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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, October 2, 2025, Vol. 28, No. 197
Headlines
A U S T R A L I A
AMS HOLDINGS: Westpac Sued Over AUD250MM Ponzi Scheme Deals
AZORA ABS 2024-1P: Moody's Upgrades Rating on Class F Notes to B1
CONSTRUCTION VICTORIA: ASIC Bans Director Over Insolvent Trading
COTTESLOE APARTMENTS: First Creditors' Meeting Set for Oct. 9
HANDY ABS 2024-1: Moody's Hikes Rating on Class F Notes from Ba3
ICONIC CATERING: First Creditors' Meeting Set for Oct. 9
KULE HOLDINGS: First Creditors' Meeting Set for Oct. 7
LATITUDE AUSTRALIA 2025-2: Moody's Assigns (P)B2 Rating to F Notes
NORTHERN IRON: Second Creditors' Meeting Set for Oct. 7
VDS OPERATIONS: First Creditors' Meeting Set for Oct. 7
I N D I A
4 GENIUS: ICRA Keeps D Debt Ratings in Not Cooperating Category
AADHI CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
APPOLLO DISTILLERIES: ICRA Keeps D Rating in Not Cooperating
ASHRITHA HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
AURORA APPAREL: ICRA Keeps B/A4 Debt Rating in Not Cooperating
AUSSEE OATS: NCLAT Sets Aside Future Consumer's Plea for Insolvency
COOPER-STANDARD: ICRA Keeps B/A4 Debt Ratings in Not Cooperating
DHURIA RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
DMD DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
DOLPHIN FOODS: ICRA Withdraws B+ Rating on INR40cr LT Loan
DP JAIN: ICRA Lowers Rating on INR330cr LT/ST Loans to D
DSG CORP: ICRA Keeps B- Debt Rating in Not Cooperating Category
FLEXITUFF VENTURES: ICRA Keeps D Debt Ratings in Not Cooperating
GAYATRI DEVELOPWELL: ICRA Keeps D Debt Rating in Not Cooperating
KALTHIA INFRA-CON: ICRA Keeps B+(CE) Rating in Not Cooperating
LEVSTO SERVICES: ICRA Keeps B+ Debt Rating in Not Cooperating
MA SARADA: ICRA Keeps D Debt Ratings in Not Cooperating Category
MAA SHEETLA: ICRA Keeps B+ Debt Rating in Not Cooperating
MELANGE DEVELOPERS: ICRA B+ Rating in Not Cooperating Category
MIDAS AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
NATIONAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
RAJARAMBAPU PATIL: ICRA Keeps B+ Debt Rating in Not Cooperating
RELIABLE SPACES: ICRA Keeps B+ Debt Rating in Not Cooperating
RISHIKA FASHIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHREEPATI CASTLE: ICRA Keeps D Debt Rating in Not Cooperating
SHUBHJIVAN DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
SHYAMJI AGRICO: ICRA Keeps D Debt Ratings in Not Cooperating
SKS POWER: ICRA Keeps D Debt Ratings in Not Cooperating Category
M A L A Y S I A
1MDB: Liquidators Lose Singapore Court Bid to Sue StanChart
MERIDIAN BHD: To Submit Annual Report Two Weeks After Cut-Off Date
VANTRIS ENERGY: Appoints Ex-Petronas Chief Adnan as Chairman
N E W Z E A L A N D
BAKE & BEANS: Eatery Chain Placed Into Liquidation
BOURTON FARMS: Court to Hear Wind-Up Petition on Nov. 13
HARVEST KITCHEN: Creditors' Proofs of Debt Due on Oct. 20
PEDERSEN CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 21
TAJOK CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 24
YARD BARBER: Creditors' Proofs of Debt Due on Oct. 27
[] NZ: Company Liquidations Up 26% Despite Credit Trend Gains
S I N G A P O R E
ARIS STUDIO: Court Enters Wind-Up Order
KHONG GUAN: Creditors' Proofs of Debt Due on Oct. 21
SCHELLDEN GLOBAL: Court to Hear Wind-Up Petition on Oct. 10
TACMEE CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 3
V PLUS: Court Enters Wind-Up Order
- - - - -
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A U S T R A L I A
=================
AMS HOLDINGS: Westpac Sued Over AUD250MM Ponzi Scheme Deals
-----------------------------------------------------------
The Australian Financial Review reports that Westpac is being sued
for allegedly enabling a AUD250 million Ponzi scheme by liquidators
of Chris Marco's companies who argue the bank should have acted
when the corporate regulator flagged concerns huge transactions
were moving through the bank's accounts.
Perth businessman Marco was found guilty in the Supreme Court of
Western Australia of defrauding investors during an eight-year,
AUD253 million investment scheme.
According to the Financial Review, Mr. Marco was convicted earlier
in September of 43 fraud charges, which focused on six investors
who lost AUD34 million. The six-week trial heard 151 investors
transferred more than AUD250 million into Marco's accounts between
2010 and 2018.
Westpac, along with Mr. Marco, is facing legal action in the
Supreme Court of NSW launched by insolvency practitioners who were
appointed to Mr. Marco's companies to investigate on behalf of the
fraudster's investors, the Financial Review relates.
The statement of claim filed by the special purpose liquidators
said Westpac "wilfully and recklessly failed to make enquiries that
an honest and reasonable person would make in light of the facts
and circumstances known to it".
In its defence filed in the Supreme Court, Westpac said it does not
"permit" transactions. The filing points out the bank has a duty to
promptly make payments to accounts when instructed by its
customers, as they had in this case. Westpac denies any knowledge
of Mr. Marco's scheme, the Financial Review says.
According to the Financial Review, the WA criminal trial heard
around AUD198.5 million was paid out to investors who believed they
were getting returns from private placement investment programs
which promised high returns. Instead, Marco spent AUD15.1 million
on cars and real estate and another AUD21 million was transferred
directly to him, his family and companies.
The Financial Review relates that the statement of claim said
between September 2012 and November 2018, the movement of money
into Marco's Westpac accounts, and between those accounts, came to
a total of AUD494.5 million.
They claim from March 2016, millions of dollars were transferred
out of the Westpac accounts to foreign jurisdictions, including
AUD14 million to an HSBC account in Saint Helier, Jersey, an island
in the English Channel.
The Financial Review says the liquidator, insolvency firm PKF,
alleges the size of deposits and withdrawals from 2016 onwards
should have been red flags for the bank because they were
inconsistent with Westpac's knowledge of Mr. Marco's financial
position.
For example, more than AUD107 million went into Marco's Westpac
accounts, and AUD96 million was paid out in the first six months of
2016 alone.
The statement of claim alleges the Australian Securities and
Investments Commission first contacted Westpac in August 2017 to
produce documents related to Mr. Marco's accounts. In March 2018,
ASIC asked for more documents relating to Mr. Marco and his company
accounts "in relation to suspected contraventions" of corporations
law.
However, liquidators claim Westpac still took millions in deposits
from investors in Marco's accounts after receiving the letters from
ASIC.
The liquidators said numerous deposits were transferred with
"investments" as the description.
"Westpac had knowledge that Marco, trading as Coastline Group, was
receiving and dealing with funds of investors and should have known
he never held an Australian Financial Services Licence," they
allege.
"It would be interesting to see how Westpac's multiple layers of
so-called fraud protection sit with the outcome of this matter," a
partner at law firm HFW, Paul Buitendag, who is representing the
liquidators, said.
A Westpac spokesman said: "We take our legal and regulatory
obligations very seriously. We are defending the alleged claims. As
the matter is still before the courts we won't be commenting
further."
As reported in the Troubled Company Reporter-Asia Pacific on July
21, 2022, Mr. Marco was charged with 50 counts of fraud under
section 409 of the Criminal Code (WA).
Following an ASIC investigation, it is alleged that between July
2013 and October 2018, Mr. Marco defrauded AUD36.5 million from
nine investors. It is also alleged, of the AUD36.5 million, one
investor was defrauded AUD10 million by investing with Mr. Marco.
The criminal charges come after ASIC took civil action in the
Federal Court in 2020 to wind up the unregistered managed
investment scheme operated by Mr. Chris Marco and AMS Holdings (WA)
Pty Ltd, the AMS Holdings Trust.
This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.
On Dec. 7, 2020, the Court wound up Mr. Marco's unregistered
managed investment scheme and also ordered Mr. Marco be permanently
restrained from carrying on a financial services business without
an Australian Financial Services Licence or operating an
unregistered managed investment scheme.
Robert Kirman and Robert Brauer of McGrathNicol, Perth have been
appointed as receivers and managers of Chris Marco and AMS Holdings
(WA) Pty Ltd and AMS Holdings (WA) Pty Ltd as trustee for the AMS
Holdings Trust. Mr. Brauer and Mr. Kirman have also been appointed
as liquidators over the scheme and AMS Holdings (WA) Pty Ltd. The
Court also made orders terminating the appointment of Cameron Shaw,
Richard Albarran and Marcus Watters of Hall Chadwick as liquidators
of AMS Holdings (WA) Pty Ltd.
AZORA ABS 2024-1P: Moody's Upgrades Rating on Class F Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on five classes of notes
issued by Azora ABS 2024-1P Trust.
The affected ratings are as follows:
Issuer: Azora ABS 2024-1P Trust
Class B Notes, Upgraded to Aa1 (sf); previously on Dec 19, 2024
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to A1 (sf); previously on Dec 19, 2024
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to Baa1 (sf); previously on Dec 19, 2024
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Ba1 (sf); previously on Dec 19, 2024
Definitive Rating Assigned Ba2 (sf)
Class F Notes, Upgraded to B1 (sf); previously on Dec 19, 2024
Definitive Rating Assigned B2 (sf)
A comprehensive review of all credit ratings for the respective
transaction(s) has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the collateral performance to
date.
No actions were taken on the remaining rated classes in the deal as
credit enhancement for these classes remains commensurate with
their respective current rating.
Following the September 2025 payment date, the note subordination
available for the Class B, Class C, Class D, Class E, and Class F
Notes has increased to 24.6%, 18.9%, 13.7%, 6.6%, and 4.6%
respectively, from 18.8%, 14.4%, 10.4%, 5.0%, and 3.4% at closing.
Principal collections have been distributed on a pro-rata basis
among the rated Notes since the September 2025 payment date.
Current total outstanding notes as a percentage of the total
closing balance is 74.4%.
As of end-August 2025, 2.8% of the outstanding pool was 30-plus day
delinquent and 1.5% was 90-plus day delinquent. The portfolio has
incurred 1.1% (as a percentage of the original portfolio balance)
of gross losses 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 expected default assumption at 7.5%
of the original pool balance (equivalent to 8.6% of the current
pool balance) from closing. Moody's have also maintained Moody's
PCE assumption at 31.0%.
Moody's analysis has also considered various scenarios involving
different mean default rates to evaluate the resiliency of the note
ratings.
The transaction is a cash securitisation of Australian automobile
and equipment-backed consumer and commercial loans originated by
Azora Asset Finance Pty Ltd and Azora Personal Loans Pty Ltd, and
serviced by Azora Finance (Services) Pty Ltd.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
June 2025.
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.
CONSTRUCTION VICTORIA: ASIC Bans Director Over Insolvent Trading
----------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
disqualified Veronica Roberts, of Melbourne, Victoria, from
managing corporations for a period of five years, after her
involvement in four failed companies.
Ms. Roberts was a director of four companies from 2018 to 2021:
* Construction Victoria Pty Ltd (ACN 616 327 863);
* Crete Services Pty Ltd (ACN 619 313 147);
* Titan Victoria Construction Pty Ltd (ACN 629 620 391)
(de-registered); and
* Empire Plant Hire Pty Ltd (ACN 626 953 580).
The companies operated within Victoria, engaging in the
construction industry, with Titan specialising in labour hire.
ASIC found that in relation to Construction Victoria, Crete
Services and Empire, Ms Roberts failed to exercise proper care and
diligence in the governance of the companies. In relation to
Construction Victoria and Crete Services, Ms Roberts failed to keep
and maintain proper business books and records and traded these
companies whilst insolvent.
Ms. Roberts failed to assist the liquidator of Empire. Titan failed
owing AUD983,000 to four unsecured creditors.
At the time of ASIC's decision, the four companies owed unsecured
creditors approximately AUD3.5 million, which included AUD1.2
million for unpaid wages, superannuation, and employee
entitlements.
In deciding to disqualify Mr Roberts, ASIC relied upon statutory
reports lodged by Stephen Dixon of Hamilton Murphy Advisory,
Melbourne, in respect of Construction Victoria, Crete Services and
Titan and Mathew Gollant of CJG Advisory, Melbourne, in respect of
Empire.
Ms. Roberts is disqualified from managing corporations until 2
September 2030.
Ms. Roberts has the right to seek a review of ASIC's decision by
the Administrative Review Tribunal.
Section 206F of the Corporations Act allows ASIC to disqualify a
person from managing corporations for a maximum period of five
years if, within a seven year period, the person was an officer of
two or more companies, and those companies were wound up and a
liquidator provides a report to ASIC about each of the company's
inability to pay its debts.
ASIC maintains a banned and disqualified persons register that
provides information about people who have been disqualified from:
* involvement in the management of a corporation;
* auditing self-managed superannuation funds (SMSFs); or
* practising in the financial services or credit industry.
COTTESLOE APARTMENTS: First Creditors' Meeting Set for Oct. 9
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Cottesloe
Apartments (WA) Pty Ltd will be held on Oct. 9, 2025 at 11:00 a.m.
via Zoom.
Andrew Michael Smith and Robert Alan Jacobs of Auxilium Partners
were appointed as administrators of the company on Sept. 26, 2025.
HANDY ABS 2024-1: Moody's Hikes Rating on Class F Notes from Ba3
----------------------------------------------------------------
Moody's Ratings has upgraded ratings on five classes of notes
issued by Handy ABS 2024-1 Trust.
The affected ratings are as follows:
Issuer: Handy ABS 2024-1 Trust
Class B Notes, Upgraded to Aaa (sf); previously on Mar 17, 2025
Upgraded to Aa1 (sf)
Class C Notes, Upgraded to Aa2 (sf); previously on Mar 17, 2025
Upgraded to Aa3 (sf)
Class D Notes, Upgraded to Aa3 (sf); previously on Mar 17, 2025
Upgraded to A3 (sf)
Class E Notes, Upgraded to A3 (sf); previously on Mar 17, 2025
Upgraded to Baa3 (sf)
Class F Notes, Upgraded to Baa3 (sf); previously on Mar 17, 2025
Upgraded to Ba3 (sf)
A comprehensive review of all credit ratings for the respective
transaction(s) has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the strong performance of the
collateral pool to date.
No action was taken on the remaining rated class in the deal as
credit enhancement remains commensurate with the current rating for
the notes.
Following the September 2025 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E, and Class F
Notes has increased to 25.9%, 19.6%, 15.9%, 10.0%, and 7.7%,
respectively, from 24.1%, 17.6%, 13.8%, 7.8%, and 5.4% at the time
of the last rating action in March 2025.
Principal collections have been distributed on a pro-rata basis
across all rated notes since the February 2025 payment date.
Current total outstanding notes as a percentage of the total
closing balance is 45.3%.
As of end-August 2025, 0.11% of the outstanding pool was 30-plus
day delinquent, and 0.01% was 90-plus day delinquent. The deal has
incurred 0.12% of gross losses (as a percentage of the original
pool balance) to date, all of which have been covered by excess
spreads.
Based on the observed performance to date and loan attributes,
Moody's have lowered Moody's default assumption to 3.5% of the
current pool balance (equivalent to 1.7% of the original pool
balance) from 4.5% of the outstanding pool balance (equivalent to
3.0% of the original pool balance) at the time of the last rating
action in March 2025. Moody's have also lowered the Aaa portfolio
credit enhancement assumption to 23% from 27% from the last
action.
The transaction is a securitisation of a portfolio of personal
loans originated by OurMoneyMarket Lending Pty Ltd ("OMM"). OMM,
founded in 2017, is an Australian non-bank lender providing secured
and unsecured personal loans, and motor vehicle loans.
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" 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.
ICONIC CATERING: First Creditors' Meeting Set for Oct. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Iconic
Catering Pty Ltd will be held on Oct. 9, 2025 at 10:00 a.m. at the
offices of HM Advisory, at Suite 4, Level 3, 16 Victoria Avenue, in
Perth, WA.
Stephen Dixon of HM Advisory was appointed as administrator of the
company on Sept. 26, 2025.
KULE HOLDINGS: First Creditors' Meeting Set for Oct. 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of Kule
Holdings Pty. Limited will be held on Oct. 7, 2025 at 4:00 p.m. at
the offices of Merchants Advisory, at Level 15, 175 Pitt Street, in
Sydney, NSW and via virtual meeting technology.
Louisa Sijabat of Merchants Advisory was appointed as
administrators of the company on Sept. 24, 2025.
LATITUDE AUSTRALIA 2025-2: Moody's Assigns (P)B2 Rating to F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited as trustee
of Latitude Australia Personal Loans Series 2025-2 Trust.
Issuer: Perpetual Corporate Trust Limited as trustee of Latitude
Australia Personal Loans Series 2025-2 Trust
AUD262.00 million Class A Notes, Assigned (P)Aaa (sf)
AUD46.00 million Class B Notes, Assigned (P)Aa2 (sf)
AUD24.40 million Class C Notes, Assigned (P)A2 (sf)
AUD14.80 million Class D Notes, Assigned (P)Baa2 (sf)
AUD28.80 million Class E Notes, Assigned (P)Ba2 (sf)
AUD4.00 million Class F Notes, Assigned (P)B2 (sf)
The AUD20.00 million Seller Notes are not rated by us.
Latitude Australia Personal Loans Series 2025-2 Trust is a cash
securitisation of secured and unsecured personal loans extended to
obligors located in Australia. The transaction has a substitution
period of 4 months subject to certain substitution termination
events. All receivables were originated and are serviced by
Latitude Personal Finance Pty Limited (Latitude).
Latitude provides sales finance, credit cards, personal loans and
consumer credit insurance in Australia and New Zealand. Latitude
originates loans through direct and third-party channels. Direct
channels include online and call centre based applications with
third-party distribution through partnership agreements and a
network of brokers. The Latitude Australia Personal Loans Series
2025-2 Trust transaction represents Latitude's sixth personal loan
term ABS transaction and its second personal loan term ABS for
2025.
RATINGS RATIONALE
The provisional ratings take into account, among other factors:
-- Moody's evaluations of the underlying receivables and their
expected performance;
-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A Notes. Once pro rata paydown conditions are satisfied, principal
will be distributed pro rata among all classes of Notes. The Seller
Notes will stop receiving principal payments once their balance
falls below 2% of the aggregate initial invested amount of notes at
closing date. Following the call date, the structure will revert to
a sequential repayment profile. Initially, the Class A, Class B,
Class C, Class D, Class E and Class F Notes benefit from 34.50%,
23.00%, 16.90%, 13.20%, 6.00% and 5.00% of note subordination,
respectively;
-- The availability of excess spread over the life of the
transaction;
-- The pool parameters which must be maintained during the
substitution period:
-- The aggregate outstanding balance of Receivables with a
variable rate does not exceed 60.00% of the aggregate pool
balance;
-- The aggregate outstanding balance of Receivables with a
remaining term exceeding 72 months does not exceed 54.00% of the
aggregate pool balance;
-- The aggregate outstanding balance of Receivables with an
outstanding balance exceeding A$50,000 does not exceed 20.00% of
the aggregate pool balance;
-- The aggregate outstanding balance of Receivables with a GECO
Score of CR3 does not exceed 22.75%;
-- The aggregate outstanding balance of Receivables with a GECO
Score of CR4 does not exceed 6.00%, of the aggregate pool balance;
-- The aggregate outstanding balance of Receivables where the
obligor is not resident in NSW, VIC or QLD does not exceed 30.00%
of the aggregate pool balance; and
-- The weighted average annualised interest rate of the
Receivables exceeds 17.70%.
-- The liquidity facility in the amount of 1.50% of the aggregate
outstanding principal balance of receivables not in arrears by more
than 90 days, subject to a floor of AUD1.00 million;
-- The trust will enter into an eligible interest rate swap to
mitigate interest rate risk between fixed rates loan receivables
and floating rates rated notes;
-- The experience of Latitude as servicer, and;
-- The back-up servicing arrangements with AMAL Asset Management
Limited.
MAIN MODEL ASSUMPTIONS
Moody's base case assumptions are default rate of 9.25% for the
initial pool and 9.5% for the loans added during the substitution
period.; portfolio credit enhancement (PCE) of 38.0% and a recovery
rate of 10.0%. Moody's assumed default rate and recovery rate are
stressed compared to the extrapolated mean default of around 9.0%
and actual historical levels of recovery rate of around 25%.
Key indicative pool features are as follows:
-- The composition of the pool is such that fixed rate loans
constitute 41.9% while the remaining 58.1% is made up of variable
rate loans;
-- The weighted average interest rate of the portfolio is 17.7%;
-- The weighted average remaining term of the portfolio is 65.5
months; and
-- The weighted average seasoning of the initial portfolio is 11.3
months.
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties or insufficient transactional governance
and fraud.
NORTHERN IRON: Second Creditors' Meeting Set for Oct. 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Northern Iron
Pty Ltd has been set for Oct. 7, 2025, at 12:30 p.m. via Microsoft
Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 6, 2025 at 5:00 p.m.
S G Reid and S R Sellahewa of Rodgers Reidy were appointed as
administrators of the company on April 12, 2025.
VDS OPERATIONS: First Creditors' Meeting Set for Oct. 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of VDS
Operations Pty Ltd will be held on Oct. 7, 2025, at 12:30 p.m. via
teleconference.
Juan Ignacio Otaegui-Campos (Ignatius Campos) and Richard Albarran
of Hall Chadwick were appointed as administrators of the company on
Sept. 24, 2025.
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I N D I A
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4 GENIUS: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of 4
Genius Minds (4GM) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 45.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with 4GM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2006 as a partnership firm by Mr. Adtya Agarwal and
Mr. Abhishek Agarwal, 4 Genius Minds (4GM) is an Apple Solution
Expert; one of the 14 partners authorized by Apple Inc. in India.
The company has centres across India with two centres in Delhi
while one each in Hyderabad, Shimla, Kolkata, Bangalore and
Jalandhar. The firm would be converted to a private limited company
under the name 4 Genius Minds Private Limited.
AADHI CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of Aadhi Cars
Private Limited (ACPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.42 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 3.58 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 20.00 [ICRA]A4 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 ACPL, 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.
Aadhi Cars Private Limited (ACPL), incorporated in 2012, operates
as an authorized automobile dealer of Maruti Suzuki India Limited
based out of Coimbatore, Tamil Nadu. ACPL operates eight Maruti
Suzuki showrooms in Coimbatore and Tirunelveli with multiple
touchpoints. ACPL also operates service centers and Maruti driving
schools in these locations.
APPOLLO DISTILLERIES: ICRA Keeps D Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Appollo Distilleries Private
Limited (ADPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 75.00 [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 ADPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but 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.
Appollo Distilleries Private Limited (ADPL) was incorporated in
1995 and is a subsidiary of Empee Distilleries Limited. It is
commissioning a 50,000 klpa Greenfield brewery at Billakuppam
village in Tiruvallore district of Tamilnadu. The project work
started in August 2010 and the plant was expected to be
commissioned by Q3- FY2012.
ASHRITHA HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Ashritha Healthcare Private
Limited (AHPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 9.65 [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 AHPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but 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, AHPL is promoted by its Dr. Bhargavi Reddy
(MBBS, MD) and Dr. Shekhar Reddy (BDS). The promoters also run a
25-bedded hospital on a rented premise in Thippasandra, Bangaluru
names "Dr Bhargavi Reddy Women and Childcare Hospital". The
hospital provides treatment in various department viz. gynecology,
pediatrics, general physician among others.
AURORA APPAREL: ICRA Keeps B/A4 Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of Aurora Apparel
Private Limited (AAPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 1.23 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with AAPL, 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 2009, Aurora Apparel Private Limited is involved in
manufacturing cotton shirts. AAPL is an equal joint venture of
Tessitura Monti India Pvt. Ltd. and Summer Conf, Romania. Most of
its customer base is from Europe, Australia and the UAE.AAPL's
manufacturing unit is located in Nipani, Belgaum in Karnataka with
a total installed capacity of 2,000 shirts per day. The company
commenced its production activities from April 2011 and recently
expanded its production capacity from manufacturing 1,600 shirts
per day to 2,000 shirts per day.
AUSSEE OATS: NCLAT Sets Aside Future Consumer's Plea for Insolvency
-------------------------------------------------------------------
The Economic Times reports that Appellate Tribunal NCLAT has set
aside an appeal by Future Consumer Ltd (FCL) seeking to initiate
insolvency against Aussee Oats Ltd.
A two-member NCLAT bench has upheld the orders of the Mumbai bench
of the National Company Law Tribunal (NCLT), which had rejected the
claims of FCL, part of the debt-ridden Future Group, ET relates.
FCL had claimed an amount of over Rs one crore due from Aussee
Oats. It had given Rs two crore to Aussee Oats in the form of an
Inter-Corporate Deposit.
According to ET, FCL said out of the total deposit, only Rs 1.35
crore has been paid, and the rest Rs 65 lakh is due, which now,
along with interest, totals over Rs one crore.
However, NCLT observed that the financial statement of the
corporate debtor (Aussee Oats) reflected a 'set off' of the claims,
and there was NIL amount payable to the Financial Creditor (FCL).
Moreover, it also observed a dispute between them.
This order was challenged by FCL before the National Company Law
Appellate Tribunal (NCLAT), which also rejected the plea of the
Future Group firm, ET relates.
"We are of the view that the Adjudicating Authority (NCLT) did not
commit any error in relying on the said financial statement for
coming to the conclusion that there is no debt for which insolvency
can be proceeded," the NCLAT said.
ET says the appellate tribunal also noticed that there is a dispute
between the Financial Creditor and the Corporate Debtor's
shareholders.
"We, thus, are of the view that in the facts of the present case,
the refusal of the Adjudicating Authority to initiate insolvency in
the facts cannot be faulted. We do not find any error in the order
of the Adjudicating Authority. The Appeal is dismissed," according
to the NCLAT.
FCL, along with Aussee Oats India, had a joint venture with Aussee
Oats Milling Private Ltd.
COOPER-STANDARD: ICRA Keeps B/A4 Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of
Cooper-Standard India Pvt. Ltd. (CSI) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B(Stable);
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 55.00 [ICRA]B (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
Others under issuer not cooperating
Category
As part of its process and in accordance with its rating agreement
with CSI, 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.
CSI (formerly known as Metzeler Automotive Profiles India Private
Limited) started operations from November 1993 by manufacturing
high performance automotive body seal and glass runs. Over the past
few years, the company has diversified into manufacturing
thermoplastic elastomeric (TPE) profiles and chrome strips. At
present, CSI's plants are located in Bawal (Haryana), Sahibabad
(Uttar Pradesh), Chennai and Sanand (Gujarat). Till January 2015,
it operated as a 74:26 joint venture entity between CSAI and Toyoda
Gosei Company Limited, Japan (TGCL). However, effective from
January 30, 2015, CSAI acquired TGCL's stake in CSI, thus making it
a 100% subsidiary of CSAI.
DHURIA RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Dhuria Rice Mills (DRM) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.50 [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 DRM, ICRA has been trying to seek information from the entity
so as to monitor its performance, but 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.
DRM was established in the year 1978 as a partnership firm with
Ashok Kumar, Krishna Devi and Surinder Kumar as partners. In the
year 2007 partnership was re constituted with Mr. Arun Kumar, Mr.
Ashok Kumar and Krishna Devi as partners. In 2012 the partnership
firm was reconstituted again with Mr. Ashok Kumarand Mr. Arun Kumar
as partners in equal ratios. All the partners are actively engaged
in the management of the company. DRM is engaged in processing and
trading of non-basmati rice in the domestic markets and to
exporters in India. Head office as well as the manufacturing plant
of the company is located at Fazilka, Punjab. The plant has a
milling capacity of 2 tonnes per hour of paddy.
DMD DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of DMD
Developers Private Limited (DDPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 90.00 [ICRA]B+ (Stable); ISSUER NOT
Term loan COOPERATING; Rating Continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with DDPL, 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 2009, DMD Developers Pvt Ltd (DDPL) is involved in
real estate business in Surat, Gujarat. The company is promoted by
Mr. Dharmeshbhai Patel, having experience of three decades in real
estate business. The Group has delivered more than 17 million sq ft
of real estate projects till December 2022. DMDPL is a special
purpose vehicle (SPV) formed to execute both phases of the Radha
Raman Textile Market (RRTM) project. As on December 31, 2022, both
the phases are constructed. Phase-1 of the project has been
completely sold and Phase-2 has sold ~7% of the saleable area as on
December 31, 2022.
DOLPHIN FOODS: ICRA Withdraws B+ Rating on INR40cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Dolphin Foods India Limited at the request of the company and in
accordance with ICRA's policy on withdrawal. However, ICRA does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed. The Key Rating Drivers and
their description, Liquidity Position, Rating Sensitivities, Key
Financial Indicator have not been captured as the rated instruments
are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 40.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Withdrawn
Term Loan
Dolphin Foods India Limited (DFIL) was incorporated in 1984,
however, it started manufacturing confectionaries in 2008. The
company manufactures different variants of hard-boiled sugar
confectionaries including candies in various flavors, and
jelly-based candies and has been launched new products including
biscuits, cakes, wafers, etc. The company is promoted by Mr. D.S.
Jabanami and is managed by his son Mr. Arun Dev Sahayam currently,
who is the Managing Director of DFIL. DFIL sells products under the
brand name 'OSHON' having its presence in rural and semi-urban
markets all over India and launched another brand "Otter" for
retail marketing. The installed capacity of the plant is 115 MTPD.
DP JAIN: ICRA Lowers Rating on INR330cr LT/ST Loans to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of DP Jain
& Co. Infrastructure Pvt Ltd (DPJIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 173.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating downgraded from [ICRA]BB
Cash Credit (Stable); ISSUER NOT COOPERATING
and continues to remain under
'Issuer Not Cooperating' category
Long-term- 207.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating downgraded from [ICRA]BB
Term Loan (Stable); ISSUER NOT COOPERATING
and continues to remain under
'Issuer Not Cooperating' category
Long Term/ 330.00 [ICRA]D/[ICRA]D ISSUER NOT
Short Term- COOPERATING; Rating downgraded
Unallocated from [ICRA]BB (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING and
continues to remain under 'Issuer
Not Cooperating' category
Short Term- 292.00 [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 ratings of DPJIPL are downgraded reflects Delay in Debt
Repayment as mentioned in the Publicly available sources.
Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in July 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 DP Jain & Co. Infrastructure Pvt Ltd, ICRA has been trying to
seek information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
DPJIPL is part of DP Jain Group led by Mr. Deepak Jain (Chairman)
and Mr. Girish Jain (Managing Director). The Group was originally
founded by their father Late Mr. Dharampal Jain, in partnership
with Mr. Nemichand Jain in 1975, in Nagpur, India. Over the years,
the company has steadily grown and now an emerging civil
infrastructure projects construction and development company in
India. It delivers projects, in both EPC and PPP mode, in several
high growth sectors, such as Roads & Highways, Bridges, Airports,
Water Irrigation, Institutional Buildings, Railways, Power, Mining
and Heavy Earth Work projects. The Company is a Class 1A contractor
in Maharashtra and is ISO 9001: 2015 certified. Mr. Deepak Jain is
involved in technical operations and manages execution of orders
and bidding and procuring new orders. Mr. Girish Jain has been
looking after the Finance and General administration of the
Company. The company has unexecuted order book of INR2,936.7 crore
as on April 30, 2024.
DSG CORP: ICRA Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of DSG Corp Private Limited
(DCPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.10 [ICRA]B- (Stable) 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 DCPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but 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.
DCPL was started as a proprietorship firm by Mr. Sunil Gupta in
1992 which was converted to a partnership firm in 1995 and
subsequently converted to a private limited company in 1997 with
Mr. Sunil Gupta and Mrs. Kavita Gupta holding 100% shares of the
company. DCPL offered plumbing and fire-fighting equipment related
systems and services to hotels, hospitals, information technology
parks, residential multiplexes, and educational institutions. On
August 31, 2010, Blue Star Limited (BSL) acquired the business of
DCPL; consequently, DCPL currently has no business operations.
FLEXITUFF VENTURES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Flexituff
Ventures International Limited (FVIL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 37.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 289.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 293.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with FVIL, 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.
Flexituff Ventures International Limited (FVIL) was formed in 1966
as a partnership firm. Subsequently, the firm was converted into a
private limited company in 1985 and the company got listed on the
Indian Bourses in 2011. FVIL is engaged in the business of
manufacturing Flexible Intermediate Bulk Container (FIBC), reverse
printed Biaxially-Oriented Polypropylene (BOPP) woven bags, Leno
Bags (small packaging bags, primarily for domestic markets),
geotextile fabrics and ground cover (used for prevention of
landslides, control of soil erosion and riverbank protection) and
polymer compounds (used for wires and cables) and drippers. The
main product of the company is FIBC, which is used in bulk
packaging and transportation requirement for multiple industries
like cement, chemical, pharmaceutical, food processing consumer
goods, sugar and meat products. The company has two manufacturing
facilities, located at Pithampur (Madhya Pradesh) and Kashipur
(Uttarakhand), and two wholly-owned subsidiaries in U.K. and the
USA. The manufacturing facility at Kashipur commenced operations in
December 2015 and has a capacity of 22,000 metric tonne per annum
(MTPA).
GAYATRI DEVELOPWELL: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Gayatri Developwell Pvt. Ltd. (GDPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 13.50 [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 GDPL, 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.
Gayatri Developwell Pvt. Ltd. (GDPL) is part of the Agra based
Gayatri group. Promoted by Mr. Hari Om Dixit and Mr. Devendra
Dixit, the group has executed row houses and multi-storey apartment
projects in Agra and Mathura over the six to seven years. The
company is executing a multi-storey apartments project called
Gayatri Manhar Gardens on Sikandra Bodla road in Agra. Launched in
end of 2012, the project consists of 168 two and three BHK flats.
The project cost of Rs 37.25 crore is being funded by term loan of
Rs 13.5 crore, promoter contribution of Rs 8.5 crore and balance
customer advances. Apart from this, the group has various another
ongoing project included Gayatri Aura which is large residential
project in Greater Noida West, UP.
KALTHIA INFRA-CON: ICRA Keeps B+(CE) Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Kalthia Infra-Con Private
Limited (KICPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(CE)(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 28.00 [ICRA]B+(CE) (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues to
Term Loan remain under the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with KICPL, 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 afore said
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is base don't he best available
information.
KICPL is a wholly-owned subsidiary of KECL. KICPL, a special
purpose vehicle (SPV), entered into a 13 years six months
concession agreement on January 5, 2012 with the Road and Building
Department, Government of Gujarat for the DBFOT of a 50 km road
project for the widening and strengthening of the existing two-lane
and paved shoulders of district border to Jasdan bypass (167.00 km
to 198.20 km) and Lakhatar to Wadhwan (km 101.50 to 120.30 of
SH-17) on state highway no. 17 in Gujarat. The project was
completed on May 11, 2013, which was 227 days ahead of the
scheduled commercial operation date of December 25, 2013.
LEVSTO SERVICES: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Levsto Services Private
Limited previously "Ethames Graduate School Private Limited" in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Levsto Services 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.
Levsto Services Private Limited was set up in 2010 by Mr. Praveen
Pula to provide vetting and evaluation services to foreign
institutions - namely Ethames Graduate School, UK, and the
University of Sunderland, UK. EGSPL screens applications received
for these universities, and in turn receives a commission income
from the universities based on the fees received. EGSPL also
provides infrastructure services to Woxsen School of Business (WSB)
in India, which has been set up recently by the promoter under the
Pinakin Educational Trust. WSB has a 200 acre campus, which is
fully residential, and provides two-year post-graduate diploma
courses in Management (PGDM), Finance, Operations and Human
Resource, along with a one-year post-graduate program for
experienced professionals (PGPXP).
MA SARADA: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Ma Sarada Cold Storage Pvt
Ltd in the 'Issuer Not Cooperating' category. The rating is denoted
as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 1.55 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 4.01 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Ma Sarada Cold Storage, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
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 1987, Ma Sarada Cold Storage Private Limited is
engaged in providing cold storage facility to potato farmers and
traders on a rental basis. The facility of the company is located
in Bankura district of West Bengal having an annual storage
capacity of 21,052 metric tonnes.
MAA SHEETLA: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Maa Sheetla Industries
Private Limited (MSIPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.50 [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 (MSIPL), ICRA has been trying to seek information from the
entity so as to monitor its performance, but 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.
Maa Sheetla Industries Private Limited (MSIPL) was incorporated in
March 2014 and is engaged in the distribution of IMFL (Indian Made
Foreign Liquor) and beer in Uttarakhand. The directors of the
company are well experienced and have past experience in managing
similar line of businesses. MSIPL is engaged in the distribution of
beer and IMFL (Indian Made Foreign Liquor) for distilleries like
Privilage Industries Limited (PIL), Superior Industries Private
Limited (SIPL), Alcobrew Distilleries India Private Limited (ADIPL)
and N.V. Distillery Private Limited (NVDPL). Its plant is located
at plot No. 572A, Maasheetla Tower, Rampur Road, adjacent to
Volkswagen Showroom, Haldwani, Uttrakhand. The company has two
warehouses located in Haldwani and Rudrapur.
MELANGE DEVELOPERS: ICRA B+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Melange Developers in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 40.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Melange Developers, 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.
Melange Developers is a real estate residential projects
development firm. The promoters of the partnership firm are also
the promoters of "Pristine Group' and 'Ceratec Group' which are one
of the larger real estate groups having presence in Pune,
Maharashtra. The project 'Pristine Pacific (Phase-II)' is in
Ambegaon Bk., Pune near Mumbai-Pune Bypass Road, and offers
accessibility to various popular educational institutes, hospitals,
malls, and localities. The project would have 5 towers. The project
is aimed at middle and upper middle-class clientele and is
formatted on 'ready to move in' apartment concept. As on date, the
firm has received commencement certificates for all of 210 flats on
offer, and saleable area of 2.21 lac sq. ft.
MIDAS AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Midas Agro Foods Private
Limited (MAFPL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.33 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.43 [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 MAFPL, 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.
Midas Agro Foods Pvt. Ltd. (MAFPL) took over SRGM on August 26th,
2016, along with all its assets and liabilities. MAFPL is primarily
engaged in the milling of Rice with an installed capacity of 12 tph
which is situated in Moga (Punjab). The company has 3 sortex plants
with capacity of 3 tons/hour each.
NATIONAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of National Steel and Agro Industries Limited (NSAIL) in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 200.55 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 17.95 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 1199.52 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short Term- 215.30 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with NSAIL, 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 1985, National Steel and Agro Industries Limited
(NSAIL) manufactures cold-rolled (CR) coils, galvanised plain (GP)/
galvanised corrugated (GC) coils and sheets, and colour coated
coils and sheets. The company started as a CR coil manufacturer and
undertook forward integration by expanding into GP/GC coils/ sheets
and colour coated coils/ sheets divisions over the years. At
present, the company has an installed capacity of 300,000 TPA in
the CR coils division, 330,000 TPA in the GP/GC unit and 170,000
TPA in the colour coated coils division. In addition, it also has a
captive power plant with an installed capacity of 6 MW.
RAJARAMBAPU PATIL: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term rating of Rajarambapu Patil Sahakari
Sakhar Karkhana Limited (RPSSK) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 500.00 [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 RPSSK, 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 afore said
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is base don't he best available
information.
RPSSK was established in 1968 under the Maharashtra Co-operative
Society Act, 1960 as Walwa Taluka Sahakari Sakhar Karkhana Limited
to undertake sugar production in Sangli, Maharashtra. The name was
subsequently changed to Rajarambapu Patil Sahakari Sakhar Karkhana
Limited. RPSK is a part of the Sangli-based Rajarambapu Group,
which is present in businesses like sugar, dairy and co-operative
banking. RPSSK has sugar mills at four locations - Sakhrale,
Wategaon, Karandwadi and Jath - in Sangli with a total sugarcane
crushing capacity of 17,000 TCD along with a 75-KLPD distillery
plant and a 40-MW cogeneration unit. Further, the company is in the
process of expanding its distillery capacity to 100 KLPD from
75KLPD, which is likely to be operational from October 2022.
RELIABLE SPACES: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank Facility of
Reliable Spaces Private Limited (RSPL) in the 'Issuer Not
Cooperating' category. The ratings is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 185.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with RSPL, 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.
Reliable Spaces Private Limited (RSPL), promoted by the Sequeira
family, currently has 2 buildings at Airoli (Navi Mumbai) which
have been entirely leased out to corporates on a leave and license
basis. The two buildings are Reliable Plaza and Reliable Liberty
Tower. Apart from that, the company also has a call centre business
wherein ~1000 employees are employed who manages ~5.4 million calls
per month. In FY2014, the business of Reliable Spaces Private
Limited was merged into Reliable Informatics Park Private Limited
(an entity with minimal business operations); and in FY2015, the
name of Reliable Informatics Park Private Limited was changed to
Reliable Spaces Private Limited.
RISHIKA FASHIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Rishika Fashions Private
Limited (RFPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.72 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with RFPL, 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 2004, Rishika Fashions Private Limited (RFPL) is
engaged in manufacturing and trading sarees. The company is
promoted by Mr. Arun Kumar Agarwal and Mr. Sunil Kumar Agarwal,
both of whom have more than 20 years of experience in the textile
trading business. The company procures grey fabric from suppliers
in Surat, Gujarat, and gets them processed by third parties on a
job-work basis. The company sells its products primarily in the
domestic market under the brand name 'Aesha'.
SHREEPATI CASTLE: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Shreepati Castle in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 50.00 [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 Shreepati Castle, 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 afore said
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is base don't he best available
information.
Shreepati group is promoted by Mr. Rajendra Chaturvedi. The group
is engaged in residential real estate projects primarily located in
South Mumbai with majority of projects primarily through
redevelopment. The business has been carried out through a number
of group companies by the partners, formed primarily for tax
purpose. Shreepati Castle (SC) is a redevelopment project and
includes rehabilitation of 445 tenants.
SHUBHJIVAN DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Shubhjivan Developers LLP
(SJD) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [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 SJD, 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 afore said policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is base don't he best available information.
SJD was incorporated in February 2016 as a limited liability
partnership firm by Mr. Jivanbhai Govani and Mr. Priyank Panchani.
The firm's partners have been in the real -estate business for over
two decade through various Group entities, involved in the
real-estate business in Gujarat. SJD is executing its first
residential project namely, Serenity Garden, at Kalavad Road,
Rajkot in Gujarat. The construction for the project started in May
2016 and is likely to be completed by June 2019. The project
consists of development of 230 high-end apartments covering
4,28,579 square feet (sq. ft.) of the total saleable area,
comprising 4-BHK1 and 5-BHK units. The project also has other
amenities like club house, mini theatre, gymnasium, joggingtrack,
common garden and out door game facility for children. The ticket
size of the apartment ranges from INR0.28 crore to INR0.43 crore,
which renders it easily market able compared to high-ticket value
projects.
SHYAMJI AGRICO: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings of Shri Shyamji Agrico Exports
Private Limited (SAEPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 15.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 5.72 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 0.28 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SAEPL, 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.
SAEPL is a closely held company and was incorporated in 2014 after
taking over D.S International (partnership firm). After the
above-mentioned take-over, all the assets and liabilities of D.S.
International were transferred to SAEPL. The 1 100 lakh = 1 crore =
10 million 2 For complete rating scale and definitions, please
refer to ICRA's website www.icra.in or other ICRA Rating
Publications 2 partners of D.S. International have become the
promoters of the company. The company is engaged in milling and
processing of basmati rice at its plant located at Karnal, Haryana
which has a milling capacity of 13 tons per hour.
SKS POWER: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of SKS Power Generation
(Chhattisgarh) Limited (SKS) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 1600.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 330.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 535.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SKS, ICRA has been trying to seek information from the entity
so as to monitor its performance, but 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.
SKS was originally promoted by SKS Ispat and Power Ltd for
development of a 1200-MW (4 x 300 MW) thermal power project, in two
phases of 600 MW (2 X 300 MW) capacity each, in the Raigarh
district of Chhattisgarh (CG). The company achieved CoD of the two
units under phase I in October 2017 and April 2018. Due to delayed
execution and significant escalation in project cost, the company
was unable to service its debt obligations in a timely manner.
Consequently, in accordance with the RBI circular on resolution of
stressed assets, the lenders opted for a change in management
through an open bidding process.
Accordingly, the proposal of ARL, a company listed on Hong Kong
stock exchange, was accepted that comprised payment of Rs.2,170
crore towards purchase of shares, assignment of loan, and top-up of
the outstanding BGs with 100% cash margins. Subsequently, the
management control of SKS was passed to ARL through its step-down
wholly owned subsidiary, Entwickeln India Energy Pvt Ltd (EIPL) on
March 18, 2019. EIPL had financed the acquisition amount of
INR2,170 crores through INR1,600 crore of rupee term loan and the
rest through equity and compulsory convertible debentures (CCDs).
ARL has provided an unconditional and irrevocable corporate
guarantee to all the borrowings of SKS.
===============
M A L A Y S I A
===============
1MDB: Liquidators Lose Singapore Court Bid to Sue StanChart
-----------------------------------------------------------
The Business Times reports that the High Court has prevented
foreign liquidators from suing Standard Chartered and BSI Bank over
transactions allegedly linked to the 1Malaysia Development Bhd
(1MDB) scandal, ruling that Singapore's cross-border insolvency
framework cannot be applied to deals executed before the law took
effect in 2018.
According to BT, the liquidators of Blackstone Asia Real Estate
Partners and Brazen Sky, two companies embroiled in the
multibillion-dollar 1MDB affair, had sought to bring avoidance
claims - a legal mechanism allowing liquidators to reverse suspect
transactions and recover assets improperly transferred from
creditors - against the banks in Singapore.
The applications are part of wider international efforts to recoup
assets lost in one of the world's largest financial scandals.
BT relates that Justice Aidan Xu dismissed both applications,
citing Article 23(9) of the Insolvency, Restructuring and
Dissolution Act 2018, which enacted the Model Law on Cross-Border
Insolvency in Singapore.
This provision, unique to the Republic and not found in the United
Nations Commission on International Trade Law framework, explicitly
bars foreign liquidators from challenging transactions that were
entered into before the legislation came into force.
BT says Justice Xu acknowledged that the ruling leaves the
liquidators with limited recourse despite what he described as
"apparently dubious transactions". He noted that while workarounds
may exist, these would entail additional expense and time.
The judge recognised that his decision could appear at odds with
the Republic's broader commitment to facilitating cross-border
insolvency cooperation. But, he noted that Singapore's Parliament
had deliberately included the 2018 cut-off when enacting Model
Law.
"That is the law here in Singapore. The court must give effect to
what that law lays down," he said, notes the report.
The case turned on competing interpretations of Singapore's Model
Law provisions, BT relays.
The liquidators argued that the courts have wide powers under
Article 21 of the Model Law to give "additional relief" to foreign
liquidators, including permission to sue over past fraudulent
transactions.
Without such permission, they said, wrongdoers could escape
responsibility simply because of timing, and foreign liquidators
would be forced to start entirely new proceedings in Singapore,
wasting time and money.
The banks relied on Article 23(9) of the Singapore Model Law, says
BT. This provision clearly says that foreign liquidators cannot
sue over transactions entered into before the law took effect.
This was a deliberate choice by Parliament, the banks argued, meant
to avoid changing the legal status of past actions after the fact,
BT relays. Academic commentary also supports this view, noting that
Article 23(9) was intended to protect parties' expectations and
prevent disruption of transactions completed before the law came
into effect.
Justice Xu agreed with the banks, BT relates. He ruled that the
plain wording of Article 23(9) bars foreign liquidators from suing
over pre-commencement transactions, and that the broad powers under
Article 21 cannot override this restriction.
While this may limit the ability of foreign liquidators to recover
assets linked to the 1MDB scandal, any change must come from
Parliament, not the courts, he added.
BT adds that the liquidators may still pursue claims through
traditional court proceedings in Singapore, though such routes lack
the streamlined mechanisms available under the cross-border
insolvency regime.
In the case of Brazen Sky, separate proceedings are already under
way against BSI and certain bankers for claims of dishonest
assistance arising from the same transactions.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as $780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
MERIDIAN BHD: To Submit Annual Report Two Weeks After Cut-Off Date
------------------------------------------------------------------
The Edge Malaysia reports that Practice Note 17 (PN17) property
developer Meridian Bhd had said it is unable to submit to Bursa
Securities and shareholders its annual report, which includes the
audited financial statements along with the auditors' and
directors' reports, for the financial period ended May 31, 2025
(FPE2025), by the Sept. 30 deadline.
The Edge relates that Meridian said it now expects to issue and
submit its Annual Report 2025 within two weeks from Sept. 30, that
is, by Oct. 8.
Companies listed on the Main Market are required to submit their
annual reports to the regulator within four months of the end of
their financial year.
Under the Main Market Listing Requirements of Bursa Securities, if
Meridian fails to issue its Annual Report 2025 within five market
days from the expiry of the Oct. 8 deadline, the company's
securities will be suspended from trading, according to The Edge.
The property developer became a PN17 company in April 2024, after
its external auditor Jamal, Amin & Partners expressed a disclaimer
of opinion in its audited financial statements for the period ended
Sept. 30, 2023.
In a separate filing, Meridian said it has submitted a third
extension of time application to Bursa Securities of nine months,
that is, up to June 25, 2026 to submit its regularisation plan to
the relevant regulatory authorities, The Edge reports.
The outcome of the application will be announced upon the decision
received from Bursa Securities, it added.
About Meridian Berhad
Meridian Berhad -- https://www.meridianbhd.com.my/ -- is a
Malaysia-based investment holding company. The Company's segments
include Property development, Construction, Property Investment and
Others. The Property development segment is engaged in the
development of residential and commercial properties, and
agricultural lots.
Meridian Bhd was classified as a Practice Note 17 (PN17) affected
listed issuer on April 8, 2024, after the property developer's
external auditor expressed a disclaimer of opinion in its audited
financial statements for the period ended Sept. 30, 2023.
In its audit report submitted to Bursa Malaysia by Meridian,
auditor Jamal, Amin & Partners said the disclaimer of opinion was
issued as the firm had not been able to obtain sufficient
appropriate audit evidence in respect of the estimates and
assumptions made in the cash flow projections prepared by
Meridian's management, assuming the group will continue as a going
concern.
VANTRIS ENERGY: Appoints Ex-Petronas Chief Adnan as Chairman
------------------------------------------------------------
News Straits Times reports that Vantris Energy Bhd, formerly Sapura
Energy Bhd, has appointed former Petroliam Nasional Bhd (Petronas)
chief executive officer (CEO) Adnan Zainol Abidin as its new
chairman.
According to NST, Vantris said in a statement that Adnan assumed
the role on Oct. 1, succeeding Shahin Farouque Jammal Ahmad, who
stepped down on the same day.
"Shahin will continue to serve as a non-independent member of
Vantris's board of directors," it said, notes the report.
NST relates that Group CEO Muhammad Zamri Jusoh said Adnan's
expertise, leadership and extensive experience across the energy
value chain will be pivotal as Vantris embarks on the next stage of
its turnaround.
"I would also like to extend my heartfelt thanks to Shahin for his
guidance and leadership during a pivotal period for the company,
and look forward to his continued contributions as a member of the
board," NST quotes Muhammad Zamri as saying.
Adnan holds a Bachelor of Science in Chemical Engineering from the
University of Leeds and brings more than 40 years of experience in
the oil and gas industry.
He began his career with Petronas in 1984 as a trainee engineer at
Asean Bintulu Fertiliser and went on to hold senior leadership
roles spanning petrochemicals, liquefied natural gas, project
management and operations in Malaysia and abroad.
With its financial footing strengthened, Vantris is now focused on
sustaining profitability through an operational turnaround as part
of its efforts to exit PN17 status.
About Vantris Energy
Vantris Energy Bhd, formerly known as Sapura Energy Berhad, engages
in investment holding and the provision of management services to
its subsidiaries. The Company's segments include Engineering and
Construction (E&C), Drilling, Energy and Corporate.
Vantris Energy announced on May 31, 2022, that it has been
classified as a PN17 listed issuer due to going concerns on its
shareholders' equity position less than 50% of its share capital.
The company has become an affected listed issuer under PN17 on the
basis that its shareholders' equity position of MYR85 million as at
Jan. 31, 2022 was less than 50% of its share capital of MYR10.9
billion.
=====================
N E W Z E A L A N D
=====================
BAKE & BEANS: Eatery Chain Placed Into Liquidation
--------------------------------------------------
Indian Newslink reports that Auckland cafe and eatery chain Bake
and Beans has been placed into liquidation as of Sept. 19, 2025,
according to information lodged with the Companies Office and
recent public notices.
The liquidation covers multiple companies trading under the Bake &
Beans brand, with operations situated in Papatoetoe, Sandringham,
Dominion Road and the Commissary in Carr Road, Mt Roskill, Indian
Newslink relates.
It is important to note that the Bake & Beans store in Takanini is
franchised and therefore not part of the liquidation process, says
the report.
Pritesh Patel has been appointed as Liquidator, Indian Newslink
discloses.
He confirmed that the process is still in its initial stages, with
further details expected to emerge over the coming days.
"Many creditors are affected, including both secured and unsecured
parties," Indian Newslink quotes Patel as saying.
At this point, the Liquidator is assessing key issues such as lease
obligations, employment contracts, and the overall position of
employees across the trading sites.
Importantly, Mr. Patel has confirmed that all sites are continuing
to operate, with staff retained while the assessment continues.
"Whilst assisting the Liquidator in the general process of
liquidation, we are working closely to review leases, employment
contracts, visas, and franchise agreements, ensuring that all legal
obligations are properly managed. A key focus right now is
providing certainty for the more than 30 employees, who are
preferential creditors, and addressing their situation with urgency
as this process moves forward," Indian Newslink quotes Shaheen Azmi
of Shaheen Law, the Lawyer acting for the Liquidator, as saying.
When asked about his intentions for the outlets, Mr Patel said,
"There are several variables I am juggling and addressing at
present: creditors, employees, landlords, banks, and shareholders.
But more importantly, operating the outlets post-liquidation under
my absolute control until a proper assessment is completed. The
intention is to sell the outlets to any potential purchaser, or in
the worst-case scenario, close the businesses down. However, any
action taken will be to maximise the dividend returned to
creditors."
When pressed on what he expects the outlets might sell for, Mr.
Patel declined to provide specific details, stating that such
information is commercially sensitive at this stage.
For now, control of Bake & Beans has passed to the Liquidator, who
has begun direct engagement with employees, creditors and is
seeking potential buyers and others, Indian Newslink adds.
BOURTON FARMS: Court to Hear Wind-Up Petition on Nov. 13
--------------------------------------------------------
A petition to wind up the operations of Bourton Farms Limited will
be heard before the High Court at Christchurch on Nov. 13, 2025, at
10:00 a.m.
Mobil Oil New Zealand Limited filed the petition against the
company on Aug. 18, 2025.
The Petitioner's solicitors are:
David Gerard Dewar
Georgia Lea Bryce
Thomas Dewar Sziranyi Letts
Level 6, 45 Knights Road
Lower Hutt 5010
HARVEST KITCHEN: Creditors' Proofs of Debt Due on Oct. 20
---------------------------------------------------------
Creditors of Harvest Kitchen Limited are required to file their
proofs of debt by Oct. 20, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Sept. 18, 2025.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
PEDERSEN CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 21
----------------------------------------------------------------
A petition to wind up the operations of Pedersen Construction
Limited will be heard before the High Court at Rotorua on Oct. 21,
2025, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 5, 2025.
The Petitioner's solicitor is:
Charles David Walmsley
Inland Revenue, Legal Services
21 Home Straight (PO Box 432)
Hamilton
TAJOK CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 24
------------------------------------------------------------
Creditors of Tajok Construction Limited are required to file their
proofs of debt by Oct. 24, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Sept. 17, 2025.
The company's liquidator is:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany
Auckland 0752
YARD BARBER: Creditors' Proofs of Debt Due on Oct. 27
-----------------------------------------------------
Creditors of The Yard Barber Limited, Cheetal Foods Limited
(trading as Bake & Beans - Mt Roskill), S S Bakers Limited (trading
as Bake & Beans - Sandringham) and Z M R Foods Limited (trading as
Bake & Beans - Papatoetoe) are required to file their proofs of
debt by Oct. 27, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 19, 2025.
The company's liquidator is:
Pritesh Patel
PO Box 23296
Manukau City
Auckland 2241
[] NZ: Company Liquidations Up 26% Despite Credit Trend Gains
-------------------------------------------------------------
Radio New Zealand reports that credit trends are improving, though
the number of company liquidations remain high as tax debt
collection has intensified following a more lenient approach taken
during the Covid years.
According to RNZ, credit reporting service Centrix said there was a
12% drop in the number of customers with debt arrears in August
over July, or 1.8% on the year earlier.
"Consumer arrears, year on year have improved, and that's a trend
which is good. And if we start to see consumer sentiment improve,
then that should flow through into businesses which will be a
really positive outcome for New Zealanders," RNZ quotes Centrix
chief operating officer Monika Lacey as saying.
Credit demand was strengthening, with consumer credit demand up
5.6% on last year, led by strong growth in personal loan
applications, which was at the highest level since December 2024.
"Notably, 90+ day delinquencies have now fallen for the fourth
consecutive month, and mortgage inquiries rose 10.6%, largely
driven by increased refinancing activity," she said.
However, company insolvencies remained high and accounted for
nearly 70% of all liquidation applications, compared with between
30% and 40% during the Covid years.
She said the increase reflected the low level of arrears recorded
during the Covid era, as the credit sector softened its approach to
chasing bad debts, RNZ relays.
"So the liquidation activity that we're seeing, whether it's
related to IRD or not, is what we would call a lag indicator."
She said the lag had a long tail and expected it would take time
for the current level of arrears to wind its way through the
system, RNZ reports.
"While challenges remain and the economy is still operating below
potential, the improvement in arrears, strengthening mortgage
performance, and rising credit demand all suggest consumers and
businesses could be beginning to regain confidence, offering some
hope of a more positive outlook for New Zealand's credit markets."
According to RNZ, business conditions were also showing signs of
improvement, even with company liquidations up 26% on last year.
"The rate of increase has eased in recent months, and sectors such
as agriculture, mining, and information media are now showing
improving liquidation trends.
"Credit defaults are declining in construction, retail, and
transportation, reflecting early signs of economic recovery."
RNZ adds that consumer credit arrears were below the national
average throughout the South Island, with the biggest increases
seen in Wairoa (17.4%), Kawerau (17%), Gisborne (16%), South
Waikato (16%), Ruapehu (16%), Ōpōtiki (16%), Waitomo (16%),
Rotorua (15%), and the Far North Districts (14%), as well as
Porirua City (15%).
Still, financial hardship cases declined, with volumes falling over
the past couple of months from the November 2022 peak.
"Proportionally, 44% of hardships relate to mortgage payment
difficulties, with a further 29% related to credit card debt.
"Personal loan hardships are up 36% year-on-year, accounting for
19% of all hardship cases."
=================
S I N G A P O R E
=================
ARIS STUDIO: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Sept. 12, 2025, to
wind up the operations of Aris Studio 23 Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
KHONG GUAN: Creditors' Proofs of Debt Due on Oct. 21
----------------------------------------------------
Creditors of Khong Guan Trading Pte Ltd are required to file their
proofs of debt by Oct. 21, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Sept. 9, 2025.
The company's liquidator is:
Tan Wei
C/o 600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
SCHELLDEN GLOBAL: Court to Hear Wind-Up Petition on Oct. 10
-----------------------------------------------------------
A petition to wind up the operations of Schellden Global Pte. Ltd.
will be heard before the High Court of Singapore on Oct. 10, 2025,
at 10:00 a.m.
United Overseas Bank Limited filed the petition against the company
on Sept. 16, 2025.
The Petitioner's solicitors are:
Quantum Law Corporation
No. 10 Anson Road
#26-10 International Plaza
Singapore 079903
TACMEE CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 3
-------------------------------------------------------------
A petition to wind up the operations of Tacmee Construction Pte.
Ltd. will be heard before the High Court of Singapore on Oct. 3,
2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Sept. 8, 2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
V PLUS: Court Enters Wind-Up Order
----------------------------------
The High Court of Singapore entered an order on Sept. 12, 2025, to
wind up the operations of V Plus Engineering Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
*********
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.
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