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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
Friday, January 30, 2026, Vol. 29, No. 22
Headlines
A U S T R A L I A
FLAME CONTROL: First Creditors' Meeting Set for Feb. 4
FONE KING: First Creditors' Meeting Set for Feb. 5
G & S LOGISTICS: First Creditors' Meeting Set for Feb. 5
GFG ALLIANCE: Receivers Appointed to Protect Liberty Bell Bay Ore
HEALTHSCOPE NEWCO: Receivers Back La Spina's Not-For-Profit Plan
INNOVATIVE PET: First Creditors' Meeting Set for Feb. 6
MINERAL RESOURCES: Mulls Lithium Mine Restart After Prices Rebound
PRESTIGE AUTO: Second Creditors' Meeting Set for Feb. 4
ZIP MASTER 2026-1: S&P Assigns Prelim BB(sf) Rating to Cl. E Notes
C H I N A
CHINA VANKE: Former Chairman May Be Under Scrutiny
HARVARD BIOSCIENCE: Reduces Stockholder Meeting Quorum to One-Third
YANKUANG ENERGY: Moody's Withdraws 'Ba2' Corporate Family Rating
H O N G K O N G
VISTRA HOLDINGS: Fitch Withdraws 'B' LT Foreign Currency IDR
I N D I A
AIRCEL LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
AIRCEL SMART: ICRA Keeps D Debt Ratings in Not Cooperating
AKSHAT ROLLER: ICRA Keeps B+ Debt Ratings in Not Cooperating
ANAND CRANKS: ICRA Keeps D Debt Ratings in Not Cooperating
COMMERCIAL AUTOMOBILES: ICRA Keeps B+ Ratings in Not Cooperating
DUSMER TOOLS: ICRA Keeps C+ Rating in Not Cooperating Category
EARTHCON DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
EKAM AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
EVERSHINE SOLVEX: ICRA Keeps D Debt Ratings in Not Cooperating
GANGA PAPERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
HARITHA FERTILISERS: ICRA Keeps D Debt Ratings in Not Cooperating
INDIAN CROP: ICRA Keeps B+ Debt Ratings in Not Cooperating
KANISHK METALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating
KRISHNA SAHAKARI: ICRA Keeps B Debt Ratings in Not Cooperating
LEXUS GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
NUWAY ORGANIC: ICRA Keeps D Debt Ratings in Not Cooperating
P.P. POLYPLAST: ICRA Keeps B+ Debt Ratings in Not Cooperating
PROTHOM INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
RAMESH COMPANY: ICRA Keeps B+ Debt Ratings in Not Cooperating
SATHISH ENGINEERING: ICRA Keeps B+ Ratings in Not Cooperating
SEASONS HEALTHCARE: ICRA Keeps B+ Debt Ratings in Not Cooperating
SETH RAMJI: ICRA Keeps B+ Ratings in Not Cooperating Category
SEVENHILLS HOSPITAL: Reliance, Capri Global to Acquire Hospital
SVR ELECTRICALS: ICRA Keeps B Debt Ratings in Not Cooperating
TOPLINE LAMINATIONS: ICRA Keeps B Debt Ratings in Not Cooperating
TRIUMPH WIRES: ICRA Keeps D Debt Ratings in Not Cooperating
J A P A N
MARELLI AUTOMOTIVE: Seeks to Extend Plan Exclusivity to June 15
M A L A Y S I A
FSBM HOLDINGS: MD Pang Kiew Kun Steps Down Post-PN17 Turnaround
N E W Z E A L A N D
CLS HOLDINGS: Court to Hear Wind-Up Petition on Feb. 19
KITCH CONTRACTS: Creditors' Proofs of Debt Due on March 17
PRIME VINE: Creditors' Proofs of Debt Due on Feb. 23
WARREN APARTMENTS: Brenton Hunt Appointed as Receiver
WISETRADE INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 19
S I N G A P O R E
MAXEON SOLAR: Amends Notes Indentures for SunPower Malaysia Sale
MAXEON SOLAR: Signs US$51MM SPA for SunPower Malaysia Divestiture
TT INTERNATIONAL: High Court Orders Winding-Up of Company
S O U T H K O R E A
S. KOREA: Court Boosts Bankruptcy Relief for Small Business Owners
T A I W A N
SEMILEDS CORP: Simplot Taiwan, CEO Loans Extended to January 2027
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A U S T R A L I A
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FLAME CONTROL: First Creditors' Meeting Set for Feb. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Flame
Control Industries Pty Ltd will be held on Feb. 4, 2026, at 11:00
a.m. via Microsoft Teams.
Alice Fay Ruhe of The Ruhe Group was appointed as administrator of
the company on Jan. 23, 2026.
FONE KING: First Creditors' Meeting Set for Feb. 5
--------------------------------------------------
A first meeting of the creditors in the proceedings of Fone King
Franchising Pty Ltd will be held on Feb. 5, 2026, at 11:00 a.m. at
the offices O'Brien Palmer, at Level 9, 66 Clarence Street, in
Sydney, NSW, and via virtual meeting technology.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Jan. 3, 2026.
G & S LOGISTICS: First Creditors' Meeting Set for Feb. 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of G & S
Logistics Pty Ltd will be held on Feb. 5, 2026, at 10:30 a.m. via
virtual facilities only.
Graeme Beattie of C/- Worrells was appointed as administrator of
the company on Jan. 23, 2026.
GFG ALLIANCE: Receivers Appointed to Protect Liberty Bell Bay Ore
-----------------------------------------------------------------
ABC News reports that the Tasmanian government has appointed
receivers and managers to protect the manganese ore stockpile paid
for by taxpayers at the Liberty Bell Bay smelter in the state's
north.
Liberty Bell Bay is Australia's only manganese alloy smelter.
It was given a $20 million loan from the state government in
August, $14.5 million of which was used to buy one 23,000-tonne
shipment of ore which was delivered in October.
Despite this, operations at the troubled smelter have not resumed,
after being paused indefinitely in May last year, with the company
blaming ore supply issues and global price volatility, the ABC
says.
The smelter was bought in 2020 by international company GFG
Alliance, which is headed by British businessman Sanjeev Gupta.
According to the ABC, Minister for Business, Industry and Resources
Felix Ellis said the move had been made following ongoing defaults
under the state's loan agreement.
"By securing the ore and not moving immediately to sell it, the
government is maintaining options and providing opportunity for
Liberty Bell Bay and interested parties to continue discussions
about potential future operations at the site.
"We have engaged extensively with Liberty's owners over recent
months, including on potential future pathways for the business.
The Tasmanian government said it remained open to working with
Liberty Bell Bay, the ABC relays.
The ABC relates that GFG Alliance said in a statement the
appointment of receivers relates to the ore only and "does not
limit the current options being pursued to protect the future of
the Liberty Bell Bay".
"Liberty Bell Bay workers remain on normal shift rosters," the
statement said.
GFG has signed a memorandum of understanding with Steel
International Trading Company (SITC), an exports company based in
Georgia, to operate the smelter on a lease arrangement for up to
five years.
"Liberty Bell Bay continues to progress negotiations and due
diligence with Steel International Trading Company (SITC) and has
supported engagement with the Tasmanian Government," the statement
said.
"The involvement of SITC presents the best path forward given their
ability to bring the technology required to ensure LBB is viable
despite deteriorating market conditions."
The ABC adds that the chief executive of the Bell Bay Advanced
Manufacturing Zone, Susie Bower, said at least five businesses were
collectively owed $1.3 million by Liberty Bell Bay.
"We have been working with suppliers for quite some time, since
October last year," the ABC quotes Ms. Bower as saying.
"We found out last week that four [staff] have had to be let go
from one business, and another business keeps ringing me every week
saying: 'What is happening Susie? I may have to close my
business.'"
"This has quite significant ramifications with Liberty's
non-payment of our suppliers.
"Liberty really do now need to step up and actually tell us what
the future of this site will hold."
Ms. Bower said some businesses have not been paid since December,
the ABC relays.
About GFG Alliance
GFG Alliance is a global group of businesses in industries
including steel, aluminium, and energy.
GFG Alliance has had significant operations in Australia, including
the Whyalla Steelworks in South Australia run by OneSteel
Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and
Liberty Bell Bay in Tasmania.
On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams,
Michael Korda and Lara Wiggins were appointed voluntary
administrators of OneSteel Manufacturing.
The appointment was made by the South Australian Government. The
state government took the decision to place OneSteel in
administration, after losing confidence in the financial capability
of GFG Alliance to pay its bills as and when they fall due, and in
GFG's ability to secure funding needed for the ongoing operation of
the steelworks, according to Department for Energy and Mining.
Liberty Primary Metals Australia (LPMA) is the holding entity for
GFG's Australian steel and mining businesses, including Tahmoor.
Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck
was appointed as administrator of the company on Nov. 3, 2025.
HEALTHSCOPE NEWCO: Receivers Back La Spina's Not-For-Profit Plan
----------------------------------------------------------------
Michael Smith at The Australian Financial Review reports that
Healthscope's receivers will defend chief executive Tino La Spina's
plan to restructure the distressed company into a not-for-profit
operator of more than 30 hospitals, rejecting criticism from its
property landlords who said the proposal should not be taken
seriously.
Receivers McGrathNicol are expected to write to Healthscope's
lenders in the coming days to counter criticism of Mr. La Spina's
plan by Canada's Northwest Healthcare Properties, which is
resisting pressure to lower rents on the 12 facilities it owns,
said sources close to the sale negotiations but not authorised to
speak publicly, the Financial Review relays.
The receivers believed the hospitals would be more stable under a
not-for-profit structure if they are well capitalised and paying
market rents, the sources said.
Although no final decision has been made on Healthscope's
ownership, McGrathNicol's position indicates that Mr. La Spina's
proposal, known as PurposeCo, may still succeed even though the
most profitable hospitals have already been sold. The company's
future is expected to be decided within weeks.
According to the Financial Review, the main sticking point will be
resistance to rent reductions from Healthscope's two big landlords,
Northwest and David Di Pilla's HMC Capital, which own 23 hospitals
in the Healthscope network.
Healthscope's lenders are expected to vote on a bid by
private-equity firm Pacific Equity Partners for the prestigious
Prince of Wales Private Hospital in Sydney today [Jan. 30]. That
deal is expected to pave the way for a decision on the remaining 31
hospitals in the portfolio.
Under the PurposeCo proposal, the remaining hospitals would form a
portfolio that would still make it Australia's second-largest
private hospital operator after Ramsay Health Care.
This would give it the scale to influence funding deals with
insurers, Healthscope's management and McGrathNicol will argue, the
Financial Review relates.
That outcome would require support from lenders, who would have to
wait longer to get a return on their debt, which could be rolled
over. However, it is not clear how Healthscope and its receivers
could make landlords accept the concessions. The landlords say they
are not legally bound to accept rent cuts.
Although five of Healthscope's most profitable hospitals have been
sold, the receivers and Healthscope management said the
restructured business would still be viable, the Financial Review
relays. The PurposeCo proposal would also avoid hospital closures,
an outcome worrying the Albanese government.
In response to criticism from landlords about the motivations of
some lenders, the receivers will argue the sale process has not
been rushed, with three rounds of bids so far, and the development
of the PurposeCo option to try to prevent hospital closures.
Northwest's Australian managing director, Richard Roos, told
lenders this week that the sale of Healthscope's most profitable
hospitals meant the remaining facilities would lack the scale and
the financial and operational capability to be sustainable,
according to the Financial Review. He also said Northwest would not
agree to rent cuts.
McGrathNicol last month rejected an offer by Catholic healthcare
provider Calvary Health to buy 12 Healthscope hospitals owned by
Northwest, which include Norwest Private in Sydney, Brisbane
Private, Darwin Private and John Fawkner in Victoria, the Financial
Review recalls.
Although Northwest was willing to make concessions on rents in the
Calvary proposal, sources said those were less than what would be
demanded from it under the PurposeCo proposal. However, another
source disputed this and said concessions that the PurposeCo
proposal was seeking were broadly similar to what was agreed with
Calvary.
About Healthscope
Healthscope provides healthcare services. The Company manages a
network of hospitals, clinics, and physicians for the provision of
emergency care, women's services, cancer care, and pediatric
services. Healthscope operates 38 hospitals across Australia.
On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland &
Katherine Sozou of McGrathNicol Restructuring were appointed as
Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope
NewCo Pty Ltd. The appointments are limited to these two entities
only, which are 'holding companies' within the Healthscope Group
corporate structure.
Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of
KordaMentha were appointed as administrators of Healthscope Newco
Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025.
According to Sky News Australia, the lenders behind Healthscope
have opted to call in receivers to find a buyer for the private
hospital operator. Healthscope was purchased by Canadian asset
management firm Brookfield in 2019, however, it handed control of
the health company to the lenders earlier in May 2025. This
syndicate of hedge funds and banks voted on May 26 to put the
company into receivership, Sky News Australia said.
INNOVATIVE PET: First Creditors' Meeting Set for Feb. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Innovative
Pet Products Pty Ltd will be held on Feb. 6, 2026, at 10:30 a.m.
via telephone conference facilities.
James Robba of Worrells was appointed as administrators of the
company on Jan. 27, 2026.
MINERAL RESOURCES: Mulls Lithium Mine Restart After Prices Rebound
------------------------------------------------------------------
Mark Wembridge at The Australian Financial Review reports that
Mineral Resources may restart its mothballed Bald Hill lithium
mine, as a global shortfall in supply continues to buoy prices for
the key battery metal.
According to the report, the diversified miner confirmed it was
assessing whether the lithium market had rebounded sufficiently to
warrant reopening the West Australian mine, which was closed in
November 2024 after the lithium price crashed.
"It's important that we get ourselves comfortable around the state
of the lithium market," the Financial Review quotes Mark Wilson,
MinRes chief financial officer, as saying. "[Lithium] is such a
volatile commodity, we're going to be prudent in our approach."
The Financial Review says the diversified miner on Jan. 29 upgraded
the amount of lithium it expected to produce at its Mt Marion and
Wodgina mines this year by 30 per cent to as much as 490,000 tonnes
in total. However, costs to produce its lithium are likely to rise
as lower-grade ore is processed.
According to the Financial Review, MinRes was a victim of a glut in
the lithium market that sent prices down by as much as 90 per cent
over the past few years to an unprofitable level for many
Australian miners.
Yet, a recent resurgence has seen lithium quadruple from lows of
US$575 per tonne in June to above US$2000 this month.
The Financial Review relates that MinRes said it received an
average of US$1094 per tonne for its 6 per cent lithium spodumene
in the final three months of last year, a 29 per cent increase on
the previous quarter.
The rebound in lithium, as well as the resilient iron ore price,
has helped shares in the Perth-based miner quadruple from a low of
AUD14.40 in April to near AUD61 on Jan. 29.
MinRes' net debt dropped to AUD4.9 billion by year-end, down AUD600
million from the September quarter, including a AUD63 million
positive foreign exchange revaluation on the company's bonds, the
Financial Review discloses.
The company held AUD600 million in cash and AUD800 million in
undrawn credit, which it said demonstrated improvements at its
Onslow Iron operations in WA's Pilbara region.
About MinRes
Based in Osborne Park, Australia, Mineral Resources Limited
(ASX:MIN) -- https://www.mineralresources.com.au/ -- is an
ASX-listed company operating across mining services, as well as
mining of iron ore and lithium minerals.
As reported in the Troubled Company Reporter-Asia Pacific in late
September 2025, Moody's Ratings has assigned a Ba3 rating to
Mineral Resources Limited's proposed US$700 million senior
unsecured notes issuance.
The TCR-AP reported in November 2025 that Fitch Ratings has revised
the Outlook on Mineral Resources Limited's Issuer Default Rating
(IDR) to Stable from Negative. At the same time, Fitch has affirmed
MinRes' IDR and the rating on its senior unsecured US dollar notes
at 'BB-'.
PRESTIGE AUTO: Second Creditors' Meeting Set for Feb. 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of Prestige Auto
Works Australia Pty Ltd has been set for Feb. 4, 2026, at 10:00
a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in
Brisbane, QLD, and via virtual meeting technology.
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 Feb. 3, 2026 at 4:00 p.m.
Nick Combis of Vincents was appointed as administrator of the
company on Dec. 19, 2025.
ZIP MASTER 2026-1: S&P Assigns Prelim BB(sf) Rating to Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of notes to be issued by Perpetual Corporate Trust Ltd. as trustee
of Zip Master Trust - Series 2026-1. Zip Master Trust - Series
2026-1 is a securitization of buy now, pay later line of credit
receivables to consumers originated by zipMoney Payments Pty Ltd.
(Zip).
The preliminary ratings reflect the following factors.
S&P has assessed the credit risk of the underlying collateral
portfolio, including the fact that the portfolio has an initial
revolving period, which means further receivables may be assigned
to the series after the closing date.
The credit support provided to each class of rated notes is
commensurate with the ratings assigned. Credit support is provided
by subordination and excess spread, if any.
The various mechanisms to support liquidity within the series,
including a series-specific liquidity facility, mitigate disruption
risks to senior fees and ensure timely payment of interest on the
rated notes.
The transaction documents include downgrade language consistent
with S&P's counterparty criteria that requires the replacement of
the bank account provider and liquidity facility provider should
our rating on the providers fall below the applicable rating.
The legal structure of the master trust is established as a
special-purpose entity and meets S&P's criteria for insolvency
remoteness.
Preliminary Ratings Assigned
Zip Master Trust - Series 2026-1
Class A1: A$150,000,000: AAA (sf)
Class A2: A$49,500,000: AAA (sf)
Class B: A$31,500,000: AA (sf)
Class C: A$26,100,000: A (sf)
Class D: A$20,700,000: BBB (sf)
Class E: A$7,200,000: BB (sf)
Class G: A$15,000,000: Not rated
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C H I N A
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CHINA VANKE: Former Chairman May Be Under Scrutiny
--------------------------------------------------
Caixin Global reports that former China Vanke Co. Ltd. Chairman Yu
Liang may have been taken away by authorities to assist with
inquiries, according to Vanke employees.
Yu, 60, formally retired and resigned from all posts at the
embattled property developer on Jan. 8, Caixin notes. He was last
seen active on WeChat that evening and has had no visible activity
on the platform since Jan. 9.
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings
of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke
Real Estate (Hong Kong) Company Limited -- (1) China Vanke's
corporate family rating (CFR) to Ca from Caa2; (2) Backed senior
unsecured rating on the medium-term note (MTN) program of Vanke
Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured
rating on the bonds issued by Vanke Real Estate to C from Caa3.
Moody's have also maintained the negative outlooks of the
entities.
Fitch Ratings, on Dec. 24, 2025, downgraded China Vanke Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'RD' from 'C', and affirmed the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior
unsecured rating and the rating on its outstanding senior notes at
'C', with a Recovery Rating of 'RR5'.
S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer
credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P
affirmed its 'CCC-' long-term issuer credit rating on its
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and
its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured
notes. At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on Nov. 27,
2025.
HARVARD BIOSCIENCE: Reduces Stockholder Meeting Quorum to One-Third
-------------------------------------------------------------------
Harvard Bioscience, Inc. disclosed in a regulatory filing that the
Board of Directors approved an amendment to the Company's Amended
and Restated By-laws to reduce the quorum requirement for
stockholder meetings from a majority to 1/3 of the shares of
capital stock entitled to vote.
The By-laws Amendment was effective upon adoption by the Board.
A full text copy of the By-laws Amendment is available at
https://tinyurl.com/5b22x5tx
About Harvard Bioscience, Inc.
Harvard Bioscience, Inc. is a developer, manufacturer and seller of
technologies, products and services that enable fundamental
advances in life science applications, including research, drug and
therapy discovery, bioproduction and preclinical testing for
pharmaceutical and therapy development. The Company's products and
services are sold globally to customers ranging from renowned
academic institutions and government laboratories to the world's
leading pharmaceutical, biotechnology and contract research
organizations. With operations in the United States, Europe and
China, the Company sells through a combination of direct and
distribution channels to customers around the world.
Hartford, Connecticut-based L J Soldinger Associates, LLC, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated March 13, 2025, attached to the
Company's Annual Report on Form 10-K for the fiscal year ended
February 28, 2025, citing that as of December 31, 2024, the
Company
was in default of certain debt covenants under its existing credit
agreement, in which the Company had outstanding indebtedness of
$37.4 million.
As of September 30, 2025, the Company had $78 million in total
assets, $63.9 million in total liabilities, and $14.1 million in
total stockholders' equity.
YANKUANG ENERGY: Moody's Withdraws 'Ba2' Corporate Family Rating
----------------------------------------------------------------
Moody's Ratings has withdrawn Yankuang Energy Group Company
Limited's (Yankuang Energy) Ba2 corporate family rating and b1
Baseline Credit Assessment.
Prior to the withdrawal, the outlook on Yankuang Energy's rating
was stable.
RATINGS RATIONALE
Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).
COMPANY PROFILE
Yankuang Energy owns and operates various coal mines across China
and Australia. The company was listed on the Shanghai and Hong Kong
stock exchanges in 1998.
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H O N G K O N G
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VISTRA HOLDINGS: Fitch Withdraws 'B' LT Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings has withdrawn Vistra Holdings Limited's Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'B'. Fitch has also
withdrawn the 'B+' rating with a Recovery Rating of 'RR3' on the US
dollar and euro senior first-lien secured term loan Bs issued by
Thevelia (US) LLC and Thevelia Finance, S.a.r.l.
Fitch is withdrawing the ratings as Vistra has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Vistra.
Key Rating Drivers
No longer relevant, as the ratings have been withdrawn.
RATING SENSITIVITIES
No longer relevant, as the ratings have been withdrawn.
Issuer Profile
Vistra (formerly known as Thevelia Holdings) is a leading provider
of fund and corporate services across more than 50 jurisdictions.
Vistra is owned by BPEA EQT and completed a merger with Tricor in
July 2023. The combined entity operates under the Vistra brand.
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AIRCEL LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Aircel Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 13,729 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 3,750 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Aircel Limited's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Aircel 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.
Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.
AIRCEL SMART: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term ratings of Aircel Smart Money Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING"
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 13,729 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 3,750 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund Rating continues to remain under
based Others 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Aircel Smart
Money Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Aircel Smart Money 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.
Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.
AKSHAT ROLLER: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Akshat Roller Flour Mills
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- 1.00 [ICRA]B+(Stable); ISSUER NOT
Fund based- COOPERATING; Ratings continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 24.00 [ICRA]B+(Stable); ISSUER NOT
Fund based- COOPERATING; Ratings continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Akshat Roller
Flour Mills Private Limited's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Akshat Roller Flour Mills Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 2002, the company is predominantly engaged in the
flour milling sector and manufactures refined flour, whole wheat
flour, semolina, refraction and bran. The manufacturing facility of
the company is located in Chandauli (Uttar Pardesh) with a
production capacity of 1,50,000 MT per annum. The promoter of ARFM
has two other business entities, Akshat Agro Milling Company
Private Limited and Simran Food Private Limited, which are also
engaged in flour milling.
ANAND CRANKS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Anand Cranks
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 2.00 [ICRA]D/[ICRA]D ISSUER NOT
Short Term- COOPERATING; Rating continues
Unallocated to remain in the 'Issuer Not
Cooperating' category
Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information Anand Cranks's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
As part of its process and in accordance with its rating agreement
with Anand Cranks, 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.
Started off in 2012 as a partnership firm, Anand Cranks (ANC) is
engaged in the manufacturing of forged parts such as linkage parts,
transmission gears, tie rods, propeller shafts, stub axles and half
axles. The firm is a group concern of Inderjit Forgings (P) Ltd.
which is engaged in a similar business. ANC manufactures forged
parts such as linkage parts, transmission gears, tie rods,
propeller shafts, stub axles and half axles.
COMMERCIAL AUTOMOBILES: ICRA Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Commercial
Automobiles Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 21.20 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 23.32 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information Commercial Automobiles
Private Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Commercial Automobiles Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, 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 1971 as a partnership firm, later converted to
private limited company in 1997, Commercial Automobiles Private
Limited (CAPL) is an authorised dealer of Tata Motors Limited (TML)
for commercial and passenger vehicles. The CV dealership operates
in eastern Madhya Pradesh with presence in Jabalpur and adjoining
districts that are serviced by the company's five
Sales-Spares-Service (3S) outlets and three sales (1S) outlets. PVs
are sold by the company in Madhya Pradesh that are serviced by two
3S outlets at Jabalpur and Katni. The company began as a
partnership firm in 1972, before being converted into a Limited
company in 1997. Mr. Kailash Chand Gupta holds a majority equity
stake in the company. The remaining shares have been distributed
among his family and other companies in the group.
DUSMER TOOLS: ICRA Keeps C+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Dusmer Tools
Pvt. Ltd.in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 3.00 [ICRA]C+; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 3.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Dusmer Tools Pvt.
Ltd.'s performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Dusmer Tools 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.
Incorporated in 1991, Dusmer Tools Private Limited (DTPL) is
promoted by the Kolkata-based Chakravarti family. It is involved in
assembling of tyre dismantling machines and trading of hydraulic
torque wrenches, laser proximity warning systems and portable oil
filtration machines. It started with a dealership of Hytorc, U.S.
for selling hydraulic torque wrench to mining companies, oil
companies, Indian Railways, etc. Over the years, the company has
diversified its product line and has started assembling and trading
of various products.
EARTHCON DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term ratings of Earthcon Developers 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 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Earthcon
Developers Pvt. Ltd.'s performance and hence the uncertainty around
its credit risk. ICRA assesses whether the information available
about the entity is commensurate with its rating and reviews the
same as per its "Policy in respect of non-cooperation by a rated
entity" available at www.icra.in. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Earthcon Developers 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.
EDPL is a special purpose vehicle floated in 2013 by Earthcon
Construction Private Limited and ISP Construction Private Limited,
with respective stakes of 50.002% and 49.998%. It is developing a
residential project, 'Rajpur Greens', in Dehradun,
Uttarakhand. The project comprises saleable area of 1,01,246
(96,720 earlier) square feet and consists of 42 two BHK and 24
three BHK flats spread over two towers of six floors each. The
construction started in January, 2014 and the total project cost is
estimated at INR47.27 crore (INR31.78 crore earlier), with INR16.0
crore (INR12.0 crore sanctioned and INR4.0 crore of proposed
enhancement) being funded through bank loans, INR16.25 crore
through promoter's contribution and the remaining INR15.02 crore
through customer advances.
EKAM AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Evershine Solvex Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based/CC Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term 11.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based/TL Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term/ 3.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Ekam Agro Private
Limited's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Ekam Agro 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.
The company was incorporated in November 2013 by the Kalra Family
and is operating as a refinery for crude rice bran oil. The plant
is located in Mukstar, Punjab with an installed capacity of 100
tonnes per day. The operations of the company commenced from
February 2015. The total project cost incurred was INR17.51 crore
and was funded through promoter's contribution of around INR4
crores, unsecured loans of INR0.37 crore, term debt of INR11 crores
and INR2.14 crore of advances to suppliers.
EVERSHINE SOLVEX: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Evershine Solvex Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Evershine Solvex
Private Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Evershine Solvex 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.
Evershine Solvex Private Limited was incorporated in 1984 by Mr.
Harish Kalra. The company is also promoted by the Kalra family. The
company is engaged in the extraction of crude rice bran oil from
rice bran at its manufacturing facility in Mukstar, Punjab. The
plant has a total installed capacity of 300 metric tonnes per day.
The company procures rice bran from millers in the nearby regions
of Haryana and Punjab.
GANGA PAPERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Ganga Papers
India Limited in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+(Stable); ISSUER NOT
Fund based- COOPERATING; Ratings continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 8.00 [ICRA]B+ (Stable)/[ICRA] A4;
Short Term- ISSUER NOT COOPERATING;
Fund Based Rating continues to remain
under 'Issuer Not Cooperating'
category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Ganga Papers
India Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Ganga Papers India 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.
Papers India Limited, GPIL (formerly Kasat Paper and Pulp Ltd) was
incorporated in 1985. The company manufactures kraft paper and
newsprint paper at its manufacturing facilities located in Pune,
Maharashtra with total manufacturing capacity of 54000 MTPA. The
company has 1.4 MW turbine primarily used for captive purpose.
The company was initially promoted by Mr Shrikant Mohanlal Kasat in
1985 and was taken public in 1996. The company was declared sick
company and was registered with BIFR in 2003 due to adverse
operating conditions. The plant remained non-operational between
2003 and 2006. Under the BIFR rehabilitation programme, it was
taken over by new promoters, Mr Ramesh Chaudhary and Mr. Sharwan
Kumar Kanodia in 2006.
HARITHA FERTILISERS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Haritha
Fertilisers Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 4.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Long-term 31.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information Haritha Fertilisers
Limited's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Haritha Fertilisers 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.
Incorporated in 1996, is into manufacturing of Absorbent Cotton
Wool, Gauze, Bandages, Sterile Surgical Dressings, Infusion Sets,
etc. The manufacturing unit is located in Hayatnagar Mandal,
Hyderabad. The company is also into trading of Surgical Disposbales
& Consumables, Medical Equipment, Hospital Furniture, Medical
Devices and Drugs & Medicines. The major customers of the company
are government departments and institutions in Andhra Pradesh and
Telangana.
INDIAN CROP: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term ratings of Indian Crop Science 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- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
Unallocated 1.00 [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Indian Crop
Science Private Limited's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Indian Crop Science 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.
Indian Crop Science Private Limited (ICSPL) was incorporated in
February 2011 by Mr. Bijendra Lohia and Mr. Praveen Kumar as its
directors. The company commenced operations in April 2012 from its
manufacturing facility based at Meerut in Uttar Pradesh. The
company is engaged in manufacturing of fertilizers and pesticides.
The product profile of the company includes products with nutrients
like Zinc, iron, copper, sulphur, calcium, magnesium, and boron in
varying proportions, as specified by the state government,
pesticides and organic fertilizers. Around 30% of sales are from
sale of organic fertilizers, 10% from sales of pesticides and
balance from sales of other products.
KANISHK METALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Kanishk Metalloys in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information Kanishk Metalloys's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Haritha Fertilisers 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.
Kanishk Metalloys is a sole proprietorship firm incorporated in
2008 by Mr. Nand Nandan Agrawal to carry out trading of non-ferrous
metals. The firm has its operating office in Mathura, Uttar
Pradesh. The firm Purchases the nonferrous metals domestically as
well as it imports the same from countries like Hong Kong, UAE,
Korea etc. The firm sells the non-ferrous metals to the domestic
clients. The firm imports in volumes, non-ferrous metals from
countries like UAE, USA, Sweden, Hong Kong etc. The same upon
reaching the warehouse of the firm is sorted, segregated and
dispatched in lots to the customers as per the delivery schedule.
KRISHNA SAHAKARI: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of The Krishna Sahakari Sakkare
Karkhane Niyamit in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 82.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 229.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information The Krishna Sahakari
Sakkare Karkhane Niyamit's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with The Krishna Sahakari Sakkare Karkhane Niyamit, 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.
The Krishna Sahakari Sakkare Karkhane Niyamit (KSSKN), a
co-operative society registered under the Karnataka Cooperative
Societies Act, 1959, operates a sugar mill with a capacity of 5,500
tonne of cane per day (TCD), integrated with a 27-megawatt (MW)
cogen power plant, in Athani Taluk of Belgaum district in
Karnataka. Registered in March 1981, the entity commenced its
commercial operations during FY2003 with 2,500-TCD crushing
capacity. During FY2012, the entity expanded its processing
capacity to 4,000 TCD and also installed a 12- MW cogen plant. The
cogen capacity was increased to 27 MW in FY2017 and the sugar-mill
capacity was increased to 5,500 TCD in FY2018. The Government of
Karnataka holds a 58.5% stake in the entity as on March 31, 2018.
LEXUS GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the debenture programme and Long-Term and Short -term
ratings for the Bank facilities of Lexus Granito (India) Limited 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- 36.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 26.68 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 6.20 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Short Term- (15.75) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long Term- 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Non convertible Rating continues to remain
Debentures (NCD) under 'Issuer Not Cooperating'
category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Lexus Granito
(India) Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Lexus Granito (India) 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.
Lexus Granito (India) Private Limited (LGPL) was established as
private limited company in 2010 under leadership of Mr. Babulal
Detroja. The company's name was revised to "Lexus Granito (India)
Limited" following the issuance of fresh certificate of
incorporation dated April 28, 2017, by Registrar of Companies,
Ahmedabad.
LGL has the capacity to produce 24,00,000 boxes of wall tiles per
annum offered in dimension of 300X450 mm. in FY2016, the company
set up a new production line of vitrified tiles with the aim to
expand its product portfolio. At present, the production capacity
for vitrified tiles stands at 36,00,000 boxes per annum. Lexus
offers double charged vitrified tiles in the size of 600X600 mm and
600X1200 mm. Accordingly, the aggregate production capacity stands
at ~60,00,000 boxes per annum. The manufacturing facility is
located at Morbi, Gujarat which is one of the key ceramic
manufacturing clusters in India.
NUWAY ORGANIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term ratings of Nuway Organic Naturals
(India) Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 18.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Unallocated 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Limits Rating Continues to remain under
issuer not cooperating category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Nuway Organic
Naturals (India) Limited's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Nuway Organic Naturals (India) 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.
Nuway Organic Naturals India Limited (NONIL) is primarily engaged
in the production and sale of alcoholic products. The proposed
distillery project was conceived by Punjab Agro Industries
Corporation Limited (PAIC), Chandigarh, with a view to add value to
the damaged grains and surplus agro-produce available from within
the state of Punjab. The distillery based on grains with a capacity
of 45 kilolitres per day (KLPD) of potable alcohol has been set up
in Rajpura over a land measuring 28.15 acres. The company
manufactures Extra-Neutral Alcohol (ENA), which is used for
production of Punjabmade Liquor (PML) as well as Indian-made
Foreign Liquor (IMFL).
P.P. POLYPLAST: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of P.P.
Polyplast Private Limited 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- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 7.18 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding P.P. Polyplast
Private Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with P.P. Polyplast 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.
P.P. Polyplast Private Limited (PPPL) was incorporated in the year
2000. Initially the company was engaged in the trading of polymers.
In the year 2005 the company backward integrated into manufacturing
by setting up a 4500 MTPA HDPE fabric plant
in Kanpur. Later in the year 2008 it expanded and set up another
unit for PP fabrics with a manufacturing capacity of 3000 MTPA.
Company's product profile includes HDPE Fabric Laminated
(tarpaulin), PP fabric, PP Fabric Laminated, HDPE Fabric and PP
Woven Sacks as well.
PROTHOM INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the debenture programme of Prothom Industries India
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Debentures (NCD) Rating continues to remain under
'Issuer Not Cooperating'
category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Prothom
Industries India Private Limited's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
As part of its process and in accordance with its rating agreement
with Prothom Industries India Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Prothom Industries (India) Private Limited ("PIPL") is a contract
manufacturer of toys for the global toy industry. Its plant is
situated at Dighi (Pune) and was commissioned in October 2014. The
company primarily engages into assembling of toys at its plant,
while activities such as molding and painting are outsourced to
vendors certified by the customers. Hasbro Inc. is the single
customer that the company currently caters to and is one of the
world's largest toy manufacturers. The company primarily
manufactures toys for Hasbro's Nerf range. Few of the toys
manufactured by PIPL for Hasbro are Strongarm, Hungry Hungry
Hippos, Scatter blast, etc. The company started manufacturing 2
products for Hasbro, and currently manufactures around 8 products
for the client, with another 7-8 products in pipeline. True point,
Bottle Blitz, Pocket strike are few of the products that the
company would soon be engaged in manufacturing. In January 2016,
PIPL received award for successful production and supply of 1
million Strongarm toys to Hasbro. It has also received the
prestigious 'Best Emerging Partner' Award in December 2015 for its
association with Hasbro Inc.
The company has various vendors on board which supply specific
components to it, and the assembling work takes place in the
manufacturing facility of Pune. It has around 175 employees on its
payroll, and also around 800 factory workers which are hired on
contract basis. The majority of company's workforce comes from
automobile industry because of the similar nature of manufacturing
work. While the assembling unit is fully run by women workers and
has two shifts of eight hours every day, the dart manufacturing
unit has three shifts every day. The current facility is capable of
manufacturing orders worth ~$30 million. As more customers are
expected to engage with PIPL in near future, the management is
planning to commission a new facility to cater to the requirements
of new customers.
RAMESH COMPANY: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA have kept the long-term and short-term ratings for the bank
facilities of Ramesh company 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- 14.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Long Term/ 6.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Ramesh company's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Ramesh company, 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.
RC was incorporated in 1960 as a proprietorship firm to undertake
distributorship of Tata Steel's various HR products. In 1974, it
was reconstituted as a partnership firm. Based in Kolkata, RC is an
authorised distributor of TSL's HR products,sold under the brand,
Tata Astrum, in West Bengal.
SATHISH ENGINEERING: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sathish
Engineering Works 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 2.07 [ICRA]B+ (Stable) ISSUER NOT
Term Loans COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long-term 3.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short-term 16.00 [ICRA]A4 ISSUER NOT
Inland Bill COOPERATING; Rating continues
Discounting to remain under 'Issuer Not
Cooperating' category
Short-term 3.00 [ICRA]A4 ISSUER NOT
Non Fund-Based COOPERATING; Rating continues
Facilities to remain under 'Issuer Not
Cooperating' category
Short-term 5.93 [ICRA]A4 ISSUER NOT
Unallocated COOPERATING; Rating continues
Limits to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Sathish
Engineering Works's performance and hence the uncertainty around
its credit risk. ICRA assesses whether the information available
about the entity is commensurate with its rating and reviews the
same as per its "Policy in respect of non-cooperation by a rated
entity" available at www.icra.in. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Sathish Engineering Works, 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.
Sathish Engineering Works (SEW) was established in 1985 as a
proprietorship concern by Mr. Rajasekaran in Paramakudi, Tamil
Nadu. During the initial years, the entity used to perform job
works such as welding for private entities. Since 1987, the entity
has been supplying various distribution transformer structure
materials such as AB switch, angles, channels, bolts, nuts, cross
arm, composite insulators etc. to TANGEDCO (known as TNEB earlier),
which is the sole customer of SEW. Some of the materials such as
composite and disc insulators, lightning arresters are procured
from third parties, while the other materials are manufactured and
assembled as complete sets of transformer structure materials
before being delivered to TANGEDCO.
SEASONS HEALTHCARE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Seasons
Healthcare Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 5.08 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.32 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Long Term- 0.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information Seasons Healthcare
Limited's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Seasons Healthcare 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.
Incorporated in 1996, is into manufacturing of Absorbent Cotton
Wool, Gauze, Bandages, Sterile Surgical Dressings, Infusion Sets,
etc. The manufacturing unit is located in Hayatnagar Mandal,
Hyderabad. The company is also into trading of Surgical Disposbales
& Consumables, Medical Equipment, Hospital Furniture, Medical
Devices and Drugs & Medicines. The major customers of the company
are government departments and institutions in Andhra Pradesh and
Telangana.
SETH RAMJI: ICRA Keeps B+ Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Seth Ramji Das Modi Vidya
Niketan Society in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-Based COOPERATING; Rating continues
Cash Credit to remain in the 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Seth Ramji Das
Modi Vidya Niketan Society's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Seth Ramji Das Modi Vidya Niketan Society, 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.
SRD (Seth Ramji Das) Modi Vidya Niketan Society, Kota was
established in 1986, with the purpose of providing education to
students. The society had merged with Ram Niwas Modi Charitable
Society in 2008 operating the RN Modi Hospital (RNMH) and had hoped
to turnaround the operations of the hospital as well as financially
supporting it. However, these objectives could not be fulfilled,
and the hospital reported losses owing to which it was demerged
into Ram Niwas Modi Charitable Society again in FY2015 as the
continuous losses were also impacting SRD Modi's financials. This
separation has led to decline in gross block, equity, unsecured
borrowings etc.
SEVENHILLS HOSPITAL: Reliance, Capri Global to Acquire Hospital
---------------------------------------------------------------
The Economic Times reports that Reliance Industries, in partnership
with Capri Global Holdings, is set to acquire Mumbai's 1,500-bed
Sevenhills Hospital following a corporate insolvency resolution
plan, ending an eight-year impasse.
ET relates that the hospital will be converted into a
not-for-profit entity, with funds infused via equity support.
Jupiter Lifeline Hospitals was the other bidder in the fray for the
distressed company, according to ET.
Founded in 1988, SevenHills Hospital is one of the oldest
multi-speciality hospitals in Visakhapatnam. It entered CIRP
proceedings in March 2018, initiated by Axis Bank under the
Insolvency and Bankruptcy Code (IBC), and was overseen by the
National Company Law Tribunal's (NCLT) Amaravati bench in
Hyderabad.
SVR ELECTRICALS: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of SVR
Electricals Private Limited 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- 7.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 5.75 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 12.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SVR Electricals
Private Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with SVR Electricals 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.
SVR Electricals Private Limited was established in 1978 by Mr.
Venkateswara Rao in Guntur district in Andhra Pradesh. It started
its operations as a service provider for transformers following
which it ventured into manufacturing of transformers in 1992.
The company is involved in manufacturing of various ranges of
distribution transformers. Majority of its clients are Andhra
Pradesh and Telangana government power distribution companies.
TOPLINE LAMINATIONS: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Topline
Laminations Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING /[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.75 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 9.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.25 [ICRA]B(Stable) ISSUER NOT
Short Term COOPERATING/[ICRA]A4 ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Topline
Laminations Private Limited's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Topline Laminations 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.
Incorporated in 2004, Topline Lamination Private Limited (TLPL) is
a closely held private limited company operated and managed by
Gupta family. TLPL is the proprietor of T.I. Industries under whose
name the business operations are being carried out. The company is
engaged into the business of manufacturing of transformer
components made of C.R.G.O. (Cold -rolled grain oriented) steel.
The company mainly manufactures transformer lamination core and
strips. The company imports CRGO steel and cuts them to design
dimensions. The sheets are then stacked one over the other to form
the base for a transformer core as per the requirement.
TRIUMPH WIRES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings of Triumph Wires Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating continues to remain under
Cash Credit 'Issuer Not Cooperating'
category
Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
category
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Triumph Wires
Private Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Triumph Wires 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.
Incorporated in 2013 as a private limited company, Triumph Wires
Pvt. ltd. (TWPL) is a trader in steel and aluminum products such as
MS sheet, MS angle, MS plate, aluminum wire, aluminum E.C. wire rod
etc. The major shareholders of the company are Blue Chine Creation
Pvt. Ltd., Eco space Commodities Trade Pvt. Ltd., Saket Suppliers
Pvt. Ltd. and Grihalakshmi Sales Pvt. Ltd. And Mr. Hitesh R Jain,
holding about 99.94% shares of the company. As informed by the
management, the major share holders of these companies are
friends/relatives of the directors.
=========
J A P A N
=========
MARELLI AUTOMOTIVE: Seeks to Extend Plan Exclusivity to June 15
---------------------------------------------------------------
Marelli Automotive Lighting USA LLC and affiliates asked the U.S.
Bankruptcy Court for the District of Delaware to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to June 15 and August 12, 2026, respectively.
The Debtors explain that the worldwide scope of their operations
and the complexity of their capital structure means that the
Debtors must navigate a number of complex issues during the chapter
11 process. The Debtors and their advisors have spent (and continue
to spend) significant amounts of time coordinating with parties in
interest and non-Debtor affiliates around the world, from
navigating the complexities of operating in 26 countries to
addressing the operational overhang for the Debtors' affiliates
resulting from the chapter 11 cases.
The Debtors claim that leading up to and since the Petition Date,
they have made significant progress in negotiating with their
stakeholders and administering these chapter 11 cases, which
warrants a further extension of the Exclusivity Period. The Debtors
commenced these chapter 11 cases with limited liquidity and have
moved expeditiously through these chapter 11 cases and advanced
discussions among the Debtors' key stakeholders regarding global
consensus in these chapter 11 cases.
Since the Petition Date, the Debtors have paid their postpetition
debts in the ordinary course of business or as otherwise provided
by Court order.
The Debtors assert that their exclusivity extension request is not
intended to pressure creditors to submit to the Debtors'
restructuring demands but to provide sufficient time for the
Debtors to file and eventually confirm a value-maximizing chapter
11 plan and implement the transactions contemplated thereby without
the disruption and distraction created by competing plan proposals.
Accordingly, the relief requested herein is without prejudice to
the Debtors' creditors and will benefit the Debtors' estates, their
creditors, and all other key parties in interest.
Co-Counsel for the Debtors:
Laura Davis Jones, Esq.
Timothy P. Cairns, Esq.
Edward A. Corma, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, Delaware 19899 (Courier 19801)
Tel: (302) 652-4100
Fax: (302) 652-4400
Email: ljones@pszjlaw.com
tcairns@pszjlaw.com
ecorma@pszjlaw.com
Co-Counsel for the Debtors:
Joshua A. Sussberg, P.C.
Nicholas M. Adzima, Esq.
Evan Swager, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
Email: joshua.sussberg@kirkland.com
nicholas.adzima@kirkland.com
evan.swager@kirkland.com
- and -
Ross M. Kwasteniet, P.C.
Spencer A. Winters, P.C.
333 West Wolf Point Plaza
Chicago, Illinois 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: ross.kwasteniet@kirkland.com
spencer.winters@kirkland.com
About Marelli Automotive Lighting USA
Marelli Automotive Lighting USA, LLC is a global automotive parts
supplier based in Saitama, Japan. The company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.
Marelli and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on
June 11, 2025. In its petition, Marelli reported between $1 billion
and $10 billion in assets and liabilities.
Judge Brendan Linehan Shannon handles the cases.
The Debtors are represented by Kirkland & Ellis LLP, Kirkland &
Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP.
Alvarez & Marsal North America, LLC is the Debtors' restructuring
advisor. PJT Partners Inc. is the Debtors' investment banker.
Kurtzman Carson Consultants, LLC, doing business as Verita Global,
is the Debtors' notice and claims agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Paul Hastings, LLP and Morris James, LLP as legal
counsel and FTI Consulting, Inc. as its financial advisor.
===============
M A L A Y S I A
===============
FSBM HOLDINGS: MD Pang Kiew Kun Steps Down Post-PN17 Turnaround
---------------------------------------------------------------
The Sun reports that FSBM Holdings Bhd managing director Pang Kiew
Kun has tendered his resignation effective immediately after
successfully steering the company out of its PN17 classification
and restoring financial viability.
During his tenure, Pang led the strategic repositioning of FSBM
from a traditional technology services provider into a smart
manufacturing and AI-driven solutions company, with a strong focus
on supporting Malaysian manufacturers - particularly SMEs - in
their Industry 4.0 and digitalisation initiatives, The Sun
relates.
His leadership period included the successful uplift of FSBM from
PN17 status, marking the closure of a critical chapter in the
group's restructuring.
In the course of this transformation, FSBM's smart manufacturing
arm, FSBM MES Elite Sdn Bhd, also received industry recognition at
the Malaysia Smart Manufacturing Awards (MSMA) 2025, where it was
conferred a Special Award for Technology Excellence, by the former
Minister of Investment, Trade and Industry (MITI), Senator Tengku
Datuk Seri Utama Zafrul, acknowledging the company's contribution
as an Industry 4.0 enabler in Malaysia.
As FSBM continues to evolve, the company has changed its business
directions alongside its existing smart manufacturing and Industry
4.0 initiatives, according to The Sun.
"I joined FSBM with a clear mandate: to rescue the company and
rebuild its credibility. That mandate has been delivered," The Sun
quotes Pang as saying.
"I am handing over a company with its house fully in order. The
accounts are reconciled, the PN17 status is resolved, and the
governance framework is gradually restored.
"Whatever financial or strategic decisions the board takes from
tomorrow onwards are theirs to make on this clean foundation.
"As the company has changed its business direction, I believe it is
appropriate for me to move on and remain focused on the areas where
I can create the most direct impact.
"My conviction is to drive real-economy transformation by helping
manufacturers move up the value chain through practical, scalable,
AI-powered technology and advanced data analytics.
"I am stepping away to ensure no dilution of focus in my pursuit of
advancing Malaysia's AI and digital ecosystem. I wish the group
well in its new direction," Pang said.
About FSBM Holdings
FSBM Holdings Berhad distributes computers, computer related
products, education related products and provides installation and
maintenance services. Through its subsidiaries, the Group develops
software applications and systems integration, provides data
warehousing systems, and smart community solutions. FSBM also has
operations in multimedia production and communication services.
In December 2019, FSBM Holdings triggered the Practice Note 17 (PN
17) criteria, following a report issued by its auditors expressing
a disclaimer of opinion on the group's audited financial statements
for the financial year ended June 30, 2018.
FSBM exited the Practice Note 17 (PN17) status on June 21, 2024,
after fixing its conditions.
=====================
N E W Z E A L A N D
=====================
CLS HOLDINGS: Court to Hear Wind-Up Petition on Feb. 19
-------------------------------------------------------
A petition to wind up the operations of CLS Holdings Limited will
be heard before the High Court at Auckland on Feb. 19, 2026, at
10:45 a.m.
Hiruharama Ponui Land Management Limited filed the petition against
the company on Nov. 17, 2025.
The Petitioner's solicitor is:
Louise Foley
c/o Le Pine & Co Limited
37 Paora Hapi Street
Taupo 3330
KITCH CONTRACTS: Creditors' Proofs of Debt Due on March 17
----------------------------------------------------------
Creditors of Kitch Contracts Limited are required to file their
proofs of debt by March 17, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 17, 2026.
The company's liquidator is:
David Edward Thomas
Don't Be Limited
c/o 13C/65 Chapel Street
Tauranga Central Shopping Centre
PRIME VINE: Creditors' Proofs of Debt Due on Feb. 23
----------------------------------------------------
Creditors of Prime Vine Limited and IK Hospitality Limited are
required to file their proofs of debt by Feb. 23, 2026, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 22, 2026.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
WARREN APARTMENTS: Brenton Hunt Appointed as Receiver
-----------------------------------------------------
Brenton Hunt on Jan. 19, 2026, was appointed as receiver of Warren
Apartments Limited.
The Receiver may be reached at:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
WISETRADE INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 19
------------------------------------------------------------------
A petition to wind up the operations of Wisetrade International
Limited will be heard before the High Court at Auckland on Feb. 19,
2026, at 10:00 a.m.
Godwin-Austen Constructions Limited filed the petition against the
company on Nov. 14, 2025.
The Petitioner's solicitor is:
Parti Marc
Avondale Law
21 Cobham Crescent
Kelston
Auckland 0602
=================
S I N G A P O R E
=================
MAXEON SOLAR: Amends Notes Indentures for SunPower Malaysia Sale
----------------------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a regulatory filing
that it entered into:
(a) a supplemental indenture to the indenture dated June 20,
2024, relating to the 9.00% Convertible First Lien Senior Secured
Notes due 2029, by and among, the Company, Deutsche Bank Trust
Company Americas, as trustee, DB Trustees (Hong Kong) Limited, as
the collateral trustee;
(b) a supplemental indenture to the indenture dated August 17,
2022, relating to the Variable-Rate Convertible First Lien Senior
Secured Notes due 2029, by and among, the Company, Deutsche Bank
Trust Company Americas, as trustee and DB Trustees (Hong Kong)
Limited, as the collateral trustee; and
(c) a supplemental indenture to the indenture dated June 20,
2024, relating to the Adjustable-Rate Convertible Second Lien
Senior Secured Notes due 2028, by and among, the Company, Deutsche
Bank Trust Company Americas, as trustee, and DB Trustees (Hong
Kong) Limited, as the collateral trustee. The term "Supplemental
Indenture" shall refer to any of the Super Senior Notes
Supplemental Indenture, the Senior Notes Supplemental Indenture, or
the Junior Notes Supplemental Indenture, as the case may be.
Super Senior Notes Supplemental Indenture:
The Super Senior Notes Supplemental Indenture amended the Super
Senior Notes Indenture to:
(i) permit the disposition of 100% of shares of SunPower
Malaysia Manufacturing Sdn Bhd to an independent third party; and
(ii) in connection with the Proposed Malaysia Disposition, upon
the consummation of the Proposed Malaysia Disposition,
automatically release the security interest over the shares of
SunPower Malaysia.
Senior Notes Supplemental Indenture:
The Senior Notes Supplemental Indenture amended the Senior Notes
Indenture to:
(i) permit the Proposed Malaysia Disposition; and
(ii) in connection with the Proposed Malaysia Disposition, upon
the consummation of the Proposed Malaysia Disposition,
automatically release the security interest over the shares of
SunPower Malaysia.
Junior Notes Supplemental Indenture:
The Junior Notes Supplemental Indenture amended the Junior Notes
Indenture to, upon the consummation of the Proposed Malaysia
Disposition, automatically release the security interest over the
shares of SunPower Malaysia.
The Company is expected to enter into the definitive agreement
relating to the Proposed Malaysia Disposition on or about the date
of this current report, which is expected to be announced through a
separate current report. To the extent appropriate, the Company
will announce any update through additional current reports or
other filings pursuant to the Exchange Act.
Full text copies of the Indentures are available at
https://tinyurl.com/35v6s422, https://tinyurl.com/45kty8pp, and
https://tinyurl.com/43mve7ec
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
April 30, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and negative
free cash flows and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.
As of June 30, 2025, the Company had $186.31 million in total
assets, $507.96 million in total liabilities, and $ 21.65 million
in net deficit.
MAXEON SOLAR: Signs US$51MM SPA for SunPower Malaysia Divestiture
-----------------------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a regulatory filing
that SunPower Technology Ltd., a subsidiary of Maxeon incorporated
under the laws of the Cayman Islands (the "Vendor") and MFS
Technology (S) PTE Ltd, an entity organized under the laws of
Singapore (the "Buyer"), entered into a Share Sale and Purchase
Agreement pursuant to which Buyer will purchase all issued shares
of SunPower Malaysia Manufacturing Sdn. Bhd., a Malaysian private
company engaged in manufacturing solar power products and a
subsidiary of Maxeon.
The SPA provides that Vendor will sell, and Buyer will purchase all
issued shares of the Target, free of any encumbrances.
The Final Purchase Consideration for the Sale Shares equals the
Base Purchase Consideration of US$51 million less US$10 million tax
liability for an uncertain tax position, with adjustments for
certain "Leakage" under a locked-box construct.
Within seven business days of the Execution Date, Buyer shall pay
to the Vendor US$8.2 million.
At closing, Buyer shall pay to the Vendor the Final Purchase
Consideration, net of the Deposit and certain adjustments
contemplated under the SPA.
On the Execution Date, the Vendor delivered to the Buyer a guaranty
for the benefit of the Buyer executed by Maxeon under which Maxeon
has guaranteed the performance of all of the Vendor's obligations,
duties, undertakings, warranties and indemnities under the SPA as
if Maxeon were the sole principal obligor.
Locked Box; Leakage Adjustment; Debt:
The transaction is on a locked box basis with a Locked Box Date of
October 31, 2025 and Locked Box Accounts representing the unaudited
balance sheet and profit and loss statement of the Target ended on
the Locked Box Date. Vendor must notify Buyer of any known leakage
(which term exempts items that represent Permitted Leakage) five
business days before the closing, reducing the Final Purchase
Consideration by such amount.
If the leakage was not reduced from the Final Purchase
Consideration, the Vendor shall pay to the Buyer within ten
business days of Vendor's receipt of the Buyer's notice, an amount
in cash equal to such Leakage with interest at a rate of 5.5% per
annum applicable for the period from (and including) the closing
date to (and excluding) the date of such payment to the Buyer.
If the Vendor disputes the Buyer's notice related to the unpaid
Leakage amount, the Vendor must notify the Buyer within 7 business
days of receiving the Buyer's notice and if there is no consensus
between the parties within ten business days, the parties will
resolve such dispute through engagement of an accounting firm.
If there is any outstanding Debt (as the term is defined in the
SPA) as of the closing date, following a demand by the Buyer, the
Vendor shall pay to the Buyer within ten business days of the
Vendor's receipt of the Buyer's notice, by way of adjustment to the
Final Purchase Consideration an amount of cash equal to the Debt
amount with interest at a rate of 5.5% per annum applicable for the
period from (and including) the closing date to (and excluding) the
date of such payment to the Buyer.
Any such notices from the Buyer should be delivered within nine
months of the closing date. Any refund of Retained Sums (as such
term is defined in the SPA) to the Vendor is subject to good faith
cooperation between the parties post-closing and verification of
the receipt of such Retained Sums by the Target prior to any
refund.
Uncertain Tax Matter:
Target has recorded an uncertain tax liability amounting to
USD10,000,000 in respect of certain tax incentives. Given that the
UTP Amount will be paid to the Government of Malaysia in Ringgit
Malaysia, the equivalent amount in United States Dollar shall be
calculated based on the MYR/USD exchange rate applied by the
remitting bank on the day the Company pays the UTP Amount to the
Government of Malaysia. If the actual liability is determined
within seven years post-closing to be lower than the Tax Reserve,
Buyer will pay the difference to Vendor; if higher, Vendor shall
pay the difference to Buyer.
If the tax liability remains undetermined after seven years, Buyer
shall pay the Tax Reserve to Vendor. Buyer must consult and
coordinate with Vendor on the Tax Reserve matters and allow Vendor
to participate or assume conduct (if it elects to do so) regarding
dealings with authorities.
Conditions Precedent; Longstop:
The closing of the transactions contemplated under the SPA is
subject to customary conditions precedent, including;
(i) approval of the SPA by the Vendor's board of directors;
(ii) approval of the SPA and the guaranty from the Guarantor's
board of directors;
(iii) the Air Products Case (defined in the SPA as any and all
ongoing legal proceedings, claims, actions, or disputes between the
Target and Air Products Malaysia Sdn Bhd) shall have been fully and
finally settled, resolved or otherwise concluded, and all costs,
expenses, liabilities and amounts payable by the Company in
connection therewith shall have been paid in full;
(iv) the Buyer's satisfaction that no Material Adverse Effect
has occurred between the Locked Box Date and the date which the
last condition precedent has been fulfilled,
(v) satisfaction of all closing conditions and
(vi) no Action (as defined in the SPA) having been threatened
or instituted against the Vendor, the Company or Target seeking to
enjoin, challenge the validity of, or assert any liability against
any of them on account of, the transactions contemplated by the
SPA.
The Parties can proceed with the closing on the seventh business
day after satisfaction or waiver by the parties (to the extent
permitted by laws) of all the conditions precedent, including
delivery of a special resolution signed by the Buyer approving the
Capital Reduction (as defined in the SPA), or at such other time
agreed between the Buyer and the Vendor.
The SPA contemplates a Longstop Date of February 27, 2026 for the
closing to take place, with an automatic extension of one month or
as otherwise the parties agree in writing to the extent that the
parties are otherwise in compliance with their respective
obligations.
Post-closing; Capital Reduction; Directors; 2025 Tax Liability:
The Vendor has undertaken to ensure that a capital reduction of the
Target occurs within twelve weeks after the closing in order to
reduce its issued share capital to RM2,500,000.00 as a way of
offsetting the deficit (in the amount of USD359,187,866.45) arising
on Target's financial statements due to the waiver of the Net
Intercompany Balances prior to or on the closing. Should the Vendor
breach this undertaking, it shall be liable for liquidated damages
of twice the amount of the Deposit within ten business days of the
breach of that undertaking.
The parties have agreed that the current directors of Target will
continue in their roles to complete amongst other matters the
capital reduction, before resigning. The Vendor has also agreed to
bear any tax arising for Target for 2025.
Closing; Transfer of Title:
At closing, Vendor is required to deliver a full suite of
documentation including share transfer instruments, board
resolutions to register Buyer and appoint Buyer-nominated directors
following the resignation of the current directors, a waiver letter
in relation to Net Intercompany Balances in a form and substance
satisfactory to the Buyer, certain documents required in connection
with the capital reduction and certificates confirming among other
things:
(A) termination of all intra-group agreements,
(B) termination of all Target contracts, with the exception of
certain contracts identified as "Continuing Contracts," and
(C) no outstanding Target Debt.
Representations and Warranties:
The SPA contains customary representation, warranties and covenants
customary made by their respective parties thereto. Between the
Execution Date and the closing, Vendor undertakes to permit the
Buyer to communicate and interview the personnel providing services
to the Target and take the steps necessary to enable employment of
certain personnel the Buyer decides to retain.
In addition, for a period of three years post-closing, the Vendor
and companies in the Vendor Group (as such term is defined in the
SPA) cannot directly or indirectly solicit any employees of the
Target, subject to certain exceptions.
Claims; Limitations; Survival;
Save for certain carve-outs, including but not limited to the
capital reduction, any tax liability for Target for 2025, the
uncertain tax matter and Air Products Case, Vendor's aggregate
liability for claims under the SPA is capped at USD$16,000,000.00,
and the Vendor will only be liable for a claim under the SPA if the
aggregate amount of all claims under the SPA exceeds an agreed
threshold as set out in the SPA.
Except fraud, Vendor shall not be liable under the SPA in respect
of any claim unless a written notice of the claim is given by the
Buyer to the Vendor pursuant to the following timelines: within 24
months for general warranties, within five years for fundamental
warranties and indemnities, within seven years for tax warranties,
and within 24 months for breach of a covenant undertaken to be
performed before or after the closing.
Termination; Remedies:
If the closing conditions are not satisfied by the Longstop Date as
extended, either party may rescind the SPA and the Deposit shall be
refunded to Buyer as long as there is no defaulting party.
Otherwise, each party has the right to terminate the SPA for breach
with certain specified consequences, including specific performance
options, or refund if Vendor is in breach.
Governing Law; Dispute Resolution:
The SPA is governed by the laws of Malaysia and any disputes will
be solved through arbitration administered by the Asian
International Arbitration Centre, in accordance with the AIAC
Arbitration Rules for the time being in force, in Kuala Lumpur,
Malaysia.
A full text copy of the of the SPA is available at
https://tinyurl.com/mvzz6cc7
The SPA contains representations, warranties, covenants and
agreements, which were made only for purposes of such agreements
and as of specified dates. The representations and warranties in
the SPA reflect negotiations between the parties to the SPA and are
not intended as statements of fact to be relied upon by
stockholders, or any individual or other entity other than the
parties. In particular, the representations, warranties, covenants
and agreements in the SPA may be subject to limitations agreed by
the parties and have been made for purposes of allocating risk
among the parties rather than establishing matters of fact. In
addition, the parties may apply standards of materiality in a way
that is different from what may be viewed as material by investors.
As such, the representations and warranties in the SPA may not
describe the actual state of affairs at the date they were made or
at any other time and you should not rely on them as statements of
fact. Moreover, information concerning the subject matter of the
representations and warranties may change after the date of the
Transaction Documents, and unless required by applicable law, the
Company undertakes no obligation to update such information.
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
April 30, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and negative
free cash flows and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.
As of June 30, 2025, the Company had $186.31 million in total
assets, $507.96 million in total liabilities, and $ 21.65 million
in net deficit.
TT INTERNATIONAL: High Court Orders Winding-Up of Company
---------------------------------------------------------
The Business Times reports that the High Court has ordered consumer
electronics trader TT International to wind up its operations,
following an application by OCBC in November 2025.
According to BT, the order was granted on Jan. 22, and announced by
TT International in a bourse filing on Jan. 2. The court has
appointed accounting and business advisory Baker Tilly Advisory as
the liquidator.
Bourse filings in November 2025 showed that TT International owed
OCBC at least SGD21.7 million. Of this, around SGD21.5 million was
in unsecured debt and about SGD294,000 was in secured debt, BT
discloses.
BT notes that the liquidation marks the end of a long and complex
chapter involving TT International and Big Box mall, an
eight-storey warehouse mall in Jurong East in which the firm held a
majority stake.
Big Box was put up for sale in May 2018 by its receivers and
managers.
BT says the unit of TT International that owned Big Box started
voluntary liquidation proceedings in September 2018.
That same year, TT International proposed a new scheme in which it
would sell in full 10 wholly owned subsidiaries involved in
furniture and consumer electronics sales to Celestial Palace, a
Seychelles-incorporated firm.
Instead of buying the assets, Celestial Palace invested in TT
International in July 2019, BT relates. It proposed to grant the
group a convertible loan of SGD48 million, to fund the
implementation of a new restructuring scheme.
In December 2023, TT International and Celestial Palace mutually
agreed to terminate the loans, citing that they were unable to
reach an agreement on the revised quantum of the proceeds from the
convertible loan and a separate loan, according to BTt. TT
International later sought a US$32 million loan from a non-banking
financial company registered with the Reserve Bank of India.
For the six months ended Sept. 30, 2025, the group reported a loss
of SGD2 million, reversing from the SGD1.7 million profit for the
same period a year earlier, BT discloses.
TT International Limited -- http://www.tt-intl.com/-- is engaged
in trading of consumer electronics. The Company's principal
activities are retail, trading and distribution of furniture,
furnishings, electrical and electronics products and investment
holding. It operates through three segments: Retail; Distribution
and trading, and Warehousing and logistics services. Its brands
include Akira, Mod Living, Castilla, Natural Living, Barang Barang,
Novena and Teac. It has operations in Association of South East
Asian Nations; East Asia and other countries; Africa and Middle
East, and Commonwealth of Independent States, Russia and Eastern
Europe.
=====================
S O U T H K O R E A
=====================
S. KOREA: Court Boosts Bankruptcy Relief for Small Business Owners
------------------------------------------------------------------
Chosun.com reports that the South Korean Supreme Court announced on
Jan. 28 that it will expand support for litigation costs in
personal bankruptcy procedures for small business owners, amid a
surge in personal rehabilitation cases.
Under the recently revised "Regulations on the Operation of the
Litigation Assistance System," small business owners with annual
sales of up to 300 million Korean won will be eligible for
"litigation assistance" starting from the 1st of next month,
Chosun.com relates.
Chosun.com says litigation assistance is a system where the court
exempts parties from covering necessary litigation costs if they
cannot afford them. Previously, eligibility was limited to
recipients under the National Basic Living Security Act,
beneficiaries under the Single-Parent Family Support Act,
individuals aged 60 or older, persons with disabilities under the
Welfare of Persons with Disabilities Act, individuals with
disability ratings under laws related to national merit and
veterans' compensation, those with disability ratings due to Agent
Orange exposure, and individuals with disability ratings under laws
related to the Gwangju Democratic Uprising in 1980.
Under the revised regulations, small business owners who receive
litigation assistance decisions will now be able to obtain support
for attorney fees and delivery charges when applying for personal
bankruptcy, discharge, or rehabilitation, according to Chosun.com.
Notably, in personal bankruptcy and discharge cases, the court may
directly cover the costs of appointing a bankruptcy trustee,
significantly reducing the financial burden on small business
owners.
This measure reflects the rapid increase in personal bankruptcy
cases. The number of personal rehabilitation filings jumped from
81,030 in 2021 to 149,146 last year, an 84% increase over just four
years, Chosun.com discloses.
Applications for litigation assistance, along with required
documents, can be accessed via the Supreme Court of Korea's website
(https://www.scourt.go.kr) or the websites of individual courts.
Chosun.com adds that the Supreme Court stated, "Expanding
litigation assistance is expected to help small business owners
swiftly return to economic activities, rebuild their livelihoods,
and contribute to their financial stability."
===========
T A I W A N
===========
SEMILEDS CORP: Simplot Taiwan, CEO Loans Extended to January 2027
-----------------------------------------------------------------
SemiLEDs Corporation disclosed in a regulatory filing that the
Company entered into the Seventh Amendment to the Loan Agreements
with Simplot Taiwan Inc. and the Eighth Amendment to the Loan
Agreements with Trung Doan. The Seventh Amendment to the Loan
Agreement with Simplot Taiwan Inc.:
(i) capitalize all outstanding and unpaid interest due under
the Note into the principal balance of the Loan.
As of the Effective Date, the Unpaid Interest is equal to
$364,924.63. The Parties agree that the new principal balance of
the Loan is $664,924.63, and
(ii) extended the maturity date to January 15, 2027. All other
terms and conditions of the Loan Agreement with Simplot Taiwan Inc.
remained the same.
The Eighth Amendment to the Loan Agreement with Trung Doan extended
the maturity date to January 15, 2027.
All other terms and conditions of the Loan Agreement with Trung
Doan remained the same.
Previously:
On January 8, 2019, the Company entered into secured loan
agreements with Trung Doan, its Chairman and Chief Executive
Officer and J.R. Simplot Company, its largest shareholder, with
aggregate amounts of $1.7 million and $1.5 million, respectively,
and an annual interest rate of 8%. The Loan Agreements are secured
by a second priority security interest on the Company's
headquarters building.
The maturity date of the Loan Agreements were January 14, 2021 and
January 22, 2021, respectively.
On January 16, 2021, the maturity date of the Loan Agreements was
extended with same terms and interest rate for one year to January
15, 2022, and on January 14, 2022, the maturity date of the Loan
Agreements was extended again with same terms and interest rate for
one more year to January 15, 2023.
On January 13, 2023, the maturity date of the Loan Agreements was
further extended with same terms and interest rate for one year to
January 15, 2024.
On January 7, 2024, J.R. Simplot Company entered into an assignment
agreement pursuant to which J.R. Simplot assigned and transferred
all of its right, title and interest in and to the Loan Agreement
to Simplot Taiwan Inc., in accordance with and subject to the terms
and conditions of the Loan Agreement.
On January 7, 2024, the Company entered into the Fourth Amendment
to the Loan Agreements with each of Simplot Taiwan Inc. and Trung
Doan. The Fourth Amendment to the Loan Agreement with Simplot
Taiwan Inc.:
(i) extended the maturity date to January 15, 2025, and
(ii) upon mutual agreement of the Company and Simplot Taiwan
Inc., permitted the Company to repay any principal amount or
accrued interest, in an amount not to exceed $400,000, by issuing
shares of the Company's common stock in the name of Simplot Taiwan
Inc. as partial repayment of the Loan Agreement at a price per
share equal to the closing price of the Company's common stock
immediately preceding the business day of the payment notice date.
All other terms and conditions of the Loan Agreement with Simplot
Taiwan Inc. remained the same.
The Fourth Amendment to the Loan Agreement with Trung Doan amended
the loan's maturity date with same terms and interest rate to
January 15, 2025. All other terms and conditions of the Loan
Agreement with Trung Doan remained the same.
On February 9, 2024, the Company entered into the Fifth Amendment
to the Loan Agreements with Trung Doan. The Fifth Amendment to the
Loan Agreements with Trung Doan:
(i) amended the Loan Agreement to permit the Company to repay
up to $800,000 of principal under the Loan Agreement by issuing
shares of the Company's common stock and
(ii) elected to prepay $800,000 of loan principal by delivering
629,921 shares of the Company's common stock to Trung Doan, based
on the closing price of $1.27 per share on February 8, 2024. All
other terms and conditions of the Loan Agreement remained the
same.
On July 3, 2024, the Company and Trung Doan entered into the Sixth
Amendment to the Loan Agreement. The Sixth Amendment to the Loan
Agreement amended the Loan Agreement to permit the Company, upon
the mutual agreement of the Company and Trung Doan, to repay a
portion of the principal amount or accrued interest under the Loan
Agreement, by issuing shares of the Company's common stock to Trung
Doan as partial repayment of the Loan Agreement at a price per
share equal to the closing price of the Company's common stock
immediately preceding the business day of the payment notice date.
All other terms and conditions of the Loan Agreement, as amended by
the Sixth Amendment to the Loan Agreement, remained the same.
On January 15, 2025, the Company entered into the Seventh Amendment
to the Loan Agreement with Trung Doan and Fifth Amendment to the
Loan Agreement with Simplot Taiwan Inc. to extend the maturity
dates to January 15, 2026. All other terms and conditions of the
Loan Agreements remained the same.
On February 28, 2025, the Company and Simplot Taiwan Inc. entered
into the Sixth Amendment to the Loan Agreement. The Amended Loan
Agreement, upon the mutual agreement of the Company and Simplot
Taiwan Inc., permits the Company to repay any principal amount or
accrued interest, in an amount not to exceed $1,200,000, by issuing
shares of the Company's common stock to Simplot Taiwan Inc. as
partial repayment of the Loan Agreement at a price per share equal
to the closing price of the Company's common stock immediately
preceding the business day of the payment notice date.
Full text copies of the Amended Loan Agreement are available at
https://tinyurl.com/hkacn48m and https://tinyurl.com/22437e47,
respectively.
About SemiLEDs Corporation
Headquartered in Taiwan, R.O.C., SemiLEDs Corporation develops,
manufactures, and sells light-emitting diode (LED) chips, LED
components, LED modules, and systems. The Company's products serve
a range of specialty industrial applications, including ultraviolet
(UV) curing of polymers, LED light therapy for medical and cosmetic
purposes, counterfeit detection, horticultural lighting,
architectural lighting, and entertainment lighting. SemiLEDs
packages its LED chips into LED components, which are sold to
distributors and a customer base primarily concentrated in key
markets, such as the Netherlands, Taiwan, the United States, and
Japan. The Company also offers its "Enhanced Vertical" (EV) LED
product series in blue, white, green, and UV variations in select
markets. The Company's lighting products are primarily sold to
original design manufacturers (ODMs) of lighting products, as well
as to the end users of lighting devices.
Irvine, California-based YCM CPA INC., the Company's auditor since
2025, issued a "going concern" qualification in its report dated
November 28, 2025, attached to the Company's Annual Report on Form
10-K for the year ended August 31, 2025, citing that the Company
incurred recurring losses from operations and has an accumulated
deficit, which raises substantial doubt about its ability to
continue as a going concern.
As of November 30, 2025, the Company had $14.2 million in total
assets, $12.2 million in total liabilities, and a total
stockholders' equity of $2.1 million.
*********
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