wing, Andheri Kurla Road, Marol Naka, Mumbai, Maharashtra, India, 400059 Liquidation Commencement Date: March 31, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pramod Dattaram Rasam Room No. 5, Shri Niwas Chawl, J B Nagar, Andheri-East Mumbai – 400059 Phone: +91-9820024763 Email: pdrasam@gmail.com Last date for submission of claims: April 30, 2025 MAHESH ELECTRICAL: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term and short-term ratings of Mahesh Electrical & Telecom Mahesh Electrical & Telecom (MET) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 3.50 [ICRA]A4; ISSUER NOT Non fund Based- COOPERATING Rating Continues Others to remain under the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MET, 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. Established in year 2006, Mahesh Electrical & Telecom (MET) is a turnkey service provider for private players in setting up telecom tower assemblies as well as a contractor for construction of electrical infrastructure for government bodies in the states of Maharashtra and Karnataka. The firm is promoted by proprietor Mr. Shankar Kagne who initially worked in the telecom sector and then entered construction line for electrical infrastructure for state electricity bodies. The firm has its registered office in Pune, Maharashtra. Providing turnkey solutions for telecom players and construction of electrical infrastructure are the two major revenue contributors of MET. The firm sets up and commissions mobile tower assemblies for telecom players and undertakes electrical construction works for government bodies in Maharashtra and Karnataka. MALAYALAM VEHICLES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Malayalam Vehicles India Private Limited CC No. 52/3172, Sharon Tower Opposite Salafi Mazjid, Ernakulam Kerala, India 682019 Insolvency Commencement Date: April 4, 2025 Court: National Company Law Tribunal, Kochi Bench Estimated date of closure of insolvency resolution process: October 1, 2025 Insolvency professional: Jayaprakash M.D. Interim Resolution Professional: Jayaprakash M.D. Modiyil, Thumpamon P.O. Pathanamthitta Disrict Kerala, India 689502 Email: jpmodiyil@gmail.com -- and -- c/o Agasti & Associates 1st Floor, CNRWA - 6 Cheruoushpam Lane Kadavanthra, Kochi 682020 Email: malayalamcirp@gmail.com Last date for submission of claims: April 22, 2025 MALWA AUTOMOTIVES: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Malwa Automotives Pvt. Ltd. (MAPL(J)) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 18.00 [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 MAPL(J). 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 2012, Malwa Automotives Private Limited (MAPL(J)) has been operating as a Jaguar and Land Rovers dealership. The showroom has started operations in October 2014. The showroom is in Karnal, based on 3S facility i.e. Sales of Vehicles, Spare Parts and Services. The promoters of the company are highly experienced in the field of automobiles and have been engaged in automobiles related business for the past 50 years. MAYA CONSTRUCTION: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Maya Construction Company Private Limited 31-32 Prithvi Park Shoping Center Harivila Road, Parshawnath Township New Naroda Ahmedabad - 382346 Gujarat Insolvency Commencement Date: March 28, 2025 Estimated date of closure of insolvency resolution process: September 24, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Dharmendra Dhelariya A/201, Suryadeep Tower Near Navneet Prakashan Gurukul Road, Memnagar, Ahmedabad, Gujarat - 380052 Email: dhelariya@gmail.com Dharmendra Dhelariya B-605, Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad, Gujarat - 380054 Email: mayacons.cirp@gmail.com Last date for submission of claims: April 11, 2025 NEOTECH EDUCATION: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Neotech Education Foundation (NEF) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 15.90 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with NEF, 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 November 2011, under Section 25 of Company's act 1956, Neotech Education Foundation (NEF) has set up a college namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NEF is a part of Gujarat Technical University (GTU) and affiliated to All India Council for Technical Education (AICTE) norms. The college offers civil, electrical and mechanical engineering courses at undergraduate level. Additionally, the college also started offering Diploma courses in civil, computer, electrical and mechanical streams with the total intake of 300 students per batch from academic year 2014-15. NEW BOMBAY PAPER: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: New Bombay Paper Mills Private Limited Survey No. 16/2, 17/0, 22/1, 32/3 Part 34 and 15/4, Village-Ajivali, Khopoli-Pen Road, Taluka, Khalapur, Khopoli, Raigarh (MH), Khopoli, Maharashtra, India, 410203 Insolvency Commencement Date: April 2, 2025 Estimated date of closure of insolvency resolution process: September 29, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Shashank Dinesh Posture B-22 Virangula hsg soc, Plot no 52, Opposite Thakur College, Veer Sawarkar Nagar, Thane W -400606 Email: shashankposture123@gmail.com 602, 6th floor, Central Plaza, 166, CST Road, Kolivery Village, Vidya Nagari, Kalina, Santacruz East, Mumbai, Maharashtra 400098 Email: cirp.newbombay @resurgentrpl.com Last date for submission of claims: April 16, 2025 NOXX AND CHEF'S: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Noxx and Chef's Deck Private Limited (NCDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.33 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.54 CARE D; 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 12, 2024, placed the rating(s) of NCDPL under the 'issuer non-cooperating' category as NCDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 26, 2025, March 8, 2025, March 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Noxx & Chefs Deck Pvt Ltd (NCDPL) was incorporated during September 2013 as Merven Developers Pvt Ltd (MDPL). However, after incorporation, the company remained dormant and during September 2015 MDPL was rechristened as NCDPL and started trading of agricultural and textile products. However, during July 2017, the company stopped trading operations and entered into a restaurant business at Howrah with the facility located at Dumurjala, Howrah, West Bengal. Further, off late the company has ventured into Packaged Drinking Water Business (PDW) with its plant located at Domjur, NH-6, Howrah with an installed capacity of 14000 litres per day. The company sells its products under the brand name of "Eveque". The PDW businesses have partly started its operation from April 2019. The company currently managed by Mrs. Amrita Banerjee, Director, along with other director Mr. Pritish Roy. All the directors are having around a decade of experience in construction and retailing of electronic goods business looks after the day to day operations of company along with a team of experienced professionals in restaurant and PDW business. OMKARA POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Omkara Polyplast Private Limited (OPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.91 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 3.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 0.18 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 8, 2024, placed the rating(s) of OPPL under the 'issuer non-cooperating' category as OPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OPPL 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: Not Applicable Omkara Polyplast Private Limited (OPPL), incorporated in August, 2007, as Elegant Dealcomm Private Limited (EDPL) was initially commenced as an investment company dealing in securities and commodities. Subsequently in December 2009, the company was acquired by Mr Sumit Kumar Agarwal and Mr Somit Kumar Murarka of Kolkata and undertook a project to set up a unit for manufacturing high density polyethylene (HDPE)/polypropylene (PP) based woven sacks, fabrics and tarpaulins at Asansol, West Bengal with an installed capacity of 4,752 MTPA. The company commenced manufacturing operations since December 2011 onwards. The product manufactured by OPPL are used for packaging purpose in various industries such as food grain industry, sugar industry, cement industry, salt industry, textile industry etc. OWNBACKUP INDIA : Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Ownbackup India Private Limited 4th Floor, Wing A & B, Unit 401, Galaxy, Plot No. 1 Survey No. 83/1, Knowledge City, TSIC, Raidurg, Rangareddi, Hyderabad, Telangana, India, 500081 Liquidation Commencement Date: March 28, 2025 Court: National Company Law Tribunal Bangalore Bench Liquidator: Vinod Sunder Raman B-703, Arvind Skylands Apartments Shivanahalli, Jakkur Main Road, Yelahanka, Bengaluru 560064 Email: vinod@vrconsulting.biz Last date for submission of claims: April 27, 2025 POLIXEL SECURITY: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term and short-term ratings of Polixel Security Systems Private Limited (PSSPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 10.00 [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 PSSPL, 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. Incorporated in February 2010, Polixel Security Systems Pvt Ltd (PSSPL) is in the business of providing integrated security and surveillance systems. The company works on outsourced business model whereby it provides integrated solutions for all the security and safety risks of its customers. The key expertise of the firm lies in designing and implementing security solutions based on their core Multimedia Monitoring and Surveillance (M3S) platform. PRAFFUL OVERSEAS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Prafful Overseas Private Limited Registered Address: 349, 1st Floor, Naya Katra Chandi Chowk, New Delhi, Delhi, India 1100006 -- and -- 101-102, Sagar Shopping Centre, Sahar Darwaja Ring Road, Surat, Gujarat, India 395003 Insolvency Commencement Date: April 1, 2025 Court: National Company Law Tribunal, New Delhi Bench - V Estimated date of closure of insolvency resolution process: September 28, 2025 Insolvency professional: Amrish Navinchandra Gandhi Interim Resolution Professional: Amrish Navinchandra Gandhi 504, Shivalik Abaise, Opposite Shell Petrol Pump Near Anand Nagar Bus Stand Satellite, Ahmedabad, Gujarat 380015 Email: amrishgandhi72@gmail.com Process Email: cirp.pratfful@gmail.com Last date for submission of claims: April 15, 2025 PROGRESSIVE EXIM: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Progressive Exim Limited (PEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.66 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 24.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2024, placed the rating(s) of PEL under the 'issuer non-cooperating' category as PEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PEL continues to be non-cooperative despite repeated requests for submission of information through emails 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: Not Applicable Progressive Exim Ltd. (PEL), promoted by Shrishrimal family of Raipur, is engaged in the manufacture/processing of Specialty fats (application: bakery and confectionery segment) and edible oils (soya bean oil, rice bran oil etc) & by products (application: fishery, poultry, cattle feed, fertilizers and detergents). The plant is located in Raipur, Chhattisgarh and has total solvent extraction capacity of 130 tonnes per day (TPD), edible oil refining capacity of 20 TPD, expellers of 70 TPD and acetone fractionation plant of 12 TPD. The company specializes in the processing of specialty fats which are exported to reputed chocolate manufacturers like Ferrero Trading Lux S.A and Britannia Food Ingredients Ltd. Other products include processing of Shea Nuts, Soya Bean, Rice Bran, Sal seed, Mowha, Sunflower, Mango, Cotton seed, Kokam, Karanj, Kusum, Pulse, etc. It markets Rice Bran Oil under the brand name "Manmokah" and Soya Bean Oil as "Manbhavan". Other products are sold in bulk in tankers. One of the group companies, AS Nutra Tech Pvt Ltd is engaged in manufacturing refined soya oil and refined rice bran oil. R.K.I. BUILDERS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of R.K.I. Builders Private Limited (RBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 8, 2024, placed the rating(s) of RBPL under the 'issuer non-cooperating' category as RBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RBPL 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: Not Applicable Incorporated in April 2003 as a Private Limited Company, RKI Builders Private Limited (RBPL) was promoted by Mr. A. Rajendra Prasad (Managing Director), Mr. T. Satish Kumar (Director) and Mr. K. Sridhar Reddy (Director). RKI is an ISO 9001:2008 certified company and focuses on construction projects for the government and public sector entities and trading of construction material (majorly steel and cement). During FY15, total operating income constituted 75% from civil construction works and rest 25% from trading of raw material. RAM RAYON: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Shree Ram Rayon - Surat (SRR) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 4.46 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 5.44 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SRR, 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 July 2014 and promoted by Patodia family, Shree Ram Rayon (SRR) is a family managed partnership firm engaged in the sizing and warping of yarn made out of FDY (Fully Drawn Yarn). Based out of Surat, SRR has a manufacturing facility located in Kamrej with an installed capacity to manufacture 5,000 MTPA of sized yarn. The key partners of SRR are Mr. Pravin Patodiya, Mr. Rasik Patodiya and Mr. Ajit Patodiya who collectively look after the overall functions of business. Mr. Rasik Patodiya is a B-tech in textile technology. All the three managing partners have experience of over two decades in the textile industry especially in the field of textile chemicals and are actively engaged in textile chemical consulting activities for textile players. The firm has also been able to capitalize on a ready customer and supplier contacts through presence in this industry. The firm's sister concern; Shree Ram Bearings and Chemicals is engaged in the manufacture of textile chemicals which finds use in the sizing process. REAL VALUE: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Real Value Ventures Private Limited (RVV) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 27.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 16.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CARE) had, vide its press release dated February 26, 2018, placed the rating of RVV under the 'issuer non-cooperating' category as RVV had failed to provide information for monitoring of the rating. RVV continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and emails dated March 8, 2025, March 18, 2025, March 28, 2025, etc. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Analytical approach: Standalone Detailed description of the key rating drivers: At the time of last press release on April 22, 2024, the following were the rating weaknesses: Key Weaknesses * Delays in debt servicing: CARE has noted that the company has delays in debt servicing. Real Value Ventures Pvt Ltd (RVV) is a special purpose vehicle (SPV) formed by the Real Value Promoters (RV) group, to develop a real estate residential project at Pallavaram, Chennai. The RV group has nearly 25 years of experience in developing apartments, villas and commercial complexes across Chennai. The group has acquired and developed 6.6 million square feet of completed and ongoing projects. S.S. ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings for the Bank facilities of S.S. Enterprises Electricals in the 'Issuer Not Cooperating' category. The rating are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating downgraded from [ICRA]A4; Others 'Issuer Not Cooperating' Category and continues to remain under 'Issuer Not Cooperating' category Long-term- 4.0 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Term Loan [ICRA]B+ (Stable) and continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with S.S. Enterprises Electricals, 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. S.S. Enterprises Electricals was established in 2006 as a proprietorship firm. The firm is engaged in providing electrical services such as design and execution of electrical projects of voltage class up to 33 KV. The entity's operations are managed by Mr. Selvaraju, the Chief Executive Officer of the firm, who has an extensive experience of over thirty-five years in the business. Prior to establishing SSEE, he was associated for nearly two decades with Shanthi Enterprises Electricals Private Limited, a Chennai-based entity which is engaged in providing electrical contract services. The firm's proprietor, Mrs. Amutha Selvaraju (w/o Mr. Selvaraju), takes care of the firm's administration. SDF INDUSTRIES: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: SDF Industries Limited SDF House, Panchayath Door No. 16/610, Xanadu No. 7, Sarayu Nagar, Chandaranagar P.O., Palakkad, Kerala, India 678007 Insolvency Commencement Date: April 4, 2025 Court: National Company Law Tribunal, Kochi Bench Estimated date of closure of insolvency resolution process: October 1, 2025 Insolvency professional: Ramachandran Thekkumkat Madathil Interim Resolution Professional: Ramachandran Thekkumkat Madathil 24-53/2, Flat B, Inscape Illam, Ragamaligapuram, Kottappuram, Near Kottappuram Railway Gate, Thrissur, Kerala 680004 Email: iamramantm@gmail.com Email: sdfindustriescirp@gmail.com Last date for submission of claims: April 19, 2025 SHANKAR RICE: ICRA Keeps B Rating in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Shankar Rice & Gen. Mills in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 74.50 [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 Shankar Rice & Gen. Mills, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2001, Shankar Rice & Gen. Mills is a partnership firm engaged in milling, processing and sorting of basmati and non-basmati rice. The firm has plants at Moga (Punjab) with a milling capacity of 4.5 tonnes per hour and sorting capacity of 5 tonnes per hour. TATA CHEMICALS: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings has affirmed the Ba1 corporate family rating on Tata Chemicals Limited (TCL). The rating outlook remains stable. "The rating affirmation reflects TCL's leading position in the soda ash industry, its cost-competitive operations and as well as its geographically diversified manufacturing footprint", says Sweta Patodia, a Moody's Ratings Assistant Vice President and Analyst. "The stable outlook reflects Moody's expectations that TCL's credit metrics will remain appropriately positioned for its Ba1 rating despite a challenging industry environment which will likely strain soda ash prices over the next 6-12 months", adds Patodia, who is also Moody's lead analysis for Tata Chemicals. RATINGS RATIONALE TCL's EBITDA margin will stay around 16% over the next 1-2 years, compared to the historical average of about 21% during the last six fiscal years through March 31, 2024 (FY23-24). This decline in margins is due to sustained pricing pressure from capacity increases in the US and China amid weak demand in Europe. But, any persistent downturn in soda ash pricing should result in supply rationalization from the higher cost synthetic soda ash producers in China that are currently selling below their cash costs. Meanwhile, global consumption of soda ash will rise due to its use in the manufacturing of solar glass and lithium carbonate (used in lithium-ion batteries) as well as other traditional applications. These factors combined will help to improve the ongoing demand-supply imbalance and profitability for the soda ash manufacturers over the next 1-2 years. TCL has shut down its 400 ktpa soda ash operations in the UK due to low demand and poor economics. However, the company has added 230 ktpa of soda ash capacity at its Mithapur plant in India. This expansion, along with ongoing growth in soda ash demand, will balance some of the reductions from the UK closure, resulting in an overall growth in TCL's soda ash volumes by low-mid single digit over the next year. Under Moody's base case assumptions Moody's assumes that TCL's annual capital spending will remain high at around $190 million - $200 million (INR16 billion - INR17billion) over the next two years as it increases its overall soda ash capacity across India, US and Kenya by almost 1 million tons. At the same time, Moody's also assumes shareholder payments will remain at or near current levels of around $50 million over the next 1-2 years. Sustained pricing pressures will weaken TCL's cash flows while continued capital spending will constrain free cash flow generation and require incremental borrowings. This will increase leverage, as measured by debt/EBITDA to around 3.4x by March 2027 from 2.1x in March 2024. At the same time, TCL's interest cover as measured by EBITDA/Interest will weaken to around 4.5x from 6.5x over the same period. Despite the moderation, TCL's credit metrics will remain appropriately positioned for its Ba1 CFR. TCL's Ba1 CFR continues to incorporate a one-notch uplift, given Moody's expectations of timely, ongoing and extraordinary support from its parent, Tata Sons Ltd., when needed. LIQUIDITY TCL has very good liquidity. As of December 31, 2024, it held INR12.6billion ($148 million) in cash and cash equivalents along with investments valued at INR65 billion ($759 million). These funds, along with the company's expected cash flow from operations, will be sufficient to cover TCL's capital spending, debt repayment and dividend payment through September 2026. TCL also has around $200 million in undrawn short-term working capital facilities to address any temporary cash flow needs. TCL's liquidity is further supported by its long standing banking relationship and strong access to capital markets as a Tata group entity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS TCL's relatively small global scale, compared with global chemical companies, may limit any upward rating momentum. Specific financial metrics that could lead to an upgrade include Moody's-adjusted debt/EBITDA leverage substantially below 2.5x, retained cash flow/adjusted debt of at least 25%, and positive free cash flow generation; all on a sustained basis. More importantly, a significantly larger global scale or a more meaningful and sustained debt reduction will be key for a higher rating. Downgrade pressure on the CFR could develop if a deterioration in global soda ash markets causes TCL's consolidated EBITDA margin to drop below 18% on a sustained basis. Other leading indicators for a lower rating include adjusted debt/EBITDA leverage in excess of 4.5x, adjusted EBITDA/interest coverage less than 4.0x or retained cash flows/adjusted debt falling below 15%; all on a sustained basis. Any revision to Moody's assumptions of support from Tata Sons could also prompt a review of the one-notch uplift to TCL's Ba1 CFR. The principal methodology used in these ratings was Chemicals published in October 2023. Tata Chemicals Limited (TCL) is the flagship chemical company of the Tata Group -- India's leading conglomerate -- which owns 37.98% of the company. TCL is one of the largest producers of soda ash (sodium carbonate) globally, with an overall capacity of around 4 million tons per annum (mtpa), and the world's fifth-largest producer of sodium bicarbonate for industrial, technical and food applications. TCL continues to be India's leading edible and vacuum salt manufacturer. In India, TCL is also present in the agrochemicals segment through its 55.04%-owned subsidiary, Rallis Ltd. The company has manufacturing presence in India, US, UK and Kenya. TIRUCHIRAPPALLI DISTRICT: ICRA Keeps B+ Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Tiruchirappalli 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 Tiruchirappalli 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. Tiruchirappalli District Cooperative Milk Producers Union Ltd, established as cooperative society in 1980 is involved in processing and manufacturing of milk and its by-products. The board of directors of the union comprises of 17 members forming executive committee. 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 around 6 lakh L/day (liter/day), butter production capacity of 12.8 T/day (ton/day), ghee production capacity of 6,000 L/day, curd production capacity of 1000 L/day, and Kova (milk sweet) production capacity of 2.3 T/day. In October 2020, the union which earlier comprised of both the Karur and Trichy districts, was split and a separate union was set up for Karur. Accordingly, the milk processing capacity reduced by 0.5 lakh liter/day. TRT BUILDERS: ICRA Lowers Rating on INR6.50cr LT Loan to D ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of TRT Builders & Constructions (India) Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.50 [ICRA] D; ISSUER NOT COOPERATING; Fund based Rating downgraded from [ICRA]C+; Cash Credit ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Short Term- 4.00 [ICRA] D; ISSUER NOT COOPERATING; Non Fund Based Rating downgraded from [ICRA]A4; Others ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale Material event The rating of TRT Builders & Constructions (India) Private Limited is downgraded based on the feedback received by its lender where it has been confirmed that the account of the entity has been classified as NPA. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated February 2024. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with TRT Builders & Constructions (India) 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. TRT Builders & Constructions (India) Private Limited was incorporated in the year 2011 as a private limited company promoted by Mr. Sundareshan, Mr Nizamudeen and Mr Robin P Alex. The day-to-day activities of the company are managed by Mr.Sundaresh an who has more than 35 years of experience in the construction industry. All three promoters of the firm are registered class Acontractors in Kerala with more than two decades of experience in the construction industry each under their personal capacities. Mr. Sundareshan, Mr. Nizamudeen and Mr Robin P Alex own under their personal capacities firm's M/s Trio Builders, M/s Thoppil Builders and M/s Sreyas Builders respectively, with all three firm so perating in the construction segment in different regions. VISHAL CONDUIT: CARE Keeps C/A4 Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vishal Conduit Products Private Limited (VCPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short 5.00 CARE C/CARE A4; ISSUER NOT Term Bank COOPERATING; Rating continues Facilities 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 VCPPL under the 'issuer non-cooperating' category as VCPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VCPPL 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 Vishal Conduit Products Pvt. Ltd. (VCPPL), incorporated in 2005 by the Singh family of Jalandhar Punjab with the objective of manufacturing of iron & steel products. Since inception, the company is engaged in manufacturing of mild steel (MS) ingots and mild steel (MS) pipes. The facility of the company is located at Jalandhar, Punjab with an annual installed capacity of 12,000 MT per annum for (MS) ingots and 1200 MT per annum for (MS) pipes. Mr S Mohinder Singh (Graduate), Managing Director, looks after the day to day operations of the entity. VCPPL also undertook trading of iron and steel products. VIZAG AGRIPORT: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Vizag Agriport Private Limited 2, Ground Floor, Rukmani Niwas Subhash Lane, Near HDFC Bank, Daftary Road, Primal Nagar, Malad East Mumbai - 400097, Maharashtra Insolvency Commencement Date: February 11, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: August 10, 2025 Insolvency professional: Anshul Pathania Interim Resolution Professional: Anshul Pathania 901, Sunset Heights, Hatiskar Marg, Prabhadevi, Mumbai - 400 025 Email: anshul.pathania@gmail.com Email: cirpvapl@gmail.com Last date for submission of claims: February 25, 2025 =============== M A L A Y S I A =============== LYC HEALTHCARE: Gets Winding-Up Petition Over Unpaid Claims ----------------------------------------------------------- The Edge Malaysia reports that ACE-market listed LYC Healthcare Bhd said it has been served with a winding-up petition by SOG Mummy & Baby Centre Pte Ltd for allegedly failing to settle an outstanding amount of MYR600,000. According to the petition, the amount owed is related to instalment payments due under a settlement reached in December 2024, which was subsequently restructured by both SOG Mummy and LYC Healthcare, the Edge relays. According to the Edge, SOG Mummy is seeking an order to wind up LYC Healthcare, appoint an official receiver as the liquidator, and recover costs from the company's assets. The petition has been scheduled for case management on May 21, followed by a subsequent hearing on July 8. However, in its bourse filing, LYC Healthcare stated that it had fully settled the outstanding MYR600,000 payment to SOG Mummy as of April 24, the Edge says. Subsequently, it has engaged legal counsel to negotiate the withdrawal of the petition. "Save for potential legal fees, court costs and the balance of the claimed amount to the petitioner, there are no financial and operational impact to the company and its subsidiaries," it added. LYC Healthcare was loss making in the past nine financial years, the Edge notes. For the nine months ending Dec. 31, 2024 (9MFY2025), the group posted a total net loss of MYR8.69 million compared with a net loss of MYR10.26 million a year ago, while its revenue increased 28% to MYR121.71 million from MYR94.97 million in 9MFY2024, the Edge discloses. As of end 2024, its total cash and bank balances stood at MYR20.18 million, compared to total borrowings of MYR74.66 million. LYC Healthcare Berhad provides health care services primarily in Malaysia and Singapore. =============== M O N G O L I A =============== MONGOLIAN MINING: Moody's Ups CFR to B2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings has upgraded to B2 from B3 Mongolian Mining Corporation's (MMC) corporate family rating, as well as the senior unsecured rating of the senior notes issued by MMC and its subsidiary Energy Resources LLC, and guaranteed by other key subsidiaries. At the same time, Moody's have changed the outlook on the ratings to stable from positive. "The upgrade reflects the significant improvement in MMC's liquidity and debt maturity profile following the successful issuance of USD350 million notes. It also reflects the company's enhanced track record of prudent financial management, as demonstrated through the proactive liquidity management well ahead of maturity," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "Moody's expects MMC to maintain stable operations, low leverage and good liquidity amid coking coal price volatilities over the next 12-18 months," adds Zhou. RATINGS RATIONALE MMC's B2 CFR is underpinned by the company's integrated coking coal operations with long reserve lives, competitive cost position, stable operations, as well as prudent financial management that is underpinned by low leverage and good liquidity. At the same time, MMC's rating is constrained by its small scale with high concentration, emerging market risks and its exposure to carbon transition risks. MMC's liquidity and debt maturity profile have significantly improved following its successful issuance of USD350 million notes with a five-year tenor in March 2025. The proceeds are used to repay its USD220 million bond maturing in September 2026 and for general corporate purposes. The new bond bolstered MMC's liquidity. The company's cash balance of USD141 million as of end-2024, projected operating cash flow of above USD400 million over the next 18 months and net proceeds (after deducting the amount used to repay the existing bond) from the issuance will provide ample buffer to cover its projected capital spending of USD270 million, as well as debt maturities at project level over the same period. MMC will maintain steady production and sales volume because of the continued downstream demand from Chinese steel producers. While declining coking coal prices negatively impact MMC's earnings and cash flow, the company's long-term contracts with customers help mitigate the pricing volatility. Additionally, Moody's expects the Bayan Khundii gold mine to commence production in the second half of 2025, which will provide a moderate benefit to both of MMC's profit generation and business diversification. Moody's also expects MMC to maintain a conservative financial management strategy with modest reliance on external debt raising, which is supported by its steady cash flow and controlled capital spending. Accordingly, Moody's projects MMC's adjusted debt/EBITDA to stay low at around 1.0x for the next 12-18 months. The low leverage and good liquidity provide a strong buffer to withstand coal price and operational volatility. MMC's rating also reflects the company's exposure to environmental and social risks stemming from its coal mining operations. MMC's governance risk assessment reflects its financial management that led to historically high leverage. On the other hand, the company now has an enhanced track record of prudent financial management that is underpinned by low financial leverage and proactive liquidity management. As a public company, MMC also provides regular and timely financial disclosures. MMC's B2 senior unsecured rating of the senior notes is not subject to structural subordination risks, because the notes are guaranteed on a senior unsecured basis by MMC and its other key subsidiaries. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable rating outlook reflects Moody's expectations that MMC will maintain stable coking coal production, low leverage, good liquidity and adherence to a prudent financial policy over the next 12-18 months. An upgrade is unlikely in the near to medium term, given the company's small scale and high concentration of assets and operations in a few mines in Mongolia. Conversely, Moody's could downgrade MMC's ratings if the company's operating environment deteriorates, its liquidity weakens, its leverage significantly increases due to reduction in mining production or sizable debt-funded expansion, and/or it fails to adhere to a conservative financial strategy. Credit metrics indicative of a lower rating level include MMC's adjusted debt/EBITDA rising above 3.0x over a prolonged period. Given all of MMC's mining operations are in Mongolia, any downgrade of the rating of the Government of Mongolia (B2 stable) could also pressure MMC's rating. The principal methodology used in these ratings was Mining published in April 2025. With its operations commencing since 2009, Mongolian Mining Corporation is the largest producer and exporter of high-quality washed hard coking coal in Mongolia. It has fully integrated coking coal operations, comprising mining, processing, transportation, and sales and marketing of coking coal and other coal products. In 2024, the company's total run-of-mine coal production was 16.3 million tonnes. Listed on the Stock Exchange of Hong Kong in 2010, MMC owns and operates two open-pit coking coal mines in the Gobi Desert – the main Ukhaa Khudag mine and the Baruun Naran mine. All of the company's coal operations are located in Mongolia, while most of its coal products are sold to industrial end-users in China. MMC is also developing the Bayan Khundii gold mine located in Mongolia, with expected commencement of production in the second half of 2025. ===================== N E W Z E A L A N D ===================== 8 YELASH: Benjamin Francis Appointed as Receiver and Manager ------------------------------------------------------------ Benjamin Francis of Blacklock Rose Limited on April 2, 2025, was appointed as receiver and manager of 8 Yelash Limited. The receiver and manager may be reached at: Blacklock Rose Limited PO Box 6709 Auckland 1142 EAGLE EYE: Court to Hear Wind-Up Petition on May 21 --------------------------------------------------- A petition to wind up the operations of Eagle Eye Construction Limited will be heard before the High Court at Wellington on May 21, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 21, 2025. The Petitioner's solicitor is: Jury Kauwhata Teniteni-Smeaton Legal Services, Asteron Centre 55 Featherston Street PO Box 895 Wellington 6011 EJS LIMITED: Court to Hear Wind-Up Petition on May 2 ---------------------------------------------------- A petition to wind up the operations of EJS Limited will be heard before the High Court at Auckland on May 2, 2025, at 10:00 a.m. Body Corporate 126728 filed the petition against the company on Feb. 10, 2025. The Petitioner's solicitor is: Benedict Philip Molloy Level 19, 41 Shortland Street Auckland 1010 G C CONSTRUCTION: Court to Hear Wind-Up Petition on May 15 ---------------------------------------------------------- A petition to wind up the operations of G C Construction Limited will be heard before the High Court at Christchurch/Ōtautah on May 15, 2025, at 10:00 a.m. McVicar Building Supplies Limited filed the petition against the company on March 26, 2025. The Petitioner's solicitor is: Holly Cassin Cavell Leitch, Solicitors BNZ Centre Level 3, 111 Cashel Mall Christchurch 8011 TOTARA 9: Thomas Lee Rodewald Appointed as Receiver and Manager --------------------------------------------------------------- Thomas Lee Rodewald of Rodewald Consulting on April 22, 2025, was appointed as receiver and manager of Totara 9 Limited, J & K Burt Family Trust, John Henry Burt and Kathleen Georgina Lesley Burt. The receiver and manager may be reached at: c/o Rodewald Consulting Limited Level 1, The Hub 525 Cameron Road PO Box 15543 Tauranga 3144 ================= S I N G A P O R E ================= CB ENTERPRISES: Creditors' Proofs of Debt Due on May 16 ------------------------------------------------------- Creditors of CB Enterprises Pte. Ltd. are required to file their proofs of debt by May 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 10, 2025. The company's liquidator is: Farooq Ahmad Mann No. 3 Shenton Way #03-06C Shenton House Singapore 068805 DE' ONE LIFESTYLE: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on April 4, 2025, to wind up the operations of De' One Lifestyle (S) 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 DOVECOTE INVESTMENT: Creditors' Proofs of Debt Due on May 16 ------------------------------------------------------------ Creditors of Dovecote Investment Holdings Pte. Ltd. are required to file their proofs of debt by May 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 15, 2025. The company's liquidator is: Cheong Beng Sheng, Dean c/o Guardian Advisory Pte Ltd 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 HOMEPLUS: KFSU-Homeplus Union Fights Over 20K Jobs -------------------------------------------------- The Korean Federation of Service Workers' Unions (KFSU), an affiliate of UNI Global Union, is calling for international solidarity as over 20,000 jobs at Homeplus, Korea's second-largest retailer, are placed at risk following the company's recent application for corporate rehabilitation under South Korea's Debtor Rehabilitation and Bankruptcy Act. This court-led process, intended to allow financially distressed but potentially viable companies to restructure their debts and operations, has raised serious alarm among workers. The union has warned that - based on past experience - such proceedings often precede mass layoffs, store closures and aggressive asset disposals, UNI Global Union said in a press statement. The union attributes the current crisis to MBK Partners, the private equity firm that acquired Homeplus in 2015 through a highly leveraged buyout. As the lead investor in a consortium that took over the company from British multinational Tesco, MBK structured the acquisition so that most of the financing was borrowed in Homeplus's name. Key backers of the consortium include major institutional investors such as the California Public Employees' Retirement System (CalPERS), the Canada Pension Plan Investment Board (CPPIB) and PSP Investments. At the time of the acquisition, Homeplus operated around 140 outlets and employed 25,000 workers. Today, it runs 126 retail locations with a workforce of just over 20,000. The union argues that this decline is the result of MBK's extractive financial strategy, which involved selling off profitable stores and real estate assets to repay acquisition-related debts, thereby undermining the company's long-term viability. The union estimates that as many as 100,000 people in total—including Homeplus's 20,000 direct employees along with subcontracted staff, suppliers, and tenant business owners—could be affected by the wider effects of the restructuring. A May Day rally will be held in defence of Homeplus workers. The KFSU-Homeplus Union is appealing to the Canadian Labour Congress (CLC) and the AFL-CIO for public expressions of solidarity and international pressure on MBK and its financial backers. The union is calling for a sustainable recovery plan that protects all jobs without store closures and stronger regulations on private equity investments to prevent similar situations in the future. UNI Asia & Pacific Regional Secretary Rajendra Acharya said, "We are in solidarity with the Homeplus union and all its members. Their struggle has really highlighted the negative consequences of debt-driven financing. When the priorities of greed and profit take precedence over decent work and long-term sustainability, it is workers, families and entire communities that pay the price. We stand with them in their fight for fairness and justice." About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. RSKY MANAGEMENT: Court to Hear Wind-Up Petition on May 2 -------------------------------------------------------- A petition to wind up the operations of RSKY Management 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 SINGAPORE ADVANCED: Creditors' Proofs of Debt Due on May 16 ----------------------------------------------------------- Creditors of Singapore Advanced Biologics Pte. Ltd. are required to file their proofs of debt by May 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 3, 2025. The company's liquidator is: Farooq Ahmad Mann No. 3 Shenton Way #03-06C Shenton House Singapore 068805 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: MBK Had Knowledge of Rating Downgrade, Debt Sale ------------------------------------------------------------- Yonhap News Agency reports that the chief of South Korea's financial watchdog on April 24 said private equity fund MBK Partners Ltd. and its wholly owned retailer Homeplus Co. had prepared for a court rehabilitation scheme "for a long period of time" before a rating downgrade and sold short-term debts despite the possibility of its rating downgrade. The remarks by Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), run counter to their earlier claims that they had drawn up measures for court-led rehabilitation from Feb. 28 after Homeplus' ratings were lowered, Yonhap notes. They have also insisted that Homeplus had sold short-term debts not expecting its rating to be lowered. "Homeplus and MBK Partners are insisting that they were not aware of the rating downgrade, but we have secured specific evidence that they were aware of the rating cut in advance, and had prepared for a court rehabilitation scheme for a long period of time," Yonhap quotes Mr. Lee as saying in a press briefing. Based on the probe, the watchdog referred the case to the prosecution for further investigation earlier this week, according to the FSS chief. According to Yonhap, the FSS chief said his agency will actively cooperate with the prosecution probe and continue to look into any speculation and law violations involving the fiasco. Mr. Lee criticized MBK Partners for not taking any responsibility for the fiasco. "Homeplus' largest shareholder (MBK Partners) has not taken any responsible actions, such as stock cancellation or an additional capital injection," he said. Earlier, MBK Partners said its chair, Kim Byung-ju, will use his personal assets to support suppliers of the major discount store chain affected by the court-led rehabilitation process, Yonhap relays. MBK has come under criticism for placing Homeplus under rehabilitation without making self-recovery efforts. MBK Partners and Homeplus repeated their earlier claims, Yonhap states. "Homeplus and MBK Partners did not anticipate the downgrade of Homeplus' credit rating, nor did they make any prior preparations for rehabilitation proceedings," they said in a statement. Also, they claimed that they were not in a position to plan the issuance, sale or resale of the so-called asset-backed short-term bond (ABSTB), or involved in any aspect of the transaction. "MBK Partners merely received information from Homeplus regarding the planned issuance size of the ABSTB. It was not involved in any decision-making related to the issuance, nor did it provide any directives to Homeplus management. MBK Partners had no role or participation in the ABSTB transaction," they said. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***